Document:

EX-4.2

 Exhibit 4.2 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 This Amended
and Restated Investors’ Rights Agreement (this “Agreement”) is made and entered into as of November 14, 2011, by and among Twitter, Inc., a Delaware corporation (the “Company”), and the
persons and entities listed on Exhibit A attached hereto (the “Investors”). 
 A. Certain of
the Investors (the “Existing Investors”) are holders of outstanding shares of the Company’s Series B Preferred Stock (the “Series B Stock”), Series C Preferred Stock (the
“Series C Stock”), Series D Preferred Stock (the “Series D Stock”), Series E Preferred Stock (the “Series E Stock”) and/or Series F Preferred Stock
(the “Series F Stock”) issued by the Company to such Existing Investors pursuant to a Series B Preferred Stock Purchase Agreement by and among the Company and the Existing Investors dated July 19, 2007, as
amended from time to time (the “Series B Agreement”), a Series C Preferred Stock Purchase Agreement by and among the Company and the Existing Investors dated June 5, 2008, as amended from time to time (the
“Series C Agreement”), a Series D Preferred Stock Purchase Agreement by and among the Company and the Existing Investors dated February 12, 2009, as amended from time to time (the “Series D
Agreement”), a Series E Preferred Stock Purchase Agreement by and among the Company and the Existing Investors dated September 24, 2009, as amended from time to time (the “Series E Agreement”)
and/or a Series F Preferred Stock Purchase Agreement by and among the Company and the Existing Investors dated December 14, 2010, as amended from time to time (the “Series F Agreement”), and have also been
granted certain information and registration rights and rights of first refusal under an Amended and Restated Investors’ Rights Agreement by and among the Company and the Existing Investors dated December 14, 2010, as amended from time to
time (the “Prior Rights Agreement”). 
 B. Certain of the Investors (the “Preferred
Holders” and together with the Existing Investors, the “Prior Investors”) are holders of shares of Series C Stock and Series E Stock issued by the Company to such Preferred Holders pursuant to that
certain Agreement and Plan of Reorganization by and among the Company, Eliot 1 Acquisition Corp, Eliot 2 Acquisition Corp. and Summize, Inc., dated as of July 11, 2008 (the “Summize Agreement”), and that certain
Agreement and Plan of Reorganization by and among the Company, Mixer 1 Acquisition Corp., Mixer 2 Acquisition Corp and Mixer Labs, Inc., dated as of December 23, 2009 (the “Mixer Agreement” and together with the Summize
Agreement, the “Acquisition Agreements”) and have been made party to the Prior Rights Agreement under that certain Adoption Agreement by and among the Company and certain former stockholders of Summize, Inc., dated as of
July 11, 2008 and that certain Adoption Agreement by and among the Company, and certain former stockholders of Mixer Labs, Inc., dated as of December 23, 2009. 
 C. Certain Investors (the “Series G Investors”) have agreed to purchase shares of the Company’s Series G-1 Preferred Stock (the “Series G-1
Stock”) and the Company’s Series G-2 Preferred Stock (the “Series G-2 Stock” together with the Series G-1 Stock, the “Series G Stock”) pursuant to a certain
Series G Preferred Stock Purchase Agreement by and among the Company and such Series G Investors dated July 25, 2011, as amended from time to time (the “Series G Agreement”). The Series G Agreement
provides that, as a condition to the Series G Investors’ 

 
purchase of Series G Stock thereunder, the Company will enter into this Agreement and the Series G Investors will be granted the rights set forth herein. For purposes of this Agreement,
the Series G Stock, Series B Stock, Series C Stock, Series D Stock, Series E Stock and Series F Stock are referred to collectively as the “Senior Stock”. 

D. The Company and the Prior Investors desire to enter into this Agreement in order to amend, restate and replace their rights and
obligations under the Prior Rights Agreement with the rights and obligations set forth in this Agreement. Section 5.2 of the Prior Rights Agreement provides that the Prior Rights Agreement may be amended by the written consent of the Company
and the Prior Investors (and/or any of their permitted successors or assigns) holding a majority of Series B Stock, Series C Stock, Series D Stock, Series E Stock and/or Series F Stock and the undersigned parties to this
Agreement hold a majority of Series B Stock, Series C Stock, Series D Stock, Series E Stock and/or Series F Stock. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the parties hereto agree as follows: 

1. INFORMATION RIGHTS. 
 1.1 Basic Financial Information. The Company covenants and agrees that, commencing on the date of this Agreement, (i) with respect to any Investor or Investors, for so long as such
Investor or, solely in the case of Investors purchasing shares of Series E Stock, Investors advised by a common investment adviser that in the aggregate hold, as adjusted for stock splits and combinations, 2,250,000 shares of Series B
Stock issued under the Series B Agreement, 720,000 shares of Series C Stock issued under the Series C Agreement, 9,000,000 shares of Series D Stock issued under the Series D Agreement, 6,000,000 shares of Series E Stock
issued under the Series E Agreement, 10,000,000 shares of Series F Stock issued under the Series F Agreement and/or 2,174,772 shares of Series G Stock issued under the Series G Agreement (a “Major
Investor”) and/or the equivalent number (on an as-converted basis) of shares of Common Stock of the Company (the “Common Stock”) issued upon the conversion of such shares of Series B Stock, Series C
Stock, Series D Stock, Series E Stock, Series F Stock or Series G Stock (the “Conversion Stock”) or (ii) solely with respect to Silicon Valley Bank (“SVB”), for so long as SVB
holds that certain Warrant to Purchase Stock (the “Warrant”) issued pursuant to the terms of that certain Loan and Security Agreement, dated as of December 16, 2008, by and among the Company and SVB and/or any shares of
Series C Stock or Conversion Stock, the Company will: 
 (a) Annual Reports; Capitalization. Upon request by a
Major Investor or SVB, furnish to such Major Investor or SVB, as applicable, as soon as practicable and in any event within one hundred twenty (120) days after the end of each fiscal year of the Company, a consolidated Balance Sheet as of the
end of such fiscal year, a consolidated Statement of Operations and a consolidated Statement of Cash Flows of the Company and its subsidiaries for such year, setting forth in each case in comparative form the figures from the Company’s previous
fiscal year, and all such financial statements shall be audited and certified by independent public accountants of national standing and shall be accompanied by reports of such auditors. Upon request by a Major Investor, furnish to such Major
Investor a summary of the Company’s capitalization and such Major Investor’s ownership interest in the Company. 

  
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 (b) Quarterly Reports. Upon request by a Major Investor or SVB, furnish to such
Major Investor or SVB, as applicable, as soon as practicable, and in any case within forty-five (45) days after the end of each fiscal quarter of the Company (except the last quarter of the Company’s fiscal year), quarterly unaudited
financial statements, including an unaudited Balance Sheet and an unaudited Statement of Operations. 
 1.2
Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to protect or 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 Section 1.2 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. Notwithstanding the foregoing, an Investor may disclose confidential information: 

(a) to any of the Investor’s attorneys, accountants, consultants, and other professionals, to the extent necessary to obtain their
services in connection with monitoring the Investor’s investment in the Company and if such professionals are obligated to maintain the confidentiality of the same; 
 (b) following written notice to the Company, to any prospective purchaser of any Registrable Securities from the Investor, if such prospective purchaser agrees to be bound by the provisions of this
Section 1.2 and the Company’s Insider Trading Policy as amended from time to time in the same manner as-if such Investor or Stockholder were deemed an employee of the Company as defined in the Insider Trading Policy or substantially
similar restrictions; 
 (c) as may otherwise be required by law, if the Investor promptly notifies the Company of such
disclosure and takes reasonable steps to minimize the extent of any such required disclosure; 
 (d) in connection with the
exercise of rights under this Agreement to the extent necessary to exercise such rights; or 
 (e) to its limited partners,
general partners, shareholders (so long as such Investor is a privately held company), management company, and, solely in the case of Investors holding shares of Series E Stock and Series G Stock, its advisory or subadvisory clients, or to
the attorneys thereof in order to protect and monitor their investment in the Company. 
 1.3 Inspection Rights.
The Company shall permit each Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts
with its officers, all at such reasonable times as may be requested by such Investor. 

  
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 1.4 Termination of Certain Rights. The Company’s obligations under
Sections 1.1, 1.2 and 1.3 above will terminate (a) upon the closing of the Company’s initial public offering of Common Stock pursuant to an effective registration statement filed under the U.S. Securities Act of 1933, as amended (the
“Securities Act”) and (b) upon (1) the acquisition of all or substantially all the assets of the Company or (2) a reorganization, consolidation or merger (or similar transaction or series of transactions) of
the Company with or into any other corporation or corporations in which the holders of the Company’s outstanding shares immediately before such transaction or series of related transactions do not, immediately after such transaction or series
of related transactions, retain stock representing a majority of the voting power of the surviving corporation (or its parent corporation if the surviving corporation is wholly owned by the parent corporation) of such transaction or series of
related transactions. 
 2. REGISTRATION RIGHTS. 

2.1 Definitions. For purposes of this Section 2: 

(a) Registration. The terms “register,” “registration” and
“registered” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement.

 (b) Registrable Securities. The term “Registrable Securities” means: 

(1) all the shares of Common Stock of the Company held by any Investor or any Investor’s permitted successors and assigns,
including without limitation shares of Common Stock issued or issuable upon the conversion of any shares of Series B Stock issued under the Series B Agreement, any shares of Series C Stock issued under the Series C Agreement, any
shares of Series D Stock issued under the Series D Agreement, any shares of Series E Stock issued under the Series E Agreement, any shares of Series F Stock issued under the Series F Agreement or any shares of
Series G Stock issued under the Series G Agreement, as such agreements may hereafter be amended from time to time, that are now owned or may hereafter be acquired by any Investor or any Investor’s permitted successors and assigns;

 (2) the shares of Common Stock of the Company issued or issuable upon conversion of any shares of Series C Stock
outstanding upon the exercise of the Warrant (the “SVB Warrant Shares”); 
 (3) shares of Common Stock
issued or issuable upon conversion of the Series E issued under the Mixer Agreement (the “Mixer Shares”) provided, however, that notwithstanding anything herein to the contrary, the Mixer Shares and any
shares of Common Stock described in clause 3 of this Section 2.1(b) that are issued in respect to any Mixer Shares (which with the Mixer Shares are collectively hereinafter referred to as the “Mixer Excluded Shares”),
shall not be Registrable Securities for purposes of Sections 2.2 or 3 of this Agreement; 
 (4) any shares of Common Stock
of the Company issued (or issuable upon the conversion or exercise of any warrant, right or other security which is issued) as a dividend or other distribution with respect to, or in exchange for or in replacement of, all such shares

  
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of Common Stock described in clause (1) of this subsection (b); excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which rights
under this Section 2 are not assigned in accordance with this Agreement or any Registrable Securities with respect to which, pursuant to Section 2.11 hereof, the holders are no longer entitled to registration rights pursuant to
Sections 2.2, 2.3 or 2.4 hereof; provided, however, that notwithstanding anything herein to the contrary, the SVB Warrant Shares and any shares of Common Stock described in clause 3 of this Section 2.1(b) that are issued in
respect to any SVB Warrant Shares (which with the SVB Warrant Shares are collectively hereinafter referred to as the “SVB Excluded Shares”), shall not be Registrable Securities for purposes of Sections 2.2 or 3 of this
Agreement. 
 (c) Registrable Securities Then Outstanding. The number of shares of “Registrable Securities
then outstanding” shall mean the number of shares of Common Stock which are Registrable Securities that are then (1) issued and outstanding or (2) issuable pursuant to the exercise or conversion of then outstanding and then
exercisable and qualifying options, warrants or convertible securities. 
 (d) Holder. The term
“Holder” means any person owning of record Registrable Securities or any assignee of record of such Registrable Securities to whom rights set forth herein have been duly assigned in accordance with this Agreement;
provided, however, that for purposes of this Agreement, a record holder of shares of Series B Stock, Series C Stock, Series D Stock, Series E Stock, Series F Stock or Series G Stock convertible into such
Registrable Securities shall be deemed to be the Holder of such Registrable Securities; provided, further, that a holder of Mixer Excluded Shares or SVB Excluded Shares (as defined in Section 2.1(b)) shall not be a Holder with
respect to such Mixer Excluded Shares or SVB Excluded Shares for purposes of Sections 2.2 or 3 of this Agreement and provided, further, that the Company shall in no event be obligated to register shares of Series B Stock,
Series C Stock, Series D Stock, Series E Stock, Series F Stock or Series G Stock, and that Holders of Registrable Securities will not be required to convert their shares of Series B Stock, Series C Stock,
Series D Stock, Series E Stock, Series F Stock or Series G Stock into Common Stock in order to exercise the registration rights granted hereunder, until immediately before the closing of the offering to which the registration
relates. For the avoidance of doubt, no reference in Section 2.2 of this Agreement to a “Holder” or “Holders” shall include SVB. 
 (e) Form S-3. The term “Form S-3” means such form under the Securities Act as is in effect on the date hereof or any successor registration form under the Securities Act
subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 
 (f) SEC. The term “SEC” or “Commission” means the U.S. Securities and Exchange Commission. 

2.2 Demand Registration. 
 (a) Request by Holders. If the Company shall receive at any time after the earlier of fifth (5th) anniversary of the date of this Agreement, or one hundred eighty (180) days after the effective date of the
Company’s initial public offering of its securities pursuant to a registration filed under the Securities Act, a written request from the Holders of at least a majority of the 

  
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Registrable Securities then outstanding that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this
Section 2.2, then the Company shall, within twenty (20) days after the receipt of such written request, give written notice of such request (the “Request Notice”) to all Holders, and use reasonable efforts to
effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities which Holders request to be registered and included in such registration by written notice given by such Holders to the Company within twenty
(20) days after receipt of the Request Notice, subject only to the limitations of this Section 2; provided that the Registrable Securities requested by all Holders to be registered pursuant to such request must have an anticipated
aggregate public offering price (before any underwriting discounts and commissions) of not less than Twenty Million Dollars ($20,000,000). 
 (b) Underwriting. If the Holders initiating the registration request under this Section 2.2 (the “Initiating Holders”) intend to distribute the Registrable Securities
covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 2.2 and the Company shall include such information in the written notice referred to in
subsection 2.2(a). In such event, the right of any Holder to include his, her, or its 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 (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting by the Company and approved by a majority in interest of the Initiating Holders.
Notwithstanding any other provision of this Section 2.2, if the underwriter(s) advise(s) the Company in writing that marketing factors require a limitation of the number of securities to be underwritten then the Company shall so advise all
Holders of Registrable Securities that would otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the underwriter(s) and allocated
among the Holders of Registrable Securities on a pro rata basis according to the number of Registrable Securities then outstanding held by each Holder requesting registration (including the Initiating Holders); provided, however, that
the number of shares of Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other securities of the Company are first entirely excluded from the underwriting and registration; and provided
further, that in no event shall the amount of securities of the Holders be reduced below thirty percent (30%) of the total amount of securities included in such offering, unless such offering is the Company’s initial public offering
(in which case there is no such minimum limit). Any Registrable Securities excluded and withdrawn from such underwriting shall be withdrawn from the registration. 
 (c) Maximum Number of Demand Registrations. The Company is obligated to effect only two (2) such registrations pursuant to this Section 2.2. For purposes of calculating the number of
registrations effected under this subsection 2.2(c), a registration shall only be deemed to have been effected if: (i) the registration statement filed by the Company pursuant to Section 2.2 is declared effective by the SEC and the
Company thereafter complies in all material respects with its obligations under Section 2.5 with respect to such registration, and (ii) all Registrable Securities requested to be registered pursuant to Section 2.2(a) have been
registered. 

  
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 (d) Deferral. Notwithstanding the foregoing, if the Company shall furnish to
Holders requesting the filing of a registration statement pursuant to this Section 2.2, a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, then the Company shall have the right to
defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve
(12) month period and provided further that the Company shall not register any securities for the account of itself or any other stockholder during such one hundred twenty (120) period (other than a registration relating solely to
the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, 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 a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also
being registered). 
 (e) Expenses. All expenses incurred in connection with a registration pursuant to this
Section 2.2, including without limitation all registration and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the reasonable fees and disbursements of one counsel for the selling
Holders not to exceed $25,000, which may be counsel for the Company (but excluding underwriters’ discounts and commissions), shall be borne by the Company. Each Holder participating in a registration pursuant to this Section 2.2 shall bear
such Holder’s proportionate share (based on the number of shares sold by such Holder over the total number of shares included in such registration at the time it is declared effective) of all discounts, commissions or other amounts payable to
underwriters or brokers in connection with such offering. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to this Section 2.2 if the registration request is
subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered, unless the Holders of a majority of the Registrable Securities then outstanding agree to forfeit their right to one (1) demand
registration pursuant to this Section 2.2 (in which case such right shall be forfeited by all Holders of Registrable Securities); provided, further, however, that if at the time of such withdrawal, the Holders have learned
of a material adverse change in the condition, business, or prospects of the Company not known to the Holders at the time of their request for such registration and have withdrawn their request for registration with reasonable promptness after
learning of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their demand registration rights pursuant to this Section 2.2. 

2.3 Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least thirty
(30) days prior to filing any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of
securities of the Company, but excluding registration statements relating to any registration under Section 2.2 or Section 2.4 of this Agreement or to any employee benefit plan or a corporate reorganization or other transaction
covered by Rule 145 promulgated under the Securities Act, or a registration on any 

  
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registration form which does not permit secondary sales or does not include substantially the same information as would be required to be included in a registration statement covering the sale of
Registrable Securities,) and will afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration
statement all or any part of the Registrable Securities held by such Holder shall, within twenty (20) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the
Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such
Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the
terms and conditions set forth herein. 
 (a) Underwriting. If a registration statement under which the Company gives
notice under this Section 2.3 is for an underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration
pursuant to this Section 2.3 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 Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter or underwriter(s) selected for such underwriting. Notwithstanding any other provision of
this Agreement, if the managing underwriter determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing underwriter(s) may exclude shares (including Registrable Securities)
from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first, to the Company, second to Holders requesting inclusion of their Registrable
Securities in such registration statement on a pro rata basis based on the number of Registrable Securities each such Holder has requested to be included in the registration, provided, however, in no event shall the amount of
securities of the Holders be reduced below thirty percent (30%) of the total amount of securities included in such offering, unless such offering is the Company’s initial public offering (in which case there is no such minimum limit). If
any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice, given in accordance with Section 6.1 hereof, to the Company and the underwriter, delivered at least twenty
(20) days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a partnership or
corporation, the partners, retired partners and stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single
“Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as
defined in this sentence. 
 (b) Expenses. All expenses incurred in connection with a registration pursuant to this
Section 2.3, including without limitation all registration and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the 

  
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reasonable fees and disbursements of one counsel for the selling Holders not to exceed $25,000, which may be counsel for the Company (but excluding underwriters’ discounts and commissions),
shall be borne by the Company. All underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of the Registrable Securities hereunder shall be borne and paid by the Holders pro rata based on the number of Registrable
Securities registered on their behalf. 
 2.4 Form S-3 Registration. In case the Company shall receive from
(i) any Holder or Holders of at least ten percent (10%) of Registrable Securities then outstanding or (ii) entities affiliated with Insight Venture Partners (“Insight”) for so long as Insight holds at least
9,000,000 shares (as may be subsequently adjusted for splits, dividends or other similar recapitalizations) of Series E Stock, a written request or requests that the Company effect a registration on Form S-3 (or any comparable successor form)
and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, then the Company will do the following: 

(a) Notice. Promptly give written notice of the proposed registration and the Holder’s or Holders’ request therefor,
and any related qualification or compliance, to all other Holders of Registrable Securities. 
 (b) Registration. As
soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within twenty (20) days after
receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

(1) if Form S-3 is not available for such offering; 
 (2) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any)
at an aggregate price to the public of less than Five Million Dollars ($5,000,000); 
 (3) if the Company shall furnish to the
Holders a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such
Form S-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement no more than once during any twelve (12) month period for a period of not more than
one hundred twenty (120) days after receipt of the request of the Holder or Holders under this Section 2.4 provided that the Company shall not register any securities for the account of itself or any other stockholder during such
one hundred twenty (120) period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a
registration on any form that does not 

  
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include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only
Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered); 

(4) if the Company has, within the twelve (12) month period preceding the date of such request, already effected two
(2) registrations on Form S-3 for the Holders pursuant to this Section 2.4; or 
 (5) in any particular jurisdiction
in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

(c) Expenses. Subject to the foregoing, the Company shall file a Form S-3 registration statement covering the Registrable
Securities and other securities so requested to be registered pursuant to this Section 2.4 as soon as practicable after receipt of the request or requests of the Holders for such registration. The Company shall pay all expenses incurred in
connection with the first registration requested pursuant to this Section 2.4, (excluding underwriters’ or brokers’ discounts and commissions), including without limitation all filing, registration and qualification fees,
printers’ and accounting fees, and the reasonable fees and disbursements of one (1) counsel for the selling Holder or Holders (not to exceed $25,000) and counsel for the Company. Each Holder participating in a registration pursuant to this
Section 4 shall bear such Holder’s proportionate share (based on the number of shares sold by such Holder over the total number of shares included in such registration at the time it goes effective) of all discounts, commissions or other
amounts payable to underwriters or brokers in connection with such offering. 
 (d) Not Demand Registration. Form S-3
registrations shall not be deemed to be demand registrations as described in Section 2.2 above. 
 2.5 Obligations of
the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement, the Company shall, subject to the provisions of Section 2.5(j) below, as expeditiously as reasonably possible: 

(a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use 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 up to ninety (90) days. 

(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 provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement and, in connection with any registration on Form S-3
pursuant to Section 2.4 above, use reasonable, diligent efforts to timely file all reports required under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in order to maintain the right to continue
to use such Form and to maintain such registration in effect. 

  
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 (c) Furnish to the Holders such number of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration.

 (d) Use 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 Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions. 
 (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 managing underwriter(s) of such offering. Each Holder participating in such underwriting hereby agrees to also enter into and
perform its obligations under such an agreement. 
 (f) Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use
reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing. 
 (g) Furnish, at the request of any Holder requesting
registration of Registrable Securities, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters,
on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of
Registrable Securities and (ii) a “comfort” letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to
underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable
Securities. 
 (h) Cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities
exchange or over-the-counter market on which similar securities issued by the Company are then listed, if applicable. 

  
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 (i) Provide a transfer agent and registrar for such Registrable Securities registered
pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 
 (j) Notwithstanding any other provision of this Agreement, from and after the time a registration statement filed under this Section 2 covering Registrable Securities is declared effective, the
Company shall have the right to suspend the registration statement and the related prospectus in order to prevent premature disclosure of any material non-public information related to corporate developments by delivering notice of such suspension
to the Holders, provided, however, that the Company may exercise the right to such suspension only once in any 12-month period and for a period not to exceed 90 days. From and after the date of a notice of suspension under this
Section 2.5(j), each Holder agrees not to use the registration statement or the related prospectus for resale of any Registrable Security until the earlier of (1) notice from the Company that such suspension has been lifted or (2) the
90th day following the giving of the notice of suspension.
Any such suspension shall extend the 180-day period referred to in Section 2.5 for a period equal to the time of such suspension. 
 2.6 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to Sections 2.2, 2.3 or 2.4 that the selling Holders shall
furnish to the Company such information regarding themselves, the Registrable Securities held by them, and the intended method of disposition of such securities as shall be required to timely effect the registration of their Registrable Securities.

 2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or
otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 2.8 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2, 2.3 or 2.4: 

(a) By the Company. To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners,
shareholders, officers and directors of each Holder; legal counsel and accountants for each Holder; any underwriter (as defined in the Securities Act) for 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 losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, the “Violations” and, individually, a
“Violation”): 
 (1) any untrue statement or alleged untrue statement of a material fact contained in
such registration statement, including any preliminary prospectus or final prospectus contained therein, any free-writing prospectus as defined in Rule 405 promulgated under the Securities Act or any amendments or supplements thereto; or 

  
 -12-

 (2) the 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 
 (3) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any federal or state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any federal or state securities law in connection with the offering covered by
such registration statement. 
 The Company will reimburse each such Holder, partner, shareholder, officer or director, underwriter or
controlling person, or other aforementioned person for any legal or other expenses reasonably incurred by them, within three months after a request for reimbursement has been received by the Company, in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent
that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, shareholder, officer, director,
underwriter or controlling person of such Holder. 
 (b) By Selling Holders. To the extent permitted by law, each
selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any
underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, shareholders, directors or officers or any person who controls such Holder within the meaning of the Securities Act or
the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, partner, shareholder or director, officer or
controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based
upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration. Each such
Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, partner, shareholder, officer, director or controlling person of such other Holder
in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 2.8(b) shall not apply to amounts paid in settlement of
any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further, that the total amounts payable in indemnity by a
Holder under this Section 2.8(b) in respect of any Violation shall not exceed the net proceeds received by such Holder in the registered offering out of which such Violation arises. 

  
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 (c) Notice. Promptly after receipt by an indemnified party under this
Section 2.8 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, deliver to the
indemnifying party a written notice of the commencement thereof. The indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own 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 conflict of interests between such indemnified party and any other party represented by such counsel in
such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any
liability to the indemnified party under this Section 2.8, but the omission so to deliver written 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. 
 (d) Contribution. If the indemnification provided for in this Section 2.8 is held by a court
of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the
amount paid or payable by such indemnified party with respect to such loss, liability, claim, damage or expense in the proportion that is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection
with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of material fact or the omission to state 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. In any such case, (A) no such Holder will be required to contribute any amount in excess of the net proceeds of all such
Registrable Securities offered and sold by such Holder pursuant to such registration statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled
to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 
 (e) Survival. The
obligations of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration statement, and otherwise. 

2.9 “Market Stand-Off” Agreement. Each Holder hereby agrees that it shall not, to the extent requested by the
Company or an underwriter of securities of the Company, sell or otherwise transfer or dispose of any Registrable Securities (other than to donees or partners or shareholders of the Holder who agree to be similarly bound) for up to one hundred eighty
(180) days following the effective date of the Company’s initial registration statement filed under the Securities Act; provided, however that, so long as required under the rules of FINRA, if during the last 17 days

  
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of the restricted period the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the
Company announces that it will release earnings results during the 16-day period beginning on the last day of the restricted period, and if the Company’s securities are listed on the Nasdaq Stock Market and the applicable FINRA rule applies,
then the restrictions imposed by this Section 2.9 shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event
will the restricted period extend beyond 215 days after the effective date of the registration statement. The market stand-off agreement set forth above will not apply unless all executive officers and directors of the Company then holding Common
Stock of the Company and all employee shareholders holding in the aggregate at least 1% of the total equity of the Company enter into similar agreements and that any discretionary waiver or termination of the restrictions of such agreements by the
Company or representatives of the underwriters shall apply to Major Investors, pro rata, based on the number of shares held by each such party. The foregoing provisions of this Section 2.9 shall not apply to the sale of any shares to an
underwriter pursuant to an underwriting agreement. With respect solely to entities advised, managed or similarly affiliated with T. Rowe Price Associates, Inc. and Morgan Stanley Investment Management, this Section 2.9 shall not prohibit any
purchase of shares of Common Stock by such entities in the Company’s initial public offering or secondary market or the sale of Common Stock that was purchased in the open market following such initial public offering. 

For purposes of this Section 2.9, the term “Company” shall include any wholly-owned subsidiary of the Company into which
the Company merges or consolidates. In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the shares subject to this Section and to impose stop transfer
instructions with respect to the Registrable Securities (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. Each Holder further agrees to enter into any agreement reasonably
required by the underwriters to implement the foregoing within any reasonable timeframe so requested. 
 2.10 Rule 144
Reporting. With a view to making available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of the Registrable Securities to the public without registration, after such time as a public
market exists for the Common Stock of the Company, the Company agrees to: 
 (a) Make and keep public information available, as
those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public;

 (b) Use reasonable, diligent efforts to file with the Commission 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 it has become subject to such reporting requirements); and 
 (c) So long as a Holder owns any Registrable Securities, to furnish to the Holder forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of said
Rule 144 (at any time after ninety (90) days after the effective date of 

  
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the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become
subject to the reporting requirements of the Exchange Act), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents of the Company as a Holder may reasonably request in availing itself of any rule or
regulation of the Commission allowing a Holder to sell any such securities without registration (at any time after the Company has become subject to the reporting requirements of the Exchange Act). 

2.11 Termination of the Company’s Obligations. The Company shall have no obligations pursuant to Sections 2.2
through 2.4 with respect to: (a) any request or requests for registration made by any Holder on a date more than five (5) years after the closing date of the Company’s Qualified Initial Public Offering (as defined in the
Company’s Restated Certificate of Incorporation, as such may be amended or restated from time to time (the “Restated Charter”); or (b) any Registrable Securities proposed to be sold by a Holder in a registration pursuant to
Section 2.2, 2.3 or 2.4 if, in the opinion of counsel to the Company, all such Registrable Securities proposed to be sold by a Holder may be sold in any three (3) month period without registration under the Securities Act pursuant to Rule
144 under the Securities Act. 
 2.12 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, enter into any agreement with any holder or prospective holder of any securities of the Company
that 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. 
 3. RIGHT OF FIRST
REFUSAL. 
 3.1 General. If the Company proposes to offer or sell any “New Securities” (as
defined in Section 3.2) that the Company may from time to time issue after the date of this Agreement, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to purchase such Major
Investor’s Pro Rata Share (as defined below), provided, however, such Major Investor shall have no right to purchase any such New Securities if such Major Investor cannot demonstrate to the Company’s reasonable satisfaction
that such Major Investor is at the time of the proposed issuance of such New Securities an “accredited investor” as such term is defined in Regulation D under the Securities Act. A Major Investor’s “Pro Rata
Share” for purposes of this right of first refusal is the ratio of (a) the number of Registrable Securities as to which such Major Investor is the Holder (and/or is deemed to be the Holder under Section 2.1(d)), to (b) a
number of shares of Common Stock of the Company equal to the sum of (1) the total number of shares of Common Stock of the Company then outstanding plus (2) the total number of shares of Common Stock of the Company into which all then
outstanding shares of Preferred Stock of the Company are then convertible plus (3) the number of shares of Common Stock of the Company reserved for issuance under any stock purchase and stock option plans of the Company and outstanding
warrants. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it among itself and its partners, stockholders (so long as such Major Investor is a privately held company) and affiliated entities (including
without limitation in the case of a 

  
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venture fund or similar investment vehicle, any other venture capital fund or investment vehicle affiliated or under common investment management with that fund or vehicle) in such proportions at
it deems appropriate. 
 3.2 New Securities. “New Securities” shall mean any Common Stock
or Preferred Stock of the Company, whether now authorized or not, and rights, options or warrants to purchase such Common Stock or Preferred Stock, and securities of any type whatsoever that are, or may become, convertible or exchangeable into such
Common Stock or Preferred Stock; provided, however, that the term “New Securities” does not include: 
 (a) shares of Common Stock issued or issuable upon conversion of the outstanding shares of all the series of the Preferred Stock; 
 (b) shares of Common Stock (or options, warrants or rights therefor) granted or issued hereafter to employees, officers, directors, contractors, consultants or advisers to, the Company or any Subsidiary
pursuant to incentive agreements, stock purchase or stock option plans, stock bonuses or awards, warrants, contracts or other arrangements that are approved by a majority of the Board of Directors; 

(c) shares of the Company’s Common Stock or Preferred Stock (and/or options or warrants therefor) issued or issuable other than
primarily for equity financing purposes to parties that are (i) strategic partners investing in connection with a commercial relationship with the Company or (ii) providing the Company with equipment leases, real property leases, loans,
credit lines, guaranties of indebtedness, cash price reductions or similar transactions, under arrangements, in each case, approved by a majority of the Board of Directors; 
 (d) shares of Common Stock or Preferred Stock issued pursuant to the bona fide business acquisition of another corporation or entity by the Company by consolidation, merger, purchase of all or
substantially all of the assets, or other reorganization in which the Company acquires, in a single transaction or series of related transactions, all or substantially all of the assets of such other corporation or entity or fifty percent
(50%) or more of the voting power of such other corporation or entity or fifty percent (50%) or more of the equity ownership of such other entity; provided that such transaction or series of transactions has been approved by the
Company’s Board of Directors; 
 (e) shares of Series G Stock issued under the Series G Agreement, as such
agreement may be amended; 
 (f) shares of Common Stock or Preferred Stock issuable upon exercise of any options, warrants or
rights to purchase any securities of the Company outstanding as of the date of this Agreement and any securities issuable upon the conversion thereof; 
 (g) shares of the Company’s Common Stock or Preferred Stock issued in connection with any stock split or stock dividend or recapitalization; and 

(h) shares of the Company’s Common Stock issued or issuable by the Company to the public pursuant to a registration statement filed
under the Securities Act. 

  
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 For purposes of this Section 3.2 only, “Preferred Stock” shall include the
Company’s Class A Junior Preferred Stock. 
 3.3 Procedures. In the event that the Company proposes to
undertake an issuance of New Securities, it shall give to each Major Investor a written notice of its intention to issue New Securities (the “Notice”), describing the type of New Securities and the price and the general terms
upon which the Company proposes to issue such New Securities given in accordance with Section 6.1 hereof. Each Major Investor shall have thirty (30) days from the date such Notice is effective, as determined pursuant to Section 6.1
hereof based upon the manner or method of notice, to agree in writing to purchase such Major Investor’s Pro Rata Share of such New Securities for the price and upon the general terms specified in the Notice by giving written notice to the
Company and stating therein the quantity of New Securities to be purchased (not to exceed such Major Investor’s Pro Rata Share). If any Major Investor fails to so agree in writing within such thirty (30) day period to purchase such Major
Investor’s full Pro Rata Share of an offering of New Securities (a “Nonpurchasing Holder”), then such Nonpurchasing Holder shall forfeit the right hereunder to purchase that part of his Pro Rata Share of such New
Securities that he, she or it did not so agree to purchase and the Company shall promptly give each Major Investor who has timely agreed to purchase his full Pro Rata Share of such offering of New Securities (a “Purchasing
Holder”) written notice of the failure of any Nonpurchasing Holder to purchase such Nonpurchasing Holder’s full Pro Rata Share of such offering of New Securities (the “Overallotment Notice”). Each Purchasing
Holder shall have a right of overallotment such that such Purchasing Holder may agree to purchase all (or any part) of the Nonpurchasing Holders’ unpurchased Pro Rata Shares of such offering, according to the relative Pro Rata Shares of the
Purchasing Holders electing to purchase such overallotment shares, at any time within ten (10) days after the date the Overallotment Notice is effective pursuant to Section 6.1. 

3.4 Failure to Exercise. In the event that the Major Investors fail to exercise in full the right of first refusal within
such thirty (30) plus ten (10) day period, then the Company shall have ninety (90) days thereafter to sell the New Securities with respect to which the Major Investors’ rights of first refusal hereunder were not exercised, at a
price and upon general terms not materially more favorable to the purchasers thereof than specified in the Company’s Notice to the Major Investors. In the event that the Company has not issued and sold the New Securities within such ninety
(90) day period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Major Investors pursuant to this Section 3. 

3.5 Termination. This right of first refusal and the covenants set forth in Section 4 herein, shall terminate
(a) immediately before the closing of the first underwritten sale of Common Stock of the Company to the public pursuant to a registration statement filed with, and declared effective by, the SEC under the Securities Act, covering the offer and
sale of Common Stock to the public or (b) upon a Deemed Liquidation Event (as defined in the Restated Charter). 

  
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 4. COVENANTS OF THE COMPANY. The Company covenants and agrees that on and
after the date hereof, and except as otherwise approved by the Board of Directors or the Compensation Committee of the Board of Directors, as applicable: 
 4.1 Common Stock Vesting. All Common Stock of the Company (including, without limitation, Common Stock issued or issuable upon the exercise of options for Common Stock) shall vest as
follows: after twelve (12) months of continuous employment or service, twenty five percent (25%) will vest, and the remainder will vest in equal monthly installments over the following thirty six (36) months of continuous employment
or service thereafter. 
 4.2 Insurance. The Company shall purchase and maintain a key-man life insurance policy
in an amount approved by the Board of Directors, with the Company designated as beneficiary, on the lives of each person designated by the Board of Directors for so long as they continue to provide services to the Company. 

4.3 Board Matters. The Board of Directors of the Company shall meet upon such schedule as agreed by the Board of Directors.
The Company shall reimburse the outside directors for all reasonable out-of-pocket travel expenses incurred in connection with attending meetings of the Board of Directors. The Company will obtain and maintain in full force and effect Director and
Officer Insurance with a carrier and in an amount satisfactory to the Board of Directors. 
 4.4 Employee
Agreements. The Company will cause (i) 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 and (ii) each executive-level employee (including division director and vice president-level positions) to enter into a one (1) year nonsolicitation
agreement, substantially in the form approved by the Board of Directors. 
 5. ASSIGNMENT AND AMENDMENT.

 5.1 Assignment. Notwithstanding anything herein to the contrary: 

(a) Information Rights. The rights of an Investor under Section 1 hereof may be assigned only to an Affiliate (as defined
below) of such Investor who acquires from such Investor (or such Investor’s permitted assigns) at least that minimum number of shares of Senior Stock and/or an equivalent number (on an as-converted basis) of shares of Conversion Stock described
in Section 1.1 hereof. Any other purported assignment of the rights of an Investor under Section 1 shall be null and void. “Affiliate” shall mean with respect to any specified Person, or any other Person who or
which, directly or indirectly, controls, is controlled by, or is under common control with such Person including without limitation any general partner, managing partner, managing member or majority shareholder of such Person or any venture capital
fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. “Person” means any individual, corporation, partnership,
trust, limited liability company, association or other entity. 
 (b) Registration Rights. The registration rights of a
Holder under Section 2 hereof may be assigned only to a party who acquires at least 1,800,000 shares of Senior Stock issued under the Series B Agreement, the Series C Agreement, the Series D Agreement, the Series E
Agreement, Series F Agreement or the Series G Agreement and/or an equivalent number (on an as-converted basis) of Registrable Securities issued upon conversion thereof; provided,

  
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however that no party may be assigned any of the foregoing rights unless the Company is given written notice by the assigning party at the time of such assignment stating the name and
address of the assignee and identifying the securities of the Company as to which the rights in question are being assigned; provided further, that any such assignee of such rights is not deemed by the Board of Directors of the
Company, in its reasonable judgment, to be a competitor of the Company; and provided further that any such assignee shall receive such assigned rights subject to all the terms and conditions of this Agreement, including without
limitation the provisions of this Section 5. 
 (c) Right of First Refusal. The rights of an Investor under
Section 3 hereof may be assigned only to an Affiliate of such Investor who acquires from such Investor (or such Investor’s permitted assigns) at least that minimum number of shares of Senior Stock and/or an equivalent number (on an
as-converted basis) of shares of Conversion Stock described in Section 1.1 hereof. Any other purported assignment of the rights of an Investor under Section 3 shall be null and void. 

5.2 Amendment and Waiver of Rights. Any provision of this Agreement may be amended and the observance thereof may be waived
(either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Investors (and/or any of their permitted successors or assigns) holding shares of Senior Stock and/or
Conversion Stock representing a majority of the Registrable Securities, provided, that any amendment that by its terms treats any Investor in a materially adverse manner that is different than any other Investor will require the separate
approval of such Investor. Any amendment or waiver effected in accordance with this Section 5.2 shall be binding upon each Investor, each Holder, each permitted successor or assignee of such Investor or Holder and the Company. 

6. GENERAL PROVISIONS. 
 6.1 Notices. Any and all notices required or permitted to be given to a party pursuant to the provisions of this Agreement will be in writing and will be effective and deemed to provide such
party sufficient notice under this Agreement on the earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) at the time of transmission by facsimile, addressed to the other party at its facsimile
number specified herein (or hereafter modified by subsequent notice to the parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying successful transmission of the facsimile; (iii) one
(1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof of delivery from the courier requested; or
(iv) three (3) business days after deposit in the United States mail by certified mail (return receipt requested) for United States deliveries. 
 All notices for delivery outside the United States will be sent by facsimile or by express courier. Notices by facsimile shall be machine verified as received. All notices not delivered personally or by
facsimile will be sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the address or facsimile number as follows, or at such other address or facsimile number as such other party may designate by one
of the indicated means of notice herein to the other parties hereto as follows: 

  
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 (a) if to an Investor, at such Investor’s address or facsimile number set forth on
Exhibit A hereto, with a copy to, in the case the Investor is a holder of Series C Stock, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, 850 Winter Street, Waltham, MA 02451, Attention: Jay Hachigian, in the
case the Investor is a holder of Series D Stock, Benchmark Capital, 2480 Sand Hill Road, Suite 200, Menlo Park, CA 94025, Attention: Steve Spurlock, Esq., in the case the Investor is a holder of Series E Stock, Lowenstein Sandler
PC, 1251 Avenue of the Americas, New York, NY 10020, Attention: Edward M. Zimmerman, Esq., and in the case the Investor is a holder of Series F Stock, Orrick, Herrington & Sutcliffe LLP, 1000 Marsh Road, Menlo Park, CA 94025,
Attention: Mitchell Zuklie, Esq. and in the case the Investor is a holder of Series G Stock, Goodwin Procter LLP, 901 New York Avenue, N.W., Washington, DC 20001, Attention: James A. Hutchinson, Esq. and O’Melveny & Myers
LLP, 2765 Sand Hill Road, Menlo Park, CA 94025, Attention: Paul Sieben, Esq.; 
 (b) if to the Company, marked
“Attention: General Counsel”, at 795 Folsom Street, Suite 600, San Francisco, California 94107, with a copy to Fenwick & West LLP, Silicon Valley Center, 801 California Street, Mountain View, CA 94041, Attention Ted
Wang, Esq. 
 6.2 Entire Agreement. This Agreement and the documents referred to herein, together with all the
Exhibits hereto, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede any and all prior understandings and agreements, whether oral or written, between or among the
parties hereto with respect to the specific subject matter hereof. 
 6.3 Governing Law. This Agreement will be
governed by and construed in accordance with the laws of the State of Delaware, without giving effect to that body of laws pertaining to conflict of laws. 
 6.4 Severability. If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such provision
will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall be enforced as
if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. Notwithstanding the forgoing, if the value of this Agreement based upon the substantial benefit of the bargain
for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations. 

6.5 Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the
parties hereto and their successors and assigns, any rights or remedies under or by reason of this Agreement. 
 6.6
Successors And Assigns. Subject to the provisions of Section 5.1, this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs,
executors, administrators and legal representatives. 

  
 -21-

 6.7 Titles and Headings. The titles, captions and headings of this Agreement
are included for ease of reference only and will be disregarded in interpreting or construing this Agreement. Unless otherwise specifically stated, all references herein to “sections” and “exhibits” will mean “sections”
and “exhibits” to this Agreement. 
 6.8 Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement. 
 6.9 Costs and Attorneys’ Fees. In the event that any action, suit or other proceeding is instituted concerning or arising out of this Agreement or any transaction contemplated
hereunder, the prevailing party shall recover all of such party’s costs and attorneys’ fees incurred in each such action, suit or other proceeding, including any and all appeals or petitions therefrom. 

6.10 Adjustments for Stock Splits, Etc. Wherever in this Agreement there is a reference to a specific number of shares of
Common Stock or Preferred Stock of the Company of any class or series, then, upon the occurrence of any subdivision, combination or stock dividend of such class or series of stock following the date hereof, the specific number of shares so
referenced in this Agreement shall automatically be proportionally adjusted to reflect the affect on the outstanding shares of such class or series of stock by such subdivision, combination or stock dividend. 

6.11 Further Assurances. The parties agree to execute such further documents and instruments and to take such further
actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
 6.12 Facsimile
Signatures. This Agreement may be executed and delivered by facsimile and upon such delivery the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party. 

6.13 Aggregation of Stock. All shares of Registrable Securities held or acquired by affiliated entities (including
affiliated venture capital funds) or, solely in the case of Series E Stock and Series G Stock, Registrable Securities held or acquired by entities managed by a common investment adviser shall be aggregated together for the purpose of
determining the availability of any rights under this Agreement. 
 6.14 Delays or Omissions. It is agreed that no
delay or omission to exercise any right, power, or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver
of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any
party’s part of any breach, default or noncompliance under the Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set
forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

  
 -22-

 6.15 Prior Rights Agreement Amended and Restated. Pursuant to
Section 5.2 of the Prior Rights Agreement, the undersigned parties who are parties to such Prior Rights Agreement hereby amend and restate the Prior Rights Agreement to read in its entirety as set forth in this Agreement, all with the intent
and effect that the Prior Rights Agreement shall hereby be waived and entirely replaced and superseded by this Agreement. For avoidance of doubt, any and all rights under Section 3.1 are waived with respect to the Series G Stock issued
pursuant to the Series G Agreement. 
 [Signature Page Follows] 

  
 -23-

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

 

			
	Name:	 	 /s/ Richard Costolo

			
		
	By:	 	 Richard Costolo

			
		
	Title:	 	 CEO

  
 SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

DST GLOBAL II, L.P. 
  

			
	By:	 	DST MANAGERS LIMITED,
	Its:	 	General Partner
		
	By:	 	 /s/ Sean Hogan

		 	Name: Sean Hogan
		 	Title: Director

  

			
	DST INVESTMENTS 3 LIMITED
		
	By:	 	 /s/ Stephen Conran

		 	Name: Stephen Conran
		 	Title: Director

  

			
	DST INVESTMENTS 3 LIMITED
		
	By:	 	 /s/ Brett Armitage

		 	Name: Brett Armitage
		 	Title: Director

  

			
	DST INVESTMENTS IV, L.P.
		
	By:	 	 /s/ Sean Hogan

		 	Name: Sean Hogan
		 	Title: Director

  
 SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

COMPLIANCE MATTER SERVICES, LLC 
  

			
	By: RTLC Management III, LLC, its Manager
		
	By:	 	 /s/ Suhail Rizvi

		 	Name: Suhail Rizvi
		 	Title: Its Managing Director

  

			
	RTLC II, LLC
	
	By: RTLC Management III, LLC, its Manager
		
	By:	 	 /s/ Suhail Rizvi

		 	Name: Suhail Rizvi
		 	Title: Its Managing Director

  
 SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

T. ROWE PRICE ASSOCIATES, INC., Investment Adviser 
 For and on Behalf of its Investment Advisory Accounts on 
 Attachment A, listed below:

 T. Rowe Price New America Growth Fund 
 T. Rowe Price New America Growth Portfolio 
  

			
	By:	 	 /s/ Curt Organt

			
	Name:	 	 Curt Organt

			
	Title:	 	 VP

 T. ROWE PRICE ASSOCIATES, INC., Investment Adviser 
 For and on Behalf of its Investment Advisory Accounts on 
 Attachment A, listed below:

 T. Rowe Price Growth Stock Fund, Inc. 
 JNL Series Trust — JNL/T. Rowe Price Established Growth Fund 
 Seasons Series Trust
— Stock Portfolio 
 ING Partners, Inc. — ING T. Rowe Price Growth Equity Portfolio 

Metropolitan Series Fund, Inc. — T. Rowe Price Large Cap Growth Portfolio 
 Thrivent Series Fund, Inc. — Thrivent Partner Growth Stock Portfolio 
 Lincoln Variable
Insurance Products Trust — LVIP T. Rowe Price Growth Stock Fund 
 Optimum Fund Trust — Optimum Large Cap Growth Fund 

Penn Series Funds, Inc. — Large Growth Stock Fund 
 ConAgra Foods, Inc. Master Trust Agreement for Defined Benefit Plans 
 T. Rowe Price Growth Stock
Trust 
 Sony Master Trust 
 The East
Bay Municipal Utility District Employees Retirement System 
 Advantus Capital Management, Inc. — Minnesota Life Insurance Company

 Savings Board of the NFL Player Second Career Savings Plan 
 Prudential Retirement Insurance and Annuity Company 
  

			
	By:	 	 /s/ Paul R. Bartolo

			
	Name:	 	 Paul R. Bartolo

			
	Title:	 	 VP

 T. Rowe Price Associates, Inc. 
 100 East Pratt Street 
 Baltimore, MD 21202 

  
 SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

BENCHMARK CAPITAL PARTNERS VI, L.P. 
 as
nominee for 
 Benchmark Capital Partners VI, L.P., 
 Benchmark Founders’ Fund VI, L.P., and 
 Benchmark Founders’ Fund VI-B, L.P. 

and related individuals 
 By: Benchmark Capital
Management Co. VI, L.L.C. 
 Its:  General Partner 
  

			
	By:	 	 /s/ Steven M. Spurlock

		 	Managing Member

  

			
	Address:	 	2480 Sand Hill Road, Suite 200
		 	Menlo Park, CA 94025

  
 SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

 

			
	INSIGHT VENTURE PARTNERS VI, L.P.
	By:	 	Insight Venture Associates VI, L.P.,
		 	Its: General Partner
		
	By:	 	 /s/ Blair M. Flicker

		 	Name: Blair M. Flicker
		 	Title: Attorney-in-fact

 INSIGHT VENTURE PARTNERS (CAYMAN) VI, L.P. 

By: Insight Venture Associates VI, L.P., 
 Its:
General Partner 
  

			
		
	By:	 	 /s/ Blair M. Flicker

		 	Name: Blair M. Flicker
		 	Title: Attorney-in-fact

 INSIGHT VENTURE PARTNERS VI (CO-INVESTORS), L.P. 
 By: Insight Venture Associates VI, L.P., 
 Its: General Partner 

 

			
	 By:
	 	 /s/ Blair M. Flicker

		 	 Name: Blair M. Flicker

		 	 Title: Attorney-in-fact

  
 SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

INSTITUTIONAL VENTURE PARTNERS XII, L.P. 

By: Institutional Venture Management XII LLC 

Its: General Partner 
  

			
	By:	 	 [illegible]

		 	Managing Director

  

			
	Address:	 	3000 Sand Hill Road
		 	Building 2, Suite 250
		 	Menlo Park, CA 94025

  

			
	KPCB Holdings Inc., as nominee
		
	Name:	 	 /s/ Eric J. Keller

			
	By:	 	 Eric J. Keller

			
	Title:	 	 President

 SPARK CAPITAL II, L.P. 
 SPARK CAPITAL FOUNDERS’ FUND II, L.P. 
  

					
	By:	 	Spark Management Partners II, LLC
		 	their General Partner
		
	By:	 	 /s/ Bijan Sabet

		 	Managing Member
		 	Address:	 	137 Newbury Street, 8th Floor
		 		 	Boston, MA 02116
		 	Phone: (617) 830-2000
		 	Fax: (617) 830-2001

  
 SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

T. ROWE PRICE ASSOCIATES, INC., Investment Adviser 
 For and on Behalf of its Advisory Accounts Below: 
 T. Rowe Price New Horizons Fund. Inc.
(7001) 
 T. Rowe Price New Horizons Trust (4679) 
 T. Rowe Price U.S. Equities Trust (7JX4) 
 T. Rowe Price Global Technology Fund, Inc.
(7012)
 T. Rowe Price Science & Technology Fund, Inc. (7030) 
 TD Mutual Funds – TD Science & Technology Fund (3384) 
 VALIC Company I –
Science & Technology Fund (3422) 
 John Hancock Trust – Science & Technology Trust (3608) 

 

									
	By:	 	 /s/ J. David Wagner
	 		 	By:	 	 /s/ Ken Allen

		 	Name: J. David Wagner	 		 		 	Name: Ken Allen
		 	Title: Vice President	 		 		 	Title: VP

  

			
	By:	 	 /s/ David Eiswert

		 	Name: David Eiswert
		 	Title: VP

  

			
	UNION SQUARE VENTURES 2004, L.P.
	By:	 	Union Square GP 2004, L.L.C.
		
	By:	 	 /s/ Fred Wilson

		 	Name: Fred Wilson
		 	Title: Managing Member

  

			
	UNION SQUARE PRINCIPLES 2004, L.L.C.
		
	By:	 	 /s/ Fred Wilson

		 	Name: Fred Wilson
		 	Title: Managing Member

  
 SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 EXHIBIT A 

List of Investors 
  

					
	 Name
	 	  	 	 
	DST Global II	 	
	DST Investments 3	 	
	DST Investments IV, L.P.	 	
	RTLC II, LLC	 	
	Compliance Matter Services, LLC	 	
	 T. ROWE PRICE NEW AMERICA GROWTH FUND (7018)
 Nominee Name – HeadMost & Co.
	 	
	 T. ROWE PRICE NEW AMERICA GROWTH PORTFOLIO (70D2)
 Nominee Name – Footpath & Co.
	 	
	 T. ROWE PRICE GROWTH STOCK FUND, INC. (7B04)
 Nominee Name – Eye & Co.
	 	
	 JNL Series Trust - JNL/T. Rowe Price Established Growth Fund (3488)

Nominee Name – Cudd & Co.
	 	
	 Seasons Series Trust – Stock Portfolio (3652)
 Nominee Name – Greatsail & Co.
	 	
	 ING Partners, Inc. - ING T. Rowe Price Growth Equity Portfolio (3704)

Nominee Name – Hare & Co.
	 	
	 Metropolitan Series Fund, Inc. - T. Rowe Price Large Cap Growth Portfolio (3817)

Nominee Name – Plankship & Co.
	 	
	 Thrivent Series Fund, Inc. - Thrivent Partner Growth Stock Portfolio (4097)

Nominee Name – Watchwale & Co.
	 	
	 Lincoln Variable Insurance Products Trust - LVIP T. Rowe Price Growth Stock Fund (4232)

Nominee Name – Mac & Co.
	 	
	 Optimum Fund Trust – Optimum Large Cap Growth Fund (4260)
 Nominee Name – Mac & Co.
	 	
	 Penn Series Funds, Inc. – Large Growth Stock Fund (4357)
 Nominee Name – Hare & Co.
	 	
	 ConAgra Foods, Inc. Master Trust Agreement for Defined Benefit Plans (4364)

Nominee Name – Speedlight & Co.
	 	

  
 A-1

					
	 Name
	 	  	 	 
	 T. Rowe Price Growth Stock Trust (4682)
 Nominee Name – Hare & Co.
	 	
	 Sony Master Trust (4770)
 Nominee Name – Booth & Co.
	 	
	 The East Bay Municipal Utility District Employees Retirement System (4838)

Nominee Name – Booth & Co.
	 	
	 Advantus Capital Management, Inc. - Minnesota Life Insurance Company (4990)

Nominee Name – AdmiralBlade & Co.
	 	
	 Savings Board of the NFL Player Second Career Savings Plan (5048)
 Nominee Name – Mac & Co.
	 	
	 Prudential Retirement Insurance and Annuity Company (5058)
 Nominee Name – IFTCO
	 	
	KPCB Holdings Inc., as nominee	 	
	Insight Venture Partners VI, L.P.	 	
	Insight Venture Partners (Cayman) VI, L.P.	 	
	Insight Venture Partners (Co- Investors), L.P.	 	
	 T. Rowe Price New Horizons Fund, Inc (7001)
 Nominee Name: Bridge & Co.
	 	
	 T. Rowe Price New Horizons Trust (4679)
 Nominee Name: Hare & Co.
	 	
	 T. Rowe Price U.S. Equities Trust (7JX4)
 Nominee Name: Icecold & Co.
	 	
	 T. Rowe Price Global Technology Fund, Inc. (70I2)
 Nominee Name: Mildship & Co.
	 	
	 T. Rowe Price Science & Technology Fund, Inc. (7030)
 Nominee Name: Bridgesail & Co.
	 	
	 TD Mutual Funds – TD Science & Technology Fund (3384)
 Nominee Name: Mac & Co.
	 	
	 VALIC Company I – Science & Technology Fund (3422)
 Nominee Name: Handrail & Co.
	 	
	John Hancock Trust – Science & Technology Trust (3608)	 	
	Morgan Stanley Institutional Fund, Inc. – Small Company Growth Portfolio	 	
	 Morgan Stanley Special Growth Fund
 c/o Morgan Stanley Investment Management
	 	
	Nationwide Variable Insurance Trust – NVIT Multi-Manager Small Company Fund	 	

  
 A-2

					
	 Name
	 	  	 	 
	 Transamerica Funds – Transamerica Van Kampen Small Company Growth
	 	
	 The Universal Institutional Funds, Inc. – Small Company Growth Portfolio
	 	
	 Bell Atlantic Master Trust
	 	
	 Morgan Stanley Investment Management Small Company Growth Trust
	 	
	 Sequoia Capital XII
	 	
	 Sequoia Capital XII Principals Fund
	 	
	 Sequoia Technology Partners XII
	 	
	 Harrison Metal Capital I, LP
	 	
	 Tuna Investments, LLC
	 	
	 Gee Living Trust
	 	
	 Motwani-Jadeja Family Trust
	 	
	 Asha S. Jadeja, as Trustee of the Motwani-Jadeja Marital Trust UAD January 30, 2004
	 	
	 The Board of Trustees of the Leland Stanford Junior University (SEVF II)
	 	
	 Blue Room Investments
	 	
	 WS Investment Company, LLC (2008A)
	 	
	 Orrick Investments 2008 LLC
	 	
	 Mitchell Zuklie
	 	
	 Reid Hoffman and Michelle Yee, Trustees of the Reid Hoffman and Michelle
Yee
 Living Trust dated October 27, 2009
	 	
	 Benchmark Capital Partners VI, L.P.
	 	
	 Institutional Venture Partners XII, L.P.
	 	
	 GC&H Investments, LLC
	 	
	 Spark Capital II, L.P.
	 	
	 Spark Capital Founders’ Fund II, L.P.
	 	
	 Union Square Ventures 2004, L.P.
	 	
	 Union Square Principals 2004, L.L.C.
	 	
	 DG Incubation, Inc.
	 	
	 Explore Holdings LLC
	 	
	 Charles River Partnership XIII, LP
	 	
	 Charles River Friends XIII-A, LP
	 	
	 J.P. Morgan Trust Company, N.A. and Marc L. Andreessen Trustees of the

Andreessen 1996 Living Trust
	 	
	 RC Chirp Fund LLC
	 	
	 Christopher Sacca
	 	

  
 A-3

					
	 Name
	 	  	 	 
	 C Level LLC
	 	
	 IRA Rollover Account FBO Robert Gregory Kidd
	 	
	 Roth IRA Account FBO Robert Gregory Kidd
	 	
	 Hong Ge
	 	
	 Karen Gifford and Rajesh Desai
	 	
	 Jennifer Strumwasser
	 	
	 Ronald & Gayle Conway as Trustees of the Conway Family Trust Dated 9/25/96
	 	
	 Brian J. Pokorny
	 	
	 The Hit Forge L.P.
	 	
	 Greg Yaitanes, Trustee of the Gregory & Eugenia Yaitanes Family Trust dated 11/11/08
	 	
	 F&W Investments LLC - Series 2007
	 	
	 Box Corse LLC
	 	
	 The Litchfield Co., LLC
	 	
	 Jeffrey Pulver
	 	
	 Mike Maples, Jr.
	 	
	 Rebecca Kidd
	 	
	 Steve Anderson
	 	
	 Mark Pincus
	 	
	 Mark D. Kingdon
	 	
	 Evan Williams
	 	
	 Gregory S. Pass
	 	
	 Abdur Chowdhury
	 	
	 Ajaipal S. Virdy
	 	
	 Eric Jensen and Emily Moyer Revocable Trust
	 	
	 BetaWorks Studio, LLC
	 	
	 Roger Richter
	 	
	 James Davidson
	 	
	 Passport Ventures, LLC
	 	
	 Tim Webb
	 	
	 Gerald Campbell
	 	
	 Beagle Limited
	 	
	 SVB Capital Partners II, L.P.
	 	
	 Pipio Associates I, LLC
	 	
	 Pipio Associates II, LLC
	 	

  
 A-4

					
	 Name
	 	  	 	 
	 Lowercase Industry Fund, LLC
	 	
	 Lowercase Ventures Fund I, L.P.
	 	
	 Lowercase 140, L.P.
	 	
	 Institutional Associates Fund, LLC
	 	
	 Jacqueline Barth
	 	
	 Compliance Matter Services, LLC
	 	
	 Tali Capital Advisors LLC
	 	
	 SV Angel II-Q, L.P.
	 	
	 Craig A. T. Jones
	 	
	 Ludmila Koltun
	 	
	 Christopher Conway
	 	
	 Daniel Conway
	 	
	 Michael Parness
	 	
	 Milennium Technology Value Partners, L.P.
	 	
	 Face-Off Partners II, LLC
	 	
	 Iliad Investment Fund LP
	 	

  
 A-5EX-4.3

 Exhibit 4.3 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO
THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 WARRANT TO PURCHASE STOCK 
  

			
	Company:	  	TWITTER, INC., a Delaware corporation
	Number of Shares:	  	as set forth below
	Class of Stock:	  	Series C Preferred
	Warrant Price:	  	as set forth below
	Issue Date:	  	December 16, 2008
	Expiration Date:	  	The 10th anniversary after the Issue Date
	Credit Facility:	  	This Warrant is issued in connection with the Term Loan referenced in the Loan and Security Agreement between Company and Silicon Valley Bank dated December 16, 2008 (the
“Loan Agreement”)

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (Silicon Valley
Bank, together with any registered holder from time to time of this Warrant or any holder of the shares issuable or issued upon exercise of this Warrant, “Holder”) is entitled to purchase the number of fully paid and nonassessable shares
of the class of securities (the “Shares”) of the Company at the Warrant Price, all as set forth above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this
Warrant. 
 As used herein: 
 “Next Round” means the Company’s next sale of its convertible preferred stock (other than Series C Preferred Stock) to purchasers which include venture capital investors.

 “Next Round Price” means the lowest effective price per share (on a common stock equivalent basis and taking
into account any securities issued together with the preferred stock) at which shares of the Company’s convertible preferred stock are sold in the Next Round. 
 “Next Round Stock” means the Company’s convertible preferred stock sold in the Next Round. 

  
 1 

 “Number of Shares” means the number of Shares of the Company’s
Series C Preferred Stock equal to (i) $40,000, divided by (ii) the Warrant Price. 
 “Warrant
Price” means the lower of: (i) $6.17958 per share, and (ii) the Next Round Price; provided, however, if the Next Round has not occurred as of the exercise or conversion of this Warrant, then the Warrant Price shall be $6.17958 per
share. 
 ARTICLE 1. EXERCISE. 
 1.1 Method of Exercise. Holder may exercise this Warrant by delivering a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the
Company. Unless Holder is exercising the conversion right set forth in Article 1.2, Holder shall also deliver to the Company a check, wire transfer (to an account designated by the Company), or other form of payment acceptable to the Company
for the aggregate Warrant Price for the Shares being purchased. 
 1.2 Conversion Right. In lieu of exercising this
Warrant as specified in Article 1.1, Holder may from time to time convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise
issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3. 

1.3 Fair Market Value. If the Company’s common stock is traded in a public market and the Shares are common stock, the fair
market value of each Share shall be the closing price of a Share reported for the business day immediately before Holder delivers its Notice of Exercise to the Company (or in the instance where the Warrant is exercised immediately prior to the
effectiveness of the Company’s initial public offering, the “price to public” per share price specified in the final prospectus relating to such offering). If the Company’s common stock is traded in a public market and the Shares
are preferred stock, the fair market value of a Share shall be the closing price of a share of the Company’s common stock reported for the business day immediately before Holder delivers its Notice of Exercise to the Company (or, in the
instance where the Warrant is exercised immediately prior to the effectiveness of the Company’s initial public offering, the initial “price to public” per share price specified in the final prospectus relating to such offering), in
both cases, multiplied by the number of shares of the Company’s common stock into which a Share is convertible. If the Company’s common stock is not traded in a public market, the Board of Directors of the Company shall determine fair
market value in its reasonable good faith judgment. 
 1.4 Delivery of Certificate and New Warrant. Promptly after Holder
exercises or converts this Warrant and, if applicable, the Company receives payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or
converted and has not expired, a new Warrant representing the Shares not so acquired. 

  
 2 

 1.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation on
surrender and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor. 
 1.6 Treatment of Warrant Upon Acquisition of Company. 
 1.6.1
“Acquisition”. For the purpose of this Warrant, “Acquisition” means any sale, license, or other disposition of all or substantially all of the assets of the Company, or any reorganization, consolidation, or merger of the
Company where the holders of the Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction. 

1.6.2 Treatment of Warrant at Acquisition. 
 A) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is not an asset sale and in which the sole consideration is cash, either (a) Holder shall exercise
its conversion or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this Warrant will expire upon the
consummation of such Acquisition. The Company shall provide Holder with written notice of its request relating to the foregoing (together with such reasonable information as Holder may request in connection with such contemplated Acquisition giving
rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 

B) Upon the written request of the Company, Holder agrees that, in the event of an Acquisition that is an “arms length” sale of all or
substantially all of the Company’s assets (and only its assets) to a third party that is not an Affiliate (as defined below) of the Company (a “True Asset Sale”), either (a) Holder shall exercise its conversion or purchase right
under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to exercise the Warrant, this Warrant will continue until the Expiration Date if the Company
continues as a going concern following the closing of any such True Asset Sale. The Company shall provide Holder with written notice of its request relating to the foregoing (together with such reasonable information as Holder may request in
connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition. 

C) Upon the closing of any Acquisition other than those particularly described in subsections (A) and (B) above, the successor entity shall
assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were
outstanding on the record date for the Acquisition and subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly. 

  
 3 

 As used herein “Affiliate” shall mean any person or entity that owns or controls directly
or indirectly ten (10) percent or more of the stock of Company, any person or entity that controls or is controlled by or is under common control with such persons or entities, and each of such person’s or entity’s officers,
directors, joint venturers or partners, as applicable. 
 ARTICLE 2. ADJUSTMENTS TO THE SHARES. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on the Shares payable in common stock, or other
securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Shares of record as of the
date the dividend occurred. If the Company subdivides the Shares by reclassification or otherwise into a greater number of shares or takes any other action which increases the amount of stock into which the Shares are convertible, the number of
shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the
Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 
 2.2
Reclassification, Exchange, Combinations or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this
Warrant, Holder shall be entitled to receive, upon exercise or conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been exercised immediately before such
reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Shares to common stock pursuant to the terms
of the Company’s Certificate of Incorporation upon the closing of a registered public offering of the Company’s common stock, but shall not include any conversions or reclassifications as a result of a failure to participate in any equity
financings of the Company or any “right of first offer” or other pay to play provisions set forth in the Company’s Certificate of Incorporation as set forth in Section 2.4. The Company or its successor shall promptly issue to
Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange, substitution or other event that
results in a change of the number and/or class of securities issuable upon exercise or conversion of this Warrant. The amendment to this Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions of this Article 2.2 shall
similarly apply to successive reclassifications, exchanges, substitutions, or other events. 
 2.3 Adjustments for Diluting
Issuances. The Warrant Price and the number of Shares issuable upon exercise of this Warrant or, if the Shares are preferred stock, the number of shares of common stock issuable upon conversion of the Shares, shall be subject to adjustment, from
time to time in the manner set forth in the Company’s Certificate of Incorporation as if the 

  
 4 

 
Shares were issued and outstanding on and as of the date of any such required adjustment. The provisions set forth for the Shares in the Company’s Certificate of Incorporation relating to
the above in effect as of the Issue Date may not be amended, modified or waived, without the prior written consent of Holder unless such amendment, modification or waiver affects the rights associated with the Shares in the same manner as such
amendment, modification or waiver affects the rights associated with all other shares of the same series and class as the Shares granted to Holder. 
 2.4 “Pay to Play”. In the event that any “pay to play” terms or conditions (i.e. terms or conditions that require a holder of the Company’s Preferred Stock to purchase
securities in a future round of equity financing or else lose the benefit of antidilution protection applicable to the shares of Preferred Stock issuable upon the exercise of this Warrant or have such shares of Preferred Stock automatically convert
to common stock or convert to another class and series of the Company’s capital stock) in the Company’s Certificate of Incorporation, are triggered in connection with the consummation of a Down Round (as defined below) or otherwise after
the date hereof, then in such event, this Warrant shall automatically adjust to provide the Holder with the same securities and/or rights that the Holder would have received had the Holder participated in the Down Round to its full pro rata share
with respect to the Preferred Stock issuable upon exercise of this Warrant (e.g., if this Warrant provides for the purchase of Series C Preferred Stock, and the Company after the date hereof consummates a Down Round in which those holders of
Series C Preferred Stock who participate to their full pro rata share in such Down Round become entitled to exchange such Series C Preferred Stock for Series C Preferred Stock and those holders of Series C Preferred Stock who do
not participate to their full pro rata share will have their Series C Preferred Stock converted into Common Stock, then this Warrant would automatically adjust to provide the right to purchase Series C Preferred Stock instead of Common
Stock). A “Down Round” means any non-public offering of equity securities of the Company after the Issue Date of this Warrant at a price per share lower than $6.17958. 

2.5 No Impairment. The Company shall not, by amendment of its Certificate of Incorporation or through a reorganization, transfer
of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this Warrant by the Company, but
shall at all times in good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holders rights under this Article against impairment. 

2.6 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of this Warrant and the number of Shares
to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the Warrant, the Company shall eliminate such fractional share interest by paying Holder the amount computed by
multiplying the fractional interest by the fair market value of a full Share. 
 2.7 Certificate as to Adjustments. Upon
each adjustment of the Warrant Price, the Company shall promptly notify Holder in writing, and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer

  
 5 

 
setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect
upon the date thereof and the series of adjustments leading to such Warrant Price. 
 ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE
COMPANY. 
 3.1 Representations and Warranties. The Company represents and warrants to Holder as follows: 

(a) The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which the Shares
were last issued in an arms-length transaction in which at least $500,000 of the Shares were sold. 
 (b) All Shares which may
be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of
any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. 
 (c) The Company’s capitalization table attached hereto as Schedule 1 is true and complete as of the Issue Date. 
 3.2 Notice of Certain Events. If the Company at any time (a) declares any dividend or distribution upon any of its stock, whether in cash, property, stock, or other securities and whether or
not a regular cash dividend; (b) sells any shares of the Company’s capital stock (or other securities convertible into such capital stock), other than (i) pursuant to the Company’s stock option or other compensatory plans or
agreements, (ii) in connection with commercial credit arrangements or equipment financings, or (iii) in connection with strategic transactions for purposes other than capital raising; (c) effects any reclassification or
recapitalization of any of its stock; (d) merges or consolidates with or into any other corporation, or sells, leases, licenses, or conveys all or substantially all of its assets, or liquidates, dissolves or winds up; or (e) effects an
underwritten public offering of its securities, then, in connection with each such event, the Company shall give Holder: (1) at least 10 days prior written notice of the date on which a record will be taken for such dividend, distribution, or
subscription rights (and specifying the date on which the holders of common stock will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and (b) above; (2) in the case of the
matters referred to in (c) and (d) above at least 10 days prior written notice of the date when the same will take place (and specifying the date on which the holders of common stock will be entitled to exchange their common stock for
securities or other property deliverable upon the occurrence of such event); and (3) in the case of the matter referred to in (e) above, the same notice as is given to the holders of such registration rights. Company will also provide
information requested by Holder reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 
 3.3 Registration Under Securities Act of 1933, as amended. The Company has granted “piggyback” and “S-3” registration rights to Holder in respect of the shares of

  
 6 

 
Common Stock issuable upon exercise or conversion of the Warrant pursuant to and as set forth in that certain Amendment No. 2, dated on or about the date hereof (“Amendment
No. 2”), which amends the Amended and Restated Investors Rights Agreement dated as of June 11, 2008, as subsequently amended by that certain Amendment No. 1 to Amended and Restated Investor Rights Agreement, dated as of
June 24, 2008, by and among the Company and certain investors (the “Rights Agreement”). The provisions set forth in the Rights Agreement relating to the above in effect as of the Issue Date may not be amended, modified or
waived, without the prior written consent of Holder if such amendment, modification or waiver would materially and adversely change the express rights thereunder of Holder in a manner that is different from the effect on the express rights or
obligations thereunder of other holders of the same series and class of Company’s capital stock. 
 3.4 No Stockholder
Rights. Except as provided in this Warrant, Holder will not have any rights as a stockholder of the Company until the exercise of this Warrant. 
 ARTICLE 4. REPRESENTATIONS, WARRANTIES OF HOLDER. Holder represents and warrants to the Company as follows: 
 4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder will be acquired for investment for Holder’s account, not as a nominee or
agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that Holder has not been formed for the specific purpose of acquiring this Warrant or the Shares. 

4.2 Disclosure of Information. Holder has received or has had full access to all the information it considers necessary or
appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any
information furnished to Holder or to which Holder has access. 
 4.3 Investment Experience. Holder understands that the
purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s
investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities
and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial
circumstances of such persons. 
 4.4 Accredited Investor Status. Holder is an “accredited investor” within the
meaning of Regulation D promulgated under the Act. 

  
 7 

 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon
exercise or conversion hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Holder’s investment intent as expressed herein.
Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from
such registration and qualification are otherwise available. 
 4.6 Market Stand-Off; Agreement. The Holder and any
permitted transferred agree to be bound by the “Market Stand-Off” provision in Section 2.9 of the Rights Agreement; provided, however, the Market Stand-off provision set forth in the Rights Agreement in effect as of the Issue Date for
the series and class of stock which the Shares consist may not be amended, modified or waived to materially and adversely change the express rights or obligations of the Holder thereunder in a manner that would be materially different than the
effect on the express rights or obligations thereunder of other parties to the Rights Agreement. 
 ARTICLE 5. MISCELLANEOUS. 

5.1 Term. This Warrant is exercisable in whole or in part at any time and from time to time on or before the Expiration Date.

 5.2 Legends. This Warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the
Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THIS WARRANT AND THE SHARES ISSUABLE
HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR
TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION. 
 5.3 Compliance with Securities Laws on Transfer. This
Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the
Company). The Company shall not require Silicon Valley Bank (“Bank”) to provide an opinion of counsel if the transfer is to Bank’s parent company, SVB Financial Group (formerly Silicon Valley Bancshares), or any other affiliate of
Bank. Additionally, the Company shall also not 

  
 8 

 
require an opinion of counsel if there is no material question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with
Rule 144(d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule 144(f), and the Company is provided with a copy of Holder’s notice of proposed sale. 

5.4 Transfer Procedure. After receipt by Bank of the executed Warrant, Bank will transfer all of this Warrant to SVB Financial
Group by execution of an Assignment substantially in the form of Appendix 2. Subject to the provisions of Article 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or
part of this Warrant or the Shares issuable upon exercise of this Warrant (or the Shares issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, SVB
Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company
for reissuance to the transferee(s) (and Holder if applicable). The Company may refuse to transfer this Warrant or the Shares to any person who directly competes with the Company, unless, in either case, the stock of the Company is publicly traded.

 5.5 Notices. All notices and other communications from the Company to Holder, or vice versa, shall be deemed delivered
and effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or Holder, as the case may (or on the first business day after transmission by
facsimile) be, in writing by the Company or such Holder from time to time. Effective upon receipt of the fully executed Warrant and the initial transfer described in Article 5.4 above, all notices to Holder shall be addressed as follows until
the Company receives notice of a change of address in connection with a transfer or otherwise: 
 SVB Financial
Group 
 Attn: Treasury Department 

3003 Tasman Drive, HA 200 
 Santa Clara, CA 95054 
 Notice to the Company shall be addressed as follows until Holder receives
notice of a change in address: 
 Twitter, Inc. 

Attn: CEO 
 539 Bryant Street, #402 
 San Francisco, CA 94107 

5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

  
 9 

 5.7 Attorneys’ Fees. In the event of any dispute between the parties concerning
the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Automatic Conversion upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or
other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be
converted pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing the Shares (or such other
securities) issued upon such conversion to Holder. 
 5.9 Counterparts. This Warrant may be executed in counterparts, all
of which together shall constitute one and the same agreement. 
 5.10 Governing Law. This Warrant shall be governed by
and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 
 [Signature page follows.] 

  
 10 

 “COMPANY” 
 TWITTER, INC. 
  

									
	By:	 	 /s/ Evan Williams
	 		 	By:	 	 /s/ Brendan Thomas

	Name:	 	 Evan Williams
	 		 	Name:	 	 Brendan Thomas

		 	(Print)	 		 		 	(Print)
	Title:	 	Chairman of the Board, President or Vice President	 		 	Title:	 	Chief Financial Officer, Secretary, Assistant Treasurer or Assistant Secretary

 “HOLDER” 
 SILICON VALLEY BANK 
  

			
	By:	 	 /s/ Mark Lay

	Name:	 	 Mark Lay

		 	(Print)
	Title:	 	 Senior Relationship Manager

  
 11 

 SCHEDULE 1 
 CAPITALIZATION TABLE 
 [See attached.] 

  
 12 

 APPENDIX 1 
 NOTICE OF EXERCISE 
 1. Holder elects to purchase
             shares of the Common/Series              Preferred [strike one] Stock of
             pursuant to the terms of the attached Warrant, and tenders payment of the purchase price of the shares in full. 

[or] 
 1.
Holder elects to convert the attached Warrant into Shares/cash [strike one] in the manner specified in the Warrant. This conversion is exercised for              of the Shares covered by
the Warrant. 
 [Strike paragraph that does not apply.] 

2. Please issue a certificate or certificates representing the shares in the name specified below: 

 

					
		 	  
	 	
		 	Holder’s Name	 	
			
		 	  
	 	
			
		 	  
	 	
		 	(Address)	 	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Article 4 of the Warrant as the date hereof. 
  

			
	HOLDER:
	  

		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
		
	(Date):	 	 

  
 13 

 APPENDIX 2 
 ASSIGNMENT 
 For value received, Silicon Valley Bank hereby sells,
assigns and transfers unto 
  

							
		 	Name:	  	SVB Financial Group	  	
		 	Address:	  	[address]	  	
		 	Tax ID:	  	[                    ]	  	

 that certain Warrant to Purchase Stock issued by Twitter, Inc. (the “Company”), 

on                     , 2008 (the
“Warrant”) together with all rights, title and interest therein. 
  

			
	SILICON VALLEY BANK
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

			
	Date:	 	  

 By its execution below, and for the benefit of the Company, SVB Financial Group makes each of the
representations and warranties set forth in Article 4 of the Warrant and agrees to all other provisions of the Warrant as of the date hereof. 
  

			
	SVB FINANCIAL GROUP
		
	By:	 	  

		
	Name:	 	 
		
	Title:	 	 

  
 14

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