Document:

Exhibit 10.4

 

Certain
identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats
as private or confidential. [***] indicates that information has been redacted.

 

RUBRYC THERAPEUTICS, INC.

 

SECOND AMENDED AND RESTATED

 

INVESTORS’ RIGHTS AGREEMENT

 

    

    

    

 

Certain identified information
has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.
[***] indicates that information has been redacted.

 

TABLE OF CONTENTS

 

Page

 

	1.	Definitions	1
	 	 	 
	2.	Registration Rights	5

 

	 	2.1.	Demand Registration	5
	 	2.2.	Company Registration	6
	 	2.3.	Underwriting Requirements	6
	 	2.4.	Obligations of the Company	8
	 	2.5.	Furnish Information	9
	 	2.6.	Expenses of Registration	9
	 	2.7.	Delay of Registration	10
	 	2.8.	Indemnification	10
	 	2.9.	Reports Under Exchange Act	12
	 	2.10.	Limitations on Subsequent Registration Rights	12
	 	2.11.	“Market Stand-off” Agreement	13
	 	2.12.	Restrictions on Transfer	14
	 	2.13.	Termination of Registration Rights	15
	 	3.	Information and Inspection Rights	15
	 	3.1.	Delivery of Financial Statements	15
	 	3.2.	Inspection	17
	 	3.3.	Termination of Information	17
	 	3.4.	Confidentiality	17
	 	4.	Rights to Future Stock Issuances	17
	 	4.1.	Right of First Offer	17
	 	4.2.	Termination	19

 

	5.	Additional Covenants	19

 

	 	5.1.	Insurance	19
	 	5.2.	Employee Agreements	19
	 	5.3.	Employee Stock	19
	 	5.4.	Matters Requiring Preferred Director Approval	19
	 	5.5.	Board Matters	20
	 	5.6.	Successor Indemnification	21
	 	5.7.	Indemnification Matters	21
	 	5.8.	Termination of Covenants	21

 

    i

    

    

 

	6.	Miscellaneous	21

 

	 	6.1.	Successors and Assigns	21
	 	6.2.	Governing Law	22
	 	6.3.	Counterparts	22
	 	6.4.	Titles and Subtitles	22
	 	6.5.	Notices	22
	 	6.6.	Amendments and Waivers	22
	 	6.7.	Severability	23
	 	6.8.	Aggregation of Stock	23
	 	6.9.	Additional Investors	23
	 	6.10.	Entire Agreement	23
	 	6.11.	Dispute Resolution	24
	 	6.12.	Delays or Omissions	24
	 	6.13.	Right to Conduct Activities	24

 

	Schedule A -	Schedule of Investors

 

    ii

    

    

 

Certain
identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats
as private or confidential. [***] indicates that information has been redacted.

 

SECOND AMENDED AND RESTATED INVESTORS’
RIGHTS AGREEMENT

 

THIS SECOND AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of August 23, 2021, by and among RubrYc Therapeutics,
Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of
which is referred to in this Agreement as an “Investor”, and any additional Investor that becomes a party to this Agreement
in accordance with Subsection 6.9 hereof.

 

RECITALS

 

WHEREAS, iBio,
Inc. (“iBio”), an Investor, is purchasing shares of the Company’s Series A-2 Preferred Stock (“Series
A-2 Preferred Stock”) pursuant to that certain Series A-2 Preferred Stock Purchase Agreement of even date herewith (the “Purchase
Agreement”);

 

WHEREAS, the obligations
in the Purchase Agreement are conditioned upon the execution and delivery of this Agreement;

 

WHEREAS, certain of
the Investors (the “Prior Investors”) are holders of the Company’s Series A Preferred Stock, par value $0.01
(the “Series A Preferred Stock” and along with the Series A-2 Preferred Stock and the Founder Series Preferred
Stock (as defined herein), the “Preferred Stock”);

 

WHEREAS, the Prior Investors and the Company
are parties to an Amended and Restated Investors’ Rights Agreement dated July 31, 2020 (the “Prior Agreement”);

 

WHEREAS, the parties to the Prior Agreement
desire to amend and restate the Prior Agreement in its entirety and accept the rights and covenants hereof in lieu of their rights and
covenants under the Prior Agreement; and

 

WHEREAS, the parties desire to enter into
this Agreement in order to grant registration, information rights and other rights to the Investors as set forth below;

 

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

1.                 
Definitions. For purposes of this Agreement:

 

1.1.           
“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls,
is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer
or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or
managing members of, or shares the same management company with, such Person.

 

    

    

    

 

1.2.           
“Certificate of Incorporation” means the Company’s Certificate of Incorporation, as amended from time
to time.

 

1.3.           
 “Common Stock” means shares of the Company’s common stock, par value $0.0001 per share.

 

1.4.           
“[Corporate Stockholder]” means [***]., a Delaware corporation.

 

1.5.           
“Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become
subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or
any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material
fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein
or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated
therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying
party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation
promulgated under the Securities Act, the Exchange Act, or any state securities law.

 

1.6.           
“Derivative Securities” means any outstanding securities or rights convertible into, or exercisable or exchangeable
for (in each case, directly or indirectly), Common Stock, including options and warrants.

 

1.7.           
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

 

1.8.           
“Excluded Registration” means (i) a registration relating to the sale of securities to employees of the
Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145
transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included
in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities that are also being registered.

 

1.9.           
“Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration
form under the Securities Act subsequently adopted by the SEC.

 

1.10.       
“Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration
form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other
documents filed by the Company with the SEC.

 

1.11.       
“Founder Series Preferred Stock” means shares of the Company’s Founder Series Preferred Stock, par value
$0.0001 per share.

 

    2

    

    

 

1.12.       
“GAAP” means generally accepted accounting principles in the United States.

 

1.13.       
“Holder” means any holder of Registrable Securities who is a party to this Agreement.

 

1.14.       
“Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a
natural person referred to herein.

 

1.15.       
“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

 

1.16.       
“IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities
Act.

 

1.17.       
“Key Employees” means Isaac Bright.

 

1.18.       
“Major Investor” means (i) any Investor that, individually or together with such Investor’s Affiliates,
holds at least 1,500,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization
or reclassification effected after the date hereof) and (ii) for so long as [Corporate Stockholder]and its Affiliates collectively
hold at least 1,480,079 shares of the Company’s Founder Series Preferred Stock (as adjusted for any stock split, stock dividend,
combination, or other recapitalization or reclassification effected after the date hereof), [Corporate Stockholder].

 

1.19.       
“Material Adverse Change” means a material adverse change in the condition, business, or prospects of the Company
from that known to the Holders at the time of an applicable request for registration.

 

1.20.       
“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized,
as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become,
convertible or exchangeable into or exercisable for such equity securities.

 

1.21.       
“Person” means any individual, corporation, partnership, trust, limited liability company, association or other
entity.

 

1.22.       
“Preferred Directors” means the two (2) Series A Directors and the one (1) Series A-2 Director.

 

1.23.       
“Preferred Stock” means, collectively, shares of the Company’s Founder Series Preferred Stock, the Series
A Preferred Stock, and the Series A-2 Preferred Stock.

 

    3

    

    

 

1.24.       
“Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred
Stock; (ii) any Common Stock owned by the Investors as of the date of this Agreement, (iii) any Common Stock, or any Common Stock issued
or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company acquired by the Investors
after the date hereof; and (iv) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other
security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced
in clauses (i) through (iii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction
in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2
any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement.

 

1.25.       
“Registrable Securities then outstanding” means the number of shares determined by adding the number of shares
of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly)
pursuant to then exercisable and/or convertible securities that are Registrable Securities.

 

1.26.       
“Restricted Securities” means the securities of the Company required to be notated with the legend set forth
in Subsection 2.12(b) hereof.

 

1.27.       
“SEC” means the Securities and Exchange Commission.

 

1.28.       
“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

 

1.29.       
“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.

 

1.30.       
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

1.31.       
“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable
to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of
the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6.

 

1.32.       
“Senior Preferred Majority” means the holders of a majority of the shares of Common Stock issued or issuable
upon conversion of (i) the then outstanding shares of Series A Preferred Stock and (ii) the then outstanding shares of Series A-2 Preferred
Stock, in each case held by the Major Investors (voting as a single class and on an as-converted basis).

 

1.33.       
“Series A Director” means any director of the Company that the holders of record of the Series A Preferred
Stock are entitled to elect pursuant to the Certificate of Incorporation.

 

1.34.       
 “Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.0001
per share.

 

1.35.       
“Series A-2 Director” means any director of the Company that iBio is entitled to elect pursuant to the Certificate
of Incorporation.

 

    4

    

    

 

1.36.       
“Series A-2 Preferred Stock” means shares of the Company’s Series A-2 Preferred Stock, par value $0.0001
per share.

 

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

 

2.1.           
Demand Registration.

 

(a)              
Form S-1 Demand. If at any time after the earlier of (i) three (3) years after the date of this Agreement or (ii) one
hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Senior
Preferred Majority that the Company file a Form S-1 registration statement with respect to the outstanding Registrable Securities
of such Holders having an anticipated aggregate offering price of at least $10 million, then the Company shall (x) within ten
(10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other
than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request
is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities
that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration
by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand
Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3.

 

(b)              
Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a
request from Preferred Series Majority that the Company file a Form S-3 registration statement with respect to outstanding Registrable
Securities of such Holders having an anticipated aggregate offering price of at least $2.0 million, then the Company shall (i) within
ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii)
as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders,
file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in
such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days
of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3.

 

(c)              
Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection
2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s
Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either become
effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such
action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving
the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving
as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company
shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness
thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is
given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period; and provided
further that the Company shall not register any securities for its own account or that of any other stockholder during such one hundred
twenty (120) day period other than an Excluded Registration.

 

    5

    

    

 

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

 

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

 

    6

    

    

 

2.3.           
Underwriting Requirements.

 

(a)              
If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request
by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company
shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company and shall be reasonably acceptable
to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable
Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of
such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement
in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3,
if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number
of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would
be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated
among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number
of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders;
provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced
unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with
the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred
(100) shares.

 

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

 

    7

    

    

 

(c)              
For purposes of Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of
the underwriter’s cutback provisions in Subsection 2.3(a), fewer than one hundred percent (100%) of the total number of Registrable
Securities that Holders have requested to be included in such registration statement are actually included.

 

2.4.           
Obligations of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities,
the Company shall, as expeditiously as reasonably possible:

 

(a)              
prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or,
if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such
one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of
an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii)
in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed
basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to sixty (60) days,
if necessary, to keep the registration statement effective until all such Registrable Securities are sold;

 

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

 

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

 

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

 

    8

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2.6.           
Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and
disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $20,000, of one counsel for the selling
Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall
not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is
subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all
selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn
registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant
to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have
learned of a Material Adverse Change and have withdrawn the request with reasonable promptness after learning of such information then
the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections
2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and
paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf.

 

    9

    

    

 

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

 

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

 

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

 

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

 

    10

    

    

 

(c)              
Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement
thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires,
participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel
mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that
may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to
be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would
be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such
counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such
action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8 only to the extent that
such failure materially prejudices the indemnifying party’s ability to defend such action.

 

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

 

    11

    

    

 

(e)              
Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities
in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.

 

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

 

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

 

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

 

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

 

2.10.       
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior
written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder
or prospective holder of any securities of the Company that would (i) allow such holder or prospective holder to include such securities
in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such
registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the
Holders that are included; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held
by such holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to
this Agreement in accordance with Subsection 6.9.

 

    12

    

    

 

2.11.       
“Market Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the
managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO, and ending on the date specified
by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80) days), or such other period as may be
requested by the Company or the managing underwriter to comply (and only to the extent necessary to comply) with regulatory restrictions
on (1) the publication or other distribution of research reports; and (2) analyst recommendations and opinions, including,
but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments
thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract
to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of
Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately
before the effective date of the registration statement for such offering, or (ii) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing
provisions of this Subsection 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant
to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate
family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and
provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all
officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar
agreement from all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after
giving effect to conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection with such registration
are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions
hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the
underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further
effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters
shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. If any of the
obligations described in this Subsection 2.11 are waived or terminated with respect to any of the securities of any such Holder, officer,
director or greater than one-percent stockholder (in any such case, the “Released Securities”), the foregoing provisions
shall be waived or terminated, as applicable, to the same extent and with respect to the same percentage of securities of each Holder
as the percentage of Released Securities represent with respect to the securities held by the applicable Holder, officer, director or
greater than one-percent stockholder.

 

    13

    

    

 

2.12.       
Restrictions on Transfer.

 

(a)              
The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall
not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except
upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities
Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities
held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement.

 

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

 

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

 

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

 

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

 

    14

    

    

 

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

 

(a)              
the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation;

 

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

 

(c)              
the five-year anniversary of the IPO.

 

3.                 
Information and Inspection Rights.

 

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

 

(a)              
as soon as practicable, but in any event within 90 days after the end of each fiscal year of the Company (i) a balance
sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual
amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined
in Subsection 3.1(e)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources
and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial
statements audited and certified by independent public accountants of regionally recognized standing selected by the Company;

 

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

 

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

 

    15

    

    

 

(d)              
as soon as practicable, but in any event within thirty (30) days of the end of each month, an unaudited income statement
and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end
of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end
audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP);

 

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

 

(f)               
with respect to the financial statements called for in Subsections 3.1(a), 3.1(b) and 3.1(d), an instrument executed by the
chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in accordance
with GAAP consistently applied with prior practice for earlier periods (except as otherwise set forth in Subsections 3.1(b) and 3.1(d))
and fairly present the financial condition of the Company and its results of operation for the periods specified therein; and

 

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

 

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

 

Notwithstanding anything else
in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this Subsection 3.1 during the period
starting with the date sixty (60) days before the Company’s good faith estimate of the date of filing of a registration statement
if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering;
provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively
employing its commercially reasonable efforts to cause such registration statement to become effective.

 

    16

    

    

 

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

 

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

 

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

 

    17

    

    

 

4.                 
Rights to Future Stock Issuances.

 

4.1.           
Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company
proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor
shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among itself
and its Affiliates; provided that each such Affiliate (x) is not a competitor, unless such party’s purchase of New Securities
is otherwise consented to by the Board of Directors, (y) agrees to enter into this Agreement and each of the Voting Agreement and
Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein,
as an “Investor” under each such agreement (provided that any competitor shall not be entitled to any rights as a
Major Investor under Subsections 3.1, 3.2 and 4.1 hereof), and (z) agrees to purchase at least such number of New Securities as
are allocable hereunder to the Major Investor holding the fewest number of Preferred Stock and any other Derivative Securities.

 

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

 

(b)              
By notification to the Company within thirty (30) days after the Offer Notice is given, each Major Investor may elect to
purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities
which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then issuable
(directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then
held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise,
as applicable, of all Preferred Stock and other Derivative Securities then outstanding). At the expiration of such thirty (30) day
period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each,
a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day
period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect
to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major
Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the
Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock
and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable
(directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then
held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection
4.1(b) shall occur within the later of one hundred and twenty (120) days of the date that the Offer Notice is given and the date of initial
sale of New Securities pursuant to Subsection 4.1(c).

 

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

 

    18

    

    

 

(d)              
The right of first offer in this Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Certificate
of Incorporation); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Senior Preferred Stock to Additional
Purchasers pursuant to Subsection 6.9 of the Purchase Agreement.

 

4.2.           
Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect (i) immediately
before the consummation of the IPO, or (ii) upon a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation,
whichever event occurs first.

 

5.                 
Additional Covenants.

 

5.1.           
Insurance. The Company shall use its commercially reasonable efforts to obtain, within ninety (90) days of the date hereof,
from a financially sound and reputable insurer Directors and Officers liability insurance in an amount and on terms and conditions satisfactory
to the Board of Directors, and will use commercially reasonable efforts to cause such insurance to be maintained until such time as the
Board of Directors determines that such insurance should be discontinued.

 

5.2.           
Employee Agreements. The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged
by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets
to enter into a nondisclosure and proprietary rights assignment agreement; and (ii) each Key Employee to enter into a one (1) year
nonsolicitation agreement. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part,
any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of
the Board of Directors.

 

5.3.           
Employee Stock. Unless otherwise approved by the Board of Directors, all future employees and consultants of the Company who purchase,
receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required
to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period,
with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service,
and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off
provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved by the Board of Directors, the Company
shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase
unvested shares at cost upon termination of employment or consulting relationship of a holder of restricted stock.

 

5.4.           
Matters Requiring Preferred Director Approval. So long as the holders of Series A Preferred Stock are entitled to elect the Series
A Directors and iBio is entitled to elect the Series A-2 Director, the Company hereby covenants and agrees with each of the Investors
that it shall not, without approval of the Board of Directors, which approval must include the affirmative vote of at least two of the
Preferred Directors:

 

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

 

    19

    

    

 

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

 

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

 

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

 

(e)              
incur any aggregate indebtedness in excess of $250,000 that is not already included in a budget approved by the Board of Directors,
other than trade credit incurred in the ordinary course of business;

 

(f)               
enter into or be a party to any transaction with any director, officer, or employee of the Company or any “associate”
(as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person;

 

(g)              
hire, terminate, or change the compensation of the executive officers, including approving any option grants or stock awards to
executive officers;

 

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

 

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

 

5.5.           
Board Matters. Unless otherwise determined by the vote of a majority of the directors then in office (including the vote of at
least two of the Preferred Directors), the Board of Directors shall meet at least once each calendar quarter in accordance with an agreed-upon
schedule, with at least one meeting per year being held in person. The Company shall reimburse the directors for all reasonable out-of-pocket
travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors.
Any committee established by the Board shall include at least two of the Preferred Directors. The Company shall reimburse the Preferred
Directors for all reasonable expenses incurred in the performance of services to the Company, including, without limitation, traveling
to and attending meetings of the Board of Directors or its committees.

 

    20

    

    

 

5.6.           
Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person
or consummates a Sale of the Company (as such term is defined in the Voting Agreement dated as of the date of this Agreement by and among
the Company and parties thereto) and is not the continuing or surviving corporation or entity of such consolidation or merger or Sale
of the Company, then to the extent necessary, proper provision shall be made so that the successors, assignees or acquirer of the assets
of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect
immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation,
indemnification agreement or elsewhere, as the case may be.

 

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

 

5.8.           
Termination of Covenants. The covenants set forth in this Section 5 shall terminate and be of no further force or effect
(i) immediately before the consummation of the IPO, or (ii) upon a Deemed Liquidation Event, as such term is defined in the Certificate
of Incorporation, whichever event occurs first.

 

6.                 
Miscellaneous.

 

6.1.           
Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to
a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or
trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer,
holds at least 10,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations,
and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished
with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being
transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms
and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of
Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who
is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s
Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees
who would not qualify individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights,
receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and
are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

 

    21

    

    

 

6.2.           
Governing Law. This Agreement shall be governed by the internal law of the State of Delaware, regardless of the laws that might
otherwise govern under principles of conflicts of law.

 

6.3.           
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.

 

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

 

6.5.           
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent
by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then
on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt
requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight
courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the
respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention
of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified
by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy (which shall not constitute
notice) shall also be sent to Dorsey & Whitney LLP, 50 South Sixth Street, Suite 1500, Minneapolis, MN 55402, Attention:
Brian G. Moore.

 

6.6.           
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company
and the Senior Preferred Majority; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and
the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection
2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s
own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and
the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless
such amendment, termination, or waiver applies to all Investors in the same fashion and without creating a disparate impact on any Investor
(it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply
to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless,
by agreement with the Company, purchase securities in such transaction). The Company shall give prompt notice of any amendment or termination
hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment,
termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether
any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one
or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

    22

    

    

 

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

 

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

 

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

 

6.10.       
Entire Agreement. This Agreement (including the Schedules and Exhibits hereto), the Certificate of Incorporation and the other
Transaction Agreements (as defined in the Purchase Agreement) constitute the full and entire understanding and agreement between the
parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing
between the parties is expressly canceled.

 

    23

    

    

 

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

 

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

 

Each of the parties to this Agreement
consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the District of Delaware or any court
of the State of Delaware having subject matter jurisdiction.

 

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

 

6.13.       
Right to Conduct Activities.The Company hereby agrees and acknowledges that [***] (together with its Affiliates,
 “[***]”) is a professional investment fund, and as such invests in numerous portfolio companies, some
of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be conducted).
The Company hereby agrees that, to the extent permitted under applicable law, [***] shall not be liable to the Company for any
claim arising out of, or based upon, (i) the investment by [***] in any entity competitive with the Company, or (ii) actions
taken by any partner, officer or other representative of [***] to assist any such competitive company, whether or not such action
was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental
effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated
with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any
director or officer of the Company from any liability associated with his or her fiduciary duties to the Company.

 

[Signature pages follow]

 

    24

    

    

 

IN WITNESS WHEREOF, the parties
have executed this Second Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	RUBRYC THERAPEUTICS, INC.
	 	 	 
	 	By: 	/s/ Isaac Bright
	 	 	Name:  Isaac Bright
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	Address:

 

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

 

    

    

    

 

IN WITNESS WHEREOF, the parties have executed this Second Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	INVESTORS: 
	 	 
	 	IBIO INC.
	 	 
	 	By:	/s/ Tom Isett
	 	Name:  Thomas F. Isett
	 	Title:  President

 

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

 

    

    

    

 

IN WITNESS WHEREOF, the parties have
executed this Second Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	INVESTORS:
	

    
	[***]

 

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

 

    

    

    

 

IN WITNESS WHEREOF, the parties have executed this Second Amended and Restated Investors’ Rights Agreement as of the date first written above. 

 

	 	INVESTORS:
	 	 
	 	[***]    

 

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

 

    

    

    

 

IN WITNESS WHEREOF, the parties
    have executed this Second Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	

    INVESTORS:

     

	 	[***]

 

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

 

    

    

    

  

IN WITNESS WHEREOF, the parties have
executed this Second Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	

    INVESTORS:

     

	 	[***]

 

[Signature Page to Second Amended and Restated
Investors’ Rights Agreement]Exhibit 10.5

 

Certain
identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats
as private or confidential. [***] indicates that information has been redacted.

 

RUBRYC THERAPEUTICS, INC.

 

SECOND AMENDED AND RESTATED

 

VOTING AGREEMENT

 

    

    

    

 

TABLE OF CONTENTS

 

Page

 

	1.	Voting Provisions Regarding Board of Directors	2

 

	 	1.1.	Size of the Board	2
	 	1.2.	Board Composition	2
	 	1.3.	Failure to Designate a Board Member	3
	 	1.4.	Removal of Board Members	3
	 	1.5.	No Liability for Election of Recommended Directors	4

 

	2.	Vote to Increase Authorized Common Stock	4
	 	 	 
	3.	Drag-Along Right	4

 

	 	3.1.	Definitions	4
	 	3.2.	Actions to be Taken	5
	 	3.3.	Exceptions	6
	 	3.4.	Restrictions on Sales of Control of the Company	8

 

	4.	Remedies	8

 

	 	4.1.	Covenants of the Company	8
	 	4.2.	Specific Enforcement	8
	 	4.3.	Remedies Cumulative	8

 

	5.	Term	9
	 	 	 
	6.	Miscellaneous	9

 

	 	6.1.	Additional Parties	9
	 	6.2.	Transfers	9
	 	6.3.	Successors and Assigns	10
	 	6.4.	Governing Law	10
	 	6.5.	Counterparts	10
	 	6.6.	Titles and Subtitles	10
	 	6.7.	Notices	10
	 	6.8.	Consent Required to Amend, Terminate or Waive	10
	 	6.9.	Delays or Omissions	12
	 	6.10.	Severability	12
	 	6.11.	Entire Agreement	12
	 	6.12.	Share Certificate Legend	12
	 	6.13.	Stock Splits, Stock Dividends, etc	12
	 	6.14.	Manner of Voting	13
	 	6.15.	Further Assurances	13
	 	6.16.	Dispute Resolution	13
	 	6.17.	Aggregation of Stock	14

 

    i

    

    

 

	 	6.18.	Spousal Consent	14
	 	6.19.	Several Liability	14

 

	Schedule A	-	Investors
	Schedule B	-	Key Holders
	Exhibit A	-	Terms of Sale
	Exhibit B	-	Consent of Spouse

 

    ii

    

    

 

Certain
identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats
as private or confidential. [***] indicates that information has been redacted.

 

SECOND AMENDED AND RESTATED VOTING AGREEMENT

 

THIS SECOND AMENDED AND RESTATED
VOTING AGREEMENT (this “Agreement”), is made and entered into as of August 23, 2021 by and among RubrYc Therapeutics,
Inc., a Delaware corporation (the “Company”), those persons or entities listed each listed on Schedule A hereto
(together with any subsequent investors, or transferees, who become parties hereto as “Investors” pursuant to Subsections
6.1(a) or 6.2 below, the “Investors”), and those certain stockholders of the Company listed on Schedule
B (together with any subsequent stockholders, or any transferees, who become parties hereto as “Key Holders” pursuant
to Subsections 6.1(b) or 6.2 below, the “Key Holders,” and together collectively with the Investors, the “Stockholders”).

 

WHEREAS, concurrently
with the execution of this Agreement, the Company and iBio, Inc. (“iBio”) are entering into a Series A-2 Preferred
Stock Purchase Agreement (the “Purchase Agreement”) providing for the sale of shares of the Company’s Series A-2
Preferred Stock, $0.0001 par value per share (“Series A-2 Preferred Stock”);

 

WHEREAS, certain of
the Investors (the “Prior Investors”) are holders of the Company’s Series A Preferred Stock, $0.0001 par
value per share (“Series A Preferred Stock”) and the Company’s Founder Series Preferred Stock, $0.0001 par
value per share (“Founder Series Preferred Stock” and together with the Series A Preferred Stock and the Series A-2
Preferred Stock, the “Preferred Stock”);

 

WHEREAS, the Prior
Investors are parties to that certain Amended and Restated Voting Agreement dated as of July 31, 2021, by and among the Company, the Prior
Investors and the Key Holders, as amended (the “Prior Agreement”), which, among other things, provided for certain
of the Investors with the right, among other rights, to designate the election of certain members of the board of directors of the Company
(the “Board”) in accordance with the terms of such Agreement;

 

WHEREAS, the parties
to such Prior Agreement desire to amend and restate the Prior Agreement in its entirety and to accept the rights and covenants hereof
in lieu of their rights and covenants under the Prior Agreement;

 

WHEREAS, the Third
Amended and Restated Certificate of Incorporation of the Company, as the same may be amended from time to time (the “Certificate”)
provides that (i) the holders of record of the shares of Series A Preferred Stock, exclusively and as a separate class, shall be entitled
to elect two (2) Series A Directors (as defined in the Certificate) and (ii) iBio, exclusively and as a separate class, shall be entitled
to elect one (1) Series A-2 Director (as defined in the Certificate); and

 

WHEREAS, the parties desire to enter into
this Agreement to set forth their agreements and understandings with respect to how shares of the Company’s capital stock held by
them will be voted in various corporate actions, including, among other things, the election of certain members of the board of directors
of the Company (the “Board”).

 

    

    

    

 

NOW, THEREFORE, in consideration of these
premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

1.                 
Voting Provisions Regarding Board of Directors.

 

1.1.           
Size of the Board. Each Stockholder agrees to vote, or cause to be voted, all Shares (as defined below) owned by such Stockholder,
or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure
that the size of the Board shall be set and remain at five (5) directors. For purposes of this Agreement, the term “Shares”
shall mean and include any securities of the Company the holders of which are entitled to vote in the election of members of the Board,
including without limitation all shares of common stock of the Company, $0.0001 par value per share (“Common Stock”)
and Preferred Stock, by whatever name called, now owned or subsequently acquired by a Stockholder, however acquired, whether through stock
splits, stock dividends, reclassifications, recapitalizations, similar events or otherwise.

 

1.2.           
Board Composition. Each Stockholder agrees to vote, or cause to be voted, all Shares owned by such Stockholder, or over
which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that
at each annual or special meeting of stockholders at which an election of directors is held or pursuant to any written consent of the
stockholders, the following persons shall be elected to the Board:

 

(a)              
one individual designated by  [***], which individual shall initially be [***], to serve as one of the two (2) Series A Directors,
for so long as   [***] and its Affiliates collectively continue to own beneficially at least 655,615 shares of Series A Preferred
Stock (and/or Common Stock issued or issuable upon conversion of Series A Preferred Stock) that  [***] originally acquired
from the Company, which number shall be subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations
and the like;

 

(b)              
one individual designated by  [***], which individual shall initially be [***],
to serve as the remaining Series A Director for so long as  [***] and its Affiliates collectively continue to own beneficially
at least 252,880 shares of Series A Preferred Stock (and/or Common Stock issued or issuable upon conversion of Series A Preferred Stock)
that  [***] originally acquired from the Company, which number shall be subject to appropriate adjustment for all stock splits,
dividends, combinations, recapitalizations and the like;

 

(c)              
one individual designated by iBio, which individual shall initially be Tom Isett, to serve as the Series A-2 Director for so long
as iBio and its Affiliates collectively continue to own beneficially at least 1,500,000 shares of Series A-2 Preferred Stock (and/or Common
Stock issued or issuable upon conversion of Series A-2 Preferred Stock) that IBio originally acquired from the Company, which number shall
be subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like;

 

    2

    

    

 

(d)              
one individual, who is not an employee of the Company or its Affiliates and not an Affiliate of the Company (or its Affiliates)
or any stockholder of the Company, nominated by the Company’s Chief Executive Officer and mutually acceptable to the other holders
of a majority of the issued and outstanding shares of Series A Preferred Stock and Series A-2 Preferred Stock (voting together and as
a separate class), which individual shall initially be [***];

 

(e)              
the Company’s Chief Executive Officer appointed by the Board of Directors of the Company, which individual shall initially
be Isaac Bright (the “CEO Director”), provided that if for any reason the CEO Director shall cease to serve
as the Chief Executive Officer of the Company, each of the Stockholders shall promptly vote their respective Shares (i) to remove the
former Chief Executive Officer from the Board if such person has not resigned as a member of the Board; and (ii) to elect such person’s
replacement as Chief Executive Officer of the Company as the new CEO Director.

 

(f)               
To the extent that clauses (a) or (b) in this Subsection 1.2 shall not be applicable as a result of a lack of sufficient
Share ownership of either [Stockholder One] (with respect to Section 1.2(a)) or [Stockholder Two] (with respect to Section 1.2(b))
any member of the Board who would otherwise have been designated in accordance with the terms thereof shall instead be voted upon by,
with respect to each of Section 1.2(a), Section 1.2(b), an 1.2(c), the holders of a majority of the shares of Series A Preferred
Stock as one of the Series A Directors (as defined in the Certificate) in accordance with, and pursuant to, the Certificate. For purposes
of this Agreement, an individual, firm, corporation, partnership, association, limited liability company, trust or any other entity (collectively,
a “Person”) shall be deemed an “Affiliate” of another Person who, directly or indirectly, controls,
is controlled by or is under common control with such Person, including, without limitation, any general partner, managing member, officer
or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or
managing members of, or shares the same management company with, such Person. For purpose of this Agreement, “Fully Diluted Outstanding
Shares” shall have the meaning set forth in the Certificate.

 

(g)              
To the extent that clause (c) in this Subsection 1.2 shall not be applicable as a result of a lack of sufficient Share ownership
of iBio, any member of the Board who would otherwise have been designated in accordance with the terms thereof shall instead be voted
upon by, with respect to Section 1.2(c), the holders of a majority of the shares of Series A-2 Preferred Stock as the Series A-2
Director (as defined in the Certificate) in accordance with, and pursuant to, the Certificate.

 

1.3.           
Failure to Designate a Board Member. In the absence of any designation from the Persons or groups with the right to designate
a director as specified above, the director previously designated by them and then serving shall be reelected if still eligible to serve
as provided herein.

 

1.4.           
Removal of Board Members. Each Stockholder also agrees to vote, or cause to be voted, all Shares owned by such Stockholder,
or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure
that:

 

(a)              
no director elected pursuant to Subsections 1.2 or 1.3 of this Agreement may be removed from office other than for
cause unless (i) such removal is directed or approved by the affirmative vote of the Person, or, if and only if there is no such Person
who is entitled to designate such director under Subsection 1.2, of the holders of at least majority of the shares of stock, entitled
under Subsection 1.2 to designate that director; or (ii) the Person(s) originally entitled to designate or approve such director
pursuant to Subsection 1.2 is no longer so entitled to designate or approve such director; provided, however, that
notwithstanding anything to the contrary in this subsection, the removal, election or re-election of the CEO Director shall be subject
to Subsection 1.2(e) of this Agreement.

 

    3

    

    

 

(b)              
any vacancies created by the resignation, removal or death of a director elected pursuant to Subsections 1.2 or 1.3
shall be filled pursuant to the provisions of this Section 1; and

 

(c)              
upon the request of any party or parties entitled to designate a director as provided in Subsection 1.2(a) through 1.2(c)
to remove such director, such director shall be removed.

 

All Stockholders agree to execute any written
consents required to perform the obligations of this Agreement, and the Company agrees at the request of any party entitled to designate
directors to call a special meeting of stockholders for the purpose of electing directors.

 

1.5.           
No Liability for Election of Recommended Directors. No Stockholder, nor any Affiliate of any Stockholder, shall have any
liability as a result of designating a person for election as a director for any act or omission by such designated person in his or her
capacity as a director of the Company, nor shall any Stockholder have any liability as a result of voting for any such designee in accordance
with the provisions of this Agreement.

 

2.                 
Vote to Increase Authorized Common Stock. Each Stockholder agrees to vote or cause to be voted all Shares owned by such
Stockholder, or over which such Stockholder has voting control, from time to time and at all times, in whatever manner as shall be necessary
to increase the number of authorized shares of Common Stock from time to time to ensure that there will be sufficient shares of Common
Stock available for conversion of all of the shares of Preferred Stock outstanding at any given time.

 

3.                 
Drag-Along Right.

 

3.1.           
Definitions. A “Sale of the Company” shall mean either: (a) a transaction or series of related transactions
in which a Person, or a group of related Persons, acquires from stockholders of the Company shares representing fifty percent (50%) or
more of the outstanding voting power of the Company (a “Stock Sale”); or (b) a transaction that qualifies as a “Deemed
Liquidation Event” as defined in the Certificate. An “iBio Sale” shall mean a Sale of the Company to iBio
pursuant to the terms set forth on Exhibit A and such other customary terms and conditions that are negotiated between the Company
and iBio in good faith during the 30 day period after iBio provides written notice to the Company of iBio’s desire to consummate
the iBio Sale.

 

    4

    

    

 

3.2.           
Actions to be Taken. In the event that (A) iBio provides written notice to the Company on or before August 23, 2022 of iBio’s
desire to consummate the iBio Sale, or (B) (i) the holders of at least sixty percent (60%) of the shares of Common Stock then issued or
issuable upon conversion of the shares of Series A Preferred Stock and shares of Series A-2 Preferred Stock (the “Selling Investors”)
and (ii) the Board (the “Requisite Approval”) approve a Sale of the Company in writing, specifying that this Section
3 shall apply to such transaction, then each Stockholder and the Company hereby agree:

 

(a)              
if such transaction requires stockholder approval, with respect to all Shares that such Stockholder owns or over which such Stockholder
otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all Shares in favor of,
and adopt, such Sale of the Company (together with any related amendment to the Certificate required in order to implement such Sale of
the Company) and to vote in opposition to any and all other proposals that could reasonably be expected to delay or impair the ability
of the Company to consummate such Sale of the Company;

 

(b)              
if such transaction is a Stock Sale, to sell the same proportion of shares of capital stock of the Company beneficially held by
such Stockholder as is being sold by the Selling Investors to the Person to whom the Selling Investors propose to sell their Shares, and,
except as permitted in Subsection 3.3 below, on the same terms and conditions as the Selling Investors;

 

(c)              
to execute and deliver all related documentation and take such other action in support of the Sale of the Company as shall reasonably
be requested by the Company or the Selling Investors in order to carry out the terms and provision of this Section 3, including,
without limitation, executing and delivering instruments of conveyance and transfer, and any purchase agreement, merger agreement, indemnity
agreement, escrow agreement, consent, waiver, governmental filing, share certificates duly endorsed for transfer (free and clear of impermissible
liens, claims and encumbrances), and any similar or related documents;

 

(d)              
not to deposit, and to cause their Affiliates not to deposit, except as provided in this Agreement, any Shares of the Company owned
by such party or Affiliate in a voting trust or subject any Shares to any arrangement or agreement with respect to the voting of such
Shares, unless specifically requested to do so by the acquirer in connection with the Sale of the Company;

 

(e)              
to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any time with respect to
such Sale of the Company;

 

(f)               
if the consideration to be paid in exchange for the Shares pursuant to this Section 3 includes any securities and due receipt
thereof by any Stockholder would require under applicable law (x) the registration or qualification of such securities or of any person
as a broker or dealer or agent with respect to such securities; or (y) the provision to any Stockholder of any information other than
such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended, the Company may cause to be paid to any such Stockholder in
lieu thereof, against surrender of the Shares which would have otherwise been sold by such Stockholder, an amount in cash equal to the
fair value (as determined in good faith by the Company) of the securities which such Stockholder would otherwise receive as of the date
of the issuance of such securities in exchange for the Shares; and

 

    5

    

    

 

(g)              
in the event that the Selling Investors, in connection with such Sale of the Company, appoint a stockholder representative (the
 “Stockholder Representative”) with respect to matters affecting the Stockholders under the applicable definitive transaction
agreements following consummation of such Sale of the Company, (x) to consent to (i) the appointment of such Stockholder Representative,
(ii) the establishment of any applicable escrow, expense or similar fund in connection with any indemnification or similar obligations,
and (iii) the payment of such Stockholder’s pro rata portion (from the applicable escrow or expense fund or otherwise) of any and
all reasonable fees and expenses to such Stockholder Representative in connection with such Stockholder Representative’s services
and duties in connection with such Sale of the Company and its related service as the representative of the Stockholders, and (y) not
to assert any claim or commence any suit against the Stockholder Representative or any other Stockholder with respect to any action or
inaction taken or failed to be taken by the Stockholder Representative in connection with its service as the Stockholder Representative,
absent fraud or willful misconduct; and

 

(h)              
after receiving the Requisite Approval, in additional to actions related to this Subsection 3.2, the Company shall initiate
the process intended to result in the consummation of the Sale of the Company.

 

(i)                
Notwithstanding anything to the contrary in this Subsection 3.2 or elsewhere in this Agreement, in no event shall any stockholder
who is not or was not an employee or officer of the Company be required, pursuant to this Agreement, any documentation, agreement, consent
or waiver referred to in Subsection 3.2(g) or otherwise, to enter into, or be subject in any manner to, any covenant not to compete
or solicit or any other restrictive covenant.

 

3.3.           
Exceptions. Notwithstanding the foregoing, a Stockholder will not be required to comply with Subsection 3.2 above
in connection with any proposed Sale of the Company (the “Proposed Sale”), unless:

 

(a)              
any representations and warranties to be made by such Stockholder in connection with the Proposed Sale are limited to representations
and warranties related to authority, ownership and the ability to convey title to such Shares, including, but not limited to, representations
and warranties that (i) the Stockholder holds all right, title and interest in and to the Shares such Stockholder purports to hold, free
and clear of all liens and encumbrances, (ii) the obligations of the Stockholder in connection with the transaction have been duly authorized,
if applicable, (iii) the documents to be entered into by the Stockholder have been duly executed by the Stockholder and delivered to the
acquirer and are enforceable against the Stockholder in accordance with their respective terms, subject to customary exceptions; and (iv)
neither the execution and delivery by the Stockholder of the documents to be entered into by the Stockholder in connection with the transaction,
nor the performance of the Stockholder’s obligations thereunder, will cause a breach or violation of the terms of any agreement
to which the Stockholder is a party, or any law applicable to the Stockholder, or any judgment, order or decree of any court or governmental
agency, in each case, binding upon the Stockholder;

 

    6

    

    

 

(b)              
the Stockholder shall not be liable for the inaccuracy of any representation or warranty made by any other Person in connection
with the Proposed Sale, other than the Company (except to the extent that funds may be paid out of an escrow established to cover breach
of representations, warranties and covenants of the Company as well as breach by any stockholder of any of identical representations,
warranties and covenants provided by all stockholders);

 

(c)              
the liability for indemnification, if any, of such Stockholder in the Proposed Sale and for the inaccuracy of any representations
and warranties made by the Company or its Stockholders in connection with such Proposed Sale, is several and not joint with any other
Person (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants
of the Company as well as breach by any stockholder of any of identical representations, warranties and covenants provided by all stockholders),
and, subject to the provisions of the Certificate related to the allocation of the escrow, is pro rata in proportion to, and does not
exceed, the amount of consideration paid to such Stockholder in connection with such Proposed Sale;

 

(d)              
liability shall be limited to such Stockholder’s applicable share (determined based on the respective proceeds payable to
each Stockholder in connection with such Proposed Sale in accordance with the provisions of the Certificate) of a negotiated aggregate
indemnification amount that applies equally to all Stockholders but that in no event exceeds the amount of consideration otherwise payable
to such Stockholder in connection with such Proposed Sale, except with respect to claims related to fraud by such Stockholder, the liability
for which need not be limited as to such Stockholder;

 

(e)              
upon the consummation of the Proposed Sale (i)(A) each holder of each class or series of the Company’s stock will receive
the same form of consideration for their shares of such class or series as is received by other holders in respect of their shares of
such same class or series of stock, (B) each holder of a series of Founder Series Preferred Stock, Series A Preferred Stock, and Series
A-2 Preferred Stock will receive the same amount of consideration per share of such series of Founder Series Preferred Stock, Series A
Preferred Stock, and Series A-2 Preferred Stock, respectively, as is received by other holders in respect of their shares, (C) each holder
of Common Stock will receive the same amount of consideration per share of Common Stock as is received by other holders in respect of
their shares of Common Stock, unless (ii) the holders of at least (B) sixty percent (60%) of the Founder Series Preferred Stock, (B) sixty
percent (60%) of the Series A Preferred Stock, and (C) sixty percent (60%) and Series A-2 Preferred Stock elect to receive a lesser amount
by written notice given to the Company at least ten (10) days prior to the effective date of any such Proposed Sale, the aggregate consideration
receivable by all holders of the Preferred Stock and Common Stock shall be allocated among the holders of Preferred Stock and Common Stock
on the basis of the relative amounts to which the holders of Preferred Stock and the holders of Common Stock are entitled in a Deemed
Liquidation Event (assuming for this purpose that the Proposed Sale is a Deemed Liquidation Event) in accordance with the Company’s
Certificate of Incorporation in effect immediately prior to the Proposed Sale; provided, however, that, notwithstanding the foregoing,
if the consideration to be paid in exchange for the Key Holders’ Shares or the Investors’ Shares, as applicable, pursuant
to this Subsection 3.3(e) includes any securities and due receipt thereof by any Key Holder or Investor would require under applicable
law (x) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities;
or (y) the provision to any Key Holder or Investor of any information other than such information as a prudent issuer would generally
furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act
of 1933, as amended, the Company may cause to be paid to any such Key Holder or Investor in lieu thereof, against surrender of such Key
Holder’s Shares or Investor’s Shares, as applicable, which would have otherwise been sold by such Key Holder or Investor,
an amount in cash equal to the fair value (as determined in good faith by the Company) of the securities which such Key Holder or Investor
would otherwise receive as of the date of the issuance of such securities in exchange for such Key Holder’s or Investor’s
Shares, as applicable; and

 

    7

    

    

 

(f)               
subject to clause (e) above, requiring the same form of consideration to be available to the holders of any single class or series
of capital stock, if any holders of any capital stock of the Company are given an option as to the form and amount of consideration to
be received as a result of the Proposed Sale, all holders of such capital stock will be given the same option; provided, however,
that nothing in this Subsection 3.3(f) shall entitle any holder to receive any form of consideration that such holder would be
ineligible to receive as a result of such holder’s failure to satisfy any condition, requirement or limitation that is generally
applicable to the Company’s stockholders.

 

3.4.           
Restrictions on Sales of Control of the Company. No Stockholder shall be a party to any Stock Sale unless all holders of
Preferred Stock are allowed to participate in such transaction and the consideration received pursuant to such transaction is allocated
among the parties thereto in the manner specified in the Company’s Certificate of Incorporation in effect immediately prior to the
Stock Sale (as if such transaction were a Deemed Liquidation Event), unless the holders of at least (a) sixty percent (60%) of the Founder
Series Preferred Stock, (b) sixty percent (60%) of the Series A Preferred Stock, and (c) sixty percent (60%) of the Series A-2 Preferred
Stock elect otherwise by written notice given to the Company at least ten (10) days prior to the effective date of any such transaction
or series of related transactions.

 

4.                 
Remedies.

 

4.1.           
Covenants of the Company. The Company agrees to use its best efforts, within the requirements of applicable law, to ensure
that the rights granted under this Agreement are effective and that the parties enjoy the benefits of this Agreement. Such actions include,
without limitation, the use of the Company’s best efforts to cause the nomination and election of the directors as provided in this
Agreement.

 

4.2.           
Specific Enforcement. Each party acknowledges and agrees that each party hereto will be irreparably damaged in the event
any of the provisions of this Agreement are not performed by the parties in accordance with their specific terms or are otherwise breached.
Accordingly, it is agreed that each of the Company and the Stockholders shall be entitled to an injunction to prevent breaches of this
Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United
States or any state having subject matter jurisdiction.

 

4.3.           
Remedies Cumulative. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative
and not alternative.

 

    8

    

    

 

5.                 
Term. This Agreement shall be effective as of the date hereof and shall continue in effect until and shall terminate upon
the earliest to occur of (a) the consummation of the Company’s first underwritten public offering of its Common Stock under the
Securities Act of 1933, as amended; (b) the consummation of a Sale of the Company and distribution of proceeds to or escrow for the benefit
of the Stockholders in accordance with the Certificate, provided that the provisions of Section 3 hereof will continue after
the closing of any Sale of the Company to the extent necessary to enforce the provisions of Section 3 with respect to such Sale
of the Company; and (c) termination of this Agreement in accordance with Subsection 6.8 below.

 

6.                 
Miscellaneous.

 

6.1.           
Additional Parties.

 

(a)              
Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Preferred Stock after the
date hereof, as a condition to each purchase, each purchaser of such shares of Preferred Stock shall become a party to this Agreement
by executing and delivering a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as
an Investor and Stockholder hereunder. Each such person shall thereafter be deemed an Investor and Stockholder for all purposes under
this Agreement.

 

(b)              
In the event that after the date of this Agreement, the Company enters into an agreement with any Person to issue shares of capital
stock (or to issue options to purchase shares of capital stock) to such Person (other than to a purchaser of Preferred Stock described
in Subsection 6.1(a) above), following which such Person shall hold (or shall have the right to acquire) Shares constituting one
percent (1%) or more of the Company’s then outstanding capital stock (treating for this purpose all shares of Common Stock issuable
upon exercise of or conversion of outstanding options, warrants or convertible securities, as if exercised and/or converted or exchanged),
then, the Company shall cause such Person, as a condition precedent to consummating such agreement, to become a party to this Agreement
by executing a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as a Stockholder and
a Key Holder or a Stockholder and an Investor, as applicable, and thereafter such person shall be deemed a Stockholder and a Key Holder
or a Stockholder and an Investor, as applicable, for all purposes under this Agreement.

 

6.2.           
Transfers. Each transferee or assignee of any Shares subject to this Agreement shall continue to be subject to the terms
hereof, and, as a condition precedent to the Company’s recognizing such transfer, each transferee or assignee shall agree in writing
to be subject to each of the terms of this Agreement by executing and delivering a counterpart signature page hereto. Upon the execution
and delivery of such counterpart signature page by any transferee, such transferee shall be deemed to be a party hereto as if such transferee
were the transferor and such transferee’s signature appeared on the signature pages of this Agreement and shall be deemed to be
an Investor and Stockholder, or Key Holder and Stockholder, as applicable. The Company shall not permit the transfer of the Shares subject
to this Agreement on its books or issue a new certificate representing any such Shares unless and until such transferee shall have complied
with the terms of this Subsection 6.2. Each certificate, instrument, or book entry representing the Shares subject to this Agreement
if issued on or after the date of this Agreement shall be notated by the Company with the legend set forth in Subsection 6.12.

 

    9

    

    

 

6.3.           
Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the
respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by
reason of this Agreement, except as expressly provided in this Agreement.

 

6.4.           
Governing Law. This Agreement shall be governed by the internal law of the State of Delaware, regardless of the laws that
might otherwise govern under applicable principles of conflicts of law.

 

6.5.           
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail or
other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes.

 

6.6.           
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

6.7.           
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt or (a) personal delivery to the party to be notified, (b) when sent, if sent
by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the
recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight
prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective
parties at their address as set forth on Schedule A or Schedule B hereto, and to the Company at the address set forth on
its signature page hereto, or to such email address, facsimile number or address as subsequently modified by written notice given in accordance
with this Subsection 6.7. If notice is given to the Company, a copy (which shall not constitute notice) shall also be sent to Dorsey
 & Whitney LLP, 50 South Sixth Street, Suite 1500, Minneapolis, MN 55402, Attention: Brian G. Moore.

 

6.8.           
Consent Required to Amend, Terminate or Waive. This Agreement may be amended or terminated and the observance of any term
hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument
executed by each of the following: (a) the Company; (b) the Key Holders holding at least a majority of the Shares then held by the Key
Holders who are then providing services to the Company as officers, employees or consultants; and (c) the holders of a majority of the
shares of Common Stock issued or issuable upon conversion of (i) the then outstanding shares of Series A Preferred Stock and (ii) the
then outstanding shares of Series A-2 Preferred Stock, in each case held by the Investors (voting as a single class and on an as-converted
basis). Notwithstanding the foregoing:

 

(a)              
this Agreement may not be amended or terminated and the observance of any term of this Agreement may not be waived with respect
to any Investor or Key Holder without the written consent of such Investor or Key Holder unless such amendment, termination or waiver
applies to all Investors or Key Holders, as the case may be, in the same fashion without creating a disparate impact on any Investor;

 

    10

    

    

 

(b)              
the consent of the Key Holders shall not be required for any amendment or waiver if such amendment or waiver either (A) is not
directly applicable to the rights of the Key Holders hereunder; or (B) does not adversely affect the rights of the Key Holders in a manner
that is different from the effect on the rights of the other parties hereto;

 

(c)              
Schedules A and B hereto may be amended by the Company from time to time to add information regarding additional
Stockholders without the consent of the other parties hereto;

 

(d)              
any provision hereof may be waived by the waiving party on such party’s own behalf, without the consent of any other party;

 

(e)              
Neither Subsection 1.2(a) nor this Subsection 6.8(e) shall be amended or waived without the written consent of  [***] for so long as  [***] and its Affiliates collectively continue to beneficially own at least 655,622 shares of Common Stock
issued or issuable upon conversion of the Series A Preferred Stock (subject to appropriate adjustment for all stock splits, dividends,
combinations, recapitalizations and the like);

 

(f)               
Neither Subsection 1.2(b) nor this Subsection 6.8(f) shall be amended or waived without the written consent of the
holders of a majority of the shares of Series A Preferred Stock not held by  [***] for so long as  [***] and its
Affiliates collectively continue to beneficially own at least 252,883 shares of Common Stock issued or issuable upon conversion of the
Series A Preferred Stock (subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like);

 

(g)              
Neither Subsection 1.2(c) nor this Subsection 6.8(e) shall be amended or waived without the written consent of IBio
for so long as IBio and its Affiliates collectively continue to beneficially own at least any share of Common Stock issued or issuable
upon conversion of the Series A-2 Preferred Stock (subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations
and the like);

 

(h)              
Subsections 1.2(d) and 1.2(e) shall not be amended or waived without the written consent of Key Holders holding a
majority of the shares of capital stock held by the Key Holders who are at such time providing services to the Company as an officer,
employee or consultant.

 

(i)                
The Company shall give prompt written notice of any amendment, termination, or waiver hereunder to any party that did not consent
in writing thereto. Any amendment, termination, or waiver effected in accordance with this Subsection 6.8 shall be binding on each
party and all of such party’s successors and permitted assigns, whether or not any such party, successor or assignee entered into
or approved such amendment, termination or waiver. For purposes of this Subsection 6.8, the requirement of a written instrument
may be satisfied in the form of an action by written consent of the Stockholders circulated by the Company and executed by the Stockholder
parties specified, whether or not such action by written consent makes explicit reference to the terms of this Agreement.

 

    11

    

    

 

6.9.           
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement,
upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in
any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default previously or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of
any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this
Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under
this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

6.10.       
Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision.

 

6.11.       
Entire Agreement. This Agreement (including the Exhibits hereto), the Certificate and the other Transaction Agreements (as
defined in the Purchase Agreement) constitute the full and entire understanding and agreement between the parties with respect to the
subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled.

 

6.12.       
Share Certificate Legend. Each certificate, instrument, or book entry representing any Shares issued after the date hereof
shall be notated by the Company with a legend reading substantially as follows:

 

“THE SHARES REPRESENTED HEREBY ARE SUBJECT
TO A VOTING AGREEMENT, AS MAY BE AMENDED FROM TIME TO TIME, (A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY), AND
BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL
THE PROVISIONS OF THAT VOTING AGREEMENT, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER AND OWNERSHIP SET FORTH THEREIN.”

 

The Company, by its execution of this Agreement,
agrees that it will cause the certificates instruments, or book entry evidencing the Shares issued after the date hereof to be notated
with the legend required by this Subsection 6.12 of this Agreement, and it shall supply, free of charge, a copy of this Agreement
to any holder of such Shares upon written request from such holder to the Company at its principal office. The parties to this Agreement
do hereby agree that the failure to cause the certificates, instruments, or book entry evidencing the Shares to be notated with the legend
required by this Subsection 6.12 herein and/or the failure of the Company to supply, free of charge, a copy of this Agreement as
provided hereunder shall not affect the validity or enforcement of this Agreement.

 

6.13.       
Stock Splits, Stock Dividends, etc. In the event of any issuance of Shares of the Company’s voting securities hereafter
to any of the Stockholders (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization,
or the like), such Shares shall become subject to this Agreement and shall be notated with the legend set forth in Subsection 6.12.

 

    12

    

    

 

6.14.       
Manner of Voting. The voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written consent
or in any other manner permitted by applicable law. For the avoidance of doubt, voting of the Shares pursuant to the Agreement need not
make explicit reference to the terms of this Agreement.

 

6.15.       
Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other,
and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action
as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby
and to otherwise carry out the intent of the parties hereunder.

 

6.16.       
Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the Delaware Court
of Chancery and any state appellate court therefrom within the State of Delaware (or, only if the Delaware Court of Chancery declines
to accept jurisdiction over a particular matter, any federal court within the State of Delaware) for the purpose of any suit, action or
other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out
of or based upon this Agreement except in the above-named courts, and (c) hereby waive, and agree not to assert, by way of motion, as
a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought
in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof
may not be enforced in or by such court.

 

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

 

Each of the parties to this
Agreement consents to personal jurisdiction for any equitable action sought in any federal court within the State of Delaware or any court
of the State of Delaware having subject matter jurisdiction.

 

    13

    

    

 

6.17.       
Aggregation of Stock. All Shares held or acquired by a Stockholder and/or its Affiliates shall be aggregated together for
the purpose of determining the availability of any rights under this Agreement, and such Affiliated persons may apportion such rights
as among themselves in any manner they deem appropriate.

 

6.18.       
Spousal Consent. If any individual Stockholder is married on the date of this Agreement, such Stockholder’s spouse
shall execute and deliver to the Company a consent of spouse in the form of Exhibit B hereto (“Consent of Spouse”),
effective on the date hereof. Notwithstanding the execution and delivery thereof, such consent shall not be deemed to confer or convey
to the spouse any rights in such Stockholder’s Shares that do not otherwise exist by operation of law or the agreement of the parties.
If any individual Stockholder should marry or remarry subsequent to the date of this Agreement, such Stockholder shall within thirty (30)
days thereafter obtain his/her new spouse’s acknowledgement of and consent to the existence and binding effect of all restrictions
contained in this Agreement by causing such spouse to execute and deliver a Consent of Spouse acknowledging the restrictions and obligations
contained in this Agreement and agreeing and consenting to the same.

 

6.19.       
Several Liability. Each Investor’s obligations hereunder are several, and not joint and several. No Investor shall
be liable for any other Investor’s breach of this Agreement.

 

[Signature pages follow]

 

    14

    

    

 

IN WITNESS WHEREOF, the parties
have executed this Second Amended and Restated Voting Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	RUBRYC THERAPEUTICS, INC.
	 	 
	 	By:	/s/ Isaac Bright
	 	Name:  Isaac Bright
	 	Title:  Chief Executive Officer
	 	 
	 	Address:

 

[Signature Page to Second Amended and Restated
Voting Agreement]

 

    

    

    

   

IN WITNESS WHEREOF, the parties
have executed this Second Amended and Restated Voting Agreement as of the date first written above.

 

	 	KEY HOLDERS:
	 	 [***]

 

[Signature Page to Second Amended and Restated
Voting Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the parties
have executed this Second Amended and Restated Voting Agreement as of the date first written above.

 

	 	INVESTORS:
	 	 
	 	
    [***] 

 

[Signature Page to Second Amended and Restated
Voting Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the parties
have executed this Second Amended and Restated Voting Agreement as of the date first written above.

 

	 	INVESTORS:
	 	 [***]

 

[Signature Page to Second Amended and Restated
Voting Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the parties
have executed this Second Amended and Restated Voting Agreement as of the date first written above.

 

	 	INVESTORS:
	 	 [***]

 

[Signature Page to Second Amended and Restated
Voting Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the parties
have executed this Second Amended and Restated Voting Agreement as of the date first written above.

 

	 	INVESTORS:
	 	 
	 	IBIO, INC.
	 	 
	 	By:	/s/ Tom Isett
	 	Name:  Thomas F. Isett
	 	Title:  President

 

[Signature Page to Second Amended and Restated
Voting Agreement]

 

    

    

    

 

IN WITNESS WHEREOF, the parties
have executed this Second Amended and Restated Voting Agreement as of the date first written above.

 

	 	INVESTORS:
	 	 [***]

  

[Signature Page to Second Amended and Restated
Voting Agreement]

 

    

    

    

 

EXHIBIT B

 

CONSENT OF SPOUSE

 

I, ____________________, spouse
of ________________, acknowledge that I have read the Voting Agreement, dated as of August 23, 2021, to which this Consent is attached
as Exhibit A (the “Agreement”), and that I know the contents of the Agreement. I am aware that the Agreement
contains provisions regarding the voting and transfer of shares of capital stock of the Company that my spouse may own, including any
interest I might have therein.

 

I hereby agree that my interest,
if any, in any shares of capital stock of the Company subject to the Agreement shall be irrevocably bound by the Agreement and further
understand and agree that any community property interest I may have in such shares of capital stock of the Company shall be similarly
bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I am free to seek independent professional guidance or counsel
with respect to this Consent. I have either sought such guidance or counsel or determined after reviewing the Agreement carefully that
I will waive such right.

 

	Dated:_____________________________, 2021	 	
	 	 	[Name of Key Holder’s Spouse]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]