Document:

Exhibit 10.4

 

ADDEX THERAPEUTICS LTD

 

SHARE OPTION PLAN

 

1

 

TABLE OF CONTENTS

 

	
INTRODUCTION
    	
3
    
	
General   Information
    	
3
    
	
THE   PLAN
    	
3
    
	
A.            General Terms and   Definitions
    	
3
    
	
Article 1   Purpose
    	
3
    
	
Article 2   Definitions
    	
3
    
	
Article 3   Shares subject to the Plan
    	
5
    
	
B.            Administration
    	
6
    
	
Article 4   Board of Directors
    	
6
    
	
C.            Grant of Options
    	
6
    
	
Article 5   Eligibility and Conditions of Participation
    	
6
    
	
Article 6   Procedure
    	
7
    
	
Article 7   Option Agreement
    	
7
    
	
Article 8   Vesting period
    	
7
    
	
Article 9   Exercise Period
    	
8
    
	
Article 10   Exercise of Options
    	
8
    
	
D.            Limitations on   transfer
    	
8
    
	
Article 11   Transferability of Options and Shares
    	
8
    
	
E.             Forfeiture of   Rights
    	
9
    
	
Article 12   Termination of Employment/Breaches
    	
9
    
	
Article 13   Transfer / Leave of Absence
    	
10
    
	
F.              General Provisions
    	
10
    
	
Article 14   No (Continued) Employment or Contractual Relationship
    	
10
    
	
Article 15   No Segregation of Cash or Shares
    	
11
    
	
Article 16   Adjustment due to Corporate Events
    	
11
    
	
Article 17   Amendment and Termination
    	
11
    
	
Article 18   Indemnification
    	
11
    
	
Article 19   Taxes Indemnification
    	
12
    
	
Article 20   Applicable law and arbitration
    	
12
    
	
Article 21   Effective Date
    	
13
    

 

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INTRODUCTION 

 

GENERAL INFORMATION

 

Addex Therapeutics Ltd is a Swiss corporation (“société anonyme” / “Aktiengesellschaft”) pursuant to Articles 620 et seq. of the Swiss Code of Obligations with unlimited duration and seat in Plan-les-Ouates, Canton of Geneva, Switzerland.

 

THE PLAN

 

A.                           GENERAL TERMS AND DEFINITIONS

 

Article 1 

PURPOSE

 

1.1                      The purpose of the Plan is to provide certain Employees, Directors and Consultants with an opportunity to obtain Options on Shares, thus providing an increased incentive for these Employees, Directors and Consultants to contribute to the future success and long-term business value of the Group, enhancing the value of the Shares and increasing the ability of the Company and its Subsidiaries to attract and retain individuals of exceptional skills.

 

1.2                      The Plan rules the conditions and modalities of the purchase and disposal of such Options.

 

Article 2 

DEFINITIONS

 

2.1                      In the Plan, the following terms shall have the meanings set forth below:  

 

	
“Articles of   Association” 
    	
 
    	
shall mean the articles of association of the   Company.
    
	
 
    	
 
    	
 
    
	
“Board of Directors”
    	
 
    	
shall mean the board of directors of the Company.
    
	
 
    	
 
    	
 
    
	
“Change of Control”
    	
 
    	
shall mean (i) an event which triggers a   mandatory offer on the Shares under the rules applying to SIX Swiss   Exchange listed companies or any other applicable rules, the event being   deemed a qualifying event if any one set of such rules considers it an   event triggering a mandatory offer or (ii) the acquisition by any person   or entity, alone or jointly, of more than 50% of the Shares or of the voting   rights of the Company.
    
	
 
    	
 
    	
 
    
	
“Company”
    	
 
    	
shall mean Addex Therapeutics Ltd, c/o Addex Pharma   SA, 12, chemin des Aulx, 1228 Plan-les-Ouates,
    

 

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Switzerland.
    
	
 
    	
 
    	
 
    
	
“Compensation   Committee”
    	
 
    	
shall mean the compensation committee appointed by   the general meeting of Shareholders with the rights and duties as defined in   the Organizational Rules of the Company.
    
	
 
    	
 
    	
 
    
	
“Consultant”
    	
 
    	
shall mean any person who is engaged by the Company   or a Subsidiary to render consulting or advisory services and is compensated   for such services.
    
	
 
    	
 
    	
 
    
	
“Continuous Service”
    	
 
    	
shall mean that the Participant’s service with the   Company or a Subsidiary, whether as an Employee, Director or Consultant, is   not interrupted or terminated and Participant remains in such service as   defined in the Plan.
    
	
 
    	
 
    	
 
    
	
“Director”
    	
 
    	
shall mean a member of the board of directors of the   Company or of the board of directors of a Subsidiary.
    
	
 
    	
 
    	
 
    
	
“Disability”
    	
 
    	
shall mean the inability to engage in any   substantial gainful activity by reason of any medically determinable physical   or mental impairment that can be expected to result in death or that has   lasted or can be expected to last for a continuous period of not less than   twelve (12) months, and will be determined by the Board of Directors on the   basis of such medical evidence as the Board of Directors deems warranted   under the circumstances.
    
	
 
    	
 
    	
 
    
	
“Employee”
    	
 
    	
shall mean any executive or employee of the Company   or of a Subsidiary.
    
	
 
    	
 
    	
 
    
	
“Exercise Period”
    	
 
    	
shall mean the period during which Options can be   exercised, such period starting on the Grant Date and ending on the Option   Term.
    
	
 
    	
 
    	
 
    
	
“Grant Date”
    	
 
    	
shall mean the date on which Options are granted.
    
	
 
    	
 
    	
 
    
	
“Group”
    	
 
    	
shall mean the Company and its Subsidiaries.
    
	
 
    	
 
    	
 
    
	
“Option”
    	
 
    	
shall mean a share option, that is a right to   acquire Shares pursuant to the Plan, in accordance with any Option Agreement   or as the Board of Directors shall otherwise determine.
    
	
 
    	
 
    	
 
    
	
“Option Agreement”
    	
 
    	
shall mean the agreement specifying the terms and   conditions of the granting of Options and executed by the Company and a   Participant in substantially the form attached as Appendix I hereto.
    
	
 
    	
 
    	
 
    
	
“Option Exercise   Notice”
    	
 
    	
shall mean the notice that needs to be given by a   Participant when Options are exercised in substantially the form attached as   Appendix II hereto or any other form decided by the Board of Directors.
    
	
 
    	
 
    	
 
    
	
“Options Grant”
    	
 
    	
shall mean the number of Options granted to a   Participant
    

 

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pursuant to an Option Agreement.
    
	
 
    	
 
    	
 
    
	
“Option Term”
    	
 
    	
shall mean the term of an Option.
    
	
 
    	
 
    	
 
    
	
“Participant”
    	
 
    	
shall mean an Employee, a Director or a Consultant   to whom Options are granted hereunder.
    
	
 
    	
 
    	
 
    
	
“Plan”
    	
 
    	
shall mean this share option plan in its present   form or as amended from time to time.
    
	
 
    	
 
    	
 
    
	
“Shareholders”
    	
 
    	
shall mean the holders of any Shares of the Company.
    
	
 
    	
 
    	
 
    
	
“Shares”
    	
 
    	
shall mean the registered shares with a par value of   CHF 1 issued by the Company.
    
	
 
    	
 
    	
 
    
	
“Share Option Plan   Administrator”
    	
 
    	
shall mean the person or company appointed by the   Board of Directors responsible for receiving and executing Option Exercise   Notices.
    
	
 
    	
 
    	
 
    
	
“Strike Price”
    	
 
    	
shall mean the price at which Shares may be   purchased by exercising Options.
    
	
 
    	
 
    	
 
    
	
“Subsidiary”
    	
 
    	
shall mean a corporation, whether now or hereafter   existing, in an unbroken chain of corporations beginning with the Company, if   each corporation other than the Company owns shares possessing 50% or more of   the total combined voting power of all classes of shares in one of the other   corporations in such chain.
    
	
 
    	
 
    	
 
    
	
“Vested Option”
    	
 
    	
shall mean an Option that has vested in accordance   with the rules set forth hereunder.
    
	
 
    	
 
    	
 
    
	
“Vesting Date”
    	
 
    	
shall mean the date upon which an Option vests in   accordance with the rules set forth hereunder.
    

 

2.2                      References to any statutory provision are to that provision as amended or re-enacted from time to time and, unless the context otherwise requires, words or expressions denoting the singular shall include the plural (and vice versa) and words and expressions denoting the masculine shall include the feminine (and vice versa).

 

2.3                      The Plan is valid for the Participants in its entirety only. No statement made in any part of the Plan shall be construed without reference to the Plan as a whole.

 

Article 3

SHARES SUBJECT TO THE PLAN

 

Shares may be made available from an increase of the share capital of the Company, whether such increase is based on ordinary, authorized or conditional share capital, or from Shares otherwise owned by, or made available to, the Company.

 

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B.                           ADMINISTRATION

 

Article  4

BOARD OF DIRECTORS

 

4.1                      Unless otherwise provided in the Plan, the Board of Directors administers and has full power to construe and interpret the Plan, establish and amend rules and regulations for the administration of the Plan, and perform all other actions relating to the Plan, including the delegation of administrative responsibilities. The Board of Directors may in particular delegate the administration of the Plan to the Compensation Committee or any other duly authorized committee of the Board of Directors, in which case references to the Board of Directors in the Plan shall be construed as referring to the Compensation Committee or to the relevant committee of the Board of Directors. The Board of Directors shall also appoint a Share Option Plan Administrator who shall be responsible for giving, receiving and executing the notices set forth in the Plan.

 

4.2                      All decisions made by the Board of Directors pursuant to the provisions of the Plan and related orders or resolutions of the Board of Directors shall be final, conclusive and binding on all persons, including the Company, Shareholders, Participants, Employees, Directors and Consultants.

 

4.3                      The costs of introducing and administrating the Plan shall be borne by the Company.

 

C.                           GRANT OF OPTIONS

 

Article 5

ELIGIBILITY AND CONDITIONS OF PARTICIPATION

 

5.1                      Those eligible to be granted Options under the Plan are Employees, Directors and Consultants.

 

5.2                      The Board of Directors shall, at its absolute discretion, select from Employees, Directors and Consultants those eligible to be granted Options, the Options Grant, the Strike Price, the Grant Date, the Exercise Date and any other conditions and/or constraints related to the Options.

 

5.3                      When exercising its discretionary power, the Board of Directors shall follow market practice and Options shall be granted to the Participant free of charge, all individual taxes, such as income taxes, and the Participant’s part, if any, of any social security contributions, shall be borne by the Participant.

 

5.4                      Neither the establishment of the Plan, nor the granting of Options, nor the payment of any benefits, nor any action of the Company or of the Board of Directors shall be held or construed to confer upon any Employee, Director or Consultants any legal right to further receive Options. Participation to the Plan in any given year gives no right to participate in any subsequent year.

 

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Article 6

PROCEDURE

 

6.1                      The Board of Directors may adopt any procedures as it thinks fit for the granting of Options.

 

6.2                      The Board of Directors may, among others: (i) require a Participant to make such declarations or take such other action as may be required for the purpose of any securities, exchange control, taxation laws, regulations, practice or other laws of any territory which may be applicable to him at the Grant Date, the Exercise Date or on exercise; (ii) determine that any Option under the Plan shall be subject to additional and/or modified terms and conditions with respect to the granting and terms of exercise as may be necessary to comply with or take account of any securities, exchange control or taxation laws, regulations or practice of any territory which may have application to the relevant Employees, Directors, Consultants, Participants, Company or Subsidiary; (iii) adopt any supplemental rules or procedures governing the grant or exercise of Options as may be required for the purpose of any securities, tax or other laws of any territory which may be applicable to an Employee, a Director, a Consultant or a Participant.

 

Article 7

OPTION AGREEMENT

 

7.1                      The contemplated granting of Option(s) hereunder and the terms thereof shall be subject to the execution of an Option Agreement between the Company and the Participant in substantially the form attached as Appendix I hereto, or in such form as the Board of Directors shall from time to time determine.

 

7.2                      Each Option granted by an Option Agreement shall entitle the Participant to purchase one Share at the Strike Price subject to the conditions specified in such Option Agreement, pursuant to the Plan.

 

7.3                      The Option Agreement shall include the vesting provisions of individual Options, such as details of the Options Grant, the Strike Price, the Grant Date, the Exercise Date and any other conditions.

 

Article 8

VESTING PERIOD

 

8.1                      Subject in particular to the limitations which may be determined from time to time by the Board of Directors, an Options Grant shall vest gradually on a straight line basis over a period of 4 years from the Grant Date until exhaustion of such Options Grant, provided however that the Participant may not exercise any Options of such Options Grant during the first year starting from the Grant Date where the Grant Date falls within the first year of employment or contractual relationship of the Participant with the Company or any of its Subsidiaries.

 

8.2                      Notwithstanding the above, in the event of a Change of Control, all Options held by Participants shall vest immediately.

 

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Article 9

EXERCISE PERIOD

 

9.1                      Without prejudice to Article 8.2, Vested Options may be exercised at any time within the Exercise Period subject to limitations of applicable securities law provisions and subject to the limitations which may be determined by the Board of Directors from time to time.

 

9.2                      Subject to Article 12, the Option Term shall be the tenth anniversary of the Grant Date of such Option or such shorter period specified in the Option Agreement.

 

9.3                      Past the Option Term, all unexercised Options shall expire without value.

 

Article 10

EXERCISE OF OPTIONS

 

10.1               During the Exercise Period and subject to the provisions of the Plan, notably Article 12, and of any Option Agreement, the Participant may exercise Vested Options in whole or in part, and at one or more times.

 

10.2               The exercising Participant shall receive within 5 business days after receipt by the Share Option Plan Administrator of an Option Exercise Notice, the number of Shares for which Options are exercised.

 

10.3               The Company shall not deliver any Shares, respectively register the acquisition of Shares pursuant to the exercise of Options, until full payment of the Strike Price by the Participant.

 

D.                           LIMITATIONS ON TRANSFER

 

Article 11

TRANSFERABILITY OF OPTIONS AND SHARES

 

11.1               A Participant may only transfer an Option if permitted by the Board of Directors or a duly authorized officer of the Company at the time of the transfer. The Board may only permit transfer of the Option in a manner that is permitted by the Plan. The Board of Directors, in its sole discretion, may impose such limitations on the transferability of Options as the Board of Directors will determine. In the absence of such a determination by the Board of Directors to the contrary, the following restrictions on the transferability of Options will apply:

 

i)                                An Option will not be transferable except by will or by the laws of descent and distribution and will be exercisable during the lifetime of the Participant only by the Participant. An Option may not be transferred for consideration.

 

ii)                             Subject to the approval of the Board of Directors or a duly authorized officer of the Company, a Participant may, by delivering written notice to the Company, in a form approved by the Company, designate a third party who, on the death of the Participant, will thereafter be entitled to exercise the Option and receive the Shares or other consideration resulting from such exercise. In the absence of such a designation, upon the death of

 

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the Participant, the executor or administrator of the Participant’s estate will be entitled to exercise the Option and receive the Shares or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

11.2               Any purported sale, assignment or transfer of such Options in violation of this provision shall be void.

 

11.3               Shares purchased upon exercise of Options may be subject to sales restrictions according to applicable securities law provisions and according to the limitations which may be determined by the Board of Directors from time to time with reference to the Company’s Securities Trading Policies, provided however that all such limitations by the Board of Directors shall automatically be lifted in the case of a Change of Control.

 

E.                            FORFEITURE OF RIGHTS

 

Article 12

TERMINATION OF EMPLOYMENT/BREACHES

 

12.1               Unless otherwise agreed upon by the Board of Directors and the Participant:

 

i)                                Upon termination of employment or contractual relationship by the Company or any of its Subsidiaries for cause (e.g., in the case of employment, according to Article 337 of the Swiss Code of Obligations or similar grounds) or in case of termination by the Participant of a contractual relationship (other than an employment relationship) at an improper time; or

 

ii)                             Upon breach by the Participant of any material obligations set out in any agreement dealing with the Participant’s contractual relationship with the Company or any of its Subsidiaries, as entered into or amended from time to time and/or any provisions of the laws of Switzerland as a consequence of which the Company may not be expected in good faith to continue the existing contractual relationship with the Participant,

 

all Options (including, for the avoidance of doubt, Vested Options) held by the Participant shall be immediately forfeited without value.

 

12.2               Upon termination of the employment or contractual relationship with the Company or any of its Subsidiaries as a result of a Participant’s Disability, all Options that are not Vested Options held by such Participant shall be immediately forfeited without value, while Vested Options may be exercised by the Participant pursuant to the Plan during the Option Term, after which they shall be forfeited without value.

 

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12.3               Upon the death of a Participant, all Options that are not Vested Options held by such Participant shall be immediately forfeited without value, while Vested Options may be exercised by the Participant’s estate, or by a person who acquired the right to exercise the Option(s) by bequest or inheritance, pursuant to the Plan during the Option Term, after which they shall be forfeited without value.

 

12.4               Upon termination of the employment or contractual relationship by the Company or any of its Subsidiaries or by a Participant prior to the first anniversary of entering the employment or contractual relationship, all Options shall be immediately forfeited without value.

 

12.5               Upon termination of the employment or contractual relationship by the Company or any of its Subsidiaries or by a Participant for any reason other than as aforesaid, all Options that are not Vested Options held by the Participant shall be immediately forfeited without value, while Vested Options may be exercised by the Participant pursuant to the Plan during the Option Term, after which they shall be forfeited without value.

 

Article 13

TRANSFER / LEAVE OF ABSENCE

 

13.1               A change in the capacity in which the Participant renders service to the Company or a Subsidiary as an Employee, Director or Consultant or a change in the entity for which the Participant renders such service, will not cause the Participant to cease to be an eligible participant provided that there is no interruption or termination of the Participant’s service with the Company or a Subsidiary. To the extent permitted by law, the Board of Directors, in its sole discretion, may determine whether Continuous Service will be considered interrupted in the case of any leave of absence approved by the Board of Directors, including sick leave, military leave or any other personal leave.

 

13.2               If employment is terminated prior to the reemployment of the Employee, the provisions of Article 12 shall be applicable.

 

F.                             GENERAL PROVISIONS

 

Article 14

NO (CONTINUED) EMPLOYMENT OR CONTRACTUAL RELATIONSHIP

 

14.1               Neither the establishment of the Plan, nor the granting of Options, nor the payment of any benefits, nor any action of the Company, the Board of Directors or a Subsidiary shall be held or construed to confer upon any Participant any legal right to continue to be employed by the Company or any of its Subsidiaries or to remain in a contractual relationship with said, each of which expressly reserves the right to discharge any Employee or Director whenever the interest of any such company in its sole discretion may so require without liability to such company or to the Board of Directors, except as to any rights which may be expressly conferred upon such Participant under the Plan.

 

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14.2               The mere fact of participating to the Plan shall in no circumstances whatsoever be construed as an employment agreement, or any similar agreement, between the Participant and the Company.

 

Article 15

NO SEGREGATION OF CASH OR SHARES

 

The Company shall not be required to segregate any cash or Shares in order to fulfill its obligations hereunder.

 

Article 16

ADJUSTMENT DUE TO CORPORATE EVENTS

 

In events such as stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares, options or rights offering to purchase Shares at a price substantially below fair market value, or other similar corporate event, affects the Shares underlying the Options such that an adjustment is required in order to preserve the benefits intended to be made available under this Plan, then the Option shall be adjusted and/or, if deemed appropriate, a cash payment to Participants or persons having outstanding Options shall be made. Such adjustment shall take into consideration the acquired rights of the Participants and the objectives of the Plan, and it shall be final and binding.

 

Article 17

AMENDMENT AND TERMINATION

 

17.1               Subject, as the case may be, to the prior approval of the Shareholders (as provided for by the law, or in the Articles of Association), the Board of Directors may amend, suspend or discontinue the Plan.

 

17.2               The Options granted hereunder shall be subject to such further rules and regulations as the Company may adopt with respect to its equity incentive plans, and the Participant agrees to enter into such further documents, not inconsistent with the terms hereof, as the Company may require. The Company may also require the Participant to enter into such further documents with respect to the holding and transfer of any Shares subject to the Options described herein as may be necessary or appropriate in the sole discretion of the Company to ensure compliance with applicable law with respect to such holding and transfer.

 

17.3               Amendment, suspension or discontinuity of the Plan shall be communicated by the Board of Directors to all Participants.

 

Article 18

INDEMNIFICATION

 

In addition to other rights of indemnification available to them, the members of the Board of Directors shall be indemnified by the Company against all costs and expenses reasonably

 

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incurred by them in connection with any action, suit or proceeding to which they or any of them may be party by reason of any action taken or failure to act under or in connection with the Plan or any Options granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgement in any such action, suit or proceeding, except a judgement based upon the finding of bad faith, provided that upon the institution of any such action, suit or proceeding, members of the Board of Directors shall, in writing, give the Company notice thereof and an opportunity, at its own expense, to handle and defend the same before such member of the Board of Directors undertakes to handle and defend it on such member’s own behalf.

 

Article 19

TAXES INDEMNIFICATION

 

19.1               The Participant shall indemnify the Company against any tax, including employment and social security taxes, arising in respect of the granting or the exercise of Options which is a liability of the Participant but for which the Company is required to account under the laws of any relevant territory.

 

19.2               The Company may recover the tax from the Participant in such manner as the Board of Directors thinks fit including (but without prejudice to the generality of the foregoing): (i) withholding portion of the Options and selling the same; (ii) deducting the necessary amount from the Participant’s remuneration; or (iii) requiring the Participant to account directly to the Company for such tax.

 

Article 20

APPLICABLE LAW AND ARBITRATION

 

20.1               The Plan and any related document shall be governed by and construed in accordance with Swiss law, excluding principles of conflict of laws.

 

20.2               Any dispute, controversy or claim arising out of or in relation with the Plan including the validity, invalidity, breach or termination thereof, shall be finally decided by three arbitrators in accordance with   the Swiss Rules of International Arbitration of the Swiss Chambers of Commerce in force on the date when the notice of arbitration is submitted in accordance with said rules. The seat of the arbitration shall be Geneva, Switzerland. The language of arbitration shall be  English.

 

20.3               The acceptance of any Option or any related right implies the consent to the choice of law and jurisdiction set in this Article.

 

20.4               By executing an Option Agreement, the Participant expressly acknowledges and accepts the terms and conditions of the Plan and all its related documents, as well as the powers of the Board of Directors to complete, interpret and implement it through further documents which it may from time to time determine necessary or relevant. Any disagreement regarding the interpretation shall be resolved by the Company, whose determination shall be binding.

 

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Article 21

EFFECTIVE DATE

 

The Plan is  effective from July 1, 2008 and has been amended on March 31, 2021 and applicable to all outstanding Option grants.

 

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APPENDIX I

 

FORM OF OPTION AGREEMENT

 

ADDEX THERAPEUTICS LTD SHARE OPTION PLAN

 

This OPTION AGREEMENT is made on [date], by and between Addex Therapeutics Ltd, a Swiss corporation, with its seat in Plan-les-Ouates, Switzerland (the “Company”) and                                  (the “Participant”).

 

In consideration of the mutual covenants and agreements herein contained and pursuant to the Company’s Share Option Plan of March 31, 2021 (the “Plan”), the Company and the Participant agree as follows:

 

The Company grants to the Participant the following number of Options according to the terms and conditions contained in the Plan and in this Option Agreement:

 

	
Number of Options:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Strike Price:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Grant Date:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Vesting Date:
    	
In accordance with Article 8 of the Plan and the   table below
    
	
 
    	
 
    	
 
    
	
Exercise Period:
    	
Ten years from the Grant Date
    	
 
    
	
 
    	
 
    	
 
    
	
Special Conditions:
    	
 
    	
 
    

 

The signature of this Option Agreement by the Participant implies his express and complete acceptance of the terms set forth in the Plan, in this Option Agreement or in any other document related hereto. Furthermore, the Participant hereby accepts the powers of the Board of Directors to administer the Plan at its absolute discretion, to complete, interpret and implement the documents herein referred through further documentation to the extent necessary or relevant and to decide on all issues in absolute discretion. The Participant agrees to be bound by the decisions of the Board of Directors.

 

All notices to the Company shall be delivered to Addex Therapeutics Ltd, c/o Addex Pharma, 12, chemin des Aulx, Plan- les-Ouates, Switzerland, attn Share Option Plan Administrator, and all notices to the Participant may be given to the Participant personally or may be mailed to the Participant c/o Addex Therapeutics Ltd or at such other address as the Participant may designate by written notice to the Company.

 

This Option Agreement and any related document shall be governed by Swiss law, excluding principles of conflict of laws.

 

Any dispute, controversy or claim arising out of or in relation with the Plan including the validity, invalidity, breach or termination thereof, shall be finally decided by three arbitrators in accordance with the Swiss Rules of International Arbitration of the Swiss

 

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Chambers of Commerce in force on the date when the notice of arbitration is submitted in accordance with said rules. The seat of the arbitration shall be Geneva, Switzerland. The language of arbitration shall be   English.

 

IN WITNESS THEREOF, the parties have executed this Option Agreement in duplicate as of the time and place first above written.

 

	
 
    	
 
    	
 
    
	
Addex Therapeutics Ltd
    	
 
    	
Participant
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date
    	
 
    	
Date
    

 

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APPENDIX II

 

FORM OF OPTION EXERCISE NOTICE

 

ADDEX THERAPEUTICS LTD SHARE OPTION PLAN

 

 

[date of notice]

 

Share Option Plan Administrator

[address]

 

Reference: [Name of Participant]: Share Option Plan.

 

I hereby exercise my Option(s) according to and under the terms and conditions of the Addex Therapeutics Ltd Share Option Plan [DATE]                                                  (the “Plan”) and the Option Agreement of                                            , as follows:

 

	
Grant Date of the Options:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Number of Options exercised:
    	
 
    	
 
    

 

	
 
    	
 
    
	
[Participant]
    	
 
    

 

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Addex Therapeutics Ltd

 

Stock Option Plan

 

ADDENDUM FOR U.S. PARTICIPANTS

 

1.             Purpose and Applicability.

 

(a)           This Addendum for U.S. Participants (the “U.S. Addendum”) applies to participants in the Plan who are either U.S. residents or U.S. taxpayers (each such participant, a “U.S. Participant”). The purpose of the U.S. Addendum is to facilitate compliance with U.S. tax, securities and other applicable laws, and to permit the Company to issue Options to eligible U.S. Participants.

 

(b)           Except as otherwise provided by the U.S. Addendum, all Option grants made to U.S. Participants will be governed by the terms of the Plan, when read together with the U.S. Addendum. In any case of an irreconcilable contradiction (as determined by the Board of Directors) between the provisions of the U.S. Addendum and the Plan, the provisions of the U.S. Addendum will govern.

 

(c)           This Addendum is effective as of January 1, 2019 and amended on March 31, 2021 (the “Effective Date”).

 

2.             Definitions.

 

Capitalized terms contained herein have the same meanings given to them in the Plan, unless otherwise provided by the U.S. Addendum. In the U.S. Addendum, the following words will have the meaning as defined below: 

 

“Code” means the U.S. Internal Revenue Code of 1986, as amended.

 

“Fair Market Value” means as of any date, the value of the Shares determined by the Board of Directors in compliance with Section 409A of the Code and, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code.

 

“Incentive Stock Option” or “ISO” means a stock option that is intended to be, and qualifies as, an incentive stock option within the meaning of Section 422 of the Code.

 

“Nonstatutory Stock Option” or “NSO” means a stock option that does not qualify as an Incentive Stock Option. 

 

“Plan” means Addex Therapeutics Ltd Share Option Plan.

 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

 

“U.S.” means the United States of America.

 

3.             Additional Terms and Conditions Applicable to All Options Granted to U.S. Participants.

 

(a)           Form of Grant Notice. The Grant Notice for U.S. Participants shall be in substantially the form attached as Schedule 1 to the U.S. Addendum, as may be amended from time to time by the Board of Directors. The Grant Notice shall indicate if all or a portion of the Option is designated as an Incentive Stock Option.

 

(b)           Exercise Price. Subject to the provisions of Section 4(d) below regarding Incentive Stock Options granted to certain major stockholders, the exercise price of each Option will be not less than one hundred percent (100%) of the Fair Market Value of the Shares subject to the Option on the date the Option is granted.

 

17

 

(c)           Domestic Relations Orders. Subject to the approval of the Board of Directors or a duly authorized officer of the Company, an Option may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulations Section 1.421-1(b) (2). If an Option is an Incentive Stock Option, such Option will be deemed to be a Nonstatutory Stock Option as a result of such transfer.

 

4.             Provisions Applicable to Incentive Stock Options.

 

(a)           Eligible Recipients of ISOs.  Incentive Stock Options may be granted only to Employees.

 

(b)           Designation of ISO Status. The Board of Directors action approving the grant of an Option to a U.S. Participant, and the Grant Notice, must specify that the Option is intended to be an Incentive Stock Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option.

 

(c)           Maximum Shares Issuable On Exercise of ISOs. Subject to the adjustment provisions of Section 16 of the Plan, the maximum aggregate number of Shares that may be issued upon the exercise of Incentive Stock Options is 10,557,419 Shares.

 

(d)           Limits for 10% Stockholders. A person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any affiliate, will not be granted an Incentive Stock Option unless the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant.

 

(e)           No Transfer. As provided by Section 422(b)(5) of the Code, an Incentive Stock Option will not be transferable except by will or by the laws of descent and distribution, and will be exercisable during the lifetime of the

 

U.S. Participant only by the U.S. Participant. If the Board of Directors elects to allow the transfer of an Option by a U.S. Participant that is designated as an Incentive Stock Option, such transferred Option will automatically become a Nonstatutory Stock Option.

 

(f)            US $100,000 Limit. As provided by Section 422(d) of the Code and applicable regulations thereunder, to the extent that the aggregate Fair Market Value (determined at the time of grant) of Shares with respect to which Incentive Stock Options are exercisable for the first time by any U.S. Participant during any calendar year (under all plans of the Company and any Subsidiary) exceeds US$100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Grant Agreement(s).

 

(g)           Post-Termination Exercise Period. To obtain the U.S. federal income tax advantages associated with an Incentive Stock Option, the U.S. Internal Revenue Code requires that at all times beginning on the date of grant and ending on the day three (3) months before the date of exercise of the Option, the U.S. Participant must be an employee of the Company or a Subsidiary (except in the event of the U.S. Participant’s death or Disability, in which case a 12-month period applies)). The Company cannot guarantee that the Option will be treated as an Incentive Stock Option if the U.S. Participant continues to provide services to the Company or a Subsidiary after such U.S. Participant’s

 

18

 

employment terminates or if the U.S. Participant otherwise exercises the Option more than three (3) months (or twelve (12) months, as the case may be) after the date his or her employment terminates, or the Option otherwise fails to qualify as an Incentive Stock Option.

 

5.             Tax Matters

 

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

 

(b)           Withholding Arrangements. The Company may, in its sole discretion, satisfy any U.S. federal, state, local, foreign or other tax withholding obligation relating to an Option by any of the following means or by a combination of such means: (i) causing the U.S. Participant to tender a cash payment; (ii) withholding Shares issued or otherwise issuable to the U.S. Participant in connection with the Option; provided, however, that no Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Option as a liability for financial accounting purposes); or (iii) withholding payment from any amounts otherwise payable to the U.S. Participant.

 

(c)           No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to the U.S. Participant to advise such holder as to the time or manner of exercising the Option. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Option or a possible period in which the Option may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Option to the U.S. Participant.

 

(d)           Section 409A of the Code. Unless otherwise expressly provided for in an Grant Agreement, the terms applicable to Options granted under the U.S. Addendum will be interpreted to the greatest extent possible in a manner that makes the Options exempt from Section 409A of the Code, and, to the extent not so exempt, that brings the Options into compliance with Section 409A of the Code. Notwithstanding anything to the contrary in the Plan (and unless the Grant Agreement or other written contract with the U.S. Participant specifically provides otherwise), if the Shares are publicly traded, and if a U.S. Participant of an Option that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” under Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six (6) months following the date of such U.S. Participant’s “separation from service” or, if earlier, the date of the U.S. Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six (6) month period elapses, with the balance paid thereafter on the original schedule.

 

6.             Term, Amendment and Termination of the U.S. Addendum.

 

(a)           The Board of Directors may amend, suspend or terminate this U.S. Addendum at any time. Unless terminated sooner by the Board of Directors, the U.S. Addendum will terminate automatically upon the earlier of (i) 10 years after the Effective Date and (ii) the termination of the Plan. No Options may be granted under the U.S. Addendum while either the Plan or the U.S. Addendum is suspended or after the Plan or the U.S. Addendum is terminated.

 

(b)           If this U.S. Addendum is terminated, the provisions of this U.S. Addendum and any administrative guidelines, and other rules adopted by the Board of Directors and in force at the time of

 

19

 

suspension or termination of this U.S. Addendum, will continue to apply to any outstanding Options as long as an Option issued pursuant to the U.S. Addendum remain outstanding.

 

(c)           No amendment, suspension or termination of the U.S. Addendum may materially adversely affect any Options granted previously to any U.S. Participant without the consent of the U.S. Participant.

 

20

 

SCHEDULE 1

 

STOCK OPTION GRANT NOTICE

(for U.S. Participants)

 

Addex Therapeutics Ltd (the “Company”), pursuant to its Incentive Plan (the “Plan”), hereby grants to the U.S. Participant options to purchase the number of Shares set forth below (the “Options”). The Options are subject to all of the terms and conditions as set forth in this stock option grant notice (the “Grant Notice”), the attached U.S. Addendum and the Plan, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the U.S. Addendum will have the same definitions as in the Plan or the U.S. Addendum. If there is any conflict between the terms herein, the U.S. Addendum and the Plan, the terms of the U.S. Addendum, and then the terms of the Plan, will control.

 

	
U.S. Participant:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date of Grant:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Vesting Commencement   Date:
    	
 
    	
 Number of
    
	
 
    	
 
    	
 
    
	
Shares Subject to   Options:
    	
 
    	
 Exercise
    
	
 
    	
 
    	
 
    
	
Price (Per Share):
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Total Exercise Price:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Expiration Date:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Purchase Price per   Option:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Total Purchase Price   for the Options:
    	
 
    	
 
    

 

Type of Grant:                             · Incentive Stock Options(1)     · Nonstatutory Stock Options

 

Vesting Schedule:              The Options will vest gradually on a straight line basis over a period of 4 years(2), subject to the U.S. Participant’s Continuous Service on each applicable vesting date.

 

Payment:                                                         By cash, check, bank draft or money order payable to the Company

 

Additional Terms/Acknowledgements: The U.S. Participant acknowledges receipt of, and understands and agrees to, this Grant Notice, the U.S. Addendum and the Plan. The U.S. Participant acknowledges

 

(1)  If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option.

(2)  Note to client — the vesting schedule can be customized; this typical provision is a placeholder.

 

21

 

and agrees that this Grant Notice, the U.S. Addendum and the Plan may not be modified, amended or revised except as provided in the Plan. The U.S. Participant further acknowledges that as of the Date of Grant, this Grant Notice, the U.S. Addendum and the Plan set forth the entire understanding between the U.S. Participant and the Company regarding the Options and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception of (i) options previously granted and delivered to the U.S. Participant, (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law and (iii) any written employment or severance arrangement that would provide for vesting acceleration of the Options upon the terms and conditions set forth therein.

 

By accepting the Options, the U.S. Participant consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 

In addition, by accepting the Options, the U.S. Participant consents that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes the U.S. Participant’s tax liabilities. The U.S. Participant agrees that the U.S. Participant will not make any claim against the Company, or any of its officers, directors, employees or affiliates related to tax liabilities arising from the Option or other compensation. In particular, the U.S. Participant acknowledges that the Option is exempt from Section 409A of the Code only if the exercise price per share specified in this Grant Notice is at least equal to the “fair market value” per Share on the Date of Grant and there is no other impermissible deferral of compensation associated with the Option. Because the Shares are not traded on an established securities market, the Fair Market Value is determined by the Board of Directors. The U.S. Participant acknowledges that there is no guarantee that the Internal Revenue Service will agree with the valuation as determined by the Board.

 

	
ADDEX   THERAPEUTICS LTD
    	
 
    	
U.S. PARTICIPANT:
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Signature
    	
 
    	
Signature
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    	
Date:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
 
    	
 
    

 

ATTACHMENTS:

 

1.              U.S. Addendum

2.              Rules of the Addex Therapeutics Ltd Share Option Plan

 

22EX-4.2

 Exhibit 4.2 

WEREWOLF THERAPEUTICS, INC. 

AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

DECEMBER 23, 2020 
  

 TABLE OF CONTENTS 

 

					
		
	 	  	Page	 
		
	 1.   Definitions
	  	 	1	 
		
	 2.   Registration Rights
	  	 	6	 
		
	 2.1  Demand Registration
	  	 	6	 
		
	 2.2  Company Registration
	  	 	7	 
		
	 2.3  Underwriting Requirements
	  	 	8	 
		
	 2.4  Obligations of the Company
	  	 	9	 
		
	 2.5  Furnish Information
	  	 	10	 
		
	 2.6  Expenses of Registration
	  	 	11	 
		
	 2.7  Delay of Registration
	  	 	11	 
		
	 2.8  Indemnification
	  	 	11	 
		
	 2.9  Reports Under Exchange Act
	  	 	13	 
		
	 2.10  Limitations on Subsequent Registration Rights
	  	 	14	 
		
	 2.11  “Market Stand-off”
Agreement
	  	 	14	 
		
	 2.12  Restrictions on Transfer
	  	 	15	 
		
	 2.13  Termination of Registration Rights
	  	 	16	 
		
	 3.   Information Rights
	  	 	17	 
		
	 3.1  Delivery of Financial Statements
	  	 	17	 
		
	 3.2  Inspection
	  	 	18	 
		
	 3.3  Observer Rights
	  	 	18	 
		
	 3.4  Termination of Information Rights and Observer Rights
	  	 	20	 
		
	 3.5  Confidentiality
	  	 	20	 
		
	 4.   Rights to Future Stock Issuances
	  	 	21	 
		
	 4.1  Right of First Offer
	  	 	21	 
		
	 4.2  [reserved]
	  	 	22	 
		
	 4.3  Termination
	  	 	22	 
		
	 5.   Additional Covenants
	  	 	22	 
		
	 5.1  Insurance
	  	 	22	 
		
	 5.2  Employee Agreements
	  	 	23	 
		
	 5.3  Employee Stock
	  	 	23	 
		
	 5.4  Qualified Small Business Stock
	  	 	23	 
		
	 5.5  Matters Requiring Preferred Director Approval
	  	 	23	 

  
 -i- 

					
		
	 5.6  Board Matters
	  	 	24	 
		
	 5.7  Successor Indemnification
	  	 	25	 
		
	 5.8  Expenses of Counsel
	  	 	25	 
		
	 5.9  Indemnification Matters
	  	 	25	 
		
	 5.10  Right to Conduct Activities
	  	 	26	 
		
	 5.11  Termination of Covenants
	  	 	26	 
		
	 5.12  Anti-Harassment Policy
	  	 	27	 
		
	 5.13  FCPA
	  	 	27	 
		
	 5.14  Cybersecurity
	  	 	27	 
		
	 5.15  CFIUS and Foreign Person Limitations
	  	 	28	 
		
	 6.   Miscellaneous
	  	 	28	 
		
	 6.1  Successors and Assigns
	  	 	28	 
		
	 6.2  Governing Law
	  	 	28	 
		
	 6.3  Counterparts
	  	 	28	 
		
	 6.4  Titles and Subtitles
	  	 	29	 
		
	 6.5  Notices; Consent to Electronic Notice
	  	 	29	 
		
	 6.6  Amendments and Waivers
	  	 	29	 
		
	 6.7  Severability
	  	 	30	 
		
	 6.8  Aggregation of Stock
	  	 	30	 
		
	 6.9  Additional Investors
	  	 	31	 
		
	 6.10  Entire Agreement
	  	 	31	 
		
	 6.11  Dispute Resolution
	  	 	31	 
		
	 6.12  Delays or Omissions
	  	 	31	 

  

					
	 Schedule A
	 	–	  	Schedule of Investors

  
 -ii- 

 AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 23rd day of December, 2020,
by and among Werewolf 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.” 

RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred
Stock. $0.0001 par value per share (the “Series A Preferred Stock”), and/or shares of the Company’s Common Stock, $0.0001 par value per share (the “Common Stock”), issued upon conversion thereof and possess
registration rights, information rights, rights of first offer and other rights pursuant to an Investors’ Rights Agreement, dated as of August 2, 2019, by and among the Company and such Investors (as amended to date, the “Prior
Agreement”); and 
 WHEREAS, certain of the Investors are parties to that certain Series B Preferred Stock Purchase
Agreement of even date herewith by and among the Company and certain of the Investors (as the same may be amended and/or restated from time to time, the “Purchase Agreement”), under which certain of the Company’s and such
Investors’ obligations are conditioned upon the execution and delivery of this Agreement by such Investors and the Company. 
 NOW,
THEREFORE, the Company and Existing Investors hereby agree that the Prior Agreement shall be amended and restated, and the parties to this Agreement further 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, director or trustee of such Person or any investment fund or venture capital fund or registered investment
company now or hereafter existing that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person, such Person’s other equityholders,
partners (including partners and affiliated partnerships managed by the same management company or managing (general) partner or by any Person that is an Affiliate with such management company or managing (general) partner), members and a trust for
the benefit of such other equityholders of such Person. 
 1.2 “Arkin” means Arkin Bio Ventures II L.P. 

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

1.4 “CAAS” means CAAS Opportunity LLC and its Affiliate funds 

 1.5 “Certificate of Incorporation” means the Second Amended and Restated
Certificate of Incorporation of the Company, as amended from time to time. 
 1.6 “Common Stock” means shares of the
Company’s common stock, par value $0.0001 per share. 
 1.7 “Competitor” means a Person engaged, directly or
indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the development of immuno- modulatory therapies, but shall not include any
financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than fifty percent (50)% of the outstanding equity of any Competitor or otherwise is reasonably determined by the Board to be a Competitor of
the Company. Notwithstanding the foregoing, the Company and the Investors acknowledge and agree that, the Board has determined that each of RA Capital, Deerfield, Arkin, CAAS and Taiho (as defined below) is a financial investor (notwithstanding the
fact that its Affiliates and/or portfolio companies may be engaged, or may in the future engage, in activities some of which may be deemed competitive with the Company’s business) and, therefore, that neither RA Capital, Deerfield, Arkin, CAAS
nor Taiho is a Competitor. 
 1.8 “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. 

1.9 “Deerfield” means Deerfield Partners, L.P., and its Affiliates. 

1.10 “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each
case, directly or indirectly), Common Stock, including options and warrants. 
 1.11 “DPA” means Section 721 of the
Defense Production Act, as amended, including all implementing regulations thereof. 
 1.12 “DPA Triggering Rights” means
(i) “control” (as defined in the DPA); (ii) access to any “material non-public technical information” (as defined in the DPA) in the possession of the Company; (iii) membership or
observer rights on the Board of Directors or equivalent governing body of the Company or the right to nominate an individual to a position on the Board of Directors or equivalent governing body of the Company; (iv) any involvement, other than
through the voting of shares, in substantive decision-making of the Company regarding (x) the use, development, acquisition or release of any Company “critical technology” (as defined in

  
 -2- 

 
the DPA); (y) the use, development, acquisition, safekeeping, or release of “sensitive personal data” (as defined in the DPA) of U.S. citizens maintained or collected by the Company, or
(z) the management, operation, manufacture, or supply of “covered investment critical infrastructure” (as defined in the DPA). 

1.13 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 1.14 “Excluded Registration” means (i) a registration relating to the sale or grant of securities to
employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not 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. 
 1.15 “Foreign Person” means either (i) a Person
or government that is a “foreign person” within the meaning of the DPA or (ii) a Person through whose investment a “foreign person” within the meaning of the DPA would obtain any DPA Triggering Rights. 

1.16 “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. 
 1.17 “Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of
substantial information by reference to other documents filed by the Company with the SEC. 
 1.18 “GAAP” means generally
accepted accounting principles in the United States. 
 1.19 “HBM Partners” means HBM Healthcare Investments (Cayman) Ltd.

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

1.21 “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. 

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

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

  
 -3- 

 1.24 “Key Employee” means any executive-level employee (including, division
director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement). 

1.25 “Longwood” means Longwood Fund III, L.P. 

1.26 “Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least
4,000,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof). Each of RA Capital and its Affiliates shall individually be
deemed to be a Major Investor, so long as RA Capital or any Affiliate continues to hold any shares of Registrable Securities. Each of Deerfield and its Affiliates shall individually be deemed to be a Major Investor, so long as Deerfield or any
Affiliate continues to hold any shares of Registrable Securities. 
 1.27 “MPM” means funds managed by MPM Asset Management
LLC. 
 1.28 “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. 

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

 1.30 “Preferred Director” means any director of the Company that the holders of record of the Preferred Stock are
entitled to elect pursuant to the Company’s Certificate of Incorporation. 
 1.31 “Preferred Stock” means the Series A
Preferred Stock and the Series B Preferred Stock. 
 1.32 “RA Capital” means, individually and collectively, RA Capital
Healthcare Fund, L.P. and RA Capital NEXUS Fund II, L.P. 
 1.33 “RA Capital Director” means the Series B Director (as
defined in the Certificate of Incorporation) designated by RA Capital in accordance with the Voting Agreement. 
 1.34 “Registrable
Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other
securities of the Company, acquired by the Investors after the date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other
distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; 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 Subsection 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement. 

  
 -4- 

 1.35 “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. 
 1.36 “Requisite Preferred Holders” means the holders of a majority of the then- outstanding
shares of Common Stock issued or issuable upon conversion of the Preferred Stock, which majority shall include at least sixty-seven percent (67%) of the then-outstanding shares of Common Stock issued or issuable upon conversion of the Series B
Preferred Stock. 
 1.37 “Restricted Securities” means the securities of the Company required to be notated with the legend
set forth in Subsection 2.12(b) hereof. 
 1.38 “Right of First Refusal and Co-Sale
Agreement” means the Amended and Restated Right of First Refusal and Co-Sale Agreement, of even date herewith, by and among the Company and the stockholders named therein, as the same may be amended
and/or restated from time to time. 
 1.39 “SEC” means the Securities and Exchange Commission. 

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

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

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

 1.43 “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 Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

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

1.45 “Taiho” means Taiho Ventures, LLC. 

1.46 “Voting Agreement” means the Amended and Restated Voting Agreement, of even date herewith, by and among the Company and
the stockholders named therein, as the same may be amended and/or restated from time to time. 

  
 -5- 

 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) four (4) years after the
date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least thirty-five percent (35%) of the Registrable
Securities then outstanding that the Company file a Form S-1 registration statement with respect to Registrable Securities having an aggregate offering price, net of Selling Expenses, exceeding five million
dollars ($5,000,000), 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 Holders of at least fifteen percent (15%) of the Registrable Securities then outstanding that the Company file a Form
S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least one million dollars
($1,000,000), then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within
forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections
2.1(c) and 2.3. 
 (c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration
pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the 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 one hundred twenty (120) 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 pursuant to a registration relating to the sale or grant of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; 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 a registration in which the only Common Stock being registered is Common Stock issuable
upon conversion of debt securities that are also being registered. 

  
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 (d) The Company shall not be obligated to effect, or to take any action to effect, any
registration pursuant to Subsection 2.1(a): (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the
effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective and the Company gives notice to the
Initiating Holders of such efforts; provided, further that if the Company does not effect such registration statement, the Company shall effect the registration pursuant to Subsection 2.1(a) on the 61st day (or, if the 61st day is not a business
day, the first business day thereafter) after its notice to the Initiating Holders describing the delay in this subsection (i); (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): (y) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on
a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become
effective and the Company gives notice to the Initiating Holders of such efforts; provided, further that if the Company does not effect such registration statement, the Company shall effect the registration pursuant to Subsection
2.1(b) on the 31st day (or, if the 31st day is not a business day, the first business day thereafter) after its notice to the Initiating Holders describing the delay in this subsection (y); or (z) if the Company has effected three registrations
pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time
as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand
registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d); provided that if such withdrawal is during a period
the Company has deferred taking action pursuant to Subsection 2.1(c), then the Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this Subsection
2.1. 
 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 securities 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. 

  
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 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

  
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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-five percent (35%) 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. 
 (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 ninety (90) 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; 

  
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 (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; 

(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 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. 

  
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 2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in
connection with registrations, filings, or qualifications pursuant to Section 2 or pursuant to an IPO, 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 $30,000 with respect to any one registration, of one counsel for the selling Holders (“Holder Counsel”), shall be borne and paid by the Company;
provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a
majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders
of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have
learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information,
then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be. 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. 

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. 

  
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 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and
accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each
case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information 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. 

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

(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

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

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement. 
 2.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC
Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the
Company shall: 
 (a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule
144, at all times after the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially
reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

  
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 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement
filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such
securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to
use such form). 
 2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall
not, without the prior written consent of the holders of a majority of the Registrable Securities, 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. 

2.11 “Market Stand-off” Agreement. Each Holder hereby agrees
that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO, and ending on the date specified by the Company and the managing underwriter (such
period not to exceed one hundred eighty (180) days, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and
(2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (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 the IPO 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 

  
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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. 
 2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop- transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the IPO, SEC Rule 144, in each case,
to be bound by the terms of this Agreement. 
 (b) Each certificate, instrument, or book entry representing (i) the Preferred Stock,
(ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event,
shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

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

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

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

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 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 

  
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 (c) the third anniversary of the IPO. 

3. Information Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor: 

(a) as soon as practicable, but in any event within one-hundred twenty (120) days after the end
of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts as of and for such fiscal year and
(y) the comparable amounts for the prior year and as included in the Budget (as defined in Subsection 3.1(d)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources and
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 at least regionally recognized standing
selected by the Company and approved by the Board of Directors; provided that the Requisite Preferred Holders may waive in writing the delivery of audited financial statements for any fiscal year, in which case the Company shall deliver unaudited
financial statements by the later of (A) ninety (90) days following the end of the fiscal year or (B) fifteen (15) days following the effective date of the waiver; 

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

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

(d) as soon as practicable, but in any event 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 quarterly 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; and 
 (e) [reserved] 

(f) 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 

  
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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 reasonably 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 thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do
so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively
employing its commercially reasonable efforts to cause such registration statement to become effective. 
 3.2 Inspection. The
Company shall permit each Major Investor, provided that the Board of Directors has not reasonably determined that such Major Investor is a Competitor, 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 (unless covered by an
enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney- client privilege between the Company and its counsel. 

3.3 Observer Rights. 

(a) As long as RA Capital owns not less than 9,768,275 shares of Preferred Stock (or an equivalent amount of Common Stock issued upon
conversion thereof), the Company shall invite a representative of RA Capital to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies, at the same time, of all
notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such representative shall agree to hold in confidence all information so provided; and provided further, that the
Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between
the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor of the Company. 

(b) As long as Taiho owns not less than 7,613,246 shares of Preferred Stock (or an equivalent amount of Common Stock issued upon conversion
thereof), the Company shall invite a representative of Taiho to attend all meetings of the Board of Directors in a nonvoting 

  
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observer capacity and, in this respect, shall give such representative copies, at the same time, of all notices, minutes, consents, and other materials that it provides to its directors;
provided, however, that such representative shall agree to hold in confidence all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such
representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a
conflict of interest, or if such Investor or its representative is a Competitor of the Company. 
 (c) As long as Arkin owns not less than
7,137,418 shares of Preferred Stock (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Arkin to attend all meetings of the Board of Directors in a nonvoting observer capacity and,
in this respect, shall give such representative copies, at the same time, of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such representative shall agree to hold in
confidence all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or
attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor of the
Company. 
 (d) As long as Longwood owns not less than 6,185,763 shares of Preferred Stock (or an equivalent amount of Common Stock issued
upon conversion thereof), the Company shall invite a representative of Longwood to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies, at the same time, of all
notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such representative shall agree to hold in confidence all information so provided; and provided further, that the
Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between
the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor of the Company. 

(e) As long as UPMC owns not less than 4,758,279 shares of Preferred Stock (or an equivalent amount of Common Stock issued upon conversion
thereof), the Company shall invite a representative of UPMC to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies, at the same time, of all notices, minutes,
consents, and other materials that it provides to its directors; provided, however, that such representative shall agree to hold in confidence all information so provided; and provided further, that the Company reserves the right to withhold any
information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in
disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor of the Company. 
 (f) As
long as HBM Partners owns not less than 2,713,410 shares of Preferred Stock (or an equivalent amount of Common Stock issued upon conversion thereof), the 

  
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Company shall invite a representative of HBM Partners to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative
copies, at the same time, of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such representative shall agree to hold in confidence all information so provided; and provided further, that
the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege
between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a Competitor of the Company. 

3.4 Termination of Information Rights and Observer Rights. The covenants set forth in Subsection 3.1, Subsection 3.2 and
Subsection 3.3 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. 

3.5 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 (x) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor), (y) is or has been independently developed or conceived by the Investor
without use of the Company’s confidential information, or (z) 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 3.5; (iii) to any existing or
prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor, any subsequent partnership under common investment management in the ordinary course of business as part of such Investor’s normal reporting or
review procedure, or in connection with such Investor’s or its Affiliates’ normal fundraising, marketing, informational or reporting activities, provided that such Investor informs such Person that such information is confidential
and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, provided that such Investor promptly notifies the Company of such
disclosure and takes reasonable steps to minimize the extent of any such required disclosure. The Company understands and acknowledges that in the regular course of business each Investor and any of its respective representatives currently may be
invested in, may invest in or may consider investments companies that have issued securities that are publicly traded (each, a “Public Company”). Accordingly, the Company covenants and agrees that before providing material non-public information about a Public Company (“Public Company Information”) to an Investor the Company will use commercially reasonable efforts to provide prior written notice to the compliance
personnel at such Investor describing such information in reasonable detail. The Company shall not disclose Public Company Information to an Investor (excluding for this 

  
 -20- 

 
purpose, any Preferred Director designated by such Investor) without written authorization from the applicable compliance personnel, provided, however, that, the Company will be permitted to
disclose agreements entered into with Public Companies in the ordinary course of business, such as routine customer, supplier, advertising and publishing agreements without such written authorization. The Company understands and acknowledges that
the Investors, and any of their respective representatives currently may be invested in, may invest in or may consider investments in public and private companies some of which may compete either directly or indirectly with the Company, and that the
execution of this Agreement, the terms hereof and the access to confidential information hereunder shall in no way be construed to prohibit or restrict the Investors or any of their representatives from maintaining, making or considering such
investments or from otherwise operating in the ordinary course of business. The Company understands and acknowledges that the confidential information may be used by the Investors or any of their representatives in connection with evaluating
investment opportunities, trading securities in the public markets and participating in private investment transactions, but nothing herein shall permit an Investor to disclose or otherwise provide confidential information (or any derivatives,
extracts or summaries thereof) to anyone other than such Investor, or any of its representatives in violation of this Agreement. 
 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 (i) itself and (ii) its Affiliates (which for this Section 4, shall include limited partners of a fund, so long as such limited partners are
accredited investors and provided that each such Affiliate (x) is not a Competitor of the Company, unless such party’s purchase of New Securities is otherwise consented to by the Board of Directors, and (y) agrees to enter into
this Agreement and each of the Voting Agreement and the Right of First Refusal and Co-Sale Agreement, as an “Investor” under each such Agreement (provided that any Competitor shall not be
entitled to any rights as an Investor or Major Investor under Subsections 3.1, 3.2, 4.1 and 4.2 hereof, provided further that a Major Investor shall not be considered a “Competitor” solely because
such Major Investor has a 10% or less ownership interest in a Competitor)). 
 (a) The Company shall give notice (the “Offer
Notice”) to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer
such New Securities. 
 (b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major
Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including
all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock 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 any other Derivative 

  
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Securities then outstanding). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares
available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor
may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for
by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock 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 ninety (90) days of the date that the Offer Notice is given and the date of
initial sale of New Securities pursuant to Subsection 4.1(c). 
 (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(b) 
 (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 or (iii) shares of Preferred Stock issued pursuant to the Purchase
Agreement. 
 4.2 [reserved] 

4.3 Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect
(i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon 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 maintain from financially sound and reputable insurers, Directors and Officers liability insurance in
an amount, with a carrier and on terms and conditions satisfactory to the Board of Directors, including all of the Preferred Directors, until such time as all of the Preferred Directors determine that such insurance should be discontinued. 

  
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 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, in a form approved by the Board of Directors, including a majority of the Preferred Directors; and (ii) except as prohibited by applicable state law, each Key Employee to enter into a one (1) year noncompetition and
nonsolicitation agreement, in a form approved by the Board of Directors, including a majority of the Preferred Directors. 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, 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 (and not waive) a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a
holder of restricted stock. 
 5.4 Qualified Small Business Stock. The Company shall submit to its stockholders (including the
Investors) and to the Internal Revenue Service any reports that may be required under Section 1202(d)(1)(C) of the Internal Revenue Code (the “Code”) and the regulations promulgated thereunder. In addition, within twenty
(20) business days after any Investor’s written request therefor, the Company shall, at its option, either (i) deliver to such Investor a written statement indicating whether (and what portion of) such Investor’s interest in the
Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code or (ii) deliver to such Investor such factual information in the Company’s possession as is reasonably necessary to enable such
Investor to determine whether (and what portion of) such Investor’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code. 

5.5 Matters Requiring Preferred Director Approval. So long as the holders of Preferred Stock are entitled to elect at least one
Preferred Director, the Company hereby covenants and agrees with each of the Investors that after the date hereof it shall not, without approval of the Board of Directors, including the affirmative vote of a majority of the Preferred Directors,
which majority, for so long as the holders of Series B Preferred Stock are entitled to elect a Preferred Director, shall include at least one Preferred Director elected by the holders of Series B Preferred Stock: 

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

  
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 (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 $300,000 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)
otherwise 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, including without limitation any “management bonus” or similar plan providing payments to employees in connection with a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, except for
transactions contemplated by this Agreement and the Purchase Agreement; transactions resulting in payments to or by the Company in an aggregate amount less than $150,000 per year; or transactions made in the ordinary course of business and pursuant
to reasonable requirements of the Company’s business and upon fair and reasonable terms that are approved by the Board of Directors; 

(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; 

(i) sell, assign, license, pledge, or encumber technology, intellectual property or other material assets, other than licenses granted in the
ordinary course of business; 
 (j) enter into any corporate strategic relationship involving the payment, contribution, or assignment by
the Company or to the Company of money or assets greater than $300,000; or 
 (k) make any material investments, joint ventures or
acquisitions. 
 5.6 Board Matters. Unless otherwise determined by the Board of Directors, the Board of Directors shall meet at least
quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the non-employee 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. Except as
otherwise agreed by the Preferred Directors, each committee of the Board of Directors (other than an ad hoc committee formed for the purpose of avoiding an actual or potential conflict of interest with a designating Investor or a Preferred Director)
shall include at least one Preferred Director elected by the holders of Series B Preferred Stock and at least one Preferred Director elected by the holders of Series A Preferred Stock. 

  
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 5.7 Successor Indemnification. If the Company or any of its successors or assignees
consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the
Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, the Certificate
of Incorporation, or elsewhere, as the case may be, and the Company shall maintain in force any and all insurance policies then maintained by the Company in providing insurance in respect of the Company’s directors and officers, for a period of
six years thereafter. 
 5.8 Expenses of Counsel. In the event of a transaction which is a Sale of the Company (as defined in the
Voting Agreement), the reasonable fees and disbursements of one counsel for the Major Investors (“Investor Counsel”), in their capacities as stockholders, shall be borne and paid by the Company. At the outset of considering a
transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor Counsel (and such counsel’s clients) and shall share the confidential information (including, without
limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other compensation agreements and plans) pertaining to and
memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of the Company. The Company shall be obligated to share (and cause the Company’s counsel and investment bankers to share) such
materials when distributed to the Company’s executives and/or any one or more of the other parties to such transaction(s). In the event that Investor Counsel deems it appropriate, in its reasonable discretion, to enter into a joint defense
agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney client privilege, the Company shall, and shall direct its counsel to, execute and deliver to
Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel. In the event that one or more of the other party or parties to such transactions require the clients of Investor Counsel to enter
into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share whatever information can be shared without entry into such agreement and shall, at the same time, in good faith work
expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the clients of Investor Counsel. 

5.9 Indemnification Matters. The Company hereby acknowledges that one (1) or more of the Preferred Directors may have certain
rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and certain of their affiliates (collectively, the “Investor Indemnitors”). The Company hereby agrees (a) that it is
the indemnitor of first resort (i.e., its obligations to any such Preferred Director are primary and any obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such
Preferred Director are secondary), (b) that it shall be 

  
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required to advance the full amount of expenses incurred by such Preferred 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 Preferred 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 Preferred Director), without regard
to any rights such Preferred Director may have against the Investor Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor Indemnitors for contribution,
subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Investor Indemnitors on behalf of any such Preferred Director with respect to any claim for which such Preferred
Director has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of
such Preferred Director against the Company. The Preferred Directors and the Investor Indemnitors are intended third-party beneficiaries of this Subsection 5.10 and shall have the right, power and authority to enforce the provisions of this
Subsection 5.10 as though they were a party to this Agreement. 
 5.10 Right to Conduct Activities. The Company hereby agrees
and acknowledges that each Investor (together with its Affiliates) is a professional investment fund, or a venture investment arm of such Investor (or its Affiliates), and as such (x) reviews the business plans and related proprietary
information of many enterprises, including enterprises that may have products or services that compete directly or indirectly with those of the Company, and (y) invests in numerous portfolio companies and/or has Affiliates, some of which may be
deemed competitive with the Company’s business (as currently conducted or as currently propose to be conducted). Nothing in any of the Transaction Agreements (as defined in the Purchase Agreement) shall preclude or in any way restrict any
Investor from investing or participating in any particular enterprise, whether or not such enterprise may have products or services that compete (or may be deemed to compete) with those of the Company, and the Company hereby agrees that, to the
extent permitted under applicable law, no Investor shall be liable to the Company for any claim arising out of, or based upon, (i) the investment or other participation by such Investor in any entity or enterprise or the activities of such
Investor’s Affiliates, in each case whether or not competitive with the Company’s business in one or more respects, or (ii) actions taken by any partner, officer or other representative of an Investor to assist any such competitive
entity or enterprise, whether or not such action was taken as a member of the board of directors of such competitive entity or enterprise 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. Nothing in any of the Transaction Agreements shall preclude, create an obligation or duty, or in any way restrict any of the Investors from evaluating or
purchasing securities, including publicly traded securities, of a particular enterprise, or investing or participating in any particular enterprise, whether or not such enterprise has products or services which compete with those of the Company.

 5.11 Termination of Covenants. The covenants set forth in this Section 5, except for Subsections
5.7 and 5.8, 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. 

  
 -26- 

 5.12 Anti-Harassment Policy. The Company shall maintain in effect (i) a Code of
Conduct governing appropriate workplace behavior and (ii) an Anti-Harassment and Discrimination Policy prohibiting discrimination and harassment at the Company. 

5.13 FCPA. The Company covenants that it shall not (and shall not permit any of its subsidiaries or Affiliates or any of its or their
respective directors, officers, managers, employees, independent contractors, representatives or agents to) promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third party,
including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), in each case, in violation of the FCPA, the U.K. Bribery
Act, or any other applicable anti-bribery or anti-corruption law. The Company further covenants that it shall (and shall cause each of its subsidiaries and Affiliates to) cease all of its or their respective activities, as well as remediate any
actions taken by the Company, its subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act, or any other
applicable anti-bribery or anti-corruption law. The Company further covenants that it shall, within sixty (60) days following the Closing (as defined in the Purchase Agreement), adopt an anti-corruption policy that is designed to (and shall
cause each of its subsidiaries and Affiliates to) ensure the Company’s (and each of its subsidiaries’ and Affiliates’) compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. Upon
request, the Company agrees to provide responsive information and/or certifications concerning its compliance with applicable anti-corruption laws. The Company shall promptly notify each Investor if the Company becomes aware of any Enforcement
Action (as defined in the Purchase Agreement). The Company shall, and shall cause any direct or indirect subsidiary or entity controlled by it, whether now in existence or formed in the future, to comply with the FCPA. The Company shall use its best
efforts to cause any direct or indirect subsidiary, whether now in existence or formed in the future, to comply in all material respects with all applicable laws. 

5.14 Cybersecurity. The Company shall, within one hundred eighty (180) days following the Closing (as defined in the Purchase
Agreement), use commercially reasonable efforts to (a) identify and restrict access (including through physical and/or technical controls) to the Company’s confidential business information and trade secrets and any information about
identified or identifiable natural persons maintained by or on behalf of the Company (collectively, “Protected Data”) to those individuals who have a need to access it and (b) implement reasonable physical, technical and
administrative safeguards designed to protect the confidentiality, integrity and availability of its technology and systems (including servers, laptops, desktops, cloud, containers, virtual environments and data centers) and all Protected Data. The
Company shall evaluate on a periodic basis at least annually whether such safeguards should be updated to maintain a level of security appropriate to the risk posed to Company systems and Protected Data. The Company shall educate its employees about
the proper use and storage of Protected Data, including periodic training as determined reasonably necessary by the Company or the Board of Directors. 

  
 -27- 

 5.15 CFIUS and Foreign Person Limitations. 

(a) Unless otherwise approved by the Board of Directors, the Company will not provide to any Foreign Person any DPA Triggering Rights. No
Investor who is a Foreign Person shall be permitted to obtain any DPA Triggering Rights or a voting equity interest in the Company that exceeds nine and nine-tenths percent (9.9%) of the Company’s total voting securities pursuant to the
Purchase Agreement, Section 4 of this Agreement, or otherwise, including by way of any secondary transaction(s), without the approval of the Board of Directors. For the avoidance of doubt, any DPA Triggering Rights possessed by an Investor
prior to the date hereof shall be deemed to have been approved by the Board of Directors. 
 (b) Each Investor covenants that it will
notify the Company in advance of permitting any Foreign Person affiliated with Investor, whether affiliated as a limited partner or otherwise, to obtain through Investor any DPA Triggering Rights. 

6. Miscellaneous. 
 6.1
Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by an Investor to a transferee of capital stock or other equity securities of the Company (“Securities”) that
(i) is an Affiliate of such Investor; (ii) is such Investor’s Immediate Family Member or trust for the benefit of an individual Investor or one or more of such Investor’s Immediate Family Members; or (iii) after such
transfer, holds at least 1,000,000 shares of 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 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. For the purposes of determining the number of shares of Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or
stockholder of an Investor; (2) who is an Investor’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Investor or such Investor’s Immediate Family Member shall be aggregated together and with those
of the transferring Investor; 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. 

6.2 Governing Law. This Agreement shall be governed by the internal law of the State of Delaware. 

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

  
 -28- 

 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; Consent to Electronic
Notice. 
 (a) All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt, or (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) for addresses in the United States of America, five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or
(d) one (1) business day after deposit with a nationally recognized overnight courier (for addresses in the United States of America) or three (3) business days after deposit with an internationally recognized overnight courier (for
addresses outside the United States of America), in each case freight prepaid, specifying next business day (or, for addresses outside the United States of America, for next available business 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 President, 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 WilmerHale, 60
State Street, Boston, MA 02109, Attn: Rosemary G. Reilly, and if notice is given to the Purchasers, a copy (which shall not constitute notice) shall also be sent to Brown Rudnick LLP, One Financial Center, Boston, MA 02111, Attn: Michael Cohen
([**]). 
 (b) Each Investor consents to the delivery of any stockholder notice pursuant to the Delaware General Corporation Law (the
“DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Subsection 232 of the DGCL (or any successor thereto) at the electronic mail address set forth below such Investor’s name on the
Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent
shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each Investor agrees to promptly notify the Company
of any change in its electronic mail address, and that failure to do so shall not affect the foregoing. 
 6.6 Amendments and
Waivers. Any term of this Agreement may be amended, modified or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the
written consent of the Company and the Requisite Preferred Holders; provided that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party; and, provided,
further, that following the IPO, 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 

  
 -29- 

 
instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding. Notwithstanding the
foregoing, (a) this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver
applies to all Investors (or, with respect to an amendment, termination, or waiver affecting the rights of Major Investors hereunder, to all Major Investors) in the same fashion (it being agreed that a waiver of the provisions of
Section 4 with respect to a particular transaction shall be deemed to apply to all Investors, and to all Major 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; provided that, if any Major Investor agreeing to waive any provision of Section 4 participates in the transaction
with respect to which such rights are being waived, each Major Investor who did not agree to waive such rights shall be granted the opportunity to participate in the transaction), (b) Subsections 3.3 and 5.6 may not be amended or
terminated and the observance of any term hereof may not be waived with respect to any Investor referenced in such sections without the written consent of such applicable Investor, (c) Subsections 3.1 and 3.2,
Section 4 and any other section of this Agreement applicable to the Major Investors (including this clause (c) of this Subsection 6.6) may not be amended, modified, terminated or waived without the written
consent of the Requisite Preferred Holders, (d) Subsection 3.3(a) may not be amended, modified, terminated or waived without the written consent of RA Capital and (e) Subsection 2.11 and this clause (d) of this
Subsection 6.6 may not be amended, modified, terminated or waived without the written consent of Deerfield and RA Capital. Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from time to time to add
transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other parties; and Schedule A hereto may also be amended by the Company after the date of this Agreement without the consent
of the other parties to add information regarding any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. The Company shall give prompt notice of any amendment, modification or termination hereof or
waiver hereunder to any party hereto that did not consent in writing to such amendment, modification termination, or waiver. Any amendment, modification, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding
on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such term, condition, or provision. 
 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 capital stock of the Company held or acquired by Affiliates of any Person 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. 

  
 -30- 

 6.9 Additional Investors. Notwithstanding anything to the contrary contained in any
other section of this Agreement, subject to and Section 3.3 of Article FOURTH, Part B of the Certificate of Incorporation, if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, whether pursuant to
the Purchase Agreement or otherwise, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an
“Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of
the obligations as an “Investor” hereunder. 
 6.10 Entire Agreement. Upon the effectiveness of this Agreement, the Prior
Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire
understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. 

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

[Signature Pages Follow] 

  
 -31- 

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

			
	WEREWOLF THERAPEUTICS, INC.
		
	By:	 	/s/ Daniel Hicklin
	Name:	 	Daniel Hicklin, Ph.D.
	Title:	 	President and Chief Executive Officer
	Address:	 	 1030 Massachusetts Ave.
 Suite 210

Cambridge, MA 02138

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	 RA CAPITAL HEALTHCARE FUND, L.P.

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

		
	By:	 	/s/ Rajeev Shah
	Name:	 	Rajeev Shah
	Title:	 	Manager

  

			
	
	 RA CAPITAL NEXUS FUND II, L.P.

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

		
	By:	 	/s/ Rajeev Shah
	Name:	 	Rajeev Shah
	Title:	 	Manager

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	 DEERFIELD PARTNERS, L.P.
  

By: Deerfield Mgmt, L.P., General Partner
 By: J.E. Flynn Capital,
LLC, General Partner

		
	By:	 	/s/ David J. Clark
	Name:	 	David J. Clark
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTOR:
	
	ARKIN BIO VENTURES II L.P.
		
	By:	 	/s/ Mori Arkin
	Name:	 	Mori Arkin
	Title:	 	Director

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	 MPM BIOVENTURES 2014, L.P.
  

By: MPM BIOVENTURES 2014 GP LLC, its general partner
 By: MPM
BIOVENTURES 2014 LLC, its managing member

		
	By:	 	/s/ Nicholas McGrath
	Name:	 	Nicholas McGrath
	Title:	 	Authorized Signatory

  

			
	 MPM BIOVENTURES 2014 (B), L.P.
  

By: MPM BIOVENTURES 2014 GP LLC, its general partner
 By: MPM
BIOVENTURES 2014 LLC, its managing member

		
	By:	 	/s/ Nicholas McGrath
	Name:	 	Nicholas McGrath
	Title:	 	Authorized Signatory

  

			
	 MPM ASSET MANAGEMENT INVESTORS BV2014 LLC
  

By: MPM BIOVENTURES 2014 LLC, its managing member

		
	By:	 	/s/ Nicholas McGrath
	Name:	 	Nicholas McGrath
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

 
			
	 MPM ONCOLOGY INNOVATIONS, L.P.
  

By: MPM ONCOLOGY INNOVATIONS FUND GP LLC, its general partner

		
	By:	 	/s/ Nicholas McGrath
	Name:	 	Nicholas McGrath
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTOR:
	
	 UBS ONCOLOGY IMPACT FUND, L.P.
  

By: ONCOLOGY IMPACT FUND (CAYMAN) MANAGEMENT L.P., its general partner
  

By: MPM ONCOLOGY IMPACT MANAGEMENT LP, its general partner
  

By: MPM ONCOLOGY IMPACT MANAGEMENT GP LLC, its general partner

		
	By:	 	/s/ Nicholas McGrath
	Name:	 	Nicholas McGrath
	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTOR:
	
	 LONGWOOD FUND III, L.P.
  

By: Longwood Fund III GP, LLC,

       its General Partner

		
	By:	 	/s/ John Lawrence
	Name:	 	John Lawrence
	Title:	 	Chief Financial Officer

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	 SOLEUS PRIVATE EQUITY FUND I, L.P.
  

By: Soleus Private Equity GP I, LLC,

       its General Partner

		
	By:	 	/s/ Steven Musumeci
	Name:	 	Steven Musumeci
	Title:	 	Chief Operating Officer

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	 ADAGE CAPITAL PARTNERS, LP
  

By: Adage Capital Partners GP, LLC,

       its General Partner
  

By: Adage Capital Advisors, LLC,

       its Managing Member

		
	By:	 	/s/ Dan Lehan
	Name:	 	Dan Lehan
	Title:	 	COO

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	HBM HEALTHCARE INVESTMENTS (CAYMAN) LTD.
		
	By:	 	/s/ Jean-Marc Lesieur
	Name:	 	Jean-Marc Lesieur
	Title:	 	Managing Director

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	UPMC
		
	By:	 	/s/ Jeanne Cunicelli
	Name:	 	Jeanne Cunicelli
	Title:	 	 Executive Vice President,
 UPMC
Enterprises

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	SPHERA GLOBAL HEALTHCARE MASTER FUND
		
	By:	 	/s/ Doron Breen
	Name:	 	Doron Breen
	Title:	 	Director

  

			
	
	SPHERE BIOTECH MASTER FUND, LP
		
	By:	 	/s/ Doron Breen
	Name:	 	Doron Breen
	Title:	 	Director

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTOR:
	
	DC INVESTMENT PARTNERS, LLC
		
	By:	 	/s/ Dean L. Wilde II
	Name:	 	Dean L. Wilde II
	Title:	 	Managing Director & CEO

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	 CAAS OPPORTUNITY LLC
  

By: CaaS Capital Management L.P.,

       its Manager

		
	By:	 	/s/ Semi Gogliormella
	Name:	 	Semi Gogliormella
	Title:	 	COO

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

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

			
	INVESTORS:
	
	TAIHO VENTURES, LLC
		
	By:	 	/s/ Sakae Asanuma
	Name:	 	Sakae Asanuma
	Title:	 	President

  
 [SIGNATURE
PAGE TO AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT] 

 SCHEDULE A 

Investors 
 RA Capital Healthcare Fund,
L.P. 
 RA Capital Nexus Fund II, L.P. 
 c/o RA
Capital Management, L.P. 
 200 Berkeley Street, 18th Floor 

Boston, MA 02116 
 Attn: General Counsel 

[**] 
 Deerfield Partners, L.P. 

780 Third Avenue, 37th Floor 

New York, NY 10017 
 Attention: Lawrence Atinsky 

[**] 
 MPM BioVentures 2014 LP 

MPM BioVentures 2014 (B), L.P. 
 MPM Asset Management
Investors BV2014 LLC 
 MPM Oncology Innovations, L.P. 

450 Kendall Street 
 Cambridge, MA 02142 

Attn: Luke Evnin 
 [**] 

UBS Oncology Impact Fund, L.P. 
 c/o MPM Capital 

450 Kendall Street 
 Cambridge, MA 02142 

Attn: Luke Evnin 
 [**] 

Taiho Ventures, LLC 
 2420 Sand Hill Road, Suite 203 

Menlo Park, CA 94025-6940 
 Attn: Sakae Asanuma 

[**] 
 Arkin Bio Ventures II L.P. 

6 Hachoshlim Street, Building C, 6th Floor 

4672406 Herzliya, Israel 
 Attn: Alon Lazarus 

[**] 

 Longwood Fund III, L.P. 

The Prudential Tower 
 800 Boylston Street, Suite 1500 

Boston, MA 02199 
 Attn: John Lawrence, CFO 

[**] 
 DC Investment Partners, LLC 

1600 Tysons Blvd, Fifth Floor 
 Mclean, VA 22102 

[**] 
 UPMC 

Bakery Square, Suite 200 
 6425 Penn Avenue 

Pittsburgh, PA 15206 
 Attn: Legal Dept. 

HBM Healthcare Investments (Cayman) Ltd. 
 Governors
Square, Suite #4-212-2 
 23 Lime Tree Bay Avenue 

West Bay, Grand Cayman, Cayman Islands 
 Attn: Matthias Fehr 

[**] 
 Soleus Private Equity Fund I, L.P. 

104 Field Point Road, Second Floor 
 Greenwich, CT 06830 

Attn: Steven J. Musumeci, Chief Operating Officer 
 [**] 

Adage Capital Partners, LP 
 200 Clarendon St, 52nd FL

 Boston, MA 02110 
 Attn: Dan Lehan, Chief Operating Officer

 [**] 
 Sphera Global Healthcare Master Fund 

Sphera Biotech Master Fund, LP 
 Platinum House 

21 Ha’arba’ah St. 
 Tel Aviv, Israel 6473921 

Attn: Liana Hartal Kaneti, Chief Operating Officer 
 [**] 

 CaaS Opportunity LLC 

800 Third Avenue 
 New York, NY 10022 

c/o Semi Gogliomella 
 [**]

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