Document:

EX-4.5

 Exhibit 4.5 

Execution Version 

AVALANCHE BIOTECHNOLOGIES, INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 AVALANCHE BIOTECHNOLOGIES, INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT (the “Agreement”) is entered into as of the 16th day of April, 2014, by and among Avalanche Biotechnologies, Inc., a Delaware corporation (the “Company”) and
the investors listed on Exhibit A hereto, referred to hereinafter as the “Investors” and each individually as an “Investor.” 

RECITALS 

WHEREAS, the Company and certain of the Stockholders have previously entered into that certain Investor
Rights Agreement, dated as of September 7, 2010, by and among the Company and the parties thereto (the “Prior Agreement”), for the purpose of setting forth the terms and conditions pursuant to which certain Investors may
cause the Company to register shares of Common Stock issuable to the Investors and certain other matters as set forth therein; 

WHEREAS, the Company and certain of the Investors have entered into that certain Series B Preferred Stock
Purchase Agreement, dated as of April 16, 2014, by and among the Company and the parties thereto (as amended, the “Purchase Agreement”), pursuant to which the Company desires to sell to certain investors, and such
investors desire to purchase from the Company, at the Closing (as defined therein) shares of the Company’s Series B Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”); 

WHEREAS, as an inducement for, and as a condition to, the aforementioned sales and purchases of
Series B Preferred Stock, the Company and undersigned Investors desire to amend and restated the Prior Agreement in its entirety as set forth herein; 

WHEREAS, pursuant to Section 5.5 of the Prior Agreement, the Prior Agreement may be amended or
modified, and the obligations of the Company and the rights of the Holders (as defined in the Prior Agreement) under the Prior Agreement may be waived, only upon the written consent of the Company and the holders of at least a majority of the then
outstanding Registrable Securities (as defined in the Prior Agreement) (the “Prior Agreement Amendment Requirement”). 

WHEREAS, the execution of this Agreement by the Company and the undersigned Investors satisfies the Prior
Agreement Amendment Requirement. 
 NOW, THEREFORE, in consideration of these premises
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	SECTION 1.	GENERAL. 

 1.1 Definitions. As used in this Agreement the following terms shall
have the following respective meanings: 
 (a) “Additional Holders” shall mean all individuals set forth on
Exhibit B. 

  
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 (b) “Affiliate” shall mean any person or entity who or which,
directly or indirectly, controls, is controlled by, or is under common control with the relevant Holder, including, without limitation, any general partner, managing partner, manager, member, officer or director of such Investor or any venture
capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, shares the same management or advisory company with, or is otherwise affiliated with, such Holder; provided, however, that
“Affiliate” with respect to those Holders that are advisory clients of Fidelity or T. Rowe Price shall include other funds and accounts managed by Fidelity or T. Rowe Price, respectively. 

(c) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(d) “Fidelity” shall mean Fidelity Management & Research Company and any successor or affiliated
investment advisor to the Fidelity Investors. 
 (e) “Fidelity Investors” shall mean the Investors that are
advisory clients of Fidelity with respect to holdings of shares in the Company. For the sake of clarity, as of the date hereof the Fidelity Investors marked with an asterisk on Exhibit A attached hereto. 

(f) “Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor or
similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

(g) “Holder” means any person owning of record Registrable Securities that have not been sold to the public or
any assignee of record of such Registrable Securities in accordance with Section 2.9 hereof. 
 (h) “Initial
Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock registered under the Securities Act. 

(i) “Preferred Stock” means shares of the Company’s Series A Preferred Stock and Series B Preferred Stock.

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

(k) “Registrable Securities” means (a) Common Stock of the Company issuable or issued upon conversion of the
Preferred Stock and (b) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or
in replacement of, such above-described securities. Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a person to the public either pursuant to a registration statement or Rule 144 or
(ii) sold in a private transaction in which the transferor’s rights under Section 2 of this Agreement are not assigned. 

  
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 (l) “Registration Expenses” shall mean all expenses
incurred by the Company in complying with Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements
not to exceed twenty-five thousand dollars ($25,000) of a single special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of
regular employees of the Company which shall be paid in any event by the Company). 
 (m) “SEC” or
“Commission” means the Securities and Exchange Commission. 
 (n) “Securities
Act” shall mean the Securities Act of 1933, as amended. 
 (o) “Selling Expenses” shall mean all
underwriting discounts and selling commissions applicable to the sale. 
 (p) “Series A Preferred Stock”
means the Company’s Series A Preferred Stock, par value $0.0001 per share 
 (q) “Shares” shall mean the
Company’s Series B Preferred Stock issued pursuant to the Purchase Agreement. 
 (r) “Special Registration
Statement” shall mean (i) a registration statement relating to any employee benefit plan or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration
statements related to the issuance or resale of securities issued in such a transaction or (iii) a registration related to stock issued upon conversion of debt securities. 

(s) “T. Rowe Price” shall mean T. Rowe Price Associates, Inc. and any successor or affiliated investment
advisor to the T. Rowe Price Investors. 
 (t) “T. Rowe Price Investors” shall mean the Investors that are
advisory clients of T. Rowe Price with respect to holdings of shares in the Company. For the sake of clarity, as of the date hereof the T. Rowe Price Investors marked with an asterisk on Exhibit A attached hereto. 

 

	SECTION 2.	REGISTRATION; RESTRICTIONS ON TRANSFER. 

 2.1 Restrictions on Transfer. 

(a) Each Holder agrees not to make any disposition of all or any portion of the Shares or Registrable Securities unless and until: 

(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition
is made in accordance with such registration statement; or 

  
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 (ii) (A) The transferee has agreed in writing to be bound by the terms of this
Agreement, (B) such Holder shall have notified the Company of the proposed disposition, and (C) if reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the
Company (it being understood that internal securities counsel of T. Rowe Price shall be deemed acceptable for transfers by the T. Rowe Price Investors and internal securities counsel of Fidelity shall be deemed acceptable for transfers by the
Fidelity Investors), that such disposition will not require registration of such shares under the Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual
circumstances. After its Initial Offering, the Company will not require any transferee pursuant to Rule 144 to be bound by the terms of this Agreement if the shares so transferred do not remain Registrable Securities hereunder following such
transfer. 
 (b) Notwithstanding the provisions of subsection (a) above, no such restriction shall apply to a transfer by a
Holder (A) that is a partnership transferring to its partners or former partners in accordance with partnership interests, (B) that is a corporation transferring to a wholly-owned subsidiary or a parent corporation that owns all of
the capital stock of the Holder, (C) that is a limited liability company transferring to its members or former members in accordance with their interest in the limited liability company, (D) that is an individual transferring to the
Holder’s family member or trust for the benefit of an individual Holder (E) pursuant to a merger or reorganization of a U.S. registered mutual fund, (F) by a T. Rowe Price Investor to any entity managed by registered investment
advisor or (G) by a Fidelity Investor to any entity managed by registered investment advisor; provided that in each case the transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if he were
an original Holder hereunder. 
 (c) Each certificate representing Registrable Securities shall be stamped or otherwise imprinted
with legends substantially similar to the following (in addition to any legend required under applicable state securities laws): 
 THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER
THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A
CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

  
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 (d) The Company shall be obligated to reissue promptly unlegended certificates at the
request of any Holder thereof if the Company has completed its Initial Offering or in connection with a sale of Registrable Securities by a Holder pursuant to Rule 144 and the Holder shall have obtained an opinion of counsel (which counsel may be
counsel to the Company) reasonably acceptable to the Company (it being understood that internal securities counsel of T. Rowe Price shall be deemed acceptable for requests by the T. Rowe Price Investors and it being understood that internal
securities counsel of Fidelity shall be deemed acceptable for requests by the Fidelity Investors) to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and legend, provided
that the second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder. 

(e) Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect
to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal or upon delivery of opinion of counsel reasonably acceptable to the Company (it being understood that internal
securities counsel of the T. Rowe Price shall be deemed acceptable with respect to the T. Rowe Price Investors) to the effect that such legend may be removed. 

(f) The Company shall keep its securities held by the T. Rowe Price Investors in certificated physical form at least through the
expiration or early release of the lock-up period set forth in Section 2.11 below. 
 2.2 Demand Registration. 

(a) Subject to the conditions of this Section 2.2, if the Company shall receive a written request from the Holders of a majority
of the Registrable Securities (the “Initiating Holders”) that the Company file a registration statement under the Securities Act covering the registration of at least a majority of the Registrable Securities then outstanding
(or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $10,000,000), then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such
request to all Holders, and subject to the limitations of this Section 2.2, effect, as expeditiously as reasonably possible, the registration under the Securities Act of all Registrable Securities that all Holders request to be registered. 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting,
they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the written notice referred to in Section 2.2(a) or
Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter

  
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or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably
acceptable to the Company). Notwithstanding any other provision of this Section 2.2 or Section 2.4, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten
(including Registrable Securities) then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to
the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). Any Registrable Securities excluded or withdrawn from such
underwriting shall be withdrawn from the registration. 
 (c) The Company shall not be required to effect a registration pursuant to
this Section 2.2: 
 (i) prior to the earlier of (A) the third anniversary of the date of this Agreement or (B) of
the expiration of the restrictions on transfer set forth in Section 2.11 following the Initial Offering; 
 (ii) after the
Company has effected two (2) registrations pursuant to this Section 2.2, and such registrations have been declared or ordered effective; 

(iii) during the period starting with the date of filing of, and ending on the date one hundred eighty (180) days following the
effective date of the registration statement pertaining to a public offering, other than pursuant to a Special Registration Statement; provided that the Company makes reasonable good faith efforts to cause such registration statement to
become effective; 
 (iv) if within thirty (30) days of receipt of a written request from Initiating Holders pursuant to
Section 2.2(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for a public offering, other than pursuant to a Special Registration Statement within ninety (90) days; 

(v) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.2 a certificate signed
by the Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in
which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating Holders; provided that such right to delay a request shall be
exercised by the Company not more than twice in any twelve (12) month period; 
 (vi) if the Initiating Holders propose to
dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below; or 

(vii) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent
to service of process in effecting such registration, qualification or compliance. 

  
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 2.3 Piggyback Registrations. The Company shall notify all Holders and Additional Holders
in writing at least fifteen (15) days prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to
secondary offerings of securities of the Company, but excluding Special Registration Statements) and will afford each such Holder or Additional Holder an opportunity to include in such registration statement all or part of such Registrable
Securities held by such Holder or Additional Holder. Each Holder or Additional Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within fifteen (15) days after the
above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder or Additional Holder. If a Holder or Additional Holder decides not to
include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder or Additional Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent
registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. For purposes of this Section 2.3 only, the shares set forth
opposite each Additional Holder’s name on Exhibit B shall be deemed Registrable Securities. 
 (a) Underwriting.
If the registration statement of which the Company gives notice under this Section 2.3 is for an underwritten offering, the Company shall so advise the Holders and Additional Holders of Registrable Securities. In such event, the right of any
such Holder or Additional Holder to include Registrable Securities in a registration pursuant to this Section 2.3 shall be conditioned upon such Holder or Additional Holder’s participation in such underwriting and the inclusion of such
Holder or Additional Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders or Additional Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an
underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if the underwriter determines in good faith that marketing factors
require a limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first, to the Company; second, to the Holders on a pro rata basis based on the total number of
Registrable Securities held by the Holders; third, to the Additional Holders on a pro rata basis based on the total number of Registrable Securities held by the Additional Holders; and fourth, to any stockholder of the Company (other than a
Holder) on a pro rata basis. If any Holder or Additional Holder disapproves of the terms of any such underwriting, such Holder or Additional Holder may elect to withdraw therefrom by written notice to the Company and the underwriter,
delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder
or Additional Holder which is a partnership, limited liability company or corporation, the partners, retired partners, members, retired members and stockholders of such Holder or Additional Holder, or the estates and family members of any such
partners, retired partners, members and retired members and any trusts for 

  
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the benefit of any of the foregoing person shall be deemed to be a single Holder or Additional Holder, and any pro rata reduction with respect to such Holder or Additional Holder shall be
based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such Holder or Additional Holder, as defined in this sentence. The T. Rowe Price Investors and Fidelity Investors, respectively,
shall each be deemed to be a single “Holder,” for purpose of any pro rata reduction under this Section 2.2(a) and any such pro rata reduction with respect to any such “Holder” shall be based upon the aggregate amount of
shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 2.3 whether or not any Holder or Additional Holder has elected to include securities in such registration, and shall promptly notify any Holder or Additional Holder that has elected to include shares in such registration of such
termination or withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5 hereof. 

2.4 Form S-3 Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written request or
requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of the Registrable
Securities owned by such Holder or Holders, the Company will: 
 (a) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) as soon as
practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities
as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such
written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

(i) if Form S-3 is not available for such offering by the Holders, or 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars ($1,000,000), or 

(iii) if within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this Section 2.4,
the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement; 

  
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 (iv) if the Company shall furnish to the Holders a certificate signed by the Chairman of
the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such
time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than one hundred twenty (120) days after receipt of the request of the Holder or Holders under this
Section 2.4; provided, that such right to delay a request shall be exercised by the Company not more than twice in any twelve (12) month period, or 

(v) if the Company has already effected two (2) registrations on Form S-3 for the Holders pursuant to this Section 2.4,
or 
 (vi) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or compliance. 
 (c) Subject to the foregoing, the
Company shall file a Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations effected pursuant to
this Section 2.4 shall not be counted as demands for registration or registrations effected pursuant to Section 2.2. All Registration Expenses incurred in connection with registrations requested pursuant to this Section 2.4 after the
first two (2) registrations shall be paid by the selling Holders pro rata in proportion to the number of shares to be sold by each such Holder in any such registration. 

2.5 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be borne by the holders of the securities so
registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4, the request of
which has been subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse information concerning the Company of which the Initiating Holders were not aware at the time of such request or
(b) the Holders of a majority of Registrable Securities agree to deem such registration to have been effected as of the date of such withdrawal for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c)
or 2.4(b)(5), as applicable, to undertake any subsequent registration, in which event such right shall be forfeited by all Holders). If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of
securities (including Registrable Securities) requesting such registration in proportion to the number of shares for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to
clause (a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b)(5), as applicable, to undertake any subsequent
registration. 

  
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 2.6 Obligations of the Company. Whenever required to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a
registration statement with respect to such Registrable Securities and use all reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered
thereunder, keep such registration statement effective for up to thirty (30) days (to be measured from the expiration of any lockup period related to such registration, if applicable) or, if earlier, until the Holder or Holders have completed
the distribution related thereto; provided, however, that at any time, upon written notice to the participating Holders and for a period not to exceed sixty (60) days thereafter (the “Suspension Period”), the Company may
delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and the Initiating Holders hereby agree not to offer or sell any Registrable Securities pursuant to such registration
statement during the Suspension Period) if the Company reasonably believes that there is or may be in existence material nonpublic information or events involving the Company, the failure of which to be disclosed in the prospectus included in the
registration statement could result in a Violation (as defined below). In the event that the Company shall exercise its right to delay or suspend the filing or effectiveness of a registration hereunder, the applicable time period during which the
registration statement is to remain effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may extend the Suspension Period for an additional consecutive sixty (60) days with the consent of
the holders of a majority of the Registrable Securities registered under the applicable registration statement, which consent shall not be unreasonably withheld. If so directed by the Company, all Holders registering shares under such registration
statement shall (i) not offer to sell any Registrable Securities pursuant to the registration statement during the period in which the delay or suspension is in effect after receiving notice of such delay or suspension; and (ii) use their
best efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable Securities current at the time of receipt of
such notice. Notwithstanding the foregoing, the Company shall not be required to file, cause to become effective or maintain the effectiveness of any registration statement other than a registration statement on Form S-3 that contemplates a
distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 
 (b) Prepare and
file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement for the period set forth in subsection (a) above. 
 (c)
Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the
disposition of Registrable Securities owned by them. 
 (d) Use its reasonable efforts to register and qualify the securities covered
by such registration statement under such other securities or Blue Sky laws of such jurisdictions as 

  
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shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions. 
 (e) In the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations
under such an agreement. 
 (f) Notify each Holder of Registrable Securities covered by such registration statement at any time when
a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement
such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing. 
 (g) Use its reasonable efforts to furnish, on the date that such Registrable Securities are delivered
to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily
given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

(h) Comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as
reasonably practicable, an earnings statement covering the period of at least twelve (12) months, but not more than eighteen (18) months, beginning with the first month after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any comparable successor provisions). 

2.7 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the
result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 (b) It
shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held
by them and the intended method of disposition of such securities as shall be required to effect the registration of their Registrable Securities. 

(c) The Company shall have no obligation with respect to any registration requested pursuant to Section 2.2 or Section 2.4 if
the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally
trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable. 

  
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 2.8 Indemnification. In the event any Registrable Securities are included in a
registration statement under Sections 2.2, 2.3 or 2.4: 
 (a) To the extent permitted by law, the Company will indemnify
and hold harmless each Holder, the partners, members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of
the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or
alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto,
(ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities
Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will
reimburse each such Holder, partner, member, officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or
action; provided however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent
of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, member, officer, director, underwriter or controlling person of such Holder. 

(b) To the extent permitted by law, each Holder severally and not jointly, will, if Registrable Securities held by such Holder are
included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company within the
meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder, against any losses,
claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may

  
 12 

 
become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are
based upon any of the following statements: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or
(iii) any violation or alleged violation by the Company of the Securities Act (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder Violation occurs in reliance upon
and in conformity with written information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will reimburse any legal or other
expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in connection with investigating or defending any
such loss, claim, damage, liability or action if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under
this Section 2.8 exceed the net proceeds from the offering received by such Holder when combined with any amounts contributed under Section 2.8(d) by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses thereof to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained
by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.8 to the extent, and only to the extent, prejudicial to its
ability to defend such action, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 2.8. 

(d) If the indemnification provided for in this Section 2.8 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the
amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the
other in connection with the Violation(s) or 

  
 13 

 
Holder Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution
by a Holder hereunder exceed the proceeds from the offering received by such Holder. 
 (e) The obligations of the Company and
Holders under this Section 2.8 shall survive completion of any offering of Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 2.8 would apply that is covered by
a registration filed before termination of this Agreement, such termination. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 

2.9 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this
Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such shares remain Registrable Securities) that (a) is a subsidiary, parent, general partner, limited partner, retired partner,
member or retired member, or stockholder of a Holder that is a corporation, partnership or limited liability company, (b) is a Holder’s family member or trust for the benefit of an individual Holder, (c) acquires at least 25,000
shares of Registrable Securities (as adjusted for stock splits and combinations) or (d) pursuant to a transfer permitted under Section 2.1(a) or (b) above; provided, however, (i) the transferor shall, within
ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee
shall agree to be subject to all restrictions set forth in this Agreement. 
 2.10 Limitation on Subsequent Registration Rights.
Other than as provided in Section 5.10, after the date of this Agreement, the Company shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder rights to demand
the registration of shares of the Company’s capital stock, or to include such shares in a registration statement that would reduce the number of shares includable by the Holders. 

2.11 “Market Stand-Off” Agreement. Each Holder hereby agrees that such Holder shall not sell, 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, any Common Stock (or other securities) of the Company held by such Holder immediately before the effective date of
the registration statement for the Initial Offering (other than those included in the registration) during the 180-day period following the effective date of the Initial Offering; provided, that, all officers and directors of the Company and holders
of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements. The obligations described in this Section 2.11 shall not apply to a registration relating solely to employee
benefit  

  
 14 

 
plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in
the future. To the extent that any person who is subject to market stand-off obligations is released early by the managing underwriter from such market stand-off obligations, then each Holder shall also receive a pro rata release from their
respective market stand-off obligations. Notwithstanding anything herein to the contrary, the provisions of this Section 2.11 shall not apply to any shares purchased in the Initial Offering or in the secondary market following the Initial
Offering. 
 2.12 Agreement to Furnish Information. Each Holder agrees to execute and deliver such other agreements as may be
reasonably requested by the Company or the underwriter that are consistent with the Holder’s obligations under Section 2.11 or that are necessary to give further effect thereto. In addition, if requested by the Company or the
representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be reasonably required by the Company or such representative in
connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 2.11 and this Section 2.12 shall not apply to
a Special Registration Statement. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said day period. Each Holder agrees that any
transferee of any shares of Registrable Securities shall be bound by Sections 2.11 and 2.12. The underwriters of the Company’s stock are intended third party beneficiaries of Section 2.11 and shall have the right, power and authority
to enforce the provisions of Section 2.11 as though they were a party hereto. 
 2.13 Rule 144 Reporting. With a view to
making available to the Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

(a) Make and keep public information available, as those terms are understood and defined in SEC Rule 144 or any similar or
analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

(b) File with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and 

(c) So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a written statement by the
Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly
report of the Company filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell any such securities without
registration. 
 2.14 Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable
Securities in any registration pursuant to Section 2.2,  

  
 15 

 
Section 2.3, or Section 2.4 hereof shall terminate upon the earlier of: (i) the date three (3) years following an initial public offering that results in the conversion of all
outstanding shares of Preferred stock; or (ii) such time as such Holder, as reflected on the Company’s list of stockholders, holds less than 1% of the Company’s outstanding Common Stock (treating all shares of Preferred Stock on an as
converted basis), the Company has completed its Initial Offering and all Registrable Securities of the Company held by and issuable to such Holder (and its Affiliates) may be sold pursuant to Rule 144 during any ninety (90) day period without
limitation. Upon such termination, such shares shall cease to be Registrable Securities hereunder for all purposes. 
  

	SECTION 3.	COVENANTS OF THE COMPANY. 

 3.1 Basic Financial Information and Reporting. 

(a) The Company will maintain true books and records of account in which full and correct entries will be made of all its business
transactions pursuant to a system of accounting established and administered in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to the recipients thereof), and will set aside on
its books all such proper accruals and reserves as shall be required under generally accepted accounting principles consistently applied. 

(b) As soon as practicable after the end of each fiscal year of the Company, and in any event within one hundred twenty (120) days
thereafter, the Company will furnish such Investor a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash flows of the Company, for such year, all prepared in accordance with generally
accepted accounting principles consistently applied (except as noted therein or as disclosed to the recipients thereof) and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. Such
financial statements shall be accompanied by a report and opinion thereon by independent public accountants selected by the Company’s Board of Directors. 

(c) The Company will furnish each Major Investor (as defined below), as soon as practicable after the end of the first, second and
third quarterly accounting periods in each fiscal year of the Company, and in any event within forty-five (45) days thereafter, a balance sheet of the Company as of the end of each such quarterly period, and a statement of income and a
statement of cash flows of the Company for such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to the recipients
thereof), with the exception that no notes need be attached to such statements and year-end audit adjustments may not have been made. 

(d) So long as an Investor (with its Affiliates) shall own not less than 132,000 shares of Registrable Securities (as adjusted for
stock splits and combinations) (a “Major Investor”), the Company will furnish each such Major Investor to the extent requested by such Major Investor: (i) at least thirty (30) days prior to the beginning of each
fiscal year an annual budget and operating plans for such fiscal year (and as soon as available, any subsequent written revisions thereto); and (ii) as soon as practicable after the end of each quarter, and in any event

  
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within twenty (20) days thereafter, a balance sheet of the Company as of the end of each such quarter, and a statement of income and a statement of cash flows of the Company for such quarter
and for the current fiscal year to date, including a comparison to plan figures for such period, prepared in accordance with generally accepted accounting principles consistently applied (except as noted thereon), with the exception that no notes
need be attached to such statements and year-end audit adjustments may not have been made. 
 (e) Notwithstanding the foregoing, each
T. Rowe Price Investor and Fidelity Investor shall be considered a “Major Investor” for all purposes of this Agreement, for so long as such Investor holds any Registrable Securities. The Company shall promptly and accurately respond, and
shall use its best efforts to cause its transfer agent to promptly respond, to requests for information made on behalf of any T. Rowe Price Investor or Fidelity Investor relating to (a) accounting or securities law matters required in
connection with its audit or (b) the actual holdings of the applicable T. Rowe Price Investor Fidelity Investor , including in relation to the total outstanding shares of the Company; provided, however, that the Company shall not be obligated
to provide any such information that could reasonably result in a violation of applicable law or conflict with the Company’s insider trading policy or a confidentiality obligation of the Company. In addition, the quarterly and annual financial
statements delivered to the T. Rowe Price Investors and Fidelity Investors shall include current capitalization tables. 
 3.2 Inspection
Rights. Each Major Investor shall have the right to visit and inspect any of the properties of the Company or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers,
and to review such information as is reasonably requested all at such reasonable times and as often as may be reasonably requested; provided, however, that the Company shall not be obligated under this Section 3.2 with
respect to a competitor of the Company or with respect to information which the Board of Directors determines in good faith is confidential (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the
disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel and should not, therefore, be disclosed.  

3.3 Confidentiality of Records. Each Investor agrees to use the same degree of care as such Investor uses to protect its own
confidential information to keep confidential any information furnished to such Investor hereof that the Company identifies as being confidential or proprietary (so long as such information is not in the public domain), except that such Investor may
disclose such proprietary or confidential information (i) to any registered investment advisor, partner, limited partner, prospective partner or limited partner, subsidiary or parent of such Investor as long as such registered investment
advisor, partner, limited partner, prospective partner or limited partner, subsidiary or parent is advised of and agrees or has agreed to be bound by the confidentiality provisions of this Section 3.3 or comparable restrictions; (ii) at
such time as it enters the public domain through no fault of such Investor; (iii) that is communicated to it free of any obligation of confidentiality; (iv) that is developed by Investor or its agents independently of and without reference
to any confidential information communicated by the Company; or (v) as required by applicable law. For the sake of clarity, nothing contained in this Section 3.3 shall in any way restrict or impair the obligations of T. Rowe Price or
Fidelity, to report the investment of its respective advisory clients (as Investors) in the Company in accordance with applicable laws and regulations, without any requirement of prior notice to the Company. 

  
 17 

 3.4 Reservation of Common Stock. The Company will at all times reserve and keep available,
solely for issuance and delivery upon the conversion of the Preferred Stock, all Common Stock issuable from time to time upon such conversion. 

3.5 Proprietary Information and Inventions Agreement. The Company shall require all employees to execute and deliver an Employee
Confidential Information and Inventions Assignment Agreement substantially in the form approved by the Company’s counsel or Board of Directors and shall require all consultants to execute and deliver a consulting agreement with substantially
similar obligations. 
 3.6 Directors’ Liability and Indemnification. The Company’s Certificate of Incorporation and
Bylaws shall provide (a) for elimination of the liability of director to the maximum extent permitted by law and (b) for indemnification of directors for acts on behalf of the Company to the maximum extent permitted by law.  

3.7 Director Expenses. The Company will reimburse all non-employee directors and observers for their reasonable expenses related to
attending meetings of the Company’s Board of Directors. 
 3.8 Series A Preferred Stock. The Company will use
commercially reasonable efforts after the consummation of the Repurchases (as defined in the Purchase Agreement) to amend the Restated Certificate (as defined in the Purchase Agreement) to reduce the number of authorized shares of Series A Preferred
Stock by 531,208 shares (as adjusted for stock splits and combinations). The Company further covenants and agrees that subsequent to the Repurchases, the Company shall not re-issue any of the shares of Series A Preferred Stock repurchased from
Zygtech, LLC. 
 3.9 Publicity. The Company shall not use the name or trademarks of (i) T. Rowe Price or the T. Rowe
Price Investors or (ii) Fidelity or the Fidelity Investors, including the issuance of any press release relating to the sale of the Series B Preferred Stock that identifies such Investors, without the prior review and written consent of T. Rowe
Price or Fidelity, respectively. 
 3.10 Termination of Covenants. All covenants of the Company contained in Section 3 of
this Agreement (other than the provisions of Section 3.3, and 3.6 and 3.9) shall expire and terminate as to each Investor upon the earlier of (i) the effective date of the registration statement pertaining to an Initial Offering or
(ii) upon an “Acquisition” as defined in the Company’s Certificate of Incorporation as in effect as of the date hereof. 
  

	SECTION 4.	RIGHTS OF FIRST REFUSAL. 

 4.1 Subsequent Offerings. Subject to applicable
securities laws, each Major Investor shall have a right of first refusal to purchase its pro rata share of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the
date of this Agreement, other than the Equity Securities excluded by Section 4.7 hereof. Each  

  
 18 

 
Investor’s pro rata share is equal to the ratio of (a) the number of shares of the Company’s Common Stock (including all shares of Common Stock issuable or
issued upon conversion of the Shares or upon the exercise of outstanding warrants or options) of which such Investor is deemed to be a holder immediately prior to the issuance of such Equity Securities to (b) the total number of shares of the
Company’s outstanding Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares or upon the exercise of any outstanding warrants or options) immediately prior to the issuance of the Equity Securities.
The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other security of the Company, (ii) any security convertible into or exercisable or exchangeable for, with or without consideration,
any Common Stock, Preferred Stock or other security (including any option to purchase such a convertible security), (iii) any security carrying any warrant or right to subscribe to or purchase any Common Stock, Preferred Stock or other security
or (iv) any such warrant or right. 
 4.2 Exercise of Rights. If the Company proposes to issue any Equity Securities, it
shall give each Major Investor written notice of its intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue the same. Each Major Investor shall have fifteen (15) days from
the giving of such notice to agree to purchase its pro rata share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the
quantity of Equity Securities to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such Equity Securities to any Major Investor who would cause the Company to be in violation of applicable federal
securities laws by virtue of such offer or sale. 
 4.3 Issuance of Equity Securities to Other Persons. If not all of the
Major Investors elect to purchase their pro rata share of the Equity Securities, then the Company shall promptly notify in writing the Major Investors who do so elect and shall offer such Major Investors the right to acquire
such unsubscribed shares on a pro rata basis. The Major Investors shall have five (5) days after receipt of such notice to notify the Company of its election to purchase all or a portion thereof of the unsubscribed shares.
The Company shall have ninety (90) days thereafter to sell the Equity Securities in respect of which the Major Investor’s rights were not exercised, at a price not lower and upon general terms and conditions not materially more favorable
to the purchasers thereof than specified in the Company’s notice to the Major Investors pursuant to Section 4.2 hereof. If the Company has not sold such Equity Securities within ninety (90) days of the notice provided pursuant to
Section 4.2, the Company shall not thereafter issue or sell any Equity Securities, without first offering such securities to the Major Investors in the manner provided above. 

4.4 Termination and Waiver of Rights of First Refusal. The rights of first refusal established by this Section 4 shall not apply
to, and shall terminate upon the earlier of (i) the effective date of the registration statement pertaining to the Company’s Initial Offering or (ii) an Acquisition. Notwithstanding Section 5.5 hereof, the rights of first refusal
established by this Section 4 may be amended, or any provision waived with and only with the written consent of the Company, the Major Investors holding a majority of the Registrable Securities held by all Major Investors and the holders of at
least a majority of the then-outstanding Series B Preferred Stock; provided, however, that notwithstanding any such waiver, in the event that a Major Investor actually purchases Equity Securities in any transaction contemplated
by Section 4  

  
 19 

 
hereof, then each other Major Investor shall be permitted to participate on a pro rata basis relative to the Major Investor purchasing the largest proportion of such Major Investor’s pro
rata share. 
 4.5 Assignment of Rights of First Refusal. The rights of first refusal of each Major Investor under this
Section 4 may be assigned by the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.9. 

4.6 Excluded Securities. The rights of first refusal established by this Section 4 shall have no application to any of the
following Equity Securities: 
 (a) shares of Common Stock and/or options, warrants or other Common Stock purchase rights and
the Common Stock issued pursuant to such options, warrants or other rights issued or to be issued after the date hereof to employees, officers or directors of, or consultants or advisors to the Company or any subsidiary, pursuant to stock purchase
or stock option plans or other arrangements that are approved by the Board of Directors; 
 (b) stock issued or issuable pursuant to
any rights or agreements, options, warrants or convertible securities outstanding as of the date of this Agreement; and stock issued pursuant to any such rights or agreements granted after the date of this Agreement, so long as the rights of first
refusal established by this Section 4 were complied with, waived, or were inapplicable pursuant to any provision of this Section 4.7 with respect to the initial sale or grant by the Company of such rights or agreements; 

(c) any Equity Securities issued for consideration other than cash pursuant to a merger, consolidation, acquisition or similar business
combination as approved by the Board of Directors; 
 (d) any Equity Securities issued in connection with any stock split, stock
dividend or recapitalization by the Company; 
 (e) any Equity Securities issued pursuant to any equipment loan or leasing
arrangement, real property leasing arrangement, or debt financing from a bank or similar financial or lending institution as approved by the Board of Directors; 

(f) any Equity Securities that are issued by the Company pursuant to a registration statement filed under the Securities Act; 

(g) any Equity Securities issued to third-party service providers in exchange for or as partial consideration for services rendered to
the Company as approved by the Board of Directors; 
 (h) any Equity Securities issued in connection with strategic transactions
involving the Company and other entities, including (i) joint ventures, manufacturing, marketing or distribution arrangements or (ii) technology transfer or development arrangements; provided that the issuance of shares therein has
been approved by the Company’s Board of Directors; and 
 (i) any Equity Securities issued by the Company pursuant to the
Purchase Agreement. 

  
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	SECTION 5.	MISCELLANEOUS. 

 5.1 Governing Law. This Agreement shall be governed by and
construed under the laws of the State of California in all respects as such laws are applied to agreements among California residents entered into and to be performed entirely within California, without reference to conflicts of laws or principles
thereof. The parties agree that any action brought by either party under or in relation to this Agreement, including without limitation to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees to and does
hereby submit to the jurisdiction and venue of, any state or federal court located in the County of Santa Clara, California. THE PARTIES TO THIS AGREEMENT HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY WITH RESPECT TO DISPUTES ARISING UNDER THIS
AGREEMENT AND THE RELATED AGREEMENTS AND CONSENT TO A BENCH TRIAL WITH THE APPROPRIATE JUDGE ACTING AS THE FINDER OF FACT. 
 5.2
Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators
and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the
transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all
purposes, including the payment of dividends or any redemption price. 
 5.3 Entire Agreement. This Agreement, the Exhibits
and Schedules hereto, the Purchase Agreement and the other documents delivered pursuant thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound
to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written
representations, warranties, covenants or agreements outside of this Agreement. The Prior Agreement is hereby amended in its entirety and restated herein, and all provisions of, rights granted and covenants made in the Prior Agreement are hereby
waived, released and superseded in their entirety and shall have no further force or effect. 
 5.4 Severability. In the event
one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and
this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 

  
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 5.5 Amendment and Waiver. 

(a) Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the Company and the
rights of the Holders under this Agreement may be waived, only upon the written consent of the Company and (i) the holders of at least a majority of the then-outstanding Series A Preferred Stock and (ii) the holders of a majority of the
then-outstanding Series B Preferred Stock; provided, however, than any amendment, modification or waiver of Section 2.11 or 3.1 without the prior written consent of T. Rowe Price and Fidelity. 

(b) Notwithstanding the foregoing, any amendment, modification or waiver that adversely affects the rights of an Investor in a manner
that is materially different than the effect on the rights of the other Investors shall also require the written consent of such adversely affected Investor. 

(c) For the purposes of determining the number of Holders or Investors entitled to vote or exercise any rights hereunder, the Company
shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 
 5.6 Delays
or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy,
nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or
approval of any kind or character on any party’s part of any breach, default or noncompliance under the Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be
effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

5.7 Notices. 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 electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days after having been
sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) 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 party to be notified at the address as set forth on the signature pages hereof or Exhibit A hereto or at such other address or electronic mail address as such party may designate by ten (10) days
advance written notice to the other parties hereto. 
 5.8 Attorneys’ Fees. In the event that any suit or action is instituted
under or in relation to this Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any
right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of
appeals. 
 5.9 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. 

  
 22 

 5.10 Additional Investors. Notwithstanding anything to the contrary contained herein, if
the Company shall issue additional shares of its Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock shall become a party to this Agreement by executing and delivering an additional counterpart
signature page to this Agreement and shall be deemed an Investor, a Holder and a party hereunder. Notwithstanding anything to the contrary contained herein, if the Company shall issue Equity Securities in accordance with Section 4.6 (c),
(e) or (i) of this Agreement, any purchaser of such Equity Securities may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an Investor, a Holder and
a party hereunder. 
 5.11 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one instrument. 
 5.12 Aggregation of Stock. All shares of
Registrable Securities held or acquired by entities or persons that are Affiliates of each other shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

5.13 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or
neutral, singular or plural, as to the identity of the parties hereto may require. 
 5.14 Termination. This Agreement shall
terminate and be of no further force or effect upon the earlier of (i) an Acquisition; or (ii) the date three (3) years following the Closing of the Initial Offering. 

5.15 Specific Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this
Agreement, each Investor shall be entitled to seek specific performance of the agreements and obligations of the Company hereunder and to such other injunction or other equitable relief as may be granted by a court of competent jurisdiction, without
having to prove actual damages or that monetary damages would be inadequate. 
 [THIS SPACE INTENTIONALLY LEFT BLANK] 

  
 23 

 IN WITNESS WHEREOF, the
parties hereto have executed this AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	AVALANCHE BIOTECHNOLOGIES, INC.
		
	Signature:	 	 /s/ Tom Chalberg

		
	Print Name:	 	Thomas W. Chalberg, Jr.
		
	Title:	 	President and Chief Executive Officer
		
	Address:	 	1035 O’Brien Drive
		 	Menlo Park, CA 94025
		 	Attention: Chief Executive Officer
		
		 	with a copy (which shall not constitute notice) to:
		
		 	Latham & Watkins LLP
		 	140 Scott Drive
		 	Menlo Park, California 94025
		 	Attn: Alan C. Mendelson, Esq.

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTORS:
	
	VENROCK ASSOCIATES VI, L.P.
	By:	 	Venrock Management VI, LLC
	Its:	 	General Partner
	
	VENROCK PARTNERS VI, L.P.
	By:	 	Venrock Partners Management VI, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ David Stepp

		 	Authorized Signatory
	
	VENROCK HEALTHCARE CAPITAL PARTNERS, L.P.
	By:	 	VHCP Management, LLC
	Its:	 	General Partner
	
	VHCP CO-INVESTMENT HOLDINGS, LLC
	By:	 	VHCP Management, LLC
	Its:	 	Manager
		
	By:	 	 /s/ David Stepp

		 	Authorized Signatory

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ZYGTECH, LLC, A NEW JERSEY LIMITED LIABILITY COMPANY
		
	By:	 	 /s/ Zygmunt Wilf

	Name:	 	Zygmunt Wilf
		
	Title:	 	 Member

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	RICHARD AND MARCIA SCHULMAN LIVING TRUST DATED 10/2/99
		
	By:	 	 /s/ Richard Schulman

		
	Name:	 	 Richard Schulman

		
	Title:	 	 Co-Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ROBERTA S. HOLLAND REVOCABLE TRUST-1996, DATED 10/28/96 AS AMENDED
		
	By:	 	 /s/ Roberta S. Holland

		
	Name:	 	 Roberta S. Holland Revocable Trust 1996

		
	Title:	 	 Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	PENSCO TRUST COMPANY CUSTODIAN (JOSEPH OLIVEIRA), IRA 080000004747
		
	By:	 	 /s/ Joseph Oliveira

		
	Name:	 	 Joseph Oliveira

		
	Title:	 	  

	
	PENSCO TRUST COMPANY FBO
	
	 Joseph Oliveira

	Authorized Signer
		
	By:	 	 /s/ Rachel Wheeler

	PENSCO Trust Company
	By:	 	Rachel Wheeler
	Its:	 	Authorized Signatory

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Joseph J. LaRosa

		
	Name:	 	 Joseph J. LaRosa

		
	Title:	 	 SVP, General Counsel & Secretary

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

					
	INVESTOR:
	
	COWEN AV INVESTMENT LLC
		
	By:	 	Cowen Structured Holdings Inc., it’s managing member
		
	By:	 	 /s/ Stephen Lasota

			
		 	Name:	 	Stephen Lasota
			
		 	Title:	 	Chief Financial Officer
		 		 	Cowen Group, Inc.

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTORS:
	
	REDMILE CAPITAL FUND, LP
	
	 /s/ Jeremy Green

	By.	 	Jeremy Green
	Title:	 	Managing Member of the General Partner and the Investment Manager
	
	REDMILE CAPITAL OFFSHORE FUND, LTD.
	
	 /s/ Jeremy Green

	By.	 	Jeremy Green
	Title:	 	Managing Member of the Investment Manager
	
	REDMILE CAPITAL OFFSHORE FUND II, LTD.
	
	 /s/ Jeremy Green

	By.	 	Jeremy Green
	Title:	 	Managing Member of the Investment Manager
	
	REDMILE SPECIAL OPPORTUNITIES FUND, LTD.
	
	 /s/ Jeremy Green

	By.	 	Jeremy Green
	Title:	 	Managing Member of the Investment Manager

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

							
	INVESTOR:
	
	SABBY HEALTHCARE VOLATILITY MASTER FUND, LTD.
		
	By:	 	Sabby Management, LLC, its Investment Manager
				
		 		 	By:	 	 /s/ Robert Grundstein

		 		 		 	Robert Grundstein, COO and General Counsel

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ADAGE CAPITAL PARTNERS, LP
	BY:	 	Adage Capital Partners, GP, LLC, it’s General Partner
	BY:	 	Adage Capital Advisors, LLC it’s Managing Member
		
	By:	 	 /s/ Phillip T. Gross

		
	Name:	 	 Phillip T. Gross

		
	Title:	 	 Managing Director

 Adage Capital Partners, GP, LLC (“ACPGP”), serves as the general partner of Adage Capital Partners, LP, a Delaware
limited partnership (the “Fund”) and as such has discretion over the portfolio of securities beneficially owned by the Fund. Adage Capital Advisors, LLC, a Delaware limited liability company (“ACA”), is managing member of
ACPGP and directs ACPGP’s operations. Robert Atchinson and Phillip Gross are the managing members of ACPGP and ACA and general partners of the Fund. Robert Atchinson and Phillip Gross disclaim beneficial ownership of the reported
securities except to the extent of their pecuniary interest therein. 

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTORS:
	
	T. ROWE PRICE HEALTH SCIENCES FUND, INC.
	TD MUTUAL FUNDS – TD HEALTH SCIENCES FUND
	VALIC COMPANY I – HEALTH SCIENCES FUND
	T. ROWE PRICE HEALTH SCIENCES PORTFOLIO
	JOHN HANCOCK VARIABLE INSURANCE TRUST – HEALTH SCIENCES TRUST
	JOHN HANCOCK FUNDS II – HEALTH SCIENCES FUND
		
	By:	 	T. Rowe Price Associates, Inc., Investment Adviser
		
	By:	 	 /s/ Taymour Tamaddon

		
	Name:	 	 Taymour Tamaddon

		
	Title:	 	 Vice President

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

									
	INVESTORS:
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
	By:	 	Deerfield Mgmt, L.P.
		 	General Partner
		 	By:	 	J.E. Flynn Capital, LLC
		 		 	General Partner
				
		 		 	By:	 	 /s/ David J. Clark

		 		 		 	Name:	 	David J. Clark
		 		 		 	Title:	 	Authorized Signatory
	
	DEERFIELD SPECIAL SITUATIONS INTERNATIONAL MASTER FUND, L.P.
	By:	 	Deerfield Mgmt, L.P.
		 	General Partner
		 	By:	 	J.E. Flynn Capital, LLC
		 		 	General Partner
				
		 		 	By:	 	 /s/ David J. Clark

		 		 		 	Name:	 	David J. Clark
		 		 		 	Title:	 	Authorized Signatory
	
	DEERFIELD PRIVATE DESIGN FUND III, L.P.
	By:	 	Deerfield Mgmt III, L.P.
		 	General Partner
		 	By:	 	J.E. Flynn Capital III, LLC
		 		 	General Partner
				
		 		 	By:	 	 /s/ David J. Clark

		 		 		 	Name:	 	David J. Clark
		 		 		 	Title:	 	Authorized Signatory

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTORS:
	
	FIDELITY SECURITIES FUND: FIDELITY OTC PORTFOLIO
		
	By:	 	 /s/ Stacie M. Smith

		
	Name:	 	 Stacie Smith

		
	Title:	 	 Deputy Treasurer

	
	FIDELITY SELECT PORTFOLIOS: BIOTECHNOLOGY PORTFOLIO
		
	By:	 	 /s/ Stacie M. Smith

		
	Name:	 	 Stacie Smith

		
	Title:	 	 Deputy Treasurer

	
	FIDELITY ADVISOR SERIES VII: FIDELITY ADVISOR BIOTECHNOLOGY FUND
		
	By:	 	 /s/ Stacie M. Smith

		
	Name:	 	 Stacie Smith

		
	Title:	 	 Deputy Treasurer

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ROCK SPRINGS CAPITAL MASTER FUND LP
	By:	 	Rock Springs GP LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Jeffrey Annecchino

		
	Name:	 	 Jeffrey Annecchino

		 	Authorized Signatory
		
	Title:	 	 COO

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	WACHTER FAMILY TRUST
		
	By:	 	 /s/ Paul Wachter

		
	Name:	 	 Paul Wachter

		
	Title:	 	 Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	 /s/ Alexandre Cohen

	ALEXANDRE COHEN

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	GREGORY D SNODGRASS & KATHLEEN M SNODGRASS TTEES OF THE GREGORY AND KATHLEEN
SNODGRASS LIVING TRUST DTD 12/13/00
		
	By:	 	 /s/ Gregory D. Snodgrass

		
	Name:	 	 Gregory D. Snodgrass

		
	Title:	 	 Trustee

		
	By:	 	 /s/ Kathleen M. Snodgrass

		
	Name:	 	 Kathleen M. Snodgrass

		
	Title:	 	 Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	 /s/ Stonington Cox

	STONINGTON COX

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	CONSTANCE C COX TRUST DATED JUNE 28, 2000 AS AMENDED
		
	By:	 	 /s/ Constance C. Cox

		
	Name:	 	Constance C. Cox, Trust dated June 28, 2000 as amended
		
	Title:	 	 Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	P. ANTHONY PRICE REVOCABLE TRUST, MAY 6, 2002
		
	By:	 	 /s/ P.A. Price

		
	Name:	 	 P. Anthony Price

		
	Title:	 	 Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	KRISTEN AND JIM WELLS FAMILY TRUST
		
	By:	 	 /s/ Kristen Wells

		
	Name:	 	 Kristen Wells

		
	Title:	 	 Trustee

		
	By:	 	 /s/ Jim Wells

		
	Name:	 	 Jim Wells

		
	Title:	 	 Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Johannes Hull

	JOHANNES HULL

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Michael C. Clark

	MICHAEL CLARK

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Herman L. Alcalde

	HERMAN ALCALDE

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ John McLaughlin

	JOHN MCLAUGHLIN

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	RIVERBEND RANCH PENSION TRUST
		
	By:	 	 /s/ Donald Ozenbaugh

		
	Name:	 	 Donald Ozenbaugh

		
	Title:	 	 Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ALAN C. & AGNÈS B. MENDELSON FAMILY TRUST
		
	By:	 	 /s/ Alan C. Mendelson

	Name:	 	Alan C. Mendelson
	Title:	 	Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	VP COMPANY INVESTMENTS 2008, LLC
		
	By:	 	 /s/ Alan C. Mendelson

	Name:	 	Alan C. Mendelson
	Title:	 	Member of Management Committee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	GREGORY P CHAGARIS & ANTHEA C STRATIGOS TTEE
	CHAGARIS STRATIGOS FAM REV TST
		
	By:	 	 /s/ Gregory P. Chagaris

		
	Name:	 	 Gregory P. Chagaris

		
	Title:	 	 Trustee

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Jordan Dubnow

	JORDAN DUBNOW

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

	
	ADDITIONAL HOLDER:
	
	 /s/ Tom Chalberg

	THOMAS W. CHALBERG, JR.

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

	
	ADDITIONAL HOLDERS
	
	 /s/ Mark S. Blumenkranz

	MARK S. BLUMENKRANZ

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

	
	ADDITIONAL HOLDER:
	
	 /s/ Steven D. Schwartz

	STEVEN D. SCHWARTZ

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

	
	ADDITIONAL HOLDER:
	
	 /s/ Mitchell H. Finer

	MITCHELL H. FINER

  
 AMENDED AND RESTATED
INVESTOR RIGHTS AGREEMENT 
 SIGNATURE PAGE 

 Exhibit A 

SCHEDULE OF INVESTORS 
 Zygtech, LLC, a
New Jersey Limited Liability Company 
 820 Morris Turnpike, Suite 301 

Short Hills, NJ 07078 
 Carla Helene Blumenkranz
Irrevocable Trust 
 20 Larguita Lane 

Portola Valley, CA 94028 
 Scott Aubrey
Blumenkranz Irrevocable Trust 
 20 Larguita Lane 

Portola Valley, CA 94028 
 Erik Davis Blumenkranz
Irrevocable Trust 
 20 Larguita Lane 

Portola Valley, CA 94028 
 Marty G. Glick 

511 Hampton Road 
 Piedmont, CA
94611 
 Thomas W. Chalberg, Jr. 
 2749
Carolina Avenue 
 Redwood City, CA 94061 

Mark S. Blumenkranz 
 20 Larguita Lane 

Portola Valley, CA 94028 
 Steven D. Schwartz

 10801 W. Sunset Blvd. 
 Los
Angeles, CA 90077 
 Mitchell Finer 
 150
Whitman Street 
 Stow, MA 01775 
 Richard and
Marcia Schulman Living Trust dated 10/2/99 
 10750 Wilshire Boulevard, #1401 

Los Angeles, CA 90024 

  
 SCHEDULE OF INVESTORS

 Roberta S. Holland, Trustee of the Roberta S. Holland Revocable Trust-1996, dated 10/28/96 as amended 

10800 Wilshire Blvd. #1404 
 Los
Angeles, CA 90024 
 Pensco Trust Company Custodian (Joseph Oliveira), IRA 080000004747 

409 Albasio Ct. 
 Angels Camp, CA
95222-9756 
 Venrock Healthcare Capital Partners, L.P. 

3340 Hillview Avenue 
 Palo Alto,
CA 94304 
 Attn: David Stepp 
 Venrock
Associates VI, L.P. 
 3340 Hillview Avenue 

Palo Alto, CA 94304 
 Attn: David
Stepp 
 Venrock Partners VI, L.P. 
 3340
Hillview Avenue 
 Palo Alto, CA 94304 

Attn: David Stepp 
 VHCP Co-Investment Holdings,
LLC 
 3340 Hillview Avenue 

Palo Alto, CA 94304 
 Attn: David
Stepp 
 Regeneron Pharmaceuticals, Inc. 
 777
Old Saw Mill River Road 
 Tarrytown, NY 10591 

Attention: President 
 Copy:
General Counsel 
 Cowen AV Investment LLC 

599 Lexington Ave 
 New York, NY
10022 
 Redmile Capital Fund, LP 
 c/o Redmile
Group, LLC 
 One Letterman Drive, Bldg. D, Suite D3-700 

San Francisco, CA 94129 

  
 SCHEDULE OF INVESTORS

 Redmile Capital Offshore Fund, Ltd. 

c/o Redmile Group, LLC 
 One
Letterman Drive, Bldg. D, Suite D3-700 
 San Francisco, CA 94129 

Redmile Capital Offshore Fund II, Ltd. 
 c/o
Redmile Group, LLC 
 One Letterman Drive, Bldg. D, Suite D3-700 

San Francisco, CA 94129 
 Redmile Special
Opportunities Fund, Ltd. 
 c/o Redmile Group, LLC 

One Letterman Drive, Bldg. D, Suite D3-700 

San Francisco, CA 94129 
 Sabby Healthcare
Volatility Master Fund, Ltd. 
 c/o Sabby Management, LLC 

10 Mountainview Road, suite 205 

Upper Saddle River, NJ 07458 
 Adage Capital
Partners 
 200 Clarendon St. 52nd floor 

Boston, MA 02116 
 Lobstercrew & Co. fbo
T. Rowe Price Health Sciences Fund, Inc. 
 T. Rowe Price Associates, Inc. 

100 East Pratt Street 
 Baltimore,
MD 21202 
 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

Mac & Co. fbo TD Mututal Funds - TD Health Sciences Fund 

T. Rowe Price Associates, Inc. 

100 East Pratt Street 
 Baltimore,
MD 21202 
 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

Squidrig & Co. fbo VALIC Company I - Health Sciences Fund 

T. Rowe Price Associates, Inc. 

100 East Pratt Street 
 Baltimore,
MD 21202 
 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

Horizon Beach & Co. fbo T. Rowe Price Health Sciences Portfolio 

T. Rowe Price Associates, Inc. 

100 East Pratt Street 
 Baltimore,
MD 21202 
 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

  
 SCHEDULE OF INVESTORS

 Lamppost & Co. fbo John Hancock Variable Insurance Trust - Health Sciences Trust 

T. Rowe Price Associates, Inc. 

100 East Pratt Street 
 Baltimore,
MD 21202 
 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

ANNUITANT & CO. fbo John Hancock Funds II - Health Sciences Fund 

T. Rowe Price Associates, Inc. 

100 East Pratt Street 
 Baltimore,
MD 21202 
 Attn: Andrew Baek, Vice President and Senior Legal Counsel 

Deerfield Special Situations Fund, L.P. 
 780 3rd
ave 37th Floor 
 New York, NY 10017 

Deerfield Special Situations International Master Fund, L.P. 

780 3rd ave 37th Floor 
 New York,
NY 10017 
 Deerfield Private Design Fund III, L.P.

780 3rd ave 37th Floor 
 New York,
NY 10017 
 Booth & Co fbo Fidelity Securities Fund: Fidelity OTC Portfolio 

The Northern Trust Company 
 Attn:
Trade Securities Processing, C-1N 
 801 South Canal Street 

Chicago, IL 60607 
 Fidelity
Securities Fund: Fidelity OTC Portfolio 
 Reference Account # 26-68304 

Mag & Co fbo Fidelity Select Portfolios: Biotechnology Portfolio 

Brown Brothers Harriman & Co. 

525 Washington Blvd 
 Jersey City
NJ 07310 
 Attn: Michael Lerman 15th Floor 

Corporate Actions 
 Bangle & Co fbo
Fidelity Advisor Series VII: Fidelity Advisor Biotechnology Fund 
 State Street Bank & Trust 

PO Box 5756 
 Boston,
Massachusetts 02206 
 Attn: Bangle & Co fbo Fidelity Advisor Series VII: Fidelity Advisor Biotechnology Fund 

  
 SCHEDULE OF INVESTORS

 Rock Springs Capital Master Fund LP 

650 South Exeter Street 
 Suite
1070 
 Baltimore, MD 21202 
 Wachter Family
Trust 
 127 N. Cliffwood Ave. 

Los Angeles, CA 90049 
 Alexandre Cohen 

3110 Main Street, Suite #310 

Santa Monica, CA 90405 
 Gregory D
Snodgrass & Kathleen M Snodgrass TTEES of The Gregory and Kathleen Snodgrass Living Trust Dtd 12/13/00 
 2045 Tasso Street 

Palo Alto, CA 94301 
 Stonington Cox 

2240 Green St. Apt.3 
 San
Francisco, CA 94123 
 Constance C Cox Trust dated June 28, 2000 as amended 

2999 Pacific Ave., Apt 5 
 San
Francisco, CA 94115 
 P. Anthony Price Revocable Trust, May 6, 2002 

2999 Pacific Ave., Apt 5 
 San
Francisco, CA 94115 
 Kristen and Jim Wells Family Trust 

4115 Fair Oaks Ave 
 Menlo Park,
CA 94025 
 Johannes Hull 
 [address] 

Michael Clark 
 1096 Clarendon Ct 

Oakland, CA 94610 
 Herman Alcalde 

3733 Erris Ct 
 South San
Francisco, CA 94080 

  
 SCHEDULE OF INVESTORS

 John McLaughlin 

265 Glen Way 
 Incline Village, NV
89451 
 Riverbend Ranch Pension Trust 
 630
Smith Flat Rd. 
 Angels Camp, CA 95222 
 Alan
C. & Agnès B. Mendelson Family Trust 
 76 De Bell Drive 

Atherton, CA 94027 
 VP Company Investments 2008,
LLC 
 c/o Latham & Watkins LLP 555 W. 5th Street Suite 800 

Los Angeles, CA 90013 
 GREGORY P
CHAGARIS & ANTHEA C STRATIGOS TTEE 
 CHAGARIS STRATIGOS FAM REV TST 

60 Joyce Road 
 Hillsborough, CA
94010 
 Jordan Dubnow 
 c/o Main Street
Advisors, Inc. 
 3110 Main Street, Suite #310 

Santa Monica, CA 90405 

  
 SCHEDULE OF INVESTORS

 EXHIBIT B 

SCHEDULE OF ADDITIONAL HOLDERS 
  

					
	 Name
	  	Shares	 
		
	 Thomas W. Chalberg, Jr.
	  	 	1,200,000	  
		
	 Marty G. Glick
	  	 	150,000	  
		
	 Mark S. Blumenkranz
	  	 	700,000	  
		
	 Steven D. Schwartz
	  	 	500,000	  
		
	 Mitchell H. Finer
	  	 	700,000	  
		
	 Doonfoot Pty Limited as Trustee for the Hyphema Superannuation Fund
	  	 	250,000	  

 SCHEDULE OF ADDITIONAL HOLDERSEX-4.6

 Exhibit 4.6 

Execution Version 

AVALANCHE BIOTECHNOLOGIES, INC. 

RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

THIS RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT (the “Agreement”) is entered into as of April 16, 2014
by and among Avalanche Biotechnologies, Inc., a Delaware corporation (the “Company”), the holders of Common Stock of the Company, par value $0.0001 per share, (the “Common Stock”) listed on
Schedule A attached hereto (each a “Key Holder” and, together, the “Key Holders”) and the holders of Preferred Stock of the Company, par value $0.0001 per share (the “Preferred
Stock”) and/or Common Stock listed on Schedule B attached hereto (the “Investors”). 

WHEREAS, the Company and certain of the Investors are parties to that certain Series B Preferred Stock Purchase Agreement of even date
herewith (as may be amended from time to time, the “Purchase Agreement”), pursuant to which those Investors are purchasing shares of the Company’s Series B Preferred Stock, par value $0.0001 per share (the
“Series B Preferred Stock”) and it is a condition to the closing of the sale of the Series B Preferred Stock to the Investors that the Investors, the Key Holders and the Company execute and deliver this Agreement. 

NOW, THEREFORE, the parties hereto hereby agree as follows: 

 

	 	1.	Transfers by Key Holders. 

 1.1 Definitions. For purposes of this Agreement: 

(a) “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under
the Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules and regulations thereunder, all as the same shall be in effect from time to time; provided, however, that “Affiliate” with respect to
those Investors that are advisory clients of Fidelity or T. Rowe Price shall include other funds and accounts managed by Fidelity or T. Rowe Price, respectively. 

(b) “Business Day” shall mean any day other than a Saturday, a Sunday or other day on which banks are not required to
be open or are authorized to close in New York, New York. 
 (c) “Conversion Shares” shall mean that number of
shares of Common Stock of the Company issued or issuable upon conversion of the capital stock held by an Investor, or received in connection with any stock dividend, stock split or other reclassification thereof or other rights to acquire shares of
capital stock of the Company held by such Investor, including for purposes of clarity, upon conversion of any shares of Preferred Stock. 

(d) “Fidelity” shall mean Fidelity Management & Research Company and any successor or Affiliate investment
advisor to the Fidelity Investors. 

 (e) “Fidelity Investors” shall mean the Investors that are advisory
clients of Fidelity with respect to holdings of shares in the Company. For the sake of clarity, as of the date hereof the Fidelity Investors marked with an asterisk on Schedule B attached hereto. 

(f) “Key Holder Stock” shall mean shares of the Company’s Common Stock now owned or subsequently acquired by the
Key Holders by gift, purchase, dividend, option exercise or any other means whether or not such securities are only registered in a Key Holder’s name or beneficially or legally owned by such Key Holder, including any interest of a spouse in any
of the Key Holder Stock, whether that interest is asserted pursuant to marital property laws or otherwise. The number of shares of Key Holder Stock owned by the Key Holders as of the date hereof are set forth on Schedule A, which
schedule may be amended from time to time by the Company to reflect changes in the number of shares owned by the Key Holders, but the failure to so amend shall have no effect on such Key Holder Stock being subject to this Agreement. 

(g) “Transfer” shall include any sale, assignment, encumbrance, hypothecation, pledge, conveyance in trust, gift,
transfer by request, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers pursuant to divorce or legal separation, transfers to receivers, levying creditors, trustees or receivers in bankruptcy
proceedings or general assignees for the benefit of creditors, whether voluntary or by operation of law, directly or indirectly, of any of the Key Holder Stock. 

(h) “T. Rowe Price” shall mean T. Rowe Price Associates, Inc. and any successor or Affiliate investment advisor to
the T. Rowe Price Investors. 
 (i) “T. Rowe Price Investors” shall mean the Investors that are advisory clients of
T. Rowe Price with respect to holdings of shares in the Company. For the sake of clarity, as of the date hereof the T. Rowe Price Investors marked with an asterisk on Schedule B attached hereto. 

1.2 Notice of Transfers; Company and Investor Right of First Refusal. 

(a) Transfer Notice. Should a Key Holder (or a Permitted Transferee, as defined below) propose to Transfer (a “Purchase
Offer”) any shares of the Key Holder Stock (the “Shares”) (other than as set forth in Section 1.6 of this Agreement), such Key Holder shall promptly deliver a notice (the
“Notice”) to the Company and each Investor stating the terms and conditions of such Purchase Offer including, without limitation, the number of Shares proposed to be sold or transferred, the nature of such Transfer, the
consideration to be paid, and the name and address of each prospective purchaser or transferee. The Company and the Investors shall have the option to purchase all or a portion of such Shares, pursuant to the terms and conditions set forth below
(with respect to the Company or the Investors, as applicable, the “Right of First Refusal”). In the event that the Transfer is being made pursuant to the provisions of Section 1.6, the Notice shall state under
which specific clause of Section 1.6 the Transfer is being made. 
 (b) Company’s Right of First Refusal. The
Company shall have an option, for thirty (30) Business Days after receiving the Notice (the “Option Period”) to give written notice to the selling Key Holder of its election to purchase some or all of the Shares at

  
 2 

 
the same price and subject to the same material terms and conditions as described in the Notice. The Company may exercise such purchase option and purchase all or any portion of the Shares by
notifying the selling Key Holder in writing before expiration of such thirty (30) Business Day period as to the number of such shares that it wishes to purchase. If the Company gives the selling Key Holder notice that it desires to purchase
such shares, then payment for the Shares shall be made by check or wire transfer against delivery of the Shares to be purchased at a time and place agreed upon between the parties, which time shall be no later than forty-five (45) Business Days
after delivery to the Company of the Notice, unless the Notice contemplated a later closing with the prospective third-party transferee(s) or unless the value of the consideration to be paid for the Shares has not yet been established. If the
Company fails to purchase any or all of the Shares by exercising the option granted in this Section 1.2(b) within the period provided, the remaining Shares shall be subject to the options granted to the Investors pursuant to
Section 1.2(c). 
 (c) Investors’ Right of First Refusal. 

(i) The Company agrees that in the event that the Company declines to exercise in full the Company’s Right of First Refusal set forth in
Section 1.2(b) above, the Company will provide each Investor with notice of such determination at least ten (10) Business Days prior to the end of the Option Period (the “Investor Notice”) which shall set
forth the number of shares of Key Holder Stock not purchased by the Company pursuant to Section 1.2(b) above and which shall include the terms of the Notice set forth in Section 1.2(a). Each Investor shall then have the right
to submit to the Company and to such Key Holder, within five (5) Business Days of receipt of such Investor Notice, notice of its irrevocable commitment to purchase, within thirty (30) Business Days after its receipt of the Investor Notice
(the “Exercise Period”), all or any portion of its pro rata share of the Shares not purchased by the Company, calculated pursuant to Section 1.2(c)(ii) below and, if such Investor so chooses, an indication
of how many additional shares such Investor is committing to purchase of the Shares available for purchase (the “Maximum Shares”). If any Investor does not exercise in full its Right of First Refusal, the Shares that would
otherwise be allocated to such non-fully exercising Investor shall be allocated among the fully exercising Investors wishing to purchase the remaining Shares (the “Over-Allotment”) on a pro-rata basis (calculated in
the same manner as above; provided however, that the denominator for purposes of such calculation shall be the total number of Conversion Shares held by all Investors participating in such Over-Allotment) up to the Maximum Shares specified by each
such applicable Investor, provided that the Right of First Refusal must be exercised, if at all, prior to the expiration of such Exercise Period. 

(ii) Each Investor’s pro rata share for purposes of the Investors’ Right of First Refusal shall be equal to the product
obtained by multiplying (i) the aggregate number of Shares covered by the Investor Notice by (ii) a fraction, the numerator of which is the total number of Conversion Shares held by the applicable Investor at the time of the Notice, and
the denominator of which is the total number of Conversion Shares held by all Investors at the time of the Notice. 
 (iii) Each
fully-participating Investor shall be entitled to apportion Shares to be purchased under this Section 1.2 among its partners, limited partners and Affiliates (including in the case of a venture capital fund other venture capital funds
affiliated, or under common investment management, with such fund), provided that such fully-participating Investor notifies the selling Key Holder of such allocation. 

  
 3 

 1.3 Co-Sale Right. To the extent that the Right of
First Refusal is not exercised in full by the Company or the Investors within the Option Period, each Investor shall have the right (the “Co-Sale Right”), exercisable upon written
notice to the Company and such Key Holder within five (5) Business Days after the expiration of the Option Period pursuant to Section 1.2(c)(i) above to participate in such Key Holder’s Transfer of Shares pursuant to the
specified terms and conditions of such Purchase Offer. To the extent an Investor exercises such Co-Sale Right in accordance with the terms and conditions set forth below, the number of Shares which such Key
Holder may Transfer pursuant to such Purchase Offer shall be correspondingly reduced. The Co-Sale Right of each Investor shall be subject to the following terms and conditions: 

(a) Calculation of Shares. Each Investor may Transfer all or any part of its Conversion Shares equal to the product obtained by
multiplying (i) the aggregate number of Shares covered by the Purchase Offer and not purchased by the Company or the Investors pursuant to Section 1.2 above by (ii) a fraction, the numerator of which is the number of Conversion
Shares owned by such Investor at the time of the Notice and the denominator of which is the sum of (A) the total number of Conversion Shares owned by all Investors at the time of the Notice plus (B) the total number of Shares owned by such
Key Holder at the time of the Notice (excluding shares purchased by the Company and/or Investors pursuant to Section 1.2 above). 

(b) Delivery of Certificates. Each Investor may effect its participation in the Transfer by delivering to such Key Holder for transfer
to the prospective purchaser one or more certificates, properly endorsed for transfer, which represent the Conversion Shares which such Investor elects to sell. 

1.4 Transfer. The stock certificate or certificates which the Investor delivers to the Key Holder pursuant to Section 1.3
shall be delivered by such Key Holder to the prospective purchaser or transferee in consummation of the Transfer pursuant to the terms and conditions specified in the Notice, and such Key Holder shall promptly thereafter remit to such Investor that
portion of the Transfer proceeds to which such Investor is entitled by reason of its participation in such Transfer. To the extent that any prospective purchaser or transferee prohibits such assignment or otherwise refuses to purchase Conversion
Shares from an Investor exercising its Co-Sale Right hereunder, such Key Holder shall not Transfer to such prospective purchaser or transferee any Shares unless and until, simultaneously with such Transfer,
such Key Holder shall purchase such Conversion Shares from such Investor for the same consideration and on the same terms and conditions as the proposed transfer described in the Notice (which terms and conditions shall be no less favorable than
those governing the Transfer to the purchaser or transferee by the Key Holder). 
 1.5 No Adverse Effect. The exercise or
non-exercise of the rights of the Investors hereunder to participate in one or more Transfers of Shares made by a Key Holder shall not adversely affect their rights to participate in subsequent sales of Shares by a Key Holder. 

  
 4 

 1.6 Permitted Transactions. The provisions of Sections 1.2(c), 1.3 and
1.4 of this Agreement shall not pertain or apply to: 
 (a) Any transfer to any spouse or member of the Key Holder’s immediate
family, to a trust for their benefit and/or the benefit of the Key Holder, or to other transfers for estate planning purposes, or an Affiliate, so long as the transferees are subject to the provisions of this Agreement; 

(b) Any repurchase of Key Holder Stock from a Key Holder by the Company at a price no greater than that originally paid by such Key Holder
for such Key Holder Stock and approved by a majority of the Board of Directors; 
 (c) Any public offering of such shares pursuant to a
registration statement; 
 (d) Any transfer without consideration to a Key Holder’s ancestors, descendants or spouse or to a trust for
their benefit or the benefit of the Key Holder; 
 (e) Any bona fide gift to any charitable organization described in
Section 501(c)(3) of the Internal Revenue Code; or 
 (f) The sale to a third party by the Key Holder of up to five percent
(5%) in the aggregate of the Company’s securities held by such Key Holder as of the date that such Key Holder first became a party to this Agreement; 

provided, that in the event of any transfer made pursuant to one of the exemptions provided by clauses (a), (d), (e) or (f), that (i) the Key
Holder shall inform the Investors of such transfer prior to effecting it and (ii) the pledgee, transferee or donee (each a “Permitted Transferee”) shall prior to the completion of the Transfer execute a written agreement
to be bound by and comply with all provisions of this Agreement applicable to the Key Holder. Except with respect to the Key Holder Stock transferred under clause (c) above (which Key Holder Stock shall no longer be subject to the first refusal
rights of the Company and the first refusal and co-sale rights of the Investors), such transferred Key Holder Stock shall remain Key Holder Stock hereunder, and such pledgee, transferee or donee shall be treated as a “Key Holder” for
purposes of this Agreement. 
 1.7 Assignment of Rights. The rights of the Investors set forth in this Agreement may be assigned (but
only with all related obligations) only to a transferee or assignee who acquires at least 132,000 Conversion Shares (as appropriately adjusted for any stock split, dividend, combination or other recapitalization or like transactions) provided
that (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such rights are being assigned and
(b) such transferee agrees in writing to be bound by the provisions of this Agreement. Notwithstanding the foregoing, any Investor may transfer its rights set forth in this Agreement to any partner, retired partner, member, former member or
Affiliate of such Investor without regard to the minimum number of Conversion Shares transferred or assigned. 

  
 5 

 1.8 Lapse and Reinstatement of Rights. The selling Key Holder shall have thirty
(30) Business Days following the expiration of all required notice periods to sell or enter into an agreement (pursuant to which the sale of Shares covered by the Notice shall be closed, if at all, within fifteen (15) Business Days from
the date of said agreement) to sell the Shares with respect to which the Rights of First Refusal and Co-Sale Rights were not exercised, at a price and upon terms no more favorable to the purchasers of such securities than specified in the Key
Holder’s Notice. In the event the Key Holder has not sold the Shares or entered into an agreement to sell the Shares within said thirty- (30-) Business Day period (or sold and issued Shares in accordance with the foregoing within fifteen
(15) Business Days from the date of said agreement), the Key Holder shall not thereafter issue or sell any Shares without first complying anew with the provisions of Section 1 hereof. 

 

	 	2.	Prohibited Transfers of Shares. 

 2.1 Call Option. In the event of a prohibited
Transfer in violation of Section 1.2 hereof (a “Prohibited Transaction”), the Investors shall have the option to purchase from the pledgee, purchaser or transferee of the Shares transferred in violation of Section 1.2, the
number of Shares that the Investors would have been entitled to purchase had such Prohibited Transaction been effected in accordance with Section 1.2 hereof, on the following terms and conditions: 

(a) the price per share at which the Shares are to be purchased by the Investor shall be equal to the price per Share paid to such Key Holder
by the third party purchaser or purchasers of such Key Holder Stock that is subject to the Prohibited Transaction; and 
 (b) the Key
Holder effecting such Prohibited Transaction shall reimburse the Investor for any expenses, including legal fees and expenses, incurred in effecting such purchase. 

2.2 Put Option. 
 (a) In
the event of a prohibited Transfer in violation of Section 1.3 of this Agreement (a “Prohibited Transfer”), each Investor, in addition to such other remedies as may be available at law, in equity or hereunder,
shall have the put option provided below, and such Key Holder shall be bound by the applicable provisions of such option. 
 (b) In the
event of a Prohibited Transfer, each Investor shall have the right to sell to such Key Holder the type and number of shares of Common Stock equal to the number of shares each Investor would have been entitled to transfer to the purchaser or
transferee under Section 1.3 hereof had the Prohibited Transfer been effected pursuant to and in compliance with the terms hereof. Such sale shall be made on the following terms and conditions: 

(c) The price per share at which the shares are to be sold to the Key Holder shall be equal to the price per share paid by the purchaser or
transferee to such Key Holder in such Prohibited Transfer. The Key Holder shall also reimburse each Investor for any and all fees and expenses, including legal fees and expenses, incurred in connection with the exercise or the attempted exercise of
the Investor’s rights under Section 1.3. 

  
 6 

 (d) Within ninety (90) days after the date on which an Investor received notice of the
Prohibited Transfer, such Investor shall, if exercising the option created hereby, deliver to the Key Holder the certificate or certificates representing the shares to be sold, each certificate to be properly endorsed for transfer. 

(e) Such Key Holder shall, upon receipt of the certificate or certificates for the shares to be sold by an Investor, pursuant to this
Section 2.2, pay the aggregate purchase price therefor and the amount of reimbursable fees and expenses, as specified in Section 2.2(c), in cash or by other means acceptable to the Investor. 

2.3 No Transfers to Bad Actors. Each Key Holder agrees not to make any sale, assignment, encumbrance, hypothecation, pledge,
conveyance in trust, gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind of any securities of the Company, or any beneficial interest therein, to any person (other than the Company) unless and until the
proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee nor any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests,
general partners or managing members nor any person that would be deemed a beneficial owner of those securities (in accordance with Rule 506(d) of the Securities Act) is subject to any Bad Actor Disqualification, except for Bad Actor
Disqualifications covered by Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer or disposition, in writing in reasonable detail to the Company. 

 

	 	3.	Transfer Restrictions. 

 3.1 Prohibited Transfers. Except as otherwise provided in
this Agreement, each Key Holder will not Transfer all of, any part of or any interest in such Key Holder’s Key Holder Stock. Any attempt by a Key Holder to Transfer Key Holder Stock in violation of Section 1 of this Agreement shall
be null and void, shall not be recorded on the books of the Company and shall not be recognized by the Company. 
 3.2 Legended
Certificates. Each certificate representing shares of the Key Holder Stock now or hereafter owned by the Key Holder or issued to any Permitted Transferee pursuant to Section 1.6 shall bear the following legend: 

“THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A
CERTAIN RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND BETWEEN THE STOCKHOLDER, THE CORPORATION AND CERTAIN HOLDERS OF COMMON AND PREFERRED STOCK OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY BE
OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION.” 

  
 7 

	 	4.	Termination. 

 4.1 Termination Events. This Agreement shall terminate upon the
earliest to occur of any one of the following events: (a) the consummation of a firm commitment underwritten public offering by the Company of shares of its Common Stock pursuant to a registration statement on Form S-1 under the Securities Act
of 1933, as amended (other than a registration statement relating either to sale of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or a SEC Rule 145 transaction); or (b) the consummation of a
Liquidation Event, as that term is defined in the Company’s Amended and Restated Certificate of Incorporation (as amended from time to time). 

4.2 Removal of Legend. At any time after the termination of this Agreement in accordance with Section 4.1, any holder of a
stock certificate legended pursuant to Section 3.2 may surrender such certificate to the Company for removal of such legend, and the Company will duly reissue a new certificate without the legend. 

 

	 	5.	Miscellaneous. 

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

5.2 Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights of obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the laws of the State of California without regard to its choice of laws principles. THE PARTIES TO THIS AGREEMENT HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY WITH RESPECT TO DISPUTES
ARISING UNDER THIS AGREEMENT AND THE RELATED AGREEMENTS AND CONSENT TO A BENCH TRIAL WITH THE APPROPRIATE JUDGE ACTING AS THE FINDER OF FACT. 

5.3 Venue. Any suit or proceeding relating to, arising out of or arising under this Agreement shall be brought in the federal or state
courts located in Santa Clara County, California, United States, which courts shall have the sole and exclusive in personam, subject matter and other jurisdiction in connection with such suit or proceedings and venue shall be appropriate for all
purposes in such courts. 
 5.4 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one instrument. 
 5.5 Titles and Subtitles. The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 5.6
Amendments and Waivers. Any term of this Agreement may be amended or waived only with the written consent of (a) the Company, (b) the holders of at least a majority 

  
 8 

 
of the Company’s Series A Preferred Stock, par value $0.0001 per share, (c) the holders of a majority of the Series B Preferred Stock and (d) the holders of at least a majority of
the shares of Common Stock then held by the Key Holders then providing services to the Company as an officer, employee or consultant; provided, however, no consent or approval of any Investor or Key Holder shall be required to add
persons as parties to this Agreement as Investors or Key Holders and to revise Schedule A or Schedule B, as applicable, to include such parties; provided, that any such Investors have purchased Preferred Stock pursuant
to the Purchase Agreement as may be amended from time to time, and any such Investors or Key Holders have signed a counterpart signature page hereto. Any amendment or waiver effected in accordance with this Section 5.6 shall be binding
upon the Company, the Investors and any holder of Key Holder Stock, and each of their respective successors and assigns. Notwithstanding the foregoing, (i) any amendment, modification or waiver that adversely affects the rights of an Investor
in a manner that is materially different than the effect on the rights of the other Investors shall also require the written consent of such adversely affected Investor and (ii) in the event that the rights of first refusal and/or co-sale of
the Investors on the Key Holder Stock have been waived in a particular transaction and an Investor or Investors (each, a “Participating Investor”) is subsequently given the right to purchase the Key Holder Stock in connection
with such transfer or to sell a portion of Conversion Shares in lieu of the Key Holder Stock in such transfer (the “Investor Equity Securities”), then each Investor that is not a Participating Investor (the
“Non-Participating Investors”), shall be given rights of first refusal or co-sale rights, as applicable, in connection with such transfer to purchase or sell, as applicable, such Non-Participating Investor’s pro rata
share of the Investor Equity Securities and the number of shares of Investor Equity Securities to be purchased or sold, as applicable, by the Participating Investor shall be reduced to the extent the Non-Participating Investors wish to exercise such
rights of first refusal or co-sale, as applicable. 
 5.7 Notices. 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 electronic mail or confirmed facsimile if sent during normal business hours of the recipient, if not, then on the
next Business Day; (c) five Business 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 to the Company shall be sent to: 
 Avalanche
Biotechnologies, Inc. 
 1035 O’Brien Drive 

Menlo Park, CA 94107 
 Attention:
Chief Executive Officer 
 with a copy (which shall not constitute notice) to: 

Latham & Watkins LLP 

140 Scott Drive 
 Menlo Park,
California 94025 
 Attn: Alan C. Mendelson, Esq. 

All communications to Investors and the Key Holders shall be sent to each Investor’s or Key Holder’s address as set forth beneath its signature or
its name on Schedule A or Schedule B hereto, or at such other address as the relevant recipient may designate pursuant to the provisions of this Section 5.7. 

  
 9 

 5.8 Severability. If any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect, such provision will be enforced to the maximum extent possible and such invalidity, illegality or unenforceability will not affect any other provision of this Agreement. In such event, the parties shall negotiate, in
good faith, a legal, valid and enforceable substitute provision which most nearly effects the intent of the parties in entering into this Agreement. 

5.9 Entire Agreement. This Agreement and the Purchase Agreement (including all schedules and exhibits attached hereto and thereto, if
any) constitute the full and entire understanding and agreement among the parties with respect to the subject matter hereof and hereby supersede all other agreements of the parties to the extent such agreements relate to the subject matter hereof.

 5.10 Advice of Counsel. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES THAT, IN EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE
OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF. 

5.11 Electronic and Facsimile Signatures. Any signature page delivered electronically or by facsimile (including without limitation
transmission by .pdf) shall be binding to the same extent as an original signature page. 
 5.12 Effect of Change in Company’s
Capital Structure. If, from time to time, the Company pays a stock dividend or effects a stock split or other change in the character or amount of any of the outstanding stock of the Company, then in such event any and all new, substituted or
additional securities to which a Key Holder is entitled by reason of such Key Holder’s ownership of Key Holder Stock shall be immediately subject to the rights and obligations set forth in this Agreement with the same force and effect as the
stock subject to such rights immediately before such event. 
 5.13 Aggregation of Stock. All shares of Preferred Stock and Common
Stock of the Company held or acquired by Affiliates shall be aggregated (on an as converted basis) for the purpose of determining the availability of any rights under this Agreement. 

5.14 Conflict with Other Rights of First Refusal. In the event of a conflict between this Agreement and any other agreement that may
have been entered into by a Key Holder with the Company that contains a preexisting right of first refusal, including without limitation any stock purchase agreement or stock restriction agreement or the Company’s bylaws, the Company and the
Key Holder acknowledge and agree that the terms of this Agreement shall control and the preexisting right of first refusal shall be deemed satisfied by compliance with the right of first refusal set forth in this Agreement. 

  
 10 

 5.15 Construction. 

(a) References to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto. 

(b) References to statutes shall include all regulations promulgated thereunder and references to statutes or regulations shall be construed
as including all statutory and regulatory provisions consolidating, amending or replacing the statute or regulation. 
 (c) Whenever this
Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified and shall be counted from the day immediately following the date from which such number of days are to be counted. 

(Signature pages follow) 

  
 11 

 The parties have executed this Right of First Refusal and Co-Sale Agreement as of the date first
written above. 
  

			
	COMPANY:
	
	AVALANCHE BIOTECHNOLOGIES, INC.
		
	By:	 	 /s/ Tom Chalberg

	Name:	 	Thomas W. Chalberg, Jr.
	Title:	 	President and Chief Executive Officer

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTORS:
	
	VENROCK ASSOCIATES VI, L.P.
	By:	 	Venrock Management VI, LLC
	Its:	 	General Partner
	
	VENROCK PARTNERS VI, L.P.
	By:	 	Venrock Partners Management VI, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ David Stepp

		 	Authorized Signatory
	
	VENROCK HEALTHCARE CAPITAL PARTNERS, L.P.
	By:	 	VHCP Management, LLC
	Its:	 	General Partner
	
	VHCP CO-INVESTMENT HOLDINGS, LLC
	By:	 	VHCP Management, LLC
	Its:	 	Manager
		
	By:	 	 /s/ David Stepp

		 	Authorized Signatory

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ZYGTECH, LLC, A NEW JERSEY LIMITED LIABILITY COMPANY
		
	By:	 	 /s/ Zygmunt Wilf

	Name:	 	Zygmunt Wilf
		
	Title:	 	 Member

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	RICHARD AND MARCIA SCHULMAN LIVING TRUST DATED 10/2/99
		
	By:	 	 /s/ Richard Schulman

		
	Name:	 	 Richard Schulman

		
	Title:	 	 Co-Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ROBERTA S. HOLLAND REVOCABLE TRUST-1996, DATED 10/28/96 AS AMENDED
		
	By:	 	 /s/ Roberta S. Holland

		
	Name:	 	 Roberta S. Holland Revocable Trust - 1996

		
	Title:	 	 Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	PENSCO TRUST COMPANY CUSTODIAN (JOSEPH OLIVEIRA), IRA 080000004747
		
	By:	 	 /s/ Joseph Oliveira

		
	Name:	 	 Joseph Oliveira

		
	Title:	 	  

	
	PENSCO TRUST COMPANY FBO
	
	 Joseph Oliveira

	Authorized Signer

			
		
	By:	 	 /s/ Rachel Wheeler

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Joseph J. LaRosa

		
	Name:	 	 Joseph J. LaRosa

		
	Title:	 	 SVP, General Counsel & Secretary

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

					
	INVESTOR:
	
	COWEN AV INVESTMENT LLC
		
	By:	 	Cowen Structured Holdings Inc., it’s managing member
		
	By:	 	 /s/ Stephen Lasota

			
		 	Name:	 	Stephen Lasota
			
		 	Title:	 	Chief Financial Officer
		 		 	Cowen Group, Inc.

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTORS:
	
	REDMILE CAPITAL FUND, LP
	
	 /s/ Jeremy Green

	By.	 	Jeremy Green
	Title:	 	Managing Member of the General Partner and the Investment Manager
	
	REDMILE CAPITAL OFFSHORE FUND, LTD.
	
	 /s/ Jeremy Green

	By.	 	Jeremy Green
	Title:	 	Managing Member of the Investment Manager
	
	REDMILE CAPITAL OFFSHORE FUND II, LTD.
	
	 /s/ Jeremy Green

	By.	 	Jeremy Green
	Title:	 	Managing Member of the Investment Manager
	
	REDMILE SPECIAL OPPORTUNITIES FUND, LTD.
	
	 /s/ Jeremy Green

	By.	 	Jeremy Green
	Title:	 	Managing Member of the Investment Manager

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

							
	INVESTOR:
	
	SABBY HEALTHCARE VOLATILITY MASTER FUND, LTD.
		
	By:	 	Sabby Management, LLC, its Investment Manager
				
		 		 	By:	 	 /s/ Robert Grundstein

		 		 		 	Robert Grundstein, COO and General Counsel

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ADAGE CAPITAL PARTNERS, LP
	BY:	 	Adage Capital Partners, GP, LLC, it’s General Partner
	BY:	 	Adage Capital Advisors, LLC it’s Managing Member
		
	By:	 	 /s/ Phillip T. Gross

		
	Name:	 	 Phillip T. Gross

		
	Title:	 	 Managing Director

 Adage Capital Partners, GP, LLC (“ACPGP”), serves as the general partner of Adage Capital Partners, LP, a Delaware
limited partnership (the “Fund”) and as such has discretion over the portfolio of securities beneficially owned by the Fund. Adage Capital Advisors, LLC, a Delaware limited liability company (“ACA”), is managing member of
ACPGP and directs ACPGP’s operations. Robert Atchinson and Phillip Gross are the managing members of ACPGP and ACA and general partners of the Fund. Robert Atchinson and Phillip Gross disclaim beneficial ownership of the reported
securities except to the extent of their pecuniary interest therein. 

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTORS:
	
	T. ROWE PRICE HEALTH SCIENCES FUND, INC.
	TD MUTUAL FUNDS – TD HEALTH SCIENCES FUND
	VALIC COMPANY I – HEALTH SCIENCES FUND
	T. ROWE PRICE HEALTH SCIENCES PORTFOLIO
	JOHN HANCOCK VARIABLE INSURANCE TRUST – HEALTH SCIENCES TRUST
	JOHN HANCOCK FUNDS II – HEALTH SCIENCES FUND
		
	By:	 	T. Rowe Price Associates, Inc., Investment Adviser
		
	By:	 	 /s/ Taymour Tamaddon

		
	Name:	 	 Taymour Tamaddon

		
	Title:	 	 Vice President

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

									
	INVESTORS:
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
	By:	 	Deerfield Mgmt, L.P.
		 	General Partner
		 	By:	 	J.E. Flynn Capital, LLC
		 		 	General Partner
				
		 		 	By:	 	 /s/ David J. Clark

		 		 		 	Name:	 	David J. Clark
		 		 		 	Title:	 	Authorized Signatory
	
	DEERFIELD SPECIAL SITUATIONS INTERNATIONAL MASTER FUND, L.P.
	By:	 	Deerfield Mgmt, L.P.
		 	General Partner
		 	By:	 	J.E. Flynn Capital, LLC
		 		 	General Partner
				
		 		 	By:	 	 /s/ David J. Clark

		 		 		 	Name:	 	David J. Clark
		 		 		 	Title:	 	Authorized Signatory
	
	DEERFIELD PRIVATE DESIGN FUND III, L.P.
	By:	 	Deerfield Mgmt III, L.P.
		 	General Partner
		 	By:	 	J.E. Flynn Capital III, LLC
		 		 	General Partner
				
		 		 	By:	 	 /s/ David J. Clark

		 		 		 	Name:	 	David J. Clark
		 		 		 	Title:	 	Authorized Signatory

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
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	INVESTORS:
	
	FIDELITY SECURITIES FUND: FIDELITY OTC PORTFOLIO
		
	By:	 	 /s/ Stacie M. Smith

		
	Name:	 	 Stacie Smith

		
	Title:	 	 Deputy Treasurer

	
	FIDELITY SELECT PORTFOLIOS: BIOTECHNOLOGY PORTFOLIO
		
	By:	 	 /s/ Stacie M. Smith

		
	Name:	 	 Stacie Smith

		
	Title:	 	 Deputy Treasurer

	
	FIDELITY ADVISOR SERIES VII: FIDELITY ADVISOR BIOTECHNOLOGY FUND
		
	By:	 	 /s/ Stacie M. Smith

		
	Name:	 	 Stacie Smith

		
	Title:	 	 Deputy Treasurer

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ROCK SPRINGS CAPITAL MASTER FUND LP
	By:	 	Rock Springs GP LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Jeffrey Annecchino

		
	Name:	 	 Jeffrey Annecchino

		 	Authorized Signatory
		
	Title:	 	 COO

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	WACHTER FAMILY TRUST
		
	By:	 	 /s/ Paul Wachter

		
	Name:	 	 Paul Wachter

		
	Title:	 	 Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Alexandre Cohen

	ALEXANDRE COHEN

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	GREGORY D SNODGRASS & KATHLEEN M SNODGRASS TTEES OF THE GREGORY AND KATHLEEN
SNODGRASS LIVING TRUST DTD 12/13/00
		
	By:	 	 /s/ Gregory D. Snodgrass

		
	Name:	 	 Gregory D. Snodgrass

		
	Title:	 	 Trustee

		
	By:	 	 /s/ Kathleen M. Snodgrass

		
	Name:	 	 Kathleen M. Snodgrass

		
	Title:	 	 Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Stonington Cox

	STONINGTON COX

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	CONSTANCE C COX TRUST DATED JUNE 28, 2000 AS AMENDED
		
	By:	 	 /s/ Constance C. Cox

		
	Name:	 	 Constance C. Cox, Trust dated June 28, 2000 as amended

		
	Title:	 	 Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	P. ANTHONY PRICE REVOCABLE TRUST, MAY 6, 2002
		
	By:	 	 /s/ P.A. Price

		
	Name:	 	 P. Anthony Price

		
	Title:	 	 Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	KRISTEN AND JIM WELLS FAMILY TRUST
		
	By:	 	 /s/ Kristen Wells

		
	Name:	 	 Kristen Wells

		
	Title:	 	 Trustee

		
	By:	 	 /s/ Jim Wells

		
	Name:	 	 Jim Wells

		
	Title:	 	 Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Johannes Hull

	JOHANNES HULL

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Michael C. Clark

	MICHAEL CLARK

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Herman L. Alcalde

	HERMAN ALCALDE

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ John McLaughlin

	JOHN MCLAUGHLIN

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	RIVERBEND RANCH PENSION TRUST
		
	By:	 	 /s/ Donald Ozenbaugh

		
	Name:	 	 Donald Ozenbaugh

		
	Title:	 	 Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	ALAN C. & AGNÈS B. MENDELSON FAMILY TRUST
		
	By:	 	 /s/ Alan C. Mendelson

	Name:	 	Alan C. Mendelson
	Title:	 	Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	VP COMPANY INVESTMENTS 2008, LLC
		
	By:	 	 /s/ Alan C. Mendelson

	Name:	 	Alan C. Mendelson
	Title:	 	Member of Management Committee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

			
	INVESTOR:
	
	 GREGORY P CHAGARIS & ANTHEA C STRATIGOS TTEE

CHAGARIS STRATIGOS FAM REV TST

		
	By:	 	 /s/ Gregory P. Chagaris

		
	Name:	 	 Gregory P. Chagaris

		
	Title:	 	 Trustee

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	INVESTOR:
	
	 /s/ Jordan Dubnow

	JORDAN DUBNOW

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	KEY HOLDER:
	
	 /s/ Tom Chalberg

	THOMAS W. CHALBERG, JR.

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	KEY HOLDER:
	
	 /s/ Mark S. Blumenkranz

	MARK S. BLUMENKRANZ

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	KEY HOLDER:
	
	 /s/ Steven D. Schwartz

	STEVEN D. SCHWARTZ

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

	
	KEY HOLDER:
	
	 /s/ Mitchell H. Finer

	MITCHELL H. FINER

  
 RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT 
 SIGNATURE PAGE 

 Schedule A 

KEY HOLDERS 
  

					
	 Name
	  	Number of Shares of Common
Stock	 
	 Thomas W. Chalberg, Jr.

2749 Carolina Avenue

Redwood City, CA 94061
	  	 	1,200,000	* 
		
	 Mark S. Blumenkranz

20 Larguita Lane

Portola Valley, CA 94028
	  	 	700,000	  
		
	 Steven D. Schwartz

10801 W. Sunset Blvd.

Los Angeles, CA 90077
	  	 	500,000	  
		
	 Mitchell Finer

150 Whitman Street

Stow, MA 01775
	  	 	700,000	  
		
	 Total
	  	 	3,100,000	  
		  	  
	  
	 

  

	*	Mr. Chalberg’s share count includes those shares that are expected to be repurchased immediately following the closing of the Series B round of financing. 

 Schedule B 

SCHEDULE OF INVESTORS 
  

									
	NAME AND ADDRESS	  	NUMBER OF SHARES OF
SERIES A PREFERRED
STOCK	 	 	NUMBER OF SHARES OF
SERIES B PREFERRED
STOCK	 
	 ZYGTECH, LLC, A NEW JERSEY
LIMITED LIABILITY COMPANY
 820 Morris Turnpike,

Suite 301

Short Hills, NJ 07078

Attn: Zygmunt Wilf
	  	 	2,799,269	* 	 	 	295,115	  
			
	 RICHARD AND MARCIA SCHULMAN
LIVING TRUST DATED 10/2/99
 150 S. Cliffwood Avenue

Los Angeles, CA 90049
	  	 	36,398	  	 	 	5,312	  
			
	 ROBERTA S. HOLLAND REVOCABLE
TRUST-1996, DATED 10/28/96 AS AMENDED
 10800
Wilshire Blvd. #1404
 Los Angeles, CA 90024
	  	 	36,398	  	 	 	5,312	  
			
	 PENSCO TRUST COMPANY CUSTODIAN
(JOSEPH OLIVEIRA), IRA 080000004747
 409 Albasio Ct.

Angels Camp, CA 95222-9756
	  				 	 	13,280	  

									
			
	 REGENERON PHARMACEUTICALS, INC.

777 Old Saw Mill River Road

Tarrytown, NY 10591

Attention: President

Copy: General Counsel
	  	 	689,655	  	  	 	531,208	  
			
	 VENROCK HEALTHCARE CAPITAL PARTNERS,
L.P.
 3340 Hillview Avenue

Palo Alto, CA 94304

Attn: David Stepp
	  				  	 	830,805	  
			
	 VENROCK ASSOCIATES VI, L.P.

3340 Hillview Avenue

Palo Alto, CA 94304

Attn: David Stepp
	  				  	 	911,193	  
			
	 VENROCK PARTNERS VI, L.P.

3340 Hillview Avenue

Palo Alto, CA 94304

Attn: David Stepp
	  				  	 	71,543	  
			
	 VHCP CO-INVESTMENT HOLDINGS, LLC

3340 Hillview Avenue

Palo Alto, CA 94304

Attn: David Stepp
	  				  	 	151,930	  
			
	 COWEN AV INVESTMENT LLC

599 Lexington Ave

New York, NY 10022
	  				  	 	265,604	  

							
			
	 REDMILE CAPITAL FUND, LP

c/o Redmile Group, LLC

One Letterman Drive, Bldg. D, Suite D3-700

San Francisco, CA 94129
	  		  	 	121,910	  
			
	 REDMILE CAPITAL OFFSHORE FUND,
LTD.
 c/o Redmile Group, LLC

One Letterman Drive, Bldg. D, Suite D3-700

San Francisco, CA 94129
	  		  	 	63,510	  
			
	 REDMILE CAPITAL OFFSHORE FUND II,
LTD.
 c/o Redmile Group, LLC

One Letterman Drive, Bldg. D, Suite D3-700

San Francisco, CA 94129
	  		  	 	240,720	  
			
	 REDMILE SPECIAL OPPORTUNITIES FUND,
LTD.
 c/o Redmile Group, LLC

One Letterman Drive, Bldg. D, Suite D3-700

San Francisco, CA 94129
	  		  	 	38,665	  
			
	 SABBY HEALTHCARE VOLATILITY MASTER
FUND, LTD.
 c/o Sabby Management, LLC

10 Mountainview Road, suite 205

Upper Saddle River, NJ 07458
	  		  	 	132,802	  
			
	 ADAGE CAPITAL PARTNERS, LP

200 Clarendon St. 52nd floor

Boston, MA 02116
	  		  	 	531,208	  

							
			
	 LOBSTERCREW & CO. FBO T. ROWE
PRICE HEALTH SCIENCES FUND, INC.
 T.
Rowe Price Associates, Inc.
 100 East Pratt Street

Baltimore, MD 21202

Attn: Andrew Baek, Vice President and Senior Legal Counsel
	  		  	 	508,922	  
			
	 MAC & CO. FBO TD MUTUTAL
FUNDS - TD HEALTH SCIENCES FUND
 T. Rowe Price
Associates, Inc.
 100 East Pratt Street

Baltimore, MD 21202

Attn: Andrew Baek, Vice President and Senior Legal Counsel
	  		  	 	27,038	  
			
	 SQUIDRIG & CO. FBO VALIC COMPANY
I - HEALTH SCIENCES FUND
 T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Attn: Andrew Baek, Vice President and Senior Legal Counsel
	  		  	 	32,097	  
	 HORIZON BEACH & CO. FBO T.
ROWE PRICE HEALTH SCIENCES PORTFOLIO

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Attn: Andrew Baek, Vice President and Senior Legal Counsel
	  		  	 	22,245	  
			
	 LAMPPOST & CO. FBO JOHN
HANCOCK VARIABLE INSURANCE TRUST - HEALTH SCIENCES TRUST

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Attn: Andrew Baek, Vice President and Senior Legal Counsel
	  		  	 	15,532	  

							
			
	 ANNUITANT & CO. FBO JOHN HANCOCK
FUNDS II - HEALTH SCIENCES FUND
 T. Rowe Price
Associates, Inc.
 100 East Pratt Street

Baltimore, MD 21202

Attn: Andrew Baek, Vice President and Senior Legal Counsel
	  		  	 	31,616	  
			
	 DEERFIELD SPECIAL SITUATIONS FUND,
L.P.
 780 3rd ave 37th Floor

New York, NY 10017
	  		  	 	184,594	  
			
	 DEERFIELD SPECIAL SITUATIONS
INTERNATIONAL MASTER FUND, L.P.
 780 3rd ave 37th Floor

New York, NY 10017
	  		  	 	147,410	  
			
	 DEERFIELD PRIVATE DESIGN FUND III,
L.P.
 780 3rd ave 37th Floor

New York, NY 10017
	  		  	 	531,208	  
			
	 BOOTH & CO FBO FIDELITY
SECURITIES FUND: FIDELITY OTC PORTFOLIO
 The
Northern Trust Company
 Attn: Trade Securities Processing, C-1N

801 South Canal Street

Chicago, IL 60607

Fidelity Securities Fund: Fidelity OTC Portfolio

Reference Account # 26-68304
	  		  	 	700,821	  

							
			
	 MAG & CO FBO FIDELITY
SELECT PORTFOLIOS: BIOTECHNOLOGY PORTFOLIO
 Brown
Brothers Harriman & Co.
 525 Washington Blvd

Jersey City NJ 07310

Attn: Michael Lerman 15th Floor

Corporate Actions
	  		  	 	537,368	  
			
	 BANGLE & CO FBO FIDELITY
ADVISOR SERIES VII: FIDELITY ADVISOR BIOTECHNOLOGY FUND

State Street Bank & Trust

PO Box 5756

Boston, Massachusetts 02206

Attn: Bangle & Co fbo Fidelity Advisor Series VII: Fidelity Advisor Biotechnology Fund
	  		  	 	89,832	  
			
	 ROCK SPRINGS CAPITAL MASTER
FUND LP
 650 South Exeter Street

Suite 1070

Baltimore, MD 21202
	  		  	 	132,802	  
			
	 WACHTER FAMILY TRUST

c/o Main Street Advisors, Inc.

3110 Main Street, Suite #310

Santa Monica, CA 90405
	  		  	 	63,081	  
			
	 ALEXANDRE COHEN

3110 Main Street

Suite 310

Santa Monica, CA 90405
	  		  	 	9,960	  

							
			
	 GREGORY D SNODGRASS & KATHLEEN M
SNODGRASS TTEES OF THE GREGORY AND KATHLEEN SNODGRASS LIVING TRUST DTD 12/13/00.

2045 Tasso Street

Palo Alto, CA 94301
	  		  	 	3,320	  
			
	 STONINGTON COX

2240 Green St. Apt.3

San Francisco, CA 94123
	  		  	 	3,320	  
			
	 CONSTANCE C COX TRUST DATED
JUNE 28, 2000 AS AMENDED
 2999 Pacific Ave., Apt 5

San Francisco, CA 94115
	  		  	 	3,320	  
			
	 P. ANTHONY PRICE REVOCABLE TRUST,
MAY 6, 2002
 2999 Pacific Ave., Apt 5

San Francisco, CA 94115
	  		  	 	3,320	  
			
	 KRISTEN AND JIM WELLS
FAMILY TRUST
 4115 Fair Oaks Ave

Menlo Park, CA 94025
	  		  	 	3,320	  
			
	 JOHANNES HULL

29 Dearborn Street

San Francisco, CA 94110
	  		  	 	3,320	  
			
	 MICHAEL CLARK

1096 Clarendon Ct

Oakland, CA 94610
	  		  	 	3,320	  
			
	 HERMAN ALCALDE

3733 Erris Ct

South San Francisco, CA 94080
	  		  	 	3,320	  

									
			
	 JOHN MCLAUGHLIN

265 Glen Way

Incline Village, NV 89451
	  				  	 	26,560	  
			
	 RIVERBEND RANCH PENSION TRUST

630 Smith Flat Rd.

Angels Camp, CA 95222
	  				  	 	9,960	  
			
	 ALAN C. & AGNÈS B. MENDELSON
FAMILY TRUST
 76 De Bell Drive

Atherton, CA 94027
	  				  	 	3,320	  
			
	 VP COMPANY INVESTMENTS 2008, LLC

c/o Latham & Watkins LLP 555 W. 5th Street Suite 800

Los Angeles, CA 90013
	  				  	 	3,320	  
			
	 GREGORY P CHAGARIS & ANTHEA C STRATIGOS TTEE

CHAGARIS STRATIGOS FAM REV TST

60 Joyce Road

Hillsborough, CA 94010
	  				  	 	3,320	  
			
	 JORDAN DUBNOW

c/o Main Street Advisors, Inc.

3110 Main Street, Suite #310

Santa Monica, CA 90405
	  				  	 	3,320	  
			
	 TOTAL:
	  	 	3,569,606	  	  	 	7,321,003	  
		  	  
	  
	 	  	  
	  
	 

  

	*	Zygtech, LLC’s share count includes those shares that are expected to be repurchased immediately following the closing of the Series B round of financing.

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