Document:

Exhibit

Execution Copy

EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”), is made and entered into on November 25, 2019, by and among e.l.f. Cosmetics, Inc. (together with any successor, the “Company”), e.l.f. Beauty, Inc., the owner of all of the outstanding capital stock of the Company (together with any successor, “e.l.f. Beauty”), and Josh Franks (“Executive”). 
WHEREAS, the Company desires to employ Executive on January 2, 2020 (the “Effective Date”) on the terms, conditions and other provisions set forth herein; and 
WHEREAS, Executive desires to be employed by and render services to the Company upon and subject to the terms, conditions and other provisions set forth herein. 
NOW THEREFORE, in consideration of the promises and mutual covenants and agreements contained herein, the adequacy of all of which consideration is hereby acknowledged, the parties hereby agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01    The following words and terms shall have the meanings set forth below for the purposes of this Agreement:
“Board of Directors” means the Board of Directors of e.l.f. Beauty. 
“Cause” means (i) a breach by Executive of Executive’s obligations under Section 2.02 (other than as a result of physical or mental incapacity) which constitutes material nonperformance by Executive of his or her obligations and duties thereunder, which Executive has failed to remedy after the Board of Directors has given Executive written notice of, and at least 15 days to remedy, such breach, (ii) commission by Executive of an act of fraud, embezzlement, misappropriation, willful misconduct or breach of fiduciary duty against the Company (other than acts, such as making personal use of Company office supplies, as have only a de minimis effect on the Company), (iii) a material breach by Executive of ARTICLE VI, (iv) Executive’s conviction, plea of no contest or nolo contendere, deferred adjudication or unadjudicated probation for any felony or any crime involving moral turpitude, (v) the failure of Executive to carry out, or comply with, in any material respect, any lawful directive of the Board of Directors (other than any such failure resulting from Executive’s physical or mental incapacity) which Executive has failed to remedy after the Board of Directors has given Executive written notice of, and at least 15 days to remedy, such failure, or (vi) Executive’s unlawful use (including being under the influence) or possession of illegal drugs. For purposes of the previous sentence, no act or failure to act on Executive’s part shall be deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of the Company. 
“Disability” means Executive’s inability to perform, with or without reasonable accommodation, the essential functions of his or her position hereunder for a period of 180 consecutive days due to mental or physical incapacity, as determined by mutual agreement of a physician selected by the Company or its insurers and a physician selected by Executive; provided, however, if the opinion of the Company’s physician and Executive’s physician conflict, the Company’s physician and Executive’s physician shall together agree upon a third physician, whose opinion shall be binding; provided, however, that Executive shall not be considered to have a Disability unless it is also treated as a disability under the Company’s long-term disability policy. 

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“Good Reason” means: (i) a material default in the performance of the Company’s obligations under this Agreement; (ii) a significant diminution of Executive’s responsibilities, duties or authority as Senior Vice President, Operations, or a material diminution of Executive’s base compensation, unless such diminution is mutually agreed between Executive and the Company; or (iii) the relocation of Executive’s principal office, without his or her consent, to a location that is in excess of 50 miles from San Francisco (it being understood and agreed that Executive’s travel for business purposes shall not be considered such a relocation); provided, however, that Executive’s termination will not be for Good Reason unless (x) Executive has given the Company at least 30 days prior written notice of his or her intent to terminate his or her employment for Good Reason, which notice shall specify the facts and circumstances constituting Good Reason and be given within 90 days of the initial occurrence thereof, (y) the Company has not remedied such facts and circumstances constituting Good Reason within 30 days following the receipt of such notice, and (z) Executive terminates employment within six months following the expiration of such 30-day cure period. 
“Notice of Termination” means a dated notice that (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated, (iii) specifies a Termination Date, except in the case of the Company’s termination of Executive’s employment for Cause, for which the Termination Date may be the date of the notice; provided, however, that Executive has been provided with any applicable cure period, and (iv) is given in the manner specified in Section 7.02. With the exception of termination of Executive’s employment due to Executive’s death, any purported termination of Executive’s employment by the Company for any reason, including without limitation for Cause or Disability, or by Executive for any reason, shall be communicated by a written “Notice of Termination” to the other party. The failure by the Company or Executive to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Good Reason, as applicable, shall not waive any right of the Company or Executive under this Agreement or preclude the Company or Executive from asserting such fact or circumstance in enforcing the Company’s or Executive’s rights under this Agreement. 
“Termination Date” means (i) if Executive’s employment is terminated for Cause or Disability, the date specified in the Notice of Termination, (ii) in the case of termination of employment due to death, the date of Executive’s death, or (iii) if Executive’s employment is terminated for any other reason, the date on which a Notice of Termination is given or as specified in such Notice.
ARTICLE II
EMPLOYMENT
Section 2.01    Agreement and Term. The Company hereby employs Executive as an employee of the Company, and Executive hereby accepts said employment and agrees to render such services to the Company, on the terms and conditions set forth in this Agreement. The term of employment under this Agreement shall commence on the Effective Date and shall continue until terminated pursuant to ARTICLE V. 
Section 2.02    Position and Duties. Except as otherwise provided in this Agreement, Executive shall serve as Senior Vice President, Operations and shall report directly to the Chief Executive Officer. Executive shall perform duties, undertake the responsibilities, and exercise the authorities customarily performed, undertaken and exercised by persons situated in a similar capacity at a similar company. Executive shall carry out his or her duties and responsibilities at all times in compliance with the Company’s policies promulgated from time to time by the Company. Executive shall also perform such other duties, 

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commensurate with his or her position, as reasonably requested by the Board of Directors. Executive shall use his or her best efforts to serve the Company faithfully, diligently and competently and to the best of his or her ability, and to devote his or her full time business hours, energy, ability, attention and skill to the business of the Company; provided, however, that the foregoing is not intended to preclude Executive from noncompetitive activities, conducted outside normal business hours permitted under Section 2.03. 
Section 2.03    Outside Activities. It shall not be a violation of this Agreement for Executive to (a) deliver lectures or fulfill speaking engagements; (b) manage personal investments; or (c) subject to the prior consent of the Board of Directors (which consent shall not be unreasonably withheld), serve on industry trade, civic, or charitable boards or committees or on for-profit corporate boards of directors and advisory committees, as long as the activities set forth in (a) – (c) (taken together or separately) do not materially interfere with the performance of Executive’s duties hereunder and are not in conflict or competitive with, or adverse to, the Company. Executive shall not, however, under any circumstances, provide services or advice in any capacity whatsoever for or on behalf of any entity that competes with or is competitive with the Company.  
Section 2.04    Location. Executive shall be based in the Company’s Oakland, California offices (or such other San Francisco Bay Area office as the Company occupies).
ARTICLE III 
COMPENSATION AND BENEFITS
Section 3.01    Salary. The Company shall compensate and pay Executive for his or her services at a rate equivalent to $325,000 per year, less payroll deductions and all required tax withholdings (“Base Salary”), which salary shall be payable in accordance with the Company’s customary payroll practices applicable to its executives, but no less frequently than monthly. 
Section 3.02    Bonus. Executive shall have the opportunity to earn annual performance bonuses based on performance criteria to be established by the Board of Directors (or a committee thereof) after consultation with Executive. Executive shall be eligible to receive a target cash bonus of 40% of his or her Base Salary based upon the attainment of performance objectives established by the Board of Directors (or a committee thereof). Unless set forth otherwise herein, Executive must be actively employed with the Company through the date on which the bonus performance percentage is determined by the Board of Directors (or a committee thereof) in order to receive any annual bonus payout pursuant to this subsection. Any bonus payable hereunder in respect of a fiscal year shall be paid at the same time annual bonuses are paid to other senior executives of the Company in respect of such fiscal year; but in any event within the fiscal year following the fiscal year of performance. 
Section 3.03    Employee Benefits. To the extent eligible under the applicable plans or programs, Executive shall be entitled to participate in the employee benefits plans and programs made available to executive level employees of the Company generally, such as health, medical, dental and other insurance coverage and group retirement plans. The terms and conditions of Executive’s participation in any employee benefit plan or program shall be subject to the terms and conditions of such plan or program, as may be modified by the Company from time to time. Nothing in this Agreement shall preclude the Company from amending or terminating any employee benefit plan or program. 
Section 3.04    Paid Leave. Executive shall be entitled to four weeks of paid time off (“PTO”) each year, subject an annual accrual cap of 30 days. Executive shall also be entitled to all paid holidays to which executive level employees of the Company are entitled. Accrued unused PTO shall not be paid in the event of a termination of employment unless otherwise required by applicable state law.

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Section 3.05    Equity Award. Subject to requisite corporate approvals, Executive will be granted an equity award consisting of a mix of restricted stock awards (“RSAs”) and nonqualified stock options exercisable for e.l.f. Beauty common stock (NYSE: ELF). The targeted grant date value of the award is $1,350,000, with the number of RSAs being determined by dividing the applicable target value for RSAs by the per share closing trading price of e.l.f. Beauty common stock as of the date of grant, and any options having a calculated value. The parties acknowledge that this reflects targeted value only and the actual value may be different based on a number of factors as determined by the Compensation Committee of e.l.f. Beauty.  The definitive terms of all equity awards will be memorialized in the Company’s customary agreements and the award will be subject, in all cases, to the terms and conditions of the e.l.f. Beauty 2016 Equity Incentive Award Plan, as amended from time to time.
ARTICLE IV 
EXPENSES
Section 4.01    Expenses. The Company shall reimburse Executive or otherwise provide for or pay for reasonable out-of-pocket expenses incurred by Executive in furtherance of or in connection with the business of the Company, including, but not limited to, travel and entertainment expenses commensurate with his or her duties hereunder (including attendance at industry conferences), subject to the Company’s policies as periodically reviewed by the Board of Directors and in effect from time to time, including without limitation such reasonable documentation and other limitations as may be established or required by the Company. 
ARTICLE V 
TERMINATION AND SEVERANCE
Section 5.01    At-Will Employment. The Company and Executive acknowledge that Executive’s employment is and shall continue to be at-will, as defined under applicable law.  This means that it is not for any specified period of time and can be terminated by Executive or by the Company at any time, with or without advance notice, and for any or no particular reason or cause.  It also means that Executive’s job duties, title, and responsibility and reporting level, work schedule, compensation, and benefits, as well as the Company’s personnel policies and procedures, may be changed with prospective effect, with or without notice, at any time in the sole discretion of the Company (subject to any ramification such changes may have under this ARTICLE V). This “at-will” nature of Executive’s employment shall remain unchanged during Executive’s tenure as an employee and may not be changed, except in an express writing signed by Executive and a duly-authorized officer of the Company.  If Executive’s employment terminates for any lawful reason, Executive shall not be entitled to any payments, benefits, damages, award, or compensation other than as provided in this Agreement.
Section 5.02    Termination Due to Death or Disability. If Executive’s employment is terminated by reason of Executive’s death or Disability, Executive or his or her estate shall be entitled to receive: (a) Executive’s accrued Base Salary through the Termination Date; (b) an amount for reimbursement, paid within 60 days following submission by Executive (or if applicable, Executive’s estate) to the Company of appropriate supporting documentation for any unreimbursed business expenses properly incurred prior to the Termination Date by Executive pursuant to ARTICLE IV and in accordance with Company policy; (c) if required by applicable law, any accrued and unpaid PTO pay, paid within 60 days of the Termination Date; and (d) such employee benefits, if any, to which Executive (or, if applicable, Executive’s estate) or his or her dependents may be entitled under the employee benefit plans or programs of the Company, paid in accordance with the terms of the applicable plans or programs (the amounts described in clauses (a) through (d) hereof being referred to as the “Accrued Rights”). In addition, Executive or his or her estate shall be 

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entitled to receive (x) in a lump sum in cash within two and one-half months after the Termination Date (or such earlier date as required by applicable law), the amount of any annual bonus earned for any previously completed fiscal year in accordance with Section 3.02 that has not been paid (the “Accrued Bonus”); and (y) an amount equal to the product of (i) the fraction of the current fiscal year that has elapsed through the date of Executive’s termination and (ii) the Board of Directors-approved annual bonus payout for Executive for such fiscal year based on actual Company performance for such fiscal year measured following the completion thereof, payable at the time the annual bonus would have been paid to Executive had he remained employed through the end of the such fiscal year (the “Pro-Rata Bonus”). 
Section 5.03    Termination by Executive without Good Reason and other than Disability or Death. In the event Executive terminates his or her employment for any reason other than Good Reason, Disability or death, Executive shall be entitled to receive the Accrued Rights, but following the Termination Date, Executive shall have no further rights to any other compensation or benefits under this Agreement, including without limitation any severance or continuation of benefits or otherwise. 
Section 5.04    Termination by the Company for Cause. In the event the Company terminates his or her employment for Cause, Executive shall be entitled to receive the Accrued Rights, but following the Termination Date, Executive shall have no further rights to any other compensation or benefits under this Agreement, including without limitation any severance or continuation of benefits or otherwise. 
Section 5.05    Termination by the Company Other Than for Death, Disability or Cause or by Executive for Good Reason. If Executive’s employment is terminated by the Company for reasons other than death, Disability or Cause, or by Executive for Good Reason, Executive shall be entitled to receive (a) an amount equal to twelve (12) months of Base Salary; (b) for a period of twelve (12) months following the Termination Date that Executive is eligible to elect and does elect to continue coverage for himself and his or her eligible dependents under the Company’s group health plans, as applicable, under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and/or Sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended (collectively, “COBRA”), medical and dental coverage as required by COBRA and prompt reimbursement for the premium costs charged to Executive for such COBRA continuation coverage; provided, however, that (i) such COBRA coverage shall terminate if and to the extent Executive becomes eligible to receive medical and dental coverage from a subsequent employer (and any such eligibility shall be promptly reported to the Company by Executive) and (ii) the Company’s obligation to reimburse Executive for such premium costs shall cease if, upon the advice of legal counsel, the Company determines that it would reasonably be expected to be subject to any penalty, excise or other tax for providing discriminatory benefits; provided that, in such event, the Company shall implement reasonable comparable alternative payments or benefits to Executive that would avoid such penalty, excise tax or other tax; (c) the Accrued Bonus; (d) the Pro-Rata Bonus, provided that Executive has been employed for at least six months of the fiscal year in which such termination occurs, and (e) the Accrued Rights; provided that the payments described in clauses (a), (b) and (d) shall be subject to Executive’s continued compliance with the provisions of ARTICLE VI and of the release delivered under Section 5.08.
Section 5.06    Termination by Mutual Consent. Notwithstanding any of the foregoing provisions of this ARTICLE V, if at any time during the course of this Agreement the parties by mutual consent decide to terminate Executive’s employment, they may do so by separate agreement setting forth the terms and conditions of such termination. 
Section 5.07    Payment of Severance. Subject to Section 7.13, any severance payments pursuant to Section 5.05(a) shall be paid commencing on the 60th day following the Termination Date (with a lump 

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sum catch-up payment for any installments otherwise payable within 60 days following the Termination Date) and in accordance with the Company’s standard payroll schedule and practices. 
Section 5.08    Release of Claims; Offsets. As a condition to the receipt of any payments of benefits described hereunder subsequent to the termination of the employment of Executive (other than Accrued Rights), Executive shall be required to execute, and not subsequently revoke, within 60 days following the termination of his or her employment a release in a form reasonably acceptable to the Company of all claims arising out of his or her employment or the termination thereof. Subject to the limitations of applicable wage laws, the Company’s obligations to pay the severance benefits hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company or any of its affiliates, except to the extent that the severance benefits constitute “nonqualified deferred compensation” for purposes of Section 409A (as defined in Section 7.13) and such offset would result in the imposition of tax or other adverse tax consequences under Section 409A. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not Executive obtains other employment (except as specified in Section 5.05(b)). 
Section 5.09    Cooperation with Company after Termination of Employment. Following termination of Executive’s employment for any reason, Executive shall reasonably cooperate with the Company in all matters relating to the winding up of his or her pending work on behalf of the Company including, but not limited to, any litigation in which the Company is involved and the orderly transfer of any such pending work to other employees of the Company as may be designated by the Company. The Company shall reasonably compensate Executive for services rendered pursuant to this Section 5.09 at a rate to be determined by the parties. In addition, the Company shall reimburse Executive for any reasonable out-of-pocket expenses he or she incurs in performing any work on behalf of the Company following the termination of his or her employment.
ARTICLE VI 
NON-SOLICITATION & NON-COMPETITION
Section 6.01    Non-Compete. Executive agrees that during Executive’s employment, Executive shall not, anywhere in the areas where the Company conducts business during Executive’s employment (the “Restricted Territory”), directly or indirectly, own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be an officer or an employee of any business or organization that, directly or indirectly, develops, processes, packages, markets, promotes or sells color cosmetics or related services in the Restricted Territories (each, a “Restricted Business”). The foregoing shall not restrict Executive from owning up to 5% of any class of securities of any person engaged in a Restricted Business if such securities are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Securities Exchange Act of 1934, as amended, as long as such securities are held solely as a passive investment and not with a view to influencing, controlling or directing the affairs of such person.
Section 6.02    Non-Solicitation. Executive agrees that during the Executive’s employment and for one year following the Termination Date, Executive will not, directly or indirectly, for himself or on behalf of or in conjunction with any other person, (a) hire or attempt to hire any person that is an employee of the Company or was within six months prior to the Termination Date; provided, however, this Section 6.02 (including clause (b)) shall not be breached by a solicitation to the general public or through general advertising, and Executive may solicit for employment any person who at the Termination Date had not been an employee of the Company at any time within six months preceding such date or whose employment with 

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the Company had terminated more than six months prior to Executive’s solicitation of such person or (b) solicit, advise or encourage any person, firm, government agency or corporation to withdraw, curtail or cancel its business with the Company. 
Section 6.03    Non-Disparagement. During Executive’s employment and thereafter, Executive agrees that he or she will not, at any time, make, directly or indirectly, any oral or written statements (including in social media, by tweet or via online job review boards, whether anonymous or not) that are disparaging of the Company, its products or services, or any of its present or former officers, directors, stockholders or employees (or any of their respective affiliates), and the Company shall instruct the Board of Directors and executives not to disparage Executive orally or in writing; provided that either party may confer in confidence with its legal representatives and make truthful statements as required by law. 
Section 6.04    Reasonable Limitation and Severability. The parties agree that the above restrictions on competition are (a) reasonable given Executive’s role with the Company and are necessary to protect the interests of the Company and (b) completely severable and independent agreements supported by good and valuable consideration and, as such, shall survive the termination of this Agreement for any reason whatsoever. The parties further agree that any invalidity or unenforceability of any one or more of such restrictions on competition shall not render invalid or unenforceable any remaining restrictions on competition. Additionally, should a court of competent jurisdiction determine that the scope of any provision of this ARTICLE VI is too broad to be enforced as written, the parties hereby authorize the court to reform the provision to such narrower scope as it determines to be reasonable and enforceable and the parties intend that the affected provision be enforced as so amended. 
Section 6.05    Confidentiality. 
(a)    Company Confidential Information. Executive acknowledges and agrees that the customers, suppliers, business connections, consumer lists, procedures, operations, techniques, marketing campaigns, innovation program, product costs and other costs of goods, product ingredients, products in development, lines of business and geographies the Company is considering and other aspects of and information about the business of the Company (the “Confidential Information”) are established at great expense and protected as confidential information and provide the Company with a substantial competitive advantage in conducting its business. Executive further acknowledges and agrees that by virtue of his or her employment with the Company, he or she has had access to, and will have access to, and has been entrusted with, and will be entrusted with, Confidential Information, and that the Company would suffer great loss and injury if Executive were to disclose Confidential Information or use it in a manner not specifically authorized by the Company. Therefore, Executive agrees that during his or her employment and thereafter, he or she will not, directly or indirectly, either individually or as an employee, agent, partner, shareholder, owner trustee, beneficiary, co-venturer distributor, consultant or in any other capacity, use or disclose or cause to be used or disclosed any Confidential Information, unless and to the extent (i) that any such information becomes generally known to and available for use by the public other than as a result of Executive’s acts or omissions, (ii) such disclosure is authorized in writing by the General Counsel of the Company, (iii) such disclosure is compelled by legal process (provided that Executive provides the Company with advance notice adequate to afford the Company reasonable opportunity to limit or prevent such disclosure), or (iv) use or disclosure is to an employee of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by Executive of his or her duties as an employee of the Company. 
(b)    Return of Information. Executive shall deliver to the Company at the termination or cessation of his or her employment with the Company, or at any other time the Company may request, 

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all memoranda, notes, plans, records, reports, computer files, printouts and software and other documents (whether in paper, electronic, or other format) and data (and all copies thereof) that (i) Executive created or acquired during the course of Executive’s employment, or (ii) relate to the Confidential Information or Work Product (as defined below), which he or she may then possess or have under his or her control. 
(c)    Third Party Information.
(i)    Executive agrees that during employment with the Company, Executive will not improperly use, disclose, or induce the Company to use any proprietary information or trade secrets of any former or concurrent employer or other person or entity. Executive further agrees that he or she will not bring onto the premises of the Company or transfer onto the Company’s technology systems any non-public document, proprietary information, or trade secrets belonging to any such employer, person, or entity.
(ii)    Executive recognizes that the Company may have received, and in the future may receive, confidential or proprietary information from third parties associated with the Company. By way of example, third party confidential information may include the habits or practices of the third parties, and technology, requirements, or information related to the business conducted between the Company and such third parties. Executive agrees, at all times during his or her employment with the Company and thereafter, to hold in the strictest confidence, and not to use or to disclose to any person, firm, or corporation, any third-party confidential information, except as is reasonably necessary or appropriate in connection with the performance by Executive of his or her duties as an employee of the Company. 
Section 6.06    Inventions Assignment. 
(a)    Disclosure of Inventions. Executive will promptly disclose to the Company all inventions, innovations, improvements, original works of authorship, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable or registrable under patent, copyright, or similar laws) (“Inventions”) that could constitute Work Product (as defined in Section 6.06(b)).
(b)    Assignment of Work Product. Executive acknowledges and agrees that all Inventions that relate to the Company’s actual or anticipated business and that are authored, conceived, developed, or made by Executive while employed by the Company (including during his or her off-duty hours) or by the use of the Company’s equipment, supplies, facilities, or the Company’s Confidential Information (such Inventions, “Work Product”), and all intellectual property rights therein, belong to the Company, except as provided for in Section 6.06(g). Executive will assign, and hereby assigns, to the Company, or its designee, without royalty or any other future consideration, all of Executive’s right, title, and interest in, and to, any and all Work Product (and all intellectual property rights therein), except as provided for in Section 6.06(g). Executive hereby waives, and agrees to waive, any moral rights he or she may have in any copyrightable work he or she creates or has created on behalf of the Company. Executive understands and agrees that the decision whether or not to commercialize or market any Work Product is within the Company’s sole discretion and for the Company’s sole benefit and that no royalty or other consideration will be due to Executive as a result of the Company’s efforts to commercialize or market any such Work Product. For the avoidance of doubt, Prior Inventions (as defined in Section 6.06(f)) are not assigned to the Company hereby.
(c)    Works Made for Hire. Executive acknowledges that all original works of authorship which are made by him or her (solely or jointly with others) within the scope of his or her employment with the Company and which are eligible for copyright protection are “works made for hire” as that term is defined in the United States Copyright Act (17 U.S.C., Section 101).

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(d)    Assistance. Executive agrees to assist the Company in obtaining, maintaining, and enforcing patents, invention assignments and copyright assignments, and other proprietary rights in connection with any Work Product covered, and will otherwise assist the Company as reasonably required by the Company to perfect in the Company the rights, title and other interests in any Work Product granted to the Company under this Agreement (both in the United States and foreign countries). Executive further agrees that his or her obligations under this Section 6.06(d) shall continue beyond termination or cessation of Executive’s employment with the Company, but if Executive is requested by the Company to render such assistance after such time, Executive shall be entitled to a fair and reasonable rate of compensation for such assistance, and to reimbursement of any expenses incurred at the request of the Company relating to such assistance. If the Company is unable for any reason, after reasonable effort, to secure Executive’s signature on any document needed in connection with the actions specified above, Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in fact, which appointment is coupled with an interest, to act for and in Executive’s behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this Section 6.06(d) with the same legal force and effect as if executed by Executive.
(e)    Maintenance of Records. Executive agrees to keep and maintain adequate, current, accurate, and authentic written records of all Work Product authored, conceived, developed, or made by Executive (solely or jointly with others) during the term of employment with the Company. The records will be in the form of notes, sketches, drawings, electronic files, reports, or any other format that may be specified by the Company. The records are, and will be available to and remain, the sole property of the Company at all times. 
(f)    Prior Inventions. Exhibit A includes a list of all Inventions, if any, (i) that are owned by Executive or in which Executive has an interest and were authored, conceived, developed, made, or acquired by Executive prior to his or her date of first employment with the Company, (ii) that may relate to the Company’s current or anticipated business, and (iii) that are not to be assigned to the Company (such Inventions, “Prior Inventions”). If no Prior Inventions are listed on Exhibit A, Executive represents and warrants that Executive has no Prior Inventions. If, in the course of employment with the Company, Executive incorporates any Prior Invention into, or uses any Prior Invention in connection with, any product, process, service, technology, or other work by, or on behalf of, the Company, Executive hereby grants to the Company a nonexclusive, royalty-free, fully paid-up, irrevocable, perpetual, worldwide license, with the right to grant and authorize sublicenses, to make, have made, modify, use, import, offer for sale, and sell such Prior Invention as part of, or in connection with, such product, process, service, technology or other work and to practice any method related thereto.
(g)    Non-Assignable Inventions. Executive understands that the provisions of this Agreement requiring assignment of Work Product to the Company do not apply to any invention which qualifies fully for exemption from assignment under the provisions of California Labor Code Section 2870 (which is set forth on Exhibit B) and if Executive believes that any invention qualifies under California Labor Code Section 2870, Executive will provide to the Company, at the time of disclosure of such invention, evidence in writing to substantiate such belief. 
ARTICLE VII 
GENERAL PROVISIONS
Section 7.01    Assignment. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, 

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and in any such case said company or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto. Such assignment will not release the Company from any payment obligations hereunder. Executive may not assign or transfer this Agreement or any rights or obligations hereunder.
Section 7.02    Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the signature pages hereto.
Section 7.03    Amendment and Waiver. No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed by each of the parties hereto.
Section 7.04    Non-Waiver of Breach. No failure by either party to declare a default due to any breach of any obligation under this Agreement by the other, nor failure by either party to act quickly with regard thereto, shall be considered to be a waiver of any such obligation, or of any future breach. 
Section 7.05    Severability. In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect. 
Section 7.06    Governing Law. To the extent not preempted by federal law, the validity and effect of this Agreement and the rights and obligations of the parties hereto shall be construed and determined in accordance with the law of California. 
Section 7.07    Arbitration. 
(a)    Except with respect to disputes and claims under ARTICLE VI (which the parties hereto may pursue in any court of competent jurisdiction as specified herein and with respect to which each party shall bear the cost of its own attorneys’ fees and expenses, except to the extent otherwise required by applicable law), each party hereto agrees that arbitration, pursuant to the procedures set forth in the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“AAA”) as adopted and effective as of June 1, 1997 or such later version as may then be in effect) (the “AAA Rules”), a copy of which can be found at www.adr.org/employment, shall be the sole and exclusive method for resolving any claim or dispute (“Claim”) arising out of or relating to the rights and obligations of the parties under this Agreement and the employment of Executive by the Company (including any Claim regarding employment discrimination, sexual harassment, termination and discharge), whether such Claim arose or the facts on which such Claim is based occurred prior to or after the execution and delivery of this Agreement. 
(b)    The parties hereto agree that (i) one arbitrator shall be appointed pursuant to the AAA Rules to conduct any such arbitration, (ii) all meetings of the parties and all hearings with respect to any such arbitration shall take place in Oakland, California and (iii) each party to the arbitration shall bear its own costs and expenses (including all attorneys’ fees and expenses, except to the extent otherwise required by applicable law) and all costs and expenses of the arbitration proceeding (such as filing fees, the arbitrator’s fees, hearing expenses, etc.) shall be borne equally by the parties hereto; provided, however, that the arbitrator shall, in the award, allocate all such costs and expenses against the party who did not prevail. 
(c)    In addition, the parties hereto agree that (i) the arbitrator shall have no authority to make any decision, judgment, ruling, finding, award or other determination that does not conform to the terms and conditions of this Agreement (as executed and delivered by the parties hereto), (ii) the arbitrator 

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shall have no greater authority to award any relief than a court having proper jurisdiction and (iii) the arbitrator shall have no authority to commit an Error of Law (as defined below) in its decision, judgment, ruling, finding, award or other determination, and on appeal from or motion to vacate or confirm such decision, judgment, ruling, finding, award or other determination, a court having proper jurisdiction may vacate any such decision, judgment, ruling, finding, award or other determination to the extent containing an Error of Law. For purposes of this Agreement, an “Error of Law” means any decision, judgment, ruling, finding, award or other determination that is inconsistent with the laws governing this Agreement pursuant to Section 7.06. Any decision, judgment, ruling, finding, award or other determination of the arbitrator and any information disclosed in the course of any arbitration hereunder (collectively, the “Arbitration Information”) shall be kept confidential by the parties subject to Section 7.07(d), and any appeal from or motion to vacate or confirm such decision, judgment, ruling, finding, award or other determination shall be filed under seal if permitted by the court. 
(d)    In the event that any party or such party’s affiliates, associates or representatives is requested or required (by oral question or request for information or documents in any legal proceeding, interrogatory, subpoena, civil investigative demand, or similar process) to disclose any Arbitration Information (the “Disclosing Party”), such Disclosing Party shall notify the other party promptly of the request or requirement so that the other party may seek an appropriate protective order or waive compliance with the provisions of this Section 7.07. If, in the absence of a protective order or the receipt of a waiver hereunder, the Disclosing Party or any of its affiliates, associates or representatives believes in good faith, upon the advice of legal counsel, that it is compelled to disclose any such Arbitration Information, such Disclosing Party may disclose such portion of the Arbitration Information as it believes in good faith, upon the advice of legal counsel, it is required to disclose; provided that the Disclosing Party shall use reasonable efforts to obtain, at the request and expense of the other party, an order or other assurance that confidential treatment shall be accorded to such portion of the Arbitration Information required to be disclosed as the other party shall designate. Notwithstanding anything in this Section 7.07 to the contrary, the parties shall have no obligation to keep confidential any Arbitration Information that becomes generally known to and available for use by the public other than as a result of the disclosing party’s acts or omissions or the acts or omissions of such party’s affiliates, associates or representatives. The parties agree that, subject to the right of any party to appeal or move to vacate or confirm any decision, judgment, ruling, finding, award or other determination of an arbitration as provided in this Section 7.07, the decision, judgment, ruling, finding, award or other determination of any arbitration under the AAA Rules shall be final, conclusive and binding on all of the parties hereto; provided, however, nothing in this Section 7.07 shall prohibit any party hereto from instituting litigation to enforce any final decision, judgment, ruling, finding, award or other determination of the arbitration.
Section 7.08    Entire Agreement. This Agreement contains all of the terms agreed upon by the Company and Executive with respect to the subject matter hereof and supersedes all prior agreements, arrangements and communications between the parties dealing with such subject matter, whether oral or written. 
Section 7.09    Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the transferees, successors and assigns of the Company, including any company with which the Company may merge or consolidate. 
Section 7.10    Headings. Numbers and titles to Sections hereof are for information purposes only and, where inconsistent with the text, are to be disregarded. 

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Section 7.11    Counterparts. This Agreement may be executed in any number of counterparts, including by facsimile or other electronic transmission, each of which shall be deemed an original, but all of which when taken together, shall be and constitute one and the same instrument. 
Section 7.12    Specific Enforcement; Remedies. The provisions of ARTICLE VI are to be specifically enforced if not performed according to their terms. Without limiting the generality of the foregoing, the parties acknowledge that the Company would be irreparably damaged and there would be no adequate remedy at law for Executive’s breach of ARTICLE VI and further acknowledge that the Company may seek entry of a temporary restraining order or preliminary injunction, in addition to any other remedies available at law or in equity, to enforce the provisions thereof, without the Company being required to post a bond or other security therefor. In addition, in the event of a material violation by Executive of the provisions of ARTICLE VI, any severance being paid to Executive pursuant to this Agreement or otherwise shall immediately cease, and any severance previously paid to Executive shall be immediately repaid to the Company. 
Section 7.13    Taxes & IRC Section 409A Matters. The Company may withhold from any payment hereunder such state, federal or local income, employment or other taxes and other legally mandated withholdings as it reasonably deems appropriate. The Company makes no representation about the tax treatment or impact of any payment(s) hereunder. The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Code, as amended (“Section 409A”), to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. Notwithstanding anything herein to the contrary: (a) if at the time of Executive’s termination of employment with the Company, Executive is a “specified employee” as defined in Section 409A and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A); (b) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner determined by the Company that does not cause such an accelerated or additional tax; (c) to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement and no payment shall be due to Executive under this Agreement until Executive would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A; and (d) each amount to be paid or benefit to be provided to Executive pursuant to this Agreement, which constitutes deferred compensation subject to Section 409A, shall be construed as a separate identified payment for purposes of Section 409A. To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to Executive under this Agreement shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to Executive) during any one year may not affect amounts reimbursable or provided in any subsequent year, or be subject to liquidation or exchange for another benefit. Neither the Company nor any of its employees or representatives shall have any liability to Executive with respect to Section 409A. 

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Section 7.14    Survival. Except as otherwise expressly provided in this Agreement, all covenants, representations and warranties, express or implied, in addition to the provisions of ARTICLE VI and ARTICLE VII, shall survive the termination of this Agreement. 
Section 7.15    Indemnification and Insurance. The Company shall indemnify Executive to the full extent provided for in its corporate Bylaws and to the maximum extent that the Company indemnifies any of its other directors and senior executive officers, and he or she will be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and senior executive officers against all costs, charges, liabilities and expenses incurred or sustained by him or her in connection with any action, suit or proceeding to which he may be made a party by reason of his or her being or having been a director, officer or employee of the Company or any of its affiliates or his or her serving or having served any other enterprise, plan or trust as a director, officer, employee or fiduciary at the request of the Company or any of its affiliates (other than any dispute, claim or controversy arising under or relating to this Agreement (except for this Section 7.15)). The Company will enter into an indemnification agreement with Executive in the standard form that it has or will adopt for the benefit of its other directors and senior executive officers. The provisions of this Section 7.15 shall survive any termination of Executive’s employment or any termination of this Agreement. 
Section 7.16    Section 280G. 
(a)    In the event that it shall be determined that any payment or distribution to or for the benefit of Executive under this Agreement or under any other Company plan, contract or agreement would, but for the effect of this Section 7.16, be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax (collectively, such excise tax, together with any such interest or penalties, the “Excise Tax”), then, at the election of Executive, in the event that the after-tax value of all Payments to Executive (such after-tax value to reflect the deduction of the Excise Tax and all income or other taxes on such Payments) would, in the aggregate, be less than the after-tax value to Executive of the Safe Harbor Amount, (i) the cash portions of the Payments payable to Executive under this Agreement shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all Payments paid to Executive, in the aggregate, equals the Safe Harbor Amount, and (ii) if the reduction of the cash portions of the Payments, payable under this Agreement, to zero would not be sufficient to reduce the Parachute Value of all Payments to the Safe Harbor Amount, then any cash portions of the Payments payable to Executive under any other plans shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all Payments paid to Executive, in the aggregate, equals the Safe Harbor Amount, and (iii) if the reduction of all cash portions of the Payments, payable pursuant to this Agreement and otherwise, to zero would not be sufficient to reduce the Parachute Value of all Payments to the Safe Harbor Amount, then non-cash portions of the Payments shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all Payments paid to Executive, in the aggregate, equals the Safe Harbor Amount. 
(b)    As used herein, (i) “Payment” shall mean any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of Executive, whether paid or payable pursuant to this Agreement or otherwise, (ii) “Safe Harbor Amount” shall mean 2.99 times Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code, and (iii) “Parachute Value” of a Payment shall mean the present value as of the date of the Change in Control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. All calculations under this section shall be made reasonably by the Company 

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and the Company’s outside auditor at the Company’s expense and at the times reasonably requested by Executive.
Section 7.17    Protected Rights. Executive understands that nothing contained in this Agreement limits Executive’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”). Executive further understands that this Agreement does not limit Executive’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does not limit Executive’s right to receive an award for information provided to any Government Agencies. Executive, however, is not permitted to disclose any Company attorney-client privileged communications, unless permitted by Rule 21F-17 under the Securities Exchange Act of 1934, as amended, or other applicable law. In making any such disclosures or communications, Executive agrees to take all reasonable precautions to prevent any use or disclosure of information that may constitute Confidential Information to any parties other than the Government Agencies. 
Section 7.18    Defend Trade Secrets Act Notice of Immunity Rights. Executive acknowledges that the Company has provided Executive with the following notice of immunity rights in compliance with the requirements of the Defend Trade Secrets Act: (a) Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of Confidential Information that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, (b) Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of Confidential Information that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (c) if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the Confidential Information to Executive’s attorney and use the Confidential Information in the court proceeding, if Executive files any document containing the Confidential Information under seal, and does not disclose the Confidential Information, except pursuant to court order.
[signatures on next page]

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IN WITNESS WHEREOF, the parties hereto have caused this Employment Agreement to be duly executed on the date and year first written above. 
	
				
	e.l.f. Cosmetics, Inc.
	 
	Executive

	 
	 
	 
	 

	 
	 
	 
	 

	By:
	/s/ Scott K. Milsten
	 
	/s/ Josh Franks

	 
	Name:  Scott K. Milsten
	 
	Josh Franks

	 
	Title:    SVP, GC
	 
	 

	 
	 
	 
	 

	e.l.f. Beauty, Inc.
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	By:
	/s/ Scott K. Milsten
	 
	 

	 
	Name:  Scott K. Milsten
	 
	 

	 
	Title:    SVP, GC
	 
	 

	 
	 
	 
	 

	Address for Notices
	 
	Address for Notices

	 
	 
	 

	e.l.f. Cosmetics, Inc.
	 
	Address on file with Company HR

	570 10th Street
	 
	Email: [***]

	Oakland, CA 94607
	 
	 

	Attn:    General Counsel
	 
	 

	Email:  [***]
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

Signature Page to Employment Agreement

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Exhibit A
List of Prior Inventions

[***]
 
        

Exhibit B
Laws Concerning Employment Agreements and Intellectual Property Assignment
California Labor Code Section 2870
		
	(a)
	Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer's equipment, supplies, facilities, or trade secret information except for those inventions that either:

		
	(1)
	Relate at the time of conception or reduction to practice of the invention to the employer's business, or actual or demonstrably anticipated research or development of the employer; or 

		
	(2)
	Result from any work performed by the employee for the employer.

		
	(b)
	To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.EX-4.1

 Exhibit 4.1 

AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

OF 
 SCHRÖDINGER,
INC. 
 (Pursuant to Sections 242 and 245 of the 

General Corporation Law of the State of Delaware) 

Schrödinger, Inc., a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State
of Delaware (the “General Corporation Law”), 
 DOES HEREBY CERTIFY: 

1. That the name of this corporation is Schrödinger, Inc., and that this corporation was originally incorporated pursuant to the General
Corporation Law on May 22, 1995 under the name Schrödinger, Inc. 
 2. That the Board of Directors duly adopted resolutions
proposing to amend and restate the Amended and Restated Certificate of Incorporation of this corporation, declaring said amendment and restatement to be advisable and in the best interests of this corporation and its stockholders, and authorizing
the appropriate officers of this corporation to solicit the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows: 

RESOLVED, that the Amended and Restated Certificate of Incorporation of this corporation be amended and restated in its entirety to
read as follows: 
 FIRST: The name of this corporation is Schrödinger, Inc. (the “Corporation”). 

SECOND: The address of the registered office of the Corporation in the State of Delaware is 160 Greentree Drive, Suite 101, in the City
of Dover, County of Kent, 19904, The name of its registered agent at such address is National Registered Agents, Inc. 
 THIRD: The
nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law. 

FOURTH: The total number of shares of all classes of stock which the Corporation shall have authority to issue is (i) 415,000,000
shares of Common Stock, $0.01 par value per share (“Common Stock”), (ii) 146,199,885 shares of Non-Voting Common Stock, $0.01 par value per share (“Non-Voting Common Stock” and, together with the Common Stock, the “Combined Common Stock”), and (iii) 318,042,806 shares of Preferred Stock, $0.01 par value per share
(“Preferred Stock”). 
 The following is a statement of the designations and the powers, privileges and rights, and the
qualifications, limitations or restrictions thereof, in respect of each class of capital stock of the Corporation. 
  

	 	A.	 COMMON STOCK 

1. General. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and qualified by the rights,
powers and preferences of the holders of the Preferred Stock set forth herein. 
 2. Voting. The holders of the Common Stock are
entitled to one vote at all meetings of stockholders (and written actions in lieu of meetings) for each share of Common Stock held. The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares
thereof then outstanding) by (in addition to any vote of the holders of one or more series of Preferred Stock that may be required by the terms of this Amended and Restated Certificate of Incorporation) the affirmative vote of the holders of shares
of capital stock of the Corporation representing a majority of the votes represented by all outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation
Law. 
 3. Mergers, Etc. In the event of any merger, consolidation, share exchange, reclassification or other similar transaction in
which the shares of Non-Voting Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, each share of Common Stock will at the same time be similarly exchanged
or changed in an amount per whole share equal to the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, that each share of Non-Voting Common Stock
would be entitled to receive as a result of such transaction. In the event of any dividend or other distribution paid on the Non-Voting Common Stock in additional shares of
Non-Voting Common Stock, a dividend or distribution, as applicable, will at the same time be similarly paid on the Common Stock in additional shares of Common Stock at the rate payable upon each share of Non-Voting Common Stock. In the event of any dividend or other distribution paid on the Non-Voting Common Stock not in additional shares of
Non-Voting Common Stock, a dividend or distribution, as applicable, will at the same time be similarly paid on the Common Stock at the rate payable upon each share of
Non-Voting Common Stock. In the event of any stock split, combination or other similar recapitalization splitting, combining or otherwise affecting the shares of
Non-Voting Common Stock, each share of Common Stock will at the same time be similarly split, combined or otherwise affected so each share of Non-Voting Common Stock
shall remain convertible into one share of Common Stock. In the event the holders of Non-Voting Common Stock are provided the right to convert or exchange Non-Voting
Common Stock for stock or securities, cash and/or any other property, then the holders of the Common Stock shall be provided the same right as though such holders of shares of Common Stock were instead to hold an equal number of shares of Non-Voting Common Stock. In the event that the Corporation offers to repurchase shares of Non-Voting Common Stock from its stockholders generally, the Corporation shall offer
to repurchase Common Stock pro rata as if such shares of Common Stock were instead an equal number of shares of Non-Voting Common Stock. 

 

	 	B.	 NON-VOTING COMMON STOCK 

1. General. The dividend and liquidation rights of the holders of the Non-Voting Common Stock
are subject to and qualified by the rights, powers and preferences of the holders of the Preferred Stock set forth herein. Except as otherwise required by law or as expressly provided in this Restated Certificate, each share of Non-Voting Common Stock shall have the same powers, rights, preferences, privileges and qualifications and shall rank equally, share ratably and be identical in all respects as to all matters with each share of
Common Stock. 

  
 2 

 2. Voting. The holders of the Non-Voting
Common Stock shall not be entitled to any voting rights in respect of their shares of Non-Voting Common Stock, except as required by law or as expressly provided in this Restated Certificate. The number of
authorized shares of Non-Voting Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by (in addition to any vote of the holders of one or more series of
Preferred Stock that may be required by the terms of this Amended and Restated Certificate of Incorporation) the affirmative vote of the holders of shares of capital stock of the Corporation representing a majority of the votes represented by all
outstanding shares of capital stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law. 

3. Optional Conversion. 

3.1 Right to Convert. Each share of Non-Voting Common Stock shall be convertible, at the option
of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into one (1) fully paid and nonassessable share of Common Stock. 

3.2 Mechanics of Conversion. 

3.2.1 Notice of Conversion. In order for a holder of Non-Voting Common Stock to voluntarily
convert shares of Non-Voting Common Stock into shares of Common Stock, such holder shall surrender the certificate or certificates for such shares of Non-Voting Common
Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be
made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Non-Voting Common Stock (or at the principal office of the
Corporation if the Corporation serves as its own transfer agent), together with written notice that such holder elects to convert all or any number of the shares of the Non-Voting Common Stock represented by
such certificate or certificates and, if applicable, any event on which such conversion is contingent. Such notice shall state such holder’s name or the names of the nominees in which such holder wishes the certificate or certificates for
shares of Common Stock to be issued. If required by the Corporation, certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed
by the registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such certificates (or
lost certificate affidavit and agreement) and notice shall be the time of conversion (the “Non-Voting Common Stock Conversion Time”), and the shares of Common Stock issuable upon
conversion of the shares represented by such certificate shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Non-Voting Common Stock Conversion
Time, (i) issue and deliver to such holder of Non-Voting Common Stock, or to his, her or its nominees, a certificate or certificates for the number of full shares of Common Stock issuable upon such
conversion in accordance with the provisions hereof and a certificate for the number (if any) of the shares of Non-Voting Common Stock represented by the surrendered certificate that were not converted into
Common Stock and (ii) pay all declared but unpaid dividends, if any, on the shares of Non-Voting Common Stock converted. 

  
 3 

 3.2.2 Reservation of Shares. The Corporation shall at all times when the Non-Voting Common Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the
Non-Voting Common Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding
Non-Voting Common Stock into Common Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the
Non-Voting Common Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for
such purposes, including engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to this Amended and Restated Certificate of Incorporation. 

3.2.3 Effect of Conversion. All shares of Non-Voting Common Stock which shall have been
surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Non-Voting Common Stock
Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon. Any shares of
Non-Voting Common Stock so converted shall become authorized but unissued shares and may be reissued. 

3.2.4 Taxes. The Corporation shall pay any and all issuance and other similar taxes that may be payable in respect of any issuance or
delivery of shares of Common Stock upon conversion of shares of Non-Voting Common Stock pursuant to this Section 3. The Corporation shall not, however, be required to pay any tax
which may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Non-Voting Common Stock so converted were
registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such
tax has been paid. 
 4. Mergers, Etc. In the event of any merger, consolidation, share exchange, reclassification or other similar
transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, each share of Non-Voting Common Stock will at the same time be
similarly exchanged or changed in an amount per whole share equal to the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, that each share of Common Stock would be entitled to receive as a
result of such transaction. In the event of any dividend or distribution paid on the Common Stock in additional shares of Common Stock, a dividend or distribution, as applicable, will at the same time be similarly paid on the Non-Voting Common Stock in additional shares of Non-Voting Common Stock at the rate payable upon each share of Common Stock. In the event of any dividend or other distribution
paid on the Common Stock not in additional shares of Common Stock, a dividend or distribution, as applicable, will at the same time be similarly paid 

  
 4 

 
on the Non-Voting Common Stock at the rate payable upon each share of Common Stock. In the event of any stock split, combination or other similar
recapitalization splitting, combining or otherwise affecting the shares of Common Stock, each share of Non-Voting Common Stock will at the same time be similarly split, combined or otherwise affected so each
share of Non-Voting Common Stock shall remain convertible into one share of Common Stock. In the event the holders of Common Stock are provided the right to convert or exchange Common Stock for stock or
securities, cash and/or any other property, then the holders of shares of Non-Voting Common Stock shall be provided the same right based upon the number of shares of Common Stock such holders would be entitled
to receive if such shares of Non-Voting Common Stock were converted into an equal number of shares of Common Stock immediately prior to such offering. In the event that the Corporation offers to repurchase
shares of Common Stock from its stockholders generally, the Corporation shall offer to repurchase Non-Voting Common Stock pro rata as if such shares of Non-Voting Common
Stock were converted into an equal number of shares of Common Stock immediately prior to such repurchase. 
  

	 	C.	 PREFERRED STOCK 

134,704,785 shares of the authorized Preferred Stock of the Corporation are hereby designated “Series A Preferred Stock”,
29,468,101 shares of the authorized Preferred Stock of the Corporation are hereby designated “Series B Preferred Stock”, 47,242,235 shares of the authorized Preferred Stock of the Corporation are hereby designated
“Series C Preferred Stock”, 39,540,611 shares of the authorized Preferred Stock of the Corporation are hereby designated “Series D Preferred Stock” and 67,087,074 shares of the authorized Preferred Stock of
the Corporation are hereby designated “Series E Preferred Stock”, each with the following rights, preferences, powers, and privileges and the following restrictions, qualifications and limitations. Unless otherwise indicated,
references to “Sections” or “Subsections” in this Part C of this Article Fourth refer to sections and subsections of Part C of this Article Fourth. 

1. Dividends. 
 (a) The
Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock payable in shares of Common Stock or dividends on shares of Non-Voting Common Stock payable in shares of Non-Voting Common Stock) unless (in addition to the obtaining of any consents required elsewhere in this Amended and Restated
Certificate of Incorporation) the holders of the Preferred Stock then outstanding shall first receive a dividend on each outstanding share of Preferred Stock in an amount equal to (i) $0.07453 per share of Series E Preferred Stock, (ii) $0.0278195
per share of Series D Preferred Stock, (iii) $0.0211675 per share of Series C Preferred Stock, (iv) $0.016967 per share of Series B Preferred Stock and (v) $0.00675 per share of Series A Preferred Stock (each subject to appropriate adjustment in the
event of any stock dividend, stock split, combination or other similar recapitalization with respect to such series of Preferred Stock). Such dividends shall be paid on a pari passu basis, shall not be cumulative and shall be paid when, if and as
declared by the Board of Directors of the Corporation. 
 (b) If, after dividends in the full preferential amounts specified in
Section 1(a) for holders of Preferred Stock have been paid or declared and set apart in any calendar year of the Corporation, the Board of Directors of the Corporation shall declare any additional dividends, then such
additional dividends shall be declared ratably among all holders of Combined Common Stock and Preferred Stock, pro rata based on the number of shares held by each such holder, treating for such purpose all shares of Preferred Stock as if they had
been converted into the greatest whole number of shares of Combined Common Stock then issuable pursuant to the terms of Section 4. 

  
 5 

 2. Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset
Sales. 
 2.1 Preferential Payments to Holders of Preferred Stock. In the event of any voluntary or involuntary liquidation,
dissolution or winding up of the Corporation or any Deemed Liquidation Event: 
 (a) First, the holders of shares of Series E Preferred
Stock then outstanding shall be entitled to be paid, out of the assets of the Corporation available for distribution to its stockholders (before any payment shall be made to any of the holders of Series D Preferred Stock, Series C Preferred Stock,
Series B Preferred Stock, Series A Preferred Stock and Combined Common Stock by reason of their ownership thereof), an amount per share equal to the Series E Original Issue Price (as defined below) plus any dividends declared but unpaid thereon. If
upon any such liquidation, dissolution or winding up of the Corporation, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Series E Preferred Stock the full amount to
which they shall be entitled under the first sentence of this Subsection 2.1(a), the holders of shares of Series E Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the
respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

(b) Next, after the payments in the foregoing Subsection 2.1(a) have been made, the holders of Series C Preferred Stock and the holders
of Series D Preferred Stock shall be entitled to be paid, out of the assets of the Corporation then available for distribution to its stockholders (if any, following payments to the holders of Series E Preferred Stock pursuant to Subsection
2.l(a) but before any payment shall be made to any of the holders of Series B Preferred Stock, Series A Preferred Stock and Combined Common Stock by reason of their ownership thereof), on a pari passu basis, (i) in the case of the Series D
Preferred Stock, an amount per share equal to the Series D Original Issue Price (as defined below) plus any dividends declared but unpaid thereon and (ii) in the case of Series C Preferred Stock, an amount per share equal to the Series C
Original Issue Price (as defined below) plus any dividends declared but unpaid thereon. If upon any such liquidation, dissolution or winding up of the Corporation, the assets of the Corporation available for distribution to its stockholders shall be
insufficient to pay the holders of shares of Series D Preferred Stock and Series C Preferred Stock the full amount to which they shall be entitled under clause (i) or clause (ii) of the first sentence of this Subsection 2.1(b), as
applicable, the holders of shares of Series D Preferred Stock and Series C Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in
respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 

  
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 (c) Next, after the payments in the foregoing Subsection 2.1(a) and Subsection
2.1(b) have been made, the holders of Series B Preferred Stock and the holders of Series A Preferred Stock shall be entitled to be paid, out of the assets of the Corporation then available for distribution to its stockholders (if any, following
payments to the holders of Series E Preferred Stock, Series D Preferred Stock and Series C Preferred Stock pursuant to Subsection 2.1(a) and Subsection 2.1(b), respectively, but before any payment shall be made to any of the holders of
Combined Common Stock by reason of their ownership thereof), on a pari passu basis, (i) in the case of the Series B Preferred Stock, an amount per share equal to the Series B Original Issue Price (as defined below) plus any dividends declared
but unpaid thereon (the “Series B Liquidation Preference”) and (ii) in the case of Series A Preferred Stock, an amount per share equal to the Series A Original Issue Price (as defined below) plus any dividends declared
but unpaid thereon (the “Series A Liquidation Preference”). If upon any such liquidation, dissolution or winding up of the Corporation, the assets of the Corporation available for distribution to its stockholders shall be
insufficient to pay the holders of shares of Series B Preferred Stock and Series A Preferred Stock the full amount to which they shall be entitled under clause (i) or clause (ii) of the first sentence of this Subsection 2.1(c), as
applicable, the holders of shares of Series B Preferred Stock and Series A Preferred Stock shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in
respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. 
 The “Series
E Original Issue Price” shall mean $1.4906 per share of Series E Preferred Stock, the “Series D Original Issue Price” shall mean $0.55639 per share of Series D Preferred Stock, “Series C Original Issue
Price” shall mean $0.42335 per share of Series C Preferred Stock, the “Series B Original Issue Price” shall mean $0.33935 per share of Series B Preferred Stock and the “Series A Original Issue
Price” shall mean $0.135 per share of Series A Preferred Stock (each subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such series of
Preferred Stock). The Series E Original Issue Price, Series D Original Issue Price, Series C Original Issue Price, Series B Original Issue Price and Series A Original Issue Price are sometimes collectively referred to herein as the “Original
Issue Price.” 
 2.2 Distribution of Remaining Assets. In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Corporation or Deemed Liquidation Event, after the payment of all preferential amounts required to be paid to the holders of shares of Preferred Stock pursuant to Subsection 2.1, the remaining assets of the Corporation
available for distribution to its stockholders shall be distributed among the holders of the shares of Preferred Stock and Combined Common Stock, pro rata based on the number of shares held by each such holder, treating for this purpose all shares
of Preferred Stock as if they had been converted to Combined Common Stock pursuant to the terms of this Amended and Restated Certificate of Incorporation immediately prior to such dissolution, liquidation or winding up of the Corporation. 

2.3 Deemed Liquidation Events. 

2.3.1 Definition. Each of the following events shall be considered a “Deemed Liquidation Event” unless the
holders of at least 70% of the outstanding shares of Preferred Stock (voting together as a single class and not separate series, and on an as-converted basis) elect otherwise by written notice sent to the
Corporation at least 10 days prior to the effective date of any such event: 

  
 7 

 (a) a merger or consolidation in which the Corporation is a constituent party other than a
merger or consolidation involving the Corporation in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital
stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock (or equivalent equity security) of (1) the surviving or resulting entity or (2) if the surviving or
resulting entity is a wholly owned subsidiary of another entity immediately following such merger or consolidation, the parent corporation of such surviving or resulting entity; 

(b) (i) the sale, lease, transfer or other disposition, in a single transaction or a series of related transactions, by the Corporation or any
subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation if substantially
all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer or other disposition is to a wholly owned subsidiary of the Corporation or (ii) the
exclusive license, in a single transaction or a series of related transactions, by the Corporation of all or substantially all of the Company Intellectual Property (as defined in the Series E Purchase Agreement (as defined below)), except where such
exclusive license is to a wholly owned subsidiary of the Corporation; or 
 (c) the closing of the transfer (whether by merger,
consolidation or otherwise), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than an underwriter of the Corporation’s securities), of the Corporation’s securities if after such
closing, such person or group of affiliated persons would hold greater than 50% of the outstanding voting stock of the Corporation (or of the surviving or acquiring entity); provided that the consummation of the transactions contemplated by that
certain Series E Preferred Stock Purchase Agreement (the “Series E Purchase Agreement”) by and among the Corporation and the purchasers described therein, dated on or about the date upon which this Amended and Restated
Certificate of Incorporation is accepted for filing by the Secretary of State of the State of Delaware (and as amended from time to time), shall not constitute a Deemed Liquidation Event under any provision of this Subsection 2.3.1. 

2.3.2 Effecting a Deemed Liquidation Event By Merger or Consolidation. The Corporation shall not have the power to effect a Deemed
Liquidation Event referred to in Subsection 2.3.1(a) unless the agreement or plan of merger or consolidation for such transaction (the “Merger Agreement”) provides that the consideration payable to the stockholders of
the Corporation shall be allocated among the holders of capital stock of the Corporation in accordance with Subsections 2.1 and 2.2. 

2.3.3 Amount Deemed Paid or Distributed. In any Deemed Liquidation Event, if any portion of the proceeds received by the Corporation or
its stockholders is paid in a form other than cash, the value of such non-cash proceeds will be deemed to be equal to the fair market value of such non-cash proceeds, as
determined in good faith by the Board of Directors of the Corporation, provided that any securities included in such non-cash proceeds shall be valued as follows: 

  
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 (a) Securities not subject to investment letter or other similar restrictions on free
marketability covered by (b) below: 
 (i) If traded on a securities exchange, the value per share (or other applicable unit) of such
securities shall be deemed to be the average of the closing prices of such securities on such exchange over the twenty (20) trading-day period ending three (3) trading days prior to the closing of
the Deemed Liquidation Event; 
 (ii) If actively traded
over-the-counter, the value per share (or other applicable unit) of such securities shall be deemed to be the average of the closing bid or sale prices (whichever is
applicable) of such securities over the twenty (20) trading-day period ending three (3) trading days prior to the closing of the Deemed Liquidation Event; and 

(iii) If there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Board of
Directors of the Corporation. 
 (b) Securities subject to investment letter or other restrictions on free marketability (other than
restrictions arising solely by virtue of a stockholder’s status as an affiliate or former affiliate of the Corporation) shall be valued by (i) determining the fair market value such securities would have in the absence of any such
restrictions, as set forth above in Subsection 2.3.3(a)(i), Subsection 2.3.3(a)(ii) or Subsection 2.3.3(a)(iii), as applicable, and (ii) applying a discount to the
fair market value so determined, the amount of such discount being determined in good faith by the Board of Directors of the Corporation, to reflect the reduced fair market value of such securities subject to such restrictions. 

(c) The foregoing methods for determining the value of securities to be distributed in connection with a Deemed Liquidation Event shall, upon
the approval of the definitive agreements governing such Deemed Liquidation Event by the stockholders under the General Corporation Law and Subsections 3.3 3.4 and 3.5 of this Article IV(B), be superseded by any methods for
determining such value set forth in the definitive agreements governing such Deemed Liquidation Event. 
 2.3.4 Allocation of Escrow.
In the event of a Deemed Liquidation Event pursuant to Subsection 2.3.1(a)(i), if any portion of the consideration payable to the stockholders of the Corporation is placed into escrow and/or is payable to the stockholders of the Corporation
subject to contingencies, the Merger Agreement shall provide that (a) the portion of such consideration that is not placed in escrow and not subject to any contingencies (the “Initial Consideration”) shall be allocated
among the holders of capital stock of the Corporation in accordance with Subsections 2.1 and 2.2 as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event and (b) any
additional consideration which becomes payable to the stockholders of the Corporation upon release from escrow or satisfaction of contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with
Subsections 2.1 and 2.2 after taking into account the previous payment of the Initial Consideration as part of the same transaction. 

3. Voting. 
 3.1
General. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each holder of outstanding
shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held by such holder are convertible as of the record date

  
 9 

 
for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of this Amended and Restated Certificate of Incorporation, as amended from time
to time, holders of Preferred Stock shall vote together with the holders of Common Stock as a single class and on an as-converted to Common Stock basis. 

3.2 Election of Directors. The holders of record of the shares of Series B Preferred Stock, the holders of record of shares of Series C
Preferred Stock and the holders of record of shares of Series D Preferred Stock, voting together as a single class and on an as-converted basis (the “Series B/C/D Holders”), shall be
entitled to elect one (1) director of the Corporation (the “Series B/C/D Director”), Any director elected as provided in the preceding sentence may be removed without cause by, and only by, the affirmative vote of
the Series B/C/D Holders, given either at a special meeting of such stockholders duly called for that purpose or pursuant to a written consent of such stockholders. If the Series B/C/D Holders fail to elect a director to fill the directorship for
which they are entitled to elect a director, pursuant to the first sentence of this Subsection 3.2, then such directorship shall remain vacant until such time as the Series B/C/D Holders elect a person to fill such directorship by vote or
written consent in lieu of a meeting; and no such directorship may be filled by stockholders of the Corporation other than by the stockholders of the Corporation that are entitled to elect a person to fill such directorship, voting exclusively and
as a separate class. The holders of record of the shares of Series E Preferred Stock (other than any Excluded Series E Holder (as defined below), exclusively and voting as a separate class (the “Series E Voting Holders”),
shall be entitled to elect one (1) director of the Corporation (the “Series E Director”). Any director elected as provided in the preceding sentence may be removed without cause by, and only by, the affirmative vote of the
Series E Voting Holders, given either at a special meeting of such stockholders duly called for that purpose or pursuant to a written consent of such stockholders. If the Series E Voting Holders fail to elect a director to fill the directorship for
which they are entitled to elect a director, pursuant to this Subsection 3.2, then such directorship shall remain vacant until such time as the Series E Voting Holders elect a person to fill such directorship by vote or written consent in lieu of a
meeting; and no such directorship may be filled by stockholders of the Corporation other than by the stockholders of the Corporation that are entitled to elect a person to fill such directorship, voting exclusively and as a separate class. For
purposes of this Subsection 3.2, an “Excluded Series E Holder” shall mean any holder of Series E Preferred Stock who owns beneficially or of record as of the Series E Original Issue Date, a number of shares of Series E
Preferred Stock in excess of 26,834,829 (as adjusted for any stock split, stock dividend, combination or other similar recapitalization after the date hereof). For the avoidance of doubt, an Excluded Series E Holder shall not be entitled to vote on
the election of the Series E Director and the presence in person or by proxy of any Excluded Series E Holder shall not be required to constitute a quorum at any meeting of stockholders held for the election of the Series E Director. The holders of
record who hold shares of Common Stock as of the record date for such vote, exclusively and voting as a separate class, shall be entitled to elect the balance of the total number of directors of the Corporation, and any director so elected may be
removed without cause by, and only by, the affirmative vote of the holders of record who hold shares of Common Stock as of the record date for such vote, exclusively and voting as a separate class, given either at a special meeting of such
stockholders duly called for that purpose or pursuant to a written consent of such stockholders. The rights of the Series B/C/D Holders under the first sentence of this Subsection 3.2 shall terminate on the first date on which there are
issued and outstanding less than an aggregate of 11,625,000 shares of Series B Preferred Stock, Series C Preferred Stock and Series D Preferred 

  
 10 

 
Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to any such series of Preferred Stock), and
the rights of the Series E Voting Holders under this Subsection 3.2 shall terminate on the first date on which there are issued and outstanding less than an aggregate of 6,708,000 shares of Series E Preferred Stock held by Series E Voting
Holders (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series E Preferred Stock). Following the termination pursuant to the preceding sentence of
the rights of the Series B/C/D Holders or the Series E Voting Holders, such Series B/C/D Director or Series E Director, as the case may be, shall be elected by the holders of record of the shares of Common Stock, exclusively and voting as a separate
class. At any meeting held for the purpose of electing a director, the presence in person or by proxy of the holders of a majority of the outstanding shares of the class or series entitled to elect such director shall constitute a quorum for the
purpose of electing such director. Except as otherwise provided in this Subsection 3.2, a vacancy in any directorship filled by the holders of any class or series shall be filled only by vote or written consent in lieu of a meeting of the
holders of such class or series or by any remaining director or directors elected by the holders of such class or series pursuant to this Subsection 3.2. For the avoidance of doubt, the holders of shares of Series B Preferred Stock, Series C
Preferred Stock and Series D Preferred Stock shall not vote such shares in any director election other than elections of the Series B/C/D Director, the Excluded Series E Holder shall not be entitled to vote its shares in elections of the Series E
Director and the holders of shares of Series A Preferred Stock shall not vote such shares in any director election. 
 3.3 Series B/C/D/E
Preferred Stock Protective Provisions. At any time when at least an aggregate of 59,800,000 shares of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock (subject to appropriate adjustment in
the event of any stock dividend, stock split, combination or other similar recapitalization with respect to any such series of Preferred Stock) are outstanding, the Corporation shall not either directly or indirectly by amendment, merger,
consolidation or otherwise, do any of the following without (in addition to any other vote required by law or by this Amended and Restated Certificate of Incorporation) the written consent or affirmative vote of the holders of a majority of the then
outstanding shares of the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the case may be) as a single class and on an as-converted basis and any such act or transaction entered into without such consent or vote shall be null and void ab initio, and of no force or effect: 

(a) amend, alter or repeal any provision of this Amended and Restated Certificate of Incorporation or Bylaws of the Corporation to alter or
change the rights, preferences or privileges of the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series E Preferred Stock in a manner that adversely affects such rights, preferences or privileges; 

(b) increase or decrease the number of authorized shares of Common Stock, Non-Voting Common Stock,
Preferred Stock or any series thereof; 
 (c) create, or authorize the creation of (by reclassification or otherwise), any additional class
or series of capital stock or create, or authorize the creation of (by reclassification or otherwise) any security convertible into or exercisable for any such new class or series of capital stock that is senior to or on a parity with the Series B
Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock or the Series E Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding up of the Corporation and the payment of dividends;

  
 11 

 (d) purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare
any dividend or make any distribution on, any shares of capital stock of the Corporation other than (i) dividends or other distributions payable on the Common Stock solely in the form of additional shares of Common Stock and
(ii) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at no greater than
the original purchase price thereof; 
 (e) create any bonds, notes, or other obligations convertible into, exchangeable for, or having
option rights to purchase, shares of capital stock unless the same ranks junior to the Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock with respect to the distribution of assets on the
liquidation, dissolution or winding up of the Corporation and the payment of dividends; 
 (f) liquidate, dissolve or wind up the business
and affairs of the Corporation, including, without limitation, make an assignment for the benefit of creditors, admit in writing the Corporation’s inability to pay its debts as they become due, file a voluntary petition for bankruptcy, file any
petition or answer seeking any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, file any answer admitting the material allegations of a petition filed
against the Corporation in any such proceeding, or seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Corporation, or of all or any substantial part of the properties of the Corporation, or the
Corporation or otherwise take any action looking to the liquidation dissolution or winding up of the Corporation, effect any Deemed Liquidation Event, or consent to any of the foregoing; 

(g) take any action that results in the Corporation incurring or assuming more than $5,000,000 of indebtedness, either on an individual or
cumulative basis, or in the encumbrance of a substantial portion of the Corporation’s assets; 
 (h) authorize the Corporation to enter
into or materially amend any material contract or arrangement with (i) any officer, director or founder, (ii) any stockholder of the Corporation holding a number of shares of capital stock of the Corporation that exceeds 3% of the total
number of shares of capital stock of the Corporation then outstanding (determined on an as-converted basis), (iii) any parent or subsidiary of the Corporation or (iv) any person controlling, controlled
by, or under common control with any person or entity described in clause (i), (ii) or (iii) (except for (x) any such contract or arrangement in which the aggregate value to or obligation of the Corporation is either (i) less than
$100,000, or (ii) greater than or equal to $100,000 but less than $500,000 and such contract or arrangement has been approved by the disinterested members of the Board of Directors of the Corporation and (y) any employment agreement
between the Corporation and an officer of the Corporation, the terms of which have been approved by the Board of Directors of the Corporation); 

(i) (i) form any subsidiary other than a wholly owned subsidiary or (ii) permit any subsidiary of the Corporation in which the
Corporation holds a controlling voting interest to sell or issue stock to any party other than the Corporation, provided that the approval otherwise required pursuant to this Section 3.3 shall not be required with respect
to any subsidiary or entity described in clause (i) or (ii) above if (x) Deerfield Management Company, L.P. 

  
 12 

 
(“Deerfield”), any affiliate of Deerfield or any entity in which either Deerfield or any affiliate of Deerfield (collectively, the “Deerfield-Related
Entities”), directly or indirectly, holds a voting interest in, or is issued or holds stock of, such subsidiary or other entity in an amount that represents beneficial ownership of not less than 5% of the equity of such subsidiary or
other entity, (y) such Deerfield-Related Entity either (A) controls (as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended) such subsidiary or other entity, or (B) is a
“major investor,” “major holder” or has comparable status in such subsidiary or entity (or affiliate thereof) as and to the extent that the term “major investor,” “major holder” or any comparable term that
conveys participation, information and co-sale rights, is understood or defined with respect to such entity’s (or such affiliate’s) governing corporate documents and (z) such action by the
Corporation has been approved by the Board of Directors of the Corporation; 
 (j) authorize the acquisition of any other entity or
business; 
 (k) authorize the Corporation to increase the number of shares of Common Stock authorized for issuance under the
Corporation’s 2010 Stock Plan, the Corporation’s 2002 Stock Incentive Plan or any similar stock option plan subsequently adopted by the Corporation; 

(l) adopt any new option, stock purchase, phantom stock, profit sharing or other equity incentive plan; 

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

(n) increase or decrease the authorized number of directors constituting the Board of Directors of the Corporation from five
(5) directors. 
 3.4 Series A Preferred Stock Protective Provisions. At any time when at least 44,452,580 shares of Series A
Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series A Preferred Stock) are outstanding, the Corporation shall not, either
directly or indirectly by amendment, merger, consolidation or otherwise, do any of the following without (in addition to any other vote required by law or by this Amended and Restated Certificate of Incorporation) the written consent or affirmative
vote of the holders of at least a majority of the then outstanding shares of Series A Preferred Stock, given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class and as a separate series: 

(a) amend, alter or repeal any provision of this Amended and Restated Certificate of Incorporation or Bylaws of the Corporation to alter or
change the rights, preferences or privileges of the Series A Preferred Stock in a manner that adversely affects such rights, preferences or privileges; 

(b) increase or decrease the number of authorized shares of Preferred Stock that are designated as Series A Preferred Stock; or 

(c) liquidate, dissolve or wind up the business and affairs of the Corporation, effect any Deemed Liquidation Event other than a Deemed
Liquidation Event in which the valuation of the Corporation equals or exceeds $345,000,000, or consent to any of the foregoing. 

  
 13 

 4. Optional Conversion. 

The holders of the Preferred Stock shall have conversion rights as follows (the “Conversion Rights”): 

4.1 Right to Convert. 

4.1.1 Conversion Ratio. Each share of a series of Preferred Stock shall be convertible, at the option of the holder thereof, at any
time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the applicable Original Issue Price by the
Conversion Price (as defined below) in effect at the time of conversion. The “Conversion Price” shall initially be equal to (i) with respect to the Series A Preferred Stock, $0.135 per share, (ii) with respect to
the Series B Preferred Stock, $0.33935 per share, (iii) with respect to the Series C Preferred Stock, $0.42335 per share, (iv) with respect to the Series D Preferred Stock, $0.55639 per share and (v) with respect to the Series E
Preferred Stock, $1.4906 per share. Each such Conversion Price shall be subject to adjustment as provided below. 
 4.1.2 Termination of
Conversion Rights. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the
payment of any amounts distributable on such event to the holders of Preferred Stock. 
 4.2 Fractional Shares. No fractional shares
of Common Stock shall be issued upon conversion of the Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the fair market value of a
share of Common Stock as determined in good faith by the Board of Directors of the Corporation. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of Preferred Stock
the holder is at the time converting into Common Stock and the aggregate number of shares of Common Stock issuable upon such conversion. 

4.3 Mechanics of Conversion. 

4.3.1 Notice of Conversion. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of
Common Stock, such holder shall surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement
reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the
Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent), together with written notice that such holder elects to convert all or any number of the shares of the Preferred Stock represented
by such certificate or certificates and, if applicable, any event on which such conversion is contingent. Such notice shall state such holder’s name or the names of the nominees in which such holder wishes the certificate or certificates for
shares of Common Stock to be issued. If required by the Corporation, certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed
by the registered holder or his, her or its attorney duly authorized in 

  
 14 

 
writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such certificates (or lost certificate
affidavit and agreement) and notice shall be the time of conversion (the “Conversion Time”), and the shares of Common Stock issuable upon conversion of the shares represented by such certificate shall be deemed to be
outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time, (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a certificate or certificates for the
number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and a certificate for the number (if any) of the shares of Preferred Stock represented by the surrendered certificate that were not
converted into Common Stock, (ii) pay in cash such amount as provided in Subsection 4.2 in lieu of any fraction of a share of Common Stock otherwise issuable upon such conversion and (iii) pay all declared but unpaid dividends, if
any, on the shares of Preferred Stock converted. 
 4.3.2 Reservation of Shares. The Corporation shall at all times when the
Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Common Stock as shall
from time to time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding
shares of the Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including engaging
in best efforts to obtain the requisite stockholder approval of any necessary amendment to this Amended and Restated Certificate of Incorporation. Before taking any action which would cause an adjustment reducing the Conversion Price of a series of
Preferred Stock below the then par value of the shares of Common Stock issuable upon conversion of such series of Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that
the Corporation may validly and legally issue fully paid and nonassessable shares of Common Stock at such adjusted Conversion Price. 

4.3.3 Effect of Conversion. All shares of Preferred Stock which shall have been surrendered for conversion as herein provided shall no
longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor, to
receive payment in lieu of any fraction of a share otherwise issuable upon such conversion as provided in Subsection 4.2 and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so converted shall be
retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of
Preferred Stock accordingly. 
 4.3.4 No Further Adjustment. Upon any such conversion, no adjustment to the Conversion Price of a
series of Preferred Stock shall be made for any declared but unpaid dividends on such shares of such series of Preferred Stock surrendered for conversion or on the Common Stock delivered upon conversion. 

  
 15 

 4.3.5 Taxes. The Corporation shall pay any and all issuance and other similar taxes
that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of Preferred Stock pursuant to this Section 4. The Corporation shall not, however, be required to pay any tax
which may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be
made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid. 

4.4 Adjustments to Conversion Price for Diluting Issuances. 

4.4.1 Special Definitions. For purposes of this Article Fourth, the following definitions shall apply: 

(a) “Option” shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Combined Common
Stock or Convertible Securities. 
 (b) “Series E Original Issue Date” shall mean the date on which the first share
of Series E Preferred Stock was issued by the Corporation pursuant to the Series E Purchase Agreement. 
 (c) “Convertible
Securities” shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Combined Common Stock, but excluding Options. 

(d) “Additional Shares of Combined Common Stock” shall mean all shares of Combined Common Stock issued (or, pursuant
to Subsection 4.4.3 below, deemed to be issued) by the Corporation after the Series E Original Issue Date, other than (1) the following shares of Combined Common Stock and (2) shares of Combined Common Stock deemed issued pursuant
to the following Options and Convertible Securities (such shares of Combined Common Stock described in clauses (1) and (2), collectively, “Exempted Securities”): 

(i) shares of Combined Common Stock, Options or Convertible Securities issued as a dividend or distribution on Preferred Stock; 

(ii) shares of Combined Common Stock or Options approved by the Board of Directors of the Corporation or a committee thereof issued to
employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors of the Corporation; 

(iii) shares of Combined Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Combined Common
Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security; 

(iv) shares of Combined Common Stock issued in a Qualified IPO (as defined below); 

(v) shares of Combined Common Stock issued or issuable pursuant to the transactions contemplated by the Series E Purchase Agreement; 

  
 16 

 (vi) shares of Combined Common Stock, Options or Convertible Securities issued to persons
or entities with which the Corporation has business relationships, provided such issuances are approved by the Board of Directors of the Corporation and are for primarily non-equity financing purposes; 

(vii) shares of Combined Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions,
or to real property lessors, provided such issuances are approved by the Board of Directors and are for primarily non-equity financing purposes; or 

(viii) shares of Combined Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Combined Common Stock that is covered by Subsection 4.5, 4.6, 4.7 or 4.8. 

4.4.2 No Adjustment of Conversion Price. No adjustment in the applicable Conversion Price of a series of Preferred Stock shall be made
as the result of the issuance or deemed issuance of Additional Shares of Combined Common Stock if (a) with respect to an adjustment to the Series E Preferred Stock, the Corporation receives written notice from the holders of a majority of the
then outstanding shares of Series E Preferred Stock agreeing that no such adjustment shall be made as a result of the issuance or deemed issuance of such Additional Shares of Combined Common Stock, (b) with respect to an adjustment to the
Series D Preferred Stock, the Corporation receives written notice from the holders of a majority of the then outstanding shares of Series D Preferred Stock agreeing that no such adjustment shall be made as a result of the issuance or deemed issuance
of such Additional Shares of Combined Common Stock, (c) with respect to an adjustment to the Series C Preferred Stock, the Corporation receives written notice from the holders of a majority of the then outstanding shares of Series C Preferred
Stock agreeing that no such adjustment shall be made as a result of the issuance or deemed issuance of such Additional Shares of Combined Common Stock, (d) with respect to an adjustment to the Series B Preferred Stock, the Corporation receives
written notice from the holders of a majority of the then outstanding shares of Series B Preferred Stock agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Combined Common
Stock and (e) with respect to an adjustment to the Series A Preferred Stock, the Corporation receives written notice from the holders of a majority of the then outstanding shares of Series A Preferred Stock agreeing that no such adjustment
shall be made as the result of the issuance or deemed issuance of such Additional Shares of Combined Common Stock. 
 4.4.3 Deemed
Issuance of Additional Shares of Combined Common Stock. 
 (a) If the Corporation at any time or from time to time after the Series E
Original Issue Date shall issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities
entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Combined Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability,
convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options 

  
 17 

 
or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Combined Common Stock issued
as of the time of such issuance or, in case such a record date shall have been fixed, as of the close of business on such record date. 

(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the applicable Conversion Price of
a series of Preferred Stock pursuant to the terms of Subsections 4.4.4 or 4.4.5, as the case may be, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible
Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Combined Common
Stock issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then,
effective upon such increase or decrease becoming effective, the applicable Conversion Price of a series of Preferred Stock computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect
thereto) shall be readjusted to such Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to
this clause (b) shall have the effect of increasing the applicable Conversion Price of a series of Preferred Stock to an amount which exceeds the lower of (i) such Conversion Price in effect immediately prior to the original
adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) such Conversion Price that would have resulted from any issuances of Additional Shares of Combined Common Stock (other than deemed issuances of
Additional Shares of Combined Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment date. 

(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities),
the issuance of which did not result in an adjustment to the applicable Conversion Price of a series of Preferred Stock pursuant to the terms of Subsections 4.4.4 or 4.4.5, as the case may be, (either because the consideration per
share (determined pursuant to Subsection 4.4.6) of the Additional Shares of Combined Common Stock subject thereto was equal to or greater than the applicable Conversion Price of such series of Preferred Stock then in effect, or because such
Option or Convertible Security was issued before the Series E Original Issue Date), are revised after the Series E Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or
Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Combined Common
Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible
Security, as so amended or adjusted, and the Additional Shares of Combined Common Stock subject thereto (determined in the manner provided in Subsection 4.4.3(a)) shall be deemed to have been issued effective upon such increase or decrease
becoming effective. 

  
 18 

 (d) Upon the expiration or termination of any unexercised Option or unconverted or
unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the applicable Conversion Price of a series of Preferred Stock pursuant to the terms of
Subsections 4.4.4 or 4.4.5, as the case may be, such Conversion Price shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued. 

(e) If the number of shares of Combined Common Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible
Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events,
any adjustment to the applicable Conversion Price of a series of Preferred Stock provided for in this Subsection 4.4.3 shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration
without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this Subsection 4.4.3). If the number of shares of Combined Common Stock issuable upon the
exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security
is issued or amended, any adjustment to such Conversion Price that would result under the terms of this Subsection 4.4.3 at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of
consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to such Conversion Price that such issuance or amendment took place at the time such calculation can first be made.

 4.4.4 Adjustment of Conversion Price Upon Issuance of Additional Shares of Combined Common Stock During Initial Period. In the
event the Corporation shall, subsequent to the Series E Original Issue Date and prior to the third anniversary of the Series E Original Issue Date (the “Series E Ratchet Expiration Date”) issue Additional Shares of Combined
Common Stock (including Additional Shares of Combined Common Stock deemed to be issued pursuant to Subsection 4.4.3), without consideration or for a consideration per share less than the Conversion Price of the Series E Preferred Stock in
effect immediately prior to such issuance, then the Conversion Price of the Series E Preferred Stock shall be reduced, concurrently with such issuance, to the consideration per share received by the Corporation for such issuance or deemed issuance
of the Additional Shares of Combined Common Stock; provided that if such issuance or deemed issuance was without consideration, then the Corporation shall be deemed to have received an aggregate of $0.001 of consideration for all such
Additional Shares of Combined Common Stock issued or deemed to be issued. 
 4.4.5 Adjustment of Conversion Price Upon Issuance of
Additional Shares of Combined Common Stock During Subsequent Period. In the event the Corporation shall at any time on or after the Series E Ratchet Expiration Date with respect to the Series E Preferred Stock and on or after the Series E
Original Issue Date with respect to the Series D Preferred Stock, Series C Preferred Stock, Series B Preferred Stock and Series A Preferred Stock issue Additional Shares of Combined Common Stock (including Additional Shares of Combined Common Stock
deemed to be issued pursuant to Subsection 4.4.3), without consideration or for a consideration per share less than the applicable Conversion Price of a series of Preferred Stock in effect immediately prior to such issuance, then such
Conversion Price shall be reduced, concurrently with such issuance, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula: 

  
 19 

 CP2 = CP1 * ((A + B) ÷ (A + C)). 
 For purposes of the foregoing formula, the following definitions shall
apply: 
 (a) “CP2” shall mean the applicable Conversion Price of a series
of Preferred Stock in effect immediately after such issuance of Additional Shares of Combined Common Stock; 
 (b) “CP1” shall mean the applicable Conversion Price of such series of Preferred Stock in effect immediately prior to such issuance of Additional Shares of Combined Common Stock; 

(c) “A” shall mean the number of shares of Combined Common Stock outstanding immediately prior to such issuance of Additional Shares
of Combined Common Stock (treating for this purpose as outstanding all shares of Combined Common Stock issuable upon exercise of Options outstanding immediately prior to such issuance or upon conversion or exchange of Convertible Securities
(including the Preferred Stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issuance); 

(d) “B” shall mean the number of shares of Combined Common Stock that would have been issued if such Additional Shares of Combined
Common Stock had been issued at a price per share equal to CP1 (determined by dividing the aggregate consideration received by the Corporation in respect of such issuance by CP1); and 
 (e) “C” shall mean the number of such Additional Shares of Combined
Common Stock issued in such transaction. 
 4.4.6 Determination of Consideration. For purposes of this Subsection 4.4, the
value of the consideration received by the Corporation for the issuance of any Additional Shares of Combined Common Stock shall be computed as follows: 

(a) Cash and Property: Such consideration shall: 

(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or payable
for accrued interest; 
 (ii) insofar as it consists of property other than cash, be computed at the fair market value thereof at the time
of such issuance, as determined in good faith by the Board of Directors of the Corporation; and 
 (iii) in the event Additional Shares of
Combined Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be computed as provided in clauses (i) and (ii) above with respect to an appropriate
portion of such consideration so received, as determined in good faith by the Board of Directors of the Corporation. 

  
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 (b) Options and Convertible Securities. The consideration per share received by the
Corporation for Additional Shares of Combined Common Stock deemed to have been issued pursuant to Subsection 4.4.3, relating to Options and Convertible Securities, shall be determined by dividing 

(i) the total amount, if any, received or receivable by the Corporation as consideration for the issuance of such Options or Convertible
Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the
Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange
of such Convertible Securities, by 
 (ii) the maximum number of shares of Combined Common Stock (as set forth in the instruments relating
thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible
Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities. 
 4.4.7
Multiple Closing Dates. In the event the Corporation shall issue on more than one date Additional Shares of Combined Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to
the applicable Conversion Price of a series of Preferred Stock pursuant to the terms of Subsections 4.4.4 or 4.4.5, as the case may be, and such issuance dates occur within a period of no more than 90 days from the first such issuance
to the final such issuance, then, upon the final such issuance, such Conversion Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional
adjustments as a result of any such subsequent issuances within such period). 
 4.5 Adjustment for Stock Splits and Combinations. If
the Corporation shall at any time or from time to time after the Series E Original Issue Date effect a subdivision of the outstanding Combined Common Stock without a corresponding subdivision of the Preferred Stock, the Conversion Price for each
series of Preferred Stock in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Combined Common Stock issuable on conversion of each share of such series shall be increased in proportion to
such increase in the aggregate number of shares of Combined Common Stock outstanding. If the Corporation shall at any time or from time to time after the Series E Original Issue Date combine the outstanding shares of Combined Common Stock without a
corresponding combination of the Preferred Stock, the Conversion Price for each series of Preferred Stock in effect immediately before the combination shall be proportionately increased so that the number of shares of Combined Common Stock issuable
on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Combined Common Stock outstanding. Any adjustment under this subsection shall become effective at the close of business
on the date the subdivision or combination becomes effective. 

  
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 4.6 Adjustment for Certain Dividends and Distributions. In the event the Corporation
at any time or from time to time after the Series E Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable on the Common Stock in
additional shares of Common Stock, then and in each such event the Conversion Price for each series of Preferred Stock in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date
shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect for such series of Preferred Stock by a fraction: 

(1) the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such
issuance or the close of business on such record date, and 
 (2) the denominator of which shall be the total number of shares of Common
Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution. 

Notwithstanding the foregoing, (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully
made on the date fixed therefor, the Conversion Price for each series of Preferred Stock shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price for such series of Preferred Stock shall be
adjusted pursuant to this subsection as of the time of actual payment of such dividends or distributions; and (b) no such adjustment shall be made if the holders of such series of Preferred Stock simultaneously receive a dividend or other
distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event. 

4.7 Adjustments for Other Dividends and Distributions. In the event the Corporation at any time or from time to time after the Series E
Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of
Common Stock in respect of outstanding shares of Common Stock) or in other property and the provisions of Section 1 do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock
shall receive, simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have
received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event. 
 4.8 Adjustment
for Merger or Reorganization, etc. Subject to the provisions of Subsection 2.3, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock (but
not each series of Preferred Stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by Subsections 4.4, 4.6 or 4.7), then, following any such reorganization,
recapitalization, reclassification, consolidation or merger, each share of a series of Preferred Stock shall thereafter be convertible into, in lieu of the Common Stock into which it was 

  
 22 

 
convertible prior to such event, the kind and amount of securities, cash or other property which a holder of the number of shares of Common Stock of the Corporation issuable upon conversion of
one share of such series of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate
adjustment (as determined in good faith by the Board of Directors of the Corporation) shall be made in the application of the provisions in this Section 4 with respect to the rights and interests thereafter of the holders
of the Preferred Stock, to the end that the provisions set forth in this Section 4 (including provisions with respect to changes in and other adjustments of the Conversion Price of each series of Preferred Stock) shall
thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of such series of Preferred Stock. 

4.9 Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Conversion Price of a series of
Preferred Stock pursuant to this Section 4, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than 30 days thereafter, compute such adjustment or readjustment in
accordance with the terms hereof and furnish to each holder of such series of Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which such Preferred
Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Preferred Stock (but in
any event not later than 30 days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (i) the Conversion Price then in effect for each series of Preferred Stock held by such holder, and (ii) the number
of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of such Preferred Stock. 

4.10 Notice of Record Date. In the event: 

(a) the Corporation shall take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon
conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or
to receive any other security; or 
 (b) of any capital reorganization of the Corporation, any reclassification of the Common Stock of the
Corporation, or any Deemed Liquidation Event; or 
 (c) of the voluntary or involuntary dissolution, liquidation or winding up of the
Corporation, 
 then, and in each such case, the Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the
case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation,
merger, transfer, dissolution, liquidation or winding up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon the
conversion of the Preferred Stock) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation or winding up, and the amount per share and character of such exchange applicable to the Preferred Stock and the Common Stock. Such notice shall be sent at least 10 days prior to the record date or effective date
for the event specified in such notice. 

  
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 5. Mandatory Conversion. 

5.1 Trigger Events. Upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at least $2.98
per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock), in a firm-commitment underwritten public offering pursuant to an effective
registration statement under the Securities Act of 1933, as amended, resulting in at least $100,000,000 of gross proceeds to the Corporation (a “Qualified IPO”) or (b) the date and time, or the occurrence of an event,
specified by vote or written consent or agreement of the holders of a majority of the then outstanding shares of the applicable series of Preferred Stock (but only as to such series of Preferred Stock so consenting or agreeing) (the time of such
closing or the date and time specified or the time of the event specified in such vote or written consent, the “Mandatory Conversion Time”), (A) all outstanding shares of Preferred Stock (but only as to such series of
Preferred Stock so consenting or agreeing in the case of clause (b) of this Subsection 5.1) shall automatically be converted into shares of Common Stock, at the then effective conversion rate for such series and (B) such shares may
not be reissued by the Corporation; provided, however, that, for so long as shares of Series B Preferred Stock, Series C Preferred Stock or Series D Preferred Stock remain outstanding, in no event shall the Mandatory Conversion Time with respect to
the Series E Preferred Stock be prior to the Mandatory Conversion Time for any of the outstanding shares of Series B Preferred Stock, Series C Preferred Stock or Series D Preferred Stock. 

5.2 Procedural Requirements. All holders of record of shares of a series of Preferred Stock shall be sent written notice of the
Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this Section 5. Such notice need not be sent in advance of the occurrence of the Mandatory
Conversion Time. Upon receipt of such notice, each holder of shares of such series of Preferred Stock shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost,
stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of
such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form
satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to such series of Preferred Stock converted pursuant to Subsection 5.1, including the
rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender the certificates at or prior to such
time), except only the rights of the holders thereof, upon surrender of their certificate or certificates (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this Subsection 5.2.
As soon as practicable after the Mandatory Conversion Time and the surrender of the certificate or certificates (or lost certificate affidavit and agreement) for such series of Preferred Stock, the Corporation shall issue and deliver to such holder,
or to his, her or its nominees, a certificate or certificates for the number of full 

  
 24 

 
shares of Common Stock issuable on such conversion in accordance with the provisions hereof, together with cash as provided in Subsection 4.2 in lieu of any fraction of a share of Common
Stock otherwise issuable upon such conversion and the payment of any declared but unpaid dividends on the shares of Preferred Stock converted. Such converted series of Preferred Stock shall be retired and cancelled and may not be reissued as shares
of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of such series of Preferred Stock accordingly. 

6. Redemption. The Preferred Stock is not redeemable at the option of the holder thereof. 

7. Acquired Shares. Any shares of Preferred Stock that are acquired by the Corporation or any of its subsidiaries shall be automatically
and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following such acquisition.

 8. Waiver. Except as provided in Subsections 4.4.2, 3.3 and 3.4 (the waiver of which shall be governed by the
terms thereof), any of the rights, powers, preferences and other terms of the Preferred Stock set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders of at least 70% of the
shares of Preferred Stock then outstanding, voting together as a single class and not as separate series, and on an as-converted basis. 

9. Notices. Any notice required or permitted by the provisions of this Article Fourth to be given to a holder of shares of Preferred
Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the General Corporation Law, and shall be deemed sent upon
such mailing or electronic transmission. 
 10. No Implied Limitation. As used in this Amended and Restated Certificate of
Incorporation, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed in every instance by the words “without limitation.”

 FIFTH: Subject to any additional vote required by this Amended and Restated Certificate of Incorporation or Bylaws, in furtherance
and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, repeal, alter, amend and rescind any or all of the Bylaws of the Corporation. 

SIXTH: Subject to any additional vote required by this Amended and Restated Certificate of Incorporation, the number of directors of
the Corporation shall be determined in the manner set forth in the Bylaws of the Corporation. 
 SEVENTH: Elections of directors need
not be by written ballot unless the Bylaws of the Corporation shall so provide. 

  
 25 

 EIGHTH: Meetings of stockholders may be held within or without the State of Delaware,
as the Bylaws of the Corporation may provide. The books of the Corporation may be kept outside the State of Delaware at such place or places as may be designated from time to time by the Board of Directors or in the Bylaws of the Corporation. 

NINTH: To the fullest extent permitted by law, a director of the Corporation shall not be personally liable to the Corporation or to
its stockholders for monetary damages for breach of fiduciary duty as a director. If the General Corporation Law or any other law of the State of Delaware is amended, after approval by the stockholders of this Article Ninth, to authorize corporate
action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended. 

Any repeal or modification of the foregoing provisions of this Article Ninth by the stockholders of the Corporation shall not adversely affect
any right or protection of a director of the Corporation existing at the time of, or increase the liability of any director of the Corporation with respect to any acts or omissions of such director occurring prior to, such repeal or modification.

 TENTH: To the fullest extent permitted by applicable law, the Corporation is authorized to provide indemnification of (and
advancement of expenses to) directors, officers and agents of the Corporation (and any other persons to which General Corporation Law permits the Corporation to provide indemnification) through Bylaw provisions, agreements with such agents or other
persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the General Corporation Law. 

Any amendment, repeal or modification of the foregoing provisions of this Article Tenth shall not adversely affect any right or protection of
any director, officer or other agent of the Corporation existing at the time of such amendment, repeal or modification. 
 ELEVENTH:
The Corporation renounces any interest or expectancy of the Corporation in, or in being offered an opportunity to participate in, any Excluded Opportunity. An “Excluded Opportunity” is any matter, transaction, opportunity,
arrangement, agreement, economic advantage or interest that is presented to, or acquired, created or developed by, or which otherwise comes into the possession or to the knowledge of, (i) any director of the Corporation who is not an employee
of the Corporation or any of its subsidiaries, or (ii) any holder of Combined Common Stock or any holder of Preferred Stock (or Common Stock issuable upon the conversion of such Preferred Stock) or any partner, manager, member, director,
officer, stockholder, affiliate, employee or agent of any such holder, other than someone who is an employee of the Corporation or any of its subsidiaries. Any repeal or modification of this Article Eleventh will only be prospective and will not
affect the rights under this Article Eleventh in effect at the time of the occurrence of any actions or omissions to act giving rise to liability. 

*         *         * 

  
 26 

 3. That the foregoing amendment and restatement was approved by the holders of the requisite
number of shares of this corporation in accordance with Section 228 of the General Corporation Law. 
 4. That this Amended and Restated
Certificate of Incorporation, which restates and integrates and further amends the provisions of this corporation’s Amended and Restated Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General
Corporation Law. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

  
 27 

 IN WITNESS WHEREOF, this Amended and Restated Certificate of Incorporation has been executed by a
duly authorized officer of this corporation on this 9th day of November, 2018. 
  

			
	By:	 	 /s/ Ramy Farid

Ramy Farid, President and Chief

		 	Executive Officer

 STATE OF DELAWARE 

CERTIFICATE OF CHANGE OF REGISTERED AGENT 

AND/OR REGISTERED OFFICE 
 The corporation
organized and existing under the General Corporation Law of the State of Delaware, hereby certifies as follows: 
 1. The name of the corporation is
SCHRODINGER, INC. 
 2. The Registered Office of the corporation in the State of Delaware is changed to Corporation Trust Center, 1209 Orange Street
(street), in the City of Wilmington, County of New Castle Zip Code 19801. The name of the Registered Agent at such address upon whom process against this Corporation may be served is THE CORPORATION TRUST COMPANY . 

3. The foregoing change to the registered office/agent was adopted by a resolution of the Board of Directors of the corporation. 

 

					
		 	By:	 	 /s/ Yvonne Tran

		 		 	 Authorized Officer

 
					
		
	Name:	 	 Yvonne Tran, Secretary and Chief Legal Officer

		 		 	 Print or Type

 CERTIFICATE OF AMENDMENT 

OF 
 AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION 
 OF 

SCHRÖDINGER, INC. 

Pursuant to Section 242 of the 

General Corporation Law of the State of Delaware 

Schrödinger, Inc. (the “Corporation”), a corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware (the “DGCL”), does hereby certify as follows: 
 Resolutions were duly
adopted by the Board of Directors of the Corporation pursuant to Sections 141(f) and 242 of the DGCL setting forth an amendment to the Amended and Restated Certificate of Incorporation of the Corporation, as amended (the
“Certificate”), and declaring such amendment to be advisable. The stockholders of the Corporation duly approved said proposed amendment by written consent in accordance with Sections 228 and 242 of the DGCL. The resolutions
setting forth the amendment are as follows: 
  

			
	RESOLVED:	  	The first sentence of Article FOURTH of the Certificate be and hereby is amended by deleting it in its entirety and substituting the following in lieu thereof:
		
		  	“FOURTH: The total number of shares of all classes of stock which the Corporation shall have authority to issue is (i) 425,000,000 shares of Common Stock, $0.01 par value per share (“Common Stock”),
(ii) 146,199,885 shares of Non-Voting Common Stock, $0.01 par value per share (“Non-Voting Common Stock” and, together with the Common Stock,
the “Combined Common Stock”), and (iii) 328,105,864 shares of Preferred Stock, $0.01 par value per share (“Preferred Stock”).”
		
	FURTHER	  	
	RESOLVED:	  	The first sentence of Part C of Article FOURTH of the Certificate be and hereby is amended by deleting it in its entirety and substituting the following in lieu thereof:
		
		  	“134,704,785 shares of the authorized Preferred Stock of the Corporation are hereby designated “Series A Preferred Stock”, 29,468,101 shares of the authorized Preferred Stock of the Corporation are
hereby designated “Series B Preferred Stock”, 47,242,235 shares of the authorized Preferred Stock of the Corporation are hereby designated “Series C Preferred Stock”, 39,540,611 shares of the
authorized Preferred Stock of the Corporation are hereby designated “Series D Preferred Stock” and 77,150,132 shares of the authorized Preferred Stock of the Corporation are hereby designated “Series E Preferred
Stock”, each with the following rights, preferences, powers, and privileges and the following restrictions, qualifications and limitations.”

			
	 FURTHER
 RESOLVED:
	  	That Subsection 4.4.1(d)(v) of Part C of Article FOURTH of the Certificate be and hereby is amended by deleting it in its entirety and
substituting the following in lieu thereof:
		
		  	“shares of Combined Common Stock issued or issuable pursuant to the transactions contemplated by the Series E Purchase Agreement, as amended from time to time;”

 ***** 

 IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed by
its Chief Executive Officer and President this 24 day of April, 2019. 
  

			
	Schrödinger, Inc.
		
	By:	 	 /s/ Ramy Farid

Ramy Farid

		 	Chief Executive Officer and President

 CERTIFICATE OF AMENDMENT 

OF 
 AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION 
 OF 

SCHRÖDINGER, INC. 

Pursuant to Section 242 of the 

General Corporation Law of the State of Delaware 

Schrödinger, Inc, (the “Corporation”), a corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware (the “DGCL”), does hereby certify as follows: 
 Resolutions were duly
adopted by the Board of Directors of the Corporation pursuant to Sections 141(f) and 242 of the DGCL setting forth an amendment to the Amended and Restated Certificate of Incorporation of the Corporation, as amended (the
“Certificate”), and declaring such amendment to be advisable. The stockholders of the Corporation duly approved said proposed amendment by written consent in accordance with Sections 228 and 242 of the DGCL. The resolution
setting forth the amendment is as follows: 
  

			
	RESOLVED:	  	Subsection 3.3(n) of Part C of Article FOURTH of the Certificate be and hereby is deleted in its entirety and the following is inserted in lieu thereof:
		
		  	“increase or decrease the authorized number of directors constituting the Board of Directors of the Corporation from seven (7) directors.”

 IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed by
its Chief Executive Officer and President this 22nd day of July, 2019. 
  

			
	By:	 	 /s/ Ramy Farid

Ramy Farid

		 	Chief Executive Officer and President

 CERTIFICATE OF AMENDMENT 

OF 
 AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION 
 OF 

SCHRÖDINGER, INC. 

Pursuant to Section 242 of the 

General Corporation Law of the State of Delaware 

Schrödinger, Inc. (the “Corporation”), a corporation organized and existing under and by virtue of the General
Corporation Law of the State of Delaware (the “DGCL”), does hereby certify as follows: 
 Resolutions were duly
adopted by the Board of Directors of the Corporation pursuant to Section 141(f) and Section 242 of the DGCL setting forth an amendment to the Amended and Restated Certificate of Incorporation of the Corporation, as amended (the
“Charter”) of the Corporation, and declaring such amendment to be advisable. The stockholders of the Corporation duly approved said proposed amendment by written consent in accordance with Sections 228 and 242 of the DGCL.
The resolutions setting forth the amendment are as follows: 
  

			
	RESOLVED:	 	That the first paragraph of Article FOURTH of the Charter be and hereby is deleted in its entirety and the following is inserted in lieu thereof:
		
		 	“That, effective on the filing of this Certificate of Amendment to the Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Effective Time”), a one-for-7.47534 reverse stock split of the Corporation’s Common Stock, par value $0.01 per share (the “Common Stock”), shall become effective, pursuant
to which each 7.47534 shares of Common Stock outstanding and held of record by each stockholder of the Corporation (including treasury shares) immediately prior to the Effective Time shall be reclassified and combined into one (1) validly
issued, fully paid and nonassessable share of Common Stock automatically and without any action by the holder thereof upon the Effective Time and shall represent one (1) share of Common Stock from and after the Effective Time (such
reclassification and combination of shares, the “Reverse Stock Split”). The par value of the Common Stock following the Reverse Stock Split shall remain at $0.01 per share. No fractional shares of Common Stock shall be issued as a
result of the Reverse Stock Split and, in lieu thereof, upon surrender after the Effective Time of a certificate which formerly represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time, any person
who would otherwise be entitled to a fractional share of Common Stock as a result of the Reverse Stock Split, following the Effective Time, shall be entitled to receive a cash payment equal to the fraction of a share of Common Stock to which such
holder would otherwise be entitled multiplied by the fair value per share of the Common Stock immediately prior to the Effective Time as determined by the Board of Directors of the
Corporation.

			
		
		 	Each stock certificate that, immediately prior to the Effective Time, represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time shall, from and after the Effective Time,
automatically and without the necessity of presenting the same for exchange, represent that number of whole shares of Common Stock after the Effective Time into which the shares formerly represented by such certificate have been reclassified (as
well as the right to receive cash in lieu of fractional shares of Common Stock after the Effective Time); provided, however, that each person of record holding a certificate that represented shares of Common Stock that were issued and outstanding
immediately prior to the Effective Time shall receive, upon surrender of such certificate, a new certificate evidencing and representing the number of whole shares of Common Stock after the Effective Time into which the shares of Common Stock
formerly represented by such certificate shall have been reclassified.
		
		 	The total number of shares of all classes of stock which the Corporation shall have authority to issue is (i) 425,000,000 shares of Common Stock, (ii) 146,199,885 shares of Limited Common Stock, $0.01 par value per share
(“Limited Common Stock” and, together with the Common Stock, the “Combined Common Stock”), and (iii) 328,105,864 shares of Preferred Stock, $0.01 par value per share (“Preferred
Stock”).”
		
	FURTHER	 	
	RESOLVED:	 	All references to “Non-Voting Common Stock” be and hereby are deleted and replaced by references to “Limited Common Stock”.

 IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed by
its Chief Executive Officer and President this 24th day of January, 2020. 
  

			
	SCHRÖDINGER, INC.
		
	By:	 	 /s/ Ramy Farid

		 	Ramy Farid
		 	Chief Executive Officer and President

  
  

[Signature Page to Certificate of Amendment]

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