Document:

EXHIBIT
10.3

 

EARTH
PROPERTY HOLDINGS LCC

 

(Delaware
Limited Liability Company)

 

 

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

 

 

Effective
as of

 

November
9, 2018

 

THE
SECURITIES REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED
OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. BECAUSE SUCH SECURITIES HAVE NOT BEEN REGISTERED OR QUALIFIED THEY MAY NOT BE OFFERED
FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS THE SECURITIES HAVE BEEN QUALIFIED AND REGISTERED
UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION
AND REGISTRATION IS NOT REQUIRED. TRANSFER OF THE SECURITIES REPRESENTED BY THIS AGREEMENT MAY BE FURTHER SUBJECT TO THE RESTRICTIONS,
TERMS AND CONDITIONS SET FORTH HEREIN.

 

    	 	 	 

    	 

    

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

THIS
LIMITED LIABILITY COMPANY AGREEMENT of Earth Property Holdings LLC, a Delaware limited liability company is made and entered into
as of the 9th day of November, 2018, by and among the Persons listed on Schedule 1 attached hereto as the Members of the
Company, Kevin Bolin, as the “Initial Member” of the Company (in his capacity as such, the “Initial Member”),
and each other Person as shall be a Member from time to time, pursuant to the provisions of this Agreement.

 

	 	1.
    	The
    Company was formed by the filing of the Certificate by the Initial Member with the Secretary of State of the State of Delaware
    pursuant to the Act on February 26, 2018 under the name Earth Property Holdings LLC.
	 	 	 
	 	2.
    	Prior
    to the date hereof, the Company has not engaged in any operations or business activities.
	 	 	 
	 	3.
    	On
    even date herewith, the individuals and entities listed on Schedule 1 acquired Class A Units in the Company pursuant
    to that certain Subscription Agreement and Investor Questionnaire of even date herewith (the “Subscription Agreement”),
    and the entity listed on Schedule 1 acquired Class B Units in the Company pursuant to that certain Membership Interest
    and Transfer Agreement of even date herewith (the “Transfer Agreement”).
	 	 	 
	 	4.
    	The
    Company, the Initial Member and the Members desire to enter into this Agreement to provide for (i) the admission of the individuals
    and entities listed on Schedule 1 as members of the Company, (ii) the method of management of the Company and (iii)
    all other rights, preferences and obligations of the Members and the Company.

 

NOW
THEREFORE, in consideration of the representations, warranties, covenants and agreements herein contained, and for other good
and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows:

 

ARTICLE
1

 

Definitions

 

Certain
capitalized words and phrases used in this Agreement shall have the meanings set forth in Exhibit A attached hereto and
incorporated herein by reference.

 

ARTICLE
2

 

Organization
of the Company

 

2.1
Organization. On February 26, 2018, an authorized representative of the Company caused the Company to be organized under
the name Earth Property Holdings LLC by executing and filing a Certificate of Formation for the Company with the Secretary of
State of Delaware in accordance with the Act.

 

    	 	Page 1 of 34	

    	 

    

 

2.2
Principal Place of Business. The principal place of business of the Company shall be located at 400 Plasters Avenue NE,
Atlanta, GA 30324, or at such address or addresses inside or outside of the State of Delaware as shall be determined from time
to time by the Board.

 

2.3
Statutory Agent. The name and address of the agent for service of process in Delaware shall be National Registered Agents,
Inc., 160 Greentree Drive, Suite 101, Dover, Delaware 19904.

 

2.4
Term. The term of the Company commenced on the date of filing of the Certificate of Formation with the Secretary of State
of Delaware and shall be perpetual unless and until terminated in accordance with the terms of Section 10.1. The existence
of the Company as a separate legal entity shall continue until cancellation of the Certificate of Formation in the manner required
by the Act.

 

2.5
No State Law Partnership. It is the Board’s intent that the Company not be a partnership (including, without limitation,
a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member by virtue of this
Agreement, for any purposes other than as set forth in the last sentence of this Section 2.5, and neither this Agreement
nor any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to suggest
otherwise. The Members intend that the Company shall be treated as a partnership for federal and, if applicable, state or local
income tax purposes, and that each Member and the Company shall file all tax returns and shall otherwise take all tax and financial
reporting positions in a manner consistent with such treatment.

 

2.6
Failure to Observe Formalities. A failure to observe any formalities or requirements of this Agreement, the Certificate
of Formation or the Act shall not be grounds for imposing personal liability on the Members or the Board for liabilities of the
Company.

 

ARTICLE
3

 

Purposes
of the Company

 

The
purposes of the Company are to (i) operate the Company and utilize its assets, (ii) exercise all other powers necessary to or
reasonably connected with the Company’s business which may be legally exercised by limited liability companies under the
Act and (iii) engage in all activities necessary, customary, convenient, or incident to any of the foregoing.

 

ARTICLE
4

 

Members;
Capital Contributions; Units; Capital Accounts

 

4.1
Names and Addresses of Members. The names and addresses of the initial Members are as set forth on Schedule 1 attached
to this Agreement and incorporated herein by reference. The Board shall maintain a register of Members (the “Register”)
in its books and records and promptly amend such Register from time to time to reflect any changes to the names and addresses
of the Members.

 

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4.2
Capital Contributions.

 

(a)
Capital Contributions. Each Member has made aggregate Capital Contributions to the Company in the amount set forth on Schedule
1 hereto. Each Member, by executing this Agreement, agrees that the value assigned to each non-cash item on Schedule 1,
if any, is the Book Value thereof. No Member shall make any additional Capital Contributions to the Company without the prior
written approval of the Board. No interest shall be paid on any Capital Contributions, except as otherwise set forth herein.

 

(b)
Additional Capital Contributions. Except as required under Section 4.2(a) or such other agreements that may be entered
into from time to time (such other agreements, “Capital Contribution Agreements”), no Member shall be obligated
to make additional Capital Contributions to the Company. In particular, but not by way of limitation, no Member shall be obligated
to make any Capital Contribution to restore any deficit balance in such Member’s Capital Account.

 

(c)
No Withdrawal. No Member shall be entitled to withdraw any part of such Member’s Capital Contributions or Capital
Account or to receive any distribution from the Company, except as expressly provided herein.

 

(d)
Loans from Members. No Member shall be required to lend any funds to the Company. Loans by Members to the Company shall
not be considered Capital Contributions. If any Member shall loan funds to the Company in addition to the amounts required hereunder
to be contributed by such Member to the capital of the Company, the making of such loans shall not result in any increase in the
amount of the Capital Account of such Member. The amount of any such loans shall be a debt of the Company to such Member and shall
be payable or collectible in accordance with the terms and conditions upon which such loans are made; provided that such terms
and conditions are no more favorable to such lending Member than those which would be agreed to in an orderly transaction with
a willing, unaffiliated lender in an arm’s-length transaction.

 

4.3
Units.

 

(a)
Units Generally. The Company shall not be limited to a specific number of Units or any specific classes of Units. The Interests
shall be represented by Units, which may be divided into one or more types, classes or series, with each type or class or series
having the rights and privileges, including voting rights, if any, set forth in this Agreement. An Interest shall for all purposes
be personal property. No Member has any interest in specific assets or property of the Company nor has the right to own or use
particular or individual assets of the Company. Ownership of a Unit (or fraction thereof) shall not entitle (by court decree,
operation of law or otherwise) a Member to call for a partition or division of any asset or property of the Company or for any
accounting. The Company shall not be authorized to issue any Equity Securities other than Units.

 

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(b)
Authorized Units. The Company has authority to issue Class A Units, Class B Units, Class C Units and any other New Securities
issued in accordance with Section 4.5 with the rights, preferences and privileges, and subject to the qualifications, limitations
and restrictions, as set forth herein. Additional classes of Units may be authorized by the Board, as approved by the appropriate
class members as provided herein.

 

(c)
Allocation of Units. Each Member shall, upon making his, her or its required Capital Contribution, be allocated Units in
the Company as set forth on Schedule 1. As of the date hereof, the Company intends on issuing a total of 500,000 Class
A Units, as listed on Schedule 1; 124,999 Class B Units, as listed on Schedule 1, and the Company has reserved for
issuance, an additional 70,000 Class C Units to management and other service providers of the Company Each class of Units shall
have the rights as described in this Agreement. Except as otherwise provided in this Agreement or required by law, the holders
of the Class C Units shall not hold any voting rights. The Board shall promptly amend the Register from time to time to reflect
the admission or withdrawal of Members, the sale, grant, issuance or redemption of Units or the receipt of additional Capital
Contributions, and any such amendment shall be effective as of the date of the event necessitating such amendment. The Company
may (if elected by the Board) issue certificates representing the Units (“Certificated Units”). The Company
may issue fractional Units. Units shall only be issued in compliance with all applicable securities laws and, if applicable, pursuant
to an exemption from the prospectus and registration requirements of securities laws.

 

(d)
Class C Units.

 

(i)
Class C Units are intended to constitute a “profits interest” in the Company as defined in Internal Revenue Service
Revenue Procedures 93-27 and 2001-43, in connection with the performance of services for the Company. Such Class C Units shall
entitle such Class C Member to all of the rights of a Class C Member as expressly provided in this Agreement to the extent of
such Class C Units. As of the time of issuance of any Class C Unit, the Book Value of all Company assets shall be adjusted to
equal their respective gross fair market values, and the Capital Account balances of all of the Members of the Company shall be
adjusted as provided in the definition of “Book Value” in Exhibit A, and the initial Capital Account balance
with respect to each new Class C Member and/or Class C Unit shall be zero.

 

(ii)
Each Member authorizes and directs the Company to elect to have the “Safe Harbor” described in the proposed Revenue
Procedure set forth in Internal Revenue Service Notice 2005-43 apply to any Class C Unit, provided the principles espoused in
Notice 2005-43 are adopted in substantially the same form in a future Revenue Procedure or other binding Internal Revenue Service
guidance. For purposes of making such Safe Harbor election, the Class B Member is hereby designated as the “partner who
has responsibility for federal income tax reporting” by the Company and, accordingly, execution of such Safe Harbor election
by the Class B Member constitutes execution of a “Safe Harbor Election” in accordance with section 3.03(1) of Notice
2005-43. The Company and each Member hereby agrees to comply with all requirements of the Safe Harbor described in Notice 2005-43,
including the requirement that each Member shall prepare and file all federal income tax returns reporting the income tax effects
of any Class C Unit issued by the Company in a manner consistent with the requirements of Notice 2005-43. Notwithstanding any
other provision of this Agreement, the Members agree to amend the foregoing paragraph to the extent the Class B Member in its
sole discretion deems necessary to achieve substantially the same tax treatment with respect to any Class C Unit as set forth
in section 4 of Notice 2005-43 (e.g., to reflect changes from the rules set forth in Notice 2005-43 in subsequent Internal
Revenue Service guidance), provided that such amendment is not materially adverse to any Member (as compared with the after-tax
consequences that would result if the provisions of Notice 2005-43 applied to all Class C Units).

 

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(e)
Adjustments to Units. If the Company at any time subdivides (by any Unit split or otherwise) any class or type of Units
into a greater number of Units, the Company shall also subdivide each Unit of such other class or type outstanding immediately
prior to such subdivision based upon the same ratio, and if the Company at any time combines (by reverse Unit split or otherwise)
any class or type of Units into a smaller number of Units, the Company shall also combine each Unit of such other class or type
outstanding immediately prior to such combination based upon the same ratio.

 

4.4
Members’ Capital Accounts. A separate Capital Account shall be established and maintained for each Member. The determination
and maintenance of the Members’ Capital Accounts, and any adjustments thereof, shall be made in a manner consistent with
tax accounting and other principles set forth in Section 704(b) of the Code and the Regulations, as finally determined for federal
income tax purposes. Upon a Transfer of all or part of a Member’s Units in accordance with Article 9, the transferee
shall succeed to the Capital Account of the transferor Member to the extent that is attributable to the Transferred Unit.

 

4.5
Preemptive Rights.

 

(a)
Right of First Offer. If at any time, other than pursuant to any Exempt Issuance, the Company proposes to offer, issue
or sell any Units whether now or hereafter authorized (the “New Units”), or any securities or instruments convertible
into, or exchangeable or exercisable for, New Units (the “New Securities”) to any Member (or any Affiliate
of any Member) or any third party (an “Offeree”), the Company shall first offer such New Securities to each
Class A Member and Class B Member (individually, a “Participating Unit Holder,” and collectively, “Participating
Unit Holders”).

 

(b)
Notice. The Company shall give notice (a “Preemptive Rights Notice”) to each Participating Unit Holder,
which shall (i) state the Company’s bona fide intention to offer such New Securities, (ii) specify in reasonable detail
(A) the number and type of New Securities which the Company proposes to offer, issue or sell, (B) the time within which the Company
proposes to offer, issue or sell such New Securities, (C) the price at which the Company proposes to offer, issue or sell such
New Securities, (D) the percentage of the Units then outstanding on a fully diluted basis that the issuance of the New Securities
would represent, (E) the identity of the Offeree, if any, and (F) all other material terms and conditions relating to the offer;
and (ii) make explicit reference to this Section 4.5 and state that the right of each Participating Unit Holder to purchase
any of such New Securities under this Section 4.5 shall expire unless exercised within thirty (30) days after the Preemptive
Rights Notice is received by such Participating Unit Holder.

 

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(c)
Preemptive Rights. By written notification to the Company within thirty (30) days after the Preemptive Rights Notice is
received by such Participating Unit Holder, each Participating Unit Holder shall have the right, in the nature of a preemptive
right, but not the obligation to purchase up to its Preemptive Rights Percentage of such New Securities to be offered, issued
or sold by the Company all for the same price and upon the same economic terms and otherwise on substantially the same terms and
conditions as the New Securities that are being offered to the Offeree, by executing and returning the form of acceptance provided
with the Preemptive Rights Notice. If a Participating Unit Holder elects to purchase all or a portion of its Preemptive Rights
Percentage of the New Securities, it shall comply with the terms stated in the Preemptive Rights Notice. In the event any of the
consideration is non-cash consideration, at the election of each Participating Unit Holder, such Participating Unit Holder may
pay cash equal to the Fair Market Value of such non-cash consideration. As used herein, the term “Preemptive Rights Percentage,”
as applied to any Participating Unit Holder on any date, shall mean a fraction (expressed as a percentage), the numerator of which
is the number of Class A Units and Class B Units of the Company then held by such Participating Unit Holder and the denominator
of which is the total outstanding number of Class A and Class B Units of the Company, in each case, excluding the New Securities
to be issued.

 

(d)
Failure to Exercise Preemptive Rights. The failure of any Participating Unit Holder to return such notice within such 30-day
period shall, for purposes of this Section 4.5, be deemed to constitute a waiver by such Participating Unit Holder of its
right to purchase any portion of the New Securities specified in such Preemptive Rights Notice, but shall not constitute a waiver
by such Participating Unit Holder of its right to purchase any New Securities in any future issuance. At the expiration of such
thirty (30) day period, the Company shall promptly notify each Participating Unit Holder that elects to purchase or acquire all
the New Securities available to it (each, a “Fully Exercising Member”) of any other Participating Unit Holder’s
failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising
Member may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above,
up to that portion of the New Securities for which Participating Unit Holders were entitled to purchase but that were not purchased
by the Participating Unit Holders which is equal to the proportion that the Class A Units and Class B Units held by such Fully
Exercising Member bears to the Class A Units and Class B Units held by all Fully Exercising Members who wish to purchase such
unsubscribed New Securities.

 

(e)
Issuance and Sale of New Securities. The closing of any sale pursuant to Section 4.5(c) and Section 4.5(d)
shall occur not earlier than 60 days from the date that the Preemptive Rights Notice is given. If all New Securities referred
to in the Preemptive Rights Notice are not elected to be purchased or acquired as provided in Section 4.5(c) and Section
4.5(d), the Company may, during the sixty (60) day period following the expiration of the periods provided in Section 4.5(d),
offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and
upon terms no more favorable to the offeree than, those specified in the Preemptive Rights Notice. If the Company does not enter
into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty
(30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not
be offered unless first reoffered to the Participating Unit Holders in accordance with this Section 4.5.

 

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(f)
Exempt Issuance. For this Section 4.5, an “Exempt Issuance” shall mean an issuance of New Securities
by the Company: (i) pursuant to the conversion, exchange or exercise of any securities or instruments convertible into, or exchangeable
or exercisable for Units of the Company outstanding on the date hereof or issued in the future as an Exempt Issuance or after
compliance with this Section 4.5; (ii) as a distribution in respect of, or upon any subdivision or combination of, the
Units of the Company as a result of which there is no change in the relative ownership interest or rights of the holders of the
Units of the Company; or (iii) an issuance of Class C Units for compensatory purposes; (iv) in connection with a bona fide, arm’s
length business acquisition that is approved by the Board (whether by merger, recapitalization, consolidation, reorganization,
combination or otherwise) with a Person who is not an Affiliate of any Member, (v) pursuant to debt financing from a bank, institutional
lender or similar financial institution, or any amendment thereto, in each case, that is approved by the Board, or (vi) pursuant
to a commercial lending transaction from a commercial leasing entity that is approved by the Board.

 

ARTICLE
5

 

Management
of the Company

 

5.1
Directors.

 

(a)
Except for situations in which the approval of the Members is otherwise expressly required by this Agreement, the Act or other
nonwaivable provisions of applicable law, all of the powers and authority of the Company shall be exercised by or under the direction
of a Board of Directors (the “Board”), which shall initially consist of three (3) Persons, none of whom needs
to be a Member (each, a “Director”). Directors need not be resident of any particular state nor meet any other
qualifications. Except as otherwise specifically provided herein, the Board shall have all rights and powers of a “manager”
under the Act, and shall have such authority, rights and powers in the management of the Company business to do any and all other
acts and things necessary, proper, convenient or advisable to effectuate the purposes of this Agreement.

 

(b)
Each Director, in his or her capacity as a Director, shall have no authority to act alone, but the Directors shall only act as
a Board as provided in this Agreement. Each Director shall hold office until such Director dies, resigns or is otherwise removed
pursuant to Section 5.1(d). The Board shall have authority to create committees or subcommittees thereof.

 

(c)
Subject to the resolutions on voting contained in Section 6.5, each Class A Member and Class B Member shall vote all such
Class A Units and Class B Units and shall otherwise take or cause to be taken all such other actions as may be necessary to elect
the following Directors: (i) two (2) representatives designated by Members holding a majority of the Class A Units (the “Class
A Directors”); and (ii) one (1) representative designated by Members holding a majority of the Class B Units (the “Class
B Director”). The initial Board as of the date hereof shall consist of the Directors identified below, and each Member
hereby consents to the election of each such Director:

 

	Name of Director
	C. Thomas Paschall (Class A Director)
	Raymond Wu (Class A Director)
	Kevin Bolin (Class B Director)

 

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(d)
The removal (with or without cause) from the Board of any Director, shall be only upon the written request to the Board, as the
case may be, by the Person or Persons entitled to designate such Director pursuant to Section 5.1(c) or this Section
5.1(d) above. Any removal shall be without prejudice to the rights, if any, of the Director under any employment contract,
and if the Director is also a Member, shall not affect the Director’s rights as a Member or constitute a withdrawal of the
Member.

 

(e)
In the event that any representative designated hereunder for any reason ceases to serve as a Director (including any Director
that is removed pursuant to Section 5.1(d) during his or her term of office, the resulting vacancy shall be filled by a
representative designated by the Person or Persons entitled to designate such Director pursuant to Section 5.1(c) or (d)
above.

 

(f)
A Director may resign at any time. Such resignation shall be made in writing and shall take effect at the time specified therein,
or if no time be specified, at the time of its receipt by the Board. The acceptance of a resignation shall not be necessary to
make it effective, unless expressly so provided in the resignation. Any resignation shall be without prejudice to the rights,
if any, of the Director under any employment contract, and if the Director is also a Member, shall not affect the Director’s
rights as a Member or constitute a withdrawal of the Member.

 

(g)
No Member, nor any Affiliate of any Member, shall have any liability as a result of designating a person for election as a Director
for any act or omission by such designated person in his or her capacity as a Director, nor shall any Member have any liability
as a result of voting for any such designee in accordance with the provisions of this Agreement.

 

5.2
Meetings of the Board. Any Director may call a meeting of the Board upon two (2) Business Days’ notice in writing,
which notice shall specify the date, time and purpose or purposes of the meeting. Notice of any meeting shall be delivered personally,
by courier or mailed to each Director at his business address, or by facsimile or electronic mail. If notice is given by courier,
such notice shall be deemed to be delivered one (1) Business Day following deposit with the courier. If mailed, such notice shall
be deemed to be delivered five (5) days following deposit in the United States mail. If notice is given by facsimile, such notice
shall be deemed to be delivered on the day of transmission if transmitted during the recipient’s normal business hours or
one Business Day following transmission if transmitted after business hours. If notice is given by electronic mail, such notice
shall be deemed to be delivered on the day of transmission if transmitted during the recipient’s normal business hours or
one Business Day following transmission if transmitted after business hours. Any Director may waive notice of any meeting. Meetings
of the Board shall be held at the Company’s principal executive offices, unless the Directors agree to meet at another location.
Directors shall have the right to attend any meeting of the Board by means of conference telephone or other method of communication
by which each Director can hear all other Directors in attendance. A majority of all Directors shall constitute a quorum for the
transaction of business at a meeting. If a quorum shall not be present at any such meeting, then the Directors present thereat
may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

 

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5.3
Waiver of Notice. Notice of any meeting of the Board may be waived by a Director by a waiver of the notice in writing,
signed by the Director entitled to the notice, whether before, at or after the time stated for the meeting. Attendance of a Director
at any meeting, whether in person or by telephone as provided above, shall constitute waiver of notice of such meeting, except
where a Director attends a meeting for the express purpose of objecting the transaction of any business because the meeting is
not lawfully called or convened and does so at the outset. Any waiver of notice of a meeting by a Director hereunder shall be
equivalent to the giving of such notice.

 

5.4
Decisions and Actions of the Board. Subject to Section 5.8 or as otherwise expressly set forth in this Agreement,
the vote of the majority of the Directors in attendance at a duly called meeting of the Board at which a quorum is present shall
be the act of the Board.

 

5.5
Actions of the Board Without a Meeting. Any action that is required or permitted to be taken by the Board at a meeting
may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the
action so taken, shall be signed by all of the Directors. The writing or writings setting forth such action shall be filed with
the minutes of the meetings of the Directors.

 

5.6
Manager. The Company is hereby authorized to engage Q2Earth Inc. as manager (the “Manager”) of the Company
pursuant to the Management Agreement attached hereto as Exhibit A (the “Management Agreement”). The
Manager shall report to the Board and serve at the pleasure of the Board and may be removed at any time with or without cause
by and in the sole and absolute discretion of the Board; provided however, that such removal shall be without prejudice
to any contract rights of the individual or entity so removed set forth in such Management Agreement. The Manager shall possess
and exercise the duties and authority of its position, as further detailed in the Management Agreement, subject to the authority
and direction of the Board.

 

5.7
Officers. The Company may have such officer or officers as the Board may from time to time appoint, including, without
limitation, a President, one or more Vice Presidents, a Treasurer and a Secretary. Each officer shall report to the Board and
hold office at the pleasure of the Board, and may be removed at any time from any office or offices held by him, with or without
cause, by and in the sole and absolute discretion of the Board. The initial officers as of the date hereof shall consist of the
officers identified below.

 

	Name
    of Officer	 	Title
	Kevin
    Bolin	 	President
	David
    Shields	 	Treasurer
	Christopher
    Nelson	 	Secretary

 

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5.8
Board and Certain Member Approval. Notwithstanding anything to the contrary contained in this Agreement, the Board may
not take any of the following actions without the approval or written consent of (i) at least one (1) Class A Directors, and (ii)
with respect to item (b), at any time prior to the third anniversary date of this Agreement, or with respect to item (h), at any
time, the Class B Director:

 

(a)
the acquisition of any Equity Securities in, or all, substantially all, or a material portion of the assets of, any Person, the
involvement of the Company in any joint venture, or the merger, consolidation or other similar transaction of the Company with
any Person (except as contemplated in Section 9.8);

 

(b)
the disposition of any assets or Subsidiary of the Company (other than in the ordinary course of business) to the extent that
the value of such assets exceeds $100,000 in any calendar year;

 

(c)
the borrowing of money from third parties who are not or Affiliates, other than indebtedness in connection with any letters of
credit necessary for the operation of the business of the Company;

 

(d)
any material change in the business of the Company and its Subsidiaries (taken as a whole);

 

(e)
changing the number and composition of the Board set forth in Section 5.1;

 

(f)
the issuance of any additional Units other than the issuance of Class C Units to Service Providers not in excess of the Service
Provider’s pool limit, and other than Units at a price above the purchase price per Unit paid for the Class A Units;

 

(g)
the purchase by the Company of any Units of the Company from a Member other than as expressly set forth in this Agreement or the
purchase of any Class C Units from Service Providers;

 

(h)
the entry by the Company into any transaction or agreement with any Class A Member or any of its respective Affiliates (other
than the Subsidiaries of the Company) other than a transaction or agreement that is on an arms-length basis and involves $25,000
or less in any calendar year;

 

(i)
the entry by the Company into any Capital Contribution Agreements;

 

(j)
any amendment to the Certificate of Formation, provided such amendment does not disproportionally affect one class of Members
over the others other than a disproportionate affect resulting from the priority of the Class A Units over the Class B Units;
and

 

(k)
such other matters that the Board determines requires the approval of the Board.

 

5.9
Standard of Care. To the fullest extent permitted by the Act, a person, in performing his duties and obligations as a Director
under this Agreement, shall be entitled to act or omit to act at the direction of the Members that designated such person to serve
on the Board, considering only such factors, including the separate interests of the Members designating such Director, as such
Director or Members choose to consider. Any duties (including fiduciary duties) that the Directors would otherwise owe in their
capacities as Directors to the Company, the Members or any other Person are expressly eliminated and disclaimed by the Company
and the Members to the fullest extent permitted by Section 18-1101(c) of the Act.

 

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ARTICLE
6

 

Rights
and Powers of the Members

 

6.1
No Commitments. In dealing with third parties with respect to the Company’s business or on behalf of the Company,
the Members shall act in accordance with policies established by the Board. No Member shall, as a Member, in the name of or on
behalf of the Company, sign or execute any contract, instrument or document, perform any other act, engage in any transaction,
commit or bind the Company to any act, contract, instrument or document, or incur any debt, except as expressly permitted by this
Agreement.

 

6.2
Meetings of the Members; Quorum. Any Class A Member or Class B Member may call a meeting of the Members upon five (5) days’
notice in writing to all other Members, which shall specify the date, time and purpose or purposes of such meeting. Notice of
any meeting shall be delivered personally, by courier or mailed to each Member at such Member’s business address, or by
facsimile or electronic mail. If notice is given by courier, such notice shall be deemed to be delivered one Business Day following
deposit with the courier. If mailed, such notice shall be deemed to be delivered five (5) days following deposit in the United
States mail. If notice is given by facsimile, such notice shall be deemed to be delivered on the day of transmission if transmitted
during the recipient’s normal business hours or one Business Day following transmission if transmitted after business hours.
If notice is given by electronic mail, such notice shall be deemed to be delivered on the day of transmission if transmitted during
the recipient’s normal business hours or one Business Day following transmission if transmitted after business hours. Any
Member may waive notice of any meeting. The attendance of a Member at any meeting shall constitute a waiver of notice of such
meeting, except where a Member attends a meeting for the express purpose of objecting to the transaction of any business because
the meeting is not lawfully called or convened. Meetings of the Members shall be held at the Company’s principal executive
office unless the Members agree to meet at another location. A Member shall have the right to attend and act at any meeting of
the Members by conference telephone or other method of communication by which each Member in attendance can hear all other Members
in attendance, or by written proxy duly executed by such Member. Except with respect to any action requiring the vote of a greater
number or proportion in interest of the Members under this Agreement or under applicable law, a Majority-in-Interest of the holders
of Voting Units shall constitute a quorum of the Members for the transaction of business at any meeting of Members.

 

6.3
Decisions and Actions of the Members. Except as may be expressly required otherwise by the terms of this Agreement, the
Act or by nonwaivable provisions of other applicable law, decisions and actions of the Members may be made, approved or taken
at a meeting of the Members held in accordance with the provisions of this Agreement by, or by written consent in lieu of a meeting
in accordance with Section 6.4 by, a Majority-in-Interest of the Voting Units.

 

    	 	Page 11 of 34	

    	 

    

 

6.4
Actions of the Members Without a Meeting. Any action which is required or permitted to be taken by the Members at a meeting
may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the
action so taken, shall be signed by such number of the Members or proportion in interest of the Members as would be necessary
to authorize or take such action at a meeting at which all Members entitled to vote therein were present and voted, provided
that each Member shall have been provided with a copy of the proposed consent via email at least forty-eight (48) hours before
the consent is to be executed, provided, further, that the writing or writings setting forth such action shall be
filed with the minutes of the meetings of the Members.

 

6.5
Voting. Except as otherwise expressly provided in this Agreement or as otherwise required by nonwaivable provisions of
applicable law, the holders of Units (except for holders of Class C Units with respect to such Class C Units) shall be entitled
to one vote per Unit on all matters to be voted on by the Company’s Members as provided in this Agreement or as required
by applicable law. Except as may be otherwise specifically required by nonwaivable provisions of the Act or other applicable law,
the Class C Units shall have no voting rights whatsoever with respect to any matter upon which the Members of the Company are
entitled to vote.

 

6.6
Waiver of Notice. Notice of any meeting of the Members may be waived by a Member by a waiver of the notice in writing,
signed by the Member entitled to the notice, whether before, at or after the time stated for the meeting. Attendance of a Member
at any meeting, whether in person, by proxy as provided above or by telephone as provided above, shall constitute waiver of notice
of such meeting, except where a Member attends a meeting for the express purpose of objecting to the transaction of any business
because the meeting is not lawfully called or convened and does so at the outset thereof. Any waiver of notice of a meeting by
a Member hereunder shall be equivalent to the giving of such notice.

 

6.7
Business Activities of Members. Notwithstanding any contrary provision of this Agreement, but subject to any restrictions
in any other agreement between the Company and a Member, any Member may engage in other business activities, including any business
that is in competition with, or similar to, the business being conducted by the Company, without liability or accounting to the
Company.

 

6.8
Tax Matters. The Manager shall act as the Partnership Representative for the Company, or such other Member as the Board
may appoint in writing from time to time (and, for each taxable year of the Company, the Company shall appoint an individual selected
by the Partnership Representative as the Designated Individual). The Partnership Representative (acting through the Designated
Individual) shall be authorized and required to represent the Company (at the Company’s expense) in connection with all
examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings, and
to expend the Company’s funds for professional services reasonably incurred in connection therewith. Each Member agrees
to cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company with respect
to the conduct of such proceedings. In its capacity as Partnership Representative, the Manager shall act (and shall cause the
Designated Individual to act) in the overall best interests of the Company, and the Partnership Representative and Designated
Individual (in their capacities as such) shall comply with any instructions of the Board. Each Member shall give prompt notice
to the Partnership Representative of any and all notices it receives from the Internal Revenue Service or other taxing authority
concerning the Company. The Partnership Representative shall at Company expense furnish the Members with status reports regarding
any negotiation between the Internal Revenue Service or other taxing authority and the Company, and the Members, if they so request,
may participate in such negotiation. Neither the Partnership Representative nor the Designated Individual shall enter into any
settlement with any taxing authority (federal, state, local or foreign), or extend the statute of limitations, on behalf of the
Company or the Members without the approval of a majority of the Board.

 

    	 	Page 12 of 34	

    	 

    

 

6.9 Preparation
of Tax Returns. The Company, at its own expense, shall arrange for the preparation and timely filing of all tax returns
required to be filed by the Company.

 

ARTICLE
7

 

Limitation
of Liability; Indemnification

 

7.1
Limitation of Liability. No Covered Person shall be liable to the Company, or to any Member, in damages or otherwise for
any action that such Covered Person takes or fails to take in such capacity, unless such action or failure to act involved an
act or omission (i) constituting fraud, (ii) willful misconduct or (iii) a breach of this Agreement that has not been cured within
30 days’ if written notice of such breach, in each case as finally determined by a court of competent jurisdiction. The
termination of any action, suit or proceeding by judgment, order, settlement or upon a plea of nolo contendere or its equivalent
shall not of itself constitute proof or create a presumption that the appropriate standard of conduct has been violated.

 

7.2
Experts; Books and Records. The Board and the Directors shall be fully protected in relying in good faith upon the records
of the Company and upon such information, opinions, reports or statements presented to the Company by any Person as to the matters
the Board or such Director reasonably believes are within such other Person’s professional or expert competence and who
has been selected with reasonable care by or on behalf of the Company.

 

7.3
Indemnification of Members, Managers and Officers.

 

(a)
The Company shall indemnify each Covered Person and each Person serving at the request of the Company as a manager, director,
officer, employee, partner, member or trustee of another entity (solely for purposes of this Section 7.3, all of the foregoing
persons and entities being referred to individually as an “indemnified party” and collectively as “indemnified
parties”), to the fullest extent permitted by the Act and other applicable law, and shall save and hold each indemnified
party harmless from, and in respect of, all (A) fees, costs and expenses incurred in connection with or resulting from any claim,
action or demand against such indemnified party that arise out of or in any way relate to the Company, its properties, business
or affairs, and (B) such claims, actions and demands, and any losses or damages resulting from such claims, actions and demands,
including amounts paid in settlement or compromise (if recommended by attorneys for the Company) of any such claim, action or
demand; provided, however, that this indemnification shall apply only so long as such action or failure to act did
not constitute (i) fraud, (ii) willful misconduct or (iii) a breach of this Agreement, in each case as finally determined by a
court of competent jurisdiction, and (C) in the case of any criminal proceeding, action or claim, such Person had no reasonable
cause to believe its conduct was unlawful.

 

    	 	Page 13 of 34	

    	 

    

 

(b)
To the greatest extent not inconsistent with the Act and laws and public policies of the State of Delaware, reasonable expenses
(including reasonable legal fees) for which an indemnified party would be entitled by this Agreement that are incurred by such
indemnified party in defending any claim, action or demand shall, from time to time, be advanced by the Company prior to the final
disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of
the indemnified party to repay such amount if it shall be determined that the indemnified party is not entitled to be indemnified
as authorized in this Section 7.3. The undertaking described above must be a general obligation of the indemnified party,
subject to such reasonable limitations as the Company may permit, but need not be secured and may be accepted without reference
to financial ability to make repayment. Any indemnified party shall promptly seek recovery under any other indemnity or any insurance
policies by which such indemnified party may be indemnified or covered, as the case may be. To the extent an indemnified party
shall have received indemnity payments or advance (by insurance or otherwise) from any source other than the Company, such indemnified
party shall return such advances to the Company.

 

(c)
The indemnification provisions of this Section 7.3 do not limit the right of any indemnified party to recover under any
insurance policy maintained by the Company. If, with respect to any loss, damage, expense or liability for which indemnification
under this Section 7.3 is provided, the indemnified party receives an insurance policy indemnification payment, which,
together with any indemnification payment made by the Company, exceeds the amount of such loss, damage, expense or liability,
then such Person will immediately repay such excess to the Company.

 

(d)
Any repeal or modification of any provision in this Section 7 shall not adversely affect any right or protection of an
indemnified party existing prior to such repeal or modification.

 

ARTICLE
8

 

Allocation
of Profits and Losses; Distributions

 

8.1
Allocation of Profits and Losses.

 

(a)
General Rule. After giving effect to the special allocations provided for in Section 8.1(d) and Exhibit B,
and except as otherwise provided in Section 8.1(b) or (c), Profits and Losses for any taxable year shall be allocated
among the Members in such a manner that, as of the end of such taxable year and to the fullest extent possible, the Capital Account
balance of each Member shall equal (i) the amount such Member would receive pursuant to the hypothetical liquidating distribution
described below, minus (ii) such Member’s share of Company Minimum Gain and Holder Minimum Gain. The amount referenced in
(i) above shall be equal to the respective net amounts, positive or negative, that would be distributed to such Member or for
which such Member would be liable to the Company under the Act, determined as if the Company were to (A) liquidate the assets
of the Company for an amount equal to their Book Value, (B) satisfy all Company liabilities to the extent required by their terms
(limited, with respect to each “partnership nonrecourse liability” or “partner nonrecourse debt” within
the meaning of the Regulations, to the Book Value of the assets securing each such liability), and (C) distribute the proceeds
of liquidation pursuant to Section 10.3.

 

    	 	Page 14 of 34	

    	 

    

 

(b)
Qualified Income Offset. No Member shall be allocated Losses (or items of loss or deduction) to the extent such allocation
would create or increase a deficit Adjusted Capital Account Balance while one or more Members has a positive Adjusted Capital
Account Balance; rather, such Losses (or items of loss or deduction) shall be reallocated to the Members who have a positive Adjusted
Capital Account Balance (on a proportionate basis) until no Member has a positive Adjusted Capital Account Balance. Further, in
the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulation §§
1.704-1(b)(2)(ii)(d)(4), (5), or (6), Profits (or items of Company income and gain) shall be specially allocated
to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the deficit in such
Member’s Adjusted Capital Account Balance created by such adjustments, allocations, or distributions as quickly as possible.
This Section 8.1(b) is intended to comply with the qualified income offset provisions in § 1.704-1(b)(2)(ii)(d) of
the Regulations and shall be interpreted consistently therewith.

 

(c)
Allocations Relating to the Last Fiscal Year(s). If, upon the liquidation of the Company pursuant to Article 10,
and after all other allocations provided for in this Section 8.1 and Exhibit B have been tentatively made as if
this Section 8.1(c) were not in this Agreement, a distribution to the Members pursuant to Section 10.3(b) would
be different from a distribution to the Members made in accordance with their respective positive Capital Account balances as
contemplated by Regulations § 1.704-1(b)(2)(ii)(b)(2), then Profits (and items thereof) and Losses (and items thereof)
for the fiscal year in which the Company dissolves and terminates pursuant to Article 10 shall be re-allocated among the
Members in a manner such that the Capital Account of each Member, immediately after giving effect to such allocation, is, as nearly
as possible, equal (proportionately) to the amount of the distributions that would be made to such Member pursuant to Section
10.3(b). The Board may, in its sole discretion, apply the principles of this Section 8.1(c) to the fiscal year preceding
the fiscal year in which the Company dissolves and terminates (including through the application of Section 761(c) of the Code)
if delaying the application of the principles in this Section 8.1(c) would likely result in a distribution pursuant to
Section 10.3(b) that is materially different from a distribution to the Members made in accordance with their respective
positive Capital Account balances as contemplated by Regulations § 1.704-1(b)(2)(ii)(b)(2).

 

(d)
Regulatory and Special Allocations. Section 8.1(a) notwithstanding, special allocations of items of income, gain,
loss and deduction shall be made in accordance with the provisions of Exhibit B hereto.

 

(e)
Tax Allocations. Except as provided in the following sentence, income, gain, loss and deduction of the Company for tax
purposes for any taxable year shall be divided among the Members in the same proportions as they share Profits or Losses, as the
case may be, for such taxable year. The preceding sentence notwithstanding, (i) in the event Section 704(c) of the Code is applicable
to any transaction generating any such income, gain, loss or deduction, the same shall be divided among the Members in accordance
with the provisions of such Section 704(c) and the Regulations, in such manner as the Board in its sole and absolute discretion
shall determine, and (ii) in the event the Book Value of any Company asset (as determined for calculating Profits and Losses)
differs from its adjusted basis for federal income tax purposes, allocations of income, gain, loss and deduction for tax purposes
with respect to such asset shall take into account any variation between the adjusted basis of such asset for federal income tax
purposes and its Book Value in accordance with the provisions of the same manner as under Section 704(c) of the Code and the Regulations,
in such matter as the Board in its sole and absolute discretion shall determine.

 

    	 	Page 15 of 34	

    	 

    

 

8.2
Distributions.

 

(a)
Preferred Return. The Class A Units shall accrue the Preferred Return on the Class A Unreturned Capital Contributions.
Preferred Returns shall accrue from the date of this Agreement. The Company shall endeavor to distribute the full amount distributable
pursuant to Section 8.2(b) quarterly commencing at the end of the fifth (5th) fiscal quarter after the signing
of this Agreement out of funds legally available for distribution.

 

(b)
Excess Cash Flow. From time to time, the Board may make a determination to what extent, if any, there exists Excess Cash
Flow. The amount of such Excess Cash Flow, if any, shall be distributed to the Members only at such time or times as the Board
determines, and, when distributed, shall be distributed to the Members in the following amounts and order of priority:

 

(1)
First, one hundred percent (100%) of the Excess Cash Flow to the holders of the Class A Units, pro rata according to the Class
A Interests, until such time as the amounts distributed pursuant to this Section 8.2(b)(1) are equal to the Preferred Return;

 

(2)
Second, one hundred percent (100%) of the Excess Cash Flow to the holders of the Class A Units, pro rata according to the Class
A Interests, until such amounts distributed pursuant to this Section 8.2(b)(2) equals an amount sufficient to reduce the
cumulative Class A Unreturned Capital Contributions to zero; and

 

(3)
Thereafter, one hundred percent (100%) of the Excess Cash Flow to the holders of the Class A Units, the Class B Units and the
Class C Units, pro rata based upon the aggregate Class A Units, Class B Units and Class C Units outstanding; provided,
however, that no amount shall be distributed in respect of a Class C Unit, except in compliance with Section 8.2(g)
hereof.

 

(c)
Tax Distributions. Notwithstanding anything to the contrary in Section 8.2(b) or elsewhere in this Agreement, if
the Board determines in good faith in its discretion that such distributions are reasonably required to avoid phantom income taxes
to the Members, the Board may cause the Company to make distributions to the Members to enable the Members to pay federal, state
and local income taxes attributable to their Units in amounts determined by the Board in its discretion. Any distributions under
this Section 8.2(c) shall be treated as advances of the amounts distributable to the Members under Section 8.2(b)(3)
and shall be made before distributions are made under Section 8.2(b)(2). Notwithstanding the foregoing, in the case
of a tax distribution hereunder to a Member which is attributable to a special allocation of items of income and gain in accordance
with Section 704(c) of the Code, a corresponding distribution shall be made to all other Members so that such tax distribution
and such corresponding distributions are, in the aggregate, shared by the Members in proportion to their relative interests in
Excess Cash Flow as described in Section 8.2(b).

 

    	 	Page 16 of 34	

    	 

    

 

(d)
Distributions in Connection with Liquidation. Any other provision of this Section 8.2 notwithstanding, assets of
the Company available for distribution in connection with the liquidation and dissolution of the Company shall be distributed
in accordance with the provisions of Article 10.

 

(e)
Withholding. Any other provision of this Agreement notwithstanding, the Company may withhold and pay over, or otherwise
pay, any withholding or other taxes payable by the Company (pursuant to the Code or any other provision of United States federal,
or state or local or non-U.S. law) with respect to such Member or as a result of such Member’s participation in the Company,
including as a result of any distribution to such Member. If and to the extent that the Company shall be required to withhold
or pay any such withholding or other taxes, such Member shall be deemed for all purposes of this Agreement to have received a
distribution from the Company as of the time such withholding or other tax is required to be paid. To the extent that the aggregate
of such payments to a Member for any period exceeds the distributions that such member would have received for such period but
for such withholding, the Company shall notify such Member as to the amount of such excess and such Member shall promptly contribute
to the Company, and shall indemnify the Company for, such amount by wire transfer. A Member’s obligation to indemnify and
make contributions to the Company under this provision shall survive the Member selling or otherwise disposing of its interest
in the Company and the termination, dissolution, liquidation or winding up of the Company. The Company may pursue remedies against
any Member, including instituting a lawsuit to collect such indemnification and contribution with interest calculated at a rate
equal to the “prime rate” as published in The Wall Street Journal per annum (but not in excess of the highest rate
per annum permitted by law), compounded on the last day of each fiscal quarter so long as such amount remains unpaid.

 

(f)
Distributions In Kind. Except as otherwise provided in Article 10, subject to compliance with applicable securities
laws, distributions to the Members, when made, may be made in cash or in securities or other non-cash property held by the Company,
or in any combination thereof, as determined by the Board in its sole and absolute discretion. In the event of any distribution
which consists of or includes non-cash property, (i) the Board shall ascertain the Fair Market Value of such property, (ii) the
Capital Accounts of the Members shall be charged or credited, as the case may be, as if such property had been sold at such Fair
Market Value, and (iii) the net gain or net loss realized thereby had been allocated to and among the Members in accordance with
Section 8.1. A Member, regardless of the nature of the Member’s Capital Contribution, has no right to demand or receive
any distribution from the Company in any form other than cash. Other than as provided in Section 10, distributions of property
in kind shall not be made to Members in a disproportionate manner as related to other Members (i.e., no Member may be compelled
to accept from the Company a distribution of any asset in kind or in lieu of a proportionate distribution of cash made to other
Members).

 

    	 	Page 17 of 34	

    	 

    

 

(g)
Profits Interests Distribution Limitation. Notwithstanding any other provision of this Agreement to the contrary, no distribution
will be made to any Class C Member in respect of any Class C Unit pursuant to Section 8.2(b) unless and until the Threshold
Amount applicable to such Class C Unit has been distributed in respect of all other Units which existed immediately prior to the
issuance of such Class C Unit, so that the amount distributable in respect of such Class C Unit shall not exceed the maximum amount,
if any, which may be distributed thereon without causing such Class C Unit to fail to qualify as a “profits interest”
for U.S. federal income tax purposes. The initial Threshold Amount shall be set forth in the award agreement executed in conjunction
with the issuance of such Class C Unit. Any amounts prohibited from distribution to a Member pursuant to this Section 8.2(g)
shall instead be distributed to the Class A Members, Class B Members and any Class C Members for which the Threshold Amount
applicable to the Class C Units held by them has been satisfied in full in accordance with their relative interests as described
in Section 8.2(b).

 

(h)
Limitations on Distributions. Notwithstanding anything in this Agreement to the contrary, no distribution shall be made
if it would render the Company insolvent.

 

ARTICLE
9

 

Transfer
of Units

 

9.1
Restrictions on Transfer.

 

(a)
No Transfers. Except as otherwise provided in this Agreement, without the prior written consent of the Board, no Member
shall be entitled to sell, exchange, mortgage, hypothecate, transfer, pledge, assign, donate, create a security interest in or
lien on, encumber, give, place in trust (voting or other) or otherwise dispose of, including any involuntary transfer or transfer
by operation of law in bankruptcy or by way of execution, seizure or sale by legal process (hereinafter, “Transfer”),
his, her or its Units or any portion thereof. No Member shall avoid the provisions of this Section 9.1(a) by making one
or more Transfers to one or more transferees permitted hereby and then disposing of all or any portion of such Member’s
interest in such transferee. Any attempted Transfer other than in accordance with this Agreement shall be null and void ab initio.

 

(b)
Permitted Transfers. Notwithstanding the foregoing, the following Transfers shall be permitted without the approval of
the Board: (i) any Transfer by a Member to a trust for his benefit or the benefit of his spouse or issue, or to a family partnership
(which may be a limited liability company), provided that the Member (or the manager or trustee of such Member) remains in control
of such entity during his lifetime (or a re-Transfer of such Units by such trust or entity back to the Member upon the revocation
of any such trust or the dissolution of any such entity, or pursuant to the laws of descent and distribution, he is the trustee
of such trust or has the power to remove and replace the trustee, (ii) a Transfer by any Member to another Member, (iii) a Transfer
by any Member to an Affiliate of such Member, (iv) a Transfer in order for a Member to remain in compliance with applicable law,
and (v) a Transfer by a Member pursuant to Sections 9.7, 9.8 and 9.10 (each, a “Permitted Transfer”
and the transferee in such Permitted Transfer, a “Permitted Transferee”), provided that in connection with
any Permitted Transfer pursuant to clauses (i) - (iv), such Permitted Transfer complies with Section 9.1(c). Any Transfer
of a Unit shall be made only in compliance with all applicable securities laws and the Company may require the transferor to obtain
and deliver to the Company an opinion of counsel (reasonably acceptable, as to both the opinion and the counsel, to the Company)
that such proposed Transfer so complies.

 

    	 	Page 18 of 34	

    	 

    

 

(c)
Conditions to Permitted Transfers. Notwithstanding Section 9.1(b), a Transfer will not be treated as a Permitted
Transfer unless and until the following conditions are satisfied:

 

(i)
The transferor and transferee shall execute and deliver to the Company such documents and instruments of conveyance as may be
necessary or appropriate in the reasonable opinion of the Board to effect such Transfer and to confirm the agreement of the transferee
to be bound by the provisions of this Agreement. In all cases, the Company will be reimbursed by the transferor and transferee
for all costs and expenses that it reasonably incurs in connection with such Transfer.

 

(ii)
The transferor and transferee will furnish the Company with the transferee’s taxpayer identification number, and any other
information necessary to permit the Company to file all required federal and state tax returns and other legally required information
statements or returns. Without limiting the generality of the foregoing, the Company will not be required to make any distribution
otherwise provided for in this Agreement with respect to any transferred Units until it has received such information.

 

(iii)
Either (x) such Units will be registered under the Securities Act of 1933, as amended, and any applicable state securities laws,
or (y) the Transfer will be exempt from all applicable registration requirements and will not violate any applicable laws regulating
the transfer of securities.

 

(iv)
The transferor may grant to any transferee of Units pursuant to a Permitted Transfer, the right to become a substitute Member,
with respect to the Units transferred; provided, however, that no transferee shall be admitted as a substitute Member unless and
until the admission of such transferee as a substitute Member is approved by the Board, in its sole and absolute discretion.

 

(v)
All transferees hereunder shall be bound by the terms of this Agreement in the same manner as the transferors, and any Units so
Transferred shall continue to be subject to the restrictions, liabilities and benefits associated therewith.

 

9.2
Right of First Offer.

 

Prior
to any Transfer by a Member (the “Transferring Member”) of all or any portion of its Units (the “Offered
Units”) other than to a Permitted Transferee of such Member under Section 9.1(b)(i) through (iv), such Transferring
Member must first comply with the provisions of this Section 9.2:

 

(a)
Offer. The Transferring Member shall first deliver to the Class A Members (the “Eligible Members”) a
written notice (the “Offer Notice”) that sets forth the Units represented by the Subject Interest, the amount
per Unit that the Transferring Member proposes to be paid for the Offered Units, the manner of payment and the material terms
of such sale.

 

    	 	Page 19 of 34	

    	 

    

 

(b)
Member Election. The Eligible Members may elect to purchase all or any portion of the Offered Units up to such Eligible
Member’s Proportional Share of the Offered Units at the price and on the other terms set forth in the Offer Notice, by delivering
written notice of such election to the Transferring Member and the Company within fifteen (15) days of delivery of the Offer Notice.

 

(c)
Company Election. If the Eligible Members do not elect to purchase all of the Offered Units, then the Company may elect
to purchase at the price and on the other terms set forth in the Offer Notice, the remaining Offered Units by delivering written
notice of such election to the Transferring Member within twenty-five (25) days after delivery of the Offer Notice. Any Offered
Units not elected to be purchased by the end of such 25-day period shall during the immediately following 5-day period be reoffered
in writing by the Transferring Member to the Eligible Members who have elected to purchase their Proportional Share of the Offered
Units and the Class B Member(s) (at such time the Class B Member shall also be considered an Eligible Member), such Eligible Members
shall have the right and option within said 5-day period to elect to acquire such additional Offered Units pro rata in accordance
with their respective Proportional Share (or in such other proportions as they unanimously may agree).

 

(d)
Closing. If the Company and/or the Eligible Members have elected to purchase all of the Offered Units from the Transferring
Member, such purchase shall be consummated at the offices of the Company within thirty (30) days after the date of the termination
of the Eligible Members’ options to purchase as provided in Section 9.2(c). At such closing, the Company and/or the
Eligible Members that have elected to purchase such Offered Units shall pay by check or wire transfer, against delivery of the
Offered Units being purchased, the Transferring Member shall deliver the Offered Units so purchased (and any certificate representing
such Offered Units), together with powers therefore, and the Company shall update the books and records of the Company to reflect
such Transfer.

 

(e)
No Election. If the Company and/or the Eligible Members do not elect, in the aggregate, to purchase all of the Offered
Units from the Transferring Member, all elections to purchase such Offered Units shall be null and void, and the Transferring
Member shall have the right, within ninety (90) days following the Authorization Date, to Transfer all, but not less than all,
of the Offered Units to the potential transferee(s) specified in the Offer Notice at a price not less than the price per Unit
specified in the Offer Notice and on other terms no more favorable to the potential transferee(s) than those specified in the
Offer Notice, whereupon such transfer shall take and hold the Offered Units subject to this Agreement and to all of the obligations
and restrictions of the Transferring Member from whom such Offered Units were acquired and shall observe and comply with this
Agreement and all such obligations and restrictions; provided, however, that such transferree shall not become a substituted Member
unless the requirements of this Agreement are met. Any such Transfer of the Offered Units must be effected within ninety (90)
days after the date of the termination of the Eligible Members’ options to purchase as provided in Section 9.2(c).
If no such Transfer is effected within such ninety (90) day period, or if the identity of the transferee(s) or the terms of transfer
are change in any material ways from those set forth in the Offer Notice, then any subsequent proposed Transfer of all or any
part of such Offered Units shall once again be subject to the provisions of this Section 9.2.

 

    	 	Page 20 of 34	

    	 

    

 

(f)
The provisions of this Section 9.2 shall not apply to a Transfer made pursuant to a Tag Along Sale (Section 9.8),
or a Drag Along Sale (Section 9.9).

 

9.3
Status of Third-Party Transferee. Notwithstanding any other provision of this Agreement, no third-party transferee of a
Unit, including a transferee in connection with a Permitted Transfer, shall acquire the status of a substituted Member of the
Company under this Agreement, the Delaware Act or other applicable law, unless (a) the requirements of Section 9.1 hereof
are met, (b) the third-party transferee executes an instrument satisfactory to the Board accepting and adopting the terms and
provisions of this Agreement in full, and (c) the third-party transferee pays all fees and expenses associated with the transfer
and such substitution as the Board may deem reasonable and appropriate. Until such third-party transferee is duly admitted as
a substitute Member in accordance with this Section 9.3, such person shall have solely the rights of an Economic Interest
Owner.

 

9.4
[Intentionally omitted]

 

9.5
Time of Transfer. Except as may otherwise be agreed to by the parties to any Transfer under Section 9.8 or 9.9,
any Transfer of a Unit permitted under this Article 9 shall be effective as of midnight of the last day of the calendar
month in which it is made, or, at the election of the Board, as of 12:01 A.M. the day following the date of the Transfer (the
“Effective Transfer Date”).

 

9.6
Distributions and Allocations in Respect of Transferred Unit. If any Unit is Transferred during any accounting period in
compliance with the provisions of this Article 9, Profits, Losses, each item thereof and all other items attributable to
such Unit for such period shall be divided and allocated between the transferor and the transferee by taking into account their
varying interests during the period in accordance with Article 8 hereof and Code Section 706(d), using the Effective Transfer
Date as the date upon which the change in ownership of the Unit occurred, and using any conventions permitted by the Code or the
Regulations and selected by the Board. All distributions on or before the Effective Transfer Date shall be made to the transferor
and all distributions thereafter shall be made to the transferee. Neither the Company, the Board or any Member shall incur any
liability for making allocations and distributions in accordance with the provisions of this Section 9.6, whether or not
any of them has knowledge of any Transfer of ownership of any Unit.

 

9.7
Withdrawal; Death, Dissolution.

 

(a)
No Withdrawal of Member. Other than as set forth in Section 9.7(c), no Member shall be entitled to withdraw or resign
as a Member prior to the dissolution and winding up of the Company pursuant to Article 10 of this Agreement without the
prior written consent of the Board, and which consent may be withheld in the sole discretion of the Board, except in connection
with a transfer of all of such Member’s Units in the Company in compliance with the terms and conditions of this Agreement
or as otherwise expressly set forth in this Agreement. Prior to termination and dissolution of the Company, the Company shall
not be obligated to repurchase a Member’s Units, nor shall any Member be entitled to receive any other payment or distribution
in connection with his, her or its withdrawal from the Company. Upon a Transfer of all of a Member’s Units in a Transfer
permitted by this Agreement, such Member shall cease to be a Member. Notwithstanding that payment on account of a withdrawal may
be made after the effective time of such withdrawal, any completely withdrawing Member will not be considered a Member for any
purpose after the effective time of such complete withdrawal, and, in the case of a partial withdrawal, such Member’s Capital
Account (and corresponding voting and other rights) shall be reduced for all other purposes hereunder upon the effective time
of such partial withdrawal.

 

    	 	Page 21 of 34	

    	 

    

 

(b)
Death, Dissolution, Adjudication of Incompetency. Following the death, dissolution or adjudication of incompetency of a
Member, the successor-in-interest or legal representative of such Member shall not be substituted as a Member except upon compliance
with the terms and conditions of Section 9.2.

 

(c)
Resignation of Initial Member. Notwithstanding anything to the contrary contained herein, the execution of this Agreement
by the Initial Member constitutes the Initial Member’s resignation and withdrawal as a Member. With effect from the date
of this Agreement, the Initial Member has no further right, interest or obligation of any kind whatsoever as a member of the Company.
An amount equal to the Capital Account of the Initial Member shall be distributed to the Initial Member on the date of this Agreement
and shall constitute satisfaction in full of all rights of the Initial Member as such.

 

9.8
Tag-Along Rights.

 

(a)
Exercise of Tag-Along Rights. If one or more Members holding Class A Units and/or Class B Units (the “Seller”)
proposes to Transfer Units representing more than 50% of the Units to any Person other than to the Seller’s Permitted Transferee
(such Person, the “Buyer”; such Transfer, the “Tag-Along Sale”), then, not less than 45
days prior to any Tag-Along Sale, the Seller shall provide to each other Member holding Class A Units and/or Class B Units (each,
a “Tag-Along Member”) a notice (a “Tag-Along Notice”) specifying in reasonable detail (i)
the Units to be Transferred to the Buyer (the “Tag-Along Triggering Interest”), (ii) the purchase price (including
an estimate, in the Seller’s reasonable judgment, of the fair market value of any non-cash consideration) and form of consideration
(including any potential purchase price adjustments) to be paid by the Buyer (the “Tag-Along Purchase Price”),
(iii) the closing date of the Tag-Along Sale, (iv) the identity and address of the Buyer (and, to the extent material, the direct
and indirect beneficial owners of such Buyer), and (v) all other relevant information as to such proposed transaction as may be
reasonably necessary for each Tag-Along Member to determine whether or not to participate in the Tag-Along Sale.

 

    	 	Page 22 of 34	

    	 

    

 

(b)
Each Tag-Along Member shall have the right to participate in the Tag-Along Sale on the terms and conditions set forth in such
Tag-Along Notice by providing written notice (the “Acceptance Notice”) to the Seller made prior to the 30th
day after the day such Tag-Along Notice is delivered to such Tag-Along Member (the “Expiration Date”) up to
such Tag-Along Member’s Maximum Pro Rata Portion, calculated as follows:

 

(i)
First, the Equity Value of the Company shall be determined. The “Equity Value” of the Company shall be an amount
equal to the aggregate amount that would have to be distributed pursuant to Section 8.2 to result in a distribution to
the Seller, solely with respect to the Tag-Along Triggering Interest (and not with respect to any other Units of Seller that do
not comprise the Tag-Along Triggering Interest), equal to the Tag-Along Purchase Price.

 

(ii)
Second, the Sale Portion shall be determined. “Sale Portion” shall be an amount equal to (A) the Tag-Along
Purchase Price divided by (B) the amount that would have been distributed to the Seller (with respect to all of the Seller’s
Units) if an amount equal to the Equity Value of the Company was distributed pursuant to Section 8.2.

 

(iii)
Third, the Maximum Pro Rata Portion for such Tag-Along Member shall be determined. “Maximum Pro Rata Portion”
for such Tag-Along Member shall be a portion of such Tag-Along Member’s Units equal to (A) the Sale Portion of such Tag-Along
Member’s Class A Units and (B) the Sale Portion of such Tag-Along Member’s Class B Units.

 

(c)
To the extent any Tag-Along Member delivers an Acceptance Notice to the Seller on or before the Expiration Date, the Seller shall
cause the Buyer to purchase from such Tag-Along Member a portion of such Tag-Along Member’s Units equal to the lesser of
(i) such Tag-Along Member’s Maximum Pro Rata Portion and (ii) the number of Units set forth in such Tag-Along Member’s
Acceptance Notice (such lesser amount, the “Tag-Along Interest”). Such purchase from such Tag-Along Member
shall be at a purchase price equal to the portion of the Equity Value that would have been distributed to such Tag-Along Member,
solely with respect to its Tag-Along Interest, had the entire Equity Value been distributed pursuant to Section 8.2. At
the time of consummation of the Tag-Along Sale, the Seller shall cause the Buyer to pay directly to each such Tag-Along Member
that portion of the sale proceeds to which such Tag-Along Member is entitled by reason of its participation in the Tag-Along Sale.

 

(d)
Any Tag-Along Member which has exercised its right to participate in the Tag-Along Sale shall deliver to the Buyer (or to the
Seller for delivery to the Buyer) one or more instruments or certificates, properly endorsed for Transfer, free and clear of all
liens whatsoever, representing the Tag-Along Interests to be Transferred in the Tag-Along Sale. The Transfer by each Seller shall
be on the same date and on terms and conditions as set forth in the Tag-Along Notice and at least as favorable to such Tag-Along
Member as the terms and conditions of the Seller. The Seller shall take all actions which the Seller deems reasonably necessary
or desirable to consummate such transaction, including (i) entering into agreements with third parties which may include representations,
indemnities, holdbacks and escrows; provided, that such agreements are on terms substantially identical or more favorable
to such Tag-Along Member than those agreed to by the Seller; provided, further, that no Tag-Along Member shall be
liable in respect of any indemnification obligation pursuant to any Tag-Along Sale in excess of the total consideration (net of
broker fees and other selling expenses) paid to such Tag-Along Member in such Tag-Along Sale; and (ii) obtaining all consents
and approvals reasonably necessary or desirable to consummate such transaction. Each of the Tag-Along Members and the Seller shall
pay its pro rata share (based upon the portion of the proceeds from the Tag-Along Sale to which each is entitled) of any reasonable
transaction costs associated with the sale other than the legal expenses and selling commissions of the other participants in
the Tag-Along Sale.

 

    	 	Page 23 of 34	

    	 

    

 

(e)
If the Seller does not receive any Acceptance Notices from the Tag-Along Members prior to the Expiration Date, the Seller shall
have 90 days after the Expiration Date to consummate the proposed transaction identified in the Tag-Along Notice at the price
and on terms that are not more favorable to the Seller than those set forth in the Tag-Along Notice. If, at the end of such 90-day
period, the Seller has not consummated the proposed transaction, the Seller shall again be obligated to comply with the provisions
of this Section 9.8 with respect to the proposed Transfer.

 

9.9
Drag-Along Rights.

 

(a)
Drag-Along Notice. At any time after the fifth (5th) anniversary of the date hereof, if Members holding a Majority
of the Class A Units (the “Dragging Member”) intend to Transfer Units to one or more Persons who are not Affiliates
or Members representing 100% of all Units owned as of the date, the Dragging Member shall notify all of the other Members (and
all other transferees or other holders of Units that are not Members, together with the Members, the “Subject Parties”)
in writing (the “Drag-Along Notice”) of such intended Transfer (the “Drag-Along Sale”),
and the exercise of its rights hereunder no more than ten (10) days after the execution and delivery by all of the parties thereto
of the definitive agreement entered into with respect to the Drag-Along Sale, and in any event no later than fifteen (15) days
prior to the proposed date for the consummation of such Drag-Along Sale, which notice will contain a summary of all of the material
terms, including, without limitation, the name and address of the prospective transferee(s), the purchase price and other terms
and conditions of payment (or the basis for determining the purchase price and other terms and conditions), a copy of any form
of agreement proposed to be executed in connection therewith, and the planned date on or about which such Transfer is to be consummated.
The Drag-Along Notice also shall contain a demand from the Dragging Member that each of the Subject Parties shall sell, pursuant
to the same terms and conditions as are or will be applicable to the Dragging Member, 100% of such Subject Party’s Units.
Any escrow or holdbacks required in connection with any such transaction shall be funded by the Dragging Member and the Subject
Parties on a pro rata basis based upon their respective ownership percentages and upon the same terms and conditions.

 

(b)
Sale of Units. On the date of the closing of the Transfer described in the Drag-Along Notice, the Dragging Member shall
cause to be purchased the Subject Parties’ Units, along with the Units of the Dragging Member as provided for in Section
9.9(a) hereof. On the same date, the Subject Parties shall deliver such executed certificates, if applicable, or other documentation
to the Dragging Member at such place as shall reasonably designate, in each case consistent with the certificates and documentation
being delivered by the Dragging Member, and shall cause the purchase price to be paid to the Subject Parties in the amounts and
proportions that such purchase price would have been delivered to the Members pursuant to Section 10.3.

 

    	 	Page 24 of 34	

    	 

    

 

(c)
Closing of Sale. Any Transfer by a Subject Party pursuant to this Section 9.9 will be on the same terms and conditions,
and for the same form of consideration (and portion of the purchase price equal to the amount such Unit Holder would receive for
each such Unit pursuant to Section 10.3 upon a hypothetical liquidation of the Company as of the closing date on which
the proposed sale of Units occurs, assuming that the Liquidation Proceeds to be paid out in such hypothetical liquidation is the
aggregate value of the proposed purchase price of all Units to be sold), as the Transfer by the Dragging Member which is the subject
matter of the Drag-Along Notice. The closing of all Transfers by the Subject Parties pursuant to this Section 9.9 will
occur simultaneous with the closing of the Transfer of the Dragging Member’s Units.

 

(d)
The Dragging Member shall have 180 days following the date of the Drag-Along Notice in which to consummate the Drag-along Sale,
on the terms set forth in the Drag-Along Notice. If at the end of such period the Dragging Member has not completed the Drag-along
Sale, the Dragging Member may not then exercise its rights under this Section 9.9 without again fully complying with the
provisions of this Section 9.9.

 

9.10
Additional Provisions for Tag-Along and Drag-Along Sales. The following provisions shall apply in the event of a Tag-Along
Sale or a Drag-Along Sale:

 

(a)
General Provisions. Subject to the limitations of Section 9.10, in the event of a Tag-Along Sale, all of the participating
Tag-Along Members and, in the event of a Drag-Along Sale, all of the Subject Parties, shall (i) take such actions as may be reasonably
requested by the Seller or Dragging Member in connection with consummating the Tag-Along Sale or the Drag-Along Sale, as the case
may be, (ii) vote in favor of, consent to and raise no objections against the Tag-Along Sale or the Drag-Along Sale, as the case
may be, or the process pursuant to which the Tag-Along Sale or the Drag-Along Sale, as the case may be, was arranged, (iii) waive
any dissenter’s, appraisal and other similar rights, (iv) if the Tag-Along Sale or the Drag-Along Sale, as the case may
be, is structured as a merger or a sale of Units, agree to sell such Member’s Units at the price and on the terms and conditions
of the Tag-Along Sale or the Drag-Along Sale, as the case may be, (v) execute and deliver such documents as may be reasonably
requested by the Seller or the Dragging Member in connection with any Tag-Along Sale or the Drag-Along Sale, as the case may be,
including, without limitation, written consents of Members, proxies, letters of transmittal, purchase agreements and Unit Transfer
powers, in each case consistent with the certificates and documentation being delivered by the Seller or the Dragging Member,
as the case may be, provided that each of the participating Tag-Along Members or the Subject Parties, as applicable, shall be
required to make several (and not joint and several) representations and warranties only as to ownership, authorization, no liens
and encumbrances and non-contravention (vi) indemnify the transferee(s) upon the same terms as are applicable to the Seller or
the Dragging Member, as the case may be, but only so long as all indemnification obligations made to any party (including any
seller representative, if any) are several, not joint and several, in proportion to the consideration paid to each and the maximum
indemnification obligation of any Tag-Along Member or other Subject Party shall not exceed the amount of the cash proceeds actually
received by such Person in such Tag-Along Sale or Drag-Along Sale, and (vii) at the closing of such Tag-Along Sale or the Drag-Along
Sale, as the case may be, the participating Tag-Along Members or other Subject Parties shall deliver certificates for all Units
to be sold, exchanged or otherwise Transferred by such Persons, duly endorsed for Transfer or termination, to the purchaser against
delivery of the appropriate purchase price. Notwithstanding anything to the contrary contained in this Section 9.10, if
the Seller or the Dragging Member agrees to escrow any amount of proceeds resulting from a Tag-Along Sale or the Drag-Along Sale,
as the case may be, or to accept indebtedness or other securities, then each Tag-Along Member or Subject Party shall be required
to escrow a pro rata amount of its proceeds from such Tag-Along Sale or the Drag-Along Sale, as the case may be, or accept such
indebtedness or other securities on the same terms as are applicable to the Seller or the Dragging Member. If the Seller or the
Dragging Member is given an option as to the form and amount of consideration to be received, then, in the event of a Tag-Along
Sale, all of the participating Tag-Along Members and, in the event of a Drag-Along Sale, all of the Subject Parties, shall be
given the same option. Further, and notwithstanding anything to the contrary contained in this Section 9.10 no Class B
Member shall be obligated to provide non-competition covenants in any Tag-Along Sale or Drag-Along Sale.

 

    	 	Page 25 of 34	

    	 

    

 

(b)
Costs of Tag-Along Sale or Drag-Along Sale. In connection with any Tag-Along Sale or Drag-Along Sale, the Seller or the
Dragging Member, as the case may be, may, or may cause the Company or the Subsidiaries, to hire legal counsel and other professional
advisors as it deems necessary or desirable to effectuate the contemplated transaction on behalf of the Seller or the Dragging
Member, as the case may be, and all participating Tag-Along Members or Subject Parties. The Seller or the Dragging Member, as
the case may be, and all Tag-Along Members or other Subject Parties participating in such Tag-Along Sale or Drag-Along Sale, as
the case may be, shall bear their pro rata share (based upon the consideration received) of the reasonable costs of such Tag-Along
Sale or Drag-Along Sale to the extent such costs are not otherwise paid by the Company or the acquiring Person; provided,
however, in the event of a Drag-Along Sale, no Subject Party shall be liable for such cost in excess of the proceeds received
by such Subject Party; provided further, however, in the event of a Drag-Along Sale, no Subject Party shall be obligated
to make any out-of-pocket expenditure prior to the consummation of the Drag-Along Sale. Costs incurred by any Tag-Along Member
or Subject Party on his, her or its own behalf (other than the costs of the professional advisors hired by the Seller or the Dragging
Member, as the case may be, for the benefit of such Seller or the Dragging Member and all other participating Members and Subject
Parties) will not be considered costs of a Tag-Along Sale or Drag-Along Sale and shall be paid solely by such Tag-Along Member
or Subject Party, as applicable. In connection with a Drag-Along Sale, the Subject Parties may retain, and the Company will pay
the reasonable fees and expenses of, a single legal counsel (and such local counsel as may be appropriate) to represent the Subject
Parties in connection with any proposed Drag-Along Sale (whether or not consummated).

 

(c)
Miscellaneous. In connection with any Tag-Along Sale or Drag-Along Sale, all Tag-Along Members or Subject Parties shall
enter into such agreements as are reasonably required by the purchaser of the Seller’s or the Dragging Member’s Units,
as the case may be, provided that the terms of such agreements are materially the same as are required of and entered into by
the Seller or the Dragging Member, as the case may be, in connection with the same transaction. Notwithstanding anything to the
contrary in this Agreement, the Tag-Along Members and the Drag-Along Members (including Members holding Class B Units) shall not
be required to become subject to any non-competition covenants in connection with the Drag-Along Sale or Tag-Along Sale, as the
case may be.

 

(d)
Attorneys-in-Fact. With respect to a Drag-Along Sale only, in the event that any Subject Party shall fail at any time to
vote or act by written consent with respect to any Units or otherwise fails to take all actions to effectuate the Drag-Along Sale,
as agreed by such Subject Party in this Agreement, such Subject Party hereby grants to and appoints the Dragging Member or such
other parties as the Board may from to time appoint (the “Attorneys-in-Fact”), as such Subject Party’s
proxy and attorney-in-fact, for and in the name, place and stead of such Member, to vote or act by written consent or effectuate
any actions with respect to such Units and to grant a consent, proxy or approval in respect of such Units, in each case in such
manner and to the extent as is necessary or desirable to vote such Units or otherwise effectuate the Drag-Along Sale as agreed
to by such Subject Party.

 

    	 	Page 26 of 34	

    	 

    

 

ARTICLE
10

 

Dissolution,
Winding Up and Liquidation

 

10.1
Causes of Dissolution. The Company shall not be dissolved by the admission of additional Members or Substituted Members.
Except as otherwise set forth in this Article 10, the Company is intended to have a perpetual existence. An Event of Withdrawal
shall not cause dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of
this Agreement. The Company shall be dissolved, its assets disposed of, and its affairs shall be wound up upon the first to occur
of the following: (i) the agreement of a Majority-in-Interest of the holders of Class A Units and a Majority-in-Interest of the
holders of Class B Units, voting as separate classes; (ii) the entry of a decree of judicial dissolution of the Company under
the Act; or (iii) any other event which causes a dissolution of the Company because the Act mandates dissolution upon the occurrence
of such other event, notwithstanding any agreement among the Members to the contrary.

 

10.2
Winding Up and Liquidation. Upon the dissolution of the Company, the Company shall continue solely for the purpose of winding
up its affairs in an orderly manner, liquidating its assets and satisfying the claims of its creditors. The Manager or, if there
is no Manager, one or more Persons appointed by a Majority-in-Interest of the Voting Units who agree to undertake the obligations
of this Article 10 (collectively, the “Liquidating Person”) shall proceed diligently to wind up the
affairs of the Company and make final distributions as provided in this Article 10. The costs of liquidation shall be borne
as a Company expense. Until final distribution, the Liquidating Person shall continue to operate the Company’s properties
with all of the power and authority of the Board. A reasonable time shall be allowed for the orderly liquidation of the assets
of the Company and the discharge of its liabilities to creditors so as to minimize any losses attendant upon a liquidation.

 

10.3
Liquidation Procedure. The steps to be accomplished by the Liquidating Person are as follows:

 

(a)
Discharge of Debts, Liabilities and Obligations. The Liquidating Person shall first pay, satisfy or discharge from Company
funds all of the debts, liabilities and obligations of the Company, including debts or liabilities to Members who are creditors
of the Company, and all expenses of the Company incurred in liquidation, or shall otherwise make adequate provision for payment
and discharge of the Company’s debts, liabilities and obligations in accordance with applicable law (including the establishment
of reserves for contingent liabilities in such amount and for such term as the Liquidating Person may reasonably determine).

 

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(b)
Distribution of Liquidation Proceeds. The Liquidating Person shall distribute all of the Company’s assets, if any,
remaining after complying with Section 10.3(a) (collectively, the “Liquidation Proceeds”) to the Members
in accordance with the order and priorities set forth in Section 8.2(b).

 

(c)
Adjustment to Capital Accounts. It is intended that the distributions set forth in Section 10.3(b) comply with the
intention of Regulations § 1.704-1(b)(2)(ii)(b)(2) that liquidating distributions be made in accordance with positive Capital
Accounts. However, if the balances in the Capital Accounts do not result in such requirement being satisfied, no change in the
amounts of distributions pursuant to Section 10.3(b) shall be made, but rather, Profits (and items thereof) and Losses
(and items thereof) will be allocated among the Members in accordance with Section 8.1(c) so as to cause the balances in
the Capital Accounts to be in the amounts necessary so that, to the extent possible, such result is achieved.

 

(d)
Profits Interest Distribution Limitation. Notwithstanding any other provision of this Agreement to the contrary, no distribution
will be made to any Class C Member in respect of any Class C Unit pursuant to Section 8.2(b) or Section 10.3(b)
unless and until the Threshold Amount applicable to such Class C Unit has been distributed in respect of all other Units which
existed immediately prior to the issuance of such Class C Unit, so that the amount distributable in respect of such Class C Unit
shall not exceed the maximum amount, if any, which may be distributed thereon without causing such Class C Unit to fail to qualify
as a “profits interest” for U.S. federal income tax purposes. Any amounts prohibited from distribution to a Member
pursuant to this Section 10.3(d) shall instead be distributed to the Class A Members, Class B Members and Class C Members
for which the Threshold Amount applicable to the Class C Units held by them has been satisfied in full in accordance with their
relative interests as described in Section 8.2(b) or Section 10.3(b).

 

10.4
Final Accounting. As promptly as possible after liquidation, the Liquidating Person shall cause to be prepared and furnished
to the Members a proper accounting of the assets and liabilities of the Company as at the date of dissolution and as at the date
of the completed liquidation.

 

10.5
Distributions In Kind. If any non-cash property is to be distributed in-kind, the Liquidating Person shall ascertain the
Fair Market Value of such property, and the Capital Accounts of the Members shall be charged or credited, as the case may be,
as if such property had been sold at such Fair Market Value and the net gain or net loss realized thereby had been allocated to
and among the Members in accordance with Article 8.

 

10.6
Return of Contributions. The Members shall look solely to the assets of the Company for the return of their Capital Contributions.
If the assets of the Company remaining after the payment or discharge of the debts and liabilities of the Company are insufficient
to return to the Members their Capital Contributions, they shall have no recourse against any other Member, the Board, the Manager,
any officer, or the Liquidating Person for that purpose.

 

10.7
No Deficit Restoration by Members. No Member shall be required to contribute capital to the Company to restore a deficit
balance in such Member’s Capital Account upon liquidation or otherwise.

 

    	 	Page 28 of 34	

    	 

    

 

10.8
Cancellation of Certificate. On completion of the distribution of the Company’s

 

assets
as provided herein, the Company is terminated (and the Company shall not be terminated prior to such time), and the Board (or
such other Person or Persons as the Act may require or permit) shall file a certificate of cancellation with the Secretary of
State of Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other
actions as may be necessary to terminate the Company. The Company shall be deemed to continue in existence for all purposes of
this Agreement until it is terminated pursuant to this Section 10.8.

 

ARTICLE
11

 

Representations
and Warranties of Members

 

11.1
Investment Matters. Each Member hereby warrants and represents to the Company and to each other Member that (i) such Member
is acquiring his, her or its Units solely for investment and not with a view to the distribution or resale thereof or to divide
his or its participation with others, (ii) such Member is acquiring his, her or its Units with his, her or its own funds and for
his, her or its own account and not on behalf of any other Person, (iii) neither such Member nor any other Person acting on his,
her or its behalf has paid any commission or other compensation to any Person in connection with such Member’s acquisition
of his, her or its Units, and (iv) such Member acknowledges that none of the Units has been registered or qualified under the
Securities Act or any applicable state securities laws, and, in addition to the other restrictions on Transfer contained in this
Agreement, the Units may not be sold, transferred or otherwise disposed of in whole or in part unless a registration statement
under the Securities Act with respect to such Units and qualification in accordance with all applicable state securities laws
has become effective, or unless such Member establishes to the satisfaction of the Company that an exemption from such registration
and qualification is available.

 

11.2
Authorization; No Conflicts; Due Execution and Delivery. Each Person now or hereafter becoming a party to this Agreement
hereby represents and warrants to the Company and each other party hereto that such Person is duly authorized to execute, deliver
and perform this Agreement, and such execution, delivery and performance will not breach, conflict with, give rise to a default
under, or violate any law, rule, regulation or order applicable to such Person or by which such Person is bound, nor any material
contract or agreement to which such Person is a party or by which such Person is bound. Each Person executing or delivering this
Agreement in a representative capacity on behalf of another Person represents and warrants to the Company and each party hereto
that such representative is duly authorized to do so.

 

ARTICLE
12

 

Miscellaneous
Provisions

 

12.1
Notices. Any notice or communication required or permitted to be given by any provision of this Agreement shall be deemed
to have been given and received for all purposes when delivered personally or by electronic mail or facsimile to the party to
whom the same is directed or when mailed or sent by overnight delivery service, charges prepaid, addressed (either physical or
electronic mail) to the party to whom the same is directed at the address set forth in this Agreement, or such other address as
to which the Company has received written notice from time to time.

 

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12.2
Books of Accounts and Records; Accounting. Proper and complete records and books of account of the Company’s business
shall be kept or shall be caused to be kept by the Board, in which shall be entered fully and accurately all transactions and
other matters relating to the Company’s business in the detail and completeness customary and usual for businesses of the
type engaged in by the Company, including all books and records necessary to provide any information, lists and copies of documents
required to be provided pursuant to applicable laws, financial statements, accounting records, tax returns, a current register
of address of the Members and the Board, a copy of this Agreement and all amendments thereto, a copy of the Certificate of Formation
and all amendments thereto, minutes of meetings of the Members and minutes of meetings of the Board. The books and records shall
at all times be maintained at the principal executive offices of the Company or at such other place, within or without the State
of Delaware, as the Board shall reasonably from time to time determine. All books and records of the Company required to be maintained
under this Section 12.2 and any other information described in Section 18-305(a) of the Act shall be made available upon
reasonable demand by any Member for any purpose reasonably related to such Member’s Units, during ordinary business hours,
for inspection and copying at the expense of such Member. The Company’s books shall be kept on the basis of the accounting
method of the Company for federal income tax purposes, as selected by the Board. The fiscal year of the Company shall be the calendar
year.

 

12.3
Financial Reports.

 

(a)
The Company shall cause (i) a quarterly report to be sent to each of the Members within a commercially reasonable period after
the end of each month, but not later than fifty (50) days after the end of the related quarter, and (ii) annual audited financial
statements to be sent to each of the Members not later than one hundred five (105) days after the close of the fiscal year.

 

(b)
The Company will furnish or will cause to be furnished to each Member (i) within ninety (90) days after the end of each fiscal
year (the “Schedule K-1 Deadline”), an Internal Revenue Service Schedule K-1 with respect to such Member containing,
among other things, a statement of changes in such Member’s equity and Capital Account balance for such fiscal year, and
(ii) within 15 days after receipt thereof, any notice of audit from the Internal Revenue Service. In the event that such Schedule
K-1s cannot be provided by the Schedule K-1 Deadline, the Company will instead deliver to each Member an estimate of the annual
tax information for the applicable taxable year, including an estimated Internal Revenue Service Schedule K-1.

 

12.4
Bank Accounts. The Manager shall maintain the funds of the Company and its Subsidiaries in one or more separate bank accounts
in the name of the Company or its Subsidiaries, as applicable, and shall not permit the funds of the Company or a Subsidiary to
be commingled in any fashion with the funds of any other Person.

 

12.5
Governing Law; Company Counsel. The Company, this Agreement and the rights of the Members hereunder shall be governed by
the laws of the State of Delaware without regard to its rules concerning conflicts of laws. Each Member acknowledges and agrees
that LLP is acting as counsel solely to the Company in connection with the organization of the Company and the preparation of
this Agreement and as such does not represent or owe any duty to any Member or to the Members as a group in connection with such
engagement.

 

    	 	Page 30 of 34	

    	 

    

 

12.6
Waiver of Action for Partition. Each Member irrevocably waives any right that it may have to maintain any action for partition
with respect to the property of the Company.

 

12.7
Amendments. Except as provided in Section 4.1 and Section 4.3(b) and except for any amendment to reflect
the issuance of New Securities (which may be effected by approval of the Board), this Agreement may be amended only by a Majority-in-Interest
of the Class A Units and Class B Units voting separately in writing which specifically references this Agreement; provided,
however, that no amendment shall (i) increase the liability of a Member to make any Capital Contribution, (ii) create or
increase any liability on a Member’s part for any debt or obligation of the Company, (iii) otherwise adversely affect a
Member (in his, her or its capacity as such Member) (iv) eliminate any right that a Member or class of Units is entitled to pursuant
to this Agreement, or (v) change the restrictions contained in this Section 12.7, in each case unless all Members adversely
affected thereby have expressly consented in writing to such amendment.

 

12.8
Construction. Whenever the singular is used in this Agreement and when required by the context, the same shall include
the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa. The headings
in this Agreement are for convenience only and are in no way intended to describe, interpret, define or limit the scope, extent
or intent of this Agreement or any of its provisions. Unless otherwise expressly provided or unless the context requires otherwise,
(a) all references in this Agreement to Sections and Exhibits shall mean and refer to Sections and Exhibits of this Agreement;
(b) all references to statutes and related regulations shall include all amendments of the same and any successor or replacement
statutes and regulations; (c) references to “hereof,” “herein,” “hereby” and similar terms
shall refer to this entire Agreement (including the Exhibits hereto); (d) references to any Person shall be deemed to mean and
include the successors and permitted assigns of such Person; (e) the term “including” shall mean “including,
without limitation”; and (f) every covenant, term and provision of this Agreement shall be construed according to its fair
meaning and not for or against any Member. This Agreement is among financially sophisticated and knowledgeable parties and is
entered into by the parties in reliance upon the economic and legal bargains contained herein and shall be interpreted and construed
in a fair and impartial manner without regard to such factors as the party who prepared, or cause the preparation of, this Agreement
or the relative bargaining power of the parties. Wherever in this Agreement the Board or a Director, Member or other Person is
empowered to take or make a decision, direction, consent, vote, determination, election, action or approval, the Board or such
Director, Member or Person, as applicable, is entitled to consider, favor and further such interests and factors as it desires,
including its own interests, and has no duty or obligation to consider, favor or further any other interest of the Company, any
subsidiary of the Company or any other Director, Member or Person. Wherever in this Agreement the Board, a Director or Member
is permitted or required to make a decision or determination or take an action in its “discretion” or its “judgment,”
that means that such Member may take that decision in its “sole discretion” or “sole judgment” without
regard to the interests of any other Person.

 

12.9
Entire Agreement. This Agreement contains the entire understanding among the parties with respect to the subject matter
hereof and supersedes any prior understandings and agreements, whether written or oral, with respect to such subject matter.

 

12.10
Severability. If any provision of this Agreement or its application to any person or circumstance shall, for any reason
and to any extent, be invalid, illegal or unenforceable, the remainder of this Agreement and the application of such provision
to other persons or circumstances shall not be affected thereby, but rather shall be enforceable to the fullest extent permitted
by law.

 

    	 	Page 31 of 34	

    	 

    

 

12.11
Heirs, Successors and Assigns. Each and all of the covenants, terms, provisions and agreements contained in this Agreement
shall be binding upon and inure to the benefit of the parties hereto and, to the extent permitted by this Agreement, their respective
heirs, legal representatives, successors and permitted assigns.

 

12.12
Creditors. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the
Company.

 

12.13
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original but all
of which shall constitute one and the same instrument.

 

12.14
Federal Income Tax Elections. In the event of a Transfer of all or any portion of the Units of any Member, the Company
may elect (by action of the Board) pursuant to Section 754 of the Code to adjust the basis of assets of the Company upon written
request of the transferee.

 

12.15
Remedies; Injunctive Relief. The Members shall be entitled to enforce their rights under this Agreement specifically, to
recover damages by reason of any breach of any provision of this Agreement (including costs of enforcement) and to exercise any
and all other rights at law or at equity existing in their favor. Each Member acknowledges that it will be impossible to measure
in money the damage to the Company and to the other Members if there is a failure to comply with this Agreement. It is therefore
agreed that the Company or any other Member, in addition to any other rights or remedies which they may have, shall be entitled
to immediate injunctive relief and to specific performance to enforce this Agreement and that if any action or proceeding is brought
in equity to enforce it, no party will urge, as a defense, that there is an adequate remedy at law. Each Member hereby waives
the requirement that the party seeking an injunction post a bond. No remedy herein conferred upon any party is intended to be
exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. No single or partial exercise by
any party of any right, power or remedy hereunder shall preclude any other or further exercise thereof.

 

12.16
Further Actions. Each Member agrees to perform all further acts and execute, acknowledge, and deliver any documents which
may be reasonably necessary to carry out the provisions of this Agreement.

 

12.17
Consent to Jurisdiction; Service of Process. The Company, and each Manager, officer and Member irrevocably (a) consents
to the jurisdiction of the state and Federal courts located in the County of Wilmington, State of Delaware, (b) agrees that any
action, suit or proceeding by or among the Company, Directors (or any of them), Manager, officers or Members (or any of them)
shall be brought exclusively in such courts in the State of Delaware, (c) waives any objection which he, she or it may now or
hereafter have to the choice of forum whether on personal jurisdiction, venue, forum non conveniens or on any other ground, (d)
consents to the service of process outside of the territorial jurisdiction of said courts by mailing copies thereof by registered
or certified United States mail, postage prepaid, to such Person’s last known address as shown in the records of the Company
with the same effect as if such Person was a resident of the State of Delaware and had been lawfully served in such state, and
(e) agrees that final judgment against he, she or it in any such action or proceeding shall be conclusive and may be enforced
in any other jurisdiction within or outside the State of Delaware by suit on the judgment, a certified or exemplified copy of
which shall be conclusive evidence of the fact and the amount of such judgment. Nothing in this Agreement shall affect the right
to service of process in any other manner permitted by law.

 

    	 	Page 32 of 34	

    	 

    

 

12.18
Reliance on Authority of Person Signing Agreement. If a Member is not a natural person, neither the Company nor any Member
will (a) be required to determine the authority of the individual signing this Agreement to make any commitment or undertaking
on behalf of such entity or to determine any fact or circumstance bearing upon the existence of the authority of such individual
or (b) be responsible for the application or distribution of proceeds paid or credited to individuals signing this Agreement on
behalf of such entity.

 

12.19
No Third Party Beneficiary. The Agreement is made solely and specifically among and for the benefit of the parties hereto,
and their respective successors and assigns subject to the express provisions hereof relating to successors and assigns, and no
other Person will have any rights, interest, or claims hereunder or be entitled to any benefits under or on account of the Agreement
as a third party beneficiary or otherwise.

 

12.20
Certificated Units. In the event that Certificated Units are issued, such Certificated Units will bear the following legend:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION
THEREUNDER, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH IN THE COMPANY’S LIMITED LIABILITY COMPANY
AGREEMENT, AS AMENDED. A COPY OF SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF
BUSINESS WITHOUT CHARGE.”

 

12.21
Waiver of Jury Trial. EACH MEMBER WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND
ANY RIGHTS UNDER THIS AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED IN CONNECTION HEREWITH OR
HEREAFTER AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

    	 	Page 33 of 34	

    	 

    

 

12.22
Confidentiality. Each Member recognizes and acknowledges that it has and may in the future receive certain confidential
and proprietary information and trade secrets of the Company and its Subsidiaries (including their predecessors), including confidential
information of the Company and its Subsidiaries (and their predecessors) regarding identifiable, specific and discrete business
opportunities being pursued by the Company or its Subsidiaries (the “Confidential Information”). Except as
otherwise consented to by the Board in writing, each Member (on behalf of itself and, to the extent that such Member would be
responsible for the acts of the following Persons under principles of agency law, its managers, directors, officers, shareholders,
partners, employees, agents and members) agrees that it will not, during or after the term of this Agreement, whether directly
or indirectly through an Affiliate or otherwise, take commercial or proprietary advantage of or profit from any Confidential Information
or disclose Confidential Information to any Person for any reason or purpose whatsoever, except (i) to authorized managers, directors,
officers, representatives, agents and employees of the Company or its Subsidiaries and as otherwise may be proper in the course
of performing such Member’s obligations, or enforcing such Member’s rights, under this Agreement and the agreements
expressly contemplated hereby; (ii) in connection with such Member’s or such Member’s Affiliates’ normal fund
raising, marketing, informational or reporting activities or to such Member’s (or any of its Affiliates’) Affiliates,
auditors, accountants, attorneys or other agents; (iii) to any bona fide prospective purchaser of the equity or assets of such
Member or its Affiliates or the Units held by such Member, or prospective merger partner of such Member or its Affiliates, provided
if not prohibited, that such purchaser or merger partner agrees to be bound by the provisions of this Section 12.22 or
other confidentiality agreement approved by the Board; or (iv) as is required to be disclosed by order of a court of competent
jurisdiction, administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation,
provided that the Member required to make such disclosure pursuant to clause (iv) above shall, if permitted by applicable law
or legal order, provide the Company prompt notice of such disclosure to enable the Company to seek an appropriate protective order
or confidential treatment. For purposes of this Section 12.22, the term “Confidential Information” shall not
include any information of which (x) such Person learns from a source other than the Company or its Subsidiaries, or any of their
respective representatives, employees, agents or other service providers, and in each case who is not known by such Person to
be bound by a confidentiality obligation, or (y) is disclosed in a prospectus or other documents for dissemination to the public.
Nothing in this Section 12.22 shall in any way limit or otherwise modify any confidentiality covenants entered into by
any Member or any of its Affiliates pursuant to any other agreement entered into with the Company or any of its Subsidiaries.
In the event any Member ceases to be a Member such former Member shall be subject to the terms of this Section 12.22 until
the second anniversary of such cessation.

 

12.23
Expenses. Each party agrees to bear its own legal expenses incurred in connection with the preparation of this Agreement
and any other related agreements except that the Company shall pay the fees and expenses of Milbank, Tweed, Hadley & McCloy
LLP. In the event of any litigation or similar proceeding with respect to the rights of any Member, Director or the Company hereunder,
the nonprevailing party to such litigation or similar proceeding shall reimburse the prevailing party for the reasonable costs
and expenses (including reasonable attorneys’ and expert witness fees) thereof incurred in connection with such litigation
or similar proceeding.

 

[signature
pages follow]

 

    	 	Page 34 of 34	

    	 

    

 

LIMITED
LIABILITY COMPANY AGREEMENT OF

EARTH PROPERTY HOLDINGS LLC

 

IN
WITNESS WHEREOF, the undersigned Initial Member has caused this counterpart signature page to the Limited Liability Company Agreement
of Earth Property Holdings LLC, dated as of November 9, 2018, to be duly executed as of the date first above written.

 

	 	/s/
    Kevin Bolin
	 	Kevin
    Bolin
	 	 	 
	 	Address
    for Notices:
	 	 
	 	Attn:	Kevin
    Bolin
	 	 	 
	 	Phone:	XXXXXXX
	 	Fax:	XXXXXXX
	 	e-mail:	kbolin@q2earth.com

 

    	 	Signature Page - 1	 

    	 

    

 

LIMITED
LIABILITY COMPANY AGREEMENT OF

EARTH PROPERTY HOLDINGS LLC

 

IN
WITNESS WHEREOF, the undersigned Member has caused this counterpart signature page to the Limited Liability Company Agreement
of Earth Property Holdings LLC, dated as of November 9, 2018, to be duly executed as of the date first above written.

 

	 	Q2EARTH,
    INC.
	 	 	 
	 	By:	/s/
    Kevin Bolin
	 	 	 
	 	Name:	Kevin
    Bolin
	 	Title:	Chairman
    & CEO
	 	 	 
	 	Address
    for Notices:
	 	 	 
	 	XXXXX
	 	XXXXX
	 	 	 
	 	Attn:	Kevin
    Bolin
	 	 	 
	 	Phone:	XXXXXXX
	 	Fax:	XXXXXXX
	 	e-mail:	kbolin@Q2earth.com

 

    	 	Signature Page - 2	 

    	 

    

 

LIMITED
LIABILITY COMPANY AGREEMENT OF

EARTH PROPERTY HOLDINGS LLC

 

IN
WITNESS WHEREOF, the undersigned Member has caused this counterpart signature page to the Limited Liability Company Agreement
of Earth Property Holdings LLC, dated as of November 9, 2018, to be duly executed as of the date first above written.

 

	 	Foxcroft
    Lands, LLC
	 	 	 
	 	By:	/s/
    C. Thomas Paschall
	 	Name:	C.
    Thomas Paschall
	 	Title:	President
	 	 	 
	 	Attn:	C.
    Thomas Paschall
	 	 	 
	 	Phone:	XXXXXXX
	 	Fax:	__________________
	 	e-mail:	tom@checkmate.capital
	 	 	 
	 	With
    a copy to
	 	 
	 	Brett
    Goldblatt (bgoldblatt@milbank.com)

 

    	 	Signature Page - 3	 

    	 

    

 

SCHEDULE
1

 

MEMBERS’
NAMES, ADDRESSES, CAPITAL CONTRIBUTIONS AND UNITS

 

	Name and Address	 	Capital Contributions	 	 	Units	 
	Foxcroft Lands, LLC	 	$	4,400,000	 	 	 	500,000 (Class A)	 
	 	 	 	 	 	 	 	 	 
	Q2Earth, Inc.	 	$	50,000	 	 	 	124,999 (Class B)	 

 

    	 	Schedule 1	 

    	 

    

 

EXHIBIT
A

Definitions

 

Certain
capitalized words and phrases used in this Agreement shall have the following meanings:

 

“Acceptance
Notice” is defined in Section 9.8(b) hereof.

 

“Act”
means the Delaware Limited Liability Company Act, Delaware Code Title 6, Chapter 18 (Sections 18-101, et seq.), as amended
from time to time (or any corresponding provisions of succeeding law).

 

“Adjusted
Capital Account Balance” means the balance in the Capital Account of a Member after giving effect to the following:
(i) a credit to such Capital Account for any amounts the Member is obligated to restore, pursuant to the terms of the Agreement
or otherwise, or is deemed obligated to restore pursuant to the penultimate sentences of §§ 1.704-2(g)(1) and 1.704-2(i)(5)
of the Regulations and (ii) a debit to such Capital Account for the items described in §§ 1.704-1(b)(2)(ii)(d)(4),
(5), and (6) of the Regulations.

 

“Affiliate”
of a Person means (1) any corporation, partnership, trust or other entity controlling, controlled by or under common control with
such Person; (2) any executive officer, director, trustee or general partner of any Person described in (1) above; (3) any spouse,
lineal ancestor, lineal descendant or member of the household of such Person; or (4) any Affiliated Fund with respect to such
Person. For the purposes of this definition, the term “control” shall mean (i) the control or ownership of fifty percent
(50%) or more of the voting securities in the Person referred to, or (ii) the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of the Person referred to, whether through the ownership of voting
securities, by contract or otherwise.

 

“Affiliated
Fund” means, with respect to a Person that is a limited liability company, a limited liability partnership, limited
partnership or other investment vehicle (in each case, or a direct or indirect subsidiary thereof), any other limited liability
company, a limited liability partnership, limited partnership or other investment vehicle managed by the same manager or managing
member or general partner or management company or by a Person controlling, controlled by, or under common control with such manager
or managing member or general partner or management company.

 

“Agreement”
means this Limited Liability Company Agreement, as originally executed and as amended, restated, supplemented or otherwise modified
from time to time in accordance with its terms.

 

“Board”
is defined in Section 5.1(a) hereof.

 

    	 	Exhibit A - 1	 

    	 

    

 

“Book
Value” means, with respect to any Company asset, the Company’s adjusted basis in such asset for federal income
tax purposes; provided that the initial Book Value of any contributed property shall be equal to the Fair Market Value
(as determined by the Board) of such contributed property as of the date of contribution to the Company; and provided,
further, that the Book Value of all of the Company’s assets shall be adjusted to equal their respective Fair Market
Values (as determined by the Board) as of each of the following times, and any such increase or decrease in Book Value of an asset
shall be allocated as Profits or Losses to the Capital Accounts of the Members under Section 8.1 (determined immediately
prior to such event):

 

(i)
The acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis
contribution to the capital of the Company.

 

(ii)
Subject to the provisions of Section 4.3(d)(i), the grant of an interest in the Company (other than a de minimis
interest) as consideration for the provision of services to or for the benefit of the Company.

 

(iii)
The distribution by the Company to a Member of more than a de minimis amount of Company assets, including money, if as
a result of such distribution such Member’s interest in the Company is reduced.

 

(iv)
The liquidation of the Company within the meaning of Regulations § 1.704-1(b)(2)(ii)(g).

 

The
Book Value of Company assets shall also be increased (or decreased) to the extent that adjustments to the adjusted basis of such
assets pursuant to Section 734(b) or Section 743(b) of the Code have been taken into account for purposes of determining Capital
Accounts in accordance with Regulations § 1.704-1(b)(2)(iv)(m), unless such adjustments have already been taken into account
pursuant to the preceding provisions of this definition.

 

“Business
Day” means any day that is not a Saturday, a Sunday or holiday observed by the United States Federal Reserve Board of
Governors.

 

“Buyer”
is defined in Section 9.8(a) hereof.

 

“Capital
Account” means, with respect to any Member, the Capital Account maintained for such Member pursuant to the provisions
of Section 4.4, which shall be determined and adjusted as follows:

 

(i)
To each Member’s Capital Account, there shall be credited the following: (a) such Member’s Capital Contributions (in
the case of in kind contributions, net of any liabilities that the Company is considered to assume or take subject to); (b) such
Member’s allocations of Profits; and (c) any items in the nature of income or gain which are specially allocated to such
Member pursuant to Section 8.1(d) hereof.

 

(ii)
To each Member’s Capital Account there shall be debited the following: (a) the amount of cash or the fair market value of
other property distributed to such Member pursuant to any provision of this Agreement (in the case of in kind distributions, net
of any liabilities that the Member is considered to assume or take subject to); (b) such Member’s allocations of Losses;
and (c) any items in the nature of expenses or losses which are specially allocated to such Member pursuant to Section 8.1(d)
hereof.

 

    	 	Exhibit A - 2	 

    	 

    

 

“Capital
Contribution” means the amount in cash or agreed-upon value of property contributed by each Member (or its predecessors
in interest) to the capital of the Company with respect to such Member’s Unit or Units, as set forth on Schedule 1
attached hereto.

 

“Certificate
of Formation” means the Certificate of Formation of the Company as filed with the Secretary of State of Delaware on
February 26, 2018, as the same may be amended from time to time in accordance with the Act.

 

“Class
A Directors” is defined in Section 5.1(c) hereof.

 

“Class
A Interests” means a Class A Member’s relative share of all the Class A Units.

 

“Class
A Member” means any holder of Class A Units.

 

“Class
A Unit” means a unit of a class of ownership interest of the Company and shall represent an undivided interest in the
holder’s Capital Account balance.

 

“Class
A Unreturned Capital Contributions” means for any Class A Member, the amount of such Class A Member’s Capital
Contributions, less any Capital Contributions distributed to such Class A Member pursuant to Section 8.2(b)(2).

 

“Class
B Directors” is defined in Section 5.1(c) hereof.

 

“Class
B Member” means any holder of Class B Units.

 

“Class
B Unit” means a unit of a class of ownership interest of the Company and shall represent an undivided interest in the
holder’s Capital Account balance.

 

“Code”
means the Internal Revenue Code of 1986, as amended, or corresponding provisions of succeeding federal revenue laws.

 

“Company”
means Earth Property Holdings, LLC, a Delaware limited liability company.

 

“Company
Minimum Gain” is defined in Section B1 of Exhibit B hereof.

 

“Covered
Person” means (a) each Director, (b) each Member and its Affiliates, (c) the Partnership Representative, (d) any Designated
Individual and (e) the former and current officers, agents and employees of the Company, the Members, the Partnership Representative,
any Designated Individual and each such Affiliate.

 

    	 	Exhibit A - 3	 

    	 

    

 

“Depreciation”
means, for each taxable year or other period, an amount equal to the depreciation, amortization or other cost recovery deduction
allowable with respect to an asset for such taxable year or other period, except that if the Book Value of an asset differs from
its adjusted basis for federal income tax purposes at the beginning of such taxable year or other period, Depreciation shall be
an amount which bears the same ratio to such beginning Book Value as the federal income tax depreciation, amortization, or other
cost recovery deduction for such taxable year or other period bears to such beginning adjusted tax basis; provided, however, that
if the adjusted tax basis for federal income tax purposes of an asset at the beginning of such taxable year or period is zero,
Depreciation shall be determined with reference to such beginning Book Value using any reasonable method selected by the Board.

 

“Designated
Individual” means the designated individual appointed by the Company pursuant to Regulation § 301.6223-1 (and any
similar provision of state, local or foreign law).

 

“Director”
is defined in Section 5.1(a) hereof.

 

“Drag-Along
Notice” is defined in Section 9.9(a) hereof.

 

“Drag-Along
Sale” is defined in Section 9.9(a) hereof.

 

“Dragging
Member” is defined in Section 9.9(a) hereof.

 

“Economic
Interest” means Units which represent solely an interest in the Company’s Profits, Losses, allocations of other
items of income, gain, loss, deduction and credit, and distributions and which do not confer the rights of a Member under this
Agreement or as a “member” under the Act.

 

“Economic
Interest Owner” means a Person who holds an Economic Interest. “Economic Interest Owners” means all such
Persons.

 

“Effective
Transfer Date” is defined in Section 9.5 hereof.

 

“Equity
Securities” means, with respect to a Person, (i) units, membership interests, capital stock or other equity interests
in such Person, (ii) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable into
units, membership interests, capital stock or other equity interests in such Person, and (iii) warrants, options or other rights
to purchase or otherwise acquire units, membership interests, capital stock or other equity interests in such Person.

 

“Equity
Value” is defined in Section 9.8(b)(i) hereof.

 

“Exempt
Issuance” is defined in Section 4.5(f) hereof.

 

“Excess
Cash Flow” means the amount of all cash and the Fair Market Value (as determined by the Board) of all property received
as revenue by the Company from Company operations or investments, or from the sale, exchange or other disposition of all or any
part of the property of the Company or from the refinancing with respect to any indebtedness or assets of the Company, less all
expenses of every kind (before deduction for cost recovery or other non-cash expenses) of the Company for any period (including
distributions pursuant to Section 8.2(c)) and the retention and establishment of reserves of, or payment to third parties of,
such funds as the Board deems necessary with respect to the reasonable business needs of the Company, which shall include the
payment, or the making of provision for the payment when due, of the Company’s liabilities, obligations and expenses, including
contingent liabilities.

 

    	 	Exhibit A - 4	 

    	 

    

 

“Expiration
Date” is defined in Section 9.8(b) hereof.

 

“Fair
Market Value” means, with respect to any property, the amount at which such property would change hands between a willing
buyer and a willing seller, neither being under any compulsion to buy or sell, and both such parties being ready, willing and
able to engage in such transaction and well informed about such property and the market for such property, as determined in the
discretion of the Board.

 

“Fully
Exercising Member” is defined in Section 4.5(d) hereof.

 

“Holder
Minimum Gain” is defined in Section B2 of Exhibit B hereof.

 

“Holder
Nonrecourse Deductions” is defined in Section B4 of Exhibit B hereof.

 

“indemnified
parties” is defined in Section 7.3(a).

 

“Initial
Member” is defined in the preamble hereof.

 

“Interest”
means a Member’s limited liability company interest in the Company, including any and all benefits to which the holder of
such Interest may be entitled as provided in this Agreement, together with all obligations of such Member to comply with the terms
and provisions of this Agreement.

 

“Liquidating
Person” is defined in Section 10.2 hereof.

 

“Liquidation
Proceeds” is defined in Section 10.3(b) hereof.

 

“Majority-in-Interest”
when used with respect to any specified class of Units or all Units, means Members holding more than 50% of such specified class
of Units or all Units, as applicable, held in the aggregate by all such Members holding such Units.

 

“Management
Agreement” is defined in Section 5.6.

 

“Manager”
is defined in Section 5.6.

 

“Maximum
Pro Rata Portion” is defined in Section 9.8(b)(iii) hereof.

 

“Member”
means any Person that is a Class A Member or a Class B Member. A Member shall have all rights conferred upon “members”
under the Act, as modified by this Agreement. “Members” means all such Persons.

 

“New
Securities” is defined in Section 4.5(a) hereof.

 

“New
Units” is defined in Section 4.5(a) hereof.

 

    	 	Exhibit A - 5	 

    	 

    

 

“Offered
Units” is defined in Section 9.2 hereof.

 

“Offeree”
is defined in Section 4.5(a) hereof.

 

“Participating
Unit Holder” and “Participating Unit Holders” are defined in Section 4.5(a) hereof.

 

“Partnership
Representative” means the partnership representative of the Company within the meaning of Code Section 6223(a) (and
any similar provision of state, local or foreign law).

 

“Permitted
Transfer” is defined in Section 9.1(b) hereof.

 

“Permitted
Transferee” is defined in Section 9.1(b) hereof.

 

“Person”
means any individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including any government or political subdivision or any agency or instrumentality thereof.

 

“Preemptive
Rights Notice” is defined in Section 4.5(b) hereof.

 

“Preemptive
Rights Percentage” is defined in Section 4.5(c) hereof.

 

“Preferred
Return” means, with respect to any Class A Member and Class A Unit of which such Class A Member is the owner, a cumulative
compounded quarterly amount equal to eight percent (8%) per annum of the Capital Contribution which relates to such Class A Unit.
In the event any Class A Member Transfers a Class A Unit in accordance with this Agreement, such Class A Member’s transferee
shall succeed to the Preferred Return which relates to such Class A Unit.

 

“Profits”
and “Losses” means, for each taxable year or other period, an amount equal to the Company’s taxable income
or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain,
loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss),
with the following adjustments:

 

(i)
Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or
Losses shall be added to such taxable income or loss.

 

(ii)
Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted
from such taxable income or loss.

 

    	 	Exhibit A - 6	 

    	 

    

 

(iii)
At any time the Book Value of any Company property is adjusted, the amount of such adjustment shall be taken into account as gain
or loss from the disposition of such property for purposes of computing Profits or Losses.

 

(iv)
Gain or loss resulting from the disposition of any Company asset with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Book Value of the property disposed of, notwithstanding that the adjusted
tax basis of such property differs from its Book Value.

 

(v)
In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such taxable year or other period, computed in accordance with the
definition of “Depreciation.”

 

(vi)
Notwithstanding any other provision of this definition, any items which are specially allocated pursuant to Section 8.1(d)
and Exhibit B of the Agreement shall not be taken into account in computing Profits or Losses.

 

“Proportional
Share” means, as of any determination date, with respect to a Unit Holder relative to a specified group of Members,
the percentage equal to the quotient of (i) the number of Units held by such Unit Holder to (ii) the total number of outstanding
Units held by the specified group of Members, each as of such determination date.

 

“Register”
is defined in Section 4.1 hereof.

 

“Regulations”
means the Treasury regulations promulgated under the Code, as the same may be amended from time to time, including corresponding
provisions of any succeeding regulations.

 

“Regulatory
Allocations” is defined in Section B5 of Exhibit B hereof.

 

“Sale
Portion” is defined in Section 9.8(b)(ii) hereof.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time.

 

“Seller”
is defined in Section 9.8(a) hereof.

 

“Service
Providers” means bona fide officers, employees, consultants or other service providers of the Company or any Subsidiary.

 

“Subscription
Agreement” is defined in the preamble hereto.

 

“Subject
Parties” is defined in Section 9.9(a) hereof.

 

“Subsidiary”
means an entity the majority of the ownership interests of which are owned, directly or indirectly, by the Company. “Subsidiaries”
means all such entities.

 

    	 	Exhibit A - 7	 

    	 

    

 

“Tag-Along
Interest” is defined in Section 9.8(c) hereof.

 

“Tag-Along
Member,” “Tag-Along Notice,” “Tag-Along Purchase Price,” “Tag-Along Sale”
and “Tag-Along Triggering Interest” are defined in Section 9.8(a) hereof.

 

“Threshold
Amount” of any Class C Unit means the “Threshold Amount” designated for such Class C Unit in the award agreement
governing such Class C Unit.

 

“Transfer”
is defined in Section 9.1 hereof.

 

“Transfer
Agreement” is defined in the preamble hereto.

 

“Transferring
Member” is defined in Section 9.2 hereof.

 

“Unit”
means an Economic Interest in the Company representing a fractional part of the Economic Interest in the Company. Each Unit shall
be classified either as a Class A Unit, a Class B Unit or Class C Unit, and the classification of such Unit shall be set forth
on the Register. “Unit” includes a fractional Unit.

 

“Unreturned
Capital Contribution Balance” means, with respect to a Class A Member and Class A Unit of which such Class A Member
is an owner, the aggregate Capital Contributions made with respect to such Class A Unit reduced (but not below zero) by all prior
distributions made with respect to such Class A Unit pursuant to Section 8.2(b)(2) (whenever made and regardless of the
source or character thereof). In the event any Class A Member Transfers a Class A Unit in accordance with this Agreement, such
transferee shall succeed to the Unreturned Capital Contribution Balance which relates to such Class A Unit.

 

“Voting
Units” means collectively, the Class A Units and the Class B Units.

 

    	 	Exhibit A - 8	 

    	 

    

 

EXHIBIT
B

Regulatory
and Special Allocations

 

The
following allocations, which shall be made prior to those of Section 8.1(a), shall be made in the following order:

 

Section
B1. Company Minimum Gain Chargeback. If there is a net decrease in Company Minimum Gain during any taxable year, each Unit
holder shall be specially allocated items of income and gain for such taxable year (and, if necessary, subsequent taxable years)
in an amount equal to such Unit holder’s share of the net decrease in Company Minimum Gain, determined in accordance with
Regulations § 1.704-2(g). The items to be so allocated shall be determined in accordance with Regulations §§ 1.704-2(f)(6)
and 1.704-2(j)(2). The term “Company Minimum Gain” has the meaning ascribed to “partnership minimum gain”
as set forth in Regulations §§ 1.704-2(b)(2) and 1.704-2(d). This paragraph is intended to comply with the minimum gain
chargeback requirement in Regulations § 1.704-2(f) and shall be interpreted consistently therewith.

 

Section
B2. Unit Holder Minimum Gain Chargeback. Except as otherwise provided in Regulations § 1.704-2(i)(4), if there is
a net decrease in Holder Minimum Gain during any taxable year, each Unit holder that has a share of such Holder Minimum Gain shall
be specially allocated items of income and gain for such taxable year (and, if necessary, subsequent taxable years) in an amount
equal to that Unit holder’s share of the net decrease in Holder Minimum Gain. Items to be allocated pursuant to this paragraph
shall be determined in accordance with Regulations §§ 1.704-2(i)(4) and 1.704-2(j)(2). The term “Holder Minimum
Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” as set forth in Regulations §
1.704-2(i)(3). This paragraph is intended to comply with the minimum gain chargeback requirements in Regulations § 1.704-2(i)(4)
and shall be interpreted consistently therewith.

 

Section
B3. Nonrecourse Deductions and Unit Holder Nonrecourse Deductions. Nonrecourse deductions (as determined according to Regulations
§ 1.704-2(b)(1)) for any taxable year shall be allocated to the Unit holders in the same proportion that Profits for such
taxable year are allocated to the Unit holders. Holder Nonrecourse Deductions shall be allocated in the manner required by Regulations
§ 1.704-2(i). The term “Holder Nonrecourse Deductions” has the meaning ascribed to “partner nonrecourse
deductions” in Regulations § 1.704-2(i).

 

Section
B4. Ordering Rules. Any other provision of this Agreement notwithstanding, allocations for any taxable year or other period
of nonrecourse deductions and Holder Nonrecourse Deductions (pursuant to the foregoing Section B3) or of items required to be
allocated pursuant to the minimum gain chargeback requirements contained in the foregoing Section B1 and Section B2, shall be
made before any other allocations under this Agreement.

 

Section
B5. Reallocation. The allocations set forth in Sections B1 through B3 above (the “Regulatory Allocations”)
are intended to comply with certain requirements of the Regulations under Code Section 704. The Regulatory Allocations may not
be consistent with the manner in which the Members intend to allocate Profits and Losses or make Company distributions. Accordingly,
any other provision of this Agreement notwithstanding, but subject to the Regulatory Allocations, income, gain, deduction, and
loss shall be reallocated among the Unit holders so as to eliminate the effect of the Regulatory Allocations and thereby to cause
the respective Capital Accounts of the Unit holders to be in the amounts (or as close thereto as possible) they would have been
if Profits and Losses (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory
Allocations. In general, the Members anticipate that this will be accomplished by specially allocating such other items of income,
gain, deduction and loss among the Unit holders so that the net amount of the Regulatory Allocations and such special allocations
to each such Unit holder is zero.

 

    	 	Exhibit B - 1EX-10.2

 Exhibit 10.2 

SYNTHORX, INC. 

2014 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
MAY 27, 2014 
 APPROVED BY THE STOCKHOLDERS:
MAY 27, 2014 
 AMENDED BY THE BOARD OF
DIRECTORS: JUNE 24, 2015 
 APPROVED BY THE
STOCKHOLDERS: JULY 20, 2015 
 AMENDED BY THE
BOARD OF DIRECTORS: JULY 12, 2016 
 APPROVED
BY THE STOCKHOLDERS: JULY 13, 2016 
 AMENDED
BY THE BOARD OF DIRECTORS: APRIL 11, 2018 

APPROVED BY THE STOCKHOLDERS: APRIL 11, 2018 

AMENDED BY THE BOARD OF DIRECTORS:
OCTOBER 25, 2018 
 APPROVED BY THE STOCKHOLDERS:
OCTOBER 29, 2018 
 TERMINATION DATE: MAY 26, 2024 

1.         GENERAL. 

(a)        Eligible Stock Award Recipients. Employees, Directors and
Consultants are eligible to receive Stock Awards. 
 (b)        Available
Stock Awards. The Plan provides for the grant of the following types of Stock Awards: (i) Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards,
(v) Restricted Stock Unit Awards and (vi) Other Stock Awards. 

(c)        Purpose. The Plan, through the granting of Stock Awards, is
intended to help the Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible
recipients may benefit from increases in value of the Common Stock. 
 2.         ADMINISTRATION.

 (a)        Administration by Board. The Board will administer the
Plan. The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c). 

(b)        Powers of Board. The Board will have the power, subject to, and
within the limitations of, the express provisions of the Plan: 

(i)        To determine (A) who will be granted Stock Awards;
(B) when and how each Stock Award will be granted; (C) what type of Stock Award will be granted; (D) the provisions of each Stock Award (which need not be identical), including when a person will be permitted to exercise or otherwise
receive cash or Common Stock under the Stock Award; (E) the number of shares of Common Stock subject to a Stock Award; and (F) the Fair Market Value applicable to a Stock Award. 

  
 1. 

 (ii)        To construe and
interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for administration of the Plan and Stock Awards. The Board, in the exercise of these powers, may correct any defect, omission or
inconsistency in the Plan or in any Stock Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Stock Award fully effective. 

(iii)        To settle all controversies regarding the Plan and Stock Awards
granted under it. 
 (iv)        To accelerate, in whole or in part, the
time at which a Stock Award may be exercised or vest (or at which cash or shares of Common Stock may be issued). 

(v)        To suspend or terminate the Plan at any time. Except as otherwise
provided in the Plan or a Stock Award Agreement, suspension or termination of the Plan will not impair a Participant’s rights under his or her then-outstanding Stock Award without his or her written consent except as provided in subsection
(viii) below. 
 (vi)        To amend the Plan in any respect the Board
deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make the Plan or Stock Awards
granted under the Plan compliant with the requirements for Incentive Stock Options or exempt from or compliant with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of
applicable law. However, if required by applicable law, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases
the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Stock Awards under the Plan, (C) materially increases the benefits accruing to Participants
under the Plan, (D) materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Stock Awards available for
issuance under the Plan. Except as provided in the Plan (including subsection (viii) below) or a Stock Award Agreement, no amendment of the Plan will impair a Participant’s rights under an outstanding Stock Award unless (1) the
Company requests the consent of the affected Participant, and (2) such Participant consents in writing. 

(vii)        To submit any amendment to the Plan for stockholder approval,
including, but not limited to, amendments to the Plan intended to satisfy the requirements of Section 422 of the Code regarding Incentive Stock Options. 

(viii)        To approve forms of Stock Award Agreements for use under the
Plan and to amend the terms of any one or more Stock Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Stock Award Agreement, subject to any specified limits in the
Plan that are not subject to Board discretion; provided however, that a Participant’s rights under any Stock Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant,
and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights 

  
 2. 

 
will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the
Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Stock Awards without the affected Participant’s consent (A) to maintain the qualified status of
the Stock Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the qualified status of the Award
as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Stock Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws.

 (ix)        Generally, to exercise such powers and to perform such acts
as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Stock Awards. 

(x)        To adopt such procedures and
sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board
approval will not be necessary for immaterial modifications to the Plan or any Stock Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction). 

(xi)        To effect, with the consent of any adversely affected Participant,
(A) the reduction of the exercise, purchase or strike price of any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of a new (1) Option or SAR, (2) Restricted
Stock Award, (3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash and/or (6) other valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or
a different number of shares of Common Stock as the cancelled Stock Award and (y) granted under the Plan or another equity or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted
accounting principles. 
 (c)        Delegation to Committee. The Board may
delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board
will thereafter be to the Committee or subcommittee). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable).
The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest
in the Board some or all of the powers previously delegated. 

(d)        Delegation to an Officer. The Board may delegate to one
(1) or more Officers the authority to do one or both of the following: (i) designate Employees who are not Officers to be 

  
 3. 

 
recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock Awards) and, to the extent permitted by applicable law, the terms of such Stock Awards, and
(ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation will specify the total number of shares of Common Stock
that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the form of Stock Award Agreement most recently approved for use by the
Committee or the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer to determine the Fair Market Value
pursuant to Section 13(t) below. 
 (e)        Effect of
Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 

(f)        Arbitration. Any dispute or claim concerning any Stock Awards
granted (or not granted) or any disputes or claims relating to or arising out of the Plan will be fully, finally and exclusively resolved by binding and confidential arbitration conducted pursuant to the rules of Judicial Arbitration and Mediation
Services, Inc. (“JAMS”) in the city or county in which the Company’s principal offices are then located. The Company will pay all arbitration fees. In addition to any other relief, the arbitrator may award to
the prevailing party recovery of its attorneys’ fees and costs. By accepting a Stock Award, Participants and the Company waive their respective rights to have any such disputes or claims tried by a judge or jury. 

3.         SHARES SUBJECT TO THE PLAN.

 (a)        Share Reserve. 

(i)        Subject to Section 9(a) relating to Capitalization
Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards from and after the Effective Date will not exceed 5,049,277 shares (the
“Share Reserve”). 

(ii)        For clarity, the Share Reserve in this Section 3(a) is a
limitation on the number of shares of Common Stock that may be issued under the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a). 

(b)        Reversion of Shares to the Share Reserve. If a Stock Award or
any portion thereof (i) expires or otherwise terminates without all of the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than stock), such expiration,
termination or settlement will not reduce (or otherwise offset) the number of shares of Common Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to or
repurchased by the Company because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under the
Plan. Any shares reacquired by the Company in satisfaction of 

  
 4. 

 
tax withholding obligations on a Stock Award or as consideration for the exercise or purchase price of a Stock Award will again become available for issuance under the Plan. 

(c)        Incentive Stock Option Limit. Subject to the Share Reserve
and Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 10,098,554 shares of Common Stock. 

(d)        Source of Shares. The stock issuable under the Plan will be shares
of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market or otherwise. 

4.          ELIGIBILITY. 

 (a)        Eligibility for Specific Stock Awards. Incentive Stock Options
may be granted only to employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards other than Incentive Stock
Options may be granted to Employees, Directors and Consultants; provided, however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the
Company, as such term is defined in Rule 405, unless (i) the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted
pursuant to a corporate transaction such as a spin off transaction), or (ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt from or alternatively comply with the distribution
requirements of Section 409A of the Code. 
  (b)        Ten
Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant and the Option
is not exercisable after the expiration of five (5) years from the date of grant. 
  (c)
        Consultants. A Consultant will not be eligible for the grant of a Stock Award if, at the time of grant, either the offer or sale of the Company’s securities to such Consultant is not exempt
under Rule 701 because of the nature of the services that the Consultant is providing to the Company, because the Consultant is not a natural person, or because of any other provision of Rule 701, unless the Company determines that such
grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions. 

5.        PROVISIONS RELATING TO OPTIONS
AND STOCK APPRECIATION RIGHTS. 
 Each Option or SAR will be in such form
and will contain such terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate
or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated as an Incentive Stock Option, or if an 

  
 5. 

 
Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion
thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however, that each Stock Award Agreement will conform to (through incorporation of provisions hereof by reference in the
applicable Stock Award Agreement or otherwise) the substance of each of the following provisions: 

(a)        Term. Subject to the provisions of Section 4(b) regarding Ten
Percent Stockholders, no Option or SAR will be exercisable after the expiration of ten (10) years from the date of its grant or such shorter period specified in the Stock Award Agreement. 

(b)        Exercise Price. Subject to the provisions of Section 4(b)
regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR will be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Stock Award is
granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Stock Award if such Stock Award is
granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable,
Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents. 

(c)        Purchase Price for Options. The purchase price of Common
Stock acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the
authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The
permitted methods of payment are as follows: 
 (i)        by cash, check,
bank draft or money order payable to the Company; 
 (ii)        pursuant to
a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable
instructions to pay the aggregate exercise price to the Company from the sales proceeds; 

(iii)        by delivery to the Company (either by actual delivery or
attestation) of shares of Common Stock; 
 (iv)        if an Option is a
Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not
exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of
whole shares to be issued. Shares 

  
 6. 

 
of Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant
to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; 

(v)        according to a deferred payment or similar arrangement with the
Optionholder; provided, however, that interest will compound at least annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company and compensation income to the
Optionholder under any applicable provisions of the Code, and (B) the classification of the Option as a liability for financial accounting purposes; or 

(vi)        in any other form of legal consideration that may be acceptable to
the Board and specified in the applicable Stock Award Agreement. 

(d)         Exercise and Payment of a SAR. To exercise any
outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance with the provisions of the Stock Award Agreement evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not
greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested
under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such
date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Stock Award Agreement evidencing such SAR. 

(e)         Transferability of Options and SARs. The Board may, in its
sole discretion, impose such limitations on the transferability of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options and
SARs will apply: 
 (i)        Restrictions on Transfer. An Option or SAR
will not be transferable except by will or by the laws of descent and distribution (and pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may permit
transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration. 

(ii)        Domestic Relations Orders. Subject to the approval of the Board or
a duly authorized Officer, an Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

  
 7. 

 (iii)        Beneficiary
Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the
death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, upon the death of the Participant, the
executor or administrator of the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However, the Company may prohibit designation of a
beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws. 

(f)        Vesting Generally. The total number of shares of Common Stock
subject to an Option or SAR may vest and become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which
may be based on the satisfaction of performance goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to any Option or SAR
provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised. 

(g)        Termination of Continuous Service. Except as otherwise provided in
the applicable Stock Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s death or Disability), the
Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Stock Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the date
three (3) months following the termination of the Participant’s Continuous Service (or such longer or shorter period specified in the applicable Stock Award Agreement, which period will not be less than thirty (30) days if
necessary to comply with applicable laws unless such termination is for Cause) and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service, the Participant does
not exercise his or her Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate. 

(h)        Extension of Termination Date. Except as otherwise provided
in the applicable Stock Award Agreement or other agreement between the Participant and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause and other than upon
the Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate on the
earlier of (i) the expiration of a period of three (3) months after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration
requirements, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement. In addition, unless otherwise provided in a Participant’s Stock Award Agreement, if the sale of any Common Stock
received upon exercise 

  
 8. 

 
of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option or SAR
will terminate on the earlier of (i) the expiration of a period of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which the
sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award
Agreement. 
 (i)        Disability of Participant. Except as
otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may
exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date
twelve (12) months following such termination of Continuous Service (or such longer or shorter period specified in the Stock Award Agreement, which period will not be less than six (6) months if necessary to comply with
applicable laws), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable
time frame, the Option or SAR (as applicable) will terminate. 
 (j)        Death
of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s
death, or (ii) the Participant dies within the period (if any) specified in the Stock Award Agreement for exercisability after the termination of the Participant’s Continuous Service (for a reason other than death), then the Option or SAR
may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a
person designated to exercise the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date eighteen (18) months following the date of death (or such longer or shorter period
specified in the Stock Award Agreement, which period will not be less than six (6) months if necessary to comply with applicable laws), and (ii) the expiration of the term of such Option or SAR as set forth in the Stock Award
Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate. 

(k)        Termination for Cause. Except as explicitly provided
otherwise in a Participant’s Stock Award Agreement or other individual written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR will
terminate immediately upon such Participant’s termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service. 

(l)        Non-Exempt Employees. If an
Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the 

  
 9. 

 
Option or SAR will not be first exercisable for any shares of Common Stock until at least six (6) months following the date of grant of the Option or SAR (although the Stock Award may vest
prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which
such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Stock Award Agreement, in another agreement
between the Participant and the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six (6) months
following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt
from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection
with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the employee’s regular rate of pay, the provisions of this Section 5(l) will apply to all Stock Awards and are hereby incorporated by
reference into such Stock Award Agreements. 
 (m)        Early Exercise of
Options. An Option may, but need not, include a provision whereby the Optionholder may elect at any time before the Optionholder’s Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock
subject to the Option prior to the full vesting of the Option. Subject to the “Repurchase Limitation” in Section 8(l), any unvested shares of Common Stock so purchased may be subject to a repurchase right in favor of the Company
or to any other restriction the Board determines to be appropriate. Provided that the “Repurchase Limitation” in Section 8(l) is not violated, the Company will not be required to exercise its repurchase right until at least
six (6) months (or such longer or shorter period of time required to avoid classification of the Option as a liability for financial accounting purposes) have elapsed following exercise of the Option unless the Board otherwise specifically
provides in the Option Agreement. 
 (n)        Right of Repurchase. Subject
to the “Repurchase Limitation” in Section 8(l), the Option or SAR may include a provision whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Participant pursuant to
the exercise of the Option or SAR. 
 (o)        Right of First
Refusal. The Option or SAR may include a provision whereby the Company may elect to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common Stock
received upon the exercise of the Option or SAR. Such right of first refusal will be subject to the “Repurchase Limitation” in Section 8(l). Except as expressly provided in this Section 5(o) or in the Stock Award Agreement,
such right of first refusal will otherwise comply with any applicable provisions of the bylaws of the Company. 

  
 10. 

 6.         PROVISIONS OF
STOCK AWARDS OTHER THAN OPTIONS AND SARS. 

(a)        Restricted Stock Awards. Each Restricted Stock Award
Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock underlying a Restricted Stock
Award may be (i) held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate will be held in such form and
manner as determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted Stock
Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions: 

(i)        Consideration. A Restricted Stock Award may be awarded in
consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that may be
acceptable to the Board, in its sole discretion, and permissible under applicable law. 

(ii)        Vesting. Subject to the “Repurchase Limitation” in
Section 8(l), shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board. 

(iii)        Termination of Participant’s Continuous Service. If a
Participant’s Continuous Service terminates, the Company may receive through a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant as of the date of termination of Continuous Service
under the terms of the Restricted Stock Award Agreement. 

(iv)        Transferability. Rights to acquire shares of Common Stock under
the Restricted Stock Award Agreement will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole discretion, so long as Common Stock
awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted Stock Award Agreement. 

(v)        Dividends. A Restricted Stock Award Agreement may provide that any
dividends paid on Restricted Stock will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate. 

(b)        Restricted Stock Unit Awards. Each Restricted Stock Unit Award
Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to time, and the terms and conditions of separate
Restricted Stock Unit Award Agreements need not be identical. Each Restricted Stock Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the
following provisions: 

  
 11. 

(i)        Consideration. At the time of grant of a Restricted Stock
Unit Award, the Board will determine the consideration, if any, to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant for each
share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law. 

(ii)        Vesting. At the time of the grant of a Restricted Stock
Unit Award, the Board may impose such restrictions on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate. 

(iii)        Payment. A Restricted Stock Unit Award may be settled by
the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. 

(iv)        Additional Restrictions. At the time of the grant of a
Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the
vesting of such Restricted Stock Unit Award. 
 (v)        Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the
Board, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited
by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award Agreement to which they relate. 

(vi)        Termination of Participant’s Continuous Service.
Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination of Continuous Service. 

 (vii)        Compliance with Section 409A of the Code.
Notwithstanding anything to the contrary set forth herein, any Restricted Stock Unit Award granted under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such provisions so that such Restricted Stock
Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions, if any, shall be determined by the Board and contained in the Restricted Stock Unit Award Agreement evidencing such Restricted Stock Unit Award. For
example, such restrictions may include, without limitation, a requirement that any Common Stock that is to be issued in a year following the year in which the Restricted Stock Unit Award vests must be issued in accordance with a fixed pre-determined schedule. 

  
 12. 

 (c)        Other Stock
Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than one
hundred percent (100%) of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock Awards provided for under Section 5 and the preceding provisions of this Section 6. Subject to
the provisions of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent
thereof) to be granted pursuant to such Other Stock Awards and all other terms and conditions of such Other Stock Awards. 

7.          COVENANTS OF THE COMPANY.

 (a)        Availability of Shares. The Company will keep
available at all times the number of shares of Common Stock reasonably required to satisfy then-outstanding Stock Awards. 

(b)        Securities Law Compliance. The Company will seek to obtain from each
regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking
will not require the Company to register under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to
obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and
sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of a Stock Award or the subsequent issuance of cash or Common Stock pursuant to the Stock Award if
such grant or issuance would be in violation of any applicable securities law. 

(c)        No Obligation to Notify or Minimize Taxes. The Company will have no
duty or obligation to any Participant to advise such holder as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or
expiration of a Stock Award or a possible period in which the Stock Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the holder of such Stock Award. 

8.          MISCELLANEOUS. 

(a)        Use of Proceeds from Sales of Common Stock. Proceeds from the sale
of shares of Common Stock pursuant to Stock Awards will constitute general funds of the Company. 

(b)        Corporate Action Constituting Grant of Stock Awards. Corporate
action constituting a grant by the Company of a Stock Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter
evidencing the Stock Award is communicated to, or 

  
 13. 

 
actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant
contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Stock Award Agreement as a result of a clerical error in the papering of the Stock Award Agreement, the corporate records will control
and the Participant will have no legally binding right to the incorrect term in the Stock Award Agreement. 

(c)        Stockholder Rights. No Participant will be deemed to be the holder
of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of shares of Common Stock
under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to the Stock Award has been entered into the books and records of the Company. 

(d)        No Employment or Other Service Rights. Nothing in the Plan, any
Stock Award Agreement or any other instrument executed thereunder or in connection with any Stock Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at
the time the Stock Award was granted or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the
terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the
Company or the Affiliate is incorporated, as the case may be. 

(e)        Change in Time Commitment. In the event a Participant’s regular
level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a
full-time Employee to a part-time Employee) after the date of grant of any Stock Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number of shares subject to any portion of
such Stock Award that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Stock Award. In
the event of any such reduction, the Participant will have no right with respect to any portion of the Stock Award that is so reduced or extended. 

(f)        Incentive Stock Option Limitations. To the extent that the aggregate
Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates)
exceeds one hundred thousand dollars ($100,000) (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to
the order in which they were granted) or otherwise do not comply with such rules will be treated as 

  
 14. 

 
Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s). 

(g)        Investment Assurances. The Company may require a Participant, as a
condition of exercising or acquiring Common Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a
purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and
risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own account and not with any
present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition
of Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such
requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or
appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock. 

(h)        Withholding Obligations. Unless prohibited by the terms of a
Stock Award Agreement, the Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to a Stock Award by any of the following means or by a combination of such means: (i) causing the
Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award; provided, however, that no shares of Common
Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes);
(iii) withholding cash from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Stock Award Agreement. 

(i)        Electronic Delivery. Any reference herein to a “written”
agreement or document will include any agreement or document delivered electronically or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). 

(j)        Deferrals. To the extent permitted by applicable law, the Board, in
its sole discretion, may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be deferred and may establish programs and procedures for deferral
elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an
employee 

  
 15. 

 
or otherwise providing services to the Company. The Board is authorized to make deferrals of Stock Awards and determine when, and in what annual percentages, Participants may receive payments,
including lump sum payments, following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law. 

(k)        Compliance with Section 409A of the Code. To the
extent that the Board determines that any Stock Award granted hereunder is subject to Section 409A of the Code, the Stock Award Agreement evidencing such Stock Award shall incorporate the terms and conditions necessary to avoid the consequences
specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Stock Award Agreements shall be interpreted in accordance with Section 409A of the Code. 

(l)        Repurchase Limitation. The terms of any repurchase right will
be specified in the Stock Award Agreement. The repurchase price for vested shares of Common Stock will be the Fair Market Value of the shares of Common Stock on the date of repurchase. The repurchase price for unvested shares of Common Stock will be
the lower of (i) the Fair Market Value of the shares of Common Stock on the date of repurchase or (ii) their original purchase price. However, the Company will not exercise its repurchase right until at least six (6) months (or
such longer or shorter period of time necessary to avoid classification of the Stock Award as a liability for financial accounting purposes) have elapsed following delivery of shares of Common Stock subject to the Stock Award, unless otherwise
specifically provided by the Board. 
 9.          ADJUSTMENTS UPON
CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS. 

(a)        Capitalization Adjustments. In the event of a Capitalization
Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities that may be
issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), and (iii) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards. The Board will make such adjustments,
and its determination will be final, binding and conclusive. 

(b)        Dissolution or Liquidation. Except as otherwise provided in
the Stock Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the
Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be
repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion, cause some or all Stock Awards to become
fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion. 

  
 16. 

 (c)         Corporate
Transactions. The following provisions will apply to Stock Awards in the event of a Transaction unless otherwise provided in the Stock Award Agreement or any other written agreement between the Company or any Affiliate and the Participant or
unless otherwise expressly provided by the Board at the time of grant of a Stock Award. In the event of a Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to
Stock Awards, contingent upon the closing or completion of the Transaction: 

(i)        arrange for the surviving corporation or acquiring corporation (or
the surviving or acquiring corporation’s parent company) to assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire the same consideration paid to the
stockholders of the Company pursuant to the Transaction); 

(ii)        arrange for the assignment of any reacquisition or repurchase
rights held by the Company in respect of Common Stock issued pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company); 

(iii)        accelerate the vesting, in whole or in part, of the Stock Award
(and, if applicable, the time at which the Stock Award may be exercised) to a date prior to the effective time of such Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five (5) days
prior to the effective date of the Transaction), with such Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Transaction; provided, however, that the Board may require Participants to complete and
deliver to the Company a notice of exercise before the effective date of a Transaction, which exercise is contingent upon the effectiveness of such Transaction; 

(iv)        arrange for the lapse, in whole or in part, of any reacquisition
or repurchase rights held by the Company with respect to the Stock Award; 

(v)        cancel or arrange for the cancellation of the Stock Award, to the
extent not vested or not exercised prior to the effective time of the Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and 

(vi)        make a payment, in such form as may be determined by the Board
equal to the excess, if any, of (A) the value of the property the Participant would have received upon the exercise of the Stock Award immediately prior to the effective time of the Transaction, over (B) any exercise price payable by such
holder in connection with such exercise. For clarity, this payment may be zero ($0) if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of
consideration to the holders of the Company’s Common Stock in connection with the Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies. 

The Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.
The Board may take different actions with respect to the vested and unvested portions of a Stock Award.  

  
 17. 

 (d)        Change in Control.
A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement between
the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur. 

10.        PLAN TERM; EARLIER TERMINATION
OR SUSPENSION OF THE PLAN. 

(a)        Plan Term. The Board may suspend or terminate the Plan at any time.
Unless terminated sooner by the Board, the Plan will automatically terminate on the day before the tenth (10th) anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the date the Plan is approved by the
stockholders of the Company. No Stock Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 

(b)        No Impairment of Rights. Suspension or termination of the Plan will
not impair rights and obligations under any Stock Award granted while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan. 

11.        EFFECTIVE DATE OF PLAN. 

This Plan will become effective on the Effective Date.  

12.        CHOICE OF LAW. 

The laws of the State of California will govern all questions concerning the construction, validity and interpretation
of this Plan, without regard to that state’s conflict of laws rules. 

13.        DEFINITIONS. As used in the Plan, the following
definitions will apply to the capitalized terms indicated below: 

(a)        “Affiliate” means, at the time of
determination, any “parent” or “majority-owned subsidiary” of the Company, as such terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent” or
“majority-owned subsidiary” status is determined within the foregoing definition. 

(b)        “Board” means the Board of Directors of the
Company. 
 (c)        “Capitalization Adjustment”
means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through merger,
consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure, or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor

  
 18. 

 
thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment. 

(d)        “Cause” will have the meaning
ascribed to such term in any written agreement between the Participant and the Company defining such term and, in the absence of such agreement, such term means with respect to a Participant, the occurrence of any of the following
events: (i) such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or
participation in, a fraud or material act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the
Company; (iv) such Participant’s repeated and willful failure to satisfactorily perform such Participant’s job duties after 30 days written notice of such deficiency and an opportunity to cure (of at least 15 business days); (v) such
Participant’s engaging or participating in any activity which is directly competitive with or injurious to the Company or which violates any material provisions of such Participant’s Proprietary Information and Inventions Agreement
with the Company (if applicable) which remains uncured after 30 days written notice thereof; or (vi) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause
or without Cause will be made by the Company in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Stock Awards held by such
Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose. 

(e)        “Change in Control” means the occurrence, in
a single transaction or in a series of related transactions, of any one or more of the following events: 

(i)        any Exchange Act Person becomes the Owner, directly or indirectly,
of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding
the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any
affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity
securities or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting
securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the
acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage
of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur;  

  
 19. 

 (ii)        there is
consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior
thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar
transaction or (B) more than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions
as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction; 

(iii)        the stockholders of the Company approve or the Board approves a
plan of complete dissolution or liquidation of the Company, or a complete dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation; or 

(iv)        there is consummated a sale, lease, exclusive license or other
disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries
to an Entity, more than fifty percent (50%) of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting
securities of the Company immediately prior to such sale, lease, license or other disposition. 
 Notwithstanding the
foregoing definition or any other provision of this Plan, (A) the term Change in Control will not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and
(B) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant will supersede the foregoing definition with respect to Stock Awards subject to such
agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition will apply. 

(f)        “Code” means the Internal Revenue Code of
1986, as amended, including any applicable regulations and guidance thereunder. 

(g)        “Committee” means a committee of one
(1) or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c). 

(h)        “Common Stock” means the common stock of the
Company. 
 (i)        “Company” means Synthorx,
Inc., a Delaware corporation. 

(j)        “Consultant” means any person, including an
advisor, who (i) provides consulting or advisory services to the Company or to a parent or subsidiary of the Company either (a) directly, in an individual capacity, or (b) indirectly, through an entity of which such person is an
employee, consultant, partner or member and which entity provides to the Company or to a parent or 

  
 20. 

 
subsidiary of the Company consulting services involving such individual, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However,
service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan.  

(k)        “Continuous Service” means that the
Participant’s service with the Company and/or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an
Employee, Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a
Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s
Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute
an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case
of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the
foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement
or policy applicable to the Participant, or as otherwise required by law. 

(l)        “Corporate Transaction” means the
occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events: 

(i)        the consummation of a sale or other disposition of all or
substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Company and its Subsidiaries; 

(ii)        the consummation of a sale or other disposition of at least
ninety percent (90%) of the outstanding securities of the Company; 

(iii)        the consummation of a merger, consolidation or similar
transaction following which the Company is not the surviving corporation; or 

(iv)        the consummation of a merger, consolidation or similar transaction
following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar
transaction into other property, whether in the form of securities, cash or otherwise. 

(m)        “Director” means a member of the Board. 

  
 21. 

(n)        “Disability” means, with respect to a
Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last
for a continuous period of not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted
under the circumstances. 
 (o)        “Effective
Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved by the Company’s stockholders, and (ii) the date this Plan is adopted by the Board. 

(p)        “Employee” means any person employed by the
Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan. 

(q)        “Entity” means a corporation, partnership,
limited liability company or other entity. 
 (r)        “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

(s)        “Exchange Act Person” means
any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company,
(ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or
(v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more
than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities. 

(t)        “Fair Market Value” means, as of any date,
the value of the Common Stock determined by the Board in compliance with Section 409A of the Code or, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code. 

(u)        “Incentive Stock Option” means an option
granted pursuant to Section 5 of the Plan that is intended to be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code. 

(v)        “Nonstatutory Stock Option” means any option
granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option. 

(w)        “Officer” means any person designated by the
Company as an officer. 

  
 22. 

(x)        “Option” means an Incentive Stock Option or a
Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan. 

(y)        “Option Agreement” means a written agreement
between the Company and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan. 

(z)        “Optionholder” means a person to whom an
Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option. 

(aa)        “Other Stock Award” means an award based in
whole or in part by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 6(c). 

(bb)        “Other Stock Award Agreement” means a
written agreement between the Company and a holder of an Other Stock Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(cc)        “Own,” “Owned,”
“Owner,” “Ownership” A person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if
such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities. 

(dd)        “Participant” means a person to whom a
Stock Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Stock Award. 

(ee)        “Plan” means this Synthorx, Inc. 2014
Equity Incentive Plan. 
 (ff)        “Restricted Stock
Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a). 

(gg)        “Restricted Stock Award Agreement” means a
written agreement between the Company and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(hh)        “Restricted Stock Unit Award”
means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(b). 

(ii)        “Restricted Stock Unit Award
Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Agreement
will be subject to the terms and conditions of the Plan. 

(jj)        “Rule 405” means Rule 405 promulgated under
the Securities Act. 

  
 23. 

 (kk)        “Rule
701” means Rule 701 promulgated under the Securities Act. 

(ll)        “Securities Act” means the Securities Act
of 1933, as amended. 
 (mm)        “Stock Appreciation
Right” or “SAR” means a right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 5. 

(nn)        “Stock Appreciation Right Agreement” means
a written agreement between the Company and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be subject to the terms and conditions of the
Plan. 
 (oo)        “Stock Award” means any right to
receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right or any Other Stock Award. 

(pp)        “Stock Award Agreement” means a written
agreement between the Company and a Participant evidencing the terms and conditions of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan. 

(qq)        “Subsidiary” means, with respect to the
Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time,
stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited
liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). 

(rr)        “Ten Percent Stockholder” means a person
who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate. 

(ss)         “Transaction” means a Corporate
Transaction or a Change in Control. 

  
 24. 

 SYNTHORX, INC. 

STOCK OPTION GRANT NOTICE 

(2014 EQUITY INCENTIVE PLAN) 

Synthorx, Inc. (the “Company”), pursuant to its 2014 Equity Incentive Plan (the
“Plan”), hereby grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option is subject to all of the terms and conditions as set forth in this notice, in
the Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Option Agreement will have the same
definitions as in the Plan or the Option Agreement. If there is any conflict between the terms in this notice and the Plan, the terms of the Plan will control. 
  

			
	 Optionholder:
	  	                                      
  
	 Date of Grant:
	  	                                      
  
	 Vesting Commencement Date:
	  	                                      
  
	 Number of Shares Subject to Option:
	  	                                      
  
	 Exercise Price (Per Share):
	  	$                                      

	 Total Exercise Price:
	  	$                                      

	 Expiration Date:
	  	                                      
  

  

									
	 Type of Grant:
	  	 ☐
	  	 Incentive Stock Option1
	  	 ☐
	  	 Nonstatutory Stock Option

					
	 Exercise Schedule:
	  	 ☐
	  	 Same as Vesting Schedule
	  	 ☐
	  	 Early Exercise Permitted

		
	 Vesting Schedule:
	  	 [To be determined by the Board, but in any event, subject to the Optionholder’s Continuous Service as of
each such date.]

		
	 Payment:
	  	 By one or a combination of the following items (described in the Option Agreement):

			
		  	 ☒
	  	 By cash, check, bank draft or money order payable to the Company

		  	 ☐
	  	 Pursuant to a Regulation T Program if the shares are publicly traded

		  	 ☐
	  	 By delivery of already-owned shares if the shares are publicly traded

		  	 ☐
	  	 If and only to the extent this option is a Nonstatutory Stock Option, and subject to the

		  	 Company’s consent at the time of exercise, by a “net exercise” arrangement

 Additional Terms/Acknowledgements: Optionholder acknowledges receipt of, and understands and agrees to,
this Stock Option Grant Notice, the Option Agreement and the Plan. Optionholder acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement may not be modified, amended or revised except as provided in the Plan.
Optionholder further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding the Optionholder’s
acquisition of common stock of the Company and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception of (i) options previously granted and delivered to Optionholder, (ii) any
written employment or severance arrangement that would provide for vesting acceleration of this option upon the terms and conditions set forth therein and (iii) the following agreements: 

 

			
	                OTHER AGREEMENTS:	  	
                       
                                         

  

 
 1 If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any
calendar year. Any excess over $100,000 is a Nonstatutory Stock Option. 

			
		  	
                       
                                         

 By accepting this option, Optionholder consents to receive such documents by electronic delivery and to
participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

 

					
	SYNTHORX, INC.	  		  	OPTIONHOLDER:
			
	
By:                      
                                         
     
	  		  	
                       
                                         
          

	Signature	  		  	Signature
			
	
Title:                      
                                         
  
	  		  	
Date:                      
                                         
  

			
	
Date:                      
                                         
  
	  		  	

 ATTACHMENTS: Option Agreement, 2014 Equity Incentive Plan and Notice of
Exercise 

 ATTACHMENT I 

OPTION AGREEMENT 

 SYNTHORX, INC. 

2014 EQUITY INCENTIVE PLAN 

OPTION AGREEMENT 

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK
OPTION) 
 Pursuant to your Stock Option Grant Notice (“Grant Notice”) and this
Option Agreement, Synthorx, Inc. (the “Company”) has granted you an option under its 2014 Equity Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Common
Stock (the “Common Stock”) indicated in your Grant Notice at the exercise price indicated in your Grant Notice. The option is granted to you effective as of the date of grant set forth in the Grant Notice (the
“Date of Grant”). If there is any conflict between the terms in this Option Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice
but defined in the Plan will have the same definitions as in the Plan. 
 The details of your option, in addition to those
set forth in the Grant Notice and the Plan, are as follows: 

1.        VESTING. 

  (a)        Your option will vest as provided in your Grant Notice.
Vesting will cease upon the termination of your Continuous Service. 

  (b)        If a Change in Control occurs and within one
(1) month prior to, or within twelve (12) months after, the effective time of such Change in Control, your Continuous Service terminates due to an involuntary termination (not including death or Disability) without Cause or due to your
voluntary termination with Good Reason, then, as of the date of termination of Continuous Service, the vesting and exercisability of the option will be accelerated in full. 

  (c)        “Good Reason” means the
occurrence of any of the following events, conditions or actions taken by the Company without your written consent: (i) a material reduction of your annual base salary; provided, however, that Good Reason shall not be deemed to have
occurred in the event of a reduction in your annual base salary that is pursuant to a salary reduction program affecting substantially all of the similarly situated employees of the Company and that does not adversely affect you to a greater extent
than other similarly situated employees; (ii) a material reduction in your authority, duties or responsibilities; (iii) a relocation of your principal place of employment with the Company to a place that increases your one-way commute by more than fifty (50) miles as compared to your then-current principal place of employment immediately prior to such relocation (excluding regular travel in the ordinary course of business);
or (iv) a material breach by the Company of any provision of this Option Agreement or your employment agreement with the Company; provided, however, that in each case above, in order for your resignation to be deemed to have been for
Good Reason, you must first give the Board written notice of the action or omission giving rise to “Good Reason” within thirty (30) days after the first occurrence thereof; the Company must fail to reasonably cure such action or
omission within thirty (30) days after receipt of such notice (the “Cure Period”), and your resignation from all positions 

  
 1 

 
you hold with the Company must be effective not later than thirty (30) days after the expiration of such Cure Period. 

2.        NUMBER OF SHARES
AND EXERCISE PRICE. The number of shares of Common Stock subject to your option and your exercise price per share in your Grant Notice will be adjusted for Capitalization Adjustments. 

3.        EXERCISE RESTRICTION
FOR NON-EXEMPT EMPLOYEES. If you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended (that
is, a “Non-Exempt Employee”), and except as otherwise provided in the Plan, you may not exercise your option until you have completed at least six (6) months of Continuous Service
measured from the Date of Grant, even if you have already been an employee for more than six (6) months. Consistent with the provisions of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such
six (6) month anniversary in the case of (i) your death or disability, (ii) a Corporate Transaction in which your option is not assumed, continued or substituted, (iii) a Change in Control or (iv) your termination of
Continuous Service on your “retirement” (as defined in the Company’s benefit plans). 

4.        EXERCISE PRIOR TO
VESTING (“EARLY EXERCISE”). If permitted in your Grant Notice (i.e., the “Exercise Schedule” indicates “Early Exercise Permitted”) and
subject to the provisions of your option, you may elect at any time that is both (i) during the period of your Continuous Service and (ii) during the term of your option, to exercise all or part of your option, including the unvested
portion of your option; provided, however, that: 

  (a)        a partial exercise of your option will be deemed to
cover first vested shares of Common Stock and then the earliest vesting installment of unvested shares of Common Stock; 

  (b)        any shares of Common Stock so purchased from
installments that have not vested as of the date of exercise will be subject to the purchase option in favor of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement; 

  (c)        you will enter into the Company’s form of Early
Exercise Stock Purchase Agreement with a vesting schedule that will result in the same vesting as if no early exercise had occurred; and 

  (d)        if your option is an Incentive Stock Option, then, to
the extent that the aggregate Fair Market Value (determined at the Date of Grant) of the shares of Common Stock with respect to which your option plus all other Incentive Stock Options you hold are exercisable for the first time by you during any
calendar year (under all plans of the Company and its Affiliates) exceeds one hundred thousand dollars ($100,000), your option(s) or portions thereof that exceed such limit (according to the order in which they were granted) will be treated as
Nonstatutory Stock Options. 
 5.        METHOD
OF PAYMENT. You must pay the full amount of the exercise price for the shares you wish to exercise. You may pay the exercise price in cash or by check, bank draft or money order payable to the Company or in any
other manner permitted by your Grant Notice, which may include one or more of the following: 

  
 2 

  (a)        Provided that at the time of exercise the Common Stock
is publicly traded, pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of
irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds. This manner of payment is also known as a “broker-assisted exercise”, “same day sale”, or “sell to cover”. 

  (b)        Provided that at the time of exercise the Common Stock
is publicly traded, by delivery to the Company (either by actual delivery or attestation) of already-owned shares of Common Stock that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair
Market Value on the date of exercise. “Delivery” for these purposes, in the sole discretion of the Company at the time you exercise your option, will include delivery to the Company of your attestation of ownership of such shares of Common
Stock in a form approved by the Company. You may not exercise your option by delivery to the Company of Common Stock if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock.

   (c)        If this option is a Nonstatutory Stock Option,
subject to the consent of the Company at the time of exercise, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise of your option by the largest whole number
of shares with a Fair Market Value that does not exceed the aggregate exercise price. You must pay any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted form of payment. Shares
of Common Stock will no longer be outstanding under your option and will not be exercisable thereafter if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to you as a result of
such exercise, and (iii) are withheld to satisfy your tax withholding obligations. 

  (d)        Pursuant to the following deferred payment alternative:

       (i)        Not less than one hundred
percent (100%) of the aggregate exercise price, plus accrued interest, will be due four (4) years from date of exercise or, at the Company’s election, upon termination of your Continuous Service. 

      (ii)        Interest will be compounded at
least annually and will be charged at the minimum rate of interest necessary to avoid (1) the treatment as interest, under any applicable provisions of the Code, of any amounts other than amounts stated to be interest under the deferred payment
arrangement and (2) the classification of your option as a liability for financial accounting purposes. 

      (iii)        In order to elect the
deferred payment alternative, you must, as a part of your written notice of exercise, give notice of the election of this payment alternative and, in order to secure the payment of the deferred exercise price to the Company hereunder, if the Company
so requests, you must tender to the Company a promissory note and a pledge agreement covering the purchased shares of Common Stock, both in form and substance satisfactory to the Company, or such other or additional documentation as the Company may
request. 

  
 3 

6.        WHOLE SHARES. You may exercise
your option only for whole shares of Common Stock. 

7.        SECURITIES LAW
COMPLIANCE. In no event may you exercise your option unless the shares of Common Stock issuable upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and
the issuance of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your option also must comply with all other applicable laws and regulations governing your option, and you may not exercise your
option if the Company determines that such exercise would not be in material compliance with such laws and regulations (including any restrictions on exercise required for compliance with Treas. Reg.
1.401(k)-1(d)(3), if applicable). 

8.        TERM. You may not exercise your option before
the commencement or after the expiration of its term. The term of your option commences on the Date of Grant and expires, subject to the provisions of Section 5(h) of the Plan, upon the earliest of the following: 

  (a)        immediately upon the termination of your Continuous
Service for Cause; 
   (b)        three (3) months after the
termination of your Continuous Service for any reason other than Cause, Disability or death, provided that if during any part of such three (3) month period your option is not exercisable solely because of the condition set forth in the section
above relating to “Securities Law Compliance,” your option will not expire until the earlier of the Expiration Date or until it will have been exercisable for an aggregate period of three (3) months after the termination of your
Continuous Service; provided further, that if (i) you are a Non-Exempt Employee, (ii) your Continuous Service terminates within six (6) months after the Date of Grant, and (iii) you
have vested in a portion of your option at the time of your termination of Continuous Service, your option will not expire until the earlier of (x) the later of (A) the date that is seven (7) months after the Date of Grant, and
(B) the date that is three (3) months after the termination of your Continuous Service, and (y) the Expiration Date; 

  (c)        twelve (12) months after the termination of your
Continuous Service due to your Disability; 

  (d)        eighteen (18) months after your death if you die
during your Continuous Service; 
   (e)        the Expiration
Date indicated in your Grant Notice; or 
   (f)        the day
before the tenth (10th) anniversary of the Date of Grant. 
 Notwithstanding the foregoing, if you die during the period
provided in Section 8(b) or 8(c) above, the term of your option will not expire until the earlier of eighteen (18) months after your death, the Expiration Date indicated in your Grant Notice, or the day before the tenth (10th) anniversary of the Date of Grant. 
 If your option is an Incentive
Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the date of grant of your option and ending on the day three (3) months before the
date of your 

  
 4 

 
option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or Disability. The Company has provided for extended exercisability of your
option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated as an Incentive Stock Option if you continue to provide services to the Company or an Affiliate as a Consultant or Director after
your employment terminates or if you otherwise exercise your option more than three (3) months after the date your employment with the Company or an Affiliate terminates. 

9.        EXERCISE. 

  (a)        You may exercise the vested portion of your option (and
the unvested portion of your option if your Grant Notice so permits) during its term by (i) delivering a Notice of Exercise (in a form designated by the Company) or completing such other documents and/or procedures designated by the Company for
exercise, and (ii) paying the exercise price and any applicable withholding taxes to the Company’s Secretary, stock plan administrator, or such other person as the Company may designate, together with such additional documents as the
Company may then require. As a condition to the Company’s issuance of any shares of Common Stock upon exercise hereof, the Company may require you to execute certain agreements between/among the Company and certain of its stockholders,
including, without limitation, a right of first refusal and co-sale agreement, a voting agreement and/or similar agreements. 

  (b)        By exercising your option you agree that, as a
condition to any exercise of your option, the Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of your
option, (ii) the lapse of any substantial risk of forfeiture to which the shares of Common Stock are subject at the time of exercise, or (iii) the disposition of shares of Common Stock acquired upon such exercise. 

  (c)        If your option is an Incentive Stock Option, by
exercising your option you agree that you will notify the Company in writing within fifteen (15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs within two
(2) years after the Date of Grant or within one (1) year after such shares of Common Stock are transferred upon exercise of your option. 

  (d)        By exercising your option you agree that you will not
sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the
Company held by you, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to
facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing
contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be
reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with
respect to your shares of Common Stock until the end 

  
 5 

 
of such period. You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 9(d). The underwriters of the
Company’s stock are intended third party beneficiaries of this Section 9(d) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

10.        TRANSFERABILITY. Except as otherwise provided
in this Section 10, your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. 

  (a)        Certain Trusts. Upon receiving written
permission from the Board or its duly authorized designee, you may transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the option is
held in the trust. You and the trustee must enter into transfer and other agreements required by the Company. 

  (b)        Domestic Relations Orders. Upon receiving
written permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant to the terms of a domestic
relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to
effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is
contained within the domestic relations order or marital settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

  (c)        Beneficiary Designation. Upon receiving written
permission from the Board or its duly authorized designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on
your death, will thereafter be entitled to exercise this option and receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to
exercise this option and receive, on behalf of your estate, the Common Stock or other consideration resulting from such exercise. 

11.         CHANGE IN CONTROL.

 If any payment or benefit you would receive from the Company or otherwise in connection with a Change in Control or
other similar transaction (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced Amount” will be either (x) the largest portion of the Payment that would result in no
portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable 

  
 6 

 
marginal rate), results in your receipt of the greatest economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount will give
rise to the greater after tax benefit, the reduction in the Payments will occur in the following order: (a) reduction of cash payments; (b) cancellation of accelerated vesting of equity awards other than stock options;
(c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits paid to you. Within any such category of payments and benefits (that is, (a), (b), (c) or (d)), a reduction will occur first with respect to
amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and then with respect to amounts that are. In the event that acceleration of compensation from your equity awards is to be reduced, such
acceleration of vesting will be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant. 

The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the
effective date of the event described in Section 280G(b)(2)(A)(i) of the Code will perform the foregoing calculations. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the
individual, entity or group effecting such event, the Company will appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company will bear all expenses with respect to the
determinations by such independent registered public accounting firm required to be made hereunder. The independent registered public accounting firm engaged to make the determinations hereunder will provide its calculations, together with detailed
supporting documentation, to the Company and you within thirty (30) calendar days after the date on which your right to a Payment is triggered (if requested at that time by the Company or you) or such other time as reasonably requested by the
Company or you. Any good faith determinations of the independent registered public accounting firm made hereunder will be final, binding and conclusive upon the Company and you. 

12.        RIGHT OF FIRST
REFUSAL. Shares of Common Stock that you acquire upon exercise of your option are subject to any right of first refusal that may be described in the Company’s bylaws in effect at such time the Company elects to exercise its
right; provided, however, that if your option is an Incentive Stock Option and the right of first refusal described in the Company’s bylaws in effect at the time the Company elects to exercise its right is more beneficial to you than the
right of first refusal described in the Company’s bylaws on the Date of Grant, then the right of first refusal described in the Company’s bylaws on the Date of Grant will apply. The Company’s right of first refusal will expire on the
first date upon which any security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system. 

13.        RIGHT OF
REPURCHASE. To the extent provided in the Company’s bylaws in effect at such time the Company elects to exercise its right, the Company will have the right to repurchase all or any part of the shares of Common Stock you
acquire pursuant to the exercise of your option. 

14.        OPTION NOT A
SERVICE CONTRACT. Your option is not an employment or service contract, and nothing in your option will be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company
or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition, nothing in your option will obligate the Company or an Affiliate, their respective stockholders, boards of directors, officers or employees

  
 7 

 
to continue any relationship that you might have as a Director or Consultant for the Company or an Affiliate. 

15.        WITHHOLDING OBLIGATIONS. 

   (a)        At the time you exercise your option, in whole or
in part, and at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “same day
sale” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the
Company or an Affiliate, if any, which arise in connection with the exercise of your option. 

   (b)        If this option is a Nonstatutory Stock Option,
then upon your request and subject to approval by the Company, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your
option a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to
avoid classification of your option as a liability for financial accounting purposes). If the date of determination of any tax withholding obligation is deferred to a date later than the date of exercise of your option, share withholding pursuant to
the preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering the aggregate number of shares of Common Stock acquired upon such exercise with respect to which such
determination is otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding the filing of such election, shares of Common Stock shall be withheld solely from fully
vested shares of Common Stock determined as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole
responsibility. 
    (c)        You may not exercise your
option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation to
issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein, if applicable, unless such obligations are satisfied. 

16.        TAX
CONSEQUENCES. You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim
against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the
Code only if the exercise price per share specified in the Grant Notice is at least equal to the “fair market value” per share of the Common Stock on the Date of Grant and there is no other impermissible deferral of compensation associated
with the option. Because the Common Stock is not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in consultation with an independent valuation firm retained by the Company. You

  
 8 

 
acknowledge that there is no guarantee that the Internal Revenue Service will agree with the valuation as determined by the Board, and you will not make any claim against the Company, or any of
its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that the valuation determined by the Board is less than the “fair market value” as subsequently determined by the Internal Revenue
Service. 
 17.        NOTICES. Any notices provided
for in your option or the Plan will be given in writing (including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United
States mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic means or to
request your consent to participate in the Plan by electronic means. By accepting this option, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or
electronic system established and maintained by the Company or another third party designated by the Company. 

18.        GOVERNING PLAN
DOCUMENT. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from
time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your option and those of the Plan, the provisions of the Plan will control. 

  
 9 

 ATTACHMENT II 

2014 EQUITY INCENTIVE PLAN 

 ATTACHMENT III 

NOTICE OF EXERCISE 

 NOTICE OF EXERCISE 

 

					
	 SYNTHORX, INC.
	  		  	
	 11099 N. TORREY PINES ROAD, SUITE 290
	  		  	
	 LA JOLLA, CA 92037
	  		  	Date of Exercise: _______________

 This constitutes notice to SYNTHORX, INC. (the
“Company”) under my stock option referenced below (the “Option”) that I elect to purchase the number of shares of Common Stock of the Company indicated below (the “Shares”)
for the price set forth below. 
  

					
	 Type of option (check one):
	  	 Incentive ☐
	  	 Nonstatutory ☐

			
	 Option dated:
	  	 ______________
	  	 ______________

			
	 Number of Shares as

to which Option is

exercised:
	  	 ______________
	  	 ______________

			
	 Certificates to be

issued in name of:
	  	 ______________
	  	 ______________

			
	 Total exercise price:
	  	 $_____________
	  	 $_____________

			
	 Cash payment delivered

herewith:
	  	 $_____________
	  	 $_____________

 By this exercise, I agree (i) to provide such additional documents as the Company may
require pursuant to the terms of the SYNTHORX, INC. 2014 EQUITY INCENTIVE PLAN, (ii) to provide for the payment by me to the Company (in the manner
designated by the Company) of the Company’s withholding obligation, if any, relating to the exercise of the Option, (iii) if this exercise relates to an incentive stock option, to notify the Company in writing within fifteen (15) days
after the date of any disposition of any of the Shares issued upon exercise of the Option that occurs within two (2) years after the date of grant of the Option or within one (1) year after such Shares are issued upon exercise of the
Option; and (iv) if, immediately after the issuance of shares of Common Stock to me pursuant to this Notice of Exercise, I will own one percent (1%) or more of the then outstanding capital stock of the Company (treating for this purpose all
shares of Common Stock issuable upon exercise of or conversion of outstanding options, warrants or convertible securities, as if exercised or converted), I will execute and deliver to the Company an Adoption Agreement or a counterpart signature page
(in the form(s) provided to me by the Company) to that certain Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of April 12, 2018 (as the same may be amended from time to time,
the “Co-Sale Agreement”), and that certain Amended and Restated Voting Agreement, dated as of April 12, 2018 (as the same may be amended from time to time, the “Voting
Agreement” and together with the Co-Sale Agreement, the “Stockholder Agreements”) and shall become a Stockholder (as defined in each of the Stockholder Agreements)
thereunder, and shall further deliver a Consent of Spouse (as defined in the Stockholder Agreements) if applicable. 

 I hereby make the following certifications and representations with respect
to the number of Shares listed above, which are being acquired by me for my own account upon exercise of the Option as set forth above: 

I acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”), and are deemed to constitute “restricted securities” under Rule 701 and Rule 144 promulgated under the Securities Act. I warrant and represent to the Company that I have no present intention of
distributing or selling said Shares, except as permitted under the Securities Act and any applicable state securities laws. 

I further acknowledge that I will not be able to resell the Shares for at least ninety (90) days after the common stock
of the Company becomes publicly traded (i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company
under Rule 144, and that restrictions on resale may be imposed by the applicable securities laws of my jurisdiction of residence. 

I further acknowledge that all certificates representing any of the Shares subject to the provisions of the Option shall have
endorsed thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Certificate of Incorporation, Bylaws and/or applicable securities laws. 

I further agree that, if required by the Company (or a representative of the underwriters) in connection with the first
underwritten registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar
transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company for a period of one hundred eighty (180) days following the effective date of a registration statement of the
Company filed under the Securities Act (or such longer period as the underwriters or the Company shall request to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation) (the “Lock-Up Period”); provided, however, I understand that the Company may exercise its repurchase option, if any, during the Lock-Up Period. I further agree to
execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the
Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period. 

 

	
	 Very truly yours,

	
	  

	 (Sign name)

	
	  

	 (Print name)

	
	 Address:

	  

	
	  

 SYNTHORX, INC. 

EARLY EXERCISE STOCK PURCHASE AGREEMENT 

UNDER THE 2014 EQUITY INCENTIVE PLAN 

THIS EARLY EXERCISE STOCK PURCHASE
AGREEMENT (this “Agreement”) is made by and between Synthorx, Inc., a Delaware corporation (the “Company”), and [______] (“Purchaser”). 

WITNESSETH: 

WHEREAS, Purchaser holds a stock option dated [__________] to purchase shares of common
stock (“Common Stock”) of the Company (the “Option”) pursuant to the Company’s 2014 Equity Incentive Plan (the “Plan”); and 

WHEREAS, the Option consists of a Stock Option Grant Notice and an Option Agreement; and

 WHEREAS, Purchaser desires to exercise the Option on the terms and conditions
contained herein; and 
 WHEREAS, Purchaser wishes to take advantage of the early
exercise provision of Purchaser’s Option and therefore to enter into this Agreement; 
 NOW,
THEREFORE, IT IS AGREED between the Company and the Purchaser as follows: 

1.         INCORPORATION OF
PLAN AND OPTION BY REFERENCE. This Agreement is subject to all of the terms and conditions as set forth in the Plan and the Option. If there is a conflict between the
terms of this Agreement and/or the Option and the terms of the Plan, the terms of the Plan will control. If there is a conflict between the terms of this Agreement and the terms of the Option, the terms of the Option will control. Capitalized terms
not explicitly defined in this Agreement but defined in the Plan will have the same definitions as in the Plan. Capitalized terms not explicitly defined in this Agreement or the Plan but defined in the Option will have the same definitions as in the
Option. 
 2.        PURCHASE AND
SALE OF COMMON STOCK. 

(a)        Agreement to Purchase and Sell Common Stock. Purchaser
hereby agrees to purchase from the Company, and the Company hereby agrees to sell to Purchaser, shares of the Common Stock of the Company in accordance with the Notice of Exercise duly executed by Purchaser and attached hereto as
EXHIBIT A. 
 (b)        Closing. The closing
hereunder, including payment for and delivery of the Common Stock, will occur at the offices of the Company immediately following the execution of this Agreement, or at such other time and place as the parties may mutually agree; provided,
however, that if stockholder approval of the Plan is required before the Option may be exercised, 

  
 1. 

 
then the Option may not be exercised, and the closing will be delayed, until such stockholder approval is obtained. If such stockholder approval is not obtained within the time limit specified in
the Plan, then this Agreement will be null and void. 

(c)        Vesting. Notwithstanding the closing, the shares of
Common Stock that Purchaser acquires pursuant to your Option hereunder will continue to vest pursuant to the Vesting Schedule in the Option and will be subject to the Repurchase Option (as defined below) to the extent unvested, as further described
in Section 3 below. For purposes of this Agreement, “Vested Shares” will mean shares subject to the Option that have vested in accordance with the Vesting Schedule in the Option, and “Unvested
Shares” will mean shares subject to the Option that have not vested in accordance with the Vesting Schedule. 

3.        UNVESTED SHARE REPURCHASE
OPTION. 
 (a)        Repurchase Option. In the event
Purchaser’s Continuous Service terminates, then the Company will have an irrevocable option (the “Repurchase Option”) for a period of six (6) months after said termination (or in the case of shares issued upon
exercise of the Option after such date of termination, within six (6) months after the date of the exercise), or such longer period as may be agreed to by the Company and Purchaser (as applicable, the “Repurchase
Period”), to repurchase from Purchaser or Purchaser’s personal representative, as the case may be, those shares that Purchaser received pursuant to the exercise of the Option that are Unvested Shares as of such termination date.

 (b)        Share Repurchase Price. If the Company’s
Repurchase Option is triggered, the Company may repurchase all or any of the Unvested Shares at any time during the Repurchase Period at a price equal to the lower of (i) the Fair Market Value of the such shares (as determined under the Plan)
on the date of repurchase, or (ii) the price equal to Purchaser’s Exercise Price for such shares as indicated on Purchaser’s Stock Option Grant Notice. 

4.        EXERCISE OF
REPURCHASE OPTION. The Repurchase Option will be exercised by written notice signed by such person as designated by the Company, and delivered or mailed as provided herein. Such notice
will identify the number of Unvested Shares to be purchased and will notify Purchaser of the time, place and date for settlement of such purchase, which will be scheduled by the Company within the term of the Repurchase Option set forth above and
which settlement date shall be a date that is on or before the 30th day following the date of such notice. In addition, the Company shall be deemed to have exercised the Repurchase Option as of
the last day of the Repurchase Period, unless an officer of the Company notifies the holder of the Unvested Shares during the Repurchase Period in writing (delivered or mailed as provided herein) that the Company expressly declines to exercise its
Repurchase Option for some or all of the Unvested Shares, and provided that such deemed exercise will be deemed revoked by the Company on the 31st day following the last day of the Repurchase
Period if the Company has not paid for the repurchase of the Unvested Shares prior to such 31st day. The Company will be entitled to pay for any Unvested Shares purchased pursuant to its
Repurchase Option at the Company’s option in cash or by offset against any indebtedness owing to the Company by Purchaser, or by a combination of both. Upon delivery of such notice and payment of the purchase price in any of the ways described
above, the Company will become the legal and beneficial owner of the Unvested Shares being repurchased and all rights and interest therein or 

  
 2. 

 
related thereto, and the Company will have the right to transfer to its own name the Unvested Shares being repurchased by the Company, without further action by Purchaser. 

5.        CAPITALIZATION ADJUSTMENTS.
In the event of a Capitalization Adjustment, then any and all new, substituted or additional securities or other property to which Purchaser is entitled by reason of Purchaser’s ownership of Unvested Shares at such time will be immediately
subject to the Repurchase Option and be included in the word “Unvested Shares” for all purposes of the Repurchase Option with the same force and effect as the Unvested Shares subject to the Repurchase Option immediately before such
Capitalization Adjustment, but only to the extent there are Unvested Shares at the time covered by such Repurchase Option. While the aggregate price payable upon exercise of the Repurchase Option will remain the same after each such event, the price
payable per share upon exercise of the Repurchase Option will be appropriately adjusted. 

6.        CORPORATE TRANSACTIONS. To the
extent the Repurchase Option remains in effect following a Corporate Transaction or Change in Control, unless otherwise provided by the Board pursuant to the terms of the Plan, it will apply to the new capital stock or other property received in
exchange for the Unvested Shares in consummation of the Corporate Transaction or Change in Control, as applicable, but only to the extent the Unvested Shares were at the time covered by such right. Appropriate adjustments will be made to the price
per share payable upon exercise of the Repurchase Option to reflect the Corporate Transaction or Change in Control, as applicable, upon the Company’s capital structure; provided, however, that the aggregate price payable upon exercise of
the Repurchase Option will remain the same. 

7.        ESCROW OF UNVESTED
SHARES. As security for Purchaser’s faithful performance of the terms of this Agreement and to insure the availability for delivery of the Unvested Shares upon exercise of the Repurchase Option
herein provided for, Purchaser agrees that all Unvested Shares issued to Purchaser pursuant to the Option will be held in escrow pursuant to the terms of the Joint Escrow Instructions in substantially the form attached hereto as
EXHIBIT C. Purchaser agrees to execute and deliver, at the closing hereunder, to the individual designated as the escrow agent in the Joint Escrow Instructions or such person’s designee (the “Escrow
Agent”), (i) the Joint Escrow Instructions and (ii) three (3) Stock Assignment Separate from Certificates duly endorsed (with date and number of shares blank) substantially in the form attached hereto as EXHIBIT
B and deliver the same, along with the certificate or certificates evidencing all of the Unvested Shares, if applicable, which will be held and used by the Escrow Agent pursuant to the terms of the Joint Escrow Instructions. 

8.        RIGHTS OF
PURCHASER. Subject to the provisions of the Option, Purchaser will exercise all rights and privileges of a stockholder of the Company with respect to the Unvested Shares deposited in escrow. Purchaser
will be deemed to be the holder of the Unvested Shares for purposes of receiving any dividends that may be paid with respect to such shares (which will be subject to the same vesting and forfeiture restrictions as apply to the shares to which they
relate) and for purposes of exercising any voting rights relating to such shares, even if some or all of such shares have not yet vested and been released from the Company’s Repurchase Option. 

9.        TRANSFER
RESTRICTIONS. In addition to any other limitation on transfer created by this Agreement or applicable securities laws, Purchaser will not sell, assign, hypothecate,

  
 3. 

 
donate, encumber or otherwise dispose of any interest in the Unvested Shares while such shares are subject to the Repurchase Option; provided, however, that an interest in such shares may
be transferred pursuant to a qualified domestic relations order as defined in the Code or Title I of the Employee Retirement Income Security Act of 1974. In the case of Vested Shares released from the Repurchase Option, Purchaser may not sell,
assign, hypothecate, donate, encumber or otherwise dispose of all or any part of such Vested Shares or any interest therein except in compliance with this Agreement, the Option Agreement, Company’s bylaws and applicable securities laws. 

10.        RESTRICTIVE LEGENDS. 

  (a)        The certificate(s) representing the Common Stock issued
to you pursuant to the Option will be endorsed with appropriate legends or will bear notations as determined by the Company in substantially the following forms (in addition to any other legend or notations that may be required by other agreements
between you and the Company): 
 (i)        “THE SHARES REPRESENTED
HEREBY ARE SUBJECT TO A REPURCHASE OPTION AND OTHER RESTRICTIONS AND CONDITIONS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL
OFFICE OF THIS COMPANY. ANY TRANSFER OR ATTEMPTED TRANSFER OF ANY SHARES SUBJECT TO SUCH OPTION IS VOID WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF THE COMPANY.” 

(ii)        “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.” 
 (iii)        “THE SHARES
REPRESENTED HEREBY ARE SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE COMPANY AND/OR ITS ASSIGNEE(S) AND ACCORDINGLY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF EXCEPT IN CONFORMITY WITH THE TERMS OF
THE BYLAWS OF THE COMPANY AND/OR AN OPTION AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE COMPANY’S PRINCIPAL CORPORATE OFFICES.” 

(iv)        Any legend required by applicable blue sky laws. 

  (b)        Upon the lapse of any restrictions relating to the
Common Stock issued to you pursuant to the Option, the Company shall deliver to you or your personal representative a stock certificate representing a number of shares of Common Stock, free of the restrictive legend described above, equal to the
number of shares of Common Stock with respect to which such restrictions have lapsed. If certificates representing such shares of Common Stock shall have 

  
 4. 

 
theretofore been delivered to you, such certificates shall be returned to the Company, complete with any necessary signatures or instruments of transfer prior to the issuance by the Company of
such unlegended shares of Common Stock. 

11.        INVESTMENT REPRESENTATIONS. In
connection with the purchase of the Common Stock under the Option, Purchaser represents to the Company the following: 

   (a)        Purchaser is aware of the Company’s business
affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Common Stock. Purchaser is acquiring the Common Stock for investment for Purchaser’s own
account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

   (b)        Purchaser understands that the Common Stock has
not been registered under the Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein. 

   (c)        Purchaser further acknowledges and understands
that the Common Stock must be held indefinitely unless the Common Stock is subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the Company is under
no obligation to register the Common Stock. Purchaser understands that the certificate evidencing the Common Stock will be imprinted with a legend that prohibits the transfer of the Common Stock unless the Common Stock is registered or such
registration is not required in the opinion of counsel for the Company. 

   (d)        Purchaser is familiar with the provisions of
Rules 144 and 701, under the Securities Act, as in effect from time to time, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate
of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of issuance of the securities, such
issuance will be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the securities exempt under Rule 701
may be sold by Purchaser ninety (90) days thereafter, subject to the satisfaction of certain of the conditions specified by Rule 144 and the market stand-off provision described in Purchaser’s
Option Agreement. 
    (e)        In the event that the sale
of the Common Stock does not qualify under Rule 701 at the time of purchase, then the Common Stock may be resold by Purchaser in certain limited circumstances subject to the provisions of Rule 144, which requires, among other things:
(i) the availability of certain public information about the Company, and (ii) the resale occurring following the required holding period under Rule 144 after Purchaser has purchased, and made full payment of (within the meaning of Rule
144), the securities to be sold. 
    (f)        Purchaser
further understands that at the time Purchaser wishes to sell the Common Stock there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public
current 

  
 5. 

 
information requirements of Rule 144 or 701, and that, in such event, Purchaser would be precluded from selling the Common Stock under Rule 144 or 701 even if the minimum holding period
requirement had been satisfied. 
   (g)        Purchaser further
warrants and represents that Purchaser has either (i) preexisting personal or business relationships, with the Company or any of its officers, directors or controlling persons, or (ii) the capacity to protect his own interests in
connection with the purchase of the Common Stock by virtue of the business or financial expertise of Purchaser or of professional advisors to Purchaser who are unaffiliated with and who are not compensated by the Company or any of its affiliates,
directly or indirectly. Purchaser further warrants and represents that Purchaser’s purchase the Common Stock was not accomplished by the publication of any advertisement. 

12.        TAX CONSEQUENCES. Purchaser
agrees to review with Purchaser’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. Purchaser will rely solely on such advisors and not on any
statements or representations of the Company or any of its agents. Purchaser understands that Purchaser (and not the Company) will be responsible for Purchaser’s tax liability that may arise as a result of this investment or the transactions
contemplated by this Agreement. Purchaser understands that Section 83(a) of the Code generally taxes as ordinary income to Purchaser the difference between the amount paid for the Common Stock and the fair market value of such Common
Stock as of the date any restrictions on the Common Stock lapse (that is, as of the date on which part of all of such shares vest). In this context, “restriction” includes the right of the Company to buy back the Common Stock pursuant to
the Repurchase Option set forth above. Purchaser understands that Purchaser may elect to be taxed at the time the Common Stock is purchased, rather than when and as the Repurchase Option expires, by filing an election under Section 83(b) of the
Code (an “83(b) Election”) with the Internal Revenue Service within thirty (30) days of the date of purchase, a form of which is included as EXHIBIT D. Even if the fair market value of the Common
Stock at the time of the execution of this Agreement equals the amount paid for the Common Stock, the 83(b) Election must be made to potentially avoid income under Section 83(a) in the future. Purchaser understands that failure to file such an 83(b)
Election in a timely manner may result in adverse tax consequences for Purchaser. Purchaser further understands that Purchaser must file an additional copy of such 83(b) Election with Purchaser’s federal income tax return for the calendar year
in which the date of this Agreement falls. Purchaser acknowledges that the foregoing is only a summary of the effect of U.S. federal income taxation with respect to purchase of the Common Stock hereunder, and does not purport to be complete.
Purchaser further acknowledges that the Company has directed Purchaser to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which Purchaser may reside, and
the tax consequences of Purchaser’s death. Purchaser assumes all responsibility for filing an 83(b) Election and paying all taxes resulting from such election or the lapse of the restrictions on the Common Stock. PURCHASER ACKNOWLEDGES
THAT IT IS PURCHASER’S OWN RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(B) OF THE CODE. THE COMPANY AND ITS LEGAL COUNSEL CANNOT ASSUME RESPONSIBILITY FOR FAILURE TO FILE THE 83(B)
ELECTION IN A TIMELY MANNER UNDER ANY CIRCUMSTANCES. 

  
 6. 

13.        REFUSAL TO
TRANSFER. The Company will not be required (a) to transfer on its books any shares of Common Stock of the Company that has been transferred in violation of any of the provisions set forth in this
Agreement, or (b) to treat as owner of such shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such shares have been so transferred. 

14.        NOTICES. All
notices required or permitted hereunder, in your Option or the Plan will be given in writing (including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by the Company to Purchaser, five days
after deposit in the U.S. mail, postage prepaid, addressed to Purchaser at the last address Purchaser provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan, the
Option and this Agreement by electronic means or to request Purchaser consent to participate in the Plan by electronic means. By entering into this Agreement, Purchaser consents to receive such documents by electronic delivery and to participate in
the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

15.        GOVERNING OPTION
DOCUMENT. The Common Stock purchased hereunder is subject to all the provisions of the Option (including the Stock Option Grant Notice, Option Agreement and governing Plan) to which such shares relate,
the provisions of which are hereby made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any
conflict between the provisions of this Agreement and those of the Option, the provisions of the Option will control. 

16.        NO EMPLOYMENT OR
SERVICE RIGHTS. This Agreement is not an employment or service contract and nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company or its
affiliates to terminate Purchaser’s employment or service relationship for any reason at any time, with or without cause and with or without notice. 

17.        MISCELLANEOUS. 

   (a)        Successors and Assigns. This Agreement will inure
to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon Purchaser, Purchaser’s successors, and assigns. The Company may assign the Repurchase Option hereunder at
any time or from time to time, in whole or in part. 

   (b)        Attorneys’ Fees; Specific Performance.
Purchaser will reimburse the Company for all costs incurred by the Company in enforcing the performance of, or protecting its rights under, any part of this Agreement, including reasonable costs of investigation and attorneys’ fees. It is
the intention of the parties that the Company, upon exercise of the Repurchase Option and payment for the shares repurchased, pursuant to the terms of this Agreement, will be entitled to receive the Common Stock, in specie, in order to have
such Common Stock available for future issuance without dilution of the holdings of other stockholders. Furthermore, it is expressly agreed between the parties that money damages are inadequate to compensate the Company for the Common Stock and that
the Company will, upon 

  
 7. 

 
proper exercise of the Repurchase Option, be entitled to specific enforcement of its rights to purchase and receive said Common Stock. 

   (c)        Governing Law; Venue. This Agreement will be
governed by and construed in accordance with the laws of the State of California. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement will be brought in, and each party agrees to, and
does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the district encompassing the Company’s principal place of business. 

   (d)        Further Execution. The parties agree to take all
such further action(s) as may reasonably be necessary to carry out and consummate this Agreement as soon as practicable, and to take whatever steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the
issuance of the securities that are the subject of this Agreement. 

   (e)        Independent Counsel. Purchaser acknowledges that
this Agreement has been prepared on behalf of the Company by Cooley LLP, counsel to the Company and that Cooley LLP does not represent, and is not acting on behalf of, Purchaser. Purchaser has been provided with an opportunity to consult with
Purchaser’s own counsel with respect to this Agreement. 

   (f)        Entire Agreement; Amendment. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral. This Agreement may not be amended, modified or revoked, in
whole or in part, except by an agreement in writing signed by each of the parties hereto. 

   (g)        Severability. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then
(i) such provision will be excluded from this Agreement, (ii) the balance of the Agreement will be interpreted as if such provision were so excluded and (iii) the balance of the Agreement will be enforceable in accordance with its
terms. 
    (h)        Counterparts. This Agreement may be
executed in counterparts, each of which will be deemed an original and all of which together will constitute one instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the
U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all
purposes. 

  
 8. 

 IN WITNESS WHEREOF, the
parties hereto have executed this Early Exercise Stock Purchase Agreement as of ___________, ____. 
  

	
	SYNTHORX, INC.
	
	 By________________________________________

	 Name:_____________________________________

	 Title:_____________________________________

	 Address:__________________________________

	
              __________________________________

	
	PURCHASER
	
	 Signed:_____________________________________

	 Print Name:_________________________________

	 Address:____________________________________

	
              ____________________________________

  
 9. 

 ATTACHMENTS: 

 

			
	 EXHIBIT A
	  	 NOTICE OF EXERCISE

	EXHIBIT B	  	 STOCK ASSIGNMENT SEPARATE FROM
CERTIFICATE

	EXHIBIT C	  	 JOINT ESCROW INSTRUCTIONS

	EXHIBIT D	  	 FORM OF 83(B) ELECTION

 EXHIBIT A 

NOTICE OF EXERCISE 

 EXHIBIT B 

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto SYNTHORX, INC., a Delaware corporation (the “Company”), pursuant to the Repurchase Option under that certain Early Exercise Stock Purchase Agreement, dated __________, 20___ by
and between the undersigned and the Company (the “Agreement”), ________ shares of Common Stock of the Company standing in the undersigned’s name on the books of the Company represented by Certificate No(s). ___________
and does hereby irrevocably constitute and appoint both the Company’s Secretary and the Company’s attorney, or either of them, to transfer said shares of Common Stock on the books of the Company with full power of substitution in the
premises. This Assignment may be used only in accordance with and subject to the terms and conditions of the Agreement, in connection with the repurchase of shares of Common Stock of the Company issued to the undersigned pursuant to the Agreement,
and only to the extent that such shares remain subject to the Company’s Repurchase Option under the Agreement. 
 Dated:
_______________ 
  

	
	  

	 (Signature)

	
	  

	 (Print Name)

 (INSTRUCTION: Please do not fill in any blanks other than the
“Signature” line and the “Print Name” line. The purpose of this Assignment is to enable the Company to exercise its Repurchase Option set forth in the Agreement without requiring additional signatures on your part.) 

 EXHIBIT C 

JOINT ESCROW INSTRUCTIONS 

Secretary 
 Synthorx, Inc. 

11099 N. Torrey Pines Road, Suite 290 
 La Jolla, CA 92037 

Dear Sir or Madam: 

As Escrow Agent for both Synthorx, Inc., a Delaware corporation (the “Company”), and the undersigned
purchaser (the “Purchaser”) of Common Stock of the Company (the “Common Stock”), you are hereby authorized and directed to hold the documents delivered to you pursuant to the terms of that certain
Early Exercise Stock Purchase Agreement (the “Agreement”), dated __________ to which a copy of these Joint Escrow Instructions is attached as EXHIBIT C, in
accordance with the following instructions: 
 1.        In the event the
Company or an affiliate or assignee of the Company will elect to exercise the Repurchase Option set forth in the Agreement, the Company or its affiliate or assignee, as applicable, will give to Purchaser and you a written notice specifying the
number of shares of Common Stock to be purchased, the purchase price, and the time for a closing hereunder at the principal office of the Company. Purchaser and the Company hereby irrevocably authorize and direct you to close the transaction
contemplated by such notice in accordance with the terms of said notice. 

2.        At the closing you are directed (a) to date any stock
assignments necessary for the transfer of the certificate(s) evidencing the shares in question, (b) to fill in the number of shares of Common Stock being transferred, and (c) to deliver the same, together with the certificate(s) evidencing
the shares of Common Stock to be transferred to the Company against the simultaneous delivery to you of the purchase price (which may include suitable acknowledgment of cancellation of indebtedness) of the number of shares of Common Stock being
purchased pursuant to the exercise of the Repurchase Option. 

3.        Purchaser irrevocably authorizes the Company to deposit with you the
certificate(s) evidencing shares of Common Stock to be held by you hereunder and any additions and substitutions to said shares of Common Stock as specified in the Agreement. Purchaser does hereby irrevocably constitute and appoint you as the
Purchaser’s attorney-in-fact and agent for the term of this escrow to execute with respect to such securities and other property all documents of assignment and/or
transfer and all stock certificates necessary or appropriate to make all securities negotiable and complete any transaction herein contemplated. 

4.        This escrow will terminate and the shares of Common Stock held
hereunder will be released in full upon the earlier of the expiration or exercise in full of the Repurchase Option. 

 5.        If at the time of
termination of this escrow you should have in your possession any documents, securities, or other property belonging to Purchaser, you will deliver all of same to Purchaser and will be discharged of all further obligations hereunder; provided,
however, that if at the time of termination of this escrow you are advised by the Company that the property subject to this escrow is the subject of a pledge or other security agreement, you will deliver all such property to the pledgeholder or
other person designated by the Company. 
 6.        Except as otherwise
provided in these Joint Escrow Instructions, your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto. 

7.        You will be obligated only for the performance of such duties as are
specifically set forth herein and may rely and will be protected in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties or their assignees.
You will not be personally liable for any act you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Purchaser while acting in good faith and any
act done or omitted by you pursuant to the advice of your own attorneys will be conclusive evidence of such good faith. 

8.        You are hereby expressly authorized to disregard any and all warnings
given by any of the parties hereto or by any other person or entity, excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and obey orders, judgments or decrees of any court. In case you obey or comply
with any such order, judgment or decree of any court, you will not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently
reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction. 

9.        You will not be liable in any respect on account of the identity,
authority or rights of the parties executing or delivering or purporting to execute or deliver the Agreement or any documents or papers deposited or called for hereunder. 

10.        You will not be liable for the outlawing of any rights under any
statute of limitations with respect to these Joint Escrow Instructions or any documents deposited with you. 

11.        Your responsibilities as Escrow Agent hereunder will terminate if
you cease to be Secretary of the Company or if you resign by written notice to the Company. In the event of any such termination, the Secretary of the Company will automatically become the successor Escrow Agent unless the Company appoints another
successor Escrow Agent, and Purchaser hereby confirms the appointment of such successor as Purchaser’s attorney-in-fact and agent to the full extent of your
appointment. 
 12.        If you reasonably require other or further
instruments in connection with these Joint Escrow Instructions or obligations in respect hereto, the necessary parties hereto will join in furnishing such instruments. 

  
 2. 

 13.        It is understood
and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of the securities, you are authorized and directed to retain in your possession without liability to anyone all or any part of said
securities until such dispute has been settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been
perfected, but you will be under no duty whatsoever to institute or defend any such proceedings. 

14.        All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, and if not during normal business hours of the
recipient, then on the next business day, (c) five (5) calendar days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the other party hereto at such party’s address set forth below, or at such other address as such party may designate by
ten (10) days advance written notice to the other party hereto: 
  

							
		 	 COMPANY:
	  	 Synthorx, Inc.
	  	
		 		  	 11099 N. Torrey Pines Road, Suite 290
	  	
		 		  	 La Jolla, CA 92037
	  	
				
		 	 PURCHASER:
	  	  
	  	
		 		  	  
	  	
		 		  	  
	  	
				
		 	 ESCROW AGENT:
	  	 Attn: Secretary of Synthorx, Inc.
	  	
		 		  	 11099 N. Torrey Pines Road, Suite 290
	  	
		 		  	 La Jolla, CA 92037
	  	

 15.        By signing these Joint Escrow
Instructions you become a party hereto only for the purpose of said Joint Escrow Instructions; you do not become a party to the Agreement. 

16.        You are entitled to employ such legal counsel, including without
limitation Cooley LLP, and other experts as you may deem necessary to advise you in connection with your obligations hereunder. You may rely upon the advice of such counsel, and may pay such counsel reasonable compensation therefor. The Company will
be responsible for all fees generated by such legal counsel in connection with your obligations hereunder. 

17.        This instrument will be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns. It is understood and agreed that references to “you” or “your” herein refer to the original Escrow Agent and to any and all successor Escrow Agents. It is
understood and agreed that the Company may at any time or from time to time assign its rights under the Agreement and these Joint Escrow Instructions in whole or in part. 

  
 3. 

 18.        These Joint Escrow
Instructions will be governed by and interpreted and determined in accordance with the laws of the State of California, as such laws are applied by California courts to contracts made and to be performed entirely in California by residents of that
state. The parties hereby expressly consent to the personal jurisdiction of the state and federal courts located in the county in which the Company has its principal offices for any lawsuit arising from or related to this Agreement. 

  
 4. 

 
	
	 Very truly yours,

	
	SYNTHORX, INC.
	
	
By                      
                                         
 

	
	
Title                      
                                       

	
	PURCHASER:
	
	  

	 (Signature)

	
	  

	 (Print Name)

  

	
	ESCROW AGENT:
	
	  

	 (Signature)

	
	  

	 (Print Name)

  
 5. 

 INSTRUCTIONS FOR FILING
SECTION 83(b) ELECTION 
 Attached is a form of election under Section 83(b) of
the Internal Revenue Code and an accompanying IRS cover letter. Please fill in your social security number and sign the election and cover letter, then proceed as follows: 
  

	(a)	 Make three copies of the completed election form and one copy of the IRS cover letter.

  

	(b)	 Send the original signed election form and cover letter, the copy of the cover letter,
and a self-addressed stamped return envelope to the Internal Revenue Service Center where you would otherwise file your tax return1. Even if an address for an Internal Revenue Service Center is
already included in the forms below, it is your obligation to verify such address. This can be done by searching for the term “where to file” on www.irs.gov or by calling 1 (800) 829-1040.

 Sending the election via certified mail, requesting a return receipt, with the certified mail number
written on the cover letter is also recommended. 
  

	(c)	 Deliver one copy of the completed election form to the Company. 

 

	(d)	 Applicable state law may require that you attach a copy of the completed election form to your 2018 state
personal income tax return(s) when you file it for the year (assuming you file a state personal income tax return).2 

Please consult your personal tax advisor(s) to determine whether or not a copy of this Section 83(b) election should be
filed with your state personal income tax return(s). 
  

	(e)	 Retain one copy of the completed election form for your personal permanent records. 

Note: An additional copy of the completed election form must be delivered to the transferee (recipient) of the property if the
service provider and the transferee are not the same person. 
 Please note that the election must be filed with the IRS within 30 days of the date of
your restricted stock grant. Failure to file within that time will render the election void and you may recognize 
  

 
 1 Note: Per Treasury Regulation § 1.83-2(c), the Section 83(b) election must be filed with the IRS office where the person otherwise files his or her tax return. As of October 2016,
if you live in a foreign country or are a dual status alien (foreigners that will have lived both in their home country and the United States during the year in which they make the election) you should send the 83(b) election to Austin, TX
73301-0215. You can verify this is still the correct address at: http://www.irs.gov/uac/Where-to-File-Addresses-for--Taxpayers-and--Tax-Professionals-Filing-Form-1040. 

2 Note: Pursuant to Treasury Regulations finalized in July 2016 (Treas. Reg.
§ 1.83-2(c); T.D. 9779), taxpayers are no longer required to submit a copy of a Code Sec. 83(b) election with their federal personal income tax returns for the year in which the property subject to the election was transferred.
However, you are strongly encouraged to retain a copy of the completed election form and the IRS filed-stamped copy of your cover letter along with a copy of the federal personal income tax return for the year in which the property subject to the
election was transferred for your personal permanent records in case you ever need to demonstrate proper and timely filing (a common requirement imposed by acquirers in M&A transactions). 

 
ordinary taxable income as your vesting restrictions lapse. The Company and its counsel cannot assume responsibility for failure to file the election in a timely manner under any circumstances.

  
 2. 

 SECTION 83(b) ELECTION 

____________, 20___ 
 Department of the Treasury

 Internal Revenue Service 
 [City, State Zip]3[Austin, TX 73301-0215 
 USA]4 

Re:     Election Under Section 83(b) 

Ladies and Gentlemen: 
 The
undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income as compensation for services the excess (if any) of the fair market value of the shares described below
over the amount paid for those shares. The following information is supplied in accordance with Treasury Regulation § 1.83-2: 
  

	1.	 The name, social security number, address of the undersigned, and the taxable year for which this
election is being made are: 

							
		 	 Name:
	  	
                       
     
	  	
		 	 Social Security Number:
	  	
                       
     
	  	
		 	 Address:
	  	
                       
     
	  	
		 		  	
                       
     
	  	
		 	 Taxable year: Calendar year 20[.].
	  	

  

	2.	 The property that is the subject of this election: [______] shares of common stock of
SYNTHORX, INC., a Delaware corporation (the “Company”). 

  

	3.	 The property was transferred on: ______________, 20[.]. 

 

	4.	 The property is subject to the following restrictions: Some or all of the shares are subject to
forfeiture or repurchase at less than their fair market value if the undersigned does not continue to provide services for the Company for a designated period of time. The risk of forfeiture or repurchase lapses over a specified vesting period.

  
  

3 Note: Per Treasury Regulation § 1.83-2(c), the Section 83(b) election
must be filed with the IRS office where the person otherwise files his or her tax return. Assuming these are individual taxpayers who would file a Form 1040, see
http://www.irs.gov/uac/Where-to-File-Addresses-for--Taxpayers-and--Tax-Professionals-Filing-Form-1040. Use the address in the row which includes the state in which the service provider lives and in the column entitled “And you ARE
NOT enclosing a payment”. 
 4 Note: Per Treasury Regulation
§ 1.83-2(c), the Section 83(b) election must be filed with the IRS office where the person otherwise files his or her tax return. As of October 2016, if you live in a foreign country or are a dual status alien (foreigners that will have lived
both in their home country and the United States during the year in which they make the election) you should send the 83(b) election to Austin, TX 73301-0215. You can verify this is still the correct address at:
http://www.irs.gov/uac/Where-to-File-Addresses-for--Taxpayers-and--Tax-Professionals-Filing-Form-1040. 

  
 3. 

	5.	 The fair market value of the property at the time of transfer (determined without regard to any
restriction other than a nonlapse restriction as defined in Treasury Regulation § 1.83-3(h)): $[•] per share x [#] shares = $[•]. 

 

	6.	 For the property transferred, the undersigned paid: $[•] per share x [#] shares = $[•].

  

	7.	 The amount to include in gross income is:
$[•].5 

 The undersigned taxpayer will file this election with
the Internal Revenue Service office with which taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property. A copy of the election also will be furnished to the person for whom the services
were performed and the transferee of the property. Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the property is transferred. The undersigned is the person
performing the services in connection with which the property was transferred. 
  

	
	 Very truly yours,

	
	  

	 [Name]

  
  

5 Note: This should equal the amount in Item 5 minus the amount in Item 6,
and in many cases will be $0.00. 

  
 4. 

 RETURN SERVICE REQUESTED 

Department of the Treasury 
 Internal Revenue Service 

[City, State, ZIP][Austin, TX 73301-0215 

USA] 
 Re:
      Election Under Section 83(b) of the Internal Revenue Code 
 Dear Sir
or Madam: 
 Enclosed please find an executed form of election under Section 83(b) of the Internal Revenue Code of
1986, as amended, filed with respect to an interest in Synthorx, Inc. 
 Also enclosed is a copy of the signed form of
election under Section 83(b). Please acknowledge receipt of these materials by marking the copy when received and returning it in the enclosed stamped, self-addressed envelope. 

Thank you very much for your assistance. 

 

	
	 Very truly yours,

	
	  

	 [Name]

 Enclosures 

  
 5.

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