Document:

EX-10.1

Table of Contents

 Exhibit 10.1 

Execution Version 

SUTROVAX, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

March 20, 2020 

Table of Contents

 Table of Contents 

 

									
	 	 	 	  	 	  	Page	 
	 SECTION 1 DEFINITIONS
	  	 	1	 

									
				
		 	1.1	  	  Certain Definitions
	  	 	1	 

									
	 SECTION 2 REGISTRATION RIGHTS
	  	 	4	 

									
				
		 	2.1	  	 Requested Registration
	  	 	4	 
				
		 	2.2	  	 Company Registration
	  	 	6	 
				
		 	2.3	  	 Registration on Form S-3.
	  	 	8	 
				
		 	2.4	  	 Expenses of Registration
	  	 	8	 
				
		 	2.5	  	 Registration Procedures
	  	 	9	 
				
		 	2.6	  	 Indemnification.
	  	 	11	 
				
		 	2.7	  	 Information by Holder
	  	 	13	 
				
		 	2.8	  	 Restrictions on Transfer
	  	 	13	 
				
		 	2.9	  	 Rule 144 Reporting
	  	 	15	 
				
		 	2.10	  	 Market Stand-Off Agreement
	  	 	15	 
				
		 	2.11	  	 Delay of Registration
	  	 	16	 
				
		 	2.12	  	 Transfer or Assignment of Registration Rights
	  	 	16	 
				
		 	2.13	  	 Limitations on Subsequent Registration Rights
	  	 	16	 
				
		 	2.14	  	 Termination of Registration Rights
	  	 	16	 

									
	 SECTION 3 COVENANTS
	  	 	17	 

									
				
		 	3.1	  	 Basic Financial Information and Inspection Rights.
	  	 	17	 
				
		 	3.2	  	 Confidentiality
	  	 	18	 
				
		 	3.3	  	 Stock Option Grants
	  	 	18	 
				
		 	3.4	  	 Vesting; Repurchase
	  	 	19	 
				
		 	3.5	  	 Employee Agreements
	  	 	19	 
				
		 	3.6	  	 “Bad Actor” Notice
	  	 	19	 
				
		 	3.7	  	 Affiliate Transactions
	  	 	19	 
				
		 	3.8	  	 Insurance Matters
	  	 	19	 
				
		 	3.9	  	 Board Matters
	  	 	20	 
				
		 	3.10	  	 Right to Conduct Activities
	  	 	20	 
				
		 	3.11	  	 Indemnification Matters
	  	 	20	 
				
		 	3.12	  	 Successor Indemnification
	  	 	20	 
				
		 	3.13	  	 Side Letters
	  	 	21	 
				
		 	3.14	  	 Termination of Covenants
	  	 	21	 

  
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(continued) 
  

									
		 		  		  	 	Page	 
	 SECTION 4 RIGHT OF FIRST REFUSAL
	  	 	21	 

									
				
		 	4.1    	  	 Right of First Refusal to Significant Holders
	  	 	21	 

									
		
	 SECTION 5 MISCELLANEOUS
	  	 	22	 

									
				
		 	5.1	  	 Amendment
	  	 	22	 
				
		 	5.2	  	 Notices
	  	 	23	 
				
		 	5.3	  	 Governing Law
	  	 	23	 
				
		 	5.4	  	 Successors and Assigns
	  	 	23	 
				
		 	5.5	  	 Entire Agreement
	  	 	24	 
				
		 	5.6	  	 Delays or Omissions
	  	 	24	 
				
		 	5.7	  	 Severability
	  	 	24	 
				
		 	5.8	  	 Titles and Subtitles
	  	 	24	 
				
		 	5.9	  	 Counterparts
	  	 	25	 
				
		 	5.10	  	 Telecopy Execution and Delivery
	  	 	25	 
				
		 	5.11	  	 Jurisdiction; Venue
	  	 	25	 
				
		 	5.12	  	 Further Assurances
	  	 	25	 
				
		 	5.13	  	 Termination Upon Change of Control
	  	 	25	 
				
		 	5.14	  	 Conflict
	  	 	25	 
				
		 	5.15	  	 Attorneys’ Fees
	  	 	25	 
				
		 	5.16	  	 Aggregation of Stock
	  	 	25	 
				
		 	5.17	  	 Jury Trial
	  	 	25	 

  
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 SUTROVAX, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amended and Restated Investors’ Rights Agreement (this “Agreement”) is dated as of March 20, 2020, and
is between SutroVax, Inc., a Delaware corporation (the “Company”), and the persons and entities listed on EXHIBIT A (each, an “Investor” and collectively, the
“Investors”). 
 RECITALS 

Certain of the Investors are parties to the Investors’ Rights Agreement dated as of May 29, 2018 (the “Prior
Agreement”), between the Company and the Investors listed on Exhibit A thereto (the “Prior Investors”); 

The undersigned Prior Investors, representing sufficient signatory authority to amend and restate the Prior Agreement, desire to amend and
restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

Certain of the Investors are parties to the Series D Preferred Stock Purchase Agreement of even date herewith, by and among the Company and
the Investors listed on the Schedule of Investors thereto (the “Purchase Agreement”), and it is a condition to the closing of the sale of the Series D Preferred Stock to the Investors listed on such Schedule of Investors that
the Investors and the Company execute and deliver this Agreement. 
 The parties therefore agree as follows: 

SECTION 1 

DEFINITIONS 
 
1.1    Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

(a)    “Affiliate” shall mean, with respect to any specified person, any other person who, directly
or indirectly, controls, is controlled by, or is under common control with such person, including without limitation any general partner, managing member, officer or director of such person or any investment fund now or hereafter existing that is
controlled by one or more general partners or managing members of, or shares the same management company or (for purposes of Investors organized in the British Isles or Jersey) advisory company with, such person. Anything to the contrary in this
paragraph notwithstanding, neither Chugai Pharmaceutical Co., Ltd, a Japanese corporation (“Chugai”) and/or its subsidiaries (if any) nor Foundation Medicine, Inc., a Delaware corporation (“FMI”)
and/or its subsidiaries, if any, shall be deemed as Affiliates of Roche Finance Ltd unless Roche Finance Ltd provides written notice of its desire to include Chugai, FMI and/or their respective subsidiaries (as applicable) as Affiliate(s) of Roche
Finance Ltd. For the avoidance of doubt and solely for the purposes of this Agreement, all funds managed or advised by Janus Capital Management LLC shall be deemed Affiliates of one another, and each of RA Capital Healthcare Fund, L.P., RA Capital
Nexus Fund, L.P., and Blackwell Partners LLC—Series A, together with other funds managed or advised directly or indirectly by RA Capital Management, L.P., shall be deemed Affiliates of one another, provided that this is not an acknowledgment
that such funds should be deemed affiliates in any other context. 

  
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 (b)    “Bad Actor Disqualification” means any
“bad actor” disqualification described in Rule 506(d)(1)(i) through (viii) under the Securities Act. 

(c)    “Board of Directors” means the Board of Directors of the Company. 

(d)    “Commission” shall mean the Securities and Exchange Commission or any other federal agency
at the time administering the Securities Act. 
 (e)    “Common Stock” means the common stock of
the Company. 
 (f)    “Covered Person” shall have the meaning set forth in the Purchase
Agreement. 
 (g)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended,
or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(h)    “Holder” shall mean any Investor who holds Registrable Securities and any holder of
Registrable Securities to whom the registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.12 of this Agreement. 

(i)    “Indemnified Party” shall have the meaning set forth in
Section 2.6(c). 
 (j)    “Indemnifying Party” shall have the meaning
set forth in Section 2.6(c). 
 (k)    “Initial Closing” shall mean
the date of the initial sale of shares of the Series D Preferred Stock pursuant to the Purchase Agreement. 

(l)    “Initial Public Offering” shall mean the closing of the Company’s first firm
commitment underwritten public offering of the Company’s Common Stock registered under the Securities Act. 

(m)    “Initiating Holders” shall mean any Holder or Holders who in the aggregate hold not less
than fifty-five percent (55%) of the outstanding Registrable Securities. 
 (n)    “Investors”
shall mean the persons and entities listed on EXHIBIT A. 
 (o)    “New
Securities” shall have the meaning set forth in Section 4.1. 

(p)    “Other Selling Stockholders” shall mean persons other than Holders who, by virtue of
agreements with the Company, are entitled to include their Other Shares in certain registrations hereunder. 

(q)    “Other Shares” shall mean shares of Common Stock, other than Registrable Securities (as
defined below) (including shares of Common Stock issuable upon conversion of shares of any currently unissued series of Preferred Stock of the Company), with respect to which registration rights have been granted. 

(r)    “Person” shall mean any individual, corporation, partnership, trust, limited liability
company, association or other entity. 

  
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 (s)    “Preferred Majority” means the holders of
at least 60% of the Preferred Stock (voting as a single class on an as-converted basis). 

(t)    “Preferred Stock” shall mean the Series A Preferred Stock, Series B Preferred Stock, Series
C Preferred Stock and Series D Preferred Stock, collectively (as presently constituted and subject to subsequent adjustments for stock dividends, stock splits, reverse stock splits, combinations of shares, reorganizations, recapitalizations,
reclassifications or other similar events). 
 (u)    “Purchase Agreement” shall have the
meaning set forth in the Recitals. 
 (v)    “Qualified IPO” shall have the meaning set forth in
the Restated Certificate. 
 (w)    “Registrable Securities” shall mean (i) shares of
Common Stock issued or issuable pursuant to the conversion of the Preferred Stock, (ii) any shares of Common Stock acquired after the date hereof by a Holder and (iii) any Common Stock issued as a dividend or other distribution with
respect to or in exchange for or in replacement of the shares referenced in (i) or (ii) above; provided, however, that Registrable Securities shall not include any shares of Common Stock described in clause (i), (ii) or
(iii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or Rule 144, or, with respect to registration rights under this Agreement, which have been sold in a private
transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement; and provided further, Registrable Securities shall not include for purposes of
Section 2 only (including amendments and waivers to Section 2) any shares for which registration rights have terminated in accordance with Section 2.14 of this Agreement.

 (x)    The terms “register,” “registered” and
“registration” shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of
the effectiveness of such registration statement. 
 (y)    “Registration Expenses” shall mean
all expenses incurred in effecting any registration pursuant to this Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, fees
and disbursements of one special counsel for the Holders (as selected by the Holders) (up to a maximum of $30,000), blue sky fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall
not include Selling Expenses and the compensation of regular employees of the Company, which shall be paid in any event by the Company. 

(z)    “Restated Certificate” shall mean the Company’s amended and restated certificate of
incorporation, as amended and/or restated and in effect from time to time. 
 (aa)    “Restricted
Securities” shall mean any Registrable Securities required to bear the first legend set forth in Section 2.8(d). 

(bb)    “Rule 144” shall mean Rule 144 as promulgated by the Commission under the Securities Act,
as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

  
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 (cc)    “Rule 145” shall mean Rule 145 as
promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(dd)    “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar
successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(ee)    “Selling Expenses” shall mean 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 (other than the fees and disbursements of one special counsel to the Holders (up to a maximum of $30,000) included in Registration
Expenses). 
 (ff)    “Series A Preferred Stock” shall mean the shares of Series A Preferred
Stock of the Company. 
 (gg)    “Series B Preferred Stock” shall mean the shares of
Series B Preferred Stock of the Company. 
 (hh)    “Series C Preferred Stock” shall mean the
shares of Series C Preferred Stock of the Company. 
 (ii)    “Series D Preferred Stock” shall
mean the shares of Series D Preferred Stock of the Company. 
 (jj)    “Significant Holders”
shall mean, at any time, a Holder who owns at least 96,000 shares of Preferred Stock or Registrable Securities (as presently constituted and subject to subsequent adjustments for stock dividends, stock splits, reverse stock splits, combinations of
shares, reorganizations, recapitalizations, reclassifications or other similar event), as applicable. 

(kk)    “Withdrawn Registration” shall mean a forfeited demand registration under
Section 2.1 in accordance with the terms and conditions of Section 
2.4. 
 SECTION 2 

REGISTRATION RIGHTS 
 
2.1    Requested Registration. 
 (a)    Request for Registration.
Subject to the conditions set forth in this Section 2.1, if the Company shall receive from Initiating Holders a written request signed by such Initiating Holders that the Company effect any registration with respect
to all or a part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to be disposed of by such Initiating Holders), the Company will: 

(i)    promptly give written notice of the proposed registration to all other Holders; and 

(ii)    as soon as practicable, file and use its commercially reasonable efforts to effect such registration (including,
without limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with 

  
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the Securities Act) and to permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by the Company within twenty (20) days after such written notice from the Company is mailed or delivered. 

(b)    Limitations on Requested Registration. The Company shall not be obligated to effect, or to take any
action to effect, any such registration pursuant to this Section 2.1: 
 Prior to one hundred eighty (180) days following the
Company’s Initial Public Offering (or, with respect to each Holder, the subsequent date on which all market stand-off agreements between such Holder and the Company applicable to the offering have
terminated); 
 If the Initiating Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration
statement, propose to sell Registrable Securities and such other securities (if any) for aggregate proceeds (after deduction for underwriter’s discounts and expenses related to the issuance) of less than $10,000,000; 

In any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration,
qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

After the Company has initiated two (2) such registrations pursuant to this Section 2.1 (counting for these purposes only
(x) registrations which have been declared or ordered effective and pursuant to which securities have been sold, and (y) Withdrawn Registrations); 

During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing of, and ending on a date
one hundred eighty (180) days after the effective date of, a Company-initiated registration (or, with respect to each Holder, ending on the subsequent date on which all market stand-off agreements between
such Holder and the Company applicable to the offering have terminated); provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; 

If the Initiating Holders propose to dispose of shares of Registrable Securities that may be registered on Form S-3
pursuant to a request made under Section 2.3; 
 (c)    Deferral.
If (i) in the good faith judgment of the Board of Directors, the filing of a registration statement covering the Registrable Securities would be materially detrimental to the Company and the Board of Directors concludes, as a result,
that it is in the best interests of the Company to defer the filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good
faith judgment of the Board of Directors, it would be materially detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, in the best interests of the Company to defer the filing of such
registration statement, then (in addition to the limitations set forth in Section 2.1(b)(v) above) the Company shall have the right to defer such filing for a period of not more than sixty (60) days after receipt of
the request of the Initiating Holders, and, provided further, that the Company shall not defer its obligation in this manner more than twice in any twelve-month period. 

  
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 (d)    Other Shares. The registration statement filed
pursuant to the request of the Initiating Holders may, subject to the provisions of Section 2.1(e), include Other Shares, and may include securities of the Company being sold for the account of the Company. 

(e)    Underwriting. If the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1(e) and the Company shall include such information in the written
notice given pursuant to Section 2.1(a)(i). In such event, the right of any Holder to include all or any portion of its Registrable Securities in a registration pursuant to this Section 2.1 shall
be conditioned upon such Holder’s participation in an underwriting and the inclusion of such Holder’s Registrable Securities to the extent provided herein. If the Company shall request inclusion in any registration pursuant to
Section 2.1 of securities being sold for its own account, or if other persons shall request inclusion in any registration pursuant to Section 2.1, the Initiating Holders shall, on behalf of all
Holders, offer to include such securities in the underwriting and such offer shall be conditioned upon the participation of the Company or such other persons in such underwriting and the inclusion of the Company’s and such person’s other
securities of the Company and their acceptance of the further applicable provisions of this Section 2 (including Section 2.10). The Company shall (together with all Holders and other persons
proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for such underwriting by the Company, which underwriters
are reasonably acceptable to a majority in interest of the Initiating Holders. 
 Notwithstanding any other provision of this
Section 2.1, if the underwriters advise the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, the number of Registrable Securities and Other Shares that
may be so included shall be allocated as follows: (i) first, among all Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such Holders;
(ii) second, to the Other Selling Stockholders based on the pro rata percentage of Other Shares held by such Other Selling Stockholders, assuming conversion and (iii) third, to the Company, which the Company may allocate, at its
discretion, for its own account, or for the account of other holders or employees of the Company. 
 If a person who has requested inclusion
in such registration as provided above does not agree to the terms of any such underwriting, such person shall be excluded therefrom by written notice from the Company, the underwriter or the Initiating Holders. The securities so excluded shall also
be withdrawn from registration. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall also be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of shares
to be included in such registration was previously reduced as a result of marketing factors pursuant to this Section 2.1(d), then the Company shall then offer to all Holders and Other Selling Stockholders who have retained
rights to include securities in the registration the right to include additional Registrable Securities or Other Shares in the registration in an aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among
such Holders and other Selling Stockholders requesting additional inclusion, as set forth above. 

2.2    Company Registration. 

(a)    Company Registration. If the Company shall determine to register any of its securities either for its
own account or the account of a security holder or holders, other than a registration pursuant to Section 2.1 or 2.3, a registration relating solely to employee benefit plans, a registration relating to the offer and
sale of debt securities, a registration relating to a corporate reorganization or other 

  
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Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 

(i)    promptly give written notice of the proposed registration to all Holders; and 

(ii)    use its commercially reasonable efforts to include in such registration (and any related qualification under blue
sky laws or other compliance), except as set forth in Section 2.2(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by any Holder
or Holders received by the Company within ten (10) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 

(b)    Underwriting. If the registration of which the Company gives notice is for a registered public
offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.2(a)(i). In such event, the right of any Holder to registration pursuant to this
Section 2.2 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, the Other Selling Stockholders and other holders of securities of the Company with registration rights to participate therein distributing their
securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected by the Company. 

Notwithstanding any other provision of this Section 2.2, if the underwriters advise the Company in writing that
marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) exclude all Registrable Securities from, or limit the number of Registrable Securities to be
included in, the registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included in the registration and underwriting shall be
allocated, as follows: (i) first, to the Company for securities being sold for its own account, (ii) second, to the Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage
of Registrable Securities held by such Holders, assuming conversion and (iii) third, to the Other Selling Stockholders requesting to include Other Shares in such registration statement based on the pro rata percentage of Other Shares
held by such Other Selling Stockholders, assuming conversion. Notwithstanding the foregoing, in no event shall the amount of securities of the selling Holders included in the offering be reduced below 35% of the total amount of securities included
in such offering, unless such offering is the Initial Public Offering of the Company’s securities, in which case, all of the Registrable Securities held by such Holders may be excluded if the underwriters make the determination described above
and no other stockholder’s securities are included. 
 If a person who has requested inclusion in such registration as provided above
does not agree to the terms of any such underwriting, such person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such
registration. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of Registrable Securities to be
included in such registration was previously reduced as a result of marketing factors pursuant to Section 2.2(b), the Company shall then offer to all persons who have retained the right to include securities in the
registration the right to include additional securities in the registration in an aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among the persons requesting additional inclusion, in the manner set
forth above. 

  
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 (c)    Right to Terminate Registration. The Company shall
have the right to terminate or withdraw any registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such
registration. 
 2.3    Registration on Form
S-3. 
 (a)    Request for Form
S-3 Registration. After its Initial Public Offering, the Company shall use its commercially reasonable efforts to qualify for registration on Form S-3 or any
comparable or successor form or forms. After the Company has qualified for the use of Form S-3, in addition to the rights contained in the foregoing provisions of this Section 2 and
subject to the conditions set forth in this Section 2.3, if the Company shall receive from any Significant Holder a written request that the Company effect any registration on Form
S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to be disposed of and the
intended methods of disposition of such shares by such Significant Holder), the Company will take all such action with respect to such Registrable Securities as required by Section 2.1(a)(i) and 2.1(a)(ii). 

(b)    Limitations on Form S-3 Registration. The Company shall not
be obligated to effect, or take any action to effect, any such registration pursuant to this Section 2.3: 
 In the circumstances
described in either Sections 2.1(b)(i), 2.1(b)(iii) or 2.1(b)(v); 
 If the Holders, together with the holders of any other securities
of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) on Form S-3 at an aggregate price to the public of less than $l,000,000; or

 If, in a given twelve-month period, the Company has effected three (3) such registrations in such period. 

(c)    Deferral. The provisions of Section 2.1(c) shall apply to any registration
pursuant to this Section 2.3. 
 (d)    Underwriting. If the Holders of
Registrable Securities requesting registration under this Section 2.3 intend to distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of
Section 2.1(e) shall apply to such registration. Notwithstanding anything contained herein to the contrary, registrations effected pursuant to this Section 2.3 shall not be counted as requests for
registration or registrations effected pursuant to Section 2.1. 

2.4    Expenses of Registration. All Registration Expenses incurred in
connection with registrations pursuant to Sections 2.1, 2.2 and 2.3 shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding
begun pursuant to Sections 2.1 and 2.3 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall
have withdrawn so that the minimum offering conditions set forth in Sections 2.1 and 2.3 are no longer satisfied (in which case all participating Holders shall bear such expenses pro rata among each other based on the number of
Registrable Securities requested to be so registered), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to a demand registration pursuant to Section 2.1 or
Section 2.3; provided, however, in the event that a withdrawal by the Holders is based upon 

  
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material adverse information relating to the Company, including without limitation, its condition, business or prospects, that is different from the information known to the Holders requesting
registration at the time of their request for registration under Section 2.1 or Section 2.3, such registration shall not be treated as a counted registration for purposes of
Section 2.1, even though the Holders do not bear the Registration Expenses for such registration. All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the holders of securities
included in such registration pro rata among each other on the basis of the number of Registrable Securities so registered. Notwithstanding anything to the contrary herein, a registration shall not be counted as “effected” if, as a
result of an exercise of the underwriter’s cutback provisions, as described above, 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. 
 2.5    Registration Procedures. In the case of each
registration effected by the Company pursuant to Section 2, the Company will keep each Holder advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will
use its commercially reasonable efforts to: 
 (a)    Keep such registration effective for a period ending on the
earlier of the date which is one hundred twenty (120) days from the effective date of the registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto;
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 Commission rules, such one hundred twenty (120) day period shall be extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such
Registrable Securities are sold; 
 (b)    To the extent the Company is a well-known seasoned issuer (as defined in Rule
405 under the Securities Act) (a “WKSI”) at the time any request for registration is submitted to the Company in accordance with Section 2.3, (i) if so requested, file an automatic shelf registration
statement (as defined in Rule 405 under the Securities Act) (an “automatic shelf registration statement”) to effect such registration, and (ii) remain a WKSI (and not become an ineligible issuer (as defined in Rule 405
under the Securities Act)) during the period during which such automatic shelf registration statement is required to remain effective in accordance with this Agreement; 

(c)    Prepare and file with the Commission such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth
in Subsection 2.5(a) above; 
 (d)    Furnish such number of prospectuses, including any preliminary
prospectuses, and other documents incident thereto, including any amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request; 

(e)    Use its reasonable best efforts to register and qualify the securities covered by such registration statement under
such other securities or Blue Sky laws of such jurisdiction as shall be reasonably requested by the Holders; provided, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to
file a general consent to service of process in any such states or jurisdictions; 

  
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 (f)    Notify each seller of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such
notification promptly prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall
not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; 

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

(h)    Otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the
Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first month after the effective
date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; 

(i)    Cause all such Registrable Securities registered pursuant hereunder 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; 

(j)    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; 

(k)    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; 

(l)    After such registration statement becomes effective, notify each selling Holder of any request by the Commission
that the Company amend or supplement such registration statement or prospectus; and 
 (m)    In connection with any
underwritten offering pursuant to a registration statement filed pursuant to Section 2.1, or 2.3, enter into an underwriting agreement in form reasonably necessary to effect the offer and sale of Common Stock,
provided such underwriting agreement contains reasonable and customary provisions, and provided further, that each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement.

 In addition, the Company shall ensure that, at all times after any registration statement covering a

  
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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. 

2.6    Indemnification. 

(a)    To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers,
directors, stockholders, members and partners, legal counsel and accountants and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has
been effected pursuant to this Section 2, and each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages
and liabilities (or actions, proceedings or settlements in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any registration
statement, any prospectus included in the registration statement, any issuer free writing prospectus (as defined in Rule 433 of the Securities Act), any issuer information (as defined in Rule 433 of the Securities Act) filed or required to be filed
pursuant to Rule 433(d) under the Securities Act or any other document incident to any such registration, qualification or compliance prepared by or on behalf of the Company or used or referred to by the Company, (ii) any omission (or alleged
omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation (or alleged violation) by the Company of the Securities Act, any state securities laws
or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any offering covered by such registration, qualification or compliance, and the Company will reimburse each
such Holder, each of its officers, directors, stockholders, members, partners, legal counsel and accountants and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any legal and any
other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to the extent that any such claim,
loss, damage, liability, or action arises out of or is based on any untrue statement or omission based upon written information furnished to the Company by such Holder, any of such Holder’s officers, directors, partners, legal counsel or
accountants, any person controlling such Holder, such underwriter or any person who controls any such underwriter, and stated to be specifically for use therein; and provided, further that, the indemnity agreement contained in this
Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably
withheld). 
 (b)    To the extent permitted by law, each Holder will, severally and not jointly, if Registrable
Securities held by such Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel and
accountants and each underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other
such Holder, and each of their officers, directors and partners, and each person controlling each other such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue
statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular or other document (including any related registration statement, notification, or the like) incident to any such
registration, qualification or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and
such Holders, directors, officers, partners, legal counsel and accountants, persons, underwriters, or control persons for any legal or any 

  
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other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but in each case, only to the
extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information
furnished to the Company by such Holder and stated to be specifically for use therein; provided, however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages
or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided that in no event shall any indemnity under this
Section 2.6 exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder. 

(c)    Each party entitled to indemnification under this Section 2.6 (the
“Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any
litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense; and provided further that
the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.6, to the extent such failure is not prejudicial. No Indemnifying
Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may
reasonably request in writing and as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 

(d)    If the indemnification provided for in this Section 2.6 is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the
amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party
on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified
Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified
Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. No person or entity will be required under this Section 2.6(d), when combined
with Section 2.6(b), to contribute any amount in excess of the net proceeds from the offering received by such person or entity, except in the case of fraud or willful misconduct by such person or entity. No person or
entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(e)    Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public
offering, the obligations of the Company and the Holders under this Section 2.6, shall survive the completion of any offering of Registrable Securities in a registration 

  
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pursuant to this Section 2, and otherwise survive the termination of this Agreement. Notwithstanding anything to the contrary in this Agreement, to the extent that the
provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall
control. 
 2.7    Information by Holder. Each Holder of Registrable
Securities shall furnish to the Company such information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration,
qualification, or compliance referred to in this Section 2. 

2.8    Restrictions on Transfer. 

(a)    The holder of each certificate representing Registrable Securities by acceptance thereof agrees to comply in all
respects with the provisions of this Section 2.8 and with the transfer restrictions set forth in that certain Amended and Restated Right of First Refusal and Co-Sale Agreement, dated
the date hereof. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, unless and until the transferee thereof has agreed in
writing for the benefit of the Company to take and hold such Restricted Securities subject to, and to be bound by, the terms and conditions set forth in this Agreement, including, without limitation, this Section 2.8 and
Section 2.10, and: 
 (i)    There is then in effect a registration statement under the
Securities Act covering such proposed disposition and the disposition is made in accordance with the registration statement; or 

(ii)    The Holder shall have given prior written notice to the Company of the Holder’s intention to make such
disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if requested by the Company, the Holder shall have furnished the Company, at the Holder’s expense,
with (i) an opinion of counsel reasonably satisfactory to the Company to the effect that such disposition will not require registration of such Restricted Securities under the Securities Act or (ii) a “no action” letter from the
Commission to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Commission that action be taken with respect thereto, whereupon the holder of such Restricted Securities shall
be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144
except in unusual circumstances. 
 (b)    Notwithstanding the provisions of Section 2.8(a),
no such registration statement or opinion of counsel or “no action” letter shall be necessary for (i) a transfer not involving a change in beneficial ownership, or (ii) transactions involving the distribution without
consideration of Restricted Securities by any Holder to (x) a parent, subsidiary or other Affiliate of the Holder, if the Holder is an entity, (y) any of the Holder’s partners, members or other equity owners, or retired partners,
retired members or other equity owners, or to the estate of any of the Holder’s partners, members or other equity owners or retired partners, retired members or other equity owners, or (z) a venture capital or investment fund that is
controlled by or under common control with one or more general partners or managing members of, or shares the same management company or (for purposes of Investors organized in the British Isles or Jersey) advisory company with, the Holder;
provided, in each case, that the Holder shall give written notice to the Company of the Holder’s intention to effect such disposition, shall have 

  
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furnished the Company with a detailed description of the manner and circumstances of the proposed disposition. 

(c)    Notwithstanding the provisions of Section 2.8(a) and 2.8(b), no Holder shall
transfer any Restricted Securities to (a) any entity which, in the reasonable determination of the Board of Directors, directly or indirectly competes with the Company (it being acknowledged that if such entity is a professional investment
fund, such entity shall not be deemed to be or become a direct competitor of the Company as a result of investing in one or more portfolio companies which may be deemed competitive with the Company’s business (as currently conducted or as
currently proposed to be conducted)) (a “Competitor”); or (b) any customer, distributor or supplier of the Company, if the Board of Directors should determine that such transfer would result in such customer, distributor
or supplier receiving information that would place the Company at a competitive disadvantage with respect to such customer, distributor or supplier; provided however that Roche Finance Ltd may transfer its shares to any of its Affiliates that is not
engaged in the development of vaccines against infectious agents, other than through a minority investment in a portfolio company that is engaged in the development of vaccines against infectious agents. 

(d)    Each certificate representing Registrable Securities shall (unless otherwise permitted by the provisions of this
Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR AN EXEMPTION
THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO (1) RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN INVESTORS’ RIGHTS AGREEMENT, AND (2) VOTING RESTRICTIONS AS SET FORTH IN A VOTING AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS
OF THESE SHARES, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY.” 
 (e)    The first
legend referring to federal and state securities laws identified in Section 2.8(d) stamped on a certificate evidencing the Restricted Securities and the stock transfer instructions and record notations with respect to the
Restricted Securities shall be removed and the Company shall issue a certificate without such legend to the holder of Restricted Securities if (i) those securities are registered under the Securities Act, or (ii) the holder provides the
Company with an opinion of counsel reasonably acceptable to the Company to the effect that a sale or transfer of those securities may be made without registration or qualification. 

  
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 (f)    Each Holder agrees not to make any sale, assignment, transfer,
pledge or other disposition of any securities of the Company, or any beneficial interest therein, to any person other than the Company unless and until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the
proposed transferee nor any of its directors, executive officers, other officers that serve as a director or officer of any company in which it invests, general partners or managing members nor (with respect to each proposed transferee that is, or
following such sale, assignment, transfer, pledge or other disposition would become, a Covered Person) any person that would be deemed a beneficial owner of those securities (in accordance with Rule 506(d) of the Securities Act) is subject to any
Bad Actor Disqualification, except as set forth in Rule 506(d)(2) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer, in writing in reasonable detail to the Company. 

(g)    The Company shall not be obligated to recognize any attempted sale, assignment, transfer, pledge or other
disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, made other than in compliance with the terms and conditions of this Agreement. The Holders consent to the Company making a notation on its records
and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer established in this Agreement. 

2.9    Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a)    Make and keep adequate current public information with respect to the Company available in accordance with Rule 144
under the Securities Act, at all times from and after the effective date of the registration statement filed by the Company for its Initial Public Offering; 

(b)    File with the Commission in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements; and 

(c)    So long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written
statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the registration statement filed by the Company for its Initial Public
Offering), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as
a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities without registration. 

2.10    Market Stand-Off Agreement.
Each Holder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any Common Stock (or other securities) of
the Company held by such Holder (other than those included in a registration) during the period from the filing of a registration statement filed by the Company for its Initial Public Offering through the end of the
180-day period following the effective date of such registration statement for the Company’s Initial Public Offering (or such other period as may be required to accommodate applicable regulatory
restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, 

  
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including, but not limited to, the restrictions contained in applicable FINRA rules, or any successor provisions or amendments thereto); provided that all officers and directors of the
Company and holders of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements. The Company may impose stop-transfer instructions and may stamp each such certificate with the second
legend set forth in Section 2.8(d) with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. Each Holder
agrees to execute a market standoff agreement with said underwriters in customary form consistent with the provisions of this Section 2.10. The underwriters in connection with the Company’s Initial Public Offering are
intended third-party beneficiaries of this Section 2.10 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Any discretionary waiver or termination of the
restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements (the
“Pro-rata Release”); provided, however, that such Pro-rata Release shall not be applied unless and until the Company or the underwriters have
first waived such restrictions with respect to an aggregate number of shares of Common Stock representing more than 5% of the Company’s total outstanding shares of Common Stock as of immediately prior to the Initial Public Offering (calculated
on an as-converted basis). 

2.11    Delay of Registration. No Holder shall have any right to take any
action to restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.12    Transfer or Assignment of Registration Rights. The rights to cause
the Company to register securities granted to a Holder by the Company under this Section 2 may be transferred or assigned by a Holder (a) only to a transferee or assignee of not less than 195,000 shares of Registrable
Securities (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like) or (b) in connection with a transfer of Registrable Securities permitted pursuant to
Section 2.8(b); provided that (i) such transfer or assignment of Registrable Securities is effected in accordance with the terms of Section 2.8, the Right of First Refusal and Co-Sale Agreement, and applicable securities laws, (ii) the Company is given written notice prior to said transfer or assignment, stating the name and address of the transferee or assignee and identifying the
securities with respect to which such registration rights are intended to be transferred or assigned and (iii) the transferee or assignee of such rights assumes in writing the obligations of such Holder under this Agreement, including without
limitation the obligations set forth in Section 2.10. 

2.13    Limitations on Subsequent Registration Rights. From and after the
date of this Agreement, the Company shall not, without the prior written consent of the Preferred Majority enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder any
registration rights the terms of which are pari passu with or senior to the registration rights granted to the Holders hereunder. 
 
2.14    Termination of Registration Rights. The right of any Holder to request registration or inclusion in any registration pursuant to Sections 2.1, 2.2 or 2.3 shall terminate on
the earlier of (i) such date, on or after the closing of the Company’s first registered public offering of Common Stock, on which all shares of Registrable Securities held or entitled to be held upon conversion by such Holder may
immediately be sold under Rule 144 during any ninety (90) day period, and (ii) three (3) years after the closing of the Company’s Initial Public Offering. 

  
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 SECTION 3 

COVENANTS 
 
3.1    Basic Financial Information and Inspection Rights. 
 (a)    Basic
Financial Information. The Company will furnish the following reports to each Significant Holder: 
 (i)    As
soon as practicable after the end of each fiscal year of the Company, and in any event within one hundred and twenty (120) days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its subsidiaries,
if any, as at the end of such fiscal year and consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such year, in each case, audited and certified by independent public accountants of regionally recognized
standing selected by the Company and prepared in accordance with U.S. generally accepted accounting principles consistently applied (the “Financial Statements”) 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 Company’s Budget (as defined below), with an explanation of any material differences between such amounts and a schedule as to the sources and
applications of funds for such year; 
 (ii)    As soon as practicable before the end of each fiscal year, and in any
event within 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 and prepared on a monthly basis and
forecasting the Company’s revenues, expenses and cash position, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company;

 (iii)    As soon as practicable after the end of the first, second and third quarterly accounting periods in each
fiscal year of the Company, and in any event within forty-five (45) days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company: (i) an unaudited consolidated balance sheet of the
Company and its subsidiaries, if any, as of the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such period, prepared in accordance with U.S.
generally accepted accounting principles consistently applied, subject to changes resulting from normal year-end audit adjustments and (ii) a capitalization table, on a fully diluted basis, setting forth
all holders of capital stock of the Company and options to purchase capital stock of the Company together with details of unexercised and unvested options and detailing any share transfers since the delivery of the previous capitalization table, all
in sufficient detail as to permit the Significant Holders 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; 
 (iv)    with respect to the financial statements called for in Subsection 3.1(a)(i) and 3.1(a)(iii),
an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in accordance with GAAP consistently applied with prior practice for earlier periods and fairly
present the financial condition of the Company and its results of operation for the periods specified therein; and 

(v)    such other information relating to the financial condition, business, prospects, or corporate affairs of the
Company as any Significant Holder may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection  

  
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3.1(a)(v) to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable
confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

(b)    Inspection Rights. The Company will afford each Significant Holder reasonable access, during normal
business hours, to visit and inspect all of the Company’s respective properties; examine its books and records; and discuss the Company’s affairs, finances and accounts with its officers. Each Significant Holder shall have such other
reasonable access to management and information as is necessary for it to comply with applicable laws and regulations and reporting obligations. The Company shall not be required to disclose details of contracts with or work performed for specific
customers and other business partners where to do so would violate confidentiality obligations to those parties. Significant Holders may exercise their rights under this Section 3.1(b) only for purposes reasonably related
to their interests under this Agreement and related agreements, including monitoring their investment in the Company. The rights granted pursuant to this Section 3.1(b) may not be assigned or otherwise conveyed by the
Significant Holders or any subsequent transferee of any such rights without the prior written consent of the Company, unless assigned or otherwise conveyed in connection with a transfer of Registrable Securities that complies with the provisions set
forth in Section 2.8 above. 

3.2    Confidentiality. Anything in this Agreement to the contrary
notwithstanding, no Holder by reason of this Agreement shall have access to any trade secrets of the Company. The Company shall not be required to comply with any information rights of Section 3 in respect of any Holder
whom the Company reasonably determines to be a Competitor; provided however that Roche Finance Ltd, funds managed or advised by RA Capital Management, L.P. and the funds managed by Janus Capital Management LLC shall not be deemed to be a Competitor.
Each Holder agrees that such Holder 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 3.2 by such Holder), (b) is or has been independently developed or conceived by the Holder without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Holder by a third
party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that a Holder may disclose confidential information (i) to its attorneys, accountants, consultants, and other
professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Holder, if such prospective purchaser agrees
to be bound by the provisions of this Subsection 3.2 and such prospective purchaser is not a Competitor of the Company; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such
Holder or to any investment fund that is controlled by or under common control with one or more general partners or managing members of, or shares the same management company or (for purposes of Investors organized in the British Isles or Jersey)
advisory company with, the Holder, in each case, in the ordinary course of business, provided that such Holder informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such
information and such Person is not a Competitor of the Company; or (iv) as may otherwise be required by law, provided that the Holder promptly notifies the Company of such disclosure (if legally permitted) and takes reasonable steps (at
the expense of the Company) to minimize the extent of any such required disclosure. 

3.3    Stock Option Grants. All stock option grants of the Company will be
recommended by the Company’s management and approved by a majority of the Board of Directors, including at least three (3) of the members of the Board of Directors that are elected by the Investors (the “Preferred
Directors”). 

  
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 3.4    Vesting;
Repurchase. Unless otherwise determined by the Board of Directors (including at least three (3) of the Preferred Directors), all options, restricted stock and similar equity compensation issued to officers, employees or consultants of the
Company following the date hereof (collectively, the “Employee Equity Awards”) will be subject to repurchase rights of the Company (or vesting, as applicable) as follows: 25% of the shares subject to the Employee Equity
Awards shall vest on the first anniversary of issuance, and the balance shall vest ratably each month over the subsequent 36 months. The Company shall have the option to repurchase, at cost, any and all Common Stock still subject to the
Company’s repurchase rights as well as any portion of unvested shares held by any and all holders of Employee Equity Awards in the event that such holder’s service relationship with the Company is terminated for any reason, unless
otherwise specified in an applicable employment or consulting agreement. 

3.5    Employee Agreements. The Company will cause (i) each person now
or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights
assignment agreement on the Company’s standard form as approved by the Board of Directors and (ii) each key employee now or hereafter employed by it or by any subsidiary to enter into employment and
non-solicitation agreements in a form reasonably acceptable to the Board of Directors, including the Preferred Directors. 

3.6    “Bad Actor” Notice. Each party to
this Agreement will promptly notify each other party to this Agreement in writing if it, or (with respect to each party to this Agreement that is a Covered Person) any person that would be deemed a beneficial owner of the securities of the Company
held by the party (in accordance with Rule 506(d) of the Securities Act) becomes subject to any Bad Actor Disqualification, except as set forth in Rule 506(d)(2) or (d)(3) under the Securities Act. 

3.7    Affiliate Transactions. Unless waived by the Preferred Majority, the
Company shall not enter into any transaction with any Affiliate of the Company, any officer or director of the Company or any Affiliate of any such officer or director, unless such transaction is approved by a majority of the disinterested members
of the Board of Directors. 
 3.8    Insurance Matters. The Company will,
following the date hereof, obtain (if not already obtained) and cause to be maintained, with sound and reputable insurers: 

(a)    directors’ and officers’ liability insurance in the amount of at least $5,000,000; and 

(b)    fire and casualty insurance with extended coverage, sufficient in amount (subject to reasonable deductions) to
allow it to replace any of its properties that might be damaged or destroyed. 
 The directors’ and officers’ liability insurance
policy shall not be cancelable by the Company without prior approval by the Board of Directors including a majority of the Preferred Directors. Notwithstanding any other provision in this Agreement to the contrary, for so long as any Preferred
Director is serving on the Board of Directors, the Company shall not cease to maintain a directors’ and officers’ liability insurance policy in an amount of at least five million dollars ($5.0 million) unless approved by such Preferred
Director, and the Company shall annually, within one hundred twenty (120) days after the end of each fiscal year of the Company, deliver to each Preferred Director a certification that such a directors and officers liability insurance policy
remains in effect. 

  
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 3.9    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. The Company shall reimburse each director and each board observer
for reasonable expenses incurred while working for the benefit of the Company as directed or authorized by the Board of Directors, and for reasonable travel and lodging expenses incurred by such directors or board observers for travel to and from
Board of Director meetings. 
 3.10    Right to Conduct Activities. The
Company hereby agrees and acknowledges that certain of the Holders are professional investment funds, and as such invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently
conducted or as currently proposed to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, such Holders shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment
by such Holder in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other representative of such Holder to assist any such competitive company, whether or not such action was taken as a member of the
board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Holders from liability
associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the
Company. 
 3.11    Indemnification Matters. The Company hereby
acknowledges that one (1) or more of the Preferred Directors (each, a “Fund Director”) may have certain rights to indemnification, advancement of expenses, and/or insurance provided by outside sources other than the
Company and its insurance providers (the “Fund Indemnitor”). The Company hereby agrees that (a) as between the Company and the Fund Indemnitor, the Company is primarily responsible for amounts required to be indemnified
or advanced under the Company’s certificate of incorporation or bylaws (or any agreement between the Company and such Fund Director), and any obligation of the Fund Indemnitor to provide indemnification or advancement for the same amounts is
secondary to those Company obligations; (b) the Company shall advance expenses incurred by a Fund Director in connection with any action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or proceeding by or on behalf of such Fund Director to the extent legally permitted and as required by the Company’s certificate of incorporation or bylaws (or any agreement between the Company and such Fund Director),
without regard to any rights such Fund Director may have against the Fund Indemnitor, and (c) the Company waives any right of contribution or subrogation against the Fund Indemnitor with respect to the liabilities for which the Company is
primarily responsible. The Company further agrees that the Fund Indemnitor shall be subrogated to the extent of such payment to all of the rights of recovery of such Fund Director for indemnification or advancement of expenses under the
Company’s certificate of incorporation or bylaws (or any agreement between the Company and such Fund Director). 
 
3.12    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, 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, Restated Certificate, or elsewhere, as the case may be. 

  
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 3.13    Side Letters. The
Company will furnish any additional side letters to which it enters into following to date of this Agreement to each Significant Holder. 
 
3.14    Termination of Covenants. The covenants set forth in this Section 3 (other than Section 3.10 and Section 3.11) shall
terminate and be of no further force and effect after the closing of the Company’s Qualified IPO. 

SECTION 4 

RIGHT OF FIRST REFUSAL 
 
4.1    Right of First Refusal to Significant Holders. The Company hereby grants to each Significant Holder, the right of first refusal to purchase its pro rata share of New Securities (as defined in
Section 4.1) which the Company may, from time to time, propose to sell and issue after the date of this Agreement. A Significant Holder’s pro rata share, for purposes of this right of first refusal, is equal to
the ratio of (a) the number of shares of Common Stock owned by such Significant Holder immediately prior to the issuance of New Securities (assuming full conversion of all the Preferred Stock and full conversion or exercise of all outstanding
convertible securities, rights, options and warrants held by said Significant Holder) to (b) the total number of shares of Common Stock of the Company then outstanding (assuming full conversion of the Preferred Stock and full conversion or
exercise of all outstanding convertible securities, rights, options and warrants). Each Significant Holder shall have a right of over-allotment such that if any Significant Holder fails to exercise its right hereunder to purchase its pro rata share
of New Securities, the other Significant Holders may purchase the non-purchasing Significant Holder’s portion on a pro rata basis. “New Securities” shall mean any capital stock
(including Common Stock and/or Preferred Stock) of the Company whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital stock, and securities of any type whatsoever that are, or may become,
exercisable or convertible into capital stock; provided that the term “New Securities” does not include (i) Exempted Securities (as such term is defined in the Restated Certificate) and (ii) any shares issued
pursuant to the Purchase Agreement. 
 (a)    In the event the Company proposes to undertake an issuance of New
Securities, it shall give each Significant Holder written notice of its intention, describing the type of New Securities, the number of such New Securities to be offered and their price and the general terms upon which the Company proposes to issue
the same. Each Significant Holder shall have ten (10) days after any such notice is mailed or delivered to agree to purchase such Significant Holder’s pro rata share of such New Securities and to indicate whether such Significant
Holder desires to exercise its over-allotment option for the price and upon the terms specified in the notice by giving written notice to the Company, in substantially the form attached as EXHIBIT B, and stating therein the
quantity of New Securities to be purchased. 
 (b)    In the event the Significant Holders fail to exercise fully the
right of first refusal and over-allotment rights, if any, within said ten (10) day period (the “Election Period”), the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to
which the sale of New Securities covered thereby shall be closed, if at all, within ninety (90) days from the date of said agreement) to sell that portion of the New Securities with respect to which the Significant Holders’ right of first
refusal option set forth in this Section 4.1 was not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company’s notice to Significant Holders delivered pursuant to
Section 4.1(b). In the event the Company has not sold within such ninety (90) day period following the Election Period, or such ninety (90) day period following the date of said agreement,

  
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the Company shall not thereafter issue or sell any New Securities, without first again offering such securities to the Significant Holders in the manner provided in this
Section 4.1. 
 (c)    The right of first refusal granted under this Agreement shall expire
upon, and shall not be applicable to, the Company’s Qualified IPO. 
 (d)    The rights provided in this
Section 4.1 may not be assigned or transferred by any Significant Holder; provided, however, that a Significant Holder may assign or transfer such rights as set forth in Section 5.4.

 (e)    A Holder will not have a right of first refusal to purchase a pro rata share of New Securities in
accordance with this Section 4 and will not be a Significant Holder for purposes of the right of first refusal granted under this Section 4 if, and for so long as, the Significant Holder, any of
its directors, executive officers, other officers that serve as a director or officer of any company in which it invests, general partners or managing members or (with respect to each Holder that is, or following the consummation of the transactions
contemplated by such right of first refusal would become, a Covered Person) any person that would be deemed a beneficial owner of the securities of the Company held by the Significant Holder (in accordance with Rule 506(d) of the Securities Act) is
subject to any Bad Actor Disqualification, except as set forth in Rule 506(d)(2) or (d)(3) under the Securities Act. 
 
SECTION 5 
 MISCELLANEOUS 

5.1    Amendment. Except as expressly provided herein, neither this
Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by the Company and the Preferred Majority; provided, however, that Holders
purchasing shares of Series D Preferred Stock in a Closing after the Initial Closing (each as defined in the Purchase Agreement) may become parties to this Agreement, by executing a counterpart of this Agreement without any amendment of this
Agreement pursuant to this paragraph or any consent or approval of any other Holder; and provided further, that any amendment, waiver, discharge or termination of Sections 2.3, 3.1 and 4.1 shall also require the written
consent of Significant Holders holding at least fifty-five percent (55%) of the Registrable Securities held by Significant Holders (“Significant Holder Majority”). Any such amendment, waiver, discharge or termination effected
in accordance with this paragraph shall be binding upon each Holder and each future holder of all such securities of Holder. Each Holder acknowledges that by the operation of this paragraph, the Preferred Majority (and Preferred Majority and the
Significant Holder Majority with respect to Sections 2.3, 3.1 and 4.1) will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. Notwithstanding the foregoing, (a) this Agreement
may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies equally to all Investors, and
(b) Sections 2.3, 3.1 and 4.1 may be amended and the observance of the terms thereof may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of
the Significant Holder Majority; provided, however, that any waiver of Section 4.1 in connection with an offering of New Securities shall be effective only if all Significant Holders that have rights under
Section 4.1 in connection with such offering are provided the opportunity to participate in such offering on the same terms and to the same extent (on a percentage basis) of their pro rata share of New Securities in
accordance with Section 4.1 and on the same terms as the other Significant Holders who are participating in such offering. 

  
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 5.2    Notices. All
notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier
service addressed: 
 (a)    if to an Investor, to the Investor’s address, facsimile number or electronic mail
address as shown in the Company’s records, as may be updated in accordance with the provisions hereof, with a copy (which shall not constitute notice) to Michael J, Cohen, Brown Rudnick LLP, One Financial Center, Boston, MA 02111; 

(b)    if to any Holder, to such address, facsimile number or electronic mail address as shown in the Company’s
records, or, until any such Holder so furnishes an address, facsimile number or electronic mail address to the Company, then to the address of the last holder of such shares for which the Company has contact information in its records; or 

(c)    if to the Company, to the attention of the Chief Executive Officer of the Company at 353 Hatch Drive, Foster City,
California 94404, or at such other current address as the Company shall have furnished to the Investors or Holders, with a copy (which shall not constitute notice) to Robert Phillips, Cooley LLP, 101 California Street 5th Floor, San Francisco, California 94111. 
 Each such notice or other communication shall
for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent (A) via a nationally-recognized overnight courier service to a U.S. address,
freight prepaid, specifying next-business-day delivery, with written verification of receipt, one (1) business day after deposit with such courier or (B) via an internationally recognized expedited
delivery services company to a non-U.S. address, freight prepaid, specifying next-business-day delivery, with written verification of receipt, three (3) business
days after deposit with such delivery service), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been sent by registered or certified mail, return receipt requested, postage prepaid, or (iii) if sent
via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the
recipient, then on the recipient’s next business day. 
 Subject to the limitations set forth in Delaware General Corporation Law
§232(e), each Investor and Holder consents to the delivery of any notice to stockholders given by the Company under the Delaware General Corporation Law or the Company’s certificate of incorporation or bylaws by (i) facsimile
telecommunication to the facsimile number set forth on EXHIBIT A (or to any other facsimile number for the Investor or Holder in the Company’s records), (ii) electronic mail to the electronic mail address set forth on
EXHIBIT A (or to any other electronic mail address for the Investor or Holder in the Company’s records), (iii) posting on an electronic network together with separate notice to the Investor or Holder of such specific
posting or (iv) any other form of electronic transmission (as defined in the Delaware General Corporation Law) directed to the Investor or Holder. This consent may be revoked by an Investor or Holder by written notice to the Company and may be
deemed revoked in the circumstances specified in Delaware General Corporation Law §232. 

5.3    Governing Law. This Agreement shall be governed in all respects by
the internal laws of the State of Delaware as applied to agreements entered into among Delaware residents to be performed entirely within Delaware, without regard to principles of conflicts of law. 

5.4    Successors and Assigns. This Agreement, and any and all rights,
duties and obligations hereunder, shall not be assigned, transferred, delegated or sublicensed by any Investor without the prior 

  
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written consent of the Company; provided that (i) the rights, duties and obligations of an Investor may be assigned in connection with a permitted transfer of Registrable Securities
by an Investor pursuant to Section 2.8(b) and (ii) the rights set forth in Section 4.1 may be assigned or transferred by a Significant Holder to (x) a parent, subsidiary or other
Affiliate of the Significant Holder, if the Significant Holder is an entity, (y) any of the Significant Holder’s partners, members or other equity owners, or retired partners, retired members or other equity owners, or to the estate of any
of the Significant Holder’s partners, members or other equity owners or retired partners, retired members or other equity owners, or (z) any investment fund that is controlled by or under common control with one or more general partners or
managing members of, or shares the same management company or (for purposes of Investors organized in the British Isles or Jersey) advisory company with, the Significant Holder; provided that such Affiliate, assignee or transferee is not a
Competitor of the Company. The Company agrees that Roche Finance and its Affiliates shall not be deemed a Competitor for so long as neither Roche Finance Ltd nor any of its Affiliates is engaged in the development of vaccines against infectious
agents, other than through a minority investment in a portfolio company that is engaged in the development of vaccines against infectious agents. Any attempt by an Investor without such permission to assign, transfer, delegate or sublicense any
rights, duties or obligations that arise under this Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors,
assigns, heirs, executors and administrators of the parties hereto. 

5.5    Entire Agreement. This Agreement and the exhibits hereto constitute
the full and entire understanding and agreement between the parties with regard to the subjects hereof, and supersedes in its entirety the Prior Agreement, which shall have no further force and effect. No party hereto shall be liable or bound to any
other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein. 

5.6    Delays or Omissions. Except as expressly provided herein, no delay
or omission to exercise any right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such
non- defaulting party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in 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. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this
Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by
law or otherwise afforded to any party to this Agreement, shall be cumulative and not alternative. 

5.7    Severability. If any provision of this Agreement becomes or is
declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such
illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance
of this Agreement shall be enforceable in accordance with its terms. 

5.8    Titles and Subtitles. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and
paragraphs hereof and exhibits attached hereto. 

  
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 5.9    Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument. 

5.10    Telecopy Execution and Delivery. A facsimile, telecopy or other
reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such
execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile, telecopy or other
reproduction hereof. 
 5.11    Jurisdiction; Venue. With respect to
any disputes arising out of or related to this Agreement, the parties consent to the exclusive jurisdiction of, and venue in, the state courts in the State of Delaware (or in the event of exclusive federal jurisdiction, the courts of the District of
Delaware). 
 5.12    Further Assurances. Each party hereto agrees to
execute and deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more fully
effectuate this Agreement. 
 5.13    Termination Upon Change of
Control. Notwithstanding anything to the contrary herein, this Agreement (excluding any then-existing obligations) shall terminate upon a Deemed Liquidation Event (as such term is defined in the Restated Certificate). 

5.14    Conflict. In the event of any conflict between the terms of this
Agreement and the Company’s certificate of incorporation or its bylaws, the terms of the Company’s certificate of incorporation or its bylaws, as the case may be, will control. 

5.15    Attorneys’ Fees. In the event that any suit or
action is instituted to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party such reasonable fees and expenses of attorneys and accountants, which shall include, without
limitation, all fees, costs and expenses of appeals. 
 5.16    Aggregation
of Stock. All securities held or acquired by Affiliates shall be aggregated together for purposes of determining the availability of any rights under this Agreement. 

5.17    Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT. This paragraph shall not restrict a party from
exercising remedies under the Uniform Commercial Code or from exercising pre-judgment remedies under applicable law. 

[Signature page follows] 

  
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 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 COMPANY:
  

SUTROVAX, INC.
 a Delaware corporation

		
	By:	 	   /s/ Grant Pickering

	Name:	 	  Grant Pickering
	Title:	 	  President and Chief Executive Officer

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

RA CAPITAL HEALTHCARE FUND, L.P. 
 By: RA Capital
Healthcare Fund GP, LLC
 Its General Partner

		
	By:	 	   /s/ Peter Kolchinsky

	Name:	 	   Peter Kolchinsky

	Title:	 	   Manager

	Address:	 	   RA Capital Management, L.P.

  200 Berkeley Street
   18th Floor
   Boston, MA 02116

  Attn: General Counsel

	
	 BLACKWELL PARTNERS LLC – SERIES A

By: RA Capital Healthcare Fund GP, LLC
 Its General
Partner

		
	By:	 	   /s/ Abayomi A. Adigun
            /s/ Jannine M. Lall

	Name:	 	   Abayomi A. Adigun
                  Jannine M. Lall

	Title:	 	   Investment
Manager                    Head of Finance

                          
                             & Controller

  DUMAC,
Inc.                              DUMAC, Inc.

  Authorized
Agent                      Authorized Agent

	Address:	 	   Blackwell Partners LLC – Series A

  280 S. Mangum Street
   Suite 210

  Durham, NC 27701
   Attn: Jannine
Lall

	
	 RA CAPITAL NEXUS FUND, L.P. 

By: RA Capital Nexus Fund GP, LLC
 Its General
Partner

		
	By:	 	   /s/ Peter Kolchinsky

	Name:	 	   Peter Kolchinsky

	Title:	 	   Manager

	Address:	 	   RA Capital Management, L.P.

  200 Berkeley Street
   18th Floor
   Boston, MA 02116

  Attn: General Counsel

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTORS:
  

JANUS HENDERSON GLOBAL LIFE SCIENCES FUND 
 By: Janus
Capital Management LLC, its investment advisor

		
	By:	 	   /s/ Andrew Acker

	Name:  	 	   Andrew Acker

	Title:	 	   Authorized Signatory

	
	 JANUS HENDERSON CAPITAL FUNDS PLC ON BEHALF OF ITS SERIES JANUS HENDERSON GLOBAL LIFE SCIENCES FUND 

By: Janus Capital Management LLC, its investment advisor

		
	By:	 	   /s/ Andrew Acker

	Name:	 	   Andrew Acker

	Title:	 	   Authorized Signatory

	
	 JANUS HENDERSON BIOTECH INNOVATION MASTER FUND LIMITED 

By: Janus Capital Management LLC, its investment advisor

		
	By:	 	   /s/ Andrew Acker

	Name:	 	   Andrew Acker

	Title:	 	   Authorized Signatory

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTORS:
  

JANUS HENDERSON TRITON FUND 
 By: Janus Capital Management
LLC, its investment advisor

		
	By:	 	   /s/ Jonathan Coleman

	Name:  	 	   Jonathan Coleman

	Title:	 	   Authorized Signatory

	
	 JANUS HENDERSON VENTURE FUND 

By: Janus Capital Management LLC, its investment advisor

		
	By:	 	   /s/ Jonathan Coleman

	Name:	 	   Jonathan Coleman

	Title:	 	   Authorized Signatory

	
	 JANUS CAPITAL FUNDS PLC ON BEHALF OF ITS SERIES JANUS HENDERSON US VENTURE FUND 

By: Janus Capital Management LLC, its investment advisor

		
	By:	 	   /s/ Jonathan Coleman

	Name:	 	   Jonathan Coleman

	Title:	 	   Authorized Signatory

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

ABINGWORTH BIOVENTURES VI LP 
 By: its Manager, Abingworth
LLP

		
	By:	 	   /s/ John Heard

	Name:  	 	   John Heard

	Title:	 	   Partner, General Counsel

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

CTI LIFE SCIENCES FUND II, L.P.
 CTI LIFE SCIENCES FUND
II
 (INTERNATIONAL), L.P.

		
	By:	 	   /s/ Ken Pastor

	Name:  	 	   Ken Pastor

	Title:	 	   General Partner

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

FORESITE CAPITAL FUND IV, L.P. 
 By: Foresite Capital
Management IV, LLC,
 its General Partner

		
	By:	 	   /s/ Dennis Ryan

	Name:  	 	
                 

	Title:	 	
                 

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

FRAZIER LIFE SCIENCES VIII, L.P. 
  

By: FHM Life Sciences VIII, L.P.
 its general partner

 
 By: FHM Life Sciences VIII, L.L.C.,

its general partner

		
	By:	 	   /s/ Patrick Heron

	Name:  	 	   Patrick Heron

	Title:	 	   Member

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

	
	 INVESTOR:
  

  /s/ Larry G. Pickering

	LARRY G. PICKERING

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

LONGITUDE VENTURE PARTNERS 
 II, L.P., a Delaware
limited partnership
  
 By: Longitude Capital Partners II, LLC, a

Its General Partner

		
	By:	 	   /s/ Patrick Enright

	Name:  	 	   Patrick Enright

	Title:	 	   Managing Member

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

MEDICXI VENTURES I LP 
  

MEDICXI CO-INVEST I LP 

		
	By:	 	 its manager Medicxi Ventures
 Management
(Jersey) Limited

		
	By:	 	   /s/ Nick McHardy

	Name:  	 	   Nick McHardy

	Title:	 	   Alternate Director

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

Pivotal bioVenture Partners Fund I, L.P.
  

By: Pivotal bioVenture Partners Fund I
 G.P., L.P., its general
partner
  
 By: Pivotal bioVenture Partners Fund I

U.G.P. Ltd, its general partner

		
	By:	 	   /s/ Rob Hopfner

	Name:  	 	   Rob Hopfner

	Title:	 	   Managing Partner

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

ROCHE FINANCE LTD

		
	By:	 	   /s/ Carole Nuechterlein

	Name:  	 	
                 

	Title:	 	
                 

		
	By:	 	   /s/ Felix Kobel

	Name:	 	   Rob Hopfner

	Title:	 	   Managing Partner

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

WILCOX FAMILY INVESTMENTS LLC

		
	By:	 	   /s/ James R. Wilcox

	Name:  	 	   James R. Wilcox

	Title:	 	   Manager

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	 INVESTOR:
  

TPG GROWTH IV SWITCHEROO, L.P.
  

By: TPG Growth GenPar IV, L.P., its general partner
  

By: TPG Growth GenPar IV Advisors, LLC,
 its general
partner

		
	By:	 	   /s/ Mike LaGatta

	Name:  	 	   Mike LaGatta

	Title:	 	   Vice President

 [Signature Page to SutroVax, Inc. Amended and Restated Investors’ Rights Agreement] 

Table of Contents

 EXHIBIT A 

INVESTORS 
 Name and Address

 RA Capital Healthcare Fund, L.P. 
 RA
Capital Nexus Fund, L.P. 
 c/o RA Capital Management, L.P. 

                                         
                
 
                                         
                
 
                                         
                
 Blackwell Partners LLC – Series A 

                                         
                
 
                                         
                
 
                                         
                
 Attn: Jannine Lall 

Janus Henderson Global Life Sciences Fund 
 Janus
Henderson Capital Funds plc on behalf of its series Janus Henderson Global Life Sciences Fund 
 Janus Henderson Biotech Innovation Master Fund
Limited 
 Janus Henderson Venture Fund 
 Janus
Henderson Capital Funds plc on behalf of its series Janus Henderson US Venture Fund 
 Janus Henderson Triton Fund 

c/o Janus Capital Management LLC 
 
                                         
                
 
                                         
                
 Attn: Andrew Acker (Email:
                                        )

 Attn: Angela Morton (Email:
                                        )

 With a copy to: 
 Perkins Coie LLP 

                                         
                
 
                                         
                
 Attn: Adrian Rich (Email:
                                        )

 TPG Growth IV Switcheroo, L.P. 
 
                                         
                
 
                                         
                
 Medicxi Ventures I LP 

                                         
                
 
                                         
                
 
                                         
                
 
                                         
                
 Attn: Giles Johnstone-Scott 

Email:
                                         
    

  
 A-1 

Table of Contents

 Medicxi Co-Invest I LP 

                                         
                
 
                                         
                
 
                                         
                
 
                                         
                
 Attn: Giles Johnstone-Scott 

Email:
                                         
    
 Foresite Capital Fund IV, L.P. 

                                         
                
 
                                         
                
 Attn:    Dennis D. Ryan 

Email:
                                         
    
 Pivotal bioVenture Partners Fund I L.P. 

c/o Pivotal bioVenture Partners 
 
                                         
                
 
                                         
                
 Frazier Life Sciences VIII, L.P. 

c/o Frazier Healthcare Partners 
 Attention: Steve Bailey, Chief
Financial Officer 
 
                                         
                
 
                                         
                
 
                                         
                
 Abingworth LLP 

                                         
                
 
                                         
                
 
                                         
                
 Attn: General Counsel 

Email:
                                         
    
 Longitude Venture Partners II, L.P. 

                                         
                
 
                                         
                
 Attn: Patrick Enright 

Telephone:
                                      

Facsimile:                        
                
 Email:
                                         
    
 Roche Finance Ltd 
 
                                         
                
 
                                         
                
 Attention: Roche Venture Fund, Carole Nuechterlein 

Facsimile:
                                       

With a copy to: 

Hoffmann-La Roche Inc. 
 
                                         
                
 
                                         
                
 
                                         
                
 Attention: General Counsel 

Facsimile:                        
                

  
 A-2 

Table of Contents

 CTI Life Sciences Fund II, L.P. 

CTI Life Sciences Fund II (International), L.P. 
 
                                         
                
 
                                         
                
 
                                         
                
 Attention: Shermaine Tilley (with a copy to Nicole
Northcott) 
 Facsimile:
                                       

Email:
                                         
    
 (cc:
                                         
        ) 
 Larry G. Pickering 

                                         
                
 
                                         
                
 Email:
                                         
    
 Wilcox Family Investments LLC 

                                         
                
 
                                         
                
 Email:
                                         
    
 WS Investment Company LLC (2014A) 

WS Investment Company LLC (2017A) 
 
                                         
                
 
                                         
                
 Attn: Jim Terranova 

Facsimile:
                                       

Email:
                                         
    

  
 A-3 

Table of Contents

 EXHIBIT B 

NOTICE AND WAIVER/ELECTION OF RIGHT OF FIRST REFUSAL 

I do hereby waive or exercise, as indicated below, my rights of first refusal under the Amended and Restated Investors’ Rights Agreement
of SutroVax, Inc. (the “Company”) dated as of March 20, 2020 (the “Agreement”) with respect to the following New Securities [define the New Securities as provided for in the Agreement]:

  

	1.	 Waiver of [    ] days’ notice period in which to exercise right of first refusal:
(please check only one) 

  

	 	(    )	 WAIVE in full, on behalf of all Holders, the
[    ]-day notice period provided to exercise my right of first refusal granted under the Agreement. 

 

	 	(    )	 DO NOT WAIVE the notice period described above. 

 

	2.	 Issuance and Sale of New Securities: (please check only one) 

 

	 	(    )	 WAIVE in full the right of first refusal granted under the Agreement with respect to the issuance of the
New Securities. 

  

	 	(    )	 ELECT    TO    PARTICIPATE in
$[            ] (please    provide    amount) in New Securities proposed to be issued by the Company, representing
LESS than my pro rata portion of the aggregate of $[            ] in New Securities being offered in the financing. 

 

	 	(    )	 ELECT TO PARTICIPATE in $[            ] in
New Securities proposed to be issued by SutroVax, Inc., a Delaware corporation, representing my FULL pro rata portion of the aggregate of $[            ] in New Securities being
offered in the financing. 

  

	 	(    )	 ELECT TO PARTICIPATE in my full pro rata portion of the aggregate of
$[            ] in New Securities being made available in the financing AND, to the extent available, the greater of (x) an additional
$[            ] (please provide amount) or (y) my pro rata portion of any remaining investment amount available in the event other Significant Holders do not exercise
their full rights of first refusal with respect to the $[            ] in New Securities being offered in the financing. 

Capitalized terms shall have the meaning assigned to them in the Agreement. 

 

							
	Date:                     	 		 		 	
                  
                       

		 		 		 	(Print investor name)
				
		 		 	        	 	
                  
                       

		 		 		 	(Signature)
				
		 		 		 	
                  
                       

		 		 		 	(Print name of signatory, if signing for an entity)
				
		 		 		 	
                  
                       

		 		 		 	(Print title of signatory, if signing for an entity)

  
 B-1 

Table of Contents

 This is neither a commitment to purchase nor a commitment to issue the New Securities described above.
Such issuance can only be made by way of definitive documentation related to such issuance. The company will supply you with such definitive documentation upon request or if you indicate that you would like to exercise your first offer rights in
whole or in part. 

  
 B-2EX-10.2

 Exhibit 10.2 

VAXCYTE, INC. 
 2014
EQUITY INCENTIVE PLAN 
 As amended, March 21, 2014 

As amended, April 24, 2015 
 As
amended, July 9, 2015 
 As amended, January 31, 2017 

As amended, March 2, 2017 
 As
amended and restated, May 24, 2018 
 1. Purposes of the Plan. The purposes of this Plan are: 

 

	 	•	 	 to attract and retain the best available personnel for positions of substantial responsibility,

  

	 	•	 	 to provide additional incentive to Employees, Directors and Consultants, and 

 

	 	•	 	 to promote the success of the Company’s business. 

The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and Restricted
Stock Units. 
 2. Definitions. As used herein, the following definitions will apply: 

(a) “Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with
Section 4 of the Plan. 
 (b) “Applicable Laws” means the requirements relating to the administration of equity-based
awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where
Awards are, or will be, granted under the Plan. 
 (c) “Award” means, individually or collectively, a grant under the Plan
of Options, Stock Appreciation Rights, Restricted Stock, or Restricted Stock Units. 
 (d) “Award Agreement” means the
written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 

(e) “Board” means the Board of Directors of the Company. 

 (f) Change in Control” means the occurrence of any of the following events: 

(i) Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more
than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that
any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change in Control; or 

(ii) Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the
Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a
majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by
the same Person will not be considered a Change in Control; or 
 (iii) Change in Ownership of a Substantial Portion of the
Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most
recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition
or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 For purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that
enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or
final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. 

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the
jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction. 
 (g) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code
herein will be a reference to any successor or amended section of the Code. 

 (h) “Committee” means a committee of Directors or of other individuals
satisfying Applicable Laws appointed by the Board, or by the compensation committee of the Board, in accordance with Section 4 hereof. 

(i) “Common Stock” means the common stock of the Company. 

(j) “Company” means Vaxcyte, Inc., a Delaware corporation, or any successor thereto. 

(k) Consultant” means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary to render bona
fide services to such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly promote or maintain a market for the Company’s securities. 

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

(m) “Disability” means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of
Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted
by the Administrator from time to time. 
 (n) “Employee” means any person, including officers and Directors, employed by
the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. 

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

(p) “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for
Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or
other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.

 (q) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq
Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange
or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling
prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last
trading date such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(iii) In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the
Administrator. 
 (r) “Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to
qualify as an incentive stock option within the meaning of Code Section 422 and the regulations promulgated thereunder. 
 (s)
“Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option. 

(t) “Option” means a stock option granted pursuant to the Plan. 

(u) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Code
Section 424(e). 
 (v) “Participant” means the holder of an outstanding Award. 

(w) “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to
restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the
Administrator. 
 (x) “Plan” means this 2014 Equity Incentive Plan. 

(y) “Restricted Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or
issued pursuant to the early exercise of an Option. 
 (z) “Restricted Stock Unit” means a bookkeeping entry representing an
amount equal to the Fair Market Value of one Share, granted pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. 

(aa) “Service Provider” means an Employee, Director or Consultant. 

(bb) “Share” means a share of the Common Stock, as adjusted in accordance with Section 13 of the Plan. 

(cc) “Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7
is designated as a Stock Appreciation Right. 
 (dd) “Subsidiary” means a “subsidiary corporation,” whether now or
hereafter existing, as defined in Code Section 424(f). 

 3. Stock Subject to the Plan. 

(a) Stock Subject to the Plan. Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may
be subject to Awards and sold under the Plan is 7,822,355 Shares. The Shares may be authorized but unissued, or reacquired Common Stock. 

(b) Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an
Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the
forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock
Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued
under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are
repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations
related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for
issuance under the Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number
stated in Section 3(a), plus, to the extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section 3(b). 

(c) Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will
be sufficient to satisfy the requirements of the Plan. 
 4. Administration of the Plan. 

(a) Procedure. 
 (i)
Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan. 

(ii) Other Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee,
which Committee will be constituted to satisfy Applicable Laws. 

 (b) Powers of the Administrator. Subject to the provisions of the Plan, and in the
case of a Committee, subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion: 

(i) to determine the Fair Market Value; 

(ii) to select the Service Providers to whom Awards may be granted hereunder; 

(iii) to determine the number of Shares to be covered by each Award granted hereunder; 

(iv) to approve forms of Award Agreements for use under the Plan; 

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or
limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine; 

(vi) to institute and determine the terms and conditions of an Exchange Program; 

(vii) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; 

(viii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws; 

(ix) to modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary authority to
extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d)); 

(x) to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14; 

(xi) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by
the Administrator; 
 (xii) to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise
would be due to such Participant under an Award; and 
 (xiii) to make all other determinations deemed necessary or advisable for
administering the Plan. 
 (c) Effect of Administrator’s Decision. The Administrator’s decisions, determinations and
interpretations will be final and binding on all Participants and any other holders of Awards. 

 5. Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted
Stock, and Restricted Stock Units may be granted to Service Providers. Incentive Stock Options may be granted only to Employees. 
 6.
Stock Options. 
 (a) Grant of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and
from time to time, may grant Options in such amounts as the Administrator, in its sole discretion, will determine. 
 (b) Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and
such other terms and conditions as the Administrator, in its sole discretion, will determine. 
 (c) Limitations. Each Option will be
designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock
Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock
Options. For purposes of this Section 6(c), Incentive Stock Options will be taken into account in the order in which they were granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares
is granted, and calculation will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder. 

(d) Term of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more than
ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined
voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement. 

(e) Option Exercise Price and Consideration. 

(i) Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined
by the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than ten
percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant.
Notwithstanding the foregoing provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction
described in, and in a manner consistent with, Code Section 424(a). 

 (ii) Waiting Period and Exercise Dates. At the time an Option is granted, the
Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised. 

(iii) Form of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note,
to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided
further that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company under cashless exercise program (whether
through a broker or otherwise) implemented by the Company in connection with the Plan; (6) by net exercise, (7) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws, or
(8) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may be reasonably expected to benefit the
Company. 
 (f) Exercise of Option. 

(i) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the
Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. 

An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify from time
to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and method of
payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant and
his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will
exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other
right for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan. 

Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised. 

 (ii) Termination of Relationship as a Service Provider. If a Participant ceases to
be a Service Provider, other than upon the Participant’s termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within thirty (30) days of termination, or such longer period
of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of termination. Unless otherwise provided
by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not
exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

(iii) Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the
Participant may exercise his or her Option within six (6) months of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the
Award Agreement) to the extent the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the
unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the
Plan. 
 (iv) Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised within six
(6) months following the Participant’s death, or within such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the
extent that the Option is vested on the date of death, by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to the Participant’s death in a form acceptable to the Administrator. If no such
beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in
accordance with the laws of descent and distribution. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will
immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

7. Stock Appreciation Rights. 

(a) Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to
Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. 
 (b) Number of
Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock Appreciation Rights. 

(c) Exercise Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be
received upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise,
the Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan. 

 (d) Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be
evidenced by an Award Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(e) Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by
the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock
Appreciation Rights. 
 (f) Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant
will be entitled to receive payment from the Company in an amount determined by multiplying: 
 (i) The difference between the Fair Market
Value of a Share on the date of exercise over the exercise price; times 
 (ii) The number of Shares with respect to which the Stock
Appreciation Right is exercised. 
 At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in
cash, in Shares of equivalent value, or in some combination thereof. 
 8. Restricted Stock. 

(a) Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. 

(b) Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of
Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted
Stock until the restrictions on such Shares have lapsed. 
 (c) Transferability. Except as provided in this Section 8 or as the
Administrator determines, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 

(d) Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as
it may deem advisable or appropriate. 
 (e) Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of
Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine. The
Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 

 (f) Voting Rights. During the Period of Restriction, Service Providers holding Shares
of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. 

(g) Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be
entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions
on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid. 
 (h) Return of Restricted
Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. 

9. Restricted Stock Units. 

(a) Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the
Administrator determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units. 

(b) Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to
which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals
(including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion. 

(c) Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout
as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout. 

(d) Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s)
determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted Stock Units in cash, Shares, or a combination of both. 

(e) Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 10. Compliance With Code Section 409A. Awards will be designed and operated in
such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the
Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or
payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement
or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. 
 11. Leaves of
Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any
leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless
reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such
leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option. 

12. Limited Transferability of Awards. 

(a) Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any
manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred
(i) by will, (ii) by the laws of descent and distribution, or (iii) as permitted by Rule 701 of the Securities Act of 1933, as amended (the “Securities Act”). 

(b) Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the
Administrator determines that it is, will, or may no longer be relying upon the exemption from registration under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act, an Option,
or prior to exercise, the Shares subject to the Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any short position, any “put equivalent position” or any “call
equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are “family
members” (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of the Participant upon the death or disability of the Participant. Notwithstanding the foregoing
sentence, the Administrator, in its sole discretion, may determine to permit transfers to the Company or in connection with a Change in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f). 

 13. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other
property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares
or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made
available under the Plan, will adjust the number and class of shares of stock that may be delivered under the Plan and/or the number, class, and price of shares of stock covered by each outstanding Award; provided, however, that the Administrator
will make such adjustments to an Award required by Section 25102(o) of the California Corporations Code to the extent the Company is relying upon the exemption afforded thereby with respect to the Award. 

(b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify
each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action. 

(c) Merger or Change in Control. In the event of a merger of the Company with or into another corporation or other entity or a Change in
Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the following paragraph) without a Participant’s consent, including, without limitation, that (i) Awards will be assumed, or
substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice to a Participant,
that the Participant’s Awards will terminate upon or immediately prior to the consummation of such merger or Change in Control; (iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable
to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in
Control; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the
date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or
realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (B) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or
(v) any combination of the foregoing. In taking any of the actions permitted under this subsection 13(c), the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly.

 In the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will fully
vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted
Stock Units will lapse, and, with respect to Awards with performance-based vesting, all 

 performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target
levels and all other terms and conditions met. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator will notify the Participant in writing or
electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period.

 For the purposes of this subsection 13(c), an Award will be considered assumed if, following the merger or Change in Control, the Award
confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control
by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided,
however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal
in fair market value to the per share consideration received by holders of Common Stock in the merger or Change in Control. 

Notwithstanding anything in this Section 13(c) to the contrary, an Award that vests, is earned or
paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent;
provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption. 

Notwithstanding anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is subject to Code
Section 409A and if the change in control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under Code Section 409A, then any payment of an
amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties applicable under Code Section 409A. 

14. Tax Withholding. 
 (a)
Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount
sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such Award (or exercise thereof). 

 (b) Withholding Arrangements. The Administrator, in its sole discretion and pursuant
to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company withhold otherwise
deliverable Shares having a Fair Market Value equal to the minimum statutory amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the statutory amount required to be withheld,
provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through
such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount which the
Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date
that the amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld. 

15. No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to
continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or without
cause, to the extent permitted by Applicable Laws. 
 16. Date of Grant. The date of grant of an Award will be, for all purposes, the
date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of
such grant. 
 17. Term of Plan. Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the
Board. Unless sooner terminated under Section 18, it will continue in effect for a term of ten (10) years from the later of (a) the effective date of the Plan, or (b) the earlier of the most recent Board or stockholder approval
of an increase in the number of Shares reserved for issuance under the Plan. 
 18. Amendment and Termination of the Plan. 

(a) Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan. 

(b) Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to
comply with Applicable Laws. 
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the
Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect
the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 

 19. Conditions Upon Issuance of Shares. 

(a) Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance
and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to
represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation
is required. 
 20. Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having
jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to
which such requisite authority will not have been obtained. 
 21. Stockholder Approval. The Plan will be subject to approval by the
stockholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. 

22. Information to Participants. Beginning on the earlier of (i) the date that the aggregate number of Participants under this
Plan is five hundred (500) or more and the Company is relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act and (ii) the date that the Company is required to deliver
information to Participants pursuant to Rule 701 under the Securities Act, and until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, is no longer relying on the exemption
provided by Rule 12h-1(f)(1) under the Exchange Act or is no longer required to deliver information to Participants pursuant to Rule 701 under the Securities Act, the Company shall provide to each Participant
the information described in paragraphs (e)(3), (4), and (5) of Rule 701 under the Securities Act not less frequently than every six (6) months with the financial statements being not more than 180 days old and with such information
provided either by physical or electronic delivery to the Participants or by written notice to the Participants of the availability of the information on an Internet site that may be password-protected and of any password needed to access the
information. The Company may request that Participants agree to keep the information to be provided pursuant to this section confidential. If a Participant does not agree to keep the information to be provided pursuant to this section confidential,
then the Company will not be required to provide the information unless otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange Act or Rule 701 of the Securities Act. 

 VAXCYTE, INC. 

2014 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

Unless otherwise defined herein, the terms defined in the 2014 Equity Incentive Plan (the “Plan”) shall have the same defined
meanings in this Stock Option Agreement (the “Option Agreement”). 
 I. NOTICE OF STOCK OPTION GRANT 

                        
                Name: 
 Address: 

The undersigned Participant has been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan
and this Option Agreement, as follows: 
  

					
			
	Date of Grant:	  	  
	  	
			
	Vesting Commencement Date:	  	  
	  	
			
	Exercise Price per Share:	  	 $
	  	
			
	Total Number of Shares Granted:	  	  
	  	
			
	Total Exercise Price :	  	 $
	  	
			
	Type of Option:	  	                Incentive Stock Option	  	
			
		  	                Nonstatutory Stock Option	  	
			
	Term/Expiration Date:	  	  
	  	
			
	Vesting Schedule:	  		  	

 This Option shall be exercisable, in whole or in part, according to the following vesting schedule: 

Twenty-five percent (25%) of the Shares subject to the Option shall vest on the one (1) year anniversary of the Vesting Commencement Date,
and one forty-eighth (1/48th) of the Shares subject to the Option shall vest each month thereafter on the same day of the month as the Vesting Commencement Date (and if there is no corresponding
day, on the last day of the month), subject to Participant continuing to be a Service Provider through each such date. 

 Termination Period: 

This Option shall be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to
Participant’s death or Disability, in which case this Option shall be exercisable for twelve (12) months after Participant ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised
after the Term/Expiration Date as provided above and this Option may be subject to earlier termination as provided in Section 13 of the Plan. 

II. AGREEMENT 
 1.
Grant of Option. The Administrator of the Company hereby grants to the Participant named in the Notice of Stock Option Grant in Part I of this Agreement (“Participant”), an option (the “Option”) to purchase the number of
Shares set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the “Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein
by reference. Subject to Section [18] of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail. 

If designated in the Notice of Stock Option Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an
Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if
for any reason this Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the
Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO. 

2. Exercise of Option. 

(a) Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of
Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement. 
 (b) Method of Exercise. This Option
shall be exercisable by delivery of an exercise notice in the form attached as Exhibit A (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to
exercise the Option, the number of Shares with respect to which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be
accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice
accompanied by the aggregate Exercise Price, together with any applicable tax withholding. 
 No Shares shall be issued pursuant to the
exercise of an Option unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Option is exercised with
respect to such Shares. 

 3. Participant’s Representations. In the event the Shares have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), at the time this Option is exercised, Participant shall, if required by the Company, concurrently with the exercise of all or any portion of this Option,
deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit B. 
 4. Lock-Up Period. Participant hereby agrees that Participant shall not 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, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of any Common Stock (or other securities) of the Company held by Participant (other than those included in the registration) for a period specified by the representative of the underwriters of
Common Stock (or other securities) of the Company not to exceed one hundred and eighty (180) days following the effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be requested
by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions
contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). 
 Participant agrees to
execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the
representative of the underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection
with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 4 shall not apply to a registration relating solely to
employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145
transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the
foregoing restriction until the end of said one hundred and eighty (180) day (or other) period. Participant agrees that any transferee of the Option or shares acquired pursuant to the Option shall be bound by this Section 4. 

5. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the
election of the Participant: 
 (a) cash; 

(b) check; 

 (c) consideration received by the Company under a formal cashless exercise program adopted
by the Company in connection with the Plan; or 
 (d) surrender of other Shares which (i) shall be valued at its Fair Market Value on
the date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences
to the Company. 
 6. Restrictions on Exercise. This Option may not be exercised until such time as the Plan has been approved by the
stockholders of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Law. 

7. Non-Transferability of Option. 

(a) This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised
during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Participant. 

(b) Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the
Administrator determines that it is, will, or may no longer be relying upon the exemption from registration of Options under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act
(the “Reliance End Date”), Participant shall not transfer this Option or, prior to exercise, the Shares subject to this Option, in any manner other than (i) to persons who are “family members” (as defined in Rule 701(c)(3)
of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of Participant upon the death or disability of Participant. Until the Reliance End Date, the Options and, prior to exercise, the Shares
subject to this Option, may not be pledged, hypothecated or otherwise transferred or disposed of, including by entering into any short position, any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii) of this paragraph. 

8. Term of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised
during such term only in accordance with the Plan and the terms of this Option Agreement. 
 9. Tax Obligations. 

(a) Tax Withholding. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or
retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. Participant acknowledges and agrees that the Company may refuse to honor the
exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the time of exercise. 

 (b) Notice of Disqualifying Disposition of ISO Shares. If the Option granted to
Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, or (ii) the date one
(1) year after the date of exercise, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income
recognized by Participant. 
 (c) Code Section 409A. Under Code Section 409A, an Option that vests after December 31,
2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the
Fair Market Value of a Share on the date of grant (a “discount option”) may be considered “deferred compensation.” An Option that is a “discount option” may result in (i) income recognition by Participant prior to
the exercise of the Option, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional state income, penalty and interest tax
to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on the date of grant in a later
examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely responsible for
Participant’s costs related to such a determination. 
 10. Entire Agreement; Governing Law. The Plan is incorporated herein by
reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect
to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. This Option Agreement is governed by the internal substantive laws but not the
choice of law rules of California. 
 11. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF
SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS
OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED
ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO
TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

 Participant acknowledges receipt of a copy of the Plan and represents that he or she is
familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this Option and fully understands all provisions of the Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under
the Plan or this Option. Participant further agrees to notify the Company upon any change in the residence address indicated below. 
  

					
			
	PARTICIPANT	 		 	VAXCYTE, INC.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Print Name
			
	  
	 		 	  

		 		 	Title
			
	  
	 		 	
	Residence Address	 		 	

 EXHIBIT A 

2014 EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 
 Vaxcyte, Inc. 

353 Hatch Drive 
 Foster City, California 94404 

Attention: President 
 1. Exercise of
Option. Effective as of today,                     ,             , the
undersigned (“Participant”) hereby elects to exercise Participant’s
option    (the    “Option”)    to    purchase                  
   shares of the Common Stock (the “Shares”) of Vaxcyte, Inc. (the “Company”) under and pursuant to the 2014 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement
dated                    ,            (the “Option Agreement”). 

2. Delivery of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any and all withholding taxes due in connection with the exercise of the Option. 
 3. Representations of Participant.
Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 

4. Rights as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of the Option. The Shares shall
be issued to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as
provided in Section [13] of the Plan. 
 5. Company’s Right of First Refusal. Before any Shares held by Participant
or any transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to
purchase the Shares on the terms and conditions set forth in this Section 5 (the “Right of First Refusal”). 
 (a) Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each
proposed purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to
transfer the Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s). 

 (b) Exercise of Right of First Refusal. At any time within thirty (30) days
after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at
the purchase price determined in accordance with subsection (c) below. 
 (c) Purchase Price. The purchase price (“Purchase
Price”) for the Shares purchased by the Company or its assignee(s) under this Section 5 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith. 
 (d)
Payment. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of
repurchase by an assignee, to the assignee), or by any combination thereof within thirty (30) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

(e) Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are
not purchased by the Company and/or its assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale
or other transfer is consummated within one hundred and twenty (120) days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees
in writing that the provisions of this Section 5 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new
Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 

(f) Exception for Certain Family Transfers. Anything to the contrary contained in this Section 5 notwithstanding, the transfer of
any or all of the Shares during the Participant’s lifetime or on the Participant’s death by will or intestacy to the Participant’s immediate family or a trust for the benefit of the Participant’s immediate family shall be exempt
from the provisions of this Section 5. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the
Shares so transferred subject to the provisions of this Section 5, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 5. 

(g) Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the
first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded. 

 6. Tax Consultation. Participant understands that Participant may suffer adverse tax
consequences as a result of Participant’s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the
Shares and that Participant is not relying on the Company for any tax advice. 
 7. Restrictive Legends and Stop-Transfer Orders. 

(a) Legends. Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
THEREWITH. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY
THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST
REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR
A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY
THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER. 
 (b) Stop-Transfer
Notices. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers
its own securities, it may make appropriate notations to the same effect in its own records. 
 (c) Refusal to Transfer. The Company
shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right to
vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 

 8. Successors and Assigns. The Company may assign any of its rights under this
Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon
Participant and his or her heirs, executors, administrators, successors and assigns. 
 9. Interpretation. Any dispute regarding the
interpretation of this Exercise Notice shall be submitted by Participant or by the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be
final and binding on all parties. 
 10. Governing Law; Severability. This Exercise Notice is governed by the internal substantive
laws, but not the choice of law rules, of California. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and
effect. 
 11. Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan,
the Option Agreement and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and
Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. 

 

					
			
	Submitted by:	  		  	Accepted by:
	PARTICIPANT	  		  	VAXCYTE, INC.
			
	  
	  		  	  

	Signature	  		  	By
			
	  
	  	        	  	  

	Print Name	  		  	Print Name
			
		  		  	  

		  		  	Title
			
	Address:	  		  	Address:
		  		  	  

	  
	  		  	  

	  
	  		  	  

		  		  	Date Received

 EXHIBIT B 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	PARTICIPANT	  	:	  	
			
	COMPANY	  	:	  	VAXCYTE, INC.
			
	SECURITY	  	:	  	COMMON STOCK
			
	AMOUNT	  	:	  	
			
	DATE	  	:	  	

 In connection with the purchase of the above-listed Securities, the undersigned Participant represents to the
Company the following: 
 (a) Participant is aware of the Company’s business affairs and financial condition and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant’s own account only and not with a view to, or for resale in
connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b) Participant acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have
not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant’s investment intent as expressed herein. In this connection,
Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant’s representation was predicated solely upon a present intention to hold these
Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one (1) year or any other fixed period in the
future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and
understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities laws. 

(c) Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance,
permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701
provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such 

 longer period as any market stand-off agreement may require) the
Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company,
(2) the amount of Securities being sold during any three (3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s transaction”, transactions directly with a
“market maker” or “riskless principal transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable. 

In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain
limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a specified period after the purchase and full payment
(within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately above. 

(d) Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has
expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from
registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands that no assurances can be given that any such other
registration exemption shall be available in such event. 
  

	
	
	PARTICIPANT
	
	  

	Signature
	
	  

	Print Name
	
	  

	Date

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