Document:

Exhibit 4.1

   
   

   

  AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

   

  THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 23rd day of August, 2021, by and among Disc Medicine, Inc., a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this
    Agreement as an “Investor”, and any Investor that becomes a party to this Agreement in accordance with Section 6.9 hereof. The effectiveness of this Agreement will be conditioned upon the occurrence of the Closing (as defined in, and in
    accordance with, that certain Series B Preferred Stock Purchase Agreement, by and between the Company and the Investors, of even date herewith (the “Purchase Agreement”).

   

  RECITALS

   

  WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of Series Seed Preferred Stock, Series A Preferred Stock
    and/or shares of Common Stock (as such terms are defined below) issued upon conversion thereof and possess registration rights, information rights, rights of first offer, and other rights pursuant to that certain Investors’ Rights Agreement dated as of
    September 13, 2019, by and among the Company and such Existing Investors (the “Prior Agreement”).

   

  WHEREAS, the Company and certain of the Investors (the “Series B Investors”) are parties to the Purchase Agreement;

   

  WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to induce the Series B Investors to invest funds in the
    Company pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to receive certain
    information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement; and

   

  WHEREAS, the Company and the Investors, including the Existing Investors, each hereby agrees that the Prior Agreement is hereby amended and
    restated in its entirety by this Agreement, effective as of the Closing.

   

  NOW, THEREFORE, the parties hereby agree as follows:

   

  		1.	Definitions. For purposes of this Agreement:

   

  1.1           “Affiliate” means, with respect to any specified Person, any
    other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, investment adviser, officer, director or trustee of such Person, or
    any venture capital fund or other investment fund or registered investment company, managed investment account or other fund now or hereafter existing that is controlled by one or more general partners, managing members or investment adviser of, or
    shares the same management company or investment adviser with, such Person. Notwithstanding the foregoing, where the term “Person” refers to Novo Holdings A/S, in lieu of the foregoing definition, the term “Affiliate” shall mean Novo Ventures
    (US) Inc. (together with Novo Holdings A/S, “Novo”), any partner, executive officer or director of Novo or any venture capital fund or other Person now or hereafter existing formed for the purpose of making investments in other Persons that is
    controlled by or under common control with Novo, and for the avoidance of doubt, shall not include any other affiliate of Novo.

   

  

  
     

    
      
 

  

  
   

   1.2 “Access” means AI DMI LLC.

   

   1.3 “Alexandria” means Alexandria Venture Investments, LLC.

   

   1.4 “Arix” means Arix Bioscience Holdings Limited.

   

   1.5 “Atlas” means Atlas Venture Fund X, L.P.

   

   1.6 “Board of Directors” means the board of directors of the Company.

   

  1.7           “Certificate of Incorporation” means the Company’s Second
    Amended and Restated Certificate of Incorporation, as amended and/or restated from time to time.

   

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

   

  1.9         “Competitor” means a Person engaged, directly or indirectly
    (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the research, development or commercialization of therapies directed towards the treatment
    of hematological disorders associated with dysregulated iron metabolism, but shall not include any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding
    equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the board of directors of any Competitor. Notwithstanding anything herein, neither Atlas, Access, OrbiMed, Arix, 5AM, Nantahala, Rock Springs,
    Four Pines, Alexandria, nor Novo (as defined hereinafter), nor any Affiliates of such Investors shall be deemed to be a Competitor.

   

  1.10         “Damages” means any loss, damage, claim or liability (joint or
    several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any
    untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an
    omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or
    Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.

   

  
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  1.11          “Derivative Securities” means any securities or rights
    convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants.

   

  1.12          “Exchange Act” means the Securities Exchange Act of 1934, as
    amended, and the rules and regulations promulgated thereunder.

   

  1.13        “Excluded Registration” means (i) a registration relating to the
    sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that
    does not permit substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock
    issuable upon conversion of debt securities that are also being registered.

   

  1.14         “FOIA Party” means a Person that, in the reasonable
    determination of the Board of Directors, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552 (“FOIA”), any state public records
    access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement.

   

  1.15          “Form S-1” means such form under the Securities Act as in
    effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.

   

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

   

   1.17          “Four Pines” means Four Pines Master Fund LP.

   

  1.18          “GAAP” means generally accepted accounting principles in the
    United States as in effect from time to time.

   

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

   

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

   

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

   

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

   

  1.23          “Major Investor” means any Investor that, individually or
    together with such Investor’s Affiliates, holds (i) at least 4,166,666 Registrable Securities issued or issuable upon conversion of Series A Preferred Stock or (ii) at least 2,083,333 Registrable Securities issued or issuable upon conversion of Series
    B Preferred Stock, in each case, as adjusted for any stock split, stock dividend, combination or other recapitalization or reclassification effected after the date hereof.

   

  1.24          “Nantahala” means funds and separate accounts under the
    management of Nantahala Capital Management, LLC.

   

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

   

   1.26          “OrbiMed” means OrbiMed Private Investments VIII, LP.

   

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

   

  1.28          “Preferred Director” means any director of the Company that
    the holders of record of the Series A Preferred Stock or Series B Preferred Stock, as applicable, are entitled to elect, exclusively and as a separate class, pursuant to the Certificate of Incorporation.

   

  1.29          “Preferred Stock” means, collectively, shares of the Company’s
    Series Seed Preferred Stock, Series A Preferred Stock and Series B Preferred stock.

   

  1.30          “Registrable Securities” means (i) the Common Stock issuable
    or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the
    date hereof; (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares
    referenced in clauses (i) and (ii) above; and (iv) any Common Stock acquired by an Investor pursuant to the Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of the date hereof; excluding in all cases,
    however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which
    registration rights have terminated pursuant to Subsection 2.13 of this Agreement.

   

  1.31          “Registrable Securities then Outstanding” means the number of
    shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are
    Registrable Securities.

   

  
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  1.32          “Requisite Holders” means the Investors holding at least a
    majority of the outstanding shares of Preferred Stock, voting or consenting together as a single class on an as- converted to Common Stock basis including at least one Specified Series B Holder (as such term is defined in the Certificate of
    Incorporation).

   

  1.33          “Restricted Securities” means the securities of the Company
    required to be notated with the legend set forth in Subsection 2.12(b) hereof.

   

  		1.34	“Rock Springs” means Rock Springs Capital Master Fund LP.

   

  		1.35	“SEC” means the Securities and Exchange Commission.

   

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

   

  		1.37	“SEC Rule 145” means Rule 145 promulgated by the SEC under the

   

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

  

   

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

   

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

   

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

   

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

   

  		1.43	“5AM” means 5AM Opportunities II, L.P..

   

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

   

  		2.1	Demand Registration.

   

  (a)                Form S-1 Demand. If at any time after the earlier of
    (i) five (5) years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least 25% of Registrable Securities then
    outstanding that the Company file a Form S-1 registration statement with respect to the Registrable Securities then outstanding, having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the Company shall (x)
    within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such
    request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested
    to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections
      2.1(c) and 2.3.

   

  

  
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  (b)               Form S-3 Demand. If at any time when it is eligible to
    use a Form S-3 registration statement, the Company receives a request from Holders of Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders
    having an anticipated aggregate offering price, net of Selling Expenses, of at least $1 million, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating
    Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities
    requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty

   

  (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3.

   

  (c)                Notwithstanding the foregoing obligations, if the Company
    furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental
    to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially
    interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as
    confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing
    or effectiveness thereof shall be tolled correspondingly, for a period of not more than sixty (60) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than twice
    in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such sixty (60) day period other than an Excluded Registration.

   

  

  
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  (d)               The Company shall not be obligated to effect, or to take any
    action to effect, any registration pursuant to Subsection 2.1(a), (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after
    the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected
    two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection
      2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of
    filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration
    statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as
    “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the
    registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection
      2.1(d); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Subsection 2.1(c), then the Initiating Holders may withdraw their request for registration and such registration will
    not be counted as “effected” for purposes of this Subsection 2.1(d).

   

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

   

  		2.3	Underwriting Requirements.

   

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

   

  

  
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  (b)               In connection with any offering involving an underwriting of
    shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed
    upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including
    Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of
    the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success
    of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the
    selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of
    shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of
    Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the
    offering be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described
    above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or
    corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the
    benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included
    in such “selling Holder,” as defined in this sentence.

   

  

  
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  (c)               For purposes of Subsection 2.1, a registration shall
    not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in
    such registration statement are actually included.

   

  2.4           Obligations of the Company. Whenever required under this Section

      2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

   

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

   

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

   

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

   

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

   

  
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  (e)               in the event of any underwritten public offering, enter into
    and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;

   

  (f)               use its commercially reasonable efforts to cause all such
    Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed;

   

  (g)               provide a transfer agent and registrar for all Registrable
    Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

   

  (h)               promptly make available for inspection by the selling Holders,
    any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records,
    pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or
    agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;

   

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

   

  (j)                after such registration statement becomes effective, notify
    each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus.

   

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

   

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

   

  

  
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  2.6           Expenses of Registration. All expenses (other than Selling
    Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company;
    and the reasonable fees and disbursements, not to exceed $35,000, of one counsel for the selling Holders selected by the Holders of a majority of the Registrable Securities to be registered (“Selling Holder Counsel”), shall be borne and paid by
    the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request
    of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration),
    unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such
    withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after
    learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable
    Securities registered pursuant to this Section 2 shall be borne and paid by the Holders other than fees and disbursements of counsel to any Holder, other than the Selling Holder Counsel, which shall be borne solely by the Holder engaging such
    counsel pro rata on the basis of the number of Registrable Securities registered on their behalf.

   

  2.7           Delay of Registration. No Holder shall have any right to obtain
    or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.

   

  2.8           Indemnification. If any Registrable Securities are included in a
    registration statement under this Section 2:

   

  (a)               To the extent permitted by law, the Company will indemnify and
    hold harmless each selling Holder, and the partners, members, officers, directors, trustees, investment advisers, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities
    Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling
    Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however,
    that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be
    unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information, regarding itself and the Registrable
    Securities held by it, furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration except to the extent such information was corrected in a
    subsequent writing prior to or concurrently with the sale of Registrable Securities to the Person asserting the claim.

   

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

    the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

   

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

   

  

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

   

  (e)               Unless otherwise superseded by an underwriting agreement
    entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section

      2, and otherwise shall survive the termination of this Agreement.

   

  2.9           Reports Under Exchange Act. With a view to making available to
    the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall:

   

  (a)               make and keep available adequate current public information, as
    those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO;

   

  (b)               use commercially reasonable efforts to file with the SEC in a
    timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

   

  

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

   

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

   

  2.11          “Market Stand-off” Agreement. Each Holder hereby agrees
    that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO, and ending on the date specified by the Company and the managing underwriter (such
    period not to exceed one hundred eighty (180) days), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise
    transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration
    statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii)
    above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to
    an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the
    restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the
    Company obtains a similar agreement from all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock). In addition,
    this Subsection 2.11 shall not apply to shares of Common Stock acquired in the IPO or in the open market following the IPO.The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11
    and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such
    registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. In the event that the Company or the managing underwriter waives or terminates any of the restrictions contained in this Subsection

      2.11 or in a lock-up agreement with respect to the securities of any Holder, officer, director or greater than one-percent stockholder of the Company (in any such case, the “Released Securities”), the restrictions contained in this Subsection

      2.11 and in any lock-up agreements executed by the Holders shall be waived or terminated, as applicable, to the same extent and with respect to the same percentage of securities of each Holder as the percentage of Released Securities represent
    with respect to the securities held by the applicable Holder, officer, director or greater than one-percent stockholder.

   

  

  
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  2.12         Restrictions on Transfer.

   

  (a)           The Preferred Stock and the Registrable Securities shall not be
    sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop- transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement,
    which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to
    agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement
    or, following the IPO, SEC Rule 144, in each case, to be bound by the terms of this Agreement.

   

  (b)           Each certificate, instrument, or book entry representing (i) the
    Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event,
    shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form:

   

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

   

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

   

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

   

  
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  (c)           The holder of such Restricted Securities, by acceptance of ownership
    thereof, agrees to comply in all respects with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering
    the proposed transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in
    sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed
    to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities
    without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or
    transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the
    terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder distributes
    Restricted Securities to an Affiliate of such Holder; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book entry representing the Restricted Securities
    transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate instrument, or book entry shall not
    be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.

   

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

   

  (a)           the closing of a Deemed Liquidation Event, as such term is defined
    in the Certificate of Incorporation, where the consideration received by the Investors is in the form of cash and/or publicly traded securities or where the Investors receive registration rights from the acquiring company or other successor comparable
    to those set forth in this Section 2;

   

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

   

  		(c)	the fifth anniversary of the IPO.

   

  
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  		3.	Information and Observer Rights.

   

  3.1           Delivery of Financial Statements. The Company shall deliver to
    each Major Investor, provided that the Board of Directors has not reasonably determined that such Major Investor is a Competitor:

   

  (a)           as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company, (i)
    a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x)   the actual amounts as of and for such fiscal year and
    (y) the comparable amounts for the prior year and as included in the Budget (as defined in Subsection 3.1(d)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources and application
    of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public accountants of nationally or regionally recognized standing selected by the
    Company;

   

  (b)           as soon as practicable, but in any event within forty-five (45) days
    after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of
    such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP);

   

  (c)           as soon as practicable, but in any event within forty-five (45) days
    after the end of each quarter of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of
    the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options
    and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial officer or
    chief executive officer of the Company as being true, complete, and correct;

   

  (d)           as soon as practicable, but in any event thirty (30) days before the
    end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board of Directors (including at least a majority of the Preferred Directors) and prepared on a quarterly basis, including
    balance sheets, income statements, and statements of cash flow for such quarters and, promptly after prepared, any other budgets or revised budgets prepared by the Company;

   

  (e)           such other information relating to the financial condition,
    business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information
    (i) that the Company reasonably determines in good faith to be a trade secret; or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

   

  

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

   

  Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this Subsection

      3.1 during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such
    registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause
    such registration statement to become effective.

   

  3.2           Inspection. The Company shall permit each Major Investor (provided
    that the Board of Directors has not reasonably determined that such Major Investor is a competitor of the Company), upon reasonable advance notice and at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of
    account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company
    shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or the disclosure of which would adversely affect the attorney-client privilege
    between the Company and its counsel.

   

  3.3           Termination of Information Rights.
      The covenants set forth in Sections 3.1 and 3.2 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, or (ii) when the Company first becomes subject to the periodic reporting
      requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, whichever event occurs first; provided, that, with respect to clause

        (iii), the covenants set forth in Section 3.1 shall only terminate if the consideration received by the Investors in such Deemed Liquidation Event is in the form of cash and/or publicly traded securities unless the Investors receive
      financial information from the acquiring company or other successor to the Company comparable to those set forth in Section 3.1.

   

  3.4           Confidentiality. Each
    Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this
    Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.4 by such Investor), (b) is or has been independently developed or conceived by such Investor without use of the Company’s confidential information, or (c) is or has been made
      known or disclosed to such Investor by a third party without, to such Investor’s knowledge, a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose
      confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company and to the extent necessary in connection
      with such Investor’s tax filings, financial reporting (including with the SEC) and accounting matters; (ii) to any prospective purchaser of any Registrable Securities from such Investor, provided such prospective purchaser is not a Competitor and
      such prospective purchaser agrees to be bound by the provisions of this Subsection 3.4; (iii) to any Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided
      that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, provided
      that such Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

   

  

  
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  		3.5	Critical Technology Matters.

   

  (a)              To the extent (i) any pre-existing products or services provided
    by the Company are re-categorized by the U.S. government as a critical technology within the meaning of Section 721 of the Defense Production Act of 1950, as amended, including all implementing regulations thereof (the “DPA”), or would
    reasonably be considered to constitute the design, fabrication, development, testing, production or manufacture of a critical technology after a re-categorization of selected technologies by the U.S. government, or (ii) after execution of the Purchase
    Agreement, the Company engages in any activity that could reasonably be considered to constitute the design, fabrication, development, testing, production or manufacture of a critical technology within the meaning of the DPA, the Company shall promptly
    notify the Investors of such change in the categorization of its products or services.

   

  (b)               If and only if (i) the Committee on Foreign Investment in the
    United States or any member agency thereof acting in such capacity (“CFIUS”) requests or requires that any Investor or the Company file a notice or declaration with CFIUS pursuant to the DPA with respect to such Investor’s investment in the
    Company (the “Covered Transactions”) or (ii) such Investor or the Company determines that a filing with CFIUS with respect to the Covered Transactions is advisable or required by applicable law, then in either case, (i) or (ii): (x) the Company
    and each Investor shall, and shall cause its Affiliates to, cooperate with the other parties hereto and shall promptly file a CFIUS filing in the requested, required or advisable form in accordance with the DPA; (y) the Company and each Investor shall,
    and shall cause its Affiliates to, use reasonable best efforts to obtain, as applicable, the CFIUS Satisfied Condition (as defined below); and (z) the Company shall provide notice of clause (i) or (ii) to the Major Investors. For the avoidance of
    doubt, each such Investor shall have no obligation to accept or take any action, condition or restriction with respect to the Covered Transactions in order to achieve the CFIUS Satisfied Condition. The term “CFIUS Satisfied Condition” shall be
    achieved when (a) the Company and the filing Investor shall have received written notice from CFIUS stating that: (i) CFIUS has concluded that the Covered Transactions do not constitute a “covered transaction” subject to review under the DPA; or (ii)
    the assessment, review or investigation of the Covered Transactions under the DPA has concluded, and there are no unresolved national security concerns with respect to the Covered Transactions; (b) CFIUS has sent a report to the President of the United
    States requesting the President’s decision with respect to the Covered Transactions and either (i) the period under the DPA subsequent to the President’s receipt of the CFIUS report during which the President may announce his decision to take action to
    suspend, prohibit or place any limitations on the Covered Transactions has expired without any such action being taken and without that Presidential review having been suspended or (ii) the President of the United States has announced a decision not to
    take any action to suspend, prohibit or place any limitations on the Covered Transactions; or (c) at the discretion of such Investor, CFIUS has provided written notice that it is not able to complete action under the DPA with respect to the Covered
    Transactions on the basis of a CFIUS declaration, but CFIUS has not requested that the Company and the Investor submit a CFIUS notice and has not initiated a unilateral CFIUS review. For the avoidance of doubt, such Investor shall not have any
    obligation to accept or take any action, condition or restriction with respect to the Covered Transactions in order to achieve the CFIUS Satisfied Condition.

   

  

  
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   4.           Rights to Future Stock Issuances.

   

  4.1              Right of First Offer. Subject to the terms and conditions of this Subsection 4.1   and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor (provided that the Board of Directors has not
    reasonably determined that such Major Investor is a Competitor). A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself, (ii) its Affiliates and (iii)
    its beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of such Major Investor (“Investor Beneficial Owners”);

    provided that each such Affiliate or Investor Beneficial Owner (x) is not a Competitor or FOIA Party, unless such party’s purchase of New Securities is otherwise consented to by the Board of Directors, (y) agrees to enter into this Agreement and
    each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an investor under each such agreement (provided that any Competitor or
    FOIA Party shall not be entitled to any rights as a Major Investor under Subsections 3.1, 3.2 and 4.1 hereof), and (z) agrees to purchase at least such number of New Securities as are allocable hereunder to the Major Investor holding
    the fewest number of Preferred Stock.

   

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

   

  (b)               By notification to the Company within twenty (20) days after
    the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then
    held by such Major Investor (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock then held by such Major Investor, but excluding all other Derivative
    Securities) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock then outstanding, but excluding all other Derivative Securities and excluding shares available
    to grant under any equity incentive plan) (the “Pro Rata Portion”). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each,
    a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to
    purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the
    proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock then held by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable
    (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock then held by all Fully Exercising Investors who wish to purchase such unsubscribed shares, in each case excluding any other Derivative Securities. The
    closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c).

   

  

  
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  (c)                If all New Securities referred to in the Offer Notice are not
    elected to be purchased or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed
    portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New
    Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to
    the Major Investors in accordance with this Subsection 4.1.

   

  (d)               The right of first offer in this Subsection 4.1 shall
    not be applicable to (i) Exempted Securities (as defined in the Certificate of Incorporation); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Series B Preferred Stock pursuant to the Purchase Agreement.

   

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

   

  		5.	Additional Covenants.

   

  5.1           Insurance. The Company shall use its commercially reasonable
    efforts to maintain, with financially sound and reputable insurers, Directors and Officers liability insurance in an aggregate amount of at least $3,000,000 and on terms and conditions satisfactory to the Board and reasonably acceptable to the
    Preferred Directors, and will use commercially reasonable efforts to cause such insurance policies to be maintained until such time as the Board of Directors (including the Preferred Directors) determines that such insurance should be discontinued.

   

  

  
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  5.2           Employee Agreements. The Company will cause each Person now or
    hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights
    assignment agreement; and each employee to enter into a one (1) year nonsolicitation agreement and, if permitted by applicable law and determined to be in the best interests of the Company by the Board of Directors of the Company (including a majority
    of the Preferred Directors), a one (1) year noncompetition agreement in a form acceptable to the Investors. In addition, the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any of the above-reference
    agreements or any restricted stock agreement between the Company and any employee, without the without approval of the Board of Directors (including a majority of the Preferred Directors).

   

  5.3           Employee Stock. Unless otherwise approved by the Board of
    Directors, including a majority of the Preferred Directors, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be
    required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued
    employment or service, and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. Without the prior approval
    by the Board of Directors, including a majority of the Preferred Directors, the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any stock purchase, stock restriction or option agreement with any existing
    employee or service provider if such amendment would cause it to be inconsistent with this Subsection 5.3. In addition, unless otherwise approved by the Board of Directors, including a majority of the Preferred Directors, the Company shall
    retain (and not waive) a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock.

   

  5.4           Matters Requiring Investor Director Approval. So long as the
    holders of Series A Preferred Stock or Series B Preferred Stock are entitled to elect a Preferred Director, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, which approval
    must include the affirmative vote of a majority of the Preferred Directors (and, in the case of clauses (i) and (j) below, each of the Preferred Directors elected by the holders of Series B Preferred Stock):

   

  (a)           make, or permit any subsidiary to make, any loan or advance to, or
    own any stock or other securities of, any subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company;

   

  (b)           make, or permit any subsidiary to make, any loan or advance to any
    Person, including, without limitation, any employee or director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan approved by the Board
    of Directors;

   

  

  
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  (c)           guarantee, directly or indirectly, or permit any subsidiary to
    guarantee, directly or indirectly, any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business;

   

  (d)           make any investment inconsistent with any investment policy approved
    by the Board of Directors;

   

  (e)           change the principal business of the Company, enter new lines of
    business, or exit the current line of business;

   

  (f)            sell, assign, license, pledge, or encumber material technology or
    intellectual property, other than licenses granted in the ordinary course of business;

   

  (g)           establish or invest in any subsidiary or joint venture; acquire any
    corporation, partnership, or other entity (whether by stock or asset purchase, merger, consolidation or otherwise) or any equity or securities therein;

   

  (h)           enter into any corporate strategic or sponsored research
    relationship involving the payment, contribution, or assignment by the Company or to the Company of money or assets greater than $250,000 and not otherwise contemplated by a Company’s then-current operating budget;

   

  (i)            amend the Company’s Certificate of Incorporation or by-laws in a
    way that shall alter or change the powers, preferences or special rights of the Series B Preferred Stock as to affect them adversely; or

   

  		(j)	Increase the number of authorized shares of Series B Preferred Stock.

  

   

   5.5           Board Matters. Unless otherwise determined by the vote of a majority of the directors then in office, the Board of Directors
    shall meet at least quarterly in accordance with an agreed-upon schedule. In addition, any one director may call a meeting of the Board of Directors upon thirty (30) days prior notice and the Bylaws shall so provide or be amended to so provide. The
    Company shall reimburse the nonemployee directors and observers appointed pursuant to the Transaction Agreements for all reasonable and documented out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with
    attending meetings of the Board of Directors or committees thereof or in connection with any other activities that are required or requested by the Company. Each Preferred Director shall be entitled in such person’s discretion to serve as a member of
    any committee of the Board of Directors. Any committee of the Board of Directors shall consist of no less than three (3) members.

   

  5.6           Successor Indemnification. If the Company or any of its
    successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger or the Company or any subsidiary of the Company sells or otherwise transfers all or
    substantially all of the assets of the Company, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the
    Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, the Certificate of Incorporation, or elsewhere, as the case may be.

   

  

  
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  5.7           Indemnification Matters. The Company hereby acknowledges that
    one (1) or more of the directors nominated to serve on the Board of Directors by the Investors (each an “Investor Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the
    Investors and certain of their Affiliates (collectively, the “Investor Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Investor Director are primary and any
    obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Investor Director are secondary), (b) that it shall be required to advance the full amount of expenses
    incurred by such Investor Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Investor Director to the extent legally permitted and as required by the
    Company’s Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Investor Director), without regard to any rights such Investor Director may have against the Investor Indemnitors, and, (c) that it
    irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no
    advancement or payment by the Investor Indemnitors on behalf of any such Investor Director with respect to any claim for which such Investor Director has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitors
    shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Investor Director against the Company. The Investor Directors and the Investor Indemnitors are intended
    third-party beneficiaries of this Subsection 5.7 and shall have the right, power and authority to enforce the provisions of this Subsection 5.7 as though they were a party to this Agreement.

   

  5.8              Right to Conduct Activities. The Company hereby agrees and
    acknowledges that each Investor (together with their respective Affiliates, including affiliated advisers and funds) invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or
    as currently proposed to be conducted). Nothing in this Agreement shall preclude or in any way restrict the Investors from holding, evaluating, selling or purchasing securities, including publicly traded securities, of a particular enterprise, or
    investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company; and the Company hereby agrees that, to the extent permitted under applicable law, such Investor
    shall not be liable to the Company for any claim arising out of, or based upon, (a) the investment by such Investor and such Affiliates in any Competitor, or (b) actions taken by any partner, officer or other representative of such Investor, including
    affiliated advisers and funds, to assist any such Competitor, whether or not such action was taken as a member of the board of directors of such Competitor or otherwise, and whether or not such action has a detrimental effect on the Company; provided,
    however, that the foregoing shall not relieve (i) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (ii) any director or officer of the
    Company from any liability associated with his or her fiduciary duties to the Company.

   

  

  
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  5.9           FCPA Compliance. The Company shall not, and shall not permit
    any of its subsidiaries and Affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents (collectively, “Representatives”) to, promise, authorize or make any payment
    to, or otherwise contribute any item of value to, directly or indirectly, any non-U.S. government official, in each case, in violation of the U.S. Foreign Corrupt Practices Act (“FCPA”) or any other applicable anti-bribery or anti-corruption
    law. The Company shall, and shall cause each of its subsidiaries and Affiliates to, cease all of its or their respective activities, as well as remediate any actions taken by the Company, its subsidiaries or Affiliates or any of its or their respective
    Representatives in violation of the FCPA or any other applicable anti- bribery or anti-corruption law. The Company shall maintain systems or internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems)
    necessary to ensure compliance with the FCPA or any other applicable anti-bribery or anti- corruption law.

   

  5.10         Restrictions on Publicity. The
    Company shall not use the name of Novo or its Affiliates, Access or its Affiliates, 5AM or its Affiliates, Rock Springs or its Affiliates, Nantahala or its Affiliates or refer to any of the above, directly or indirectly, in connection with such
    Person’s relationship, agreements or arrangements with the Company in any advertisement, press release, professional or trade publication, marketing materials or otherwise to the general public or in any other manner, except (i) as may be required by
    law, (ii) on a confidential basis to potential financing sources, including lenders, investors, investment bankers or acquirors but only as to the fact of such Person’s equity investment in the Company and documentation relating thereto, (iii) on a
    confidential basis to the Company’s lawyers, contractors, accountants and other advisors who have a need to have access and knowledge of such information, or (iv) with such Person’s, prior written consent, which consent may be withheld in its sole
    discretion; provided that (y)   the parties anticipate that there will be a mutually-agreed press release announcing the closing of the transactions contemplated in the Purchase Agreement
    and (z) following the public announcement contemplated in clause (i), the Company may confirm that such Person is an investor in the Company (but not the amount or terms thereof) in a form of disclosure that has been previously approved by such Person.

   

  5.11         Expenses of Counsel. In the event of a transaction which is a
    Sale of the Company (as defined in the Voting Agreement of even date herewith among the Company, the Investors and the other parties named therein), the reasonable fees and disbursements, not to exceed $50,000 in the aggregate, of one counsel for the
    Major Investors (“Investor Counsel”) in their capacities as stockholders, shall be borne and paid by the Company. At the outset of considering a transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain
    the ability to share with the Investor Counsel (and such counsel's clients) and shall share the confidential information (including, without limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent and other
    transaction documents and related noncompete, employment, consulting and other compensation agreements and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of
    the Company. The Company shall be obligated to share (and cause the Company's counsel and investment bankers to share) such materials when distributed to the Company's executives and/or any one or more of the other parties to such transaction(s). In
    the event that Investor Counsel deems it appropriate, in its reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under
    the attorney client privilege, the Company shall, and shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel. In the event that one or more
    of the other party or parties to such transactions require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share whatever information
    can be shared without entry into such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the clients of
    Investor Counsel.

   

  

  
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  5.12        Termination of Covenants. The covenants set forth in this Section
    5, except for Subsections 5.6 and 5.7 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g)
    or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, whichever event occurs first.

   

  		6.	Miscellaneous.

   

  6.1          Successors and Assigns. The rights under this Agreement may be
    assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of
    such Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 100,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided,
    however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and
    (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of
    shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or
    such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall, as a condition to the
    applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the
    respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies,
    obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

  

  
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  6.2           Governing Law. This Agreement shall be governed by the General
    Corporation Law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware.

   

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

   

  6.4           Titles and Subtitles. The titles and subtitles used in this
    Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement.

   

  		6.5	Notices.

   

  (a)                All notices and other communications given or made pursuant to
    this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail during the recipient’s normal business hours,
    and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the
    business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule

      A hereto, or to such email address or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, it shall be sent to Disc Medicine, Inc., 150 Cambridgepark Drive,
    Suite 103, Cambridge, MA 02140, Attention: Chief Executive Officer; and a copy (which shall not constitute notice) shall also be sent to Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210; Attn: William D. Collins, Esq. (which shall not
    constitute notice); and if notice is given to the Investors, a copy (which shall not constitute notice) shall also be given to each Investor’s counsel as set forth on Schedule A hereof.

   

  (b)               Consent to Electronic Notice. Each Investor consents to
    the delivery of any stockholder notice pursuant to the Delaware General Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the
    electronic mail address as on the books of the Company. Each Investor agrees to promptly notify the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing.

   

  

  
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  6.6           Amendments and Waivers. Any term of this Agreement may be
    amended, modified or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the Requisite
    Holders; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection

      2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, (a) this
    Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, modification, termination, or waiver applies
    to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms,
    notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction, subject to compliance with the below paragraph of this Subsection 6.6), (b) Subsections 3.1, 3.2
    and any other section of this Agreement applicable to the Major Investors (including this clause (b) of this Subsection 6.6) may not be amended, modified, terminated or waived without the written consent of the holders of at least a majority of
    the Registrable Securities then outstanding and held by the Major Investors (including at least one Specified Series B Holder), (c) Subsections 3.5, 5.10, 6.11, this clause (c) of this Subsection 6.6 and the definition
    of “Affiliate” as it pertains to Novo may not be amended, modified or terminated and the observance of any term thereof may not be waived without the written consent of Novo, (d) Subsection 1.5 and this clause (d) of this Subsection 6.6 may

    not be amended, modified or terminated and the observance of any term thereof may not be waived without the written consent of Atlas, (e) Subsections 1.2, 5.10 and this clause (e) of this Subsection 6.6 may not be amended,
    modified or terminated and the observance of any term thereof may not be waived without the written consent of Access, (f) Subsection 1.26 and this clause (f) of this Subsection 6 may not be amended, modified or terminated and the
    observance of any term thereof may not be waived without the written consent of OrbiMed, (g) Subsections 1.24, 5.10 and this clause (g) of this Subsection 6.6 may not be amended, modified or terminated and the observance of any term
    thereof may not be waived without the written consent of Nantahala, (h) Section 5.10 and this clause (h) may not be amended, modified, or terminated and the observance of any term thereof may not be waived without the written consent of Rock
    Springs (with respect to Rock Springs only) or Four Pines (with respect to Four Pines only), and (i) Sections 1.9 and this clause (i) may not be amended, modified, or terminated and the observance of any term thereof may not be waived without
    the written consent of Novo (with respect to Novo only), Atlas (with respect to Atlas only), Access (with respect to Access only), Arix (with respect to Arix only), OrbiMed (with respect to OrbiMed only), 5AM (with respect to 5AM only), Rock Springs
    (with respect to Rock Springs only), Four Pines (with respect to Four Pines only), Nantahala (with respect to Nantahala only), Alexandria (with respect to Alexandria only). Any amendment, modification, termination or waiver of Subsection 5.7, 5.8
    or 6.13 will not apply to any particular Investor unless such Investor’s written consent to such amendment, modification, termination or waiver is obtained. Notwithstanding the foregoing, Schedule A hereto may be amended by the Company
    from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other parties; and Schedule A hereto may also be amended by the Company after the date of this
    Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. The Company shall give prompt notice of any amendment, modification
    or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination, or waiver. Any amendment, modification, termination, or waiver effected in accordance with this Subsection 6.6

    shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as
    a further or continuing waiver of any such term, condition, or provision.

   

  

  
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  If the right of first offer provided in Section 4 with respect to a particular transaction is waived pursuant to this Section 6.6 (the “Waiver”),

    and any Major Investor who consented to the Waiver (the “Purchasing Investor”) nonetheless, by agreement with the Company, purchases securities in such transaction, then each other Major Investor shall be given the same opportunity to
    participate in such transaction within thirty (30) days after the initial closing of such transaction up to an amount not less than a proportion of its Pro Rata Portion in such transaction, which proportion (the “Actual Proportion”) is
    determined by dividing (x) the actual amount of securities being purchased by the Purchasing Investor in such transaction by (y) the Purchasing Investor’s Pro Rata Portion in such transaction. For the avoidance of doubt, if there are at least two
    existing Purchasing Investors (other than the Major Investor exercising its rights hereunder) participating in such transaction and using different Actual Proportions, then the highest Actual Proportion applicable to any of these Investors shall apply
    in determining the amount of securities a Major Investor is entitled to purchase in such transaction. This paragraph may not be waived with respect to a particular transaction without the consent of each Major Investor.

   

  6.7           Severability. In case any one or more of the provisions
    contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or
    unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.

   

  6.8           Aggregation of Stock. All shares of Registrable Securities held
    or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.

   

  6.9         Additional Investors. Notwithstanding anything to the contrary
    contained herein, if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart
    signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such
    additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder.

   

  6.10         Entire Agreement. This Agreement (including any Schedules and
    Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and, upon the effectiveness of this Agreement in accordance with the first paragraph herein, any other written or
    oral agreement relating to the subject matter hereof existing between the parties, including the Prior Agreement, is expressly canceled.

   

  

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

   

  WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
    AGREEMENT, THE OTHER TRANSACTION AGREEMENTS (AS DEFINED IN THE PURCHASE AGREEMENT), THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL- ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
    COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY
    DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY
    AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

   

  6.12          Delays or Omissions. No delay or omission to exercise any
    right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed
    to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
    occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

   

  

  
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  6.13         Limitation of Liability; Freedom to Operate Affiliates. The
    total liability, in the aggregate, of each Investor and its respective Affiliates, officers, directors, employees and agents, for any and all claims, losses, costs or damages, including attorneys’ and accountants’ fees and expenses and costs of any
    nature whatsoever or claims or expenses resulting from or in any way related to this Agreement from any cause or causes shall be several and not joint with the other Investors and shall not exceed (for each such Investor) the total purchase price paid
    to the Company by such Investor for any and all shares of Series A Preferred Stock such Investor purchased under that certain Series A Preferred Stock Purchase Agreement, dated as of September 13, 2019, and/or Series B Preferred Stock such Investor
    purchased under the Purchase Agreement. It is intended that this limitation apply to any and all liability or cause of action however alleged or arising, unless otherwise prohibited by law. Nothing in this Agreement or the Transaction Agreements shall
    restrict the Investors’ freedom to operate any of their respective affiliates (including any such affiliate that is a potential competitor of the Company).

   

  6.14         Further Assurances. At any time or from time to time after the
    date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to
    evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder.

   

  [Remainder of page Intentionally Left Blank]

   

  
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  IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

   

  

  	 	COMPANY:
	 	 	 
	 	DISC MEDICINE, INC.
	 	 	 
	 	By:	/s/ John Quisel
	 	Name: John Quisel
	 	Title: Chief Executive Officer

  

   

  [Signature Page to Amended and Restated Investors’ Rights Agreement]Exhibit 10.1

   

   

  DISC MEDICINE, INC.

   

  2017 STOCK OPTION AND GRANT PLAN

   

  SECTION 1. GENERAL PURPOSE OF THE PLAN; DEFINITIONS

   

  The name of the plan is the Disc Medicine, Inc. 2017 Stock Option and Grant Plan (the “Plan”). The purpose of the Plan is to encourage and enable the
    officers, employees, directors, Consultants and other key persons of Disc Medicine, Inc., a Delaware corporation (including any successor entity, the “Company”) and its Subsidiaries, upon whose judgment, initiative and efforts the Company largely
    depends for the successful conduct of its business, to acquire a proprietary interest in the Company.

   

  The following terms shall be defined as set forth below:

   

  “Affiliate” of any Person means a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under
    common control with the first mentioned Person. A Person shall be deemed to control another Person if such first Person possesses directly or indirectly the power to direct, or cause the direction of, the management and policies of the second Person,
    whether through the ownership of voting securities, by contract or otherwise.

   

  “Award” or “Awards,” except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options,
    Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units or any combination of the foregoing.

   

  “Award Agreement” means a written or electronic agreement setting forth the terms and provisions applicable to an Award granted under the Plan.
    Each Award Agreement may contain terms and conditions in addition to those set forth in the Plan; provided, however, in the event of any conflict in the terms of the Plan and the Award Agreement, the terms of the Plan shall govern.

   

  “Board” means the Board of Directors of the Company.

   

  “Cause” shall have the meaning as set forth in the Award Agreement(s). In the case that any Award Agreement does not contain a definition of
    “Cause,” it shall mean (i) the grantee’s dishonest statements or acts with respect to the Company or any Affiliate of the Company, or any current or prospective customers, suppliers vendors or other third parties with which such entity does business;
    (ii) the grantee’s commission of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the grantee’s failure to perform his assigned duties and responsibilities to the reasonable satisfaction of the Company
    which failure continues, in the reasonable judgment of the Company, after written notice given to the grantee by the Company; (iv) the grantee’s gross negligence, willful misconduct or insubordination with respect to the Company or any Affiliate of the
    Company; or (v) the grantee’s material violation of any provision of any agreement(s) between the grantee and the Company relating to noncompetition, nonsolicitation, nondisclosure and/or assignment of inventions.

   

  
     

    
      
 

  

  
   

  “Chief Executive Officer” means the Chief Executive Officer of the Company or, if there is no Chief Executive Officer, then the President of the
    Company.

   

  “Code” means the Internal Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

   

  “Committee” means the Committee of the Board referred to in Section 2.

   

  “Consultant” means any natural person that provides bona fide services to the Company (including a Subsidiary), and such services are not in
    connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities.

   

  “Disability” means “disability” as defined in Section 422(c) of the Code.

   

  “Effective Date” means the date on which the Plan is adopted as set forth on the final page of the Plan.

   

  “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

   

  “Fair Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by the Committee based on the
    reasonable application of a reasonable valuation method not inconsistent with Section 409A of the Code. If the Stock is admitted to trade on a national securities exchange, the determination shall be made by reference to the closing price reported on
    such exchange. If there is no closing price for such date, the determination shall be made by reference to the last date preceding such date for which there is a closing price. If the date for which Fair Market Value is determined is the first day when
    trading prices for the Stock are reported on a national securities exchange, the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the cover page for the final prospectus relating to the Company’s Initial Public
    Offering.

   

  “Good Reason” shall have the meaning as set forth in the Award Agreement(s). In the case that any Award Agreement does not contain a definition
    of “Good Reason,” it shall mean (i) a material diminution in the grantee’s base salary except for across-the-board salary reductions similarly affecting all or substantially all similarly situated employees of the Company or (ii) a change of more than
    50 miles in the geographic location at which the grantee provides services to the Company, so long as the grantee provides at least 90 days notice to the Company following the initial occurrence of any such event and the Company fails to cure such
    event within 30 days thereafter.

   

  “Grant Date” means the date that the Committee designates in its approval of an Award in accordance with applicable law as the date on which the
    Award is granted, which date may not precede the date of such Committee approval.

   

  “Holder” means, with respect to an Award or any Shares, the Person holding such Award or Shares, including the initial recipient of the Award
    or any Permitted Transferee.

   

  
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  “Incentive Stock Option” means any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422 of the Code.

   

  “Initial Public Offering” means the consummation of the first firm commitment underwritten public offering pursuant to an effective registration
    statement under the Securities Act covering the offer and sale by the Company of its equity securities, as a result of or following which the Stock shall be publicly held.

   

  “Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock Option.

   

  “Option” or “Stock Option” means any option to purchase shares of Stock granted pursuant to Section 5.

   

  “Permitted Transferees” shall mean any of the following to whom a Holder may transfer Shares hereunder (as set forth in Section 9(a)(ii)(A)): the
    Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any
    person sharing the Holder’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons control the management of assets, and any other entity
    in which these persons own more than fifty percent of the voting interests; provided, however, that any such trust does not require or permit distribution of any Shares during the term of the Award Agreement unless subject to its terms. Upon
    the death of the Holder, the term Permitted Transferees shall also include such deceased Holder’s estate, executors, administrators, personal representatives, heirs, legatees and distributees, as the case may be.

   

  “Person” shall mean any individual, corporation, partnership (limited or general), limited liability company, limited liability partnership,
    association, trust, joint venture, unincorporated organization or any similar entity.

   

  “Restricted Stock Award” means Awards granted pursuant to Section 6 and “Restricted Stock” means Shares issued pursuant to such Awards.

   

  “Restricted Stock Unit” means an Award of phantom stock units to a grantee, which may be settled in cash or Shares as determined by the
    Committee, pursuant to Section 8.

   

  “Sale Event” means the consummation of (i) the dissolution or liquidation of the Company, (ii) the sale of all or substantially all of the assets
    of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority
    of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if applicable), (iv) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related
    transactions by a Person or group of Persons, or (v) any other acquisition of the business of the Company, as determined by the Board; provided, however, that the Company’s Initial Public Offering, any subsequent public offering or another
    capital raising event, or a merger effected solely to change the Company’s domicile shall not constitute a “Sale Event.”

   

  
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  “Section 409A” means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

   

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

   

  “Service Relationship” means any relationship as a full-time employee, part-time employee, director or other key person (including Consultants)
    of the Company or any Subsidiary or any successor entity (e.g., a Service Relationship shall be deemed to continue without interruption in the event an individual’s status changes from full-time employee to part- time employee or Consultant).

   

  “Shares” means shares of Stock.

   

  “Stock” means the Common Stock, par value $0.0001 per share, of the Company. “Subsidiary” means any corporation or other entity (other than the
    Company) in which the Company has more than a 50 percent interest, either directly or indirectly.

   

  “Ten Percent Owner” means an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than
    10 percent of the combined voting power of all classes of stock of the Company or any parent of the Company or any Subsidiary.

   

  “Termination Event” means the termination of the Award recipient’s Service Relationship with the Company and its Subsidiaries for any reason
    whatsoever, regardless of the circumstances thereof, and including, without limitation, upon death, disability, retirement, discharge or resignation for any reason, whether voluntarily or involuntarily. The following shall not constitute a Termination
    Event: (i) a transfer to the service of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another Subsidiary or (ii) an approved leave of absence for military service or sickness, or for any other purpose
    approved by the Committee, if the individual’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in writing.

   

  “Unrestricted Stock Award” means any Award granted pursuant to Section 7 and “Unrestricted Stock” means Shares issued pursuant to such Awards.

   

  SECTION 2. ADMINISTRATION OF PLAN; COMMITTEE AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

   

  (a)         Administration of Plan. The Plan shall be administered by the Board,
    or at the discretion of the Board, by a committee of the Board, comprised of not less than two directors. All references herein to the “Committee” shall be deemed to refer to the group then responsible for administration of the Plan at the relevant
    time (i.e., either the Board of Directors or a committee or committees of the Board, as applicable).

   

  

  
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  (b)         Powers of Committee. The Committee shall have the power and
    authority to grant Awards consistent with the terms of the Plan, including the power and authority: 

  

   

   

  (i)         to select the individuals to whom Awards may from time to time be granted;

   

  (ii)         to determine the time or times of grant, and the amount, if any, of Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock
    Awards, Unrestricted Stock Awards, Restricted Stock Units, or any combination of the foregoing, granted to any one or more grantees;

   

  (iii)        to determine the number of Shares to be covered by any Award and, subject to
    the provisions of the Plan, the price, exercise price, conversion ratio or other price relating thereto;

   

  (iv)        to determine and, subject to Section 12, to modify from time to time the terms
    and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the form of Award Agreements;

   

  (v)         to accelerate at any time the exercisability or vesting of all or any portion of any Award;

   

  (vi)        to impose any limitations on Awards, including limitations on transfers, repurchase provisions and the like, and to exercise repurchase rights
    or obligations;

   

  (vii)       subject to Section 5(a)(ii) and any restrictions imposed by Section 409A, to
    extend at any time the period in which Stock Options may be exercised; and

   

  (viii)      at any time to adopt, alter and repeal such rules, guidelines and practices
    for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including Award Agreements); to make all determinations it deems advisable for the
    administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan.

   

  All decisions and interpretations of the Committee shall be binding on all persons, including the Company and all Holders.

   

  (c)           Award Agreement. Awards under the Plan shall be evidenced by Award
    Agreements that set forth the terms, conditions and limitations for each Award.

   

  (d)           Indemnification. Neither the Board nor the Committee, nor any member
    of either or any delegate thereof, shall be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any delegate thereof) shall be
    entitled in all cases to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law
    and/or under the Company’s governing documents, including its certificate of incorporation or bylaws, or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between
    such individual and the Company.

   

  

  
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  (e)                  Foreign Award Recipients. Notwithstanding any provision of
    the Plan to the contrary, in order to comply with the laws in other countries in which the Company and any Subsidiary operate or have employees or other individuals eligible for Awards, the Committee, in its sole discretion, shall have the power and
    authority to: (i) determine which Subsidiaries, if any, shall be covered by the Plan; (ii) determine which individuals, if any, outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award
    granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary or
    advisable (and such subplans and/or modifications shall be attached to the Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitation contained in Section 3(a) hereof; and (v)
    take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals.

   

  SECTION 3. STOCK ISSUABLE UNDER THE PLAN; MERGERS AND OTHER TRANSACTIONS; SUBSTITUTION

   

  (a)           Stock Issuable. The maximum number of Shares reserved and available
    for issuance under the Plan shall be 710,045 Shares, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting,
    satisfied without the issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares
    available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 7,100,450 Shares may be issued pursuant to Incentive Stock Options. The
    Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 710,045
    Shares shall be granted to any one individual in any calendar year period.

   

  (b)           Changes in Stock. Subject to Section 3(c) hereof, if, as a result
    of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding Shares are increased or decreased or are exchanged for a different
    number or kind of shares or other securities of the Company, or additional Shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such Shares or other securities, in each case,
    without the receipt of consideration by the Company, or, if, as a result of any merger or consolidation, or sale of all or substantially all of the assets of the Company, the outstanding Shares are converted into or exchanged for other securities of
    the Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate and proportionate adjustment in (i) the maximum number of Shares reserved for issuance under the Plan, (ii) the number and kind of Shares
    or other securities subject to any then outstanding Awards under the Plan, (iii) the repurchase price, if any, per Share subject to each outstanding Award, and (iv) the exercise price for each Share subject to any then outstanding Stock Options under
    the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options) as to which such Stock Options remain exercisable. The Committee shall in any event make such adjustments as may be required by
    Section 25102(o) of the California Corporation Code and the rules and regulations promulgated thereunder. The adjustment by the Committee shall be final, binding and conclusive. No fractional Shares shall be issued under the Plan resulting from any
    such adjustment, but the Committee in its discretion may make a cash payment in lieu of fractional shares.

   

  

  
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  		(c)	Sale Events.

   

  		(i)	Options.

   

  (A)                In the case of and subject to the consummation of a Sale Event, the
    Plan and all outstanding Options issued hereunder shall terminate upon the effective time of any such Sale Event unless assumed or continued by the successor entity, or new stock options or other awards of the successor entity or parent thereof are
    substituted therefor, with an equitable or proportionate adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree (after taking into account any acceleration hereunder and/or
    pursuant to the terms of any Award Agreement).

   

  (B)                In the event of the termination of the Plan and all outstanding Options
    issued hereunder pursuant to Section 3(c), each Holder of Options shall be permitted, within a period of time prior to the consummation of the Sale Event as specified by the Committee, to exercise all such Options which are then exercisable or will
    become exercisable as of the effective time of the Sale Event; provided, however, that the exercise of Options not exercisable prior to the Sale Event shall be subject to the consummation of the Sale Event.

   

  (C)                Notwithstanding anything to the contrary in Section 3(c)(i)(A), in the
    event of a Sale Event, the Company shall have the right, but not the obligation, to make or provide for a cash payment to the Holders of Options, without any consent of the Holders, in exchange for the cancellation thereof, in an amount equal to the
    difference between (A) the value as determined by the Committee of the consideration payable per share of Stock pursuant to the Sale Event (the “Sale Price”) times the number of Shares subject to outstanding Options being cancelled (to the extent then
    vested and exercisable, including by reason of acceleration in connection with such Sale Event, at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding vested and exercisable Options.

   

  		(ii)	Restricted Stock and Restricted Stock Unit Awards.

   

  (A)                In the case of and subject to the consummation of a Sale Event, all
    unvested Restricted Stock and unvested Restricted Stock Unit Awards (other than those becoming vested as a result of the Sale Event) issued hereunder shall be forfeited immediately prior to the effective time of any such Sale Event unless assumed or
    continued by the successor entity, or awards of the successor entity or parent thereof are substituted therefor, with an equitable or proportionate adjustment as to the number and kind of shares subject to such awards as such parties shall agree (after
    taking into account any acceleration hereunder and/or pursuant to the terms of any Award Agreement).

   

  

  
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  (B)                In the event of the forfeiture of Restricted Stock pursuant to Section
    3(c)(ii)(A), such Restricted Stock shall be repurchased from the Holder thereof at a price per share equal to the original per share purchase price paid by the Holder (subject to adjustment as provided in Section 3(b)) for such Shares.

   

  (C)                Notwithstanding anything to the contrary in Section 3(c)(ii)(A), in the
    event of a Sale Event, the Company shall have the right, but not the obligation, to make or provide for a cash payment to the Holders of Restricted Stock or Restricted Stock Unit Awards, without consent of the Holders, in exchange for the cancellation
    thereof, in an amount equal to the Sale Price times the number of Shares subject to such Awards, to be paid at the time of such Sale Event or upon the later vesting of such Awards.

   

  SECTION 4. ELIGIBILITY

   

  Grantees under the Plan will be such full or part-time officers and other employees, directors, Consultants and key persons of the Company and any
    Subsidiary who are selected from time to time by the Committee in its sole discretion; provided, however, that Awards shall be granted only to those individuals described in Rule 701(c) of the Securities Act.

   

  SECTION 5. STOCK OPTIONS

   

  Upon the grant of a Stock Option, the Company and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award Agreement
    shall be determined by the Committee, and such terms and conditions may differ among individual Awards and grantees.

   

  Stock Options granted under the Plan may be either Incentive Stock Options or Non- Qualified Stock Options. Incentive Stock Options
    may be granted only to employees of the Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a
    Non-Qualified Stock Option.

   

  (a)           Terms of Stock Options. The Committee in its discretion may grant
    Stock Options to those individuals who meet the eligibility requirements of Section 4. Stock Options shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the
    Plan, as the Committee shall deem desirable.

   

  (i)            Exercise Price. The exercise price per share for the Shares
    covered by a Stock Option shall be determined by the Committee at the time of grant but shall not be less than 100 percent of the Fair Market Value on the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the
    exercise price per share for the Shares covered by such Incentive Stock Option shall not be less than 110 percent of the Fair Market Value on the Grant Date.

   

  

  
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  (ii)           Option Term. The term of each Stock Option shall be fixed by the
    Committee, but no Stock Option shall be exercisable more than ten years from the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such Stock Option shall be no more than five years from the Grant
    Date.

   

  (iii)          Exercisability; Rights of a Stockholder. Stock Options shall
    become exercisable and/or vested at such time or times, whether or not in installments, as shall be determined by the Committee at or after the Grant Date. The Award Agreement may permit a grantee to exercise all or a portion of a Stock Option
    immediately at grant; provided that the Shares issued upon such exercise shall be subject to restrictions and a vesting schedule identical to the vesting schedule of the related Stock Option, such Shares shall be deemed to be Restricted Stock for
    purposes of the Plan, and the optionee may be required to enter into an additional or new Award Agreement as a condition to exercise of such Stock Option. An optionee shall have the rights of a stockholder only as to Shares acquired upon the exercise
    of a Stock Option and not as to unexercised Stock Options. An optionee shall not be deemed to have acquired any Shares unless and until a Stock Option shall have been exercised pursuant to the terms of the Award Agreement and this Plan and the
    optionee’s name has been entered on the books of the Company as a stockholder.

   

  (iv)          Method of Exercise. Stock Options may be exercised by an optionee
    in whole or in part, by the optionee giving written or electronic notice of exercise to the Company, specifying the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the following methods (or any combination
    thereof) to the extent provided in the Award Agreement:

   

  (A)                In cash, by certified or bank check, by wire transfer of immediately
    available funds, or other instrument acceptable to the Committee;

   

  (B)                If permitted by the Committee, by the optionee delivering to the Company
    a promissory note, if the Board has expressly authorized the loan of funds to the optionee for the purpose of enabling or assisting the optionee to effect the exercise of his or her Stock Option; provided, that at least so much of the exercise
    price as represents the par value of the Stock shall be paid in cash if required by state law;

   

  (C)                If permitted by the Committee and the Initial Public Offering has
    occurred (or the Stock otherwise becomes publicly-traded), through the delivery (or attestation to the ownership) of Shares that have been purchased by the optionee on the open market or that are beneficially owned by the optionee and are not then
    subject to restrictions under any Company plan. To the extent required to avoid variable accounting treatment under ASC 718 or other applicable accounting rules, such surrendered Shares if originally purchased from the Company shall have been owned by
    the optionee for at least six months. Such surrendered Shares shall be valued at Fair Market Value on the exercise date;

   

  
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  (D)                If permitted by the Committee and the Initial Public Offering has
    occurred (or the Stock otherwise becomes publicly-traded), by the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and
    acceptable to the Company for the purchase price; provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter into such agreements of
    indemnity and other agreements as the Committee shall prescribe as a condition of such payment procedure; or

   

  (E)                 If permitted by the Committee, and only with respect to Stock Options
    that are not Incentive Stock Options, by a “net exercise” arrangement pursuant to which the Company will reduce the number of Shares issuable upon exercise by the largest whole number of Shares with a Fair Market Value that does not exceed the
    aggregate exercise price.

   

  Payment instruments will be received subject to collection. No certificates for Shares so purchased will be issued to the optionee or, with respect to
    uncertificated Stock, no transfer to the optionee on the records of the Company will take place, until the Company has completed all steps it has deemed necessary to satisfy legal requirements relating to the issuance and sale of the Shares, which
    steps may include, without limitation, (i) receipt of a representation from the optionee at the time of exercise of the Option that the optionee is purchasing the Shares for the optionee’s own account and not with a view to any sale or distribution of
    the Shares or other representations relating to compliance with applicable law governing the issuance of securities, (ii) the legending of the certificate (or notation on any book entry) representing the Shares to evidence the foregoing restrictions,
    and (iii) obtaining from optionee payment or provision for all withholding taxes due as a result of the exercise of the Option. The delivery of certificates representing the shares of Stock (or the transfer to the optionee on the records of the Company
    with respect to uncertificated Stock) to be purchased pursuant to the exercise of a Stock Option will be contingent upon (A) receipt from the optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option) by
    the Company of the full purchase price for such Shares and the fulfillment of any other requirements contained in the Award Agreement or applicable provisions of laws and (B) if required by the Company, the optionee shall have entered into any
    stockholders agreements or other agreements with the Company and/or certain other of the Company’s stockholders relating to the Stock. In the event an optionee chooses to pay the purchase price by previously-owned Shares through the attestation method,
    the number of Shares transferred to the optionee upon the exercise of the Stock Option shall be net of the number of Shares attested to.

   

  (b)                 Annual Limit on Incentive Stock Options. To the extent
    required for “incentive stock option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the Grant Date) of the Shares with respect to which Incentive Stock Options granted under the Plan and any other plan of
    the Company or its parent and any Subsidiary that become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000 or such other limit as may be in effect from time to time under Section 422 of the Code. To the
    extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option.

   

  
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  SECTION 6. RESTRICTED STOCK AWARDS

   

  (a)                  Nature of Restricted Stock Awards. The Committee may, in
    its sole discretion, grant (or sell at par value or such other purchase price determined by the Committee) to an eligible individual under Section 4 hereof a Restricted Stock Award under the Plan. The Committee shall determine the restrictions and
    conditions applicable to each Restricted Stock Award at the time of grant. Conditions may be based on continuing employment (or other Service Relationship), achievement of pre-established performance goals and objectives and/or such other criteria as
    the Committee may determine. Upon the grant of a Restricted Stock Award, the Company and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Committee, and such terms and
    conditions may differ among individual Awards and grantees.

   

  (b)                 Rights as a Stockholder. Upon the grant of the Restricted
    Stock Award and payment of any applicable purchase price, a grantee of Restricted Stock shall be considered the record owner of and shall be entitled to vote the Restricted Stock if, and to the extent, such Shares are entitled to voting rights, subject
    to such conditions contained in the Award Agreement. The grantee shall be entitled to receive all dividends and any other distributions declared on the Shares; provided, however, that the Company is under no duty to declare any such
    dividends or to make any such distribution. Unless the Committee shall otherwise determine, certificates evidencing the Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in subsection (d)
    below of this Section, and the grantee shall be required, as a condition of the grant, to deliver to the Company a stock power endorsed in blank and such other instruments of transfer as the Committee may prescribe.

   

  (c)                  Restrictions. Restricted Stock may not be sold, assigned,
    transferred, pledged or otherwise encumbered or disposed of except as specifically provided herein or in the Award Agreement. Except as may otherwise be provided by the Committee either in the Award Agreement or, subject to Section 12 below, in writing
    after the Award Agreement is issued, if a grantee’s Service Relationship with the Company and any Subsidiary terminates, the Company or its assigns shall have the right, as may be specified in the relevant instrument, to repurchase some or all of the
    Shares subject to the Award at such purchase price as is set forth in the Award Agreement.

   

  (d)                 Vesting of Restricted Stock. The Committee at the time of
    grant shall specify in the Award Agreement the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the substantial risk of forfeiture imposed shall lapse and the Restricted Stock shall
    become vested, subject to such further rights of the Company or its assigns as may be specified in the Award Agreement.

   

  SECTION 7. UNRESTRICTED STOCK AWARDS

   

  The Committee may, in its sole discretion, grant (or sell at par value or such other purchase price determined by the Committee) to an eligible person
    under Section 4 hereof an Unrestricted Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation due to such grantee.

   

  
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  SECTION 8. RESTRICTED STOCK UNITS

   

  (a)           Nature of Restricted Stock Units. The Committee may, in its sole
    discretion, grant to an eligible person under Section 4 hereof Restricted Stock Units under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted Stock Unit at the time of grant. Vesting conditions may be
    based on continuing employment (or other Service Relationship), achievement of pre-established performance goals and objectives and/or other such criteria as the Committee may determine. Upon the grant of Restricted Stock Units, the grantee and the
    Company shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Committee and may differ among individual Awards and grantees. On or promptly following the vesting date or dates applicable
    to any Restricted Stock Unit, but in no event later than March 15 of the year following the year in which such vesting occurs, such Restricted Stock Unit(s) shall be settled in the form of cash or shares of Stock, as specified in the Award Agreement.
    Restricted Stock Units may not be sold, assigned, transferred, pledged, or otherwise encumbered or disposed of.

   

  (b)           Rights as a Stockholder. A grantee shall have the rights of a
    stockholder only as to Shares, if any, acquired upon settlement of Restricted Stock Units. A grantee shall not be deemed to have acquired any such Shares unless and until the Restricted Stock Units shall have been settled in Shares pursuant to the
    terms of the Plan and the Award Agreement, the Company shall have issued and delivered a certificate representing the Shares to the grantee (or transferred on the records of the Company with respect to uncertificated stock), and the grantee’s name has
    been entered in the books of the Company as a stockholder.

   

  (c)          Termination. Except as may otherwise be provided by the Committee either in the Award Agreement or in writing after the Award
    Agreement is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically terminate upon the grantee’s cessation of Service Relationship with the Company and any Subsidiary for any reason.

   

  SECTION 9. TRANSFER RESTRICTIONS; COMPANY RIGHT OF FIRST REFUSAL; COMPANY REPURCHASE RIGHTS

   

  		(a)	Restrictions on Transfer.

   

  (i)                   Non-Transferability of Stock Options. Stock Options and,
    prior to exercise, the Shares issuable upon exercise of such Stock Option, shall not be transferable by the optionee otherwise than by will, or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the optionee’s
    lifetime, only by the optionee, or by the optionee’s legal representative or guardian in the event of the optionee’s incapacity. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide in the Award Agreement regarding a given
    Stock Option that the optionee may transfer by gift, without consideration for the transfer, his or her Non-Qualified Stock Options to his or her family members (as defined in Rule 701 of the Securities Act), to trusts for the benefit of such family
    members, or to partnerships in which such family members are the only partners (to the extent such trusts or partnerships are considered “family members” for purposes of Rule 701 of the Securities Act), provided that the transferee agrees in writing
    with the Company to be bound by all of the terms and conditions of this Plan and the applicable Award Agreement, including the execution of a stock power upon the issuance of Shares. Stock Options, and the Shares issuable upon exercise of such Stock
    Options, shall be restricted as to any pledge, hypothecation, or other transfer, including any short position, any “put equivalent position” (as defined in the Exchange Act) or any “call equivalent position” (as defined in the Exchange Act) prior to
    exercise.

   

  

  
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  (ii)           Shares. No Shares shall be sold, assigned, transferred, pledged,
    hypothecated, given away or in any other manner disposed of or encumbered, whether voluntarily or by operation of law, unless (i) the transfer is in compliance with the terms of the applicable Award Agreement, all applicable securities laws (including,
    without limitation, the Securities Act), and with the terms and conditions of this Section 9, (ii) the transfer does not cause the Company to become subject to the reporting requirements of the Exchange Act, and (iii)      the transferee consents in writing to be bound by the provisions of the Plan and the Award Agreement, including this Section 9. In connection with any proposed transfer, the Committee may require the transferor to
    provide at the transferor’s own expense an opinion of counsel to the transferor, satisfactory to the Committee, that such transfer is in compliance with all foreign, federal and state securities laws (including, without limitation, the Securities Act).
    Any attempted transfer of Shares not in accordance with the terms and conditions of this Section 9 shall be null and void, and the Company shall not reflect on its records any change in record ownership of any Shares as a result of any such transfer,
    shall otherwise refuse to recognize any such transfer and shall not in any way give effect to any such transfer of Shares. The Company shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity
    including, without limitation, seeking specific performance or the rescission of any transfer not made in strict compliance with the provisions of this Section 9. Subject to the foregoing general provisions, and unless otherwise provided in the
    applicable Award Agreement, Shares may be transferred pursuant to the following specific terms and conditions (provided that with respect to any transfer of Restricted Stock, all vesting and forfeiture provisions shall continue to apply with respect to
    the original recipient):

   

  (A)                Transfers to Permitted Transferees. The Holder may transfer any or
    all of the Shares to one or more Permitted Transferees; provided, however, that following such transfer, such Shares shall continue to be subject to the terms of this Plan (including this Section 9) and such Permitted Transferee(s) shall, as a
    condition to any such transfer, deliver a written acknowledgment to that effect to the Company and shall deliver a stock power to the Company with respect to the Shares. Notwithstanding the foregoing, the Holder may not transfer any of the Shares to a
    Person whom the Company reasonably determines is a direct competitor or a potential competitor of the Company or any of its Subsidiaries.

   

  (B)                Transfers Upon Death. Upon the death of the Holder, any Shares
    then held by the Holder at the time of such death and any Shares acquired after the Holder’s death by the Holder’s legal representative shall be subject to the provisions of this Plan, and the Holder’s estate, executors, administrators, personal
    representatives, heirs, legatees and distributees shall be obligated to convey such Shares to the Company or its assigns under the terms contemplated by the Plan and the Award Agreement.

   

  

  
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  (b)                 Right of First Refusal. In the event that a Holder desires
    at any time to sell or otherwise transfer all or any part of his or her Shares (other than shares of Restricted Stock which by their terms are not transferrable), the Holder first shall give written notice to the Company of the Holder’s intention to
    make such transfer. Such notice shall state the number of Shares that the Holder proposes to sell (the “Offered Shares”), the price and the terms at which the proposed sale is to be made and the name and address of the proposed transferee. At any time
    within 30 days after the receipt of such notice by the Company, the Company or its assigns may elect to purchase all or any portion of the Offered Shares at the price and on the terms offered by the proposed transferee and specified in the notice. The
    Company or its assigns shall exercise this right by mailing or delivering written notice to the Holder within the foregoing 30- day period. If the Company or its assigns elect to exercise its purchase rights under this Section 9(b), the closing for
    such purchase shall, in any event, take place within 45 days after the receipt by the Company of the initial notice from the Holder. In the event that the Company or its assigns do not elect to exercise such purchase right, or in the event that the
    Company or its assigns do not pay the full purchase price within such 45-day period, the Holder shall be required to pay a transaction processing fee of $10,000 to the Company (unless waived by the Committee) and then may, within 60 days thereafter,
    sell the Offered Shares to the proposed transferee and at the same price and on the same terms as specified in the Holder’s notice. Any Shares not sold to the proposed transferee shall remain subject to the Plan. If the Holder is a party to any
    stockholders agreements or other agreements with the Company and/or certain other of the Company’s stockholders relating to the Shares, (i) the transferring Holder shall comply with the requirements of such stockholders agreements or other agreements
    relating to any proposed transfer of the Offered Shares, and (ii) any proposed transferee that purchases Offered Shares shall enter into such stockholders agreements or other agreements with the Company and/or certain of the Company’s stockholders
    relating to the Offered Shares on the same terms and in the same capacity as the transferring Holder.

   

  		(c)	Company’s Right of Repurchase.

   

  (i)                   Right of Repurchase for Unvested Shares Issued Upon the
      Exercise of an Option. Upon a Termination Event, the Company or its assigns shall have the right and option to repurchase from a Holder of Shares acquired upon exercise of a Stock Option which are still subject to a risk of forfeiture as of the
    Termination Event. Such repurchase rights may be exercised by the Company within the later of (A) six months following the date of such Termination Event or (B) seven months after the acquisition of Shares upon exercise of a Stock Option. The
    repurchase price shall be equal to the lower of the original per share price paid by the Holder, subject to adjustment as provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to
    exercise its repurchase rights.

   

  (ii)                 Right of Repurchase With Respect to Restricted Stock. Upon a
    Termination Event, the Company or its assigns shall have the right and option to repurchase from a Holder of Shares received pursuant to a Restricted Stock Award any Shares that are still subject to a risk of forfeiture as of the Termination Event.
    Such repurchase right may be exercised by the Company within six months following the date of such Termination Event. The repurchase price shall be the lower of the original per share purchase price paid by the Holder, subject to adjustment as provided
    in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its repurchase rights.

   

  
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  (iii)                Procedure. Any repurchase right of the Company shall be
    exercised by the Company or its assigns by giving the Holder written notice on or before the last day of the repurchase period of its intention to exercise such repurchase right. Upon such notification, the Holder shall promptly surrender to the
    Company, free and clear of any liens or encumbrances, any certificates representing the Shares being purchased, together with a duly executed stock power for the transfer of such Shares to the Company or the Company’s assignee or assignees. Upon the
    Company’s or its assignee’s receipt of the certificates from the Holder, the Company or its assignee or assignees shall deliver to him, her or them a check for the applicable repurchase price; provided, however, that the Company may pay the
    repurchase price by offsetting and canceling any indebtedness then owed by the Holder to the Company.

   

  (d)           Drag Along Right. In the event the holders of a majority of the Company’s
    equity securities then outstanding (the “Majority Shareholders”) determine to enter into a Sale Event in a bona fide negotiated transaction (a “Sale”), with any non-Affiliate of the Company or any majority shareholder (in each case, the “Buyer”), a
    Holder of Shares, including any Permitted Transferee, shall be obligated to and shall upon the written request of the Majority Shareholders: (a)    sell, transfer and deliver, or cause to
    be sold, transferred and delivered, to the Buyer, his or her Shares (including for this purpose all of such Holder’s Shares that presently or as a result of any such transaction may be acquired upon the exercise of an Option (following the payment of
    the exercise price therefor)) on substantially the same terms applicable to the Majority Shareholders (with appropriate adjustments to reflect the conversion of convertible securities, the redemption of redeemable securities and the exercise of
    exercisable securities as well as the relative preferences and priorities of preferred stock); and (b) execute and deliver such instruments of conveyance and transfer and take such other action, including voting such Shares in favor of any Sale
    proposed by the Majority Shareholders and executing any purchase agreements, merger agreements, indemnity agreements, escrow agreements or related documents as the Majority Shareholders or the Buyer may reasonably require in order to carry out the
    terms and provisions of this Section 9(d).

   

  		(e)	Escrow Arrangement.

   

  (i)          Escrow. In order to carry out the provisions of this Section 9 of
    this Plan more effectively, the Company shall hold any Shares issued pursuant to Awards granted under the Plan in escrow together with separate stock powers executed by the Holder in blank for transfer. The Company shall not dispose of the Shares
    except as otherwise provided in this Plan. In the event of any repurchase by the Company (or any of its assigns), the Company is hereby authorized by the Holder, as the Holder’s attorney-in-fact, to date and complete the stock powers necessary for the
    transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time as any Shares are no longer subject to the Company’s repurchase and first refusal rights, the Company shall, at the written request of
    the Holder, deliver to the Holder a certificate representing such Shares with the balance of the Shares to be held in escrow pursuant to this Section.

   

  

  
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  (ii)         Remedy. Without limitation of any other provision of this Plan or
    other rights, in the event that a Holder or any other Person is required to sell a Holder’s Shares pursuant to the provisions of Sections 9(b) or (c) hereof and in the further event that he or she refuses or for any reason fails to deliver to the
    Company or its designated purchaser of such Shares the certificate or certificates evidencing such Shares together with a related stock power, the Company or such designated purchaser may deposit the applicable purchase price for such Shares with a
    bank designated by the Company, or with the Company’s independent public accounting firm, as agent or trustee, or in escrow, for such Holder or other Person, to be held by such bank or accounting firm for the benefit of and for delivery to him, her,
    them or it, and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by such Holder as provided above. Upon any such deposit and/or offset by the Company or its designated purchaser of such amount and upon notice to
    the Person who was required to sell the Shares to be sold pursuant to the provisions of Sections 9(b) or (c), such Shares shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser, such Holder shall have no
    further rights thereto (other than the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer in its stock transfer book or in any appropriate manner.

   

  (f)            Lockup Provision. If requested by the Company, a Holder will not,
    without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s initial public offering (the “IPO”) and ending on the date specified by the Company and the
    managing underwriter (such period not to exceed one hundred eighty (l80) days), or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research
    reports; and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (a) lend, offer, pledge, sell,
    contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock held
    immediately prior to the effectiveness of the registration statement for the IPO; or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the capital stock,
    whether any such transaction described in clause (a) or (b) above is to be settled by delivery of capital stock or other securities, in cash or otherwise. The foregoing provisions of this Section 9(f) shall not apply to the sale of any shares to an
    underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holder if all officers, directors and holders of more than one percent (1%) of the outstanding Common Stock (after giving effect to the conversion into Common Stock
    of all outstanding Preferred Stock) enter into similar agreements. The underwriters in connection with the IPO are intended third party beneficiaries of this Section 9(f) and shall have the right, power and authority to enforce the provisions hereof as
    though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the IPO that are consistent with this Section 9(f) or that are necessary to give further effect thereto.

   

  (g)           Adjustments for Changes in Capital Structure. If, as a result of
    any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding Shares are increased or decreased or are exchanged for a different number or kind of
    securities of the Company, the restrictions contained in this Section 9 shall apply with equal force to additional and/or substitute securities, if any, received by Holder in exchange for, or by virtue of his or her ownership of, Shares.

   

  
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  (h)           Termination. The terms and provisions of Section 9(b) and Section
    9(c) (except for the Company’s right to repurchase Shares still subject to a risk of forfeiture upon a Termination Event) shall terminate upon the closing of the Company’s Initial Public Offering or upon consummation of any Sale Event, in either case
    as a result of which Shares are registered under Section 12 of the Exchange Act and publicly-traded on any national security exchange.

   

  SECTION 10. TAX WITHHOLDING

   

  (a)           Payment by Grantee. Each grantee shall, no later than the date as of
    which the value of an Award or of any Shares or other amounts received thereunder first becomes includable in the gross income of the grantee for income tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding
    payment of, any Federal, state, or local taxes of any kind required by law to be withheld by the Company with respect to such income. The Company and any Subsidiary shall, to the extent permitted by law, have the right to deduct any such taxes from any
    payment of any kind otherwise due to the grantee. The Company’s obligation to deliver stock certificates (or evidence of book entry) to any grantee is subject to and conditioned on any such tax withholding obligations being satisfied by the grantee.

   

  (b)           Payment in Stock. The Company’s minimum required tax withholding
    obligation may be satisfied, in whole or in part, by the Company withholding from Shares to be issued pursuant to an Award a number of Shares having an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the
    minimum withholding amount due.

   

  SECTION 11. SECTION 409A AWARDS.

   

  To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A (a “409A Award”), the
    Award shall be subject to such additional rules and requirements as may be specified by the Committee from time to time. In this regard, if any amount under a 409A Award is payable upon a “separation from service” (within the meaning of Section 409A)
    to a grantee who is considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the grantee’s separation from service, or (ii) the
    grantee’s death, but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. The Company makes no representation or warranty and shall have no
    liability to any grantee under the Plan or any other Person with respect to any penalties or taxes under Section 409A that are, or may be, imposed with respect to any Award.

   

  SECTION 12. AMENDMENTS AND TERMINATION

   

  The Board may, at any time, amend or discontinue the Plan and the Committee may, at any time, amend or cancel any outstanding Award for the purpose of
    satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the consent of the holder of the Award. The Committee may exercise its discretion to reduce the exercise
    price of outstanding Stock Options or effect repricing through cancellation of outstanding Stock Options and by granting such holders new Awards in replacement of the cancelled Stock Options. To the extent determined by the Committee to be required
    either by the Code to ensure that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code or otherwise, Plan amendments shall be subject to approval by the Company stockholders entitled to vote at a meeting of
    stockholders. Nothing in this Section 12 shall limit the Board’s or Committee’s authority to take any action permitted pursuant to Section 3(c). The Board reserves the right to amend the Plan and/or the terms of any outstanding Stock Options to the
    extent reasonably necessary to comply with the requirements of the exemption pursuant to paragraph (f)(4) of Rule 12h-1 of the Exchange Act.

   

  

  
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  SECTION 13. STATUS OF PLAN

   

  With respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a grantee, a
    grantee shall have no rights greater than those of a general creditor of the Company unless the Committee shall otherwise expressly so determine in connection with any Award.

   

  SECTION 14. GENERAL PROVISIONS

   

  (a)            No Distribution; Compliance with Legal Requirements. The Committee
    may require each person acquiring Shares pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof. No Shares shall be issued pursuant to an Award until
    all applicable securities law and other legal and stock exchange or similar requirements have been satisfied. The Committee may require the placing of such stop-orders and restrictive legends on certificates for Stock and Awards as it deems
    appropriate.

   

  (b)           Delivery of Stock Certificates. Stock certificates to grantees
    under the Plan shall be deemed delivered for all purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file
    with the Company; provided that stock certificates to be held in escrow pursuant to Section 9 of the Plan shall be deemed delivered when the Company shall have recorded the issuance in its records. Uncertificated Stock shall be deemed delivered for all
    purposes when the Company or a stock transfer agent of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known address on file with the
    Company, notice of issuance and recorded the issuance in its records (which may include electronic “book entry” records).

   

  (c)           No Employment Rights. The adoption of the Plan and the grant
    of Awards do not confer upon any Person any right to continued employment or Service Relationship with the Company or any Subsidiary.

   

  (d)           Trading Policy Restrictions. Option exercises and other Awards
    under the Plan shall be subject to the Company’s insider trading policy-related restrictions, terms and conditions as may be established by the Committee, or in accordance with policies set by the Committee, from time to time.

   

  
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  (e)           Designation of Beneficiary. Each grantee to whom an Award has been
    made under the Plan may designate a beneficiary or beneficiaries to exercise any Award on or after the grantee’s death or receive any payment under any Award payable on or after the grantee’s death. Any such designation shall be on a form provided for
    that purpose by the Committee and shall not be effective until received by the Committee. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the
    grantee’s estate.

   

  (f)            Legend. Any certificate(s) representing the Shares shall carry
    substantially the following legend (and with respect to uncertificated Stock, the book entries evidencing such shares shall contain the following notation):

   

  The transferability of this certificate and the shares of stock represented hereby are subject to the restrictions, terms and conditions (including repurchase and
    restrictions against transfers) contained in the Disc Medicine, Inc. 2017 Stock Option and Grant Plan and any agreements entered into thereunder by and between the company and the holder of this certificate (a copy of which is available at the offices
    of the company for examination).

   

  (g)           Information to Holders of Options. In the event the Company is
    relying on the exemption from the registration requirements of Section 12(g) of the Exchange Act contained in paragraph (f)(1) of Rule 12h-1 of the Exchange Act, the Company shall provide the information described in Rule 701(e)(3), (4) and (5) of the
    Securities Act to all holders of Options in accordance with the requirements thereunder. The foregoing notwithstanding, the Company shall not be required to provide such information unless the optionholder has agreed in writing, on a form prescribed by
    the Company, to keep such information confidential.

   

  SECTION 15. EFFECTIVE DATE OF PLAN

   

  The Plan shall become effective upon adoption by the Board and shall be approved by stockholders in accordance with applicable state law and the
    Company’s articles of incorporation and bylaws within 12 months thereafter. If the stockholders fail to approve the Plan within 12 months after its adoption by the Board of Directors, then any Awards granted or sold under the Plan shall be rescinded
    and no additional grants or sales shall thereafter be made under the Plan. Subject to such approval by stockholders and to the requirement that no Shares may be issued hereunder prior to such approval, Stock Options and other Awards may be granted
    hereunder on and after adoption of the Plan by the Board. No grants of Stock Options and other Awards may be made hereunder after the tenth anniversary of the date the Plan is adopted by the Board or the date the Plan is approved by the Company’s
    stockholders, whichever is earlier.

   

  

  
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  SECTION 16. GOVERNING LAW

   

  This Plan, all Awards and any controversy arising out of or relating to this Plan and all Awards shall be governed by and construed in accordance with
    the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without regard to
    conflict of law principles that would result in the application of any law other than the law of the Commonwealth of Massachusetts.

   

  	DATE ADOPTED BY THE BOARD OF DIRECTORS:	November 15, 2017

   

  	DATE APPROVED BY THE STOCKHOLDERS:	November 27, 2017

   

  
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  AMENDMENT NO. 1 TO THE

  DISC MEDICINE, INC.

  2017 STOCK OPTION AND GRANT PLAN

   

  The Disc Medicine, Inc. 2017 Stock Option and Grant Plan (the “Plan”) is hereby amended as follows:

   

  		1.	Section 3(a) of the Plan is hereby amended and restated in its entirety as follows:

   

  “(a) Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 937,136 Shares, subject to
    adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other
    than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan. Subject to such overall
    limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 9,371,360 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan may be authorized
    but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 9,371,360 Shares shall be granted to any one individual in any calendar
    year period.”

   

  		2.	All other terms and conditions of the Plan shall remain in full force and effect.

   

  	ADOPTED BY BOARD OF DIRECTORS:	April 30, 2019

   

  	ADOPTED BY STOCKHOLDERS:	April 30, 2019

   

  
     

    
      
 

  

   

  AMENDMENT NO. 2

  TO THE 

  DISC MEDICINE, INC.

  2017 STOCK OPTION AND GRANT PLAN

   

  The Disc Medicine, Inc. 2017 Stock Option and Grant Plan (the “Plan”) is hereby amended as follows:

   

  		1.	Section 3(a) of the Plan is hereby amended and restated in its entirety as follows:

   

  “(a) Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 7,562,358 Shares, subject to
    adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other
    than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan. Subject to such overall
    limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 75,623,580 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan may be authorized
    but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 7,562,358 Shares shall be granted to any one individual in any calendar
    year period.”

   

  		2.	All other terms and conditions of the Plan shall remain in full force and effect.

   

  	ADOPTED BY BOARD OF DIRECTORS:	September 12, 2019

   

  	ADOPTED BY STOCKHOLDERS:	September 12, 2019

   

  
     

    
      
 

  

   

  AMENDMENT NO. 3

  TO THE

  DISC MEDICINE, INC. 

  2017 STOCK OPTION AND GRANT PLAN

   

  The Disc Medicine, Inc. 2017 Stock Option and Grant Plan (the “Plan”) is hereby amended as follows:

   

  		1.	Section 3(a) of the Plan is hereby amended and restated in its entirety as follows:

   

  “(a) Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 9,724,496 Shares, subject to
    adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other
    than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan. Subject to such overall
    limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 50,000,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan may be authorized
    but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 50,000,000 Shares shall be granted to any one individual in any calendar
    year period.”

   

  		2.	All other terms and conditions of the Plan shall remain in full force and effect.

   

  	ADOPTED BY BOARD OF DIRECTORS:	October 23, 2020

   

  	ADOPTED BY STOCKHOLDERS:	October 26, 2020

   

  
     

    
      
 

  

   

  AMENDMENT NO. 4

  TO THE 

  DISC MEDICINE, INC. 

  2017 STOCK OPTION AND GRANT PLAN

   

  The Disc Medicine, Inc. 2017 Stock Option and Grant Plan (the “Plan”) is hereby amended as follows:

   

  		1.	Section 3(a) of the Plan is hereby amended and restated in its entirety as follows:

   

  “(a) Stock Issuable. The maximum number of Shares reserved and available for

   

  issuance under the Plan shall be 16,216,325 Shares, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that
    are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the
    exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than
    50,000,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to
    Section 162(m) of the Code, Options with respect to no more than 50,000,000 Shares shall be granted to any one individual in any calendar year period.”

   

  		2.	All other terms and conditions of the Plan shall remain in full force and effect.

   

  	ADOPTED BY BOARD OF DIRECTORS:	 August 23, 2021

   

  	ADOPTED BY STOCKHOLDERS:	 August 23, 2021

   

  
     

    
      

  

   

  

   

  AMENDMENT NO. 5

  TO THE

  DISC MEDICINE, INC.

  2017 STOCK OPTION AND GRANT PLAN

   

  

  The Disc Medicine, Inc. 2017 Stock Option and Grant Plan (the “Plan”) is hereby amended as follows:

   

  

  
    	

          	1.	Section 3(a) of the Plan is hereby amended and restated in its entirety as follows:

  

   

  

  “(a) Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 17,503,334 Shares,
    subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise
    terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan. Subject to
    such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 50,000,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan may
    be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 50,000,000 Shares shall be granted to any one individual
    in any calendar year period.”

   

  

  
    	

          	2.	All other terms and conditions of the Plan shall remain in full force and effect.

  

  

  

  
    	ADOPTED BY BOARD OF DIRECTORS:	July 21, 2022

  

   

  

  
    	ADOPTED BY STOCKHOLDERS:	July 23, 2022

  

   

  

  

  
     

    
      
 

  

   

  

  INCENTIVE STOCK OPTION GRANT NOTICE

  UNDER THE DISC MEDICINE, INC.

      2017 STOCK OPTION AND GRANT PLAN

   

  Pursuant to the Disc Medicine, Inc. 2017 Stock Option and Grant Plan (the “Plan”), Disc Medicine, Inc. a Delaware corporation (together with any successor, the
    “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein, all or any part of the number of shares of Common Stock, par value
    $0.0001 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and conditions set forth in this Incentive Stock Option Grant Notice (the “Grant Notice”), the attached
    Incentive Stock Option Agreement (the “Agreement”) and the Plan. This Stock Option is intended to qualify as an “incentive stock option” as defined in Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). To
    the extent that any portion of the Stock Option does not so qualify, it shall be deemed a non-qualified stock option.

   

  

  	Name of Optionee:	__________________ (the “Optionee”)
	 	 
	No. of Shares:	__________ Shares of Common Stock
	 	 
	Grant Date:	__________________
	 	 
	Vesting Commencement Date:	__________________ (the “Vesting Commencement Date”)
	 	 
	Expiration Date:  	__________________ (the “Expiration Date”)
	 	 
	Option Exercise Price/Share:	$_________________ (the “Option Exercise Price”)
	 	 
	Vesting Schedule:	[25] percent of the Shares shall vest and become exercisable on the first anniversary of the Vesting Commencement Date; provided that the Optionee continues to have a Service Relationship with the Company at such time.   Thereafter, the
          remaining [75] percent of the Shares shall vest and become exercisable in [36] equal monthly installments following the first anniversary of the Vesting Commencement Date, provided the Optionee continues to have a Service Relationship with the
          Company on each vesting date.  Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in Section 3(c) of the Plan[ provided; however INSERT ANY
            ACCELERATED VESTING PROVISION HERE].

  

   

  Attachments: Incentive Stock Option Agreement, 2017 Stock Option and Grant Plan

   

  
     

    
      
 

  

  
   

  INCENTIVE STOCK OPTION AGREEMENT

      UNDER THE DISC MEDICINE, INC.

      2017 STOCK OPTION AND GRANT PLAN

   

  All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

   

  1.             Vesting, Exercisability and Termination.

   

  (a)           No portion of this Stock Option may be exercised until such portion shall
    have vested and become exercisable.

   

  (b)           Except as set forth below, and subject to the determination of the
    Committee in its sole discretion to accelerate the vesting schedule hereunder, this Stock Option shall be vested and exercisable on the respective dates indicated below:

   

  (i)                 This Stock Option shall initially be unvested and
    unexercisable.

   

  (ii)               This Stock Option shall vest and become exercisable in
    accordance with the Vesting Schedule set forth in the Grant Notice.

   

  (c)           Termination. Except as may otherwise be provided by the Committee,
    if the Optionee’s Service Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter terminate subject, in each
    case, to Section 3(c) of the Plan):

   

  (i)                 Termination Due to Death or Disability. If the
    Optionee’s Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee, the Optionee’s legal representative or legatee
    for a period of 12 months from the date of death or Disability or until the Expiration Date, if earlier.

   

  (ii)               Other Termination. If the Optionee’s Service
    Relationship terminates for any reason other than death or Disability, and unless otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of
    termination or until the Expiration Date, if earlier; provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination.

   

  For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be conclusive and binding on the Optionee
    and his or her representatives or legatees. Any portion of this Stock Option that is not vested and exercisable on the date of termination of the Service Relationship shall terminate immediately and be null and void.

   

  

  
    2

    
      
 

  

   

  (d)           It is understood and intended that this Stock Option is intended to
    qualify as an “incentive stock option” as defined in Section 422 of the Code to the extent permitted under applicable law. Accordingly, the Optionee understands that in order to obtain the benefits of an incentive stock option under Section 422 of the
    Code, no sale or other disposition may be made of Shares for which incentive stock option treatment is desired within the one-year period beginning on the day after the day of the transfer of such Shares to him or her, nor within the two-year period
    beginning on the day after Grant Date of this Stock Option and further that this Stock Option must be exercised within three months after termination of employment as an employee (or 12 months in the case of death or disability) to qualify as an
    incentive stock option. If the Optionee disposes (whether by sale, gift, transfer or otherwise) of any such Shares within either of these periods, he or she will notify the Company within 30 days after such disposition. The Optionee also agrees to
    provide the Company with any information concerning any such dispositions required by the Company for tax purposes. Further, to the extent this Stock Option and any other incentive stock options of the Optionee having an aggregate Fair Market Value in
    excess of $100,000 (determined as of the Grant Date) first become exercisable in any year, such options will not qualify as incentive stock options.

   

  2.             Exercise of Stock Option.

   

  (a)           The Optionee may exercise this Stock Option only in the following manner:
    Prior to the Expiration Date, the Optionee may deliver a Stock Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares with respect to which this Stock
    Option is then exercisable. Such notice shall specify the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations contained in such Section
    of the Plan, including the requirement that the Committee specifically approve in advance certain payment methods.

   

  (b)           Notwithstanding any other provision hereof or of the Plan, no portion of
    this Stock Option shall be exercisable after the Expiration Date.

   

  3.             Incorporation of Plan. Notwithstanding anything herein to the
    contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan.

   

  4.             Transferability of Stock Option. This Stock Option is personal
    to the Optionee and is not transferable by the Optionee in any manner other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s lifetime only by the Optionee (or by the Optionee’s guardian or
    personal representative in the event of the Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the Company, and may revoke or change such designation at any time by
    filing written notice of revocation or change with the Company; such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s death to the extent provided herein. If the Optionee does not designate a beneficiary, or if the
    designated beneficiary predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein in the event of the Optionee’s death.

   

  

  
    3

    
      
 

  

   

  5.             Restrictions on Transfer of Shares. The Shares acquired upon
    exercise of the Stock Option shall be subject to certain transfer restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan.

   

  6.             Miscellaneous Provisions.

   

  (a)           Equitable Relief. The parties hereto agree and declare that legal
    remedies may be inadequate to enforce the provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement.

   

  (b)          Adjustments for Changes in Capital Structure. If, as a result of any
    reorganization, recapitalization, reincorporation, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a
    different number or kind of securities of the Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or her
    ownership of, this Stock Option or Shares acquired pursuant thereto.

   

  (c)           Change and Modifications. This Agreement may not be orally changed,
    modified or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee.

   

  (d)          Governing Law. This Agreement shall be governed by and construed in
    accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of Commonwealth of Massachusetts, without
    regard to conflict of law principles that would result in the application of any law other than the law of the State of Commonwealth of Massachusetts.

   

  (e)          Headings. The headings are intended only for convenience in finding
    the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement.

   

  (f)           Saving Clause. If any provision(s) of this Agreement shall be
    determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof.

   

  (g)          Notices. All notices, requests, consents and other communications
    shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Optionee shall be addressed as
    set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other.

   

  (h)          Benefit and Binding Effect. This Agreement shall be binding upon and
    shall inure to the benefit of the parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to
    the extent of such assignment.

   

  

  
    4

    
      
 

  

   

  (i)           Counterparts. For the convenience of the parties and to facilitate
    execution, this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.

   

  (j)            Integration. This Agreement constitutes the entire agreement
    between the parties with respect to this Stock Option and supersedes all prior agreements and discussions between the parties concerning such subject matter, including but not limited to, any written or oral offer letter or consulting or service
    agreement between the parties that provides for the issuance of equity in the Company.

   

  7.             Dispute Resolution.

   

  (a)           Except as provided below, any dispute arising out of or relating to the
    Plan or this Stock Option, this Agreement, or the breach, termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute
    Comprehensive Arbitration Rules and Procedures (the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1 16, and judgment upon the award rendered by the arbitrators may be entered by any court
    having jurisdiction thereof. The place of arbitration shall be Boston, Massachusetts.

   

  (b)           The arbitration shall commence within 60 days of the date on which a
    written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party
    may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of
    interrogatories or the response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons
    that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the
    selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not
    multiply actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages.

   

  (c)           The Company, the Optionee, each party to the Agreement and any other
    holder of Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies equally to requests for temporary, preliminary or permanent injunctive
    relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm.

   

  

  
    5

    
      
 

  

   

  (d)               Each Party (i) hereby irrevocably submits to the jurisdiction of any
    United States District Court of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or
    proceeding, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is
    brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any
    court of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees
    that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in
    other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction.

   

  [SIGNATURE PAGE FOLLOWS]

   

  
    6

    
      
 

  

   

  The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned as of the date first above written.

   

  

  	 	DISC MEDICINE, INC.
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address:
	 	
	 	 
	 	 

  

   

  The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation, Section 9 thereof, and understands that this Stock Option is subject to the
    terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 7 OF THIS AGREEMENT, are
    hereby agreed to, by the undersigned as of the date first above written.

   

  

  	 	OPTIONEE:
	 	 
	 	 
	 	Name:
	 	 	 
	 	Address:
	 	 
	 	 
	 	 

   

  

  
    7

    
      
 

  

  

   

  [SPOUSE’S CONSENT1 

  I acknowledge that I have read the 

  foregoing Incentive Stock Option Agreement 

  and understand the contents thereof.

   

  ____________________________________]

   

  

  1 A spouse’s consent is recommended only if the Optionee’s state of residence is one
    of the following community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

   

  
    8

    
      
 

  

   

  

  	 	DESIGNATED BENEFICIARY:
	 	 
	 	 
	 	 
	 	 	 
	 	Beneficiary’s Address:
	 	 
	 	 
	 	 

   

  
    9

    
      
 

  

   

  Appendix A

   

  STOCK OPTION EXERCISE NOTICE

   

  DISC MEDICINE, INC.

   

  Attention: [____________________] 

  ____________________________ 

  ____________________________

   

  Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Disc Medicine, Inc. (the “Company”) dated __________ (the “Agreement”)
    under the Disc Medicine, Inc. 2017 Stock Option and Grant Plan, I, [Insert Name] ________________, hereby [Circle One] partially/fully exercise such option by including herein payment in the amount of $______ representing Disc Medicine, Inc. the
    purchase price for [Fill in number of Shares] _______ Shares. I have chosen the following form(s) of payment:

   

  [ ]            1.             Cash 

  [ ]            2.             Certified or bank check payable to Disc Medicine, Inc. 

  		[ ]	
          3.       

        	
          Other (as referenced in the Agreement and described in the Plan (please describe))

          _____________________________________________________.

        

   

  In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company as follows:

   

  (i)            I am purchasing the Shares for my own account for investment
    only, and not for resale or with a view to the distribution thereof.

   

  (ii)           I have had such an opportunity as I have deemed adequate to
    obtain from the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company.

   

  (iii)          I have sufficient experience in business, financial and
    investment matters to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase.

   

  (iv)          I can afford a complete loss of the value of the Shares and am
    able to bear the economic risk of holding such Shares for an indefinite period of time.

   

  (v)           I understand that the Shares may not be registered under the
    Securities Act of 1933 (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or
    disposed of in the absence of an effective registration statement under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirement thereof). I further acknowledge that
    certificates representing Shares will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations.

   

  

  
    10

    
      
 

  

   

  (vi)          I have read and understand the Plan and acknowledge and agree
    that the Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan.

   

  (vii)         I understand and agree that the Company has a right of first
    refusal with respect to the Shares pursuant to Section 9(b) of the Plan.

   

  (viii)        I understand and agree that the Company has certain repurchase
    rights with respect to the Shares pursuant to Section 9(c) of the Plan.

   

  (ix)           I understand and agree that I may not sell or otherwise
    transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan.

   

  

  	 	Sincerely yours,
	 	 
	 	 
	 	Name:
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	Date:	 

   

  

  
    11

    
      
 

  

   

  

  NON-QUALIFIED STOCK OPTION GRANT NOTICE

  UNDER THE DISC MEDICINE, INC.

      2017 STOCK OPTION AND GRANT PLAN

   

  Pursuant to the Disc Medicine, Inc. 2017 Stock Option and Grant Plan (the “Plan”), Disc Medicine, Inc. a Delaware corporation (together with any successor, the
    “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein, all or any part of the number of shares of Common Stock, par value
    $0.0001 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and conditions set forth in this Non-Qualified Stock Option Grant Notice (the “Grant Notice”), the attached
    Non-Qualified Stock Option Agreement (the “Agreement”) and the Plan. This Stock Option is not intended to qualify as an “incentive stock option” as defined in Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time (the
    “Code”).

   

  

  	Name of Optionee:	__________________ (the “Optionee”)
	 	 
	No. of Shares:	__________ Shares of Common Stock
	 	 
	Grant Date:	__________________
	 	 
	Vesting Commencement Date:	__________________ (the “Vesting Commencement Date”)
	 	 
	Expiration Date:  	__________________ (the “Expiration Date”)
	 	 
	Option Exercise Price/Share:	$_________________ (the “Option Exercise Price”)
	 	 
	Vesting Schedule:	[25] percent of the Shares shall vest and become exercisable on the first anniversary of the Vesting Commencement Date; provided that the Optionee continues to have a Service Relationship with the Company at such time.   Thereafter, the
          remaining [75] percent of the Shares shall vest and become exercisable in [36] equal monthly installments following the first anniversary of the Vesting Commencement Date, provided the Optionee continues to have a Service Relationship with the
          Company on each vesting date.  Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in Section 3(c) of the Plan[ provided; however INSERT ANY
            ACCELERATED VESTING PROVISION HERE].

  

   

  Attachments: Non-Qualified Stock Option Agreement, 2017 Stock Option and Grant Plan

   

  
     

    
      
 

  

  
   

  NON-QUALIFIED STOCK OPTION AGREEMENT

      UNDER THE DISC MEDICINE, INC.

      2017 STOCK OPTION AND GRANT PLAN

   

  All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

   

  1.             Vesting, Exercisability and Termination.

   

  (a)           No portion of this Stock Option may be exercised until such portion shall
    have vested and become exercisable.

   

  (b)           Except as set forth below, and subject to the determination of the
    Committee in its sole discretion to accelerate the vesting schedule hereunder, this Stock Option shall be vested and exercisable on the respective dates indicated below:

   

  (i)         This Stock Option shall initially be unvested and unexercisable.

   

  (ii)        This Stock Option shall vest and become exercisable in accordance
    with the Vesting Schedule set forth in the Grant Notice.

   

  (c)           Termination. Except as may otherwise be provided by the Committee,
    if the Optionee’s Service Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter terminate subject, in each
    case, to Section 3(c) of the Plan):

   

  (i)         Termination Due to Death or Disability. If the Optionee’s
    Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee, the Optionee’s legal representative or legatee for a
    period of 12 months from the date of death or Disability or until the Expiration Date, if earlier.

   

  (ii)        Other Termination. If the Optionee’s Service Relationship
    terminates for any reason other than death or Disability, and unless otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of termination
    or until the Expiration Date, if earlier; provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination.

   

  For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be conclusive and binding on the Optionee
    and his or her representatives or legatees and any Permitted Transferee. Any portion of this Stock Option that is not vested and exercisable on the date of termination of the Service Relationship shall terminate immediately and be null and void.

   

  

  
    2

    
      
 

  

   

  2.             Exercise of Stock Option.

   

  (a)           The Optionee may exercise this Stock Option only in the following manner:
    Prior to the Expiration Date, the Optionee may deliver a Stock Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares with respect to which this Stock
    Option is then exercisable. Such notice shall specify the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations contained in such Section
    of the Plan, including the requirement that the Committee specifically approve in advance certain payment methods.

   

  (b)           Notwithstanding any other provision hereof or of the Plan, no portion of
    this Stock Option shall be exercisable after the Expiration Date.

   

  3.             Incorporation of Plan. Notwithstanding anything herein to the
    contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan.

   

  4.             Transferability of Stock Option. This Stock Option is personal
    to the Optionee and is not transferable by the Optionee in any manner other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s lifetime only by the Optionee (or by the Optionee’s guardian or
    personal representative in the event of the Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the Company, and may revoke or change such designation at any time by
    filing written notice of revocation or change with the Company; such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s death to the extent provided herein. If the Optionee does not designate a beneficiary, or if the
    designated beneficiary predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein in the event of the Optionee’s death.

   

  5.             Restrictions on Transfer of Shares. The Shares acquired upon
    exercise of the Stock Option shall be subject to certain transfer restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan.

   

  6.             Miscellaneous Provisions.

   

  (a)           Equitable Relief. The parties hereto agree and declare that legal
    remedies may be inadequate to enforce the provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement.

   

  (b)           Adjustments for Changes in Capital Structure. If, as a result of
    any reorganization, recapitalization, reincorporation, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged
    for a different number or kind of securities of the Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or
    her ownership of, this Stock Option or Shares acquired pursuant thereto.

   

  

  
    3

    
      
 

  

   

  (c)           Change and Modifications. This Agreement may not be orally changed,
    modified or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee.

   

  (d)           Governing Law. This Agreement shall be governed by and construed in
    accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts,
    without regard to conflict of law principles that would result in the application of any law other than the law of the Commonwealth of Massachusetts.

   

  (e)           Headings. The headings are intended only for convenience in finding
    the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement.

   

  (f)            Saving Clause. If any provision(s) of this Agreement shall be
    determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof.

   

  (g)           Notices. All notices, requests, consents and other communications
    shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Optionee shall be addressed as
    set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other.

   

  (h)           Benefit and Binding Effect. This Agreement shall be binding upon
    and shall inure to the benefit of the parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company
    hereunder to the extent of such assignment.

   

  (i)            Counterparts. For the convenience of the parties and to facilitate
    execution, this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.

   

  (j)            Integration. This Agreement constitutes the entire agreement
    between the parties with respect to this Stock Option and supersedes all prior agreements and discussions between the parties concerning such subject matter, including but not limited to, any written or oral offer letter or consulting or service
    agreement between the parties that provides for the issuance of equity in the Company.

   

  7.             Dispute Resolution.

   

  (a)           Except as provided below, any dispute arising out of or relating to the
    Plan or this Stock Option, this Agreement, or the breach, termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute
    Comprehensive Arbitration Rules and Procedures (the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1-16, and judgment upon the award rendered by the arbitrators may be entered by any court
    having jurisdiction thereof. The place of arbitration shall be Boston, Massachusetts.

   

  

  
    4

    
      
 

  

   

  (b)           The arbitration shall commence within 60 days of the date on which a
    written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party
    may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of
    interrogatories or the response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons
    that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the
    selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not
    multiply actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages.

   

  (c)           The Company, the Optionee, each party to the Agreement and any other
    holder of Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies equally to requests for temporary, preliminary or permanent injunctive
    relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm.

   

  (d)           Each Party (i) hereby irrevocably submits to the jurisdiction of any
    United States District Court of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or
    proceeding, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is
    brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any
    court of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees
    that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in
    other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction.

   

  [SIGNATURE PAGE FOLLOWS]

   

  
    5

    
      
 

  

   

  The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned as of the date first above written.

   

  

  	 	DISC MEDICINE, INC.
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address:
	 	
	 	 
	 	 

  
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  The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation, Section 9 thereof, and understands that this Stock Option is subject to the
    terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 7 OF THIS AGREEMENT, are
    hereby agreed to, by the undersigned as of the date first above written.

   

  

  	 	OPTIONEE:
	 	 
	 	 
	 	Name:
	 	 	 
	 	Address:
	 	 
	 	 
	 	 

   

  [SPOUSE’S CONSENT1 

  I acknowledge that I have read the 

  foregoing Non-Qualified Stock Option Agreement 

  and understand the contents thereof.

   

  ____________________________________]

   

  

  
  
     

  

  
  1 A spouse’s consent is recommended only if the Optionee’s state of residence is one
    of the following community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.

   

  
    7

    
      
 

  

   

  

  	 	DESIGNATED BENEFICIARY:
	 	 
	 	 
	 	 
	 	 	 
	 	Beneficiary’s Address:
	 	 
	 	 
	 	 

  

   

  
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  Appendix A

   

  STOCK OPTION EXERCISE NOTICE

   

  DISC MEDICINE, INC. 

  Attention: [____________________] 

  ____________________________ 

  ____________________________

   

  Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Disc Medicine, Inc. (the “Company”) dated __________ (the “Agreement”)
    under the Disc Medicine, Inc.2017 Stock Option and Grant Plan, I, [Insert Name] ________________, hereby [Circle One] partially/fully exercise such option by including herein payment in the amount of $______ representing the purchase price for [Fill in
    number of Shares] _______ Shares. I have chosen the following form(s) of payment:

   

  [ ]           1.             Cash 

  [ ]           2.             Certified or bank check payable to Disc Medicine, Inc. 

  		[ ]	3. 	
          Other (as referenced in the Agreement and described in the Plan (please describe))

          _____________________________________________________.

        

   

  In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company as follows:

   

  (i)            I am purchasing the Shares for my own account for investment
    only, and not for resale or with a view to the distribution thereof.

   

  (ii)           I have had such an opportunity as I have deemed adequate to
    obtain from the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company.

   

  (iii)          I have sufficient experience in business, financial and
    investment matters to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase.

   

  (iv)          I can afford a complete loss of the value of the Shares and am
    able to bear the economic risk of holding such Shares for an indefinite period of time.

   

  (v)           I understand that the Shares may not be registered under the
    Securities Act of 1933 (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or
    disposed of in the absence of an effective registration statement under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirement thereof). I further acknowledge that
    certificates representing Shares will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations.

   

  

  
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  (vi)          I have read and understand the Plan and acknowledge and agree
    that the Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan.

   

  (vii)         I understand and agree that the Company has a right of first
    refusal with respect to the Shares pursuant to Section 9(b) of the Plan.

   

  (viii)        I understand and agree that the Company has certain repurchase
    rights with respect to the Shares pursuant to Section 9(c) of the Plan.

   

  (ix)           I understand and agree that I may not sell or otherwise
    transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan.

   

  

  	 	Sincerely yours,
	 	 
	 	 
	 	Name:
	 	 	 
	 	Address:	 
	 	 
	 	 
	 	 
	 	 
	 	Date:	 

  

   

  

  
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  Restricted Stock AWARD NOTICE

      under the Disc Medicine, Inc.

      2017 Stock Option and Grant Plan

   

  Pursuant to the Disc Medicine, Inc. 2017 Stock Option and Grant Plan (the “Plan”), Disc Medicine, Inc., a Delaware corporation (together with any successor, the
    “Company”), hereby grants, sells and issues to the individual named below, the Shares at the Per Share Purchase Price, subject to the terms and conditions set forth in this Restricted Stock Award Notice (the “Award Notice”), the attached Restricted
    Stock Agreement (the “Agreement”) and the Plan. The Grantee agrees to the provisions set forth herein and acknowledges that each such provision is a material condition of the Company’s agreement to issue and sell the Shares to him or her. The Company
    hereby acknowledges receipt of $[_______] in full payment for the Shares. All references to share prices and amounts herein shall be equitably adjusted to reflect stock splits, stock dividends, recapitalizations, mergers, reorganizations and
    similar changes affecting the capital stock of the Company, and any shares of capital stock of the Company received on or in respect of Shares in connection with any such event (including any shares of capital stock or any right, option or warrant to
    receive the same or any security convertible into or exchangeable for any such shares or received upon conversion of any such shares) shall be subject to this Agreement on the same basis and extent at the relevant time as the Shares in respect of which
    they were issued, and shall be deemed Shares as if and to the same extent they were issued at the date hereof.

   

  

  	Name of Grantee:	_________________ (the “Grantee”)
	 	 
	No. of Shares:  	_________ Shares of Common Stock (the “Shares”)
	 	 
	Grant Date:	____________ __, ____
	 	 
	Date of Purchase of Shares:	____________ __, ____
	 	 
	Vesting Commencement Date:	____________ __, ____ (the “Vesting Commencement Date”)
	 	 
	Per Share Purchase Price:	$________ (the “Per Share Purchase Price”)
	 	 

  

  
     

    
      
 

  

  
   

  	Vesting Schedule:	[25] percent of the Shares shall vest on the [first] anniversary of the Vesting Commencement Date; provided that the Grantee continues to have a Service Relationship with the Company at
          such time.  Thereafter, the remaining [75] percent of the Shares shall vest in [36] equal monthly installments following the first anniversary of the Vesting Commencement Date, provided the Grantee continues to have a Service Relationship with
          the Company at such time.  Notwithstanding anything in the Agreement to the contrary in the case of a Sale Event, the Shares of Restricted Stock shall be treated as provided in Section 3(c) of the Plan [provided; however INSERT ANY
            ACCELERATED VESTING PROVISION HERE].

  

  

   

  Attachments: Restricted Stock Agreement, 2017 Stock Option and Grant Plan

   

  

  
  
     

  

  
   

  
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  Restricted Stock Agreement

      under the Disc Medicine, Inc.

      2017 Stock Option and Grant Plan

   

  All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Award Notice and the Plan.

   

  1.             Purchase and Sale of Shares; Vesting; Investment Representations.

   

  (a)           Purchase and Sale. The Company hereby sells to the Grantee, and the
    Grantee hereby purchases from the Company, the number of Shares set forth in the Award Notice for the Per Share Purchase Price.

   

  (b)           Vesting. Initially, all of the Shares are non-transferable and
    subject to a substantial risk of forfeiture and are Shares of Restricted Stock. The risk of forfeiture shall lapse with respect to the Shares on the respective dates indicated on the Vesting Schedule set forth in the Award Notice.

   

  (c)           Investment Representations. In connection with the purchase and
    sale of the Shares contemplated by Section 1(a) above, the Grantee hereby represents and warrants to the Company as follows:

   

  (i)        The Grantee is purchasing the Shares for the Grantee’s own account
    for investment only, and not for resale or with a view to the distribution thereof.

   

  (ii)       The Grantee has had such an opportunity as he or she has deemed
    adequate to obtain from the Company such information as is necessary to permit him or her to evaluate the merits and risks of the Grantee’s investment in the Company and has consulted with the Grantee’s own advisers with respect to the Grantee’s
    investment in the Company.

   

  (iii)      The Grantee has sufficient experience in business, financial and
    investment matters to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase.

   

  (iv)      The Grantee can afford a complete loss of the value of the Shares
    and is able to bear the economic risk of holding such Shares for an indefinite period.

   

  (v)       The Grantee understands that the Shares are not registered under the
    Act (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the
    absence of an effective registration statement under the Act and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements thereof). The Grantee further acknowledges that certificates representing the
    Shares will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations.

   

  

  
    3

    
      
 

  

   

  (vi)      The Grantee has read and understands the Plan and acknowledges and
    agrees that the Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan.

   

  (vii)     The Grantee understands and agrees that the Company has a right of
    first refusal with respect to the Shares pursuant to Section 9(b) of the Plan.

   

  (viii)    The Grantee understands and agree that the Company has certain
    repurchase rights with respect to the Shares pursuant to Section 9(c) of the Plan.

   

  (ix)       The Grantee understands and agrees that the Grantee may not sell or
    otherwise transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan.

   

  2.             Repurchase Right. Upon a Termination Event, the Company shall
    have the right to repurchase Shares of Restricted Stock that are unvested as of the date of such Termination Event as set forth in Section 9(c) of the Plan.

   

  3.             Restrictions on Transfer of Shares. The Shares (whether or not
    vested) shall be subject to certain transfer restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan

   

  4.             Incorporation of Plan. Notwithstanding anything herein to the
    contrary, this Restricted Stock Award shall be subject to and governed by all the terms and conditions of the Plan.

   

  5.             Miscellaneous Provisions.

   

  (a)           Record Owner; Dividends. The Grantee and any Permitted Transferees,
    during the duration of this Agreement, shall be considered the record owners of and shall be entitled to vote the Shares if and to the extent the Shares are entitled to voting rights. The Grantee and any Permitted Transferees shall be entitled to
    receive all dividends and any other distributions declared on the Shares; provided, however, that the Company is under no duty to declare any such dividends or to make any such distribution.

   

  (b)           Section 83(b) Election. The Grantee shall consult with the
    Grantee’s tax advisor to determine whether it would be appropriate for the Grantee to make an election under Section 83(b) of the Code with respect to this Award. Any such election must be filed with the Internal Revenue Service within 30 days of the
    date of this Award. If the Grantee makes an election under Section 83(b) of the Code, the Grantee shall give prompt notice to the Company (and provide a copy of such election to the Company).

   

  (c)           Equitable Relief. The parties hereto agree and declare that legal
    remedies may be inadequate to enforce the provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement.

   

  

  
    4

    
      
 

  

   

  (d)           Change and Modifications. This Agreement may not be orally changed,
    modified or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee.

   

  (e)           Governing Law. This Agreement shall be governed by and construed in
    accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts,
    without regard to conflict of law principles that would result in the application of any law other than the law of the Commonwealth of Massachusetts.

   

  (f)            Headings. The headings are intended only for convenience in
    finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement.

   

  (g)           Saving Clause. If any provision(s) of this Agreement shall be
    determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof.

   

  (h)           Notices. All notices, requests, consents and other communications
    shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Grantee shall be addressed as
    set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other.

   

  (i)            Benefit and Binding Effect. This Agreement shall be binding upon
    and shall inure to the benefit of the parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company
    hereunder to the extent of such assignment.

   

  (j)            Counterparts. For the convenience of the parties and to facilitate
    execution, this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document.

   

  (k)           Integration. This Agreement constitutes the entire agreement
    between the parties with respect to this Award and supersedes all prior agreements and discussions between the parties concerning such subject matter, including but not limited to, any written or oral offer letter or consulting or service agreement
    between the parties that provides for the issuance of equity in the Company.

   

  

  
    5

    
      
 

  

   

  6.             Dispute Resolution.

   

  (a)           Except as provided below, any dispute arising out of or relating to the
    Plan or the Shares, this Agreement, or the breach, termination or validity of the Plan, the Shares or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive
    Arbitration Rules and Procedures (the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1 - 16, and judgment upon the award rendered by the arbitrators may be entered by any court having
    jurisdiction thereof. The place of arbitration shall be Boston, Massachusetts.

   

  (b)           The arbitration shall commence within 60 days of the date on which a
    written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party
    may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of
    interrogatories or the response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons
    that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the
    selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not
    multiply actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages.

   

  (c)           The Company, the Grantee, each party to the Agreement and any other holder
    of Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 6 applies equally to requests for temporary, preliminary or permanent injunctive relief,
    except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm.

   

  (d)           Each Party (i) hereby irrevocably submits to the jurisdiction of any
    United States District Court of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or
    proceeding, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is
    brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any
    court of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees
    that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in
    other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction.

   

  [SIGNATURE PAGE FOLLOWS]

   

  
    6

    
      
 

  

   

  The foregoing Restricted Stock Agreement is hereby accepted and the terms and conditions thereof are hereby agreed to by the undersigned as of the date of purchase of
    Shares above written.

   

  

  	 	DISC MEDICINE, INC.
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Address:
	 	
	 	 
	 	 

   

  The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation, Section 9 thereof and understands that the Shares granted hereby are subject
    to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Award Notice and this Agreement, SPECIFICALLY INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 6 OF THIS
    AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written.

   

  

  	 	GRANTEE
	 	 
	 	 
	 	Name:
	 	 	 
	 	Address:
	 	 
	 	 
	 	 

   

  

  
    7

    
      
 

  

   

  [SPOUSE’S CONSENT1 

  I acknowledge that I have read the 

  foregoing Restricted Stock Agreement 

  and understand the contents thereof. 

   

  ____________________________________]

  

   

   

  
  
     

  

  
  

  1 A spouse’s consent is required only if the Grantee’s state of residence is one of
    the following community property states: Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington and Wisconsin.

   

  

  8

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