Document:

exhibit_10-2.htm

Exhibit 10.2

 

THIS WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISPOSITION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE AFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

Warrants to Purchase Shares

of

REWALK ROBOTICS Ltd.

 

Issue Date: December 30, 2015

 

This certifies that, for value received, KREOS CAPITAL V (EXPERT FUND) L.P. or its permitted assigns (“Holder”) is entitled, subject to the terms set forth herein, to purchase from REWALK ROBOTICS LTD., an Israeli company (the “Company”), the number of Warrant Shares (as defined below) specified herein, upon: (a) surrender of this Warrant; (b) delivery of a Notice of Exercise substantially in the form annexed hereto, duly completed and executed on behalf of the Holder; and (c) simultaneous payment therefor of the Exercise Price as set forth in Section ‎4 below in the event of exercise under Section ‎‎6.1. The number and Exercise Price of Warrant Shares are subject to adjustment as provided below.

 

This Warrant is issued in connection with that certain Agreement for the Provision of a Loan Facility of up to US$20,000,000, dated as of December 30, 2015 (the “Loan Agreement”).

 

	
  

	
1.

	
Term of Warrant

 

 Subject to the terms and conditions set forth herein, this Warrant shall be exercisable, in whole or in part, at any time during the term commencing on the date hereof and ending at the earliest of: (i) 16:00 Israel time on December 30, 2025 (the tenth anniversary of the date hereof); or (ii) immediately prior to the consummation of a merger, consolidation, or reorganization of the Company with or into, or the sale or license of all or substantially all the assets or shares of the Company to, any other entity or person, other than a wholly-owned subsidiary of the Company, excluding any transaction in which shareholders of the Company prior to the transaction will hold more than fifty percent (50%) of the voting and economic rights of the surviving entity after the transaction (an "M&A Transaction") (the “Term”), and shall be void thereafter; provided, that, (x) in case of (i) above, the Company shall notify the Holder in writing at least 14 days prior to the end of the Term and provide to the Holder such information relevant thereto as the Holder may reasonably request for the purpose of making a determination with regard to the exercise of the Warrant hereunder; and (y) in case of (ii) above, the Company shall notify the Holder of the occurrence of such M&A Transaction as promptly as practicable prior to the closing whereof ("Notice of Expiration"). If the Company fails to provide the aforementioned Notice of Expiration, then the Term shall be extended until 14 days after actual notice is provided.

 

	
  

	
2.

	
Warrant Shares 

 

The shares issuable to the Holder upon exercise of this Warrant (or any part thereof) (the “Warrant Shares”) shall be ordinary shares, par value NIS 0.01 per share (“Ordinary Shares”).

 

  

  

  

 

	
  

	
3.

	
Warrant Amount

 

The term “Warrant Amount” shall mean US$1,150,000 on the date of  issuance of this Warrant, and an additional amount (the “Additional Warrant Amount”) of 5.75% of the amount of each Tranche of Amount B (as defined in the Loan Agreement) drawn down pursuant to the Loan Agreement as of the date of any such draw-down.

 

	
  

	
4.

	
Exercise Price

 

The exercise price per Warrant Share (the “Exercise Price”) at which this Warrant may be exercised shall be US$9.64.

 

	
  

	
5.

	
Number of Warrant Shares Available for Purchase

 

This Warrant may be exercised to purchase up to such number of Warrant Shares determined by dividing the Warrant Amount by the Exercise Price (as adjusted from time to time pursuant to Section ‎12 hereof).

 

	
  

	
6.

	
Exercise of Warrant

 

	
  

	
6.1.

	
Manner of Exercise

 

This Warrant is exercisable by the Holder, in whole or in part, on one or more occasions, at any time and from time to time, during the Term, by the surrender of this Warrant and the Notice of Exercise annexed hereto, duly completed and executed on behalf of the Holder, at the principal office of the Company.

 

The Holder shall deliver to the Company, concurrently with the surrender of this Warrant, a check or a wire transfer in immediately available funds for the aggregate Exercise Price for the Warrant Shares being purchased. Payment of the Exercise Price shall be made in US Dollars.

 

	
  

	
6.2.

	
Conditional Exercise

 

            In connection with an M&A Transaction, the exercise of this Warrant may be made conditional upon the closing of such transaction. The Company shall notify the Holder in writing at least 14 days prior to the closing of such transaction and include in such notice the terms of such transaction, and provide the Holder with any updates and changes to the terms thereof promptly in writing.

 

	
  

	
6.3.

	
Result of Exercise.

 

This Warrant shall be deemed to have been exercised immediately upon its surrender for exercise as provided above, or, if exercised pursuant to Section ‎6.2 above, immediately prior to the closing (or consummation, as the case may be) of the M&A Transaction.  As promptly as practicable on or after such date and in any event within seven (7) days thereafter, at the Holder’s request, the Company at its expense shall issue and deliver to the person or persons entitled to receive the same, a certificate or certificates for the number of shares issuable upon such exercise. In the event that this Warrant is exercised in part, the Company at its expense will execute and deliver a new Warrant of like tenor exercisable for the remaining number of Warrant Shares for which this Warrant may then be exercised. Notwithstanding the above, any single expense not exceeding US $100 shall be borne by the Holder and not by the Company.

 

  

2

  

 

	
  

	
7.

	
No Fractional Shares 

 

No fractional shares shall be issued upon the exercise of this Warrant, but in lieu of such fractional shares the Company shall round down to the nearest whole number the number of shares to be issued and in lieu of such fractional shall make a cash payment therefor upon the basis of the Exercise Price then in effect.

 

	
  

	
8.

	
Replacement of Warrant 

 

On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of loss, theft, or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at its expense shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

 

	
  

	
9.

	
Rights of Shareholders.

 

Subject to Section ‎12 of this Warrant, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of any securities of the Company that may at any time be issuable on the exercise hereof for any purpose, until this Warrant or any portion hereof shall have been exercised and the Warrant Shares shall have been issued, as provided herein.

 

	
  

	
10.

	
Reservation of Shares.

 

The Company covenants that during the Term this Warrant is exercisable, the Company will reserve from its authorized and unissued share capital a sufficient number of shares to provide for the issuance of Warrant Shares upon the exercise of this Warrant and the Ordinary Shares issuable upon conversion of the Warrant Shares (the “Conversion Shares”).  The Company further covenants that all Warrant Shares and Conversion Shares will be duly authorized, validly issued, fully paid and non-assessable, and will be free from all taxes, liens, and charges in respect of the issue thereof.  The Company agrees that its issuance of this Warrant shall constitute full authority to its officers to register the Holder as the owner of Warrant Shares and Conversion Shares, and to execute and issue the necessary certificates for Warrant Shares and Conversion Shares, upon the exercise of this Warrant and the conversion of the Warrant Shares, respectively.

 

	
  

	
11.

	
Amendments and Waivers. 

 

Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either generally or in a particular instance and either retroactively or prospectively) with the written consent of the Company and the Holder. No waivers of, or exceptions to any term, condition or provision of this Warrant, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

	
  

	
12.

	
Adjustments.

 

The Exercise Price and the number and kind of Warrant Shares purchasable hereunder are subject to adjustment from time to time as follows:

 

	
  

	
12.1.

	
Split, Subdivision or Combination of Shares 

 

If the Company at any time while this Warrant, or any portion hereof, remains outstanding and unexpired shall split, subdivide or combine the securities as to which purchase rights under this Warrant exist (including, with respect to a split or subdivision, by way of the issuance of a share dividend or bonus shares), into a different number of securities of the same class, the Exercise Price for such securities shall be proportionately decreased and the number of securities issuable upon exercise proportionately increased in the case of a split or subdivision or the Exercise Price of such securities shall be proportionately increased and the number of securities issuable upon exercise proportionately decreased in the case of a combination.

 

  

3

  

 

	
  

	
12.2.

	
Adjustments for Share Dividends or Other Securities or Property

 

If, while this Warrant, or any portion hereof, remains outstanding and unexpired, the holders of the securities as to which purchase rights under this Warrant exist at the time shall have received, or, on or after the record date fixed for the determination of eligible shareholders, shall have become entitled to receive, without payment therefor, other or additional shares or other securities or property of the Company by way of dividend or otherwise, then and in each case, this Warrant shall represent the right to acquire, in addition to the number of shares of the security receivable upon the exercise of this Warrant, and without payment of any additional consideration thereof, the amount of such other or additional shares or other securities or property as aforesaid of the Company which such Holder would hold on the date of such exercise had it been the holder of record of the security receivable upon exercise of this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such shares and/or all other additional securities available by it as aforesaid during such period, giving effect to all adjustments called for during such period by the provisions of this Section ‎12.

 

	
  

	
12.3.

	
Other Events

 

If, while this Warrant, or any portion hereof, remains outstanding and unexpired, any other event occurs as to which the provisions of this Section ‎12 do not strictly apply or if strictly applicable would not fairly protect the purchase rights of the Holder in accordance with the provisions hereof, then the Board of Directors of the Company shall make an adjustment in the number and class of shares available under the Warrant, the Exercise Price or the application of such provisions, so as to protect such purchase rights as aforesaid.  The adjustment shall be such as will give the Holder upon exercise for the same aggregate Exercise Price the total number, class and kind of shares as such Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment, provided that any such adjustment will not result in an adjustment in the percentage of issued and outstanding Ordinary Shares underlying the Warrant.

 

	
  

	
12.4.

	
Certificate as to Adjustments

 

Upon the occurrence of each adjustment or readjustment pursuant to this Section ‎12, the Company shall, upon the written request of the Holder of this Warrant, furnish or cause to be furnished to such Holder a certificate setting forth: (i) such adjustments and readjustments; (ii) the Exercise Price at the time in effect; and (iii) the number of shares and the amount, if any, of other property which at the time would be received upon the exercise of the Warrant.

 

  

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12.5.

	
No Impairment 

 

The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all of the provisions of this Section ‎12 and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of this Warrant against impairment.

 

	
  

	
13.

	
Governing Law 

 

This Warrant shall be governed by and construed in accordance with the laws of the State of Israel, without giving effect to the principles thereof relating to conflict of laws. The competent courts of the city of Tel Aviv-Jaffa shall have exclusive jurisdiction to hear all disputes arising in connection with this Warrant and no other courts shall have any jurisdiction whatsoever in respect of such disputes.

 

	
  

	
14.

	
Successors and Assigns; Transfer

 

Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. The Holder may freely assign, distribute or otherwise transfer this Warrant, with respect to all or any portion of the Warrant Shares hereunder together with the Loan Agreement to any person or entity who is not a direct competitor of the Company, provided the Holder provides a notice thereof to the Company.

 

	
  

	
15.

	
Representations and Warranties of the Company. 

 

 The Company represents and warrants to the Holder as follows as of the date hereof:

 

	
  

	
15.1.

	
This Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company enforceable in accordance with its terms.

 

	
  

	
15.2.

	
The Warrant Shares are duly authorized and reserved for issuance by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and non-assessable and not subject to any preemptive or participation rights.

 

	
  

	
15.3.

	
The execution and delivery of this Warrant are not, and the issuance of the Warrant Shares upon exercise of this Warrant in accordance with the terms hereof will not be, inconsistent with the Articles, do not and will not contravene any law, regulation, judgment or order applicable to the Company, and, except for consents that have already been obtained by the Company, do not and will not conflict with or contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument of which the Company is a party or by which it is bound or require the consent or approval of, the giving of notice to, the registration with or the taking of any action in respect of or by, any federal, state or local government authority or agency or other person.

 

	
  

	
15.4.

	
All necessary consents of any third parties with respect to the issuance of this Warrant and the Warrant Shares upon exercise thereof have been obtained, and the Company has no outstanding issuance obligations or other similar rights with respect to the issuance of this Warrant and the Warrant Shares upon exercise thereof, or any such rights have been exercised, waived or cancelled.

 

  

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15.5

	
Representations and Warranties of the Holder.

 

	
  

	
 15.5.1

	
The Holder has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks contained in this Warrant and the Shares purchasable pursuant to the terms of this Warrant and of protecting its interests in connection therewith.

 

	
  

	
 15.5.2

	
The Holder is able to bear the economic risk of the purchase of the Shares pursuant to the terms of this Warrant.

 

	
  

	
 15.5.3

	
Upon issuance of the Shares, the Holder shall be subject to all rights and obligations as set forth in the Company Articles of Association, as may be amended from time to time.

 

	
  

	
16.

	
Certain Information

 

The Company agrees to provide the Holder at any time and from time to time with such information as the Holder may reasonably request for purposes of the Holder's compliance with regulatory, accounting and reporting requirements applicable to the Holder. In addition, for as long as this Warrant remains outstanding, the Company shall, at the Holder's request, provide the Holder with (i) the Company's annual audited financial statements within one hundred and fifty (150) days of year-end, certified by an independent certified public accountant acceptable to the Holder, in the same form and together with holders of Preferred Shares of the Company; and (ii) financial statements in the form presented to the board of directors of the Company.

 

	
  

	
17.

	
Expenses

 

The Company shall pay to the Holder, on the Holder's demand, all expenses incurred by the Holder in connection with any amendment, supplement to, or waiver and/or consent in connection with, this Warrant, or any proposal for such an amendment to be made, initiated or requested by the Company.

 

	
  

	
18.

	
Survival 

 

The representations, warranties, covenants and agreements made herein shall survive the execution and delivery of this Warrant.

 

  

6

  

 

	
  

	
19.

	
Notices. 

 

All notices and other communications required or permitted hereunder shall be in writing and shall be deemed effectively given upon delivery to the party to be notified in person, by facsimile (upon confirmation of successful transmission) or by courier service or four days after deposit by registered or certified mail, postage prepaid, addressed as follows:

 

	
If to the Company:

	
ReWalk Robotics Ltd.

Three Hatnufa Street, 6th Floor

P.O. Box 161, Yokneam 2069203, Israel

Fax: +972 4 959 0123/0125

 

and

 

c/o ReWalk Robotics, Inc.

33 Locke Drive

Marlborough, MA 01752

 

Attn: Kevin Hershberger

Email: kevin.hershberger@rewalk.com

 

With a copy (which shall not constitute notice) to:

Goldfarb Seligman & Co., Law Offices

Electra Tower

98 Yigal Alon Street, Tel Aviv, Israel

Fax: +972 3- 6089909

Attn: Aaron Lampert, Adv.

Email: aaron.lampert@goldfarb.com

	
 

If to the Holder:

	
 

Kreos Capital V (Expert Fund) L.P.

47 Esplanade, St Helier, Jersey

Fax:  +44 1534 889 884

Attn: The Directors

 

with a copy to:

Kadouch & Co., Law Offices

8 Abba Eban Blvd.

Herzliya 46733, Israel

Fax: +972-9-9525450

Attn: Emmanuel Kadouch, Adv.

Email: emmanuel@kadouchlaw.com.

 

	
  

	
20.

	
Delays or Omissions 

 

Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any Holder, upon any breach or default of the Company under this Warrant, shall impair any such right, power or remedy of such Holder nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit, consent or approval of any kind or character on the part of any Holder of any breach or default under this Warrant, or any waiver on the part of any Holder of any provisions or conditions of this Warrant, must be in writing and shall be effective only to the extent specifically set forth in such writing.  All remedies, either under this Warrant or by law or otherwise afforded to any holder, shall be cumulative and not alternative.

 

	
  

	
21.

	
Severability 

 

In the event that any provision of this Warrant becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Warrant shall continue in full force and effect without said provision, and such provision shall be given effect to the extent legally possible.

 

	
  

	
22.

	
Titles and Subtitles 

 

The titles and subtitles used in this Warrant are used for convenience only and are not considered in construing or interpreting this Warrant.

 

  

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[Rest of page intentionally left blank]

 

  

8

  

 

IN WITNESS HEREOF, the parties have executed this Warrant, on the day and year first above written.

 

	
REWALK ROBOTICS LTD.

 

By: /s/ Jeff Dykan

Name: Jeff Dykan

Title: Chairman of the Board

	
KREOS CAPITAL V (EXPERT FUND) L.P.

 

By: /s/ Raoul Stein

Name: Raoul Stein

Title: General Partner

 

  

9

  

 

NOTICE OF EXERCISE

 

To: REWALK ROBOTICS LTD.

 

NOTICE OF EXERCISE

 

	
1.

	
The undersigned hereby irrevocably elects to purchase __________ Ordinary Shares of REWALK ROBOTICS LTD. pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price of such shares in full.

 

	
2.

	
Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is specified below:

 

___________________________________

(Name)

___________________________________

___________________________________

___________________________________

(Address)

___________________________________

(Signature)

___________________________________

(Date)

 

10EX-4.2

 Exhibit 4.2 

Execution Version 
 REATA
PHARMACEUTICALS, INC. 
 EIGHTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

This EIGHTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of
the 6th day of December, 2011, by and among REATA PHARMACEUTICALS, INC., a Delaware corporation (the “Company”), the parties listed on the signature pages hereto, the Investors (as defined herein) listed on Schedule A
hereto, University of Texas System (“UT System”), and the stockholders of the Company listed on Schedule B hereto (the “Other Stockholders”). 

RECITALS 
 WHEREAS, on
September 27, 2002, the Company and others entered into the original Investors’ Rights Agreement in connection with the initial issuance by the Company of its Series A Convertible Preferred Stock, par value $0.001 per share (the
“Series A Preferred Stock”); 
 WHEREAS, on September 12, 2003, the Company and others entered into the
Amended and Restated Investors’ Rights Agreement in connection with the initial issuance by the Company of its Series B Convertible Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”);

 WHEREAS, on September 22, 2004, the Company and others entered into the Second Amended and Restated Investors’ Rights Agreement
in connection with the initial issuance by the Company of its Series C Convertible Preferred Stock, par value $0.001 per share (the “Series C Preferred Stock”); 

WHEREAS, on October 22, 2004, the Company and others entered into the First Amendment to Second Amended and Restated Investors’
Rights Agreement; 
 WHEREAS, on March 8, 2006, the Company and others entered into the Third Amended and Restated Investors’
Rights Agreement in connection with the initial issuance by the Company of its Series D Convertible Preferred Stock, par value $0.001 per share (the “Series D Preferred Stock”); 

WHEREAS, on June 14, 2006, the Company and others entered into the First Amendment to Third Amended and Restated Investors’ Rights
Agreement; 
 WHEREAS, on June 12, 2007, the Company and others entered into the Fourth Amended and Restated Investors’ Rights
Agreement in connection with the initial issuance by the Company of its Series E Convertible Preferred Stock, par value $0.001 per share (the “Series E Preferred Stock”); 

WHEREAS, on November 21, 2008, the Company and others entered into the Fifth Amended and Restated Investors’ Rights Agreement in
connection with the initial issuance by the Company of its Series F Convertible Preferred Stock, par value $0.001 per share (the “Series F Preferred Stock”); 

  
 1 

 WHEREAS, on September 15, 2009, the Company and others entered into the Sixth Amended and
Restated Investors’ Rights Agreement in connection with the initial issuance by the Company of its Series G1 Convertible Preferred Stock, par value $0.001 per share (the “Series G1 Preferred Stock”), and
options to purchase shares of its Series G2 Convertible Preferred Stock, par value $0.001 per share (the “Series G2 Preferred Stock”); 

WHEREAS, on March 9, 2010, the Company and others entered into the First Amendment to Sixth Amended and Restated Investors’ Rights
Agreement; 
 WHEREAS, on May 3, 2010, the Company and others entered into the Second Amendment to Sixth Amended and Restated
Investors’ Rights Agreement (the Sixth Amended and Restated Investors’ Rights Agreement as amended, the “Sixth Amended Agreement”); 

WHEREAS, on November 10, 2010, the Company and others entered into the Seventh Amended and Restated Investor’s Rights Agreement in
connection with the initial issuance by the Company of 4,899,737 shares of its Series H Convertible Preferred Stock, par value $0.001 per share (the “Series H Preferred Stock”), and an agreement to issue an additional
4,899,737 shares of Series H Preferred Stock (the “Seventh Amended Agreement”); and 
 WHEREAS, the parties hereto
now desire to amend and restate the Seventh Amended Agreement in its entirety as set forth herein in order to, among other things, remove UT System’s right to appoint one director to the Board and its option to convert such right into an
observer seat. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows: 
 ARTICLE I 

CERTAIN DEFINITIONS 
 1.1
Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 
 (a)
“Affiliate” shall mean, with respect to a Person, any other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with, the Person specified. 

(b) “Agreement” shall have the meaning set forth in the Preamble. 

(c) “Analysis” shall mean the following: (i) with respect to Holders or Other Stockholders who are parties to the
First Amendment to Securities Purchase Agreement, Analysis shall mean the Primary Endpoint Analysis (as defined in the First Amendment to Securities Purchase Agreement), and (ii) with respect to Holders or Other Stockholders who are not parties
to the First Amendment to Securities Purchase Agreement, Analysis shall mean the Interim Analysis Report. 

  
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 (d) “Board” shall mean the Board of Directors of the Company. 

(e) “Board Designee” shall have the meaning set forth in Section 7.1(c). 

(f) “Cardinal” shall mean Redbird Life Sciences Partners, L.P., a Texas limited partnership. 

(g) “Capital Stock” shall have the meaning set forth in Section 4.1(c). 

(h) “Certificate of Incorporation” means the Ninth Amended and Restated Certificate of Incorporation of the Company as
filed with the Secretary of State of the State of Delaware, as amended from time to time. 
 (i) “Co-Sale Notice”
shall have the meaning set forth in Section 3.1(b). 
 (j) “Co-Sale Securities” shall have the meaning
set forth in Section 3.1(b). 
 (k) “Commission” shall mean the Securities and Exchange Commission. 

(l) “Common Price” shall have the meaning set forth in Section 2.1(a). 

(m) “Common Stock” shall mean the common stock, par value $0.001 per share, of the Company. 

(n) “Company” shall have the meaning set forth in the Preamble. 

(o) “Company’s Notice” shall have the meaning set forth in Section 2.1(b). 

(p) “Company’s Preferred Refusal Period” shall have the meaning set forth in Section 2.2(c). 

(q) “Company’s Refusal Period” shall have the meaning set forth in Section 2.1(b). 

(r) “Confidential Information” shall mean the following: (i) with respect to Holders or Other Stockholders who
are parties to the First Amendment to Securities Purchase Agreement, Confidential Information shall have the meaning set forth in the First Amendment to Securities Purchase Agreement, and (ii) with respect to Holders or Other Stockholders who
are not parties to the First Amendment to Securities Purchase Agreement, Confidential Information shall mean all originals or copies of the Interim Analysis Report and all reports, analyses, compilations, summaries, excerpts, data, studies and other
materials which contain or otherwise reflect or are generated from the Interim Analysis Report and all information relating to the Interim Analysis Report, whether written or oral. 

(s) “Convertible Securities” means any securities convertible into or exchangeable for Common Stock (other than
Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, Series G1 Preferred Stock, Series G2 Preferred Stock
or Series H Preferred Stock). 

  
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 (t) “Designating Holder” shall have the meaning set forth in
Section 7.1(f). 
 (u) “Drag-Along Initiator” shall have the meaning set forth in
Section 4.1(a). 
 (v) “Drag-Along Notice” shall have the meaning set forth in
Section 4.1(b). 
 (w) “Drag-Along Sellers” shall have the meaning set forth in
Section 4.1(b). 
 (x) “Drag-Along Transfer” shall have the meaning set forth in
Section 4.1(a). 
 (y) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any
similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (z)
“Exempted Transfers” shall mean the following: (i) any transfer or transfers to the ancestors, descendants or spouse of a stockholder or to trusts, partnerships or other entities formed for the benefit of such persons,
(ii) any transfer or transfers to an Affiliate of any holder of Preferred Stock or Common Stock obtained on conversion of the Preferred Stock, (iii) any transfer by a holder of Preferred Stock to any other holder of Preferred Stock or
Common Stock obtained on conversion of the Preferred Stock, (iv) any pledge of shares made pursuant to a bona fide loan transaction that creates a mere security interest, (v) any transfer by a stockholder that is a partnership, limited
liability company or corporation to the partners, members or stockholders of such entity without the payment of consideration therefor, (vi) any bona fide gift, (vii) any transfer pursuant to the Company’s repurchase right under the
Stock Option Plan, the Long Term Incentive Plan or under any other stock option, stock bonus or other stock plans or agreements in effect as of the date hereof, or under any stock option, stock bonus or other stock plan approved by the Board
thereafter or (viii) any transfer resulting from the Company’s purchase, foreclosure or acquisition of shares of any Securities that were secured by a promissory note in favor of the Company; provided, however, that, except
in the case of clauses (i), (vii) or (viii) above, any such transferee is an “Accredited Investor” as defined in the Securities Act; provided, further, that the term “Exempted Transfers” shall not
include any transfer which would require the Company to register any class of securities pursuant to Section 12 of the Exchange Act, and any such transfer shall be void ab initio. 

(aa) “First Amendment to Securities Purchase Agreement” shall mean the First Amendment to Securities Purchase
Agreement, dated March 9, 2010, by and among the Company and each of the investors listed on the signature pages thereto, as such agreement is in effect as of the date of this Agreement. 

(bb) “GAAP” shall have the meaning set forth in Section 6.1(a). 

(cc) “Holders” shall mean (i) the Investors, (ii) UT System, (iii) their respective Affiliates and
permitted assigns of the Investors and the UT System and (iv) the partners of Ojai Goliad or Cardinal that become Holders pursuant to Section 2.2(b). 

(dd) “Holders’ Notice” shall have the meaning set forth in Section 2.2(b). 

  
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 (ee) “Holders’ Preferred Refusal Period” shall have the meaning set
forth in Section 2.2(b). 
 (ff) “Holders’ Refusal Period” shall have the meaning set forth in
Section 2.1(c). 
 (gg) “Interim Analysis Report” shall mean the Phase 2b interim analysis report
prepared by a third-party statistician hired by the Company. 
 (hh) “Investors” shall mean the parties to this
Agreement other than (i) the Company, (ii) UT System, (iii) the Other Stockholders and (iv) any partner of Ojai Goliad or Cardinal that is a Holder solely by reason of Section 2.2(b). 

(ii) “Long Term Incentive Plan” shall have the meaning set forth in Section 9.1. 

(jj) “Novo” shall have the meaning set forth in Section 7.1(b)(v). 

(kk) “Offered Common” shall have the meaning set forth in Section 2.1(a). 

(ll) “Offered Preferred” shall have the meaning set forth in Section 2.2(a). 

(mm) “Offering” shall mean the offering by the Company of up to 9,799,474 shares of Series H Preferred Stock
at an offering price of $30.61 per share. 
 (nn) “Ojai Goliad” shall mean, collectively, Ojai Goliad Partners, LP
and Ojai Goliad Partners II, LP. 
 (oo) “Other Stockholders” shall have the meaning set forth in the Preamble. 

(pp) “Participant” shall have the meaning set forth in Section 3.1(e). 

(qq) “Person” shall mean any individual, corporation, association, partnership, joint venture, trust, limited
liability company, government or government agency, authority or subdivision or other entity. 
 (rr) “Phase 2b Primary
Endpoint Data” means the change in eGFR from baseline in patients with type 2 diabetes and chronic kidney disease (baseline eGFR = 20 – 45 mL/min/1.73m2) after receiving
bardoxolone methyl for 6 months (24 weeks) following randomization in the Company’s current Phase 2b study of bardoxolone methyl. As used herein, “eGFR” is a patient’s renal filtration rate. For additional
information on eGFR, see Appendix A. 
 (ss) “Preferred Price” shall have the meaning set forth in
Section 2.2(a). 
 (tt) “Preferred Stock” means the Series A Preferred Stock, the Series B
Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, the Series G1 Preferred Stock, the Series G2 Preferred Stock, the Series H
Preferred Stock, and any other series of preferred stock the Company creates in the future. 

  
 5 

 (uu) “Preferred Purchase Price” shall have the meaning set forth in
Section 2.2(d). 
 (vv) “Purchase Price” shall have the meaning set forth in Section 2.1(d).

 (ww) “Qualified Public Offering” shall mean the closing of the sale by the Company of Common Stock in an
underwritten public offering registered under the Securities Act (other than a registration relating solely to a transaction under Rule 145 under the Securities Act (or any successor thereto) or pursuant to an employee benefit plan of the Company or
any of its subsidiaries), or any series of such sales, with aggregate gross proceeds to the Company in excess of twenty million dollars ($20,000,000) (before underwriters discounts and commissions and other expenses related to the offering have been
deducted). 
 (xx) “Restricted Transferee” shall have the meaning set forth in Section 2.4. 

(yy) “Rule 145” shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be
amended from time to time, or any similar successor rule that may be promulgated by the Commission. 
 (zz)
“Securities” shall mean any Common Stock or any other capital stock of the Company convertible into or exchangeable for Common Stock or convertible into any securities that are convertible into or exchangeable for Common
Stock, including, but not limited, to the Preferred Stock. 
 (aaa) “Securities Act” shall mean the Securities Act
of 1933, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(bbb) “Selling Stockholder” shall have the meaning set forth in Section 3.1(b). 

(ccc) “Series A Preferred Stock” shall have the meaning set forth in the Recitals. 

(ddd) “Series B Preferred Stock” shall have the meaning set forth in the Recitals. 

(eee) “Series C Preferred Stock” shall have the meaning set forth in the Recitals. 

(fff) “Series D Board Appointed Director” shall have the meaning set forth in Section 7.1(b)(vi).

 (ggg) “Series D Preferred Stock” shall have the meaning set forth in the Recitals. 

  
 6 

 (hhh) “Series E Preferred Stock” shall have the meaning set forth in
the Recitals. 
 (iii) “Series F Preferred Stock” shall have the meaning set forth in the Recitals. 

(jjj) “Series G1 Preferred Stock” shall have the meaning set forth in the Recitals. 

(kkk) “Series G2 Preferred Stock” shall have the meaning set forth in the Recitals. 

(lll) “Series H Preferred Stock” shall have the meaning set forth in the Recitals. 

(mmm) “Series H Securities Purchase Agreement” shall mean the Securities Purchase Agreement, dated September 21,
2010, by and between the Company and Abbott Pharmaceuticals PR Ltd., a Bermuda corporation, as such agreement may be amended, modified or restated from time-to-time. 

(nnn) “Sixth Amended Agreement” shall have the meaning set forth in the Recitals. 

(ooo) “Seventh Amended Agreement” shall have the meaning set forth in the Recitals. 

(ppp) “Stock Option Plan” shall have the meaning set forth in Section 9.1. 

(qqq) “Transfer” shall mean to sell, transfer, assign, pledge, distribute, encumber or otherwise dispose of, either
voluntarily or involuntarily and with or without consideration. 
 (rrr) “Transferee” shall have the meaning set
forth in Section 2.1(a). 
 (sss) “Transferor” shall have the meaning set forth in
Section 2.1(a). 
 (ttt) “Transferor’s Notice” shall have the meaning set forth in
Section 2.1(a). 
 (uuu) “UT System” shall have the meaning set forth in the Preamble. 

1.2 Certain Interpretations. 

(a) When calculating the number of shares of Common Stock or other securities on an “as-converted” basis, all shares issuable upon
exercise of options, warrants or other rights to purchase capital stock of the Company shall be excluded from such calculation. 
 (b)
Notwithstanding the foregoing, when calculating the number of shares of Common Stock or other securities on an “as-converted and fully-diluted” basis, all shares issuable upon exercise of options, warrants or other rights to purchase
capital stock of the Company (including options, warrants or other rights to purchase Preferred Stock which is convertible into Common Stock) shall be included in such calculation. 

  
 7 

 ARTICLE II 

RESTRICTIONS ON TRANSFER 

2.1 Company Right of First Refusal. 

(a) At any time prior to a Qualified Public Offering, before any holder (the “Transferor”) of Securities may effect any
Transfer of all or a portion of the Common Stock held by such Transferor (the “Offered Common”), the Transferor shall deliver to the Company and to the Holders a written notice signed by the Transferor (the
“Transferor’s Notice”) stating (i) the Transferor’s bona fide intention to Transfer such Offered Common; (ii) the name and address of each proposed purchaser or other transferee (the
“Transferee”) of the Offered Common; and (iii) the bona fide cash price or other consideration for which the Transferor proposes to Transfer such Offered Common (the “Common Price”); and the
Transferor shall offer the Offered Common at the Common Price first to the Company and then to the non-selling Holders. 
 (b) The Company
shall have the right of first refusal to purchase all or any part of the Offered Common, if the Company gives written notice of the exercise of such right to the Transferor within ten days (the “Company’s Refusal
Period”) after the date on which the Transferor’s Notice is received by the Company; provided that if the Company is not ready and willing to consummate the purchase within 30 days after the date on which the
Transferor’s Notice is received by the Company, the Company’s refusal right shall be deemed to be waived for such sale by Transferor. If the Company does not wish to purchase any shares of the Offered Common or desires to purchase less
than all of the Offered Common, within 15 days after expiration of the Company’s Refusal Period, the Company will give written notice to each Holder specifying the number of shares of Offered Common that were not subscribed by the Company
exercising its right of first refusal (the “Company’s Notice”). 
 (c) If the Company does not wish to purchase
any shares of the Offered Common or desires to purchase less than all of the Offered Common, the Holders shall then have the right of first refusal to purchase all or any part of the remaining Offered Common not purchased by the Company;
provided that each Holder (including, for purposes hereof, any transferee of all or part of Ojai Goliad’s or Cardinal’s rights hereunder pursuant to Section 2.2(b)) gives written notice of the exercise of such right to
the Transferor within ten days (the “Holders’ Refusal Period”) after the date of the Company’s Notice to the Holders. To the extent the aggregate number of shares the Holders desire to purchase exceeds the Offered
Common available, each Holder will be entitled to purchase a fraction of the Offered Common, the numerator of which shall be the number of shares of Common Stock (on an as-converted basis) held by such Holder and the denominator of which shall be
the number of shares of Common Stock (on an as-converted basis) held by all Holders exercising their right of first refusal. 
 (d) The
purchase price (the “Purchase Price”) for the Offered Common to be purchased by the Company or a Holder shall be the Common Price, and shall be payable as set 

  
 8 

 
forth in paragraph (e) hereof. If the Common Price includes consideration other than cash, the cash equivalent value of the non cash consideration shall be determined by the Board in good
faith, which determination shall be binding upon the Company, each Holder and the Transferor, absent fraud or material error. 
 (e) Payment
of the Purchase Price will be made within 20 days after the later of (i) the end of the Company’s Refusal Period, or (ii) should there be delivery of the Company’s Notice, within 20 days after the end of the
Holders’ Refusal Period. Payment of the Purchase Price shall be made, at the option of the Company or the exercising Holder, as the case may be, (A) in cash (by certified, cashier’s or other check acceptable to the Company or wire
transfer); (B) by cancellation of all or a portion of any outstanding indebtedness of the Transferor to the Company or the Holder, as the case may be; or (C) by any combination of the foregoing. 

(f) If the Company and each Holder have not elected to purchase all of the Offered Common, then, subject to the Holders’ Right of Co-Sale
as defined in Article III hereof, the Transferor may transfer that portion of the Offered Common permitted to be sold, to any person named as a Transferee in the Transferor’s Notice, at the Common Price or at a higher price,
provided that such Transfer (i) is consummated within 30 days after the end of the Company’s Refusal Period or the Holders’ Refusal Period, as applicable, (ii) is on terms no more favorable to the Transferee than the
terms proposed in the Transferor’s Notice and (iii) is in accordance with all the terms of this Agreement. If the Offered Common is not so Transferred during such 30 day period, then the Transferor may not Transfer any of such Offered
Common without complying again in full with the provisions of this Agreement. 
 (g) The right of first refusal granted under this
Section 2.1 may be Transferred by a Holder in connection with the Transfer of Preferred Stock or Common Stock acquired upon conversion thereof. 

2.2 Holders’ Right of First Refusal. 

(a) At any time prior to a Qualified Public Offering, before the Transferor of Securities may effect any Transfer of all or a portion of the
Preferred Stock held by such Transferor (the “Offered Preferred”), the Transferor shall deliver to the Company and to the Holders a Transferor’s Notice stating (i) the Transferor’s bona fide intention to
Transfer such Offered Preferred; (ii) the name and address of each proposed Transferee; and (iii) the bona fide cash price or other consideration for which the Transferor proposes to Transfer such Offered Preferred (the
“Preferred Price”); and the Transferor shall offer the Offered Preferred at the Preferred Price first to the non-selling Holders and then to the Company. 

(b) Upon receipt of the Transferor’s Notice, each Holder shall have the right of first refusal to purchase the number of shares of the
Offered Preferred equal to such Holder’s pro rata amount of such Offered Preferred (determined by dividing the sum of (i) the number of shares of Common Stock underlying the Preferred Stock of such Holder and (ii) the number of shares
of Common Stock held by such Holder that were received upon conversion of Preferred Stock, by the sum of (x) the number of shares of Common Stock underlying the Preferred Stock outstanding other than the Offered Preferred and (y) the
number of shares of Common Stock outstanding that were received upon conversion of Preferred Stock held by all Holders other than 

  
 9 

 
the Transferor), if such Holder gives written notice of the exercise of such right to the Transferor within ten days (the “Holders’ Preferred Refusal Period”) after
the date on which the Transferor’s Notice is received by the Holders; provided that the participating Holders also may allocate the right to purchase the Offered Preferred between or among them in any proportion they choose, as reflected
in a notice to the Transferor within such ten-day period, with or without the purchase of the Offered Preferred by the Company as described in Section 2.2(c). The rights of Ojai Goliad or Cardinal to purchase any Offered Common pursuant
to Section 2.1 or Offered Preferred pursuant to this Section 2.2 shall be transferable by Ojai Goliad or Cardinal to any of their respective partners that qualify as an “Accredited Investor” under the Securities
Act; provided that (iii) Ojai Goliad or Cardinal, as applicable, must notify the Company and the Transferor in writing of its intent to so transfer its right to purchase Offered Preferred or Offered Common to a partner, and the
percentage of Ojai Goliad’s or Cardinal’s rights transferred to any such partner, and (iv) in no event shall any transferee of Ojai Goliad’s or Cardinal’s right to purchase Offered Preferred or Offered Common be permitted to
exercise such right if, as a result thereof, the Company would be required to register a class of securities pursuant to Section 12 of the Exchange Act. If the Holders shall not have exercised their rights to purchase all of the Offered
Preferred in the aggregate, within ten (10) days after expiration of the Holders’ Preferred Refusal Period, the Transferor will give written notice to each Holder (including partners of Ojai Goliad or Cardinal who become Holders as set
forth above) who agreed to purchase their pro rata amount of the Offered Preferred of the number of shares of Offered Preferred which remain available for purchase. Each such Holder shall then have the right to purchase all of the remaining Offered
Preferred or, if more than one Holder wishes to purchase all of the remaining Offered Preferred, their pro rata amount of the remaining Offered Preferred, with only the shares held by Holders who wish to purchase the remaining Offered Preferred
considered in computing such pro rata amount. Such right shall be exercisable by written notice delivered to the Transferor within ten (10) days after receipt of the notice specified in this Section 2.2(b). If the Holders shall not
have exercised their rights to purchase all of the Offered Preferred, in the aggregate, then within ten (10) days after the expiration of the ten-day period specified above, the Transferor shall notify the Company of the number of shares of
Offered Preferred which remain available for purchase by the Company specifying the number of shares of Offered Preferred that were not subscribed by the Holders exercising their right of first refusal (the “Holders’
Notice”). 
 (c) If the Holders do not wish to purchase any shares of the Offered Preferred or desire to purchase less than all
of the Offered Preferred, the Company has the right of first refusal to purchase all or any part of the remaining Offered Preferred; provided that the Company gives written notice of the exercise of such right to the Transferor within ten
days (the “Company’s Preferred Refusal Period”) after the date of the Holders’ Notice to the Company. 

(d) The purchase price (the “Preferred Purchase Price”) for the Offered Preferred to be purchased by the Company or a
Holder shall be the Preferred Price, and shall be payable as set forth in paragraph (e) hereof. If the Preferred Price includes consideration other than cash, the cash equivalent value of the non cash consideration shall be determined by the
Board in good faith, which determination shall be binding upon the Company, each Holder and the Transferor, absent fraud or material error. 

  
 10 

 (e) Payment of the Preferred Purchase Price will be made within 20 days after the later of
(i) the end of the Holders’ Preferred Refusal Period, or (ii) should there be delivery of the Holders’ Notice, within 20 days after the end of the Company’s Preferred Refusal Period. Payment of the Preferred Purchase
Price shall be made, at the option of the Company or the exercising Holder, as the case may be, (A) in cash (by certified, cashier’s or other check acceptable to the Company or wire transfer); (B) by cancellation of all or a portion
of any outstanding indebtedness of the Transferor to the Company or the Holder, as the case may be; or (C) by any combination of the foregoing. 

(f) If the Company and the Holders have not elected to purchase all of the Offered Preferred, then, subject to the Holders’ Right of
Co-Sale as defined in Article III hereof, the Transferor may transfer that portion of the Offered Preferred permitted to be sold, to any person named as a Transferee in the Transferor’s Notice, at the Preferred Price or at a higher
price, provided that such Transfer (i) is consummated within 30 days after the end of the Company’s Preferred Refusal Period or the Holders’ Preferred Refusal Period, as applicable, (ii) is on terms no more favorable
to the Transferee than the terms proposed in the Transferor’s Notice and (iii) is in accordance with all the terms of this Agreement. If the Offered Preferred is not so Transferred during such 30 day period, then the Transferor may
not Transfer any of such Offered Preferred without complying again in full with the provisions of this Agreement. 
 (g) The right of first
refusal granted under this Section 2.2 may be Transferred by a Holder in connection with the Transfer of Preferred Stock or Common Stock acquired upon conversion thereof. 

2.3 Exceptions to and Termination of Rights. 

(a) Notwithstanding the foregoing, the rights of first refusal granted under Sections 2.1 and 2.2 shall not apply to any
Exempted Transfers or any transfer effected under Article IV. The restrictions on transfer and the rights granted under this Article II shall terminate as to any Holder upon the earlier to occur of (i) a Qualified Public Offering
or (ii) at any time that any Holder no longer holds any shares of Preferred Stock, or Common Stock issued upon conversion thereof. 

(b) Notwithstanding anything to the contrary contained herein, each Holder shall have the right, in such Holder’s sole discretion, to
assign its rights of first refusal granted under Sections 2.1 and 2.2 with respect to any Transferor’s Notice to any Affiliate of such Holder, or to any other purchaser or purchasers holding rights under
Sections 2.1 and 2.2, as the case may be; provided that no assignee of a Holder’s rights of first refusal granted under Sections 2.1 or 2.2 shall be permitted to exercise such right if, as a result
thereof, the Company would be required to register a class of securities pursuant to Section 12 of the Exchange Act. 
 (c)
Notwithstanding the foregoing, the rights of first refusal granted under Sections 2.1 and 2.2 shall not apply to any Holder who is not an “Accredited Investor” as defined in the Securities Act. 

(d) Notwithstanding the foregoing, the rights of first refusal granted under Sections 2.1 and 2.2 are subject to
Section 2.4, and each Holder acknowledges that its exercise of its rights of first refusal are subject to its compliance, including, without limitation, as a Restricted Transferee seeking to exercise its rights of first refusal, with the
provisions of Section 2.4. 

  
 11 

 (e) Notwithstanding anything to the contrary contained herein, the rights of first refusal
granted to Holders under Sections 2.1 and 2.2 shall not apply to the Company’s Call Option and Competing Product Call Option (as such terms are defined in the Series H Securities Purchase Agreement). 

2.4 Limitation on Transfers by Holders. Notwithstanding anything in this Agreement to the contrary, commencing on the date the Analysis
is sent by Federal Express, or otherwise made available to investors pursuant to the Securities Purchase Agreement dated September 15, 2009 by and among the Company and each of the investors listed on the signature pages thereto, as such
agreement is amended, modified, or restated from time to time, holders of shares of Series G1 Preferred Stock, holders of shares of Series G2 Preferred Stock, any Restricted Transferee and any Holder who has received Confidential Information shall
be prohibited from Transferring any shares of capital stock of the Company until after the Phase 2b Primary Endpoint Data is made public by the Company, unless (1) the Company has approved, in writing and in its sole discretion, the
Transfer of such shares of capital stock of the Company to the proposed transferee (including any Holder exercising a right of first refusal pursuant to Sections 2.1 or 2.2) (the “Restricted Transferee”)
prior to such Restricted Transferee receiving any Confidential Information or acquiring the transferred shares of capital stock of the Company and (2) the Restricted Transferee agrees, prior to receiving any Confidential Information or
acquiring the transferred shares of capital stock of the Company, to keep the Confidential Information confidential and has executed and delivered to the Company a confidentiality agreement, in a form acceptable to the Company in its sole
discretion, evidencing such agreement. 
 ARTICLE III 

CO-SALE RIGHT 
 3.1
Co-Sale Right. 
 (a) The provisions of Sections 2.1(a) and 2.2(a) requiring the Transferor to give notice of any
intended transfer of Securities are incorporated in this Article. 
 (b) At any time prior to a Qualified Public Offering, if any party to
this Agreement holding at least 1,000,000 shares of the Common Stock (on an as-converted basis and Fully Diluted Basis (as defined in the Certificate of Incorporation)) either individually or in conjunction with another party, proposes to sell
(“Selling Stockholder”) (other than in a Transfer or series of Transfers permitted pursuant to Section 3.2) Securities in excess of forty percent (40%) of the Common Stock (on an as-converted basis) owned by
such Selling Stockholder to one or more Persons in one or more related transactions (collectively, “Co-Sale Securities”), then such Selling Stockholder shall promptly give written notice (“Co-Sale
Notice”) to each of the Holders at least thirty (30) days prior to the closing of such sale. The Co-Sale Notice shall describe in reasonable detail the proposed sale including, without limitation, the amount and type of Co-Sale
Securities to be sold, the nature of such sale, the consideration to be paid, and the name and address of each prospective purchaser. 

  
 12 

 (c) Each Holder shall have the right, exercisable upon written notice to the Selling Stockholder
within ten (10) days after receipt of the Co-Sale Notice, to participate in such sale on the same terms and conditions as those described in the Co-Sale Notice; provided that, a Holder may exercise its rights under this Section 3.1
only with respect to the Securities held by such Holder that are the same class or series of securities as are the subject of the Co-Sale Notice, and all other Securities held by a Holder shall be excluded for all purposes (including, without
limitation, all calculations) under this Section 3.1. To the extent one or more of the Holders exercises such right of participation in accordance with the terms and conditions set forth below, the number of Co-Sale Securities that the
Selling Stockholder may sell in the transaction shall be reduced as described in Section 3.1(d). 
 (d) If a Selling Stockholder
is selling Common Stock, then, each Holder may sell all or any part of that number of shares of Preferred Stock, or Common Stock issued upon conversion thereof, owned by such Holder at such time equal to the product obtained by multiplying
(i) the aggregate number of shares of Common Stock (on an as-converted basis) to be sold by the Selling Stockholder, by (ii) a fraction the numerator of which is the sum of (x) the number of shares of Common Stock underlying the
Preferred Stock of such Holder and (y) the number of shares of Common Stock held by such Holder that were received upon conversion of Preferred Stock, and the denominator of which is the sum of (1) the total number of shares of Common
Stock which could be so owned upon conversion which are held by all Holders exercising their right of co-sale, (2) the total number of shares of Common Stock held by all Holders exercising their right of co-sale that were received upon
conversion of Preferred Stock, and (3) the number of shares of Common Stock (on an as-converted basis) held by the Selling Stockholder. If a Selling Stockholder is selling Securities other than Common Stock, then each Holder may sell all or any
part of that number of shares of such Securities owned by such Holder at such time equal to the product obtained by multiplying (x) the aggregate number of shares of such Securities to be sold by the Selling Stockholder, by (y) a fraction
the numerator of which is the number of such shares of such Securities held by such Holder, and the denominator of which is the sum of (1) the total number of shares of such Securities which are held by all Holders exercising their right of
co-sale and (2) the number of shares of such Securities held by the Selling Stockholder. 
 (e) Each Holder who elects to participate
in a sale pursuant to this Section 3.1 (a “Participant”) shall effect its participation in the sale by delivering to the Selling Stockholder at the closing of the sale for transfer to the prospective purchaser one
or more certificates, properly endorsed for transfer, which represent the type and number of shares of Preferred Stock or Common Stock, issued upon the conversion thereof, which such Participant elects to sell. 

(f) The stock certificate or certificates that the Participant delivers to the Selling Stockholder pursuant to Section 3.1(e)
shall be transferred to the prospective purchaser in consummation of the sale of the Securities pursuant to the terms and conditions specified in the Co-Sale Notice, and the Selling Stockholder shall simultaneously therewith remit to such
Participant that portion of the sale proceeds to which such Participant is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers prohibits 

  
 13 

 
such assignment or otherwise refuses to purchase shares or other securities from a Participant exercising its rights of co-sale hereunder, the Selling Stockholder shall not sell to such
prospective purchaser or purchasers any Securities unless and until, simultaneously with such sale, the Selling Stockholder shall purchase such number of shares as determined pursuant to Section 3.1(d) from such
Participant. 
 (g) The exercise or non exercise of the rights of a Holder to participate in one or more sales of Co-Sale Securities made by
a Selling Stockholder shall not adversely affect its rights to participate in subsequent sales subject to this Section 3.1. 

(h) Any attempt by a stockholder to transfer Securities in violation of this Article III shall be void and the Company agrees it will
not effect such a Transfer nor will it treat any alleged transferee as the holder of such Securities. 
 3.2 Exceptions to and
Termination of Rights. Notwithstanding the foregoing, co-sale rights granted under Section 3.1 shall not apply to any Exempted Transfers. The restrictions on transfer and the rights granted under this Article III shall
terminate as to any Holder upon the earlier to occur of (i) a Qualified Public Offering, (ii) at any time that such Holder no longer holds any shares of Preferred Stock, or Common Stock issued upon conversion thereof or (iii) upon the
liquidation, dissolution, or winding up of the Corporation, either voluntary or involuntary. 
 ARTICLE IV 

DRAG-ALONG RIGHTS 
 4.1
Drag-Along Rights. 
 (a) This Section shall apply to a transfer by any Person or Persons who own or owns Securities (individually and
collectively, a “Drag-Along Initiator”) and who wish to sell all Securities owned by them, and such Securities represent greater than 50% of the outstanding shares of Common Stock of the Company on an as-converted and
fully-diluted basis, to a third party transferee that is not an Affiliate of the Drag-Along Initiator (a “Drag-Along Transfer”). 

(b) If the Drag-Along Initiator desires to engage in a Drag-Along Transfer, it shall give not less than 30 days’ prior written
notice of such intended transfer to the other Person or Persons party to this Agreement (the “Drag-Along Sellers”). Such notice (the “Drag-Along Notice”) shall set forth the terms and conditions of
such intended transfer, including the name of the intended transferee, the number of shares held by the Drag-Along Initiator, the purchase price per share proposed to be paid therefor and the payment terms and type of transfer to be effectuated.
Upon receipt of such Drag-Along Notice and only upon the approval of the holders of at least sixty-seven percent (67%) of the outstanding Preferred Stock and Common Stock issued upon conversion thereof voting together as a single class and
calculated on an as-converted basis, each Drag-Along Seller shall be obligated to transfer all of the Capital Stock owned or held by it to such transferee (at the same price per share and upon the same terms and conditions as the Drag-Along
Initiator). 

  
 14 

 Notwithstanding anything to the contrary in the foregoing, the Drag-Along Sellers will not be
obligated to participate in a Drag-Along Transfer unless each of the following conditions are satisfied: 
 (i) upon the consummation of
the Drag-Along Transfer, the Drag-Along Sellers shall receive the same proportion of the aggregate consideration from such Drag-Along Transfer that such holder would have received if such aggregate consideration had been distributed by the Company
in complete liquidation pursuant to the rights and preferences set forth in the Certificate of Incorporation as in effect immediately prior to such Drag-Along Transfer and no holder of any shares of capital stock of the Company shall receive any
consideration of any kind for such stock directly or indirectly from the purchaser other than such proportionate consideration; 
 (ii) if
any holders of shares of any class of capital stock of the Company are given an option as to the form and amount of consideration to be received, all holders of shares of such class will be given the same option subject to any securities laws
restrictions; 
 (iii) that the Drag-Along Sellers shall not be required to make any representations or warranties in connection with such
transfer other than representations and warranties as to (A) such Drag-Along Sellers’s ownership of its capital stock to be transferred free and clear of all liens, claims and encumbrances, (B) such stockholder’s power and
authority to effect such transfer, (C) the documents entered into by such Drag-Along Seller have been duly executed by such Drag-Along Seller and delivered to the acquirer and are enforceable against the Drag-Along Seller in accordance with
their respective terms, (D) neither the execution and delivery of documents to be entered into in connection with the transaction, nor the performance of such Drag-Along Seller’s obligations thereunder, will cause a breach or violation of
the terms of any agreement, law or judgment, order or decree of any court or governmental agency, and (E) such matters pertaining to compliance with securities laws as the transferee may reasonably require; 

(iv) the only covenants that the Drag-Along Sellers are required to make in connection with such Drag-Along Transfer are reasonable covenants
regarding confidentiality, publicity, further assurances, delivery of capital stock and similar matters; 
 (v) the liability of the
Drag-Along Sellers with respect to any representation and warranty or covenant made by the Company in connection with such Drag-Along Transfer is limited to a pro rata share of the aggregate of the consideration payable to all stockholders of the
Company, other than with respect to the representations and warranties made by the Drag-Along Sellers in connection with such Drag-Along Transfer with respect to (A) each Drag-Along Sellers’ ownership of its capital stock to be transferred
free and clear of all liens, claims and encumbrances, (B) such Drag-Along Sellers’ power and authority to effect such transfer, and (C) due execution and delivery by such Drag-Along Seller or claims related to fraud by such Drag-Along
Seller; and 
 (vi) the Drag-Along Sellers (who are not employees of or consultants to the Company) are not obligated to make any
out-of-pocket expenditure prior to the 

  
 15 

 
consummation of such Drag-Along Transfer (excluding modest expenditures for postage, copies, etc.), and are not obligated to pay any expenses incurred in connection with a consummated Drag-Along
Transfer, except indirectly to the extent such costs are incurred for the benefit of all of the Company’s stockholders and are paid by the Company or the acquiring party (it being understood that costs incurred by or on behalf of a Drag-Along
Seller for its sole benefit will not be considered costs incurred in connection with a Drag-Along Transfer hereunder). 
 (c) At the closing
of any proposed transfer in respect of which a Drag-Along Notice has been delivered, the Drag-Along Initiators and the Drag-Along Sellers shall deliver, free and clear of all liens, security interests and other encumbrances, to the proposed
transferee certificates evidencing the shares of capital stock of the Company (the “Capital Stock”) to be sold thereto duly endorsed with transfer powers and shall receive in exchange therefor the consideration to be paid or
delivered by the proposed transferee in respect of such Capital Stock as described in the Drag-Along Notice. To the extent that any Capital Stock to be transferred pursuant to this section is in the form of securities convertible into, or
exchangeable or exercisable for, Common Stock, unless the Drag-Along Initiator and the Drag-Along Sellers otherwise agree, the Drag-Along Initiator and Drag-Along Sellers shall exercise, exchange or convert such securities prior to the closing of
such transfer. 
 ARTICLE V 

[Intentionally Omitted.] 

ARTICLE VI 
 INFORMATION
RIGHTS 
 6.1 Delivery of Financial Statements. The Company shall deliver to each Holder: 

(a) as soon as practicable, but in any event within one-hundred eighty (180) days after the end of each fiscal year of the Company, an
income statement for such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such fiscal year, and a statement of cash flows for such fiscal year, such year-end financial reports to be in
reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”), and audited and certified by independent public accountants of nationally recognized standing selected by the Company; 

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of
each fiscal year of the Company, an unaudited income statement for such quarter, statement of cash flows for such quarter and an unaudited balance sheet as of the end of such quarter; and 

(c) such other information relating to the financial condition, business, prospects or corporate affairs of the Company as the Holder or any
assignee of the Holder may from time to time reasonably request. 
 6.2 Inspection. The Company shall permit each Holder to visit and
inspect the Company’s properties, upon reasonable notice and during normal business hours, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers and key personnel, all at
such reasonable times as may be requested by the Holder. 

  
 16 

 6.3 Termination. 

(a) Each Holder receiving information under the covenants set forth in Sections 6.1 and 6.2 hereby agrees to hold in
confidence and trust and to act in a fiduciary manner with respect to all information so provided. 
 (b) The information rights granted
under this Article VI shall terminate as to any Holder upon the earlier to occur of (i) the closing of a Qualified Public Offering, (ii) at any time that such Holder no longer holds any shares of Preferred Stock, or Common Stock
issuable upon conversion thereof, or (iii) upon the liquidation, dissolution, or winding up of the Company, either voluntary or involuntary. 

ARTICLE VII 
 CORPORATE
GOVERNANCE 
 7.1 Board of Directors. 

(a) The Company shall at all times be managed by or under the direction of the Board. 

(b) In any election of directors of the Company, the Holders shall vote at any regular meeting or special meeting of stockholders of the
Company (or by written consent) such number of shares of voting capital stock then owned by them (or as to which they have voting power) as may be necessary to elect the following individuals to the Board: 

(i) [Intentionally Omitted.]; 

(ii) [Intentionally Omitted.]; 

(iii) [Intentionally Omitted.]; 

(iv) two (2) directors who shall be designated by Cardinal and who, as of the date hereof, are Kent McGaughy and Edward W. Rose; 

(v) one (1) director who shall be designated by Novo A/S (“Novo”) and who, as of the date hereof, is Jack B.
Nielsen; 
 (vi) one (1) director (the “Series D Board Appointed Director”) who shall be designated by
the directors designated by Cardinal and Novo, provided that all three such directors must agree on the director to be appointed the Series D Board Appointed Director; 

(vii) one (1) director who shall be then serving as the Chief Executive Officer of the Company (or, if there is no Chief Executive
Officer of the Company, the person then serving as the President) who, as of the date hereof, is J. Warren Huff; 

  
 17 

 (viii) two (2) directors who shall be designated by the Board; and 

(ix) upon the unanimous consent of the directors designated in clauses (i) through (vii) above, the size of the Board may be
increased by two (2) directors who shall be mutually agreed upon and designated by the directors designated in clauses (i) through (vii) above. 

(c) If any member of the Board designated pursuant to paragraph (b) above (a “Board Designee”) shall cease to
serve as a director of the Company for any reason, the vacancy resulting thereby shall be filled, (i) with respect to the Board Designees designated by Cardinal, by a member to be then designated by Cardinal; (ii) with respect to the Board
Designee designated by Novo, by a member to be then designated by Novo; (iii) with respect to the Series D Board Appointed Director, by a member to be then designated by the directors designated by Cardinal and Novo in accordance with
Section 7.1(b)(vi); (iv) with respect to the Board Designee designated by the Company, by a member to be then designated by the Company, and (v) with respect to the Board Designee(s) designated by the other directors, by the
other directors. 
 (d) A Board Designee may be removed from office (i) upon the receipt by the Board from the Person designating such
Board Designee of a written notice requesting that such Board Designee be removed, which such request shall not be denied, or (ii) at any time, with or without cause, upon the approval of a majority of the Holders requesting the removal of such
Board Designee, which approval may be effected at a special meeting of the Holders or by written consent. Additionally, any Board Designee may resign from office, at any time. Upon such Board Designees removal or resignation pursuant to this
Section 7.1(d), such removed Board Designee’s replacement shall be appointed in accordance with Section 7.1(c). 

(e) Should the provisions of this Section 7.1 be construed to constitute the granting of proxies, such proxies shall be deemed
coupled with an interest and are irrevocable for the term of this Agreement. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach of this Section 7.1 by any party, that this
Section 7.1 shall be specifically enforceable, and that any breach or threatened breach of this Section 7.1 shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto
waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 
 (f) This
Section 7.1 may not be amended, modified or deleted without the prior written consent of (i) each of Cardinal and Novo (each, a “Designating Holder”) whose rights have not been previously terminated pursuant
to Section 7.1(g) and (ii) the holders of a majority of the Preferred Stock and Common Stock issued upon conversion thereof voting together as a single class and calculated on an as-converted basis. 

(g) The right of any Designating Holder to designate a Board Member pursuant to this Section 7.1 shall terminate immediately at
such time that such Designating Holder and its Affiliates hold less than 250,000 shares of Preferred Stock (or 250,000 shares of Common Stock issued upon conversion of Preferred Stock); provided, however, with respect to
Cardinal’s right to designate two Board Members pursuant to this Section 7.1, Cardinal’s right to 

  
 18 

 
designate the second Board Member shall terminate immediately at such time that Cardinal and its Affiliates hold less than 500,000 shares of Preferred Stock (or 500,000 shares of
Common Stock issued upon conversion of Preferred Stock). This Section 7.1 shall terminate in its entirety and be of no further force or effect upon the closing of a Qualified Public Offering. 

7.2 Elections. The Company shall use its best efforts, including, without limitation, calling special Board and stockholder meetings,
as are necessary to elect the Board Designees as provided in Section 7.1(b) and to effectuate the other provisions of this Article VII. 

7.3 Indemnification Agreement. If it has not already done so, the Company will enter into an Indemnification Agreement, in a form
reasonably satisfactory to the Holders, with each Board Designee on or as promptly as possible after the date hereof. 
 7.4 [Intentionally
Omitted.]. 
 7.5 Confidentiality Agreements. If it has not already done so, the Company will enter into a Confidentiality Agreement,
in a form reasonably satisfactory to the Holders, with each director who is not an employee of the Company, whereby such director shall agree not to disclose any information designated as “confidential information” and not to solicit any
employees of the Company for a period of one year after serving as director of the Company. 
 ARTICLE VIII 

ADDITIONAL COVENANTS OF THE COMPANY 

8.1 Payment of Taxes, Compliance with Laws, etc. The Company will pay and discharge all lawful federal, state and local taxes,
assessments and governmental charges or levies imposed upon it or upon its income or property before the same shall become in default, as well as all lawful claims for labor, materials and supplies which, if not paid when due, might become a
material lien or charge upon its property or any part thereof; provided, however, that the Company shall not be required to pay and discharge any such tax, assessment, charge, levy or claim so long as the validity thereof is being
contested by the Company in good faith by appropriate proceedings and an adequate reserve therefor has been established on its books. The Company will comply with all applicable laws and regulations in the conduct of its business, including, without
limitation, all applicable federal and state securities laws in connection with the issuance of any shares of its capital stock, where the failure to so comply would have a material adverse effect on the assets, properties, financial condition,
operating results, or business of the Company (as such business is presently conducted). 
 8.2 Insurance. The Company will keep its
insurable properties insured, upon reasonable business terms, by financially sound and reputable insurers against liability, and the perils of casualty, fire and extended coverage in amounts of coverage sufficient to allow it to replace any of its
material properties that might be damaged or destroyed. The Company will also maintain with such insurers insurance against other hazards and risks and liability to persons and property to the extent and in the manner customary for companies engaged
in the same or similar business. 

  
 19 

 8.3 Maintenance of Properties. The Company will maintain all properties used or useful in
the conduct of its business in good repair, working order and condition, ordinary wear and tear excepted. 
 8.4 Material Adverse
Changes. The Company will promptly advise the Holder of any event that represents or is reasonably likely to result in a material adverse effect on the assets, properties, financial condition, operating results, or business of the Company and of
each suit or proceeding commenced or threatened against the Company, which, if adversely determined, in the reasonable judgment of the Company, is reasonably likely to have a material adverse effect on the assets, properties, financial condition,
operating results, or business of the Company. 
 8.5 Proprietary Information and Inventions Agreements. The Company agrees that it
will cause each person now or hereafter employed by it or any subsidiary with access to confidential information to enter into a proprietary information and inventions agreement in a form reasonably satisfactory to the Board. 

ARTICLE IX 

MISCELLANEOUS 
 9.1
Future Stockholders. Any Person acquiring Securities from a Selling Stockholder, Transferor or the Company after the date hereof shall, as a condition to the effectiveness of such acquisition, be required to execute a counterpart to this
Agreement, certifying that such Person is an “Accredited Investor” as defined in the Securities Act and agreeing to be treated as a party hereto, whereupon such Person shall be bound by this Agreement; provided, however, that
Persons acquiring Securities from the Company (i) pursuant to the Company’s Amended and Restated 2002 Stock Option Plan (the “Stock Option Plan”) or the Company’s 2007 Long Term Incentive Plan (the
“Long Term Incentive Plan”), (ii) in reliance upon Rule 701 of the Securities Act, (iii) pursuant to or under any stock option, stock bonus or other stock plans or agreements of the Company in effect as of the
date hereof, or under any stock option, stock bonus or other stock plan approved by the Board thereafter, (iv) pursuant to or in connection with an acquisition transaction, building or equipment lease transaction, bank loan transaction, or
strategic alliance or partnering arrangement that is not primarily for equity financing purposes and that is approved by the Board, (v) pursuant to or in connection with strategic transactions involving the Company and another Person, including
joint ventures, manufacturing, marketing or distribution arrangements, or technology transfer or development arrangements, each of which must be approved by the Board, (vi) pursuant to or in connection with any contract arrangement approved by
the Board for the provision of advisory services with respect to the development of the Company’s products, in-licensed technologies, and/or knowledge and expertise related thereto, or (vii) pursuant to or in connection with any transfer
described in clauses (i), (vii) or (viii) of the definition of Exempted Transfers shall not be required to certify that such Person is an Accredited Investor. The Company will update Schedule A and/or Schedule B, as
necessary, following the execution of any such counterpart to this Agreement as described herein. 
 9.2 Legend on Stock
Certificates. Each certificate representing Securities of the Company issued as of or after the date hereof shall bear a legend substantially in the following 

  
 20 

 
form in addition to any other legends required under any agreement to which any holder of such Securities is a party or under applicable law: 

THE SALE OR OTHER DISPOSITION OF ANY SHARES REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY AN EIGHTH AMENDED AND RESTATED INVESTORS’
RIGHTS AGREEMENT, DATED AS OF DECEMBER 6, 2011, AMONG THE CORPORATION AND CERTAIN STOCKHOLDERS OF THE CORPORATION (THE “INVESTORS’ RIGHTS AGREEMENT”). A COPY OF THE INVESTORS’ RIGHTS AGREEMENT IS AVAILABLE FOR INSPECTION DURING
NORMAL BUSINESS HOURS AT THE PRINCIPAL EXECUTIVE OFFICE OF THE CORPORATION. THE INVESTORS’ RIGHTS AGREEMENT MAY PROVIDE FOR MANAGEMENT OF THE CORPORATION IN A MANNER DIFFERENT THAN IN OTHER CORPORATIONS AND MAY SUBJECT A STOCKHOLDER TO CERTAIN
OBLIGATIONS OR LIABILITIES NOT OTHERWISE IMPOSED ON STOCKHOLDERS IN OTHER CORPORATIONS. A COUNTERPART OF THE INVESTORS’ RIGHTS AGREEMENT HAS BEEN DEPOSITED AT THE PRINCIPAL PLACE OF BUSINESS OR REGISTERED OFFICE OF THE CORPORATION. 

9.3 Successors and Assigns. Except as otherwise expressly provided herein, the terms and conditions of this Agreement shall inure to
the benefit of, and be binding upon, the respective successors, assigns, heirs, executors and administrators of the parties hereto. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or
their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

9.4 Governing Law. This Agreement shall be governed and construed under the laws of the State of Texas, as applied to agreements among
Texas residents entered into and performed entirely within Texas. 
 9.5 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 9.6
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

9.7 Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be
deemed effectively given upon personal delivery to the party to be notified, one business day after delivery by confirmed facsimile transmission or nationally recognized overnight courier service or three business days after deposit with the United
States Post Office, by registered or certified mail, postage prepaid and addressed to the party to be notified at the address indicated for such party on the signature page hereof, or at such other address as such party may designate by ten
(10) days’ advance written notice to the other parties. 

  
 21 

 9.8 Expenses. If any action at law or in equity is necessary to enforce or interpret the
terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

9.9 Amendments and Waivers. Except as otherwise provided herein, neither this Agreement nor any term hereof may be amended, waived,
discharged or terminated, except by a written instrument signed by the Company and the holders of at least a majority of the then outstanding Preferred Stock and Common Stock issued upon conversion thereof voting together as a single class and
calculated on an as-converted basis and any such amendment, waiver, discharge or termination shall be binding on all parties hereto and their assignees (provided that the consent and written instrument of a party shall not be required if such party
is not adversely affected thereby). 
 9.10 Severability. If one or more provisions of this Agreement are held to be unenforceable
under applicable law, such provision shall be excluded from this Agreement, and the balance of the Agreement shall be interpreted as if such provision were so excluded, and shall be enforceable in accordance with its terms. 

9.11 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party hereto, upon any breach or
default of any other party hereto under this Agreement shall impair any such right, power or remedy nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default therefore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party hereto of
any breach or default under this Agreement or any waiver on the part of any other party hereto of any provisions or conditions of this Agreement must be made in writing and shall be effective only to the extent specifically set forth in such
writing. All remedies, either under this Agreement or by law or otherwise afforded to any party hereto, shall be cumulative and not alternative. 

9.12 Aggregation of Stock. All shares of Preferred Stock, and Common Stock issued upon the conversion thereof, of the Company held or
acquired by any party to this Agreement and its Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. For purposes of the foregoing, the shares held by any party that (a) is
a partnership or corporation shall be deemed to include shares held by affiliated partnerships or the partners, retired partners and stockholders of such party or members of the “immediate family” (as defined below) of any such partners,
retired partners and stockholders, and any custodian or trustee for the benefit of any of the foregoing persons and (b) is an individual shall be deemed to include shares held by any members of the stockholder’s immediate family (defined
as any relative or spouse of an individual who has the same home as such individual). 

  
 22 

 9.13 Termination. This Agreement shall terminate upon a Qualified Public Offering. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 23 

 IN WITNESS WHEREOF, the Company has executed this Eighth Amended and Restated Investors’
Rights Agreement effective as of the day and year first above written. 
  

			
	THE COMPANY:
	
	REATA PHARMACEUTICALS, INC.
		
	By:	 	 /s/ J. Warren Huff

	Name:	 	J. Warren Huff
	Title:	 	Chief Executive Officer
		
	Address:	 	2801 Gateway Drive, Suite 150
		 	Irving, Texas 75063-2648
	Fax:	 	(214) 722-0867

 IN WITNESS WHEREOF, UT System has executed this Eighth Amended and Restated Investors’
Rights Agreement effective as of the day and year first above written. 
  

			
	UNIVERSITY OF TEXAS SYSTEM
		
	By:	 	 /s/ John A. Roan

	Name:	 	John A. Roan
	Title:	 	Executive Vice President for
		 	Business Affairs, UT Southwestern Medical Center
		
	Address:	 	5323 Harry Hines Blvd.
		 	UT Southwestern
		 	Dallas, Texas 75390 8596

 IN WITNESS WHEREOF, the undersigned Investor has executed this Eighth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	NOVO A/S
		
	By:	 	 /s/ Thomas Dyrberg

	Name:	 	Thomas Dyrberg
	Title:	 	Senior Partner
		
	Address:	 	 Thomas Dyrberg MD

		 	 Senior Partner

		 	 Novo Ventures

		 	 Tuborg Havnevej 19

		 	 DK-2900 Hellerup
 Denmark

 IN WITNESS WHEREOF, the undersigned Investor has executed this Eighth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	YELLOW WARBLER, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

 IN WITNESS WHEREOF, the undersigned Investor has executed this Eighth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	VERDIN FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

 IN WITNESS WHEREOF, the undersigned Investor has executed this Eighth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	MALLARD FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	214-871-6837

 IN WITNESS WHEREOF, the undersigned Investor has executed this Eighth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	CD FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	214-871-6837

 IN WITNESS WHEREOF, the undersigned Investor has executed this Eighth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	CARDINAL PARTNERS, L.P.
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

 IN WITNESS WHEREOF, the undersigned Investor has executed this Eighth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	CARDINAL PARTNERS 2000, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

 IN WITNESS WHEREOF, the undersigned Investor has executed this Eighth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	ARACOS FUND, L.P.
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

 SCHEDULE A 

INVESTORS 
  

	1.	Ojai Goliad Partners, LP 

  

	2.	STARTech Seed Fund II, L.P. 

  

	3.	Anchor International Services Limited 

  

	4.	The Lyda Hill Foundation 

  

	5.	ILC Realty Ltd. 

  

	6.	Bruce W. Hunt 

  

	7.	Barbara Hunt Crow 

  

	8.	Kingdom Investments, Limited 

  

	9.	Hunt Technology Ventures, LP 

  

	10.	Peter Moody Brooks 

  

	11.	Lonestar Services Limited 

  

	12.	Ojai Goliad Partners II, LP 

  

	13.	James F. Watson 

  

	14.	WF9 Investments, L.P. 

  

	15.	Redbird Life Sciences Partners, L.P. 

  

	16.	Dennis J. Gorman 

  

	17.	Peachway, LLC 

  

	18.	Freddie Carroll 

  

	19.	Ronald B. Jennings 

  

	20.	RWI Partnership, Ltd. 

  

	21.	James E. and Hong Z. Bass 

  

	22.	Prothro Family Limited Partnership, Ltd. 

  

	23.	Peter P. and Bonnie B. Smith 

  
 Schedule A-1 

	24.	Charles A. Sanders, M.D. 

  

	25.	Leslie Clement Family Trust 

  

	26.	Alice Carrington Foultz 

  

	27.	The Henrietta P.C. Hildebrand Trust of 2007 

  

	28.	Martin W. Clement II 

  

	29.	Scott Dodds 

  

	30.	Chatham Hill Investment Partnership, Ltd. 

  

	31.	Kingdon R. Hughes 

  

	32.	Cardinal Partners, L.P. 

  

	33.	John P. Watters 

  

	34.	Clement Equities 

  

	35.	Novo A/S 

  

	36.	James W. Lewis MPPP 

  

	37.	James W. Lewis IRA 

  

	38.	James W. Lewis Family Investment Limited Partners 

  

	39.	James W. Lewis 

  

	40.	Colin J. Meyer, M.D. 

  

	41.	John Walling 

  

	42.	Melissa Krauth 

  

	43.	Ron Bumeister 

  

	44.	Glenda Johnson 

  

	45.	Robert M. Kral, Jr. 

  

	46.	Christiane Baud 

  

	47.	Christina Adams 

  

	48.	Karen Rohan 

  
 Schedule A-2 

	49.	Angela Dunford 

  

	50.	Pritam Kambuj 

  

	51.	Aracos Fund, L.P. 

  

	52.	James E. Bass 

  

	53.	Matthew S. Blanton, Ltd. 

  

	54.	Cardinal Partners 2000, LP 

  

	55.	CD Fund, LP 

  

	56.	Bradford H. Hughes 

  

	57.	Mi-Hyung Kim 

  

	58.	Lyda Hill Interests, Inc. 

  

	59.	Mallard Fund, LP 

  

	60.	Barbara B. Moroney 

  

	61.	Yellow Warbler, LP 

  

	62.	Henrietta PC Hildebrand 

  

	63.	Oxford Finance Corporation 

  

	64.	Sumitomo Corporation of America 

  

	65.	Sumitomo Corporation 

  

	66.	Numoda Capital Innovations LLC 

  

	67.	Verdin Fund, LP 

  

	68.	Whitney R. Hughes 

  

	69.	Elizabeth T.S. Joyce 

  

	70.	Gorman Children’s Trust I 

  

	71.	Gorman Children’s Trust II 

  

	72.	Abbott Pharmaceuticals PR Ltd. 

  

	73.	Ojai Goliad, LLC 

  
 Schedule A-3 

	74.	Peter P. Smith, as Custodian for Aline C. Bass under Texas UTMA 

  

	75.	Peter P. Smith, as Custodian for Laura W. Bass under Texas UTMA 

  

	76.	Peter P. Smith, as Custodian for Kevin E. Bass under Texas UTMA 

  

	77.	William P. Clements, Jr. 

  

	78.	Rita C. Clements 

  

	79.	Hillwood/1358, Ltd. 

  

	80.	Charles Sung Tae Park 

  

	81.	Moroney OGP, LLC 

  

	82.	Frederick W. Field 

  

	83.	Randall Cox 

  

	84.	James H. Clement, Jr. 

  

	85.	Pranata Hajadi 

  

	86.	Hui-Ling Peng 

  

	87.	Patrick DeSouza and Frances DeSouza 

  

	88.	Bass Trust FBO James E. Bass 

  

	89.	JoBeth M. Cash 

  

	90.	Annette B. Sudhof 

  

	91.	Dorset Investment Partners, Ltd. 

  

	92.	Elizabeth Ann Sanders 

  

	93.	Edward R. Rose III 

  

	94.	R. Kent McGaughy, Jr. 

  

	95.	James W. Traweek, Jr. 

  

	96.	Antal R. Desai 

  

	97.	Thomas M. Morton 

  

	98.	John E. Bateman 

  
 Schedule A-4 

	99.	JET Land and Cattle Co., Ltd. 

  

	100.	Antal R. Desai, Trustee of the TLM Children’s Trust dated December 23, 2010 

  

	101.	Regen Horchow Fearon 

  

	102.	Elizabeth Horchow Routman 

  

	103.	Sally Horchow Revocable Trust 

  

	104.	Nicholas Hecker, Trustee of the Desai 2010 Children’s Trust dated December 29, 2010 

  

	105.	Elizabeth Ann Sanders Trust FBO Charles Sanders 

  

	106.	Dennis J. Gorman 

  

	107.	Dennis J. Gorman GST Exempt Family Trust, Lisa Alane Gorman and Caroline Elizabeth Gorman Moore, Co-Trustees 

  

	108.	The Gary Stephen Hurwitz 2009-P Trust 

  

	109.	The Hutchison C. Hurwitz 2011 Trust 

  

	110.	Sonja Wooley 

  

	111.	Dennis K. Stone, M.D. 

  

	112.	Perry Clement Finger 

  

	113.	Henrietta F. Armbruster 

  

	114.	Marshall S. Hildebrand 

  

	115.	Irene H. Torres Revocable Trust 

  

	116.	Beth I. Lewis 

  

	117.	Eric Grossman 

  

	118.	Taylor Louise Torres Trust of 2005 

  

	119.	Samantha Pruyn Torres Trust of 2005 

  

	120.	Elizabeth Cruz Torres Trust of 2005 

  

	121.	Loretta Irene Torres Trust of 2006 

  

	122.	Andrea Y. Visoski 

  

	123.	Casi De Young 

  
 Schedule A-5 

	124.	Barbara Richardson 

  

	125.	Catherine Fanning 

  

	126.	John Walling 

  

	127.	Melean Visnick 

  

	128.	Robin Kral 

  
 Schedule A-6 

 SCHEDULE B 

OTHER STOCKHOLDERS 
  

	1.	Jonathan Graff, M.D., Ph.D. 

  

	2.	J. Warren Huff 

  

	3.	Frank Gerome 

  

	4.	STARTech Early Ventures, LLC 

  

	5.	Deborah M. Allan 

  

	6.	James McKay 

  

	7.	Renee McKay 

  

	8.	Matthew R. Muenster 

  

	9.	Jef Karel De Brabander, Ph.D. 

  

	10.	Waldemar Priebe, Ph.D. 

  

	11.	Thomas C. Sűdhof, M.D. 

  

	12.	Philip J. Thomas, Ph.D. 

  

	13.	Angela Ho 

  

	14.	Matthew Wieduwitt 

  

	15.	Yusheng Wu 

  

	16.	Xibin Liao 

  

	17.	Jerry W. Shay, Ph.D. 

  

	18.	William Christian Wigley, Ph.D. 

  

	19.	Deborah Ferguson, Ph.D. 

  

	20.	Michael Andreeff 

  

	21.	Marina Konopleva 

  

	22.	Victoria Link Limited 

  

	23.	Timothy Madden 

  
 Schedule B-1 

	24.	Rhesa D. Stidham 

  

	25.	The Trustees of Columbia University in the City of New York 

  

	26.	Jason Wilson 

  

	27.	Leslie Lescale-Matys 

  

	28.	Dr. Paul Foster 

  

	29.	Amanda Johnson 

  

	30.	David C. Mitchell 

  

	31.	Craig Brown 

  

	32.	Glendenning Children’s Trust 

  

	33.	J.P. Morgan Trust Company of Delaware, Trustee of The Huff 2010 Descendants’ Trust 

  

	34.	The Ronald H. Abrahams Family Trust u/a/d February 21, 2002 

  

	35.	Peter Northcote 

  
 Schedule B-2 

 APPENDIX A 

eGFR 
 Estimated
glomerular filtration rate, or eGFR, measures the volume of fluid filtered from the renal (kidney) glomerular capillaries into the Bowman’s capsule (a cup-like sac at the beginning of the tubular component of a nephron in the mammalian kidney.
A glomerulus is enclosed in the sac. Fluids from blood in the glomerulus are collected in the Bowman’s capsule and further processed along the nephron to form urine) per unit time. The eGFR is typically recorded in units of volume per
time, e.g. milliliters per minute ml/min. eGFR is calculated using a formula advocated by the Modification of Diet in Renal Disease Study Group which utilizes four variables: serum creatinine, age, race, and gender. The mathematical
expression of this formula is: eGFR = 175 x standardized Serum Creatinine -1.154 x age -0.203 x 1.212 (if black) x 0.742 (if female). Use of this calculation is recommended by international
guidelines. 
 Serum creatinine is a break-down product of creatine phosphate in muscle, and is usually produced at a fairly constant rate
by the body (depending on muscle mass). Chemically, creatinine is a spontaneously formed cyclic derivative of creatine. Creatinine is chiefly filtered out of the blood by the kidneys, though a small amount is actively secreted by the kidneys into
the urine. If the filtering of the kidney is deficient, blood levels rise. Therefore, creatinine levels in blood may be used to calculate the glomerular filtration rate. 

  
 Appendix A-1 

 Exhibit 4.2a 

WAIVER AND AMENDMENT 

Dated: December 21, 2011 

Reference is hereby made in this Waiver and Amendment (the “Waiver and Amendment”) to the Eighth Amended and Restated
Investors’ Rights Agreement dated as of December 6, 2011 by and among Reata Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the stockholders of the Company named therein, as amended (as amended from time
to time, the “Investors’ Rights Agreement”). Capitalized terms used but not defined herein shall have the meanings given to such terms in the Investors’ Rights Agreement. 

A. Certain of the Company’s stockholders desire to Transfer to certain of their Affiliates or to Affiliates of other holders of Common
Stock certain shares of Common Stock as further described on Exhibit A hereto (the “Affiliate Transfers”); 
 B.
Each of R. Kent McGaughy, Jr. and James W. Traweek, Jr. (each a “Donor”) wishes to donate as a bona fide gift (the “Donation Transfers”) to The Dallas Foundation (the “Donee”) Two Hundred Eleven
Thousand Nine Hundred Thirty (211,930) shares of Common Stock (the “Initial Donation Shares”), as well as certain cash, securities and other property arising therefrom (the “Additional Donation Property”) over
a period of time between the date hereof and September 30, 2016, and in connection with such donation, the Initial Donation Shares and, if applicable, the Additional Donation Property will be held during such period pursuant to the terms of an
Escrow Agreement by and among Donor, Donee and JPMorgan Chase Bank, National Association (the “Escrow Agreement”); 
 C.
Abbott Pharmaceuticals, Inc., a Delaware corporation (“Abbott”), is a stockholder of Reata. The Company has certain rights to repurchase shares of its capital stock from Abbott subject to the terms and conditions of Section 4.3
of that certain Securities Purchase Agreement dated September 21, 2010, by and between the Company and Abbott (the “Abbott Repurchase Rights”). In the event that the Company declares a dividend or otherwise distributes the
Abbott Repurchase Rights (or similar rights in connection therewith) to the holders of Common Stock (the “Reata Abbott Distribution”), each of R. Kent McGaughy, Jr. and James W. Traweek, Jr. desire to Transfer and convey to Edward
W. Rose, III any right, title and interests to receive the Reata Abbott Distribution with respect to the Initial Donation Shares (the “Abbott Distribution Transfer”); and 

D. The Investors’ Rights Agreement provides that (a) the term “Exempted Transfer” includes (i) any transfer or
transfers to an Affiliate of any holder of Preferred Stock or Common Stock obtained on conversion of the Preferred Stock; (ii) any transfer by a holder of Preferred Stock to any other holder of Preferred Stock or Common Stock obtained on
conversion of the Preferred Stock; (iii) any transfer by a stockholder that is a partnership, limited liability company or a corporation to the partners, members or stockholders of such entity without the payment of consideration therefor; and
(iv) any bona fide gift and (b) Section 2.1, Section 2.2 and Section 3.1 of the Investors’ Rights Agreement do not apply to Exempted Transfers. Without limiting the foregoing but to confirm the matters contemplated
herein, the Company and the undersigned stockholders of the Company, which stockholders constitute the holders of a majority of the outstanding Preferred Stock and Common Stock issued upon conversion thereof voting together as a single class and
calculated on an as-converted basis, wish to enter into this Waiver and Amendment to confirm that the provisions in Section 2.1, Section 2.2 and Section 3.1 of the Investors’ Rights Agreement do not apply to the Affiliate
Transfers and the Donation Transfers. 
 E. As a result of the Affiliate Transfers, this Waiver and Amendment amends certain provisions of
Section 7.1 of the Investors’ Rights Agreement, subject to the conditions set forth herein. 

 1. Transfers. 

(a) The Company and each of the undersigned hereby waives any rights of the Company and the Company’s stockholders under Section 2.1,
Section 2.2 and Section 3.1 of the Investors’ Rights Agreement relating to, arising out of or otherwise in connection with any and all of the Affiliate Transfers, the Donation Transfers and the Abbott Distribution Transfer. 

(b) The Investors’ Rights Agreement shall be, and hereby is, amended so that any Affiliate Transfer and any Donation Transfer is an
Exempted Transfer and that Section 2.1, Section 2.2 and Section 3.1 expressly do not apply to any one or more of the Affiliate Transfers, the Donation Transfers and the Abbott Distribution Transfer. 

(c) Notwithstanding the foregoing, this Waiver and Amendment does not affect or diminish the requirement that any Person acquiring Securities
as a result of any such Affiliate Transfer and any such Donation Transfer shall comply with Section 9.1 of the Investors’ Rights Agreement pertaining to the execution of a counterpart to the Investors’ Rights Agreement certifying that
such Person is an “Accredited Investor” as defined in the Securities Act and agreeing to be treated a party to the Investors’ Rights Agreement, whereupon such Person shall be bound by Investors’ Rights Agreement. 

2. Board of Directors. Subject to and effective immediately prior to the execution of the Escrow Agreement — 

(a) Any and all references to Ojai Goliad, Ojai Goliad Partners, LP, and Ojai Goliad Partners II, LP in the Investors’ Rights Agreement
(but not including any references to Ojai Goliad, LLC in any schedule thereto) are hereby stricken and shall be of no further force and effect. 

(b) Section 1 of the Investors’ Rights Agreement is hereby amended to add the following defined terms: 

“Cardinal Investment Company, Inc.” means Cardinal Investment Company, Inc., a Texas corporation. 

“CPMG” means CPMG, Inc., a Texas corporation 

“Redbird” means Redbird Life Sciences Partners, L.P., a Texas limited partnership. 

“Redstart” means Redstart Partners, LP, a Texas limited partnership. 

(c) Section 1 of the Investors’ Rights Agreement is hereby amended to delete the defined term “Cardinal.”

 (d) Section 1.1(cc) of the Investors’ Rights Agreement is amended to amend and restate the definition of “Holders” to
read as follows: 
 ““Holders” shall mean the Investors, UT System, their respective Affiliates and permitted
assigns of the Investors and the UT System and the partners of Redbird or Redstart that become Holders pursuant to Section (h).” 

(e) Section 1.1(hh) of the Investors’ Rights Agreement is amended to amend and restate the definition of “Investors” to
read as follows: 
 ““Investors” shall mean the parties to this Agreement other than the Company, UT System, the
Other Stockholders and any partner of Redbird or Redstart that is a Holder solely by reason of Section (h).” 

  
 2 

 (f) Section 2.1(c) of the Investors’ Rights Agreement is amended and restated in its
entirety to read as follows: 
 “If the Company does not wish to purchase any shares of the Offered Common or desires to purchase less
than all of the Offered Common, the Holders shall then have the right of first refusal to purchase all or any part of the remaining Offered Common not purchased by the Company; provided that each Holder (including, for purposes hereof, any
transferee of all or part of Redbird’s or Redstart’s rights hereunder pursuant to Section (h)) gives written notice of the exercise of such right to the Transferor within ten days (the “Holders’ Refusal
Period”) after the date of the Company’s Notice to the Holders. To the extent the aggregate number of shares the Holders desire to purchase exceeds the Offered Common available, each Holder will be entitled to purchase a fraction
of the Offered Common, the numerator of which shall be the number of shares of Common Stock (on an as-converted basis) held by such Holder and the denominator of which shall be the number of shares of Common Stock (on an as-converted basis) held by
all Holders exercising their right of first refusal.” 
 (g) Section 2.2(b) of the Investors’ Rights Agreement is amended and
restated in its entirety to read as follows: 
 “Upon receipt of the Transferor’s Notice, each Holder shall have the right of first
refusal to purchase the number of shares of the Offered Preferred equal to such Holder’s pro rata amount of such Offered Preferred (determined by dividing the sum of (h) the number of shares of Common Stock underlying the Preferred Stock
of such Holder and (i) the number of shares of Common Stock held by such Holder that were received upon conversion of Preferred Stock, by the sum of (x) the number of shares of Common Stock underlying the Preferred Stock outstanding other
than the Offered Preferred and (y) the number of shares of Common Stock outstanding that were received upon conversion of Preferred Stock held by all Holders other than the Transferor), if such Holder gives written notice of the exercise of
such right to the Transferor within ten days (the “Holders’ Preferred Refusal Period”) after the date on which the Transferor’s Notice is received by the Holders; provided that the participating Holders also
may allocate the right to purchase the Offered Preferred between or among them in any proportion they choose, as reflected in a notice to the Transferor within such ten-day period, with or without the purchase of the Offered Preferred by the Company
as described in Section 2.2(c). The rights of Redbird or Redstart to purchase any Offered Common pursuant to Section 2.1 or Offered Preferred pursuant to this Section 2.2 shall be transferable by Redbird or
Redstart to any of their respective partners that qualify as an “Accredited Investor” under the Securities Act; provided that Redbird or Redstart, as applicable, must notify the Company and the Transferor in writing of its intent to
so transfer its right to purchase Offered Preferred or Offered Common to a partner, and the percentage of Redbird’s or Redstart’s rights transferred to any such partner, and in no event shall any transferee of Redbird’s or
Redstart’s right to purchase Offered Preferred or Offered Common be permitted to exercise such right if, as a result thereof, the Company would be required to register a class of securities pursuant to Section 12 of the Exchange Act. If
the Holders shall not have exercised their rights to purchase all of the Offered Preferred in the aggregate, within ten (10) days after expiration of the Holders’ Preferred Refusal Period, the Transferor will give written notice to each
Holder (including partners of Redbird or Redstart who become Holders as set forth above) who agreed to purchase their pro rata amount of the Offered Preferred of the number of shares of Offered Preferred which remain available for purchase. Each
such Holder shall then have the right to purchase all of the remaining Offered Preferred or, if more than one Holder wishes to purchase all of the remaining Offered Preferred, their pro rata amount 

  
 3 

 
of the remaining Offered Preferred, with only the shares held by Holders who wish to purchase the remaining Offered Preferred considered in computing such pro rata amount. Such right shall be
exercisable by written notice delivered to the Transferor within ten (10) days after receipt of the notice specified in this Section 2.2(b). If the Holders shall not have exercised their rights to purchase all of the Offered
Preferred, in the aggregate, then within ten (10) days after the expiration of the ten-day period specified above, the Transferor shall notify the Company of the number of shares of Offered Preferred which remain available for purchase by the
Company specifying the number of shares of Offered Preferred that were not subscribed by the Holders exercising their right of first refusal (the “Holders’ Notice”).” 

(j) Section 7.1(b)(iv) of the Investors’ Rights Agreement is amended and restated in its entirety to read as follows: 

“(A) one (1) director, who shall be designated by Cardinal Investment Company, Inc. and who, as of the date hereof, is Edward W.
Rose, III, and (B) one (1) director, who shall be designated by CPMG and who, as of the date hereof, is Kent McGaughy.” 

(k) Section 7.1(b)(vi) of the Investors’ Rights Agreement is amended and restated in its entirety to read as follows: 

“one (1) director (the “Series D Board Appointed Director”) who shall be designated by the directors
designated by Cardinal Investment Company, Inc., CPMG and Novo, provided that all three such directors must agree on the director to be appointed the Series D Board Appointed Director;” 

(l) Section 7.1(c) of the Investors’ Rights Agreement is amended and restated in its entirety to read as follows: 

“If any member of the Board designated pursuant to paragraph (b) above (a “Board Designee”) shall cease to
serve as a director of the Company for any reason, the vacancy resulting thereby shall be filled, (i) with respect to the Board Designee designated by Cardinal Investment Company, Inc., by a member to be then designated by Cardinal Investment
Company, Inc., (ii) with respect to the Board Designee designated by CPMG, by a member to be then designated by CPMG, (iii) with respect to the Board Designee designated by Novo, by a member to be then designated by Novo; (iv) with
respect to the Series D Board Appointed Director, by a member to be then designated by the directors designated by Cardinal Investment Company, Inc., CPMG and Novo in accordance with Section 7.1(b)(vi); (v) with respect to the Board
Designee designated by the Company, by a member to be then designated by the Company, and (vi) with respect to the Board Designee(s) designated by the other directors, by the other directors.” 

(m) Section 7.1(f) of the Investors’ Rights Agreement is amended and restated in its entirety to read as follows: 

“This Section 7.1 may not be amended, modified or deleted without the prior written consent of (i) each of Cardinal Investment
Company, Inc., CPMG and Novo (each, a “Designating Holder”) whose rights have not been previously terminated pursuant to Section 7.1(g) and (ii) the holders of a majority of the Preferred Stock and Common Stock
issued upon conversion thereof voting together as a single class and calculated on an as-converted basis.” 

  
 4 

 (n) Section 7.1(g) of the Investors’ Rights Agreement is amended and restated in its
entirety to read as follows: 
 “The right of any Designating Holder to designate a Board Member pursuant to this Section 7.1 shall
terminate immediately at such time that such Designating Holder and its Affiliates hold less than 250,000 shares of Preferred Stock (or 250,000 shares of Common Stock issued upon conversion of Preferred Stock). This Section 7.1 shall terminate
in its entirety and be of no further force or effect upon the closing of a Qualified Public Offering.” 
 4. Transferee as Accredited Investor.
Contemporaneously herewith, each proposed transferee (each a “Transferee”) with respect to any of the Donation Transfers and the Affiliate Transfers has signed and delivered to the Company a certificate in substantially the form
attached hereto as Exhibit B stating that such Transferee is an “Accredited Investor” as defined in Rule 501(a) under Regulation D of the Securities Act of 1933. 

5. Counterparts. This Waiver and Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 
 [Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the Company has executed this Waiver and Amendment effective as of the date first written
above. 
  

			
	COMPANY:
	
	Reata Pharmaceuticals, Inc.
		
	By:	 	 /s/ J. Warren Huff

	Name:	 	J. Warren Huff
	Title:	 	Chief Executive Officer
		
	Address:	 	2801 Gateway Drive, Suite 150
		 	Irving, Texas 75063-2648
	Fax:	 	(214) 722-0867

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	NOVO A/S
		
	By:	 	 /s/ Kim L. Dueholm

	Name:	 	Kim L. Dueholm
	Title:	 	Partner
		
	Address:	 	Novo A/S
		 	Krogshoejvej 41
		 	DK-2880 Bagsvaerd
		 	Denmark
	Fax:	 	(+45) 4442 1440

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	YELLOW WARBLER, LP
		
	By:	 	CPMG, Inc.
		 	its General Paertner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	VERDIN FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	MALLARD FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	CD FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	CARDINAL PARTNERS, L.P.
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	CARDINAL PARTNERS 2000, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	REDBIRD LIFE SCIENCES PARTNERS, L.P.,
		
	By:	 	Redbird Life Sciences, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	President
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	REDSTART PARTNERS, LP
		
	By:	 	Redstart GP, LLC,
		 	its General Partner
		
	By:	 	 /s/ Charles E. Gale

	Name:	 	Charles E. Gale
	Title:	 	Secretary
		
	Address:	 	2100 McKinney, Suite 1780
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6801

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Waiver and Amendment effective as of the day and
year first above written. 
  

			
	ARACOS FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
WAIVER AND AMENDMENT 

 Exhibit A 

Affiliate Transfers 
 Description
of proposed transferors and transferees of Common Stock constituting Affiliate Transfers. 
  

			
	 Transferor
	  	 Potential Transferee(s)

	 CD Fund, LP
	  	Edward W. Rose, III, Avocet Fund, L.P., formerly known as Cardinal Value Management, LP (“Avocet”)
		
	 Yellow Warbler, LP
	  	Edward W. Rose, III and Avocet
		
	 Mallard Fund, LP
	  	Edward W. Rose, III and Avocet
		
	 Aracos Fund, L.P.
	  	Edward W. Rose, III and Avocet
		
	 Cardinal Partners, L.P.
	  	Redstart Partners, LP, an affiliate of Edward W. Rose, III (“Redstart”)
		
	 Cardinal Partners 2000, L.P.
	  	Redstart
		
	 Verdin Fund, LP
	  	Edward W. Rose, III, Redstart and Cardinal Investment Company, Inc. Profit Sharing Plan and Trust.
		
	 Redbird Life Sciences Partners, L.P.
	  	Edward W. Rose, III and Redstart
		
	 Redbird Life Sciences, Inc.
	  	R. Kent McGaughy, Jr., James W. Traweek, Jr. and Edward W. Rose, III
		
	 Avocet
	  	Edward W. Rose, III, other partners of Avocet and Donee
		
	 R. Kent McGaughy, Jr. and James W. Traweek, Jr.
	  	Edward W. Rose, III

  
 A-1 

 Exhibit B 

Accredited Investor Certificate 

CERTIFICATE REGARDING ACCREDITED INVESTOR STATUS 

Pursuant to that certain Waiver and Amendment dated December 21, 2011 to the Eighth Amended and Restated Investors’ Rights Agreement dated as of
December 6, 2011 by and among Reata Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the stockholders of the Company named therein, as amended (the “Waiver”), the undersigned Transferee hereby
represents and warrants to the Company that the Transferee is an “Accredited Investor” as defined in Rule 501(a) under Regulation D of the Securities Act of 1933. 

Capitalized terms used herein without definition will have the meaning assigned to them in the Waiver. 

 

			
	TRANSFEREE:
	
	[                                ]
		
	By:	 	[                                ]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 B-1 

 CERTIFICATE REGARDING ACCREDITED INVESTOR STATUS 

Pursuant to that certain Waiver and Amendment dated December 21, 2011 to the Eighth Amended and Restated Investors’ Rights Agreement dated as
of December 6, 2011 by and among Reata Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the stockholders of the Company named therein, as amended (the “Waiver”), the undersigned Transferee
hereby represents and warrants to the Company that the Transferee is an “Accredited Investor” as defined in Rule 501(a) under Regulation D of the Securities Act of 1933.  

Capitalized terms used herein without definition will have the meaning assigned to them in the Waiver. 

 

			
	TRANSFEREE:
	
	REDSTART PARTNERS, LP
		
	By:	 	Redstart GP, LLC,
		 	its General Partner
		
	By:	 	/s/ Charles E. Gale
	Name:	 	Charles E. Gale
	Title:	 	Secretary
		
	Address:	 	2100 McKinney, Suite 1780
		 	Dallas, Texas 75201
		 	Fax: (214) 871-6801

  
 B-2 

 CERTIFICATE REGARDING ACCREDITED INVESTOR STATUS 

Pursuant to that certain Waiver and Amendment dated December 21, 2011 to the Eighth Amended and Restated Investors’ Rights Agreement dated as
of December 6, 2011 by and among Reata Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the stockholders of the Company named therein, as amended (the “Waiver”), the undersigned Transferee
hereby represents and warrants to the Company that the Transferee is an “Accredited Investor” as defined in Rule 501(a) under Regulation D of the Securities Act of 1933.  

Capitalized terms used herein without definition will have the meaning assigned to them in the Waiver. 

 

			
	TRANSFEREE:
	
	THE DALLAS FOUNDATION
		
	By:	 	/s/ Mary M. Jalonick
	Name:	 	Mary M. Jalonick
	Title:	 	President
		
	Address:	 	Reagan Place at Old Parkland
		 	3963 Maple Avenue, Ste. 390
		 	Dallas, TX 75219
		 	Attention: Mary M. Jalonick, Executive Director
		 	Tel No.: 214-741-9898, ext 110
		 	Fax No.: 214-741-9848

  
 B-3 

 Exhibit 4.2b 

EXECUTION VERSION 
 REATA
PHARMACEUTICALS, INC. 
 SECOND AMENDMENT TO 

EIGHTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

This SECOND AMENDMENT (this “Second Amendment”) to the Eighth Amended and Restated Investors’ Rights Agreement, dated as
of December 6, 2011, by and among Reata Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the stockholders of the Company named therein (the “Base Agreement”), as amended by that certain Waiver
and Amendment thereto dated December 21, 2011 (the “First Amendment”), is made and entered into by and among the Company and the undersigned stockholders of the Company hereto (collectively, the “Parties”),
effective as of the earliest date (such date, the “Effective Date”) on which each Party has duly executed and delivered a signature page hereto (with the date of execution and delivery of each such signature page indicated on such
signature page). The Base Agreement, as amended by the First Amendment, as further amended by this Second Amendment, and as further amended and/or restated from time to time, is herein referred to as the “Investors’ Rights
Agreement.” Capitalized terms used but not defined herein shall have the meanings given to such terms in the Investors’ Rights Agreement. 

RECITALS 
 A. Edward W.
Rose III, an individual and an Investor under the Investors’ Rights Agreement, desires to Transfer certain shares of Common Stock to certain transferees as further described on Exhibit A hereto (each such transfer described on Exhibit
A, a “Proposed Transfer”). Exhibit A sets forth, for each Proposed Transfer, the name of the proposed transferee and the number of shares of Common Stock to be Transferred. 

B. The Board, by written consent, has consented to and authorized the Company to enter into this Second Amendment pursuant to Section 9.9
of the Investors’ Rights Agreement. 
 C. The Company and the undersigned stockholders of the Company, which stockholders constitute
the holders of a majority of the outstanding Preferred Stock and Common Stock issued upon conversion thereof voting together as a single class and calculated on an as-converted basis, wish to enter into this Second Amendment to, among other things:
(a) amend the definition of “Exempted Transfers” as defined in the Investors’ Rights Agreement to include the Proposed Transfers; and (b) make certain clean up amendments with respect to Section references that were intended
by the First Amendment. 
 AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as
follows: 
 1. Incorporation of Recitals. The recitals set forth above are fully incorporated herein by this reference thereto with
the same force and effect as though recited herein. 

 2. Amendments. The following provisions of the Investors’ Rights Agreement, as
amended by the First Amendment, are amended or amended and restated as set forth below: 
 (a) The First Amendment is hereby amended as
follows to fix the following typographical errors: 
 (i) Each occurrence of the phrase “Section (h)” and each occurrence of
the phrase “Section 2(h)” in the First Amendment is hereby replaced with the phrase “Section 2.2(b).” 

(ii) In the amended and restated Section 2.2(b) as set forth in the First Amendment, the term “(h)” in the fourth line thereof
is hereby replaced with the term “(i)” and the term “(i)” in the fifth line thereof is hereby replaced with the term “(ii).” 

(b) Section 1.1 of the Investors’ Rights Agreement is amended to amend and restate the definition of “Exempted Transfers”
as set forth in Section 1.1(z) of the Base Agreement, and as amended by the First Amendment, to read as follows: 
 “Exempted
Transfers” shall mean the following: (i) any transfer or transfers to the ancestors, descendants or spouse of a stockholder or to trusts, partnerships or other entities formed for the benefit of such persons, (ii) any transfer
or transfers to an Affiliate of any holder of Preferred Stock or Common Stock obtained on conversion of the Preferred Stock, (iii) any transfer by a holder of Preferred Stock to any other holder of Preferred Stock or Common Stock obtained on
conversion of the Preferred Stock, (iv) any pledge of shares made pursuant to a bona fide loan transaction that creates a mere security interest, (v) any transfer by a stockholder that is a partnership, limited liability company or
corporation to the partners, members or stockholders of such entity without the payment of consideration therefor, (vi) any bona fide gift, (vii) any transfer pursuant to the Company’s repurchase right under the Stock Option Plan, the
Long Term Incentive Plan or under any other stock option, stock bonus or other stock plans or agreements in effect as of the date hereof, or under any stock option, stock bonus or other stock plan approved by the Board thereafter, (viii) any
transfer resulting from the Company’s purchase, foreclosure or acquisition of shares of any Securities that were secured by a promissory note in favor of the Company, (ix) any Affiliate Transfer (as defined in the First Amendment),
(x) any Donation Transfer (as defined in the First Amendment) and (xi) any Proposed Transfer (as defined in the Second Amendment); provided, however, that, except in the case of clauses (i), (vii), (viii) and
(xi) above, any such transferee is an “Accredited Investor” as defined in the Securities Act; provided, further, that the term “Exempted Transfers” shall not include any transfer which would require the Company
to register any class of securities pursuant to Section 12 of the Exchange Act, and any such transfer shall be void ab initio. 

  
 2 

 (c) Each of Section 2.3(a) and Section 3.2 is amended such that for the second sentence
of each such Section, the opening phrase “The restrictions on transfer and” is deleted and the word “the” immediately following the deleted phrase is replaced with “The”. 

(d) Clause (vii) of the first sentence of Section 9.1 of the Investors’ Rights Agreement is amended to read as follows: 

“(vii) pursuant to or in connection with any transfer described in clauses (i), (vii), (viii) or (xi) of the definition of
Exempted Transfers shall not be required to certify that such Person is an Accredited Investor.” 
 (e) Schedule A and Schedule B of
the Investors’ Rights Agreement are amended, restated and replaced in their entirety as Schedule A and Schedule B hereto. 

[Signature Pages Follow] 

  
 3 

 IN WITNESS WHEREOF, the Company has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	COMPANY:
	
	Reata Pharmaceuticals, Inc.
		
	By:	 	 /s/ J. Warren Huff

	Name:	 	J. Warren Huff
	Title:	 	Chief Executive Officer
		
	Address:	 	2801 Gateway Drive, Suite 150
		 	Irving, Texas 75063-2648
	Fax:	 	(214) 722-0867

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
27, 2012 to be effective as of the Effective Date. 
  

			
	NOVO A/S
		
	By:	 	 /s/ Jack B. Nielsen

	Name:	 	Jack B. Nielsen
	Title:	 	Partner
		
	Address:	 	Novo A/S
		 	Novo Ventures
		 	Tuborg Havnevej 19
		 	DK-2900 Hellerup
		 	Denmark
	Fax:	 	(+45) 4442 1440

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	YELLOW WARBLER, LP
		
	By:	 	CPMG, Inc.
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	VERDIN FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	MALLARD FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	CD FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	WILLET FUND, L.P.
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	KESTREL FUND, L.P.
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	REDBIRD LIFE SCIENCES PARTNERS, L.P.
		
	By:	 	Redbird Life Sciences, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	President
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	REDSTART PARTNERS, LP
		
	By:	 	Redstart GP, LLC,
		 	its General Partner
		
	By:	 	 /s/ Charles E. Gale

	Name:	 	Charles E. Gale
	Title:	 	Secretary
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Second Amendment as of September
    , 2012 to be effective as of the Effective Date. 
  

			
	ARACOS FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
SECOND AMENDMENT 

 EXHIBIT A 

PROPOSED TRANSFERS 
  

							
	 	 	 Proposed Transferee
	  	Number of Shares
to be Transferred	 
	1	 	Barton Autrey	  	 	2,000	  
	2	 	Bryan Bell	  	 	2,600	  
	3	 	Brent Brown	  	 	2,600	  
	4	 	Rick Bruce	  	 	2,600	  
	5	 	Angela Bruce	  	 	1,000	  
	6	 	Russell Buchanan	  	 	2,000	  
	7	 	Glen Craze	  	 	2,000	  
	8	 	Katherine Crumpacker	  	 	2,000	  
	9	 	Cully Ann Crumpacker Trust	  	 	2,600	  
	10	 	James Dickson	  	 	2,600	  
	11	 	Elizabeth Farmer	  	 	2,000	  
	12	 	John Farmer	  	 	2,000	  
	13	 	Patti Granoff	  	 	2,600	  
	14	 	Susan Harlan	  	 	2,600	  
	15	 	Mary Hayes	  	 	2,000	  
	16	 	Mary Ann Justman	  	 	2,600	  
	17	 	Lilia Justman	  	 	2,000	  
	18	 	Tessa Justman	  	 	2,000	  
	19	 	Mary Elizabeth Kendall	  	 	2,600	  
	20	 	Charles Kendall, III	  	 	2,000	  
	21	 	Mark Kendall	  	 	2,600	  
	22	 	Marilyn Latting	  	 	2,600	  
	23	 	Margaret Lehman	  	 	2,600	  
	24	 	Ron Lowery	  	 	2,000	  

  
 Exhibit A-1 

							
	 	  	 Proposed Transferee
	  	Number of Shares
to be Transferred	 
	25	  	Cameron McCormick	  	 	2,000	  
	26	  	Sallianne Mooring	  	 	2,600	  
	27	  	Scott Mooring	  	 	2,000	  
	28	  	John Scott Mooring	  	 	2,600	  
	29	  	Ben Mooring	  	 	2,600	  
	30	  	Ryan Overturf	  	 	2,000	  
	31	  	Sue Gill Rose	  	 	2,600	  
	32	  	Allison Rose	  	 	2,000	  
	33	  	Delaney Rose	  	 	2,000	  
	34	  	Frederick Rowe, Jr.	  	 	2,000	  
	35	  	John Schoellkopf	  	 	2,600	  
	36	  	Katherine Swiney	  	 	2,000	  
	37	  	Gail Thomas	  	 	2,000	  
	38	  	Angela Walsh	  	 	2,600	  
	39	  	Brian Walsh	  	 	2,600	  
	40	  	Leonard Wennmohs	  	 	2,000	  
	41	  	Mary Whitaker	  	 	2,600	  
	42	  	Paige Winburn	  	 	1,000	  

  
 Exhibit A-2 

 SCHEDULE A 

INVESTORS 
  

	1.	STARTech Seed Fund II, L.P. 

  

	2.	Anchor International Services Limited 

  

	3.	The Lyda Hill Foundation 

  

	4.	ILC Realty Ltd. 

  

	5.	Bruce W. Hunt 

  

	6.	Barbara Hunt Crow 

  

	7.	Kingdom Investments, Limited 

  

	8.	Hunt Technology Ventures, LP 

  

	9.	Peter Moody Brooks 

  

	10.	James F. Watson 

  

	11.	WF9 Investments, L.P. 

  

	12.	Redbird Life Sciences Partners, L.P. 

  

	13.	Dennis J. Gorman 

  

	14.	Peachway, LLC 

  

	15.	Freddie Carroll 

  

	16.	Ronald B. Jennings 

  

	17.	RWI Partnership, Ltd. 

  

	18.	James E. and Hong Z. Bass 

  

	19.	Prothro Family Limited Partnership, Ltd. 

  

	20.	Peter P. and Bonnie B. Smith 

  

	21.	Charles A. Sanders, M.D. 

  

	22.	Leslie Clement Family Trust 

  
 Schedule A-1 

	23.	Alice Carrington Foultz 

  

	24.	The Henrietta P.C. Hildebrand Trust of 2007 

  

	25.	Martin W. Clement II 

  

	26.	Scott Dodds 

  

	27.	Kingdon R. Hughes 

  

	28.	Willet Fund, L.P. 

  

	29.	John P. Watters 

  

	30.	Clement Equities 

  

	31.	Novo A/S 

  

	32.	James W. Lewis MPPP 

  

	33.	James W. Lewis IRA 

  

	34.	James W. Lewis Family Investment Limited Partnership 

  

	35.	James W. Lewis 

  

	36.	Colin J. Meyer, M.D. 

  

	37.	John Walling 

  

	38.	Melissa Krauth 

  

	39.	Ron Bumeister 

  

	40.	Glenda Johnson 

  

	41.	Robert M. Kral, Jr. 

  

	42.	Christiane Baud 

  

	43.	Christina Adams 

  

	44.	Karen Rohan 

  

	45.	Angela Dunford 

  

	46.	Pritam Kambuj 

  
 Schedule A-2 

	47.	Aracos Fund, L.P. 

  

	48.	James E. Bass 

  

	49.	Matthew S. Blanton, Ltd. 

  

	50.	Kestrel Fund, L.P. 

  

	51.	CD Fund, LP 

  

	52.	Bradford H. Hughes 

  

	53.	Mi-Hyung Kim 

  

	54.	Lyda Hill Interests, Inc. 

  

	55.	Mallard Fund, LP 

  

	56.	Barbara B. Moroney 

  

	57.	Yellow Warbler, LP 

  

	58.	Oxford Finance Corporation 

  

	59.	Sumitomo Corporation of America 

  

	60.	Sumitomo Corporation 

  

	61.	Numoda Capital Innovations LLC 

  

	62.	Verdin Fund, LP 

  

	63.	Whitney R. Hughes 

  

	64.	Elizabeth T.S. Joyce 

  

	65.	Gorman Children’s Trust I 

  

	66.	Gorman Children’s Trust II 

  

	67.	Abbott Pharmaceuticals PR Ltd. 

  

	68.	Dennis James Gorman GST Exempt Family Trust, Lisa Alane Gorman and Caroline Elizabeth Gorman Moore, Co-Trustees 

  

	69.	Peter P. Smith, as Custodian for Aline C. Bass under Texas UTMA 

  

	70.	Peter P. Smith, as Custodian for Laura W. Bass under Texas UTMA 

  
 Schedule A-3 

	71.	Peter P. Smith, as Custodian for Kevin E. Bass under Texas UTMA 

  

	72.	Hillwood/1358, Ltd. 

  

	73.	Charles Sung Tae Park 

  

	74.	Moroney OGP, LLC 

  

	75.	Frederick W. Field 

  

	76.	Randall Cox 

  

	77.	James H. Clement, Jr. 

  

	78.	Pranata Hajadi 

  

	79.	Hui-Ling Peng 

  

	80.	Patrick DeSouza and Frances DeSouza 

  

	81.	Bass Trust FBO James E. Bass 

  

	82.	Dorset Investment Partners, Ltd. 

  

	83.	Edward W. Rose III 

  

	84.	R. Kent McGaughy, Jr. 

  

	85.	James W. Traweek, Jr. 

  

	86.	Antal R. Desai 

  

	87.	Thomas M. Morton 

  

	88.	John E. Bateman 

  

	89.	JET Land and Cattle Co., Ltd. 

  

	90.	Antal R. Desai, Trustee of the TLM Children’s Trust dated December 23, 2010 

  

	91.	Elizabeth Horchow Routman 

  

	92.	Sally Horchow Revocable Trust 

  

	93.	Nicholas Hecker, Trustee of the Desai 2010 Children’s Trust dated December 29, 2010 

  

	94.	Elizabeth Ann Sanders Trust FBO Charles Sanders 

  
 Schedule A-4 

	95.	Perry Clement Finger 

  

	96.	Henrietta F. Armbruster 

  

	97.	Marshall S. Hildebrand 

  

	98.	Irene H. Torres Revocable Trust 

  

	99.	Beth I. Lewis 

  

	100.	Richard D. Bass, Jr. 

  

	101.	Taylor Louise Torres Trust of 2005 

  

	102.	Samantha Pruyn Torres Trust of 2005 

  

	103.	Elizabeth Cruz Torres Trust of 2005 

  

	104.	Loretta Irene Torres Trust of 2006 

  

	105.	JPMorgan Chase Bank, National Association 

  

	106.	Catherine Clements Matthews 

  

	107.	Margaret Clements Napier 

  

	108.	Pauline Seay Neuhoff 

  

	109.	George E. Seay III 

  

	110.	William P. Clements, III and Georgia M. Clements, Trustees of The William P. Clements, IV 2011 Trust u/a May 27, 2011 

  

	111.	William P. Clements, III and Georgia M. Clements, Trustees of The Catherine C. Clements 2011 Trust u/a May 27, 2011 

  

	112.	William P. Clements, III and Georgia M. Clements, Trustees of The Ben Gill Clements 2011 Trust u/a May 27, 2011 

  

	113.	Communities Foundation of Texas 

  

	114.	Bass Family Trust A 

  

	115.	Peter P. and Bonnie B. Smith Irrevocable Trust for Children 

  

	116.	Bonnie B. Smith 

  

	117.	Redstart Partners, LP 

  
 Schedule A-5 

	118.	Matthew Keane 

  

	119.	Elizabeth Horchow Routman and Daniel G. Routman, as Co-Trustees of the Elizabeth Horchow Routman Children’s Trust 

  

	120.	Board of Regents of the University of Texas System 

  

	121.	Comerica Ventures Incorporated 

  

	122.	Charles A. Sanders Irrevocable Trust dated September 16, 1997 

  

	123.	Martin W. Clement II and Melinda Clement, as Custodians for Martin W. Clement III 

  

	124.	Regen Investments, Ltd. 

  
 Schedule A-6 

 SCHEDULE B 

OTHER STOCKHOLDERS 
  

	1.	Jonathan Graff, M.D., Ph.D. 

  

	2.	J. Warren Huff 

  

	3.	Frank Gerome 

  

	4.	STARTech Early Ventures, LLC 

  

	5.	Deborah M. Allan 

  

	6.	James McKay 

  

	7.	Renee McKay 

  

	8.	Matthew R. Muenster 

  

	9.	Jef Karel De Brabander, Ph.D. 

  

	10.	Waldemar Priebe, Ph.D. 

  

	11.	Thomas C. Sűdhof, M.D. 

  

	12.	Philip J. Thomas, Ph.D. 

  

	13.	Angela Ho 

  

	14.	Matthew Wieduwitt 

  

	15.	Yusheng Wu 

  

	16.	Xibin Liao 

  

	17.	Jerry W. Shay, Ph.D. 

  

	18.	William Christian Wigley, Ph.D. 

  

	19.	Deborah Ferguson, Ph.D. 

  

	20.	Michael Andreeff 

  

	21.	Marina Konopleva 

  

	22.	Victoria Link Limited 

  
 Schedule B-1 

	23.	Timothy Madden 

  

	24.	Rhesa D. Stidham 

  

	25.	The Trustees of Columbia University in the City of New York 

  

	26.	Jason Wilson 

  

	27.	Leslie Lescale-Matys 

  

	28.	Dr. Paul Foster 

  

	29.	Amanda Johnson 

  

	30.	David C. Mitchell 

  

	31.	Craig Brown 

  

	32.	Glendenning Children’s Trust 

  

	33.	J.P. Morgan Trust Company of Delaware, Trustee of The Huff 2010 Descendants’ Trust 

  

	34.	The Ronald H. Abrahams Family Trust u/a/d February 21, 2002 

  

	35.	Peter Northcote 

  

	36.	Georgina Weber 

  

	37.	The Gary Stephen Hurwitz 2009-P Trust 

  

	38.	The Hutchison C. Hurwitz 2011 Trust 

  

	39.	JoBeth M. Cash 

  

	40.	Annette B. Sudhof 

  

	41.	Andrea Y. Visoski 

  

	42.	Barbara Richardson 

  

	43.	Catherine Fanning 

  

	44.	Melean Visnick 

  

	45.	Robin Kral 

  

	46.	Casi DeYoung 

  
 Schedule B-2 

	47.	Kimberly St. Clair 

  

	48.	Ashley Maddeaux 

  

	49.	Sonja Wooley 

  

	50.	Dennis K. Stone, M.D. 

  

	51.	Eric Grossman 

  

	52.	Lily Huang 

  

	53.	Charles Matthew Cook 

  
 Schedule B-3 

 Exhibit 4.2c 

REATA PHARMACEUTICALS, INC. 

THIRD AMENDMENT TO 

EIGHTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

This THIRD AMENDMENT (this “Third Amendment”) to the Eighth Amended and Restated Investors’ Rights Agreement, dated as
of December 6, 2011, by and among Reata Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the stockholders of the Company named therein (the “Base Agreement”), as amended by that certain Waiver
and Amendment thereto dated December 21, 2011 (the “First Amendment”), and as further amended by that certain Second Amendment thereto effective as of September 27, 2012 (the “Second Amendment”), is made
and entered into by and among the Company and the undersigned stockholders of the Company hereto (collectively, the “Parties”), effective as of the earliest date (such date, the “Effective Date”) on which each Party
has duly executed and delivered a signature page hereto (with the date of execution and delivery of each such signature page indicated on such signature page). The Base Agreement, as amended by the First Amendment and the Second Amendment, as
further amended by this Third Amendment, and as further amended or amended and restated from time to time, is herein referred to as the “Investors’ Rights Agreement.” Capitalized terms used but not defined herein shall have the
meanings given to such terms in the Base Agreement. 
 RECITALS 

A. Redstart GP, LLC (“Redstart GP”), a Texas limited liability company and the general partner of Redstart Partners, LP
(“Redstart Partners”), a Texas limited partnership and an Investor under the Investors’ Rights Agreement, has elected to cause Redstart Partners to wind up and liquidate pursuant to the terms of that certain Agreement of
Limited Partnership of Redstart Partners dated as of November 4, 2011, as amended from time to time. Pursuant to the wind up and liquidation of Redstart Partners, Redstart GP desires to cause all of the shares of Common Stock held by Redstart
Partners to be distributed pro rata to the limited partners of Redstart Partners for no consideration payable by such limited partners or any other person in respect of such transfers, which such transfers of shares of Common Stock from Redstart
Partners to the limited partners of Redstart Partners are further described on Exhibit A hereto (each such transfer described on Exhibit A, a “Redstart Transfer” and collectively, the “Redstart
Transfers”). Exhibit A sets forth, for each Redstart Transfer, the name of the transferee and the number of shares of Common Stock to be transferred from Redstart Partners to such transferee. 

B. The Board has consented to and authorized the Company to enter into this Third Amendment pursuant to Section 9.9 of the
Investors’ Rights Agreement. 
 C. The Company and the undersigned stockholders of the Company, which stockholders constitute the
holders of a majority of the outstanding Preferred Stock and Common Stock issued upon conversion thereof voting together as a single class and calculated on an as-converted basis, wish to enter into this Third Amendment to: (a) amend the
definition of “Exempted Transfers” as defined in the Investors’ Rights Agreement to include the Redstart 

 
Transfers; and (b) amend and restate Schedule A and Schedule B to the Investors’ Rights Agreement in their entirety, pursuant to Section 9.1 and Section 9.9 of the
Investors’ Rights Agreement, to reflect the addition of certain stockholders to such schedules who have properly joined the Investors’ Rights Agreement pursuant to the terms thereof since the time of execution of the Second Amendment. 

AGREEMENT 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 

1. Incorporation of Recitals. The recitals set forth above are fully incorporated herein by this reference thereto with the same force
and effect as though recited herein. 
 2. Amendments. The following provisions of the Investors’ Rights Agreement, as amended
by the First Amendment and the Second Amendment, are amended or amended and restated as set forth below: 
 (a) Section 1.1 of the
Investors’ Rights Agreement is amended to amend and restate the definition of “Exempted Transfers” as set forth in Section 1.1(z) of the Base Agreement, and as amended or amended and restated by the First Amendment and the Second
Amendment, to read as follows: 
 “Exempted Transfers” shall mean the following: (i) any transfer or transfers
to the ancestors, descendants or spouse of a stockholder or to trusts, partnerships or other entities formed for the benefit of such persons, (ii) any transfer or transfers to an Affiliate of any holder of Preferred Stock or Common Stock
obtained on conversion of the Preferred Stock, (iii) any transfer by a holder of Preferred Stock to any other holder of Preferred Stock or Common Stock obtained on conversion of the Preferred Stock, (iv) any pledge of shares made pursuant
to a bona fide loan transaction that creates a mere security interest, (v) any transfer by a stockholder that is a partnership, limited liability company or corporation to the partners, members or stockholders of such entity without the payment
of consideration therefor, (vi) any bona fide gift, (vii) any transfer pursuant to the Company’s repurchase right under the Stock Option Plan, the Long Term Incentive Plan or under any other stock option, stock bonus or other stock
plans or agreements in effect as of the date hereof, or under any stock option, stock bonus or other stock plan approved by the Board thereafter, (viii) any transfer resulting from the Company’s purchase, foreclosure or acquisition of
shares of any Securities that were secured by a promissory note in favor of the Company, (ix) any Affiliate Transfer (as defined in the First Amendment), (x) any Donation Transfer (as defined in the First Amendment), (xi) any Proposed
Transfer (as defined in the Second Amendment), and (xii) any Redstart Transfer (as defined in the Third Amendment); provided, however, that, except in the case of clauses (i), (vii), (viii), (xi) and (xii) above, any
such transferee is an “Accredited Investor” as defined in the Securities Act; provided, further, that the term “Exempted Transfers” shall not include any transfer which would require the Company to register any
class of securities pursuant to Section 12 of the Exchange Act, and any such transfer shall be void ab initio. 

  
 2 

 (b) Clause (vii) of the first sentence of Section 9.1 of the Investors’ Rights
Agreement is amended to read as follows: 
 “(vii) pursuant to or in connection with any transfer described in clauses (i), (vii),
(viii), (xi) or (xii) of the definition of Exempted Transfers shall not be required to certify that such Person is an Accredited Investor.” 

(c) Schedule A and Schedule B of the Investors’ Rights Agreement are amended, restated and replaced in their entirety as Schedule
A and Schedule B hereto. 
 [Signature Pages Follow] 

  
 3 

 IN WITNESS WHEREOF, the Company has executed this Third Amendment as of November 27, 2013 to
be effective as of the Effective Date. 
  

			
	COMPANY:
	
	Reata Pharmaceuticals, Inc.
		
	By:	 	 /s/ J. Warren Huff

	Name:	 	J. Warren Huff
	Title:	 	Chief Executive Officer
		
	Address:	 	2801 Gateway Drive, Suite 150
		 	Irving, Texas 75063-2648
	Fax:	 	(214) 722-0867

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Third Amendment as of
November 27, 2013 to be effective as of the Effective Date. 
  

			
	NOVO A/S
		
	By:	 	 /s/ Jack B. Nielson

	Name:	 	Jack B. Nielson
	Title:	 	Partner
		
	Address:	 	Novo A/S
		 	Novo Ventures
		 	Tuborg Havnevej 19
		 	DK-2900 Hellerup
		 	Denmark
	Fax:	 	(+45) 4442 1440

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Third Amendment as of
November 26, 2013 to be effective as of the Effective Date. 
  

			
	YELLOW WARBLER, LP
		
	By:	 	CPMG, Inc.
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Third Amendment as of
November 26, 2013 to be effective as of the Effective Date. 
  

			
	VERDIN FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2000 McKinney, Suite 2125
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Third Amendment as of
November 26, 2013 to be effective as of the Effective Date. 
  

			
	MALLARD FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2000 McKinney, Suite 2125
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Third Amendment as of
November 26, 2013 to be effective as of the Effective Date. 
  

			
	CD FUND, LP
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2000 McKinney, Suite 2125
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Third Amendment as of
November 26, 2013 to be effective as of the Effective Date. 
  

			
	WILLET FUND, L.P.
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	2000 McKinney, Suite 2125
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Third Amendment as of
November 26, 2013 to be effective as of the Effective Date. 
  

			
	KESTREL FUND, L.P.
		
	By:	 	CPMG, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	Chief Operating Officer
		
	Address:	 	200 McKinney, Suite 2125
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Third Amendment as of
November 26, 2013 to be effective as of the Effective Date. 
  

			
	REDBIRD LIFE SCIENCES PARTNERS, L.P.
		
	By:	 	Redbird Life Sciences, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John E. Bateman

	Name:	 	John E. Bateman
	Title:	 	President
		
	Address:	 	2000 McKinney, Suite 2125
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the undersigned Investor has executed this Third Amendment as of
November 25, 2013 to be effective as of the Effective Date. 
  

			
	REDSTART PARTNERS, LP
		
	By:	 	Redstart GP, LLC,
		 	its General Partner
		
	By:	 	 /s/ Charles E. Gale

	Name:	 	Charles E. Gale
	Title:	 	Secretary
		
	Address:	 	2100 McKinney, Suite 1770
		 	Dallas, Texas 75201
	Fax:	 	(214) 871-6837

  
 REATA
PHARMACEUTICALS, INC. 
 SIGNATURE PAGE TO
THIRD AMENDMENT TO INVESTORS’ RIGHTS AGREEMENT 

 EXHIBIT A 

Redstart Transfers 
  

							
	 	  	 Transferees
	  	Number of Shares
Transferred	 
	1.	  	 Leigh Abrams
	  	 	32,129	  
	2.	  	 David Albin
	  	 	24,110	  
	3.	  	 NFS FMTC FBO Robert Hudson Alpert IRA
	  	 	12,833	  
	4.	  	 Erik Caspersen
	  	 	3,057	  
	5.	  	 Charles Henry Rose 2001 Trust
	  	 	1,508	  
	6.	  	 Cottonwood Partnership 2009
	  	 	2,202,958	  
	7.	  	 Daniel Matthew Kaplan 2010 Trust
	  	 	11,680	  
	8.	  	 Elsa Ruth Schoenbrun 2010 Trust
	  	 	11,680	  
	9.	  	 Carlos Fierro and Jennifer Tonkel
	  	 	100,401	  
	10.	  	 John Fitzpatrick
	  	 	31,494	  
	11.	  	 Charles Gale
	  	 	90,362	  
	12.	  	 NFS FMTC FBO Charles E. Gale IRA
	  	 	2,184	  
	13.	  	 Ronald Gaswirth
	  	 	5,090	  
	14.	  	 Emanuel Geduld
	  	 	43,750	  
	15.	  	 James Gero
	  	 	669,338	  
	16.	  	 NFS FMTC FBO Christina Kaye Gillilan IRA
	  	 	5,980	  
	17.	  	 Lawrence Goldstein
	  	 	1,959	  
	18.	  	 Grey William Jones 2001 Trust
	  	 	6,244	  
	19.	  	 Harvey Grossman
	  	 	30,530	  
	20.	  	 Johnny Guerry
	  	 	41,249	  

  
 Exhibit A-1 

							
	 	  	 Transferees
	  	Number of Shares
Transferred	 
	21.	  	 Howard Lawrence Hardy
	  	 	3,057	  
	22.	  	 Marguerite Hoffman
	  	 	1,708,024	  
	23.	  	 Jacob Alexander Kaplan 2010 Trust
	  	 	11,680	  
	24.	  	 Mary Jalonick
	  	 	32,736	  
	25.	  	 John William Rose 2002 Trust
	  	 	3,429	  
	26.	  	 Luci B. Johnson
	  	 	231,824	  
	27.	  	 Brandon Jones
	  	 	124,648	  
	28.	  	 Kathryn Kaplan
	  	 	13,327	  
	29.	  	 J. Luther King, Jr.
	  	 	31,511	  
	30.	  	 Knot Tee Time LLC
	  	 	19,038	  
	31.	  	 NFS FMTC FBO Amy K. Langston IRA
	  	 	23,436	  
	32.	  	 Leo Christopher Schoenbrun 2010 Trust
	  	 	11,680	  
	33.	  	 Lori Lofye
	  	 	5,495	  
	34.	  	 NFS FMTC FBO Jason Ryan Ludeke IRA
	  	 	2,998	  
	35.	  	 Murray McCabe
	  	 	185,801	  
	36.	  	 Cameron McCormick
	  	 	3,057	  
	37.	  	 NFS FMTC FBO Amy M. McKinley IRA
	  	 	9,825	  
	38.	  	 Nancy Meinershagen
	  	 	69,116	  
	39.	  	 NFS FMTC FBO Nancy Meinershagen IRA
	  	 	25,286	  
	40.	  	 Michael Mewhinney
	  	 	287,815	  
	41.	  	 MF5 Partners LLC
	  	 	15,000	  
	42.	  	 Harvey Milman
	  	 	2,888	  

  
 Exhibit A-2 

							
	 	  	 Transferees
	  	Number of Shares
Transferred	 
	43.	  	 Samuel Moore
	  	 	46,813	  
	44.	  	 Mooring Capital LP
	  	 	48,014	  
	45.	  	 Nini Gift Trust
	  	 	71,936	  
	46.	  	 Joseph Penshorn
	  	 	4,477	  
	47.	  	 Mark Plunkett
	  	 	3,171	  
	48.	  	 NFS FMTC FBO Mark Plunkett IRA
	  	 	1,170	  
	49.	  	 Beth Quint
	  	 	2,036	  
	50.	  	 NFS FMTC FBO Beth A. Quint IRA
	  	 	1,436	  
	51.	  	 Howard Rachofsky
	  	 	535,470	  
	52.	  	 Brandon Jones and Lela Rose
	  	 	502,153	  
	53.	  	 Edward W. Rose, III
	  	 	3,036,699	  
	54.	  	 Lela Rose
	  	 	131,663	  
	55.	  	 William Rose
	  	 	856,730	  
	56.	  	 NFS FMTC FBO Edward W. Rose, III IRA
	  	 	610,324	  
	57.	  	 William Rosenthal
	  	 	524,604	  
	58.	  	 Rosey Potter Jones 2006 Trust
	  	 	9,364	  
	59.	  	 RSR Interests, LLC
	  	 	199,792	  
	60.	  	 Candace Rubin
	  	 	3,057	  
	61.	  	 RVF Holdings Ltd.
	  	 	453,485	  
	62.	  	 John Schoellkopf
	  	 	3,057	  
	63.	  	 Benjamin Schoenbrun
	  	 	13,327	  
	64.	  	 Larry Schoenbrun
	  	 	1,617	  

  
 Exhibit A-3 

							
	 	  	 Transferees
	  	Number of Shares
Transferred	 
	65.	  	 Michael Schoenbrun
	  	 	13,327	  
	66.	  	 Shoreline Investors LLC
	  	 	69,990	  
	67.	  	 Sophie Elizabeth Schoenbrun 2010 Trust
	  	 	11,680	  
	68.	  	 Stapleton Pharma LLC
	  	 	2,543,484	  
	69.	  	 NFS FMTC FBO Shane Orville Suckla IRA
	  	 	7,204	  
	70.	  	 The Ben Mooring Living Trust
	  	 	25,711	  
	71.	  	 The John Scott Mooring Living Trust
	  	 	10,697	  
	72.	  	 The Schoenbrun Fund LP
	  	 	45,119	  
	73.	  	 Ian Turpin
	  	 	71,936	  
	74.	  	 W.E. Rosenthal Interests, Ltd.
	  	 	502,003	  
	75.	  	 NFS FMTC FBO Angela K. Walsh IRA
	  	 	1,386	  
	76.	  	 John Watson
	  	 	3,057	  
	77.	  	 David Webster
	  	 	15,194	  
	78.	  	 NFS FMTC FBO Leonard Long Wennmohs IRA
	  	 	404	  
	79.	  	 NFS FMTC FBO Kathleen E. Wright IRA
	  	 	15,977	  
	80.	  	 Michael Young
	  	 	50,953	  
	81.	  	 Fred Zinn
	  	 	5,620	  
		  		  	  
	  
	 
		  	 Total
	  	 	16,604,344	  
		  		  	  
	  
	 

  
 Exhibit A-4 

 SCHEDULE A 

INVESTORS 
  

	1.	STARTech Seed Fund II, L.P. 

  

	2.	Anchor International Services Limited 

  

	3.	The Lyda Hill Foundation 

  

	4.	ILC Realty Ltd. 

  

	5.	Bruce W. Hunt 

  

	6.	Barbara Hunt Crow 

  

	7.	Kingdom Investments, Limited 

  

	8.	Hunt Technology Ventures, LP 

  

	9.	Peter Moody Brooks 

  

	10.	James F. Watson 

  

	11.	WF9 Investments, L.P. 

  

	12.	Redbird Life Sciences Partners, L.P. 

  

	13.	Dennis J. Gorman 

  

	14.	Peachway, LLC 

  

	15.	Freddie Carroll 

  

	16.	Ronald B. Jennings 

  

	17.	RWI Partnership, Ltd. 

  

	18.	James E. and Hong Z. Bass 

  

	19.	Prothro Family Limited Partnership, Ltd. 

  

	20.	Peter P. and Bonnie B. Smith 

  

	21.	Charles A. Sanders, M.D. 

  

	22.	Leslie Clement Family Trust 

  
 Schedule A-1 

	23.	Alice Carrington Foultz 

  

	24.	The Henrietta P.C. Hildebrand Trust of 2007 

  

	25.	Martin W. Clement II 

  

	26.	Scott Dodds 

  

	27.	Kingdon R. Hughes 

  

	28.	Willet Fund, L.P. 

  

	29.	John P. Watters 

  

	30.	Clement Equities 

  

	31.	Novo A/S 

  

	32.	James W. Lewis MPPP 

  

	33.	James W. Lewis IRA 

  

	34.	James W. Lewis Family Investment Limited Partnership 

  

	35.	James W. Lewis 

  

	36.	Colin J. Meyer, M.D. 

  

	37.	John Walling 

  

	38.	Melissa Krauth 

  

	39.	Ron Bumeister 

  

	40.	Glenda Johnson 

  

	41.	Robert M. Kral, Jr. 

  

	42.	Christiane Baud 

  

	43.	Christina Adams 

  

	44.	Karen Rohan 

  

	45.	Angela Dunford 

  

	46.	Pritam Kambuj 

  
 Schedule A-2 

	47.	James E. Bass 

  

	48.	Matthew S. Blanton, Ltd. 

  

	49.	Kestrel Fund, L.P. 

  

	50.	CD Fund, LP 

  

	51.	Bradford H. Hughes 

  

	52.	Mi-Hyung Kim 

  

	53.	Lyda Hill Interests, Inc. 

  

	54.	Mallard Fund, LP 

  

	55.	Barbara B. Moroney 

  

	56.	Yellow Warbler, LP 

  

	57.	Oxford Finance Corporation 

  

	58.	Sumitomo Corporation of America 

  

	59.	Sumitomo Corporation 

  

	60.	Numoda Capital Innovations LLC 

  

	61.	Verdin Fund, LP 

  

	62.	Whitney R. Hughes 

  

	63.	Elizabeth T.S. Joyce 

  

	64.	Gorman Children’s Trust I 

  

	65.	Gorman Children’s Trust II 

  

	66.	Dennis James Gorman GST Exempt Family Trust, Lisa Alane Gorman and Caroline Elizabeth Gorman Moore, Co-Trustees 

  

	67.	Aline C. Bass 

  

	68.	Peter P. Smith, as Custodian for Laura W. Bass under Texas UTMA 

  

	69.	Peter P. Smith, as Custodian for Kevin E. Bass under Texas UTMA 

  

	70.	Hillwood/1358, Ltd. 

  
 Schedule A-3 

	71.	Charles Sung Tae Park 

  

	72.	Moroney OGP, LLC 

  

	73.	Frederick W. Field 

  

	74.	Randall Cox 

  

	75.	James H. Clement, Jr. 

  

	76.	Pranata Hajadi 

  

	77.	Hui-Ling Peng 

  

	78.	Patrick DeSouza and Frances DeSouza 

  

	79.	Bass Trust FBO James E. Bass 

  

	80.	Dorset Investment Partners, Ltd. 

  

	81.	Edward W. Rose III 

  

	82.	R. Kent McGaughy, Jr. 

  

	83.	James W. Traweek, Jr. 

  

	84.	Antal R. Desai 

  

	85.	Thomas M. Morton 

  

	86.	John E. Bateman 

  

	87.	JET Land and Cattle Co., Ltd. 

  

	88.	Antal R. Desai, Trustee of the TLM Children’s Trust dated December 23, 2010 

  

	89.	Elizabeth Horchow Routman 

  

	90.	Sally Horchow Revocable Trust 

  

	91.	Nicholas Hecker, Trustee of the Desai 2010 Children’s Trust dated December 29, 2010 

  

	92.	Elizabeth Ann Sanders Trust FBO Charles Sanders 

  

	93.	Perry Clement Finger 

  

	94.	Henrietta F. Armbruster 

  
 Schedule A-4 

	95.	Marshall S. Hildebrand 

  

	96.	Irene H. Torres Revocable Trust 

  

	97.	Beth I. Lewis 

  

	98.	Richard D. Bass, Jr. 

  

	99.	Taylor Louise Torres Trust of 2005 

  

	100.	Samantha Pruyn Torres Trust of 2005 

  

	101.	Elizabeth Cruz Torres Trust of 2005 

  

	102.	Loretta Irene Torres Trust of 2006 

  

	103.	JPMorgan Chase Bank, National Association 

  

	104.	Catherine Clements Matthews 

  

	105.	Margaret Clements Napier 

  

	106.	Pauline Seay Neuhoff 

  

	107.	George E. Seay III 

  

	108.	William P. Clements, III and Georgia M. Clements, Trustees of The William P. Clements, IV 2011 Trust u/a May 27, 2011 

  

	109.	William P. Clements, III and Georgia M. Clements, Trustees of The Catherine C. Clements 2011 Trust u/a May 27, 2011 

  

	110.	William P. Clements, III and Georgia M. Clements, Trustees of The Ben Gill Clements 2011 Trust u/a May 27, 2011 

  

	111.	Communities Foundation of Texas 

  

	112.	Bass Family Trust A 

  

	113.	Peter P. and Bonnie B. Smith Irrevocable Trust for Children 

  

	114.	Bonnie B. Smith 

  

	115.	Redstart Partners, LP 

  

	116.	Matthew Keane 

  

	117.	Board of Regents of the University of Texas System 

  
 Schedule A-5 

	118.	Comerica Ventures Incorporated 

  

	119.	Charles A. Sanders Irrevocable Trust dated September 16, 1997 

  

	120.	Martin W. Clement II and Melinda Clement, as Custodians for Martin W. Clement III 

  

	121.	Regen Investments, Ltd. 

  

	122.	Barton Autrey 

  

	123.	Bryan Bell 

  

	124.	Brent Brown 

  

	125.	Rick Bruce 

  

	126.	Angela Bruce 

  

	127.	Russell Buchanan 

  

	128.	Glenn Craze 

  

	129.	Katherine R. Crumpacker 

  

	130.	Cully Ann Crumpacker Trust 

  

	131.	James Dickson 

  

	132.	Elizabeth Farmer 

  

	133.	John Farmer 

  

	134.	Patti Granoff 

  

	135.	Susan Harlan 

  

	136.	Mary Farmer Hayes 

  

	137.	Mary Ann Justman 

  

	138.	Lilia Justman 

  

	139.	Tessa Justman 

  

	140.	Mary Elizabeth Kendall 

  

	141.	Charles Kendall III 

  
 Schedule A-6 

	142.	Mark Kendall 

  

	143.	Marilyn Latting 

  

	144.	Margaret Lehman 

  

	145.	Ronald Lowry 

  

	146.	Cameron McCormick 

  

	147.	Sallianne Mooring 

  

	148.	Scott Mooring 

  

	149.	John Scott Mooring 

  

	150.	Ben Mooring 

  

	151.	Ryan Overturf 

  

	152.	Sue Gill Rose 

  

	153.	Allison Rose 

  

	154.	Delaney Rose 

  

	155.	Frederick Rowe, Jr. 

  

	156.	John Schoellkopf 

  

	157.	Katherine Swiney 

  

	158.	Gail Thomas 

  

	159.	Angela Walsh 

  

	160.	Brian Walsh 

  

	161.	Leonard Wennmohs 

  

	162.	Mary Whitaker 

  

	163.	Paige Winburn 

  

	164.	EHR Children’s Trust FBO Emily Routman 

  

	165.	HER Children’s Trust FBO Regen Routman 

  

	166.	AbbVie Ltd. 

  
 Schedule A-7 

 SCHEDULE B 

OTHER STOCKHOLDERS 
  

	1.	Jonathan Graff, M.D., Ph.D. 

  

	2.	J. Warren Huff 

  

	3.	Frank Gerome 

  

	4.	STARTech Early Ventures, LLC 

  

	5.	Deborah M. Allan 

  

	6.	James McKay 

  

	7.	Renee McKay 

  

	8.	Matthew R. Muenster 

  

	9.	Jef Karel De Brabander, Ph.D. 

  

	10.	Waldemar Priebe, Ph.D. 

  

	11.	Thomas C. Sűdhof, M.D. 

  

	12.	Philip J. Thomas, Ph.D. 

  

	13.	Angela Ho 

  

	14.	Matthew Wieduwitt 

  

	15.	Yusheng Wu 

  

	16.	Xibin Liao 

  

	17.	Jerry W. Shay, Ph.D. 

  

	18.	William Christian Wigley, Ph.D. 

  

	19.	Deborah Ferguson, Ph.D. 

  

	20.	Michael Andreeff 

  

	21.	Marina Konopleva 

  

	22.	Victoria Link Limited 

  
 Schedule B-1 

	23.	Timothy Madden 

  

	24.	Rhesa D. Stidham 

  

	25.	The Trustees of Columbia University in the City of New York 

  

	26.	Jason Wilson 

  

	27.	Leslie Lescale-Matys 

  

	28.	Dr. Paul Foster 

  

	29.	Amanda Johnson 

  

	30.	David C. Mitchell 

  

	31.	Craig Brown 

  

	32.	Glendenning Children’s Trust 

  

	33.	J.P. Morgan Trust Company of Delaware, Trustee of The Huff 2010 Descendants’ Trust 

  

	34.	The Ronald H. Abrahams Family Trust u/a/d February 21, 2002 

  

	35.	Peter Northcote 

  

	36.	Georgina Weber 

  

	37.	The Hutchison C. Hurwitz 2011 Trust 

  

	38.	JoBeth M. Cash 

  

	39.	Annette B. Sudhof 

  

	40.	Andrea Y. Visoski 

  

	41.	Barbara Richardson 

  

	42.	Catherine Fanning 

  

	43.	Melean Visnick 

  

	44.	Robin Kral 

  

	45.	Casi DeYoung 

  
 Schedule B-2 

	46.	Kimberly St. Clair 

  

	47.	Ashley Maddeaux 

  

	48.	Sonja Wooley 

  

	49.	Dennis K. Stone, M.D. 

  

	50.	Eric Grossman 

  

	51.	Lily Huang 

  

	52.	Charles Matthew Cook 

  

	53.	Devona Green 

  

	54.	Brian Ostrander 

  

	55.	Claudia P. Schroeder 

  

	56.	Ventanabhargava Achanta 

  

	57.	Amanda Alford 

  

	58.	C. Eric Anderson 

  

	59.	Melika Auzenne 

  

	60.	Christopher Bender 

  

	61.	Delia Bradford 

  

	62.	Elaine Castellanos 

  

	63.	Melanie Chin 

  

	64.	Shalundra Conwell 

  

	65.	Andrew Cunningham 

  

	66.	Maggie Didehbani 

  

	67.	Edmund Doherty 

  

	68.	Irina Dulubova 

  

	69.	Anita Duncan 

  
 Schedule B-3 

	70.	Mary Dymond 

  

	71.	Kobby Essien 

  

	72.	David Flory 

  

	73.	Matthew Frankel 

  

	74.	Zohre German 

  

	75.	Arthur W. Gibson III 

  

	76.	Deborah Gidney 

  

	77.	Linda Hannigan 

  

	78.	Tracy Herson 

  

	79.	Betty Holland 

  

	80.	Martha Hotema 

  

	81.	Brigitte Iafrate 

  

	82.	Olga Jeter 

  

	83.	Xin Jiang 

  

	84.	Richard Kelley 

  

	85.	Kufe, LLC 

  

	86.	Anil Kumar 

  

	87.	Jeff Laidlaw 

  

	88.	Chun-Yue Lee 

  

	89.	Liping Liu 

  

	90.	Xiaofeng Liu 

  

	91.	Steven Madden 

  

	92.	Patrick McDermott 

  

	93.	Holly McDonald 

  
 Schedule B-4 

	94.	Laura Milan 

  

	95.	Greg Miller 

  

	96.	Baali Muganga 

  

	97.	Jack Ort 

  

	98.	Neha Patel-Cervantes 

  

	99.	Bob Penfold 

  

	100.	Daniel Pirrung 

  

	101.	Ritu Rajan 

  

	102.	Scott Reisman 

  

	103.	Jimmy Rhea 

  

	104.	Stacey Ruiz 

  

	105.	Christina Salinas 

  

	106.	Karen Schmitz 

  

	107.	R.A. Session II 

  

	108.	Erin Taylor 

  

	109.	Neil Thapar 

  

	110.	Liisa Tingue 

  

	111.	Isaac Trevino 

  

	112.	John A. Walling 

  

	113.	David Warnock 

  

	114.	Anne Yager 

  

	115.	Jiang Zhang 

  

	116.	Meghan Hart 

  

	117.	Dane Visnick 

  

	118.	GS Hurwitz 2004 Exempt Trust 

  

	119.	Carolyn Kelly 

  
 Schedule B-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]