Document:

Exhibit
10.3

 

GUARANTY

 

This
GUARANTY (this “Guaranty”) is made as of September 18, 2020, by ARAM FUCHS, an individual (the “Guarantor”),
in favor of NTN BUZZTIME, INC., a Delaware corporation (the “Company”). The Company is a party to this Guaranty
for the purpose of acknowledging its terms.

 

RECITALS

 

A. Reference
is made to that certain Asset Purchase Agreement, dated of even date herewith (the “Purchase Agreement”) by
and between eGames.com Holdings LLC, a Nevada limited liability company (“Purchaser”), and the Company. Capitalized
terms used but not defined herein shall have the meaning assigned to them in the Purchase Agreement.

 

B. On
the terms and subject to the conditions set forth in the Purchase Agreement, the Company will sell, and Purchaser shall purchase,
substantially all of the assets, rights and interests of the Company relating to the Business, upon the terms and subject to the
conditions therein provided (the “Asset Sale”).

 

C. As
a condition to entering into the Purchase Agreement, the Company requires, among other things, the execution and delivery by the
Guarantor of this Guaranty.

 

D. As
consideration therefor and in order to induce the Company to complete the transactions contemplated by the Purchase Agreement,
the Guarantor is willing to execute and deliver this Guaranty.

 

AGREEMENT

 

The
parties hereby agree as follows:

 

1. Guaranty.
On the terms and subject to the conditions of this Guaranty, the Guarantor hereby absolutely, unconditionally and irrevocably
guarantees to the Company the full and prompt payment when due of any and all amounts, from time to time, payable by Purchaser
under the Purchase Agreement (collectively the “Guaranteed Obligations”). This Guaranty is an absolute, unconditional,
present and continuing guaranty of payment of the Guaranteed Obligations and not of collectibility and is in no way conditioned
upon any attempt by the Company to collect from the Purchaser or any other action, occurrence or circumstance whatsoever. Guarantor
acknowledges that this Guaranty was entered into in connection with and as a condition to Company entering into the Purchase Agreement
and that Guarantor has received full and adequate consideration for entering into this Guaranty.

 

2. Absolute
Obligation. The Guarantor agrees that the Guaranteed Obligations may be extended or renewed, without notice to or assent by
the Guarantor, and that the Guarantor will remain bound upon this Guaranty notwithstanding any extension, renewal or other alteration
of any Guaranteed Obligations. The obligations of the Guarantor under this Guaranty shall be absolute, unconditional and irrevocable,
and shall be performed strictly in accordance with the terms hereof under any circumstances whatsoever, including:

 

2.1 any
extension, renewal, modification, settlement, compromise, waiver or release in respect of any Guaranteed Obligations;

 

    	-1-

     

    

 

2.2 any
change in the corporate existence, structure or ownership of Purchaser, or any insolvency, bankruptcy, reorganization or other
similar proceeding affecting Purchaser, the Guarantor or any of their respective assets;

 

2.3 the
existence of any claim, defense, set-off or other rights or remedies which the Guarantor at any time may have against the Purchaser,
or any other person or entity, whether in connection with this Guaranty or the Purchase Agreement, the transactions contemplated
hereby or thereby or any other transaction;

 

2.4 any
invalidity or unenforceability for any reason of this Guaranty or the Purchase Agreement, or any provision of Law purporting to
prohibit the payment or performance by Purchaser or the Guarantor; or

 

2.5 any
other circumstances or happening whatsoever, whether or not similar to any of the foregoing.

 

3. Waiver.
The Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Guaranteed
Obligations and this Guaranty and waives presentment, demand of payment, notice of intent to accelerate and of acceleration, notice
of dishonor or nonpayment and any requirement that the Company institute suit, collection proceedings or take any other action
to collect the Guaranteed Obligations, including any requirement that the Company protect, secure, perfect or insure any lien
or security interest against any property subject thereto or exhaust any right or take any action against the Purchaser or any
other person or entity or any collateral (it being the intention of the Company that this Guaranty is to be a guaranty of payment
and not of collection). It shall not be necessary for the Company, in order to enforce any payment by the Guarantor hereunder,
to institute suit or exhaust its rights and remedies against Purchaser or any other person or entity, including others liable
to pay any Guaranteed Obligations, or to enforce its rights against any security ever given to secure payment thereof.

 

    	-2-

     

    

 

4. Miscellaneous.

 

4.1 Notices.
All notices and other communications given or made pursuant to this Guaranty shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by electronic mail or facsimile, with confirmation
of transmission, if sent on before 6 p.m. local time on a Business Day of the recipient, and if not before such time, then on
the next Business Day, (c) three (3) days after having been sent by registered or certified mail, return receipt requested, postage
pre-paid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications to be sent to the Company hereunder shall be sent to the appropriate address set forth
in Section 10.8 of the Purchase Agreement. All communications to be sent to the Guarantor hereunder shall be sent to the address
set forth below, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance
with this Section 4.1.

 

Aram
Fuchs

71
Ardsley Avenue West

Irvington,
NY 10533

E-mail:
aram@egames.com

 

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

 

Gutiérrez
Bergman Boulris, PLLC

901
Ponce De Leon Blvd., Suite 303

Coral
Gables, FL 33134

E-Mail:
dale.bergman@gbbpl.com

Attn:
Dale S. Bergman, Esq.

 

4.2 Entire
Agreement; Amendment. This Guaranty contains the entire agreement among the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters. Any provision of
this Guaranty may be amended if, and only if, such amendment is in writing and signed by the parties hereto.

 

4.3 No
Assignment; Parties in Interest. No party hereto may assign any of its rights or obligations under this Guaranty without the
prior written consent of the other parties hereto. This Guaranty will be binding upon, inure to the benefit of and be enforceable
by the parties hereto and their respective successors and permitted assigns. Nothing in this Guaranty, express or implied, is
intended to confer upon any person other than the parties hereto or their successors or permitted assigns, any rights or remedies
under or by reason of this Guaranty.

 

    	-3-

     

    

 

4.4 Governing
Law; Jurisdiction. This Guaranty shall be governed, construed and enforced in accordance with the laws of the State of
New York, without giving effect to any choice or conflict of laws provision or rule. In any action or proceeding between any
of the parties arising out of or relating to this Guaranty, each of the parties: (a) irrevocably and unconditionally consents
and submits to the exclusive jurisdiction and venue of the state and federal courts sitting in the City of New York; (b)
agrees that all claims in respect of such action or proceeding shall be heard and determined exclusively in accordance with
the preceding clause (a); (c) waives any objection to laying venue in any such action or proceeding in such courts; (d)
waives any objection that such courts are an inconvenient forum or do not have jurisdiction over any party; and (e)
irrevocably and unconditionally waives the right to trial by jury.

 

4.5 Prevailing
Party Attorney’s Fees. In the event of a dispute arising out of or relating to this Guaranty, the prevailing party shall
be entitled to receive reasonable costs and expenses, including, but not limited to, attorneys’ and experts’ fees
and expenses.

 

4.6 Counterparts;
Facsimile Signature. This Guaranty may be signed in counterparts, each of which shall be considered an original and together
they shall constitute one agreement. Any photocopy, emailed copy or fax copy of this Guaranty bearing one or more signatures shall
be valid, binding and admissible as if an original.

 

[Signature
Page Follows]

 

    	-4-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this Guaranty as of the day and year first above written.

 

	 	“GUARANTOR”:
	 	 
	 	/s/
    Aram Fuchs
	 	Aram
    Fuchs

 

	 	“COMPANY”:
	 	 	 
	 	By:	/s/
    Sandra Gurrola
	 	Name:
    	Sandra
    Gurrola
	 	Title:	Sr.
    Vice President of Finance

 

    	-5-EX-4.2

 Exhibit 4.2 

Execution Version 

SPRUCE BIOSCIENCES, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

February 19, 2020 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	1.	  	Definitions	  	 	1	 
			
	2.	  	Registration Rights	  	 	5	 
				
		  	2.1	  	Demand Registration	  	 	5	 
				
		  	2.2	  	Company Registration	  	 	6	 
				
		  	2.3	  	Underwriting Requirements	  	 	7	 
				
		  	2.4	  	Obligations of the Company	  	 	8	 
				
		  	2.5	  	Furnish Information	  	 	10	 
				
		  	2.6	  	Expenses of Registration	  	 	10	 
				
		  	2.7	  	Delay of Registration	  	 	10	 
				
		  	2.8	  	Indemnification	  	 	10	 
				
		  	2.9	  	Reports Under Exchange Act	  	 	12	 
				
		  	2.10	  	Limitations on Subsequent Registration Rights	  	 	13	 
				
		  	2.11	  	“Market Stand-off” Agreement	  	 	13	 
				
		  	2.12	  	Restrictions on Transfer	  	 	14	 
				
		  	2.13	  	Termination of Registration Rights	  	 	16	 
			
	3.	  	Information and Observation Rights	  	 	16	 
				
		  	3.1	  	Delivery of Financial Statements	  	 	16	 
				
		  	3.2	  	Inspection	  	 	17	 
				
		  	3.3	  	Observer Rights; Expense Reimbursement	  	 	18	 
				
		  	3.4	  	Termination of Information and Observation Rights	  	 	18	 
				
		  	3.5	  	Confidentiality	  	 	18	 
			
	4.	  	Rights to Future Stock Issuances	  	 	19	 
				
		  	4.1	  	Right of First Offer	  	 	19	 
				
		  	4.2	  	Termination	  	 	20	 
			
	5.	  	Additional Covenants	  	 	20	 
				
		  	5.1	  	Board Matters	  	 	20	 
				
		  	5.2	  	Director’s & Officer’s Liability	  	 	20	 
				
		  	5.3	  	Indemnification; Successor Indemnification	  	 	21	 
				
		  	5.4	  	Publicity	  	 	21	 
				
		  	5.5	  	Employee Agreements	  	 	21	 
				
		  	5.6	  	Employee Stock	  	 	21	 

  
 i 

							
				
		  	5.7	  	Termination of Covenants	  	21
				
		  	5.8	  	FCPA	  	22
				
		  	5.9	  	Right to Conduct Activities	  	22
				
		  	5.10	  	Critical Technology Matters	  	22
				
		  	5.11	  	2016 Equity Incentive Plan	  	23
				
		  	5.12	  	ESG Reporting	  	23
			
	6.	  	Miscellaneous	  	23
				
		  	6.1	  	Successors and Assigns	  	23
				
		  	6.2	  	Governing Law	  	24
				
		  	6.3	  	Counterparts	  	24
				
		  	6.4	  	Titles and Subtitles	  	24
				
		  	6.5	  	Notices	  	24
				
		  	6.6	  	Amendments and Waivers	  	25
				
		  	6.7	  	Severability	  	26
				
		  	6.8	  	Aggregation of Stock	  	26
				
		  	6.9	  	Additional Investors	  	26
				
		  	6.10	  	Entire Agreement	  	26
				
		  	6.11	  	Dispute Resolution	  	26
				
		  	6.12	  	Delays or Omissions	  	27
				
		  	6.13	  	Acknowledgment	  	27

							
				
	Schedule A	  	–	  	Schedule of Investors	  	

  
 ii 

 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of February 19, 2020, by and
among Spruce Biosciences, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto (together with any subsequent investors or transferees, who become parties to this Agreement in
accordance with Section 6.9 hereof, each an “Investor” and together the “Investors”). 

RECITALS 

WHEREAS, the Company and certain of the Investors (the “Existing Investors”) previously entered into an Amended and
Restated Investors’ Rights Agreement dated as of February 15, 2019 (the “Prior Agreement”) pursuant to which the Company granted to such Existing Investors certain rights; 

WHEREAS, concurrently with the execution of this Agreement, the Company and the Investors are entering into a Series B Preferred Stock
Purchase Agreement (as may be amended from time to time, the “Purchase Agreement”) pursuant to which the Investors have agreed to purchase shares of the Company’s Series B Preferred Stock; 

WHEREAS, the Company and the Existing Investors each desire to amend and restate the Prior Agreement to provide that this Agreement
shall govern the rights of the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to receive certain information from the Company, and to participate in future equity offerings by the Company, and shall
govern certain other matters as set forth in this Agreement; and 
 WHEREAS, the obligations of the Company and the Investors under
the Purchase Agreement are conditioned upon, among other things, the execution and delivery of this Agreement by the Company and the Investors. 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows: 
 1. Definitions. For purposes of this Agreement: 

“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled
by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund or registered investment company now or hereafter existing that is
controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person. 

“Common Stock” means shares of the Company’s common stock, par value $0.0001 per share. 

 “Competitor” means a Person engaged, directly or indirectly (including
through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in a business that offers products or services that are directly or indirectly competitive with the
products or services of the Company, including products or services which are in actual or demonstrably anticipated research or development by the Company, but shall not include any financial investment firm or collective investment vehicle that,
together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the board of directors of any Competitor.
Notwithstanding the foregoing, in no event shall Novo Holdings A/S (together with its Affiliates, “Novo”), RiverVest Venture Fund III, L.P. (together with its Affiliates, “RiverVest”), Omega Fund VI, L.P. (together
with its Affiliates, “Omega”), Abingworth Bioventures VII LP (together with its Affiliates, “Abingworth”), Aisling Capital V, LP (together with its Affiliates, “Aisling”), HealthCap VIII L.P.
(together with its Affiliates, “HealthCap”), Citadel Multi-Strategy Equities Master Fund Ltd. (together with its Affiliates, “Surveyor”), Sands Capital Life Sciences Pulse Fund, LLC (together with its Affiliates,
“Sands”) or Rock Springs Capital Master Fund (together with its Affiliates, “Rock Springs”) and collectively with Novo, RiverVest, Omega, Abingworth, Aisling, HealthCap, Sands, and Surveyor, the
“Funds”) be deemed a Competitor. 
 “Damages” means any loss, damage, claim or liability (joint or
several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon:
(i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto;
(ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party
(or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

“Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case,
directly or indirectly), Common Stock, including options and warrants. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Excluded Registration” means
(i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a
registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common
Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 
 “Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

  
 2 

 “Form S-3” means such form
under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company
with the SEC. 
 “GAAP” means generally accepted accounting principles in the United States. 

“Holder” means any holder of Registrable Securities who is a party to this Agreement. 

“Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner,
sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement. 

“IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act. 

“Key Employee” means any executive-level employee (including, division director and vice president-level positions) as well
as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement) 

“Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least (a)
2,000,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof) after the consummation of the Initial Closing (as defined in the
Purchase Agreement) and (b) 4,000,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof) after the consummation of the
Secondary Closing (as defined in the Purchase Agreement). For the avoidance of doubt, any Investor who does not participate in the Secondary Closing (as defined in the Purchase Agreement) (other than such Investor who does not participate in the
Secondary Closing as a result of a CFIUS Exception (as defined in the Purchase Agreement)), if such closing shall occur, by purchasing such Investor’s Secondary Closing Share Amount (taking into account any Secondary Closing Shares purchased at
an Elective Secondary Closing by such Investor) (each as defined in the Purchase Agreement) shall not be considered a Major Investor. 

“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as
rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity. 

  
 3 

 “Preferred Stock” means, collectively, shares of the Company’s Series
A Preferred Stock and shares of the Company’s Series B Preferred Stock. 
 “Registrable Securities” means (i) the
Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other
securities of the Company acquired by the Investors after the date hereof and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or
other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the
applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection
2.13 of this Agreement. 
 “Registrable Securities then outstanding” means the number of shares determined by
adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable
Securities. 
 “Restated Certificate” means the Company’s Amended and Restated Certificate of Incorporation, as may be
amended from time to time. 
 “Restricted Securities” means the securities of the Company required to be notated with the
legend set forth in Subsection 2.12(b) hereof. 
 “SEC” means the Securities and Exchange Commission. 

“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of
Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

“Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.0001 per share. 

“Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.0001 per share. 

  
 4 

 “Significant Investor” means each of Novo, RiverVest, Omega, Abingworth and
HealthCap for so long as such respective Person is a Major Investor. 
 “Significant Investor Majority” means (i) at
least four (4) Significant Investors for so long as there are five (5) Significant Investors, (ii) at least three (3) Significant Investors for so long as there are four (4) Significant Investors, (iii) at least two
(2) Significant Investors for so long as there are three (3) Significant Investors and (iv) all of the remaining Significant Investors for so long as there are one (1) or two (2) Significant Investors. 

2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) five (5) years after the
date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that
the Company file a Form S-1 registration statement, for an aggregate offering price of at least $5,000,000, then the Company shall (x) within ten (10) days after the date such request is given, give
notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders,
file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities
requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of
Subsections 2.1(c) and 2.3. 
 (b) Form S-3 Demand. If at any time when
it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of the Registrable Securities then outstanding that the Company file a Form
S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $1 million, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days
after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration
by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection
2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because 

  
 5 

 
such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature
disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall
have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the
Initiating Holders is given; provided, however, that the Company may not invoke this right more than twice in any twelve (12) month period; and provided further that the Company shall not register any securities for
its own account or that of any other stockholder during such ninety (90) day period other than an Excluded Registration. 
 (d) The
Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date
of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to
cause such registration statement to become effective; (ii) after the Company has effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable
Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any
registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the
effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has
effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this
Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses
therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d).

 2.2 Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company
for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly
give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered
all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the
effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance
with Subsection 2.6. 

  
 6 

 2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting; provided, however, that no Holder (or any of their
assignees) shall be required to make any representations, warranties or indemnities except as they relate to such Holder’s ownership of shares and authority to enter into the underwriting agreement and to such Holder’s intended method of
distribution, and the liability of such Holder shall be limited to an amount equal to the net proceeds from the offering received by such Holder. Notwithstanding any other provision of this Subsection 2.3, if the managing underwriter(s)
advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be
underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as
practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the
Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the
underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 
 (b) In connection with
any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the
Holders seeking to sell Registrable Securities in such offering accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will
not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the
Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable
Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be
included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder
or in 

  
 7 

 
such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters
may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other
securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below thirty percent (30%) of the total number of
securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in
such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired
members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to
be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling
Holder,” as defined in this sentence. 
 (c) For purposes of Subsection 2.1, a registration shall not be counted as
“effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in
such registration statement are actually included 
 2.4 Obligations of the Company. Whenever required under this
Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period
of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of
Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be
extended for up to one hundred eighty (180) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

(b) prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with
such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

  
 8 

 (c) furnish to the selling Holders such numbers of copies of a prospectus, including a
preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make available
for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (j) after such
registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the
Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

  
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 2.5 Furnish Information. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and
disbursements, not to exceed $50,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any
expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all
selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their
right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the
condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay
any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be
borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 
 2.7
Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the
interpretation or implementation of this Section 2. 
 2.8 Indemnification. If any Registrable Securities
are included in a registration statement under this Section 2: 
 (a) To the extent permitted by law, the Company
will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for
each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or
other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company,

  
 10 

 
which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon
and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration. 

(b) To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of
its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the
Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based
upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company
and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided,
however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which
consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the
proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action
(including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the
indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Section 2.8. 

  
 11 

 (d) To provide for just and equitable contribution to joint liability under the Securities
Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree
by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for
indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will
contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the
indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however,
that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided
further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering
received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement. 
 2.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC
Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the
Company shall: 
 (a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule
144, at all times after the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially
reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

  
 12 

 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement
filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other
information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting
requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior
written consent of the Holders of a majority of the Registrable Securities then outstanding, which must include the approval of the Significant Investor Majority enter into any agreement with any holder or prospective holder of any securities of the
Company that (i) would provide to such holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the
opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such
holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. 

2.11 “Market Stand-off” Agreement. Each Holder hereby
agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its Common Stock or any other equity
securities under the Securities Act for its IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days), (i) lend; offer; pledge; sell; contract to sell; sell any
option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The
foregoing provisions of this Subsection 2.11 shall (A) apply only to the IPO, (B) not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, (C) not apply to the transfer of any shares
to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further

  
 13 

 
that any such transfer shall not involve a disposition for value, and (D) be applicable to the Holders only if all officers, directors and stockholders, individually and together with their
Affiliates, owning more than one percent (1.0%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock) enter into similar agreements. The underwriters in connection
with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.
Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto.
To the extent that any person who is subject to market stand-off obligations is released early by the managing underwriter from such market stand-off obligations, then
each Holder shall also receive a pro rata release, based on the number of shares subject to such agreements, from their respective market stand-off obligations. The foregoing provisions of this
Subsection 2.11 shall not apply to transactions relating to securities acquired in the IPO or open market transactions from and after the IPO.

2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 
 (b) Each certificate, instrument, or book entry representing
(i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger,
consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES
MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

  
 14 

 The Holders consent to the Company making a notation in its records and giving instructions
to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of
this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof
shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or
transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the
terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; (y) in any transaction in which such Holder
distributes Restricted Securities to an Affiliate of such Holder for no consideration; or (z) in any internal transaction in which such Holder transfers Restricted Securities to an Affiliate of such Holder that is an entity and that is
ultimately controlled by the same parent company as the Holder (or is the ultimate parent company of the Holder); provided that in the case of clauses (y) and (z), each transferee agrees in writing to be subject to the terms of this
Subsection 2.12. Notwithstanding the foregoing, the Company shall be obligated to reissue promptly unlegended certificates or book entries at the request of any Holder thereof if the Company has completed its IPO and the Holder shall have
obtained an opinion of counsel (which counsel may be counsel to the Company) to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and legend, provided that the second legend
listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided
shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate instrument, or book entry shall not be notated with such
restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. 

  
 15 

 2.13 Termination of Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a) the closing of a Deemed Liquidation Event, as such term is defined in the Restated Certificate; 

(b) such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s
shares without limitation during a three-month period without registration; and 
 (c) the fifth anniversary of the IPO. 

3. Information and Observation Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor, provided that the Board of Directors has
not reasonably determined that such Major Investor is a Competitor: 
 (a) as soon as practicable, but in any event within thirty
(30) days of the end of each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all prepared in accordance with
GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(b) as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and
certified by independent public accountants of regionally recognized standing selected by the Company; 
 (c) 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, unaudited statements of income and cash flows for such fiscal
quarter, and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit
adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); 
 (d) 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, a statement showing the number of shares of each class and series of capital stock and securities
convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio
or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective
percentage equity ownership in the Company, and certified by the chief financial officer or chief executive officer of the Company as being true, complete, and correct; 

  
 16 

 (e) as soon as practicable, but in any event thirty (30) days before the end of each
fiscal year, a comprehensive budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board of Directors and prepared on a monthly basis, including balance sheets, income statements, and
statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 
 (f)
with respect to the financial statements called for in Subsection 3.1(a) and Subsection 3.1(c), an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements
were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (except as otherwise set forth in Subsection 3.1(a) and Subsection 3.1(c)) and fairly present the financial condition of the Company and
its results of operation for the periods specified therein; and 
 (g) such other information relating to the financial condition,
business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 3.1 to
provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company, it being agreed that
Subsection 3.5 hereof shall satisfy such requirement); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period
the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this
Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules
applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially
reasonable efforts to cause such registration statement to become effective. 
 3.2 Inspection. The Company shall permit each Major
Investor (provided that the Board of Directors has not reasonably determined that such Major Investor is a Competitor), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account
and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall
not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement,
in form acceptable to the Company, it being agreed that Subsection 3.5 hereof shall satisfy such requirement) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

  
 17 

 3.3 Observer Rights; Expense Reimbursement. As long as Surveyor owns not less than
fifty percent (50%) of the shares of the Preferred Stock it owns as of the date hereof (or an equivalent amount of Common Stock issued upon conversion thereof, as adjusted for stock splits, stock dividends, recapitalization, reorganizations and the
like), the Company shall invite a representative of Surveyor to attend all meetings of the Board of Directors in a nonvoting observer capacity. The Company, in this respect, shall give such representatives copies of all notices, minutes, consents,
and other materials that it provides to its directors at the same time and in the same manner as its directors; provided, however, that such representative shall agree to hold in confidence all information so provided; and provided further, that the
Company reserves the right to withhold any information and to exclude such representatives from any meeting or portion thereof if access to such information or attendance at such meeting would be reasonably likely to adversely affect the
attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest. Upon request, the Company shall promptly reimburse in full, each nonvoting observer of the Company for his or her
reasonable, customary and documented out-of-pocket expenses incurred in the course of business conducted on behalf of the Company (including without limitation
attendance of meetings of the Board) in an amount not to exceed $5,000 per year. 
 3.4 Termination of Information and Observation
Rights. The covenants set forth in Subsections 3.1, 3.2 and 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject
to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate, whichever event occurs first. 

3.5 Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any
purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless
such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor), (b) is or has been independently developed or conceived by the Investor
without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company;
provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its
investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.5 and is not a competitor of the
Company; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such
information is confidential and directs such Person to maintain the confidentiality of such information; (iv) to the extent required in connection with any routine or periodic examination or similar process by any regulatory or self-regulatory
body or authority not specifically directed at the Company or the confidential information obtained from the Company pursuant to the terms of the Agreement, including, without limitation, quarterly or annual reports delivered pursuant to Subsection
3.1; or (v) as may otherwise be required by law, provided that, in the case of this clause (v), the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required
disclosure. 

  
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 4. Rights to Future Stock Issuances. 

4.1 Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the
Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it, in such proportions as it
deems appropriate, among (i) itself, (ii) its Affiliates and (iii) its beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of such Major Investor (“Investor Beneficial Owners”); provided that each such Affiliate or Investor Beneficial Owner (x) is not a Competitor,
unless such party’s purchase of New Securities is otherwise consented to by the Board of Directors, and (y) agrees to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and
Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an “Investor” under each such agreement, or any amended and/or restated version of
such agreements, as the case may be (provided that any Competitor shall not be entitled to any rights as a Major Investor under Sections 3.1, 3.2 and 4.1 hereof). 

(a) The Company shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention to
offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then
issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming
full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire
all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully
Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were
not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative
Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities
then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of one hundred and twenty (120) days of the date that
the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 

  
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 (c) If all New Securities referred to in the Offer Notice are not elected to be purchased
or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New
Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such
period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major
Investors in accordance with this Subsection 4.1. 
 (d) The right of first offer in this Subsection 4.1 shall not be
applicable to (i) Exempted Securities (as defined in the Restated Certificate); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Series B Preferred Stock pursuant to the Purchase Agreement. 

4.2 Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect
(i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as
such term is defined in the Restated Certificate, whichever event occurs first. 
 5. Additional Covenants. 

5.1 Board Matters. 
 (a)
The Board shall convene for meetings at least quarterly, unless otherwise approved by the Board. 
 (b) Upon request, the Company shall
promptly reimburse in full, each non-employee director of the Company for his or her reasonable, customary and documented
out-of-pocket expenses incurred in the course of business conducted on behalf of the Company (including without limitation attendance of meetings of the Board). Each non-employee director shall be entitled in such person’s discretion to be a member of any committee of the Board. 

5.2 Director’s & Officer’s Liability. The Company has as of the date
hereof or shall within ninety (90) days of the date hereof use its commercially reasonable efforts to obtain from financially sound and reputable insurers directors and officers liability insurance in an amount and on terms and conditions
satisfactory to the Board, including at least three (3) of the Preferred Directors, which shall include one (1) Series A Director and one (1) Series B Director (each as defined in the Restated Certificate) and will use its
commercially reasonable efforts to cause such insurance policy to be maintained until such time as the Board, including at least three (3) Preferred Directors, which shall include one (1) Series A Director and one (1) Series B
Director, determines that such insurance should be discontinued. 

  
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 5.3 Indemnification; Successor Indemnification. The Company shall use its best
efforts to provide that its Restated Certificate and bylaws provide for indemnification of officers and directors of the Company to the maximum extent permitted by law. The Company shall enter into a customary indemnification agreement in form
satisfactory to the Investors with each non-employee member of the Board of Directors. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the
continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to
indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be. 

5.4 Publicity. The Company shall not use the name of Novo, or any of its Affiliates in any trade publication, marketing materials or
otherwise to the general public, in each case without the prior written consent of Novo, which consent may be withheld in its sole discretion; provided that (i) the parties anticipate that there will be a press release announcing the
closing of the transaction contemplated in the Purchase Agreement and (ii) following the public announcement contemplated in clause (i), the Company may confirm that Novo is an investor in the Company (but not the amount or terms thereof) in a
form of disclosure that has been previously approved by Novo. 
 5.5 Employee Agreements. The Company will cause each person now or
hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights
assignment agreement. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without
the consent of the Board of Directors. 
 5.6 Employee Stock. Unless otherwise approved by the Board of Directors, all future
employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as
applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares
vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in
Subsection 2.11. In addition, unless otherwise approved by the Board of Directors, the Company shall retain a “right of first refusal” on transfers of Common Stock held by current or former service providers to the Company
until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. 

5.7 Termination of Covenants. The covenants set forth in this Section 5, except for Subsection 5.3 and
Subsection 5.9, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or
15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate, whichever event occurs first. 

  
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 5.8 FCPA. The Company represents that it shall not (and shall not permit any of its
subsidiaries or affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to) promise, authorize or make any payment to, or otherwise contribute any item of value to,
directly or indirectly, to any third party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), in each case,
in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall (and shall cause each of its subsidiaries and affiliates to) cease all of its or their
respective activities, as well as remediate any actions taken by the Company, its subsidiaries or affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the
FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Upon request, the Company agrees to provide responsive information and/or certifications concerning its compliance with applicable anti-corruption laws. The
Company shall promptly notify each Investor if the Company becomes aware of any Enforcement Action (as defined in the Purchase Agreement). The Company shall, and shall cause any direct or indirect subsidiary or entity controlled by it, whether now
in existence or formed in the future, to comply with the FCPA. The Company shall use its best efforts to cause any direct or indirect subsidiary, whether now in existence or formed in the future, to comply in all material respects with all
applicable laws. 
 5.9 Right to Conduct Activities. The Company hereby agrees and acknowledges that each of the Funds is a
professional investment fund, and as such invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted), and that the Funds each
have affiliated entities that may be deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted). The Company hereby agrees that none of the Funds shall be liable to the Company for any claim
arising out of, or based upon, (i) the investment by such Fund in any entity competitive with the Company, (ii) actions taken by any partner, officer or other representative of such Fund to assist any such competitive company, whether or
not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company or (iii) the activities of entities affiliated with such Fund;
provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or
(y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 
 5.10
Critical Technology Matters. 
 (a) To the extent (i) any pre-existing products or
services provided by the Company are re-categorized by the U.S. government as a critical technology within the meaning of the Defense Production Act of 1950, as amended, including all implementing regulations
thereof (the “DPA”), or would reasonably be considered to constitute the design, fabrication, development, testing, production or manufacture of a critical technology after a re-

  
 22 

 
categorization of selected technologies by the U.S. government, or (ii) after execution of the Purchase Agreement, the Company engages in any activity that could reasonably be considered to
constitute the design, fabrication, development, testing, production or manufacture of a critical technology within the meaning of the DPA, the Company shall promptly notify the Investors of such change in the categorization of its products or
services. 
 (b) Subject to Section 4.14 of the Purchase Agreement, if and only if (i) the Committee on Foreign Investment in the
United States (“CFIUS”) requests or requires that any Investor or the Company file a notice or declaration with CFIUS pursuant to the DPA with respect to the Investor’s investment in the Company (the “Covered
Transactions”) or (ii) any Investor or the Company reasonably determines (based on advice of counsel) that a filing with CFIUS with respect to the Covered Transactions is advisable or required by applicable law, then in either case,
(i) or (ii): (x) the Company and each Investor shall, and shall cause its affiliates to, cooperate with the other parties hereto and shall promptly file a CFIUS filing in the requested, required or advisable form in accordance with the DPA; and
(y) the Company and each Investor shall, and shall cause its affiliates to, use reasonable best efforts to obtain, as applicable, the CFIUS Satisfied Condition (as defined in the Purchase Agreement), provided that agreement to any
mitigation terms shall be at the reasonable discretion of the affected Investor. 
 5.11 2016 Equity Incentive Plan. The Company
hereby agrees that it shall not issue greater than 6,112,000 shares of Common Stock (or options to purchase shares of Common Stock) pursuant to its 2016 Equity Incentive Plan until after the consummation of the Secondary Closing (as defined in the
Purchase Agreement). Notwithstanding the forgoing, in the event an Investor chooses to purchase an additional number of shares of Series B Preferred Stock after the date hereof and prior to the consummation of the Secondary Closing, that number of
shares of Common Stock (or options to purchase shares of Common Stock) equal to the product of (i) 5,883,000 and (ii) the ratio of the additional shares purchased by such Investor to the total number of shares available for purchase pursuant to
the Secondary Closing shall be available for issuance pursuant to the Company’s 2016 Equity Incentive Plan. 
 5.12 ESG
Reporting. The Company will furnish to HealthCap, and any other requesting Major Investor, such other information relating to the corporate affairs of the Company as HealthCap, or such other requesting Major Investor, may from time to time
reasonably request, including without limitation, information relating to measures of environmental, social and corporate governance (“ESG”) factors and its ESG compliance as agreed upon by the Company and HealthCap or such other
requesting Major Investor.. The Company agrees to report such ESG compliance by completing HealthCap’s standard form of ESG questionnaire on an annual basis. 

6. Miscellaneous. 
 6.1
Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a
Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 500,000 shares of Registrable Securities (subject
to appropriate 

  
 23 

 
adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such
transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the
Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings
of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member
shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon
the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 
 6.2 Governing Law.
This Agreement shall be governed by the internal law of the State of California, without reference to its principles of conflicts of laws. 

6.3 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  

6.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 6.5 Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail during the recipient’s normal
business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or
(iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All
communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such
email address or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy shall also be sent to (which shall not constitute notice): Cooley LLP, 101 California
Street, 5th Floor, San Francisco, California 94111, Attn: Jason Kent, and if notice is given to the Purchasers, a copy shall also be to (which copy shall not constitute notice): Gunderson
Dettmer Stough Villeneuve Franklin & Hachigian, LLP, One Marina Park Drive, Suite 900, Boston, Massachusetts 02210, Attn: Jeffrey M. Engerman. 

  
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 6.6 Amendments and Waivers. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities
then outstanding, which must include the approval of the Significant Investor Majority; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object
promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving
party on such party’s own behalf, without the consent of any other party; provided that Subsection 3.3 and this proviso in this Section 6.6 may not be amended, terminated or waived without the written consent of Surveyor; and
provided further that Subsection 5.4 may not be amended, terminated or waived without the written consent of Novo; and provided further that the clause “(other than such Investor who does not participate in
the Secondary Closing as a result of a CFIUS Exception (as defined in the Purchase Agreement))” in the definition of Major Investor in Section 1 and Subsection 5.10 may not be amended, terminated or waived without the written
consent of Novo, Surveyor and each other Non-US Person (as defined in the Purchase Agreement); and provided further that any amendment, termination or waiver of Subsection 2.8(b),
2.8(d), 5.10, 6.14, this proviso or the definitions of “Funds” and “Competitor”, in each case, as they relate to such Funds, shall require the written consent of each of the Funds. Notwithstanding the
foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to
all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so
by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction; provided, however, that if, after giving effect to such waiver of Section 4
with respect to a particular transaction, a Major Investor purchases securities in such transaction or issuance (such Major Investor, a “Participating Investor”), such waiver of the provisions of Section 4 shall be deemed to
apply to each other Major Investor whose rights were waived or amended only if such other Major Investor has been provided the opportunity to purchase a proportional number of the New Securities being offered by the Company in such transaction based
on the pro rata purchase right of such other Major Investor set forth in Section 4, assuming a transaction size determined based upon the amount purchased by the Participating Investor that invested the largest percentage in such transaction,
it being agreed that such opportunity may be provided subsequent to the initial closing in which such Participating Investor(s) purchase securities). The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to
any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether
any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, 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. 

  
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 6.7 Severability. In case any one or more of the provisions contained in this
Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision
shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8
Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may
apportion such rights as among themselves in any manner they deem appropriate. 
 6.9 Additional Investors. Notwithstanding anything
to the contrary contained herein, if the Company issues additional shares of the Company’s Series B Preferred Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such shares of Series B
Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by
the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

6.10 Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and
agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. 

6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of
California and to the jurisdiction of the United States District Court for the District of Northern California for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any
suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of California or the United States District Court for the District of Northern California, and (c) hereby waive, and agree not to
assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or
execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT,
THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND
THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER 

  
 26 

 
COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER
WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

The prevailing party shall be entitled to reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief
to which such party may be entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the District of Northern California or any court of the State of California
having subject matter jurisdiction. 
 6.12 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to
any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or
acquiescence to any such breach or default, or to 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. All
remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 
 6.13
Acknowledgment. The Company acknowledges that the Investors are in the business of investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or
services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has
products or services which compete with those of the Company. 
 6.14 Limitation of Liability; Freedom to Operate Affiliates. The
total liability, in the aggregate, of each of the Funds and their respective Affiliates, officers, directors, employees and agents, for any and all claims, losses, costs or damages, including attorneys’ and accountants’ fees and expenses
and costs of any nature whatsoever or claims or expenses resulting from or in any way related to this Agreement from any cause or causes shall be several and not joint with the other Investors and shall not exceed the total purchase price paid to
the Company by such Fund for the Shares (as defined in the Purchase Agreement) under the Purchase Agreement and under that certain Series A Preferred Stock Purchase Agreement, dated February 15, 2019, by and among the Company and the parties
thereto, if applicable. It is intended that this limitation apply to any and all liability or cause of action however alleged or arising, unless otherwise prohibited by law. Nothing in this Agreement or the Transaction Agreements (as defined in the
Purchase Agreement) shall restrict any of the Fund’s freedom to operate any of its affiliates (including any such affiliate that is a potential competitor of the Company). 

[Remainder of Page Intentionally Left Blank] 

  
 27 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	SPRUCE BIOSCIENCES, INC.

 
			
		
	By:	 	/s/ Richard King

 
			
	Name:	 	Richard King
	Title:	 	Chief Executive Officer

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	Novo Holdings A/S
		
	By:	 	/s/ Thomas Dyrberg
	Name: Thomas Dyrberg, under specific power of attorney
	Title: Managing Partner, Novo Holdings A/S

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	RiverVest Venture Fund III (Ohio), L.P.
	
	By: RiverVest Venture Partners III (Ohio), LLC
its General Partner
	
	By: RiverVest Venture Partners III, L.P.,
its sole Member
	
	By: RiverVest Venture Partners III, LLC,
its General Partner
		
	By:	 	/s/ Niall O’Donnell
	Name:	 	Niall O’Donnell
	Title:	 	Authorized Person

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	RiverVest Venture Fund III, L.P.
	
	By: RiverVest Venture Partners III, L.P.,
its General Partner
	
	By: RiverVest Venture Partners III, LLC,
its sole General Partner
		
	By:	 	/s/ Niall O’Donnell
	Name:	 	Niall O’Donnell
	Title:	 	Authorized Person

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	RiverVest Venture Fund IV, L.P.
	
	By: RiverVest Venture Partners IV, L.P.,
its General Partner
	
	By: RiverVest Venture Partners IV, LLC,
its sole General Partner
		
	By:	 	/s/ Niall O’Donnell
	Name:	 	Niall O’Donnell
	Title:	 	Authorized Person

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	Omega Fund VI, L.P.
	
	By: Omega Fund VI GP, L.P.,
its General Partner
	
	By: Omega Fund VI GP Manager, Ltd.,
its General Partner
		
	By:	 	/s/ Anne-Mari Paster
	Name:	 	Anne-Mari Paster
	Title:	 	Director

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	Abingworth Bioventures VII LP acting by Its Manager Abingworth LLP
		
	By:	 	/s/ John Heard
	Name:	 	John Heard
	Title:	 	Partner, General Counsel

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	Aisling Capital V, LP
		
	By:	 	/s/ Robert Wenzel

 
			
	Name:	 	Robert Wenzel
	Title:	 	Chief Financial Officer

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	 HealthCap VIII L.P. through

HealthCap VIII GP S.A

		
	By:	 	/s/ Dag Richter

 
			
	Name:	 	Dag Richter
	Title:	 	Director

 
			
		
	By:	 	/s/ Fabrice Bernhard

 
			
	Name:	 	Fabrice Bernhard
	Title:	 	Director

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	Sands Capital Life Sciences Pulse Fund, LLC
		
	By:	 	/s/ Jonathan Goodman

 
			
	Name:	 	Jonathan Goodman
	Title:	 	General Counsel

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	 Rock Springs Capital Master Fund LP
  

By: Rock Springs General Partner LLC, its General Partner

		
	By:	 	/s/ Graham McPhail

 
			
	Name:	 	Graham McPhail
	Title:	 	Member

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	 Citadel Multi-Strategy Equities Master Fund LTD.

 
 By: Citadel Advisors, LLC, its portfolio manager

		
	By:	 	/s/ Noah Goldberg

 
			
	Name:	 	Noah Goldberg
	Title:	 	Authorized Signatory

 Signature Page to 

Amended and Restated Investors’ Rights Agreement of 

Spruce Biosciences, Inc. 

 SCHEDULE A 

Schedule of Investors 
 Novo Holdings A/S

 RiverVest Venture Fund III, L.P. 
 RiverVest Venture Fund
III (Ohio), L.P. 
 RiverVest Venture Fund IV, L.P. 
 Omega
Fund VI, L.P. 
 Abingworth Bioventures VII LP 
 Aisling
Capital V, LP 
 HealthCap VIII L.P. 
 Sands Capital Life
Sciences Pulse Fund, LLC 
 Rock Springs Capital Master Fund 

Citadel Multi-Strategy Equities Master Fund Ltd.

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