Document:

ren-ex101_6.htm

Exhibit 10.1

 

Execution Version

 

SECOND AMENDMENT TO 
THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

 

 

Dated October 18, 2017

Among

RESOLUTE ENERGY CORPORATION,
as Borrower,

CERTAIN OF ITS SUBSIDIARIES,
as Guarantors,

BANK OF MONTREAL,
as Administrative Agent,

CAPITAL ONE, NATIONAL ASSOCIATION,
as Syndication Agent,

BARCLAYS BANK PLC,

ING CAPITAL LLC, 

and 
SUNTRUST BANK,

as Co-Documentation Agents,

and

The Lenders Party Hereto

BMO CAPITAL MARKETS and CAPITAL ONE, NATIONAL ASSOCIATION,
as Joint Bookrunners and Co-Lead Arrangers

 

 

 

 

THIS SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Second Amendment”), dated as of October 18, 2017, is by and among Resolute Energy Corporation, a Delaware corporation (the “Borrower”), certain of its subsidiaries (collectively, the “Guarantors”), Bank of Montreal, as Administrative Agent (the “Administrative Agent”), and the lenders party hereto (the “Lenders”).

Recitals

WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the other lenders party thereto entered into that certain Third Amended and Restated Credit Agreement, dated as of February 17, 2017, as amended by that certain First Amendment to Third Amended and Restated Credit Agreement, dated as of May 8, 2017 (as amended, modified, supplemented or restated from time to time, the “Credit Agreement”);

WHEREAS, the Borrower, the Guarantors and the Administrative Agent entered into that certain Fourth Amended and Restated Guaranty and Collateral Agreement, dated as of February 17, 2017 (as amended, modified, supplemented or restated from time to time, the “Guaranty and Collateral Agreement”);

WHEREAS, the Borrower has requested that the Administrative Agent and the Lenders amend the Credit Agreement as set forth herein; and

WHEREAS, subject to the satisfaction of the conditions set forth herein, the Administrative Agent and the Lenders are willing to amend the Credit Agreement as provided herein.

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and in the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE I
Definitions

Each capitalized term used in this Second Amendment and not defined herein shall have the meaning assigned to such term in the Credit Agreement. Unless otherwise indicated, all section references in this Second Amendment refer to sections of the Credit Agreement.

ARTICLE II
Amendments to Credit Agreement

As of the Second Amendment Effective Date, the Credit Agreement is amended as follows:

Section 2.01Amendments to Section 1.02.

(a)Section 1.02 of the Credit Agreement is hereby amended by adding thereto each of the following definitions in alphabetical order.

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““Aneth Purchase Agreement” means the Membership Interest and Asset Purchase Agreement, dated as of September 14, 2017, among the Borrower, Hicks Acquisition Company I, Inc., and Resolute Natural Resources Company, LLC, as sellers, Resolute Aneth, as the company, Elk Petroleum Aneth, LLC, as the buyer, and Elk Petroleum Limited, as the parent guarantor, a copy of which has been provided to the Administrative Agent, as amended by any amendment thereto the effect of which is not materially adverse to the Lenders; provided that any amendment thereto that (a) results in any other Borrowing Base Properties or Borrowing Base Hedging Contracts being “Assets” or (b) reduces the “Unadjusted Purchase Price” in a manner not already provided for in the Aneth Purchase Agreement by more than five percent (5%), shall in either case be deemed to be materially adverse to the Lenders (the terms in quotes having the meanings provided such terms in the Aneth Purchase Agreement); provided, further, that the Borrower shall provide a copy of any amendment thereto to the Administrative Agent promptly after execution and delivery thereof.”

““Aneth Hedging Agreements” has the meaning assigned to such term in Section 9.19.”

““Aneth Sale” means the sale by the Borrower, Hicks Acquisition Company I, Inc. and Resolute Natural Resources Company, LLC of all of their right, title, and interest in and to the “Assets” (other than the “Excluded Assets”) and the “Company Units”, as such terms are defined in the Aneth Purchase Agreement, including (a) all of the Equity Interests in Resolute Aneth, (b) Oil and Gas Properties located in San Juan County, Utah and (c) the Aneth Hedging Agreements, on terms substantially in accordance with the Aneth Purchase Agreement.”

““Caprock Earn-Out Agreement” means the Amended and Restated Earn-out Agreement dated as of March 9, 2017, by and among Resolute Natural Resources Southwest, LLC, Caprock Permian Processing LLC and Caprock Field Services LLC.”

““Retained Hedging Agreements” has the meaning assigned to such term in Section 9.19.”

(b)Section 1.02 of the Credit Agreement is hereby amended, which amendment shall be deemed effective as of September 30, 2017, by amending and restating the following definition in its entirety:

““EBITDA” means, for any period, the sum of (a) Consolidated Net Income for such period, plus (b) the following expenses or charges to the extent deducted from Consolidated Net Income in such period: (i) interest, (ii) income and franchise taxes, (iii) depreciation, depletion, amortization, and other non-cash charges, and (iv) customary costs and expenses incurred in connection with or related to (A) any acquisition involving consideration paid by the Borrower and/or its Consolidated Restricted Subsidiaries or (B) any disposition yielding gross proceeds to the Borrower and/or its Consolidated Restricted Subsidiaries, in each case, in excess of $15,000,000 for such acquisition or disposition (including, without limitation, legal, accounting and financial advisory fees, title and environmental due diligence costs, employee retention, severance, or relocation 

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expenses, costs and expenses related to the acceleration of long-term employee incentive awards, and contract termination costs) minus (c) all non-cash income added to Consolidated Net Income for such period; provided that (x) for the four quarter period ending on September 30, 2017, EBITDA shall equal EBITDA for the fiscal quarter ending on September 30, 2017, multiplied by 4, (y) for the four quarter period ending on December 31, 2017, EBITDA shall equal EBITDA for the period beginning on July 1, 2017 and ending on December 31, 2017, multiplied by 2, and (z) for the four quarter period ending on March 31, 2018, EBITDA shall equal EBITDA for the period beginning on July 1, 2017 and ending on March 31, 2018, multiplied by 4/3.”

(c)Section 1.02 of the Credit Agreement is hereby amended by amending and restating the following definition in its entirety:

““Existing Senior Notes” means the Borrower’s 8.50% senior notes due 2020 in the aggregate principal amount of $525,000,000 issued pursuant to that certain Indenture, dated April 25, 2012, among the Borrower, the guarantors party thereto and U.S. Bank National Association, as trustee (as amended, restated, supplemented or otherwise modified prior to the date of this Agreement).”

(d)Section 1.02 of the Credit Agreement is hereby amended by amending the definition of “Guaranty and Collateral Agreement” to add a reference to “Fourth” immediately prior to the reference to “Amended and Restated Guaranty and Collateral Agreement” therein. 

(e)Section 1.02 of the Credit Agreement is hereby amended by amending the definition of “Investment” to add the following sentence thereto immediately following the last sentence thereof: 

“Notwithstanding anything herein to the contrary, in no event shall the right of the Loan Parties to receive (i) “Additional Consideration” pursuant to and as defined in the Aneth Purchase Agreement or (ii) “Earn-out Payments” pursuant to and as defined in the Caprock Earn-Out Agreement, in either case be construed to constitute an “Investment” for purposes of this Agreement.”

Section 2.02Amendment to Section 9.01(a). Section 9.01(a) of the Credit Agreement is hereby amended, which amendment shall be deemed effective as of September 30, 2017,  by amending and restating such subsection in its entirety as follows:

“(a)Current Ratio. The Loan Parties will not, as of the last day of any fiscal quarter, permit the ratio of (i) consolidated current assets of the Borrower and its Consolidated Restricted Subsidiaries (including the unused amount of the total Commitments, but excluding non-cash assets under ASC 815) to (ii) consolidated current liabilities of the Borrower and its Consolidated Restricted Subsidiaries (excluding total outstanding Loans and non-cash obligations under ASC 815) to be less than the applicable ratio set forth below:

		
	
Quarter Ending
	
Current Ratio

	
September 30, 2017
	
0.85:1.00

	
December 31, 2017 and thereafter
	
1.00:1.00

 

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Section 2.03Amendment to Section 9.02(f). Section 9.02(f) of the Credit Agreement is hereby amended by replacing “$500,000,000” where it appears therein with “$550,000,000”.  

Section 2.04Amendment to Section 9.12(c)(iii). Section 9.12(c)(iii) of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(iii)if such Transfer of any Borrowing Base Property or Restricted Subsidiary owning Borrowing Base Properties included in the most recently delivered Reserve Report during any period between two successive Scheduled Redetermination Dates has a fair market value (together with all other Transfers of Borrowing Base Properties or Restricted Subsidiaries owning Borrowing Base Properties included in the most recently delivered Reserve Report during such period) in excess of ten percent (10%) of the Borrowing Base then in effect as determined by the Required Lenders, the Borrowing Base shall be reduced, effective immediately upon such Transfer, by an amount equal to the value, if any, assigned to such Borrowing Base Property (or Borrowing Base Properties) in the most recently delivered Reserve Report and any mandatory prepayments required by Section 3.04(c)(iii) shall be made concurrently; provided that (x) the amount of the Borrowing Base reduction pursuant to this clause (iii) that results from the Aneth Sale shall equal $8,750,000 and (y) for the avoidance of doubt, the fair market value of the Properties Transferred pursuant to the Aneth Sale shall not count towards the ten percent (10%) threshold described above for purposes of determining whether other Transfers occurring during the period during which the Aneth Sale occurs exceed such ten percent (10%) threshold for such period; and”

Section 2.05Amendments to Section 9.19. Section 9.19 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Section 9.19Hedging Agreements.  Each Loan Party will not enter into any Hedging Agreements with any Person other than:

(a)Hedging Agreements in respect of commodities (i) with an Approved Counterparty and (ii) which, when aggregated with all other commodity Hedging Agreements of the Loan Parties then in effect (but excluding all basis differential swaps on volumes already hedged pursuant to other Hedging Agreements), do not have the net effect of constituting a call (whether under physical or derivative Hedging Agreements) on more than:

(A) for the first year during the period during which such Hedging Agreements are in effect, the greater of (1) 85% of the reasonably anticipated projected production from proved Oil and Gas Properties of the Loan Parties and (2) 75% of the reasonably anticipated projected production from Oil and Gas Properties of the Loan Parties as contemplated by the production forecast of the Loan Parties most recently delivered to the Administrative Agent (provided that to the extent such forecast does not cover the entire hedging period, the projected production rate applicable to the remaining portion of such hedging period shall be based on the projected production rate for the last quarter of such forecast), in each case for each of crude oil, natural gas and natural gas liquids, calculated separately; 

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(B) for the second year during the period during which such Hedging Agreements are in effect, 85% of the reasonably anticipated projected production from proved Oil and Gas Properties of the Loan Parties for each of crude oil, natural gas and natural gas liquids, calculated separately; and 

(C) for the period after such two year period during which such Hedging Agreements are in effect, the greater of (1) 75% of the reasonably anticipated projected production from proved Oil and Gas Properties of the Loan Parties and (2) 85% of the reasonably anticipated projected production from proved, developed, producing Oil and Gas Properties of the Loan Parties, in each case for each of crude oil, natural gas and natural gas liquids, calculated separately.  

In no event shall any Hedging Agreement (1) be entered into for speculative or investment purposes or (2) be for a term of longer than 60 months; provided however, a Hedging Agreement which was entered into as a hedge but is deemed to be “speculative” for accounting purposes shall not be considered “speculative” under this Section 9.19(a) merely by virtue of such accounting treatment.

(b)Hedging Agreements in respect of interest rates with an Approved Counterparty, as follows: (i) Hedging Agreements effectively converting interest rates from fixed to floating, the notional amounts of which (when aggregated and netted with all other Hedging Agreements of the Borrower and its Restricted Subsidiaries then in effect) do not exceed the then outstanding principal amount of the Borrower’s Debt for borrowed money which bears interest at a fixed rate and (ii) Hedging Agreements effectively converting interest rates from floating to fixed, the notional amounts of which (when aggregated and netted with all other Hedging Agreements of the Borrower and its Restricted Subsidiaries then in effect) do not exceed (A) for revolving loans, seventy-five (75%) of the then outstanding principal amount of the Borrower’s Debt for revolving loans which bear interest at a floating rate and (B) for term loans, one hundred percent (100%) of the then outstanding principal amount of the Borrower’s Debt for term loans which bear interest at a floating rate. 

In no event shall any Hedging Agreement to which the Borrower or any of its Restricted Subsidiaries is a party contain any requirement, agreement or covenant for the Borrower or any Restricted Subsidiary to post cash or other collateral or margin (except for Letters of Credit not exceeding $2,500,000 in the aggregate at any time and collateral subject to Liens allowed under Section 9.03(d)), other than pursuant to the Security Instruments for the benefit of the Secured Hedging Providers, to secure their obligations under such Hedging Agreement or to cover market exposures. The Loan Parties will not unwind, sell, terminate, restructure, modify or otherwise affect (“Unwind”) any Hedging Agreement in respect of commodities that was in effect at the time of the most recent Borrowing Base determination (the “Borrowing Base Hedging Contracts”) where the net marked to market economic effect of such Hedging Agreement Restructuring is negative (which, if such Hedging Agreement Restructuring is settled for cash only, shall equal the net amount of cash such Loan Parties receive), unless (a) such net marked to market economic effect of such Hedging Agreement Restructuring, when combined with the net marked to market economic effect of all other Hedging Agreement Restructurings 

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consummated during the period since the last Redetermination Date, is less than or equal to five percent (5%) of the value of the Borrowing Base then in effect, or (b) if such net marked to market economic effect of such Hedging Agreement Restructuring, when combined with the net marked to market economic effect of all other Hedging Agreement Restructurings consummated during the period since the last Redetermination Date, is greater than five percent (5%) of the Borrowing Base then in effect, the Borrowing Base shall be reduced effective immediately upon such Hedging Agreement Restructuring by an amount equal to the portion of the Borrowing Base attributable to such net economic effect of the Hedging Agreement Restructuring (based on the economic assumptions consistent with the Administrative Agent’s lending requirements at that time), and any mandatory prepayments required by Section 3.04(c)(iii) shall be made no later than one Business Day after the later of (x) the date notice of such Unwind is required to be given by the Borrower under Section 8.01(k) and (y) the date the Borrower receives written notice from the Administrative Agent of the amount of such Borrowing Base reduction.  Notwithstanding the foregoing, (i) the Loan Parties may Unwind the Hedging Agreements set forth on Schedule 9.19(a) (collectively, the “Aneth Hedging Agreements”) as part of the Aneth Sale as contemplated by the Aneth Purchase Agreement and novate or otherwise Unwind the Hedging Agreements set forth on Schedule 9.19(b) (collectively, the “Retained Hedging Agreements”) in connection with the Aneth Sale, (ii) the adjustment to the Borrowing Base associated with such Unwind of the Aneth Hedging Agreements and the Retained Hedging Agreements shall occur, without duplication, as described in Section 9.12(c)(iii) automatically upon the consummation of the Aneth Sale, and (iii) such Unwind of the Aneth Hedging Agreements and the Retained Hedging Agreements shall not count towards the five percent (5%) threshold described above for purposes of determining whether other Hedging Agreement Restructurings occurring during the period during which such Unwind of the Aneth Hedging Agreements and the Retained Hedging Agreements occurs exceed such five percent (5%) threshold for such period.”

Section 2.06Amendment to Credit Agreement Schedules. Schedule 9.19(a) attached hereto is hereby added to the Credit Agreement as a new Schedule 9.19(a) thereto, and Schedule 9.19(b) attached hereto is hereby added to the Credit Agreement as a new Schedule 9.19(b) thereto.  

ARTICLE III

Additional Agreements and Acknowledgments

Section 3.01Redetermination and Adjustment of Borrowing Base.  Effective as of the Second Amendment Effective Date, the Borrowing Base shall be $218,750,000, subject to future redeterminations and adjustments as provided in the Credit Agreement. The Borrower and the Lenders further agree that (a) this redetermination shall constitute the Scheduled Redetermination scheduled to occur on October 1, 2017 and (b) automatically upon the consummation of the Aneth Sale, the Borrowing Base will be adjusted downward by $8,750,000 as described in Section 9.12(c)(iii) of the Credit Agreement.  

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Section 3.02Guaranty and Lien Releases.  The Lenders party hereto hereby acknowledge the Administrative Agent’s authority under Sections 9.12 and 11.09 of the Credit Agreement to (a) release Resolute Aneth from the Guaranty and Collateral Agreement, (b) release Liens granted by Resolute Aneth in favor of the Administrative Agent, for the benefit of the Secured Parties, (c) terminate the Subordination Agreement, and (d) release Liens granted by the Borrower, Hicks Acquisition Company I, Inc., and Resolute Natural Resources Company, LLC in favor of the Administrative Agent, for the benefit of the Secured Parties, in Property that is sold pursuant to the Aneth Sale, in each case, upon the delivery to the Administrative Agent of an officer’s certificate with respect to the Aneth Sale as contemplated by Section 9.12 of the Credit Agreement and the consummation of the Aneth Sale.

ARTICLE IV
Conditions Precedent

Section 4.01The amendments set forth in Article II of this Second Amendment and the Scheduled Redetermination described in Article III of this Second Amendment shall become effective on the first Business Day on which all of the following conditions precedent shall have been satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “Second Amendment Effective Date”):

(a)The Administrative Agent shall have received from the Borrower, each of the Guarantors and the Required Lenders counterparts (in such number as may be requested by the Administrative Agent) of this Second Amendment signed on behalf of such Persons.

(b)The Administrative Agent shall have received from the Borrower in immediately available funds (i) all fees and amounts due and payable on or prior to the Second Amendment Effective Date (including, without limitation, an amendment fee for each Lender party to the Second Amendment that delivered its executed Second Amendment signature page to the Administrative Agent on or before 12:00 p.m. Houston, Texas time on October 17, 2017, subject to no escrow instructions other than satisfaction of closing conditions under this Article IV, in an amount equal to 0.15% of such Lender’s Commitment as of such date) and (ii) to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 

ARTICLE V
Representations and Warranties

Each Loan Party hereby represents and warrants to each Lender that:

(a)Each of the representations and warranties made by it under the Credit Agreement and each other Loan Document is, or will be, true and correct on and as of the actual date of its execution of this Second Amendment, as if made on and as of such date, except for any representations and warranties made as of a specified date, which are true and correct as of such specified date.

(b)Immediately after giving effect to this Second Amendment, no Default has, or will have, occurred and is, or will be, continuing.

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(c)The execution, delivery and performance by it of this Second Amendment and any other Loan Documents executed in connection herewith have been duly authorized by it.

(d)Each of this Second Amendment and any other Loan Document executed in connection herewith constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

(e)The execution, delivery and performance by it of each of this Second Amendment and any other Loan Document executed in connection herewith (i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including shareholders or any class of directors, whether interested or disinterested, of it or any other Person), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of this Second Amendment or any such Loan Document, except (A) such as have been obtained or made and are in full force and effect and (B) those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, could not reasonably be expected to have a Material Adverse Effect or do not have an adverse effect on the enforceability of the Loan Documents, (ii) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of it or any Restricted Subsidiary or any order of any Governmental Authority, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon it or any Restricted Subsidiary or its Properties, or give rise to a right thereunder to require any payment to be made by it or such Restricted Subsidiary and (iv) will not result in the creation or imposition of any Lien on any Property of any Loan Party or any Restricted Subsidiary (other than the Liens created by this Second Amendment or the Loan Documents as permitted by the Credit Agreement as amended hereby).

ARTICLE VI
Miscellaneous

Section 6.01Credit Agreement in Full Force and Effect as Amended.  Except as specifically amended hereby, the Credit Agreement and other Loan Documents shall remain in full force and effect.  Each of the Loan Parties hereby agrees that its liabilities under the Credit Agreement, the Guaranty and Collateral Agreement and the other Loan Documents, in each case as amended, to which it is a party, shall remain enforceable against such Loan Party in accordance with the terms thereof and shall not be reduced, altered, limited, lessened or in any way affected by the execution and delivery of this Second Amendment, and each Loan Party hereby confirms and ratifies its liabilities under the Loan Documents (as so amended) to which it is a party in all respects.  Except as expressly set forth herein, this Second Amendment shall not be deemed to be a waiver, amendment or modification of any provisions of the Credit Agreement or any other Loan Document or any right, power or remedy of the Administrative Agent or Lenders, or constitute a waiver of any provision of the Credit Agreement or any other Loan Document, or any other document, instrument and/or agreement executed or delivered in connection therewith or of any Default or Event of Default under any of the foregoing, in each case whether arising before or after the date hereof or as a result of performance hereunder or thereunder.  This Second Amendment also shall not preclude the future exercise of any right, 

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remedy, power, or privilege available to the Administrative Agent and/or Lenders whether under the Credit Agreement, the other Loan Documents, at law or otherwise.  The parties hereto agree to be bound by the terms and conditions of the Credit Agreement and the other Loan Documents as amended by this Second Amendment, as though such terms and conditions were set forth herein.  Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended by this Second Amendment, and each reference herein or in any other Loan Documents to the “Credit Agreement” shall mean and be a reference to the Credit Agreement as amended and modified by this Second Amendment. 

Section 6.02GOVERNING LAW.  THIS SECOND AMENDMENT, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER, SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

Section 6.03Descriptive Headings, Etc.  The descriptive headings of the sections of this Second Amendment are inserted for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof.  The statements made and the terms defined in the recitals to this Second Amendment are hereby incorporated into this Second Amendment in their entirety.

Section 6.04Payment of Fees and Expenses.  In addition to paying to the Administrative Agent for the account of the Lenders the fees described in Section 4.01(b)(i) above, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with this Second Amendment, the other Loan Documents and any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.  The agreement set forth in this Section 6.04 shall survive the termination of this Second Amendment and the Credit Agreement.

Section 6.05Entire Agreement.  This Second Amendment and the documents referred to herein represent the entire understanding of the parties hereto regarding the subject matter hereof and supersede all prior and contemporaneous oral and written agreements of the parties hereto with respect to the subject matter hereof.  This Second Amendment is a Loan Document executed under the Credit Agreement.

Section 6.06Counterparts.  This Second Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one agreement.  Delivery of an executed counterpart of the signature page of this Second Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof.

Section 6.07Successors.  The execution and delivery of this Second Amendment by any Lender shall be binding upon each of its successors and assigns.

[Signatures Begin on Next Page]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed by their respective authorized officers as of the date first written above.

 

	
BORROWER:
	
 
	
RESOLUTE ENERGY CORPORATION

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Theodore Gazulis

	
 
	
 
	
 
	
 
	
Theodore Gazulis,

	
 
	
 
	
 
	
 
	
Executive Vice President and

	
 
	
 
	
 
	
 
	
Chief Financial Officer

 

	
 GUARANTORS:
	
 
	
HICKS ACQUISITION COMPANY I, INC.

	
 
	
 
	
 

	
 
	
 
	
RESOLUTE ANETH, LLC

	
 
	
 
	
 

	
 
	
 
	
RESOLUTE WYOMING, INC. (f/k/a Primary Natural Resources, Inc.)

	
 
	
 
	
 

	
 
	
 
	
RESOLUTE NATURAL RESOURCES COMPANY, LLC (f/k/a Resolute Natural Resources Company)

	
 
	
 
	
 

	
 
	
 
	
BWNR, LLC

	
 
	
 
	
 

	
 
	
 
	
WYNR, LLC

	
 
	
 
	
 

	
 
	
 
	
RESOLUTE NORTHERN ROCKIES, LLC

	
 
	
 
	
 

	
 
	
 
	
RESOLUTE NATURAL RESOURCES SOUTHWEST, LLC

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Theodore Gazulis

	
 
	
 
	
 
	
 
	
Theodore Gazulis  

	
 
	
 
	
 
	
 
	
Executive Vice President and 

Chief Financial Officer

 

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 ADMINISTRATIVE AGENT 

AND LENDER:
	
 
	
BANK OF MONTREAL,

as Administrative Agent and a Lender

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Gumaro Tijerina

	
 
	
 
	
 
	
 
	
Name: Gumaro Tijerina

	
 
	
 
	
 
	
 
	
Title: Managing Director

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
KEYBANK NATIONAL ASSOCIATION

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ George E. McKean

	
 
	
 
	
 
	
 
	
Name: George E. McKean

	
 
	
 
	
 
	
 
	
Title: Senior Vice President

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
GOLDMAN SACHS BANK USA

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Chris Lam

	
 
	
 
	
 
	
 
	
Name: Chris Lam

	
 
	
 
	
 
	
 
	
Title: Authorized Signatory

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
CAPITAL ONE, NATIONAL ASSOCIATION

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Cameron Breitenbach

	
 
	
 
	
 
	
 
	
Name: Cameron Breitenbach

	
 
	
 
	
 
	
 
	
Title: Vice President

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
COMERICA BANK

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Cassandra M. Lucas

	
 
	
 
	
 
	
 
	
Name: Cassandra M. Lucas

	
 
	
 
	
 
	
 
	
Title: Portfolio Manager

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
BARCLAYS BANK PLC

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Sydney G. Dennis

	
 
	
 
	
 
	
 
	
Name: Sydney G. Dennis

	
 
	
 
	
 
	
 
	
Title: Director

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
CADENCE BANK, N.A.

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Kyle Gruen

	
 
	
 
	
 
	
 
	
Name: Kyle Gruen

	
 
	
 
	
 
	
 
	
Title: Assistant Vice President

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
SunTrust Bank

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Arize Agumadu

	
 
	
 
	
 
	
 
	
Name: Arize Agumadu

	
 
	
 
	
 
	
 
	
Title: Vice President

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
ABN AMRO CAPITAL USA LLC

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Darrell Holley

	
 
	
 
	
 
	
 
	
Name: Darrell Holley

	
 
	
 
	
 
	
 
	
Title: Managing Director

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Elizabeth Johnson

	
 
	
 
	
 
	
 
	
Name: Elizabeth Johnson

	
 
	
 
	
 
	
 
	
Title: Director

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
Fifth Third Bank

	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Jonathan H. Lee

	
 
	
 
	
 
	
 
	
Name: Jonathan H. Lee

	
 
	
 
	
 
	
 
	
Title: Director

 

Signature Page to

Second Amendment to Third Amended and Restated Credit Agreement

 

 

 

	
 LENDER:
	
 
	
ING Capital, LLC

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Juli Bieser

	
 
	
 
	
 
	
 
	
Name: Juli Bieser

	
 
	
 
	
 
	
 
	
Title: Managing Director

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Charles Hall

	
 
	
 
	
 
	
 
	
Name: Charles Hall

	
 
	
 
	
 
	
 
	
Title: Managing Director

 

Signature Page to

Second Amendment to Third Amended and Restated Credit AgreementEX-10.1

 Exhibit 10.1 

STITCH FIX, INC. 

FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

THIS FOURTH AMENDED AND RESTATED INVESTOR
RIGHTS AGREEMENT (the “Agreement”) is entered into as of April 10, 2014, by and among STITCH FIX, INC., a Delaware corporation
(the “Company”) and the investors listed on Exhibit A (the “Investors”). 

RECITALS 

A. Certain of the Investors are purchasing shares of the Company’s Series C Preferred Stock (the
“Series C Preferred Stock”) pursuant to that certain Series C Preferred Stock Purchase Agreement (the “Purchase Agreement”) of even date herewith (the
“Financing”); 
 B. The obligations in the Purchase Agreement are conditioned upon the execution and delivery
of this Agreement; 
 C. Certain of the Investors (the “Prior Investors”) are holders of the Company’s
Series Seed Preferred Stock (the “Series Seed Preferred Stock”), Series A Preferred Stock (the “Series A Preferred Stock”),
Series A-1 Preferred Stock (the “Series A-1 Preferred Stock”) and/or Series B Preferred Stock (the “Series B Preferred
Stock” and together with the Series C Preferred Stock, the Series Seed Preferred Stock, the Series A-1 Preferred Stock and the Series A Preferred Stock, the “Preferred
Stock”); 
 D. The Prior Investors and the Company are parties to a Third Amended and Restated Investor Rights Agreement
dated August 14, 2013 (the “Prior Agreement”); 
 E. The parties to the Prior Agreement desire to amend
and restate the Prior Agreement and accept the rights and covenants hereof in lieu of their rights and covenants under the Prior Agreement; and 

F. In connection with the consummation of the Financing, the Company and the Investors have agreed to the registration rights,
information rights, and other rights as set forth below. 
 AGREEMENT 

The parties hereto agree as follows: 

SECTION 1. GENERAL. 
 1.1
Amendment and Restatement of Prior Agreement. The Prior Agreement is hereby amended in its entirety and restated herein. Such amendment and restatement is effective upon the execution of this Agreement by the Company and the holders of at a
majority of the Registrable Securities (as defined in the Prior Agreement). Upon such execution, all provisions of, rights granted and covenants made in the Prior Agreement are hereby waived, released and superseded in their entirety and shall have
no further force or effect, including, without limitation, all rights of first refusal and any notice period associated therewith otherwise applicable to the transactions contemplated by the Purchase Agreement. 

  
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 1.2 Definitions. As used in this Agreement the following terms shall have
the following respective meanings: 
 (a) “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 (b) “Form S-3” means such form
under the Securities Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other
documents filed by the Company with the SEC. 
 (c) “Holder” means any person owning of record
Registrable Securities that have not been sold to the public or any assignee of record of such Registrable Securities in accordance with Section 2.9 hereof. 

(d) “Initial Offering” means the Company’s first firm commitment underwritten public offering
of its Common Stock registered under the Securities Act. 
 (e) “Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or
ordering of effectiveness of such registration statement or document. 
 (f) “Registrable Securities”
means (a) Common Stock of the Company issuable or issued upon conversion of the Shares and (b) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is
issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described securities. Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a person
to the public either pursuant to a registration statement or Rule 144 or (ii) sold in a private transaction in which the transferor’s rights under Section 2 of this Agreement are not assigned. 

(g) “Registrable Securities then outstanding” shall be the number of shares of the Company’s
Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible securities. 

(h) “Registration Expenses” shall mean all expenses incurred by the Company in complying with
Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements not to exceed thirty five thousand
dollars ($35,000) of a single special counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the
Company which shall be paid in any event by the Company). 

  
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 (i) “SEC” or “Commission”
means the Securities and Exchange Commission. 
 (j) “Securities Act” shall mean the
Securities Act of 1933, as amended. 
 (k) “Selling Expenses” shall mean all underwriting
discounts and selling commissions applicable to the sale. 
 (l) “Shares” shall mean shares of the
Company’s Preferred Stock held from time to time by the Investors listed on Exhibit A hereto and their permitted assigns. 

(m) “Special Registration Statement” shall mean (i) a registration statement relating solely to any
employee benefit plan or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related solely to the issuance of securities issued in such a transaction or
(iii) a registration related solely to stock issued upon conversion of debt securities. 
 SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER.

 2.1 Restrictions on Transfer. 

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

(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition
is made in accordance with such registration statement; or 
 (ii) (A) The transferee has agreed in writing to be bound by the
terms of this Agreement, (B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (C) if
reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act. It is
agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. After its Initial Offering, the Company will not require any transferee pursuant to Rule 144 to be bound by the
terms of this Agreement if the shares so transferred do not remain Registrable Securities hereunder following such transfer. 
 (b)
Notwithstanding the provisions of subsection (a) above, no such restriction shall apply to a transfer by a Holder that is (A) a partnership transferring to its partners or former partners in accordance with partnership interests,
(B) a corporation transferring to a wholly-owned subsidiary or a parent corporation that owns all of the capital stock of the Holder, (C) a limited liability company transferring to its members or former members in accordance with their
interest in the limited liability company, (D) an individual transferring to the Holder’s family member or trust for the benefit of an individual Holder, or (E) a venture capital fund transferring to an affiliated venture capital
fund; provided that in each case the transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if he were an original Holder hereunder. 

  
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 (c) Each certificate representing Shares or Registrable Securities shall be stamped or
otherwise imprinted with legends substantially similar to the following (in addition to any legend required under applicable state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT
REQUIRED. 
 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND
CONDITIONS OF A CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

(d) The Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder thereof if the Company has
completed its Initial Offering and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be
so disposed of without registration, qualification and legend, provided that the second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder. 

(e) Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect to
such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal or an opinion of counsel reasonably acceptable to the Company. 

2.2 Demand Registration. 

(a) Subject to the conditions of this Section 2.2 at any time following the earlier of (i) the five year anniversary of the
date of this Agreement, or (ii) the date 180 days following effective date of the registration statement pertaining to the Initial Offering, if the Company shall receive a written request from the Holders of a majority of the Registrable
Securities (the “Initiating Holders”) that the Company file a registration statement under the Securities Act if the anticipated aggregate offering price, net of underwriting discounts and

  
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commissions, would exceed $15,000,000, then the Company shall, within thirty (30) days of the receipt thereof, give written notice of such request to all Holders, and subject to the
limitations of this Section 2.2, effect, as expeditiously as reasonably possible, the registration under the Securities Act of all Registrable Securities that all Holders request to be registered. 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the written notice referred to in Section 2.2(a) or
Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter
or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other
provision of this Section 2.2 or Section 2.4, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities) then the Company shall so
advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro
rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be included in such underwriting and
registration will not be reduced unless all other securities of the Company are first entirely excluded from the underwriting and registration. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the
registration. 
 (c) The Company shall not be required to effect a registration pursuant to this Section 2.2: 

(i) after the Company has effected one (1) registration pursuant to this Section 2.2, and such registration has been
declared or ordered effective and has remained effective as provided hereunder; 
 (ii) during the period starting with the date of
filing of, and ending on the date one hundred twenty (120) days following the effective date of the registration statement pertaining to the Initial Offering; provided that the Company is continuing to make reasonable good faith efforts
to cause such registration statement to become effective; 
 (iii) if the Company shall furnish to Holders requesting a registration
statement pursuant to this Section 2.2 a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for
such registration statement to be effected at such time, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require

  
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premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential, or (iii) render the Company unable to comply with requirements
under the Securities Act or Exchange Act, in which event 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; provided, however, that
the Company may not invoke this right more than twice in any twelve (12) month period for an aggregate of sixty (60) days for all such deferrals; and provided further that the Company shall not register any securities for its own
account or that of any other stockholder during such sixty (60) day period other than pursuant to a Special Registration Statement; 

(iv) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below; or 
 (v) in any
particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

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

  
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held by the Holders; and third, to any stockholder of the Company (other than a Holder) on a pro rata basis, provided, however, that no exclusion provided for herein shall reduce
the amount of Registrable Securities to be included in such registration to an amount that is less than thirty percent (30%) of the total amount of shares to be included in such registration based on aggregate market value, unless such offering is
the Initial Offering and no other stockholders of the Company have shares included in such registration, in which event any or all of the Registrable Securities of the Holders may be excluded in accordance with the immediately preceding clause. In
no event will shares of any other selling stockholder be included in such registration that would reduce the number of shares which may be included by Holders without the written consent of Holders of not less than a majority of the Registrable
Securities. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date
of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a partnership, limited liability company, corporation or venture
capital fund, the affiliates, partners, retired partners, members, retired members, stockholders and affiliated venture capital funds of such Holder, or the estates and family members of any such partners, retired partners, members and retired
members and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares
carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2.3 whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that has elected to include shares in such registration of such termination or withdrawal. The
Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5 hereof. 
 2.4
Form S-3 Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities holding at least thirty percent (30%) of the Registrable Securities a written request or
requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related
qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company will: 

(a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders of
Registrable Securities; and 
 (b) as soon as practicable, effect such registration and all such qualifications and compliances as may
be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable
Securities of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not
be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

  
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 (i) if Form S-3 is not available for such
offering by the Holders, or 
 (ii) if the Holders, together with the holders of any other securities of the Company entitled to
inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an anticipated aggregate price to the public of less than ten million dollars ($10,000,000); 

(iii) if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors of the Company stating
that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time,
because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has
a bona fide business purpose for preserving as confidential, or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, in which event 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; provided, however, that the Company may not invoke this right more than twice in any twelve (12) month period for an aggregate of sixty
(60) days for all such deferrals; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such sixty (60) day period, other than pursuant to a Special
Registration Statement, or 
 (iv) if the Company has, within the twelve (12) month period preceding the date of such
request, already effected two (2) registrations on Form S-3 for the Holders pursuant to this Section 2.4 that have remained effective as provided hereunder, or 

(v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance. 
 (c) Subject to the foregoing, the Company shall
file a Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders.
Registrations effected pursuant to this Section 2.4 shall not be counted as demands for registration or registrations effected pursuant to Section 2.2. 

2.5 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any
registration, qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be borne by the holders of the securities so
registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4, the request of which has been
subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse information 

  
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concerning the Company of which the Initiating Holders were not aware at the time of such request or (b) the Holders of a majority of the Registrable Securities agree to deem such
registration to have been effected as of the date of such withdrawal for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b), as applicable, to undertake any subsequent registration, in which event
such right shall be forfeited by all Holders). If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the Initiating Holders requesting and withdrawing such registration. If the Company is required to pay the
Registration Expenses of a withdrawn offering pursuant to clause (a) above, then such registration shall not be deemed to have been effected for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or
2.4(b), as applicable, to undertake any subsequent registration. 
 2.6 Obligations of the Company. Whenever required to
effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and
file with the SEC a registration statement with respect to such Registrable Securities as soon as is practicable (and in any event no later than 45 days following receipt of a written request by the Initiating Holders pursuant to Section 2.2,
or in the case of a written request that the Company effect a registration on Form S-3 pursuant to Section 2.4, 20 days following receipt of such request) and use all reasonable efforts to cause such
registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to one hundred and eighty (180) days or, if
earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on
a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred eighty (180) day period shall be extended for so long as requested by the Initiating Holders until all such Registrable Securities are sold,
provided, further, however, that at any time, upon written notice to the participating Holders and for a period not to exceed, when added to the total number of days for any deferral with respect to such registration statement under Section 2.2
or 2.4 above, sixty (60) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and
the Initiating Holders hereby agree not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period) if, and so long as, the Company reasonably believes that there is or may be in existence
material nonpublic information or events involving the Company, the failure of which to be disclosed in the prospectus included in the registration statement could result in a Violation (as defined below). In the event that the Company shall
exercise its right to delay or suspend the filing or effectiveness of a registration hereunder, the applicable time period during which the registration statement is to remain effective shall be extended by a period of time equal to the duration of
the Suspension Period. The Company may extend the Suspension Period for an additional consecutive sixty (60) days with the consent of the holders of a majority of the Registrable Securities registered under the applicable registration
statement. No more than two (2) such Suspension Periods shall occur in any twelve (12) month period and in any event shall not exceed, when added to the total number of days for any deferral with respect to such registration statement
under Section 2.2 or 2.4 above, an aggregate of sixty (60) days for all such Suspension Periods and deferrals. If so directed by the Company, all Holders 

  
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registering shares under such registration statement shall (i) use their commercially reasonable efforts to not offer to sell any Registrable Securities pursuant to the registration
statement during the period in which the delay or suspension is in effect after receiving notice of such delay or suspension; and (ii) use their best efforts to deliver to the Company (at the Company’s expense) all copies, other than
permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. Notwithstanding the foregoing, the Company shall not be required to file, cause to
become effective or maintain the effectiveness of any registration statement, other than a registration statement on Form S-3, that contemplates a distribution of securities on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act. 
 (b) Prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement for the period set forth in subsection (a) above. 
 (c) Furnish to the Holders such number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(d) Use its reasonable efforts to register and qualify the securities covered by such registration statement under such other securities
or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions. 
 (e) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an
agreement. 
 (f) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement such prospectus
in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then
existing. 
 (g) Use its reasonable efforts to cause all such Registrable Securities covered by such registration statement to be
listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed. 

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

(i) After such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus. 
 (j) Otherwise use its commercially reasonable efforts to make available to
its securities holders, as soon as reasonably practicable, an earning statement covering the period of at least twelve (12) months after the effective date of such registration statement, which earning statement shall satisfy Section 11(a) of
the Securities Act and any applicable regulations thereunder, including Rule 158. 
 (k) Use its reasonable efforts to furnish, on the
date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants
of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

2.7 Delay of Registration; Furnishing Information. 

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

2.8 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2.2,
2.3 or 2.4: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members,
officers, directors and stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls, or is alleged to control, such Holder or
underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state
law, insofar as such 

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

  
 12 

 
expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other
Holder in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this
Section 2.8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, unless such consent is unreasonably withheld or delayed;
provided further, that in no event shall any indemnity under this Section 2.8, together with any amounts paid or payable by such Holder in connection with such registration pursuant to Section 2.8(d), exceed the net proceeds from the
offering received by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the
commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, deliver to the indemnifying party a written notice
of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with
counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses thereof to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.8 to the extent, and only
to the extent, prejudicial to its ability to defend such action, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 2.8. 
 (d) If the indemnification provided for in this Section 2.8 is held by a court of competent jurisdiction to
be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law
contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact or other violation
relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided,
that in no event shall any contribution by a Holder hereunder, together with any amounts paid or payable by such Holder in connection with such registration pursuant to Section 2.8(b), exceed the net proceeds from the offering received by such
Holder. 

  
 13 

 (e) The obligations of the Company and Holders under this Section 2.8 shall survive
completion of any offering of Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 2.8 would apply that is covered by a registration filed before termination of this
Agreement, such termination. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 

2.9 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this
Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such shares remain Registrable Securities) that (a) is an affiliate, subsidiary, parent, general partner, limited partner, retired
partner, member or retired member, or stockholder of a Holder that is a corporation, partnership or limited liability company, (b) is a Holder’s family member or trust for the benefit of an individual Holder, (c) acquires at least
25,000 shares of Registrable Securities (as adjusted for stock splits and combinations), or (d) is an entity affiliated by common control (or other related entity, including affiliated venture capital funds) with such Holder;
provided, however, (i) the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such
registration rights are being assigned and (ii) such transferee shall agree to be subject to all restrictions set forth in this Agreement. 

2.10 Limitation on Subsequent Registration Rights. Other than as provided in Section 5.10, after the date of this
Agreement, the Company shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder rights to demand the registration of shares of the Company’s capital stock, or to
include such shares in a registration statement that would reduce the number of shares includable by the Holders. 
 2.11 Market Stand-Off Agreement. Each Holder hereby agrees that such Holder shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar
transaction with the same economic effect as a sale, any shares of Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) during the 180-day
period following the effective date of the Initial Offering; provided, that all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar
agreements. Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the managing underwriters that are entirely consistent with the Holder’s obligations under this Section 2.11 or
that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such shares of Common Stock (or other securities) until the end of such period. Each
Holder agrees that any transferee of any shares of Registrable Securities shall be bound by Sections 2.11. The underwriters of the Company’s stock are intended third party beneficiaries of Sections 2.11 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 to all Holders subject to such
agreements pro rata based on the number of shares subject to such agreements. 

  
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 2.12 Rule 144 Reporting. With a view to making available to the Holders the
benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

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

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

(c) So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a written statement by the
Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly
report of the Company filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell any such securities without
registration. 
 2.13 Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Section 2.2, Section 2.3, or Section 2.4 hereof shall terminate upon the earlier to occur of (a) at such time as such Holder, as reflected on the Company’s list of
stockholders, holds less than 1% of the Company’s outstanding Common Stock (treating all shares of Preferred Stock on an as converted basis) and all Registrable Securities of the Company issuable or issued upon conversion of the Shares held by
and issuable to such Holder (and its affiliates) may be sold pursuant to Rule 144 during any ninety (90) day period, and (b) on the five year anniversary of the effective date of the registration statement pertaining to the QPO (as defined
below). Upon such termination, such shares shall cease to be “Registrable Securities” hereunder for all purposes. 
 SECTION 3. COVENANTS
OF THE COMPANY. 
 3.1 Basic Financial Information and Reporting. 

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

  
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 (b) As soon as practicable after the end of each fiscal year of the Company, and in any
event within one hundred twenty (120) days thereafter, the Company will furnish to any Investor that, together with its affiliates, owns at least 500,000 shares of Registrable Securities (as adjusted for stock splits and
combinations) that requests such information (each such Investor, a “Major Investor”) an audited balance sheet of the Company, as at the end of such fiscal year, and an audited statement of income and an audited statement of
cash flows of the Company, for such year, all prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to the recipients thereof) and setting forth in each case in comparative
form the figures for the previous fiscal year, all in reasonable detail. Such financial statements shall be accompanied by a report and opinion thereon by independent public accountants of national standing selected by the Company’s Board of
Directors. 
 (c) The Company will furnish each Major Investor, as soon as practicable after the end of the first, second and third
quarterly accounting periods in each fiscal year of the Company, and in any event within forty-five (45) days thereafter, a balance sheet of the Company as of the end of each such quarterly period, and a statement of income and a
statement of cash flows of the Company for such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to the recipients
thereof), with the exception that no notes need be attached to such statements and year-end audit adjustments may not have been made. 

(d) The Company will furnish each Major Investor as soon as practicable, but in any event within forty-five (45) days after the end
of each of the first three (3) quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock
outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of
shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit each Major Investor to calculate their respective percentage equity ownership in the Company. 

(e) The Company will furnish each Major Investor, as soon as practicable, but in any event within thirty (30) days of the end of
each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all prepared in accordance with generally accepted
accounting principles consistently applied (except as noted therein or as disclosed to the recipients thereof) (except that such financial statements may (i) be subject to normal year-end audit
adjustments and (ii) not contain all notes thereto that may be required in accordance with generally accepted accounting principles). 

(f) The Company will furnish each Major Investor: (i) at least sixty (60) days prior to the beginning of each fiscal year an
annual budget and operating plans for such fiscal year (and as soon as available, any subsequent written revisions thereto); and (ii) as soon as practicable after the end of each month, and in any event within twenty (20) days thereafter,
a balance sheet of the Company as of the end of each such month, and a statement of income and a statement of cash flows of the Company for such month and for the current fiscal year to 

  
 16 

 
date, including a comparison to plan figures for such period, prepared in accordance with generally accepted accounting principles consistently applied (except as noted thereon), with the
exception that no notes need be attached to such statements and year-end audit adjustments may not have been made. 

3.2 Inspection Rights. Each Major Investor shall have the right to visit and inspect any of the properties of the Company or any
of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such reasonable times and as often as may be
reasonably requested; provided, however, that the Company shall not be obligated under this Section 3.2 with respect to any Major Investor other than Lightspeed Venture Partners VIII, L.P. (“Lightspeed”) (a) that
the Board of Directors determines in good faith is a competitor of the Company, and (b) any Investor whom the Company reasonably determines to be an officer, employee, consultant, director or holder of 10% or more of the capital stock of a
competitor of the Company, in each case with respect to information which the Board of Directors determines in good faith is confidential or attorney-client privileged and should not, therefore, be disclosed. 

3.3 Confidentiality of Records. Each Investor agrees to use the same degree of care as such Investor uses to protect its own
confidential information to keep confidential any information furnished to such Investor that the Company identifies as being confidential or proprietary (so long as such information is not in the public domain), except that such Investor may
disclose such proprietary or confidential information (i) to any partner, member, subsidiary or parent of such Investor as long as such partner, member, subsidiary or parent is advised of and agrees or has agreed to be bound by the
confidentiality provisions of this Section 3.3 or comparable restrictions; (ii) at such time as it enters the public domain through no fault of such Investor; (iii) that is communicated to it free of any obligation of confidentiality;
(iv) that is developed by Investor or its agents independently of and without reference to any confidential information communicated by the Company; (v) as required by applicable law, or (vi) to Investor’s attorneys, accountants,
consultants, and other professionals, in connection with their services in connection with monitoring the Investor’s investment in the Company. Notwithstanding the foregoing, each Investor that is a limited partnership or limited liability
company may disclose such proprietary or confidential information to any former partners or members who retained an economic interest in such Investor, current or prospective partner of the partnership or any subsequent partnership under common
investment management, limited partner, general partner, member or management company of such Investor (or any employee or representative of any of the foregoing) (each of the foregoing persons, a “Permitted Disclosee”) or
legal counsel, accountants or representatives for such Investor, provided in each case that the recipient of such information agrees to maintain the confidentiality of such information and not to use such information for any purpose not permitted by
this Section 3.3. Furthermore, nothing contained herein shall prevent any Investor or any Permitted Disclosee from (A) entering into any business, entering into any agreement with a third party, or investing in or engaging in investment
discussions with any other company (whether or not competitive with the Company), provided that such Investor or Permitted Disclosee does not, except as permitted in accordance with this Section 3.3, disclose or otherwise make use of any
proprietary or confidential information of the Company in connection with such activities, or (B) making any disclosures required by law, rule, regulation or court or other governmental order. 

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

3.5 Stock Vesting; Acceleration of Vesting. Unless otherwise approved by the Board of Directors, all stock options and other
stock equivalents issued after the date of this Agreement to employees, directors, consultants and other service providers shall be subject to vesting as follows: (a) 25% of such stock shall vest at the end of the first year following the earlier of
the date of issuance or such person’s services commencement date with the Company, and (b) 75% of such stock shall vest over the remaining three years. The Company shall not accelerate, or enter into agreements providing for the acceleration
of, the vesting of any stock options or other stock equivalents issued to employees, directors, consultants and other service providers without the unanimous consent of the Board of Directors. 

3.6 Key Person Insurance. Subject to the approval of the Board of Directors, the Company will use its best efforts to obtain and
maintain in full force and effect term life insurance in the amount reasonably acceptable to the Board of Directors on the life of Katrina Lake; naming the Company as beneficiary. 

3.7 Visitation Rights. The Company shall allow one representative designated by Lightspeed to attend all meetings of the
Company’s Board of Directors and its committees and of the board of directors and committees of every direct or indirect subsidiary of the Company in a nonvoting capacity, and in connection therewith, the Company shall give such representative
copies of all notices, minutes, consents and other materials, financial or otherwise, which the Company provides to such boards of directors and committees; provided, however, that the Company reserves the right to exclude such representative from
access to any material or meeting or portion thereof to the extent the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege. The decision of the Board with respect to the
privileged nature of such information shall be final and binding. The Company shall reimburse such representative for all costs and expenses incurred by such representative in attending any such meetings and for traveling, at the request of the
Company, on Company business. 
 3.8 Proprietary Information and Inventions Agreement. The Company shall require all employees
and consultants to execute and deliver a Proprietary Information and Inventions Agreement substantially in a form approved by the Company’s counsel or Board of Directors. 

3.9 [Intentionally Omitted]. 

3.10 Termination of Covenants. All covenants of the Company contained in Section 3 of this Agreement (other than the
provisions of Section 3.3) shall expire and terminate as to each Investor upon the earlier of (i) the consummation of an Initial Offering that results in the conversion of all Shares into Common Stock pursuant to the Company’s
Certificate of Incorporation as in effect as of the date hereof (the “QPO”) or (ii) upon an “Acquisition” as defined in the Company’s Certificate of Incorporation
as in effect as of the date hereof, in which the consideration received by the Investors is in the form of cash and/or marketable securities. 

  
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 SECTION 4. RIGHTS OF FIRST REFUSAL. 

4.1 Subsequent Offerings. 

(a) Until such time as Benchmark Capital Partners VII, L.P. and its affiliates (“Benchmark”) own at least
25% of the Company’s stock on a Fully Diluted Basis (as defined below): (i) subject to applicable securities laws, each Investor shall have a right of first refusal to purchase its pro rata share, sufficient to maintain such
Investor’s percentage ownership of the Company’s stock on a Fully Diluted Basis, of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement other than the
Equity Securities excluded by Section 4.6 hereof; and (ii) Benchmark shall additionally have the right to purchase up to all of the Equity Securities that the Company may, from time to time, propose to sell and issue after the date of this
Agreement, other than the Equity Securities subscribed for by other Investors pursuant to this Section 4.1(a) and Equity Securities excluded by Section 4.6 hereof, until Benchmark owns at least 25% of the Company’s stock on a Fully Diluted
Basis. The term “Fully Diluted Basis” shall mean on an as-if converted to Common Stock basis, assuming conversion or exercise of all convertible or exercisable securities, and including
any shares reserved for issuance pursuant to the Company’s equity incentive plan. 
 (b) Following the first date on which
Benchmark owns at least 25% of the Company’s stock on a Fully Diluted Basis, subject to applicable securities laws, each Investor shall have a right of first refusal to purchase its pro rata share of all Equity Securities, as defined
below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 4.6 hereof. Each Investor’s pro rata share is equal to the ratio of
(a) the number of shares of the Company’s Common Stock (including all shares of Common Stock issuable or issued upon conversion of the Shares or upon the exercise of outstanding warrants or options) of which such Investor is deemed to be a
holder immediately prior to the issuance of such Equity Securities to (b) the total number of shares of the Company’s outstanding Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares or upon
the exercise of any outstanding warrants or options) immediately prior to the issuance of the Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other security of the
Company, (ii) any security convertible into or exercisable or exchangeable for, with or without consideration, any Common Stock, Preferred Stock or other security (including any option to purchase such a convertible security), (iii) any
security carrying any warrant or right to subscribe to or purchase any Common Stock, Preferred Stock or other security or (iv) any such warrant or right. 

4.2 Exercise of Rights. If the Company proposes to issue any Equity Securities, it shall give each Investor written notice of
its intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue the same. Each Investor shall have fifteen (15) days from the giving of such notice to agree to purchase up
to its pro rata share of the Equity Securities (or, with respect to Benchmark, such greater amount as may be permitted pursuant to Section 4.1(a)) for the price and upon the terms and conditions specified in the notice by giving written
notice to the Company and stating therein the quantity of Equity Securities to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such Equity Securities to any Investor who would cause the Company to be
in violation of applicable federal securities laws by virtue of such offer or sale. 

  
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 4.3 Issuance of Equity Securities to Other Persons. The Company shall have ninety
(90) days thereafter to sell the Equity Securities in respect of which the Investor’s rights were not exercised, at a price not lower and upon general terms and conditions not materially more favorable to the purchasers thereof than
specified in the Company’s notice to the Investors pursuant to Section 4.2 hereof. If the Company has not sold such Equity Securities within ninety (90) days of the notice provided pursuant to Section 4.2, the Company shall not
thereafter issue or sell any Equity Securities, without first offering such securities to the Investors in the manner provided above. 

4.4 Termination and Waiver of Rights of First Refusal. The rights of first refusal established by this Section 4 shall not
apply to, and shall terminate upon the earlier of (i) the consummation of the QPO or (ii) an Acquisition in which the consideration received by the Investors is in the form of cash and/or marketable securities. 

4.5 Assignment of Rights of First Refusal. The rights of first refusal of each Investor under this Section 4 may be
assigned to the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.9. 

4.6 Excluded Securities. The rights of first refusal established by this Section 4 shall have no application to any of the
following Equity Securities: 
 (a) stock issued or to be issued after the date hereof to employees, officers or directors of, or
consultants or advisors to the Company or any subsidiary, pursuant to stock purchase or stock option plans or other arrangements that are approved by the Board of Directors; 

(b) stock issued or issuable pursuant to any rights or agreements, options, warrants or convertible securities outstanding as of the
date of this Agreement; and stock issued pursuant to any such rights or agreements granted after the date of this Agreement, so long as the rights of first refusal established by this Section 4 were complied with, waived, or were inapplicable
pursuant to any provision of this Section 4.6 with respect to the initial sale or grant by the Company of such rights or agreements; 

(c) any Equity Securities issued for consideration other than cash pursuant to a merger, consolidation, acquisition or similar business
combination that is approved by the Board of Directors and entered into for primarily non-equity financing purposes; 

(d) any Equity Securities issued in connection with any stock split, stock dividend or recapitalization by the Company; 

(e) any Equity Securities that, with the unanimous approval of the Board of Directors, are not offered to any existing stockholder of
the Company; 
 (f) any Equity Securities issued pursuant to any equipment loan or leasing arrangement, real property leasing
arrangement, or debt financing from a bank or similar financial or lending institution approved by the Board of Directors, entered into for primarily non-equity financing purposes; 

  
 20 

 (g) any Equity Securities issued to third party service providers in exchange for or as
partial consideration for services rendered to the Company as approved by the Board of Directors; 
 (h) any Equity Securities that
are issued by the Company pursuant to a bona fide, firmly underwritten public offering; and 
 (i) any Equity Securities issued by the
Company pursuant to the terms of Section 2.3 of the Purchase Agreement. 
 SECTION 5. MISCELLANEOUS. 

5.1 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California in all
respects as such laws are applied to agreements among California residents entered into and to be performed entirely within California, without reference to conflicts of laws or principles thereof. The parties agree that any action brought by
either party under or in relation to this Agreement, including without limitation to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees to and does hereby submit to the jurisdiction and venue of, any
state or federal court located in the County of San Francisco, California. 
 5.2 Successors and Assigns. Except as otherwise
expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be
enforceable by each person who shall be a holder of Registrable Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the
full name and address of the transferee, the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any
redemption price. 
 5.3 Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the Purchase Agreement and the
other documents delivered pursuant thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any oral or written
representations, warranties, covenants and agreements except as specifically set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties, covenants or
agreements outside of this Agreement. 
 5.4 Severability. In the event one or more of the provisions of this Agreement
should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein. 

  
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 5.5 Amendment and Waiver. 

(a) Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the Company and the rights
of the Holders under this Agreement may be waived, only upon the written consent of the Company and the holders of a majority of the then-outstanding Registrable Securities; provided that, if the provisions of Section 4 of this Agreement are
waived with respect to a particular transaction and any Investor purchases Equity Securities in such transaction, then each other Investor shall be permitted to participate in such transaction on a pro rata basis, based on the level of participation
of the Investor (which, in the case of any transaction subject to section 4.1(a), shall not include Benchmark) purchasing the largest portion of such Investor’s pro rata share, which participation amount shall in no event exceed the amounts
such Investor would be entitled to purchase pursuant to Section 4 above notwithstanding any such waiver. In addition to the foregoing, at any time prior to the first date on which Benchmark owns at least 25% of the Company’s stock on a
Fully Diluted Basis, Section 4.1(a) of this Agreement may be amended, modified or waived only upon the written consent of the Company and Benchmark. In addition to the foregoing, neither of the following actions shall be taken without the written
consent of the Company and Lightspeed: (i) any amendment or modification to the number of shares provided for in Section 3.1(b) of this Agreement or that would otherwise amend or modify the number of shares required to be owned by any Investor
(together with its affiliates) in order to qualify as a “Major Investor” for the purposes hereof or (ii) any amendment, modification or waiver of Lightspeed’s rights under Section 3.2 or 3.7 of this Agreement. 

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

5.7 Notices. All notices required in connection with this Agreement shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written notification of
receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Exhibit A hereto or at such other address or electronic mail address as such party may designate by ten (10) days
advance written notice to the other parties hereto. 

  
 22 

 5.8 Attorneys’ Fees. Subject to Section 5.15, in the event
that any suit or action is instituted under or in relation to this Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees,
costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all
fees, costs and expenses of appeals. 
 5.9 Titles and Subtitles. The titles of the sections and subsections of this Agreement
are for convenience of reference only and are not to be considered in construing this Agreement. 
 5.10 Additional Investors.
Notwithstanding anything to the contrary contained herein, if the Company shall issue additional shares of its Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock shall become a party to this Agreement
by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an “Investor,” a “Holder” and a party hereunder. Notwithstanding anything to the contrary
contained herein, if the Company shall issue Equity Securities in accordance with Section 4.6 (c), (e) or (i) of this Agreement, any purchaser of such Equity Securities may become a party to this Agreement by executing and delivering an
additional counterpart signature page to this Agreement and shall be deemed an “Investor,” a “Holder” and a party hereunder. 

5.11 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of
which together shall constitute one instrument. 
 5.12 Aggregation of Stock. All shares of Registrable Securities held or
acquired by affiliated entities or persons or persons or entities under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

5.13 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or
neutral, singular or plural, as to the identity of the parties hereto may require. 
 5.14 Specific Performance. The parties
hereto hereby declare that it is impossible to measure in money the damages which will accrue to a party hereto or to their heirs, personal representatives, or assigns by reason of a failure to perform any of the obligations under this Agreement and
agree that the terms of this Agreement shall be specifically enforceable. If any party hereto or his heirs, personal representatives, or assigns institutes any action or proceeding to specifically enforce the provisions hereof, any person against
whom such action or proceeding is brought hereby waives the claim or defense therein that such party or such personal representative has an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense
that such remedy at law exists. 

  
 23 

 5.15 Dispute Resolution. Any unresolved controversy or claim arising out of or
relating to this Agreement, except as (i) otherwise provided in this Agreement, or (ii) any such controversies or claims arising out of either party’s intellectual property rights for which a provisional remedy or equitable relief is
sought, shall be submitted to arbitration by one arbitrator mutually agreed upon by the parties, and if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by the American Arbitration
Association (the “AAA”), then by one arbitrator having reasonable experience in corporate finance transactions of the type provided for in this Agreement and who is chosen by the AAA. The arbitration shall take place in the
State of California, County of San Francisco, in accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding and may be entered in any court having jurisdiction thereof. There shall be
limited discovery prior to the arbitration hearing as follows: (a) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated, (b) depositions of all party witnesses
and (c) such other depositions as may be allowed by the arbitrators upon a showing of good cause. Depositions shall be conducted in accordance with Section 5.1 hereof, the arbitrator shall be required to provide in writing to the parties
the basis for the award or order of such arbitrator, and a court reporter shall record all hearings, with such record constituting the official transcript of such proceedings. The prevailing party shall be entitled to reasonable attorney’s
fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled. 
 [Signature page
follows] 

  
 24 

 The parties hereto have executed this FOURTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 

COMPANY: 
 STITCH FIX,
INC. 
  

			
	By:	 	 /s/ Katrina Lake

	Name: Katrina Lake
	Title: Chief Executive Officer and President

 STITCH FIX, INC. FOURTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT 

SIGNATURE PAGE 

 The parties hereto have executed this FOURTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 

 

			
	INVESTORS:
	
	BENCHMARK CAPITAL PARTNERS VII, L.P.
	as nominee for
	Benchmark Capital Partners VII, L.P.,
	Benchmark Founders’ Fund VII, L.P.,
	Benchmark Founders’ Fund VII-B, L.P.
	
	 By: Benchmark Capital Management Co. VII, L.L.C.,

its general partner

 
			
		
	By:	 	 /s/ Steven M. Spurlock

	Managing Member

 
			
	
	BENCHMARK CAPITAL PARTNERS VI, L.P.
		 	as nominee for
		 	Benchmark Capital Partners VI, L.P.,
		 	Benchmark Founders’ Fund VI, L.P., and
		 	Benchmark Founders’ Fund VI-B, L.P.
and related individuals
		
	By:	 	Benchmark Capital Management Co. VI, L.L.C., its general partner
		
	By:	 	 /s/ Steven M. Spurlock

		 	Managing Member
		
	Address:	 	2965 Woodside Road
		 	Woodside, CA 94062

 STITCH FIX, INC. FOURTH
AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

SIGNATURE PAGE 

 The parties hereto have executed this FOURTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 

 

					
	INVESTORS:
	
	LIGHTSPEED VENTURE PARTNERS VIII, L.P.
		
	By:	 	Lightspeed General Partner VIII, L.P., its general partner
	By:	 	Lightspeed Ultimate General Partner VIII, Ltd., its general partner
		
	By:	 	 /s/ Ravi Mhatre

	Name:	 	
	Duly Authorized Signatory

 The parties hereto have executed this FOURTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

					
		  	INVESTORS:
		
		  	BASELINE CABLE CAR, LLC
			
		  	By:	  	 /s/ Steve Anderson

		  	Name: Steve Anderson
		  	Title:   Managing Member
		
	Address for notice:        	  	Baseline Ventures
		  	 #####

		  	 #####

		
		  	###@###.com
		  	Fax: (###) ###-###

 The parties hereto have executed this FOURTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

					
		  	INVESTORS:
		
		  	BASELINE INCREASED EXPOSURE FUND, LLC
			
		  	By:	  	 /s/ Steve Anderson

		  	Name: Steve Anderson
		  	Title: Managing Member
		
	Address for notice:        	  	Baseline Ventures
		  	 #####

		  	 #####

		
		  	 ###@###.com

		  	 (###) ###-####

 The parties hereto have executed this FOURTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 
  

					
		  	INVESTORS:
		
		  	BASELINE VENTURES 2009, LLC
			
		  	By:	  	 /s/ Steve Anderson

		  	Name: Steve Anderson
		  	Title: Managing Member
		
	Address for notice:        	  	Baseline Ventures
		  	 #####

		  	 #####

		
		  	 ###@###.com

		  	 (###) ###-####

 The parties hereto have executed this FOURTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 

 

			
	INVESTORS:
	
	VENTURE LENDING AND LEASING VI, LLC
		
	By:	 	 /s/ Maurice Werdegar

	Name: Maurice Werdegar
	Title:   President and CEO
	
	VENTURE LENDING AND LEASING VII, LLC
		
	By:	 	 /s/ Maurice Werdegar

	Name: Maurice Werdegar
	Title:   President and CEO

 The parties hereto have executed this FOURTH AMENDED
AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 

 

	
	INVESTORS:
	
	 /s/ Julie Bornstein

	JULIE BORNSTEIN

 EXHIBIT A 

SCHEDULE OF INVESTORS 
  

			
	 NAME OF INVESTOR
	  	 SHARES OF 

PREFERRED

	Benchmark Capital Partners VII, L.P.	  	 302,666 shares of Series C Preferred Stock
  

3,576,448 shares of Series B Preferred Stock

		
	Benchmark Capital Partners VI, L.P.	  	605,333 shares of Series C Preferred Stock
		
	Lightspeed Venture Partners VIII, L.P.	  	 89,692 shares of Series C Preferred Stock
  

1,667,096 shares of Series A Preferred Stock
  

310,846 shares of Series A-1 Preferred Stock

		
	Baseline Increased Exposure Fund, LLC	  	 346,807 shares of Series C Preferred Stock
  

1,213,024 shares of Series B Preferred Stock

		
	Baseline Ventures 2009, LLC	  	 44,844 shares of Series C Preferred Stock
  

1,249,479 shares of Series A-1 Preferred Stock
  

530,129 shares of Series A Preferred Stock
  

1,407,131 shares of Series Seed Preferred Stock

		
	Baseline Cable Car, LLC	  	45,721 shares of Series C Preferred Stock
		
	Venture Lending and Leasing VI, LLC	  	 20,928 shares of Series C Preferred Stock
  

41,109 shares of Series B Preferred Stock
  

88,355 shares of Series A Preferred Stock
  

83,299 shares of Series A-1 Preferred Stock

			
	Venture Lending and Leasing VII, LLC	  	 20,928 shares of Series C Preferred Stock
  

41,108 shares of Series B Preferred Stock
  

83,299 shares of Series A-1 Preferred Stock

		
	Sukhinder Singh Cassidy	  	 62,474 shares of Series A-1 Preferred Stock

 
 9,380 shares of Series Seed Preferred Stock

		
	Eric Colson	  	22,089 shares of Series A Preferred Stock
		
	John Fleming	  	22,088 shares of Series A Preferred Stock
		
	Julie Bornstein	  	17,938 shares of Series C Preferred Stock

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	 SECTION 1.
	  	 GENERAL
	  	 	1	 
			
	 1.1
	  	Amendment and Restatement of Prior Agreement	  	 	1	 
			
	 1.2
	  	Definitions	  	 	2	 
			
	 SECTION 2.
	  	 REGISTRATION; RESTRICTIONS ON TRANSFER
	  	 	3	 
			
	 2.1
	  	Restrictions on Transfer	  	 	3	 
			
	 2.2
	  	Demand Registration	  	 	4	 
			
	 2.3
	  	Piggyback Registrations	  	 	6	 
			
	 2.4
	  	Form S-3 Registration	  	 	7	 
			
	 2.5
	  	Expenses of Registration	  	 	8	 
			
	 2.6
	  	Obligations of the Company	  	 	9	 
			
	 2.7
	  	Delay of Registration; Furnishing Information	  	 	11	 
			
	 2.8
	  	Indemnification	  	 	11	 
			
	 2.9
	  	Assignment of Registration Rights	  	 	14	 
			
	 2.10
	  	Limitation on Subsequent Registration Rights	  	 	14	 
			
	 2.11
	  	Market Stand-Off Agreement	  	 	14	 
			
	 2.12
	  	Rule 144 Reporting	  	 	15	 
			
	 2.13
	  	Termination of Registration Rights	  	 	15	 
			
	 SECTION 3.
	  	 COVENANTS OF THE COMPANY
	  	 	15	 
			
	 3.1
	  	Basic Financial Information and Reporting	  	 	15	 
			
	 3.2
	  	Inspection Rights	  	 	16	 
			
	 3.3
	  	Confidentiality of Records	  	 	17	 
			
	 3.4
	  	Reservation of Common Stock	  	 	18	 
			
	 3.5
	  	Stock Vesting; Acceleration of Vesting	  	 	18	 
			
	 3.6
	  	Key Person Insurance	  	 	18	 
			
	 3.7
	  	Visitation Rights	  	 	18	 
			
	 3.8
	  	Proprietary Information and Inventions Agreement	  	 	18	 
			
	 3.9
	  	Qualified Small Business	  	 	18	 
			
	 3.10
	  	Termination of Covenants	  	 	18	 
			
	 SECTION 4.
	  	 RIGHTS OF FIRST REFUSAL.
	  	 	19	 
			
	 4.1
	  	Subsequent Offerings	  	 	19	 
			
	 4.2
	  	Exercise of Rights	  	 	19	 

 TABLE OF CONTENTS 

(CONTINUED) 
  

 

							
	 	  	 	  	PAGE	 
	 4.3
	  	Issuance of Equity Securities to Other Persons	  	 	20	 
			
	 4.4
	  	Sale Without Notice	  	 	20	 
			
	 4.5
	  	Termination and Waiver of Rights of First Refusal	  	 	20	 
			
	 4.6
	  	Assignment of Rights of First Refusal	  	 	20	 
			
	 4.7
	  	Excluded Securities	  	 	20	 
			
	 SECTION 5.
	  	MISCELLANEOUS	  	 	21	 
			
	 5.1
	  	Governing Law	  	 	21	 
			
	 5.2
	  	Successors and Assigns	  	 	21	 
			
	 5.3
	  	Entire Agreement	  	 	21	 
			
	 5.4
	  	Severability	  	 	21	 
			
	 5.5
	  	Amendment and Waiver	  	 	22	 
			
	 5.6
	  	Delays or Omissions	  	 	22	 
			
	 5.7
	  	Notices	  	 	22	 
			
	 5.8
	  	Attorneys’ Fees	  	 	23	 
			
	 5.9
	  	Titles and Subtitles	  	 	23	 
			
	 5.10
	  	Additional Investors	  	 	23	 
			
	 5.11
	  	Counterparts	  	 	23	 
			
	 5.12
	  	Aggregation of Stock	  	 	23	 
			
	 5.13
	  	Pronouns	  	 	23	 
			
	 5.14
	  	Specific Performance	  	 	23

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