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ex4-1.htm

    
    
         
    

    
         

    

    Cypress Environmental Partners, L.P.
         
    

    
         
    

    
        Exhibit 4.1
    

    
         
    

    
        DESCRIPTION OF THE REGISTRANT’S SECURITIES
    

    
        REGISTERED PURSUANT TO SECTION 12 OF THE
    

    
        SECURITIES EXCHANGE ACT OF 1934
    

    
         
    

    
        DESCRIPTION OF OUR COMMON UNITS
    

    
         
    

    
        The following description of our common units is not complete and may not contain all the information you should consider before investing in our common units. This description is summarized from, and qualified in its entirety by reference to, our partnership agreement and our certificate of limited partnership, each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read our partnership agreement, our certificate of limited partnership and the applicable provisions of the Delaware Revised Uniform Limited Partnership Act for additional information.
    

    
         
    

    
        The Common Units
    

    
         
    

    
        The common units represent limited partner interests in us. The holders of common units are entitled to participate in partnership distributions and are entitled to exercise the rights and privileges available to limited partners under our partnership agreement.
    

    
         
    

    
        Our common units are listed on the NYSE under the symbol “CELP.”
    

    
         
    

    
        Transfer Agent and Registrar
    

    
         
    

    
        Duties
    

    
         
    

    
        Computershare Trust Company, N.A. serves as the registrar and transfer agent for our common units. We pay all fees charged by the transfer agent for transfers of common units, except the following that must be paid by our unitholders:
    

    
         
    

    		
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                surety bond premiums to replace lost or stolen certificates, or to cover taxes and other governmental charges in connection therewith;
            

    
         
    

    		
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                special charges for services requested by a holder of a common unit; and
            

    
         
    

    		
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                other similar fees or charges.
            

    
         
    

    
        Unless our general partner determines otherwise in respect of some or all of any classes of our partnership interests, our partnership interests are evidenced by book entry notation on our partnership register and not by physical certificates.
    

    
         
    

    
        There is no charge to our unitholders for disbursements of our cash distributions. We will indemnify the transfer agent, its agents and each of their respective stockholders, directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence or intentional misconduct of the indemnified person or entity.
    

    
         
    

    
        Resignation or Removal
    

    
         
    

    
        The transfer agent may resign, by notice to us, or be removed by us. The resignation or removal of the transfer agent will become effective upon our appointment of a successor transfer agent and registrar and its acceptance of the appointment. If no successor has been appointed and has accepted the appointment within 30 days after notice of the resignation or removal, our general partner may act as the transfer agent and registrar until a successor is appointed.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        Transfer of Common Units
    

    
         
    

    
        By transfer of common units in accordance with our partnership agreement, each transferee of common units shall be admitted as a limited partner with respect to the common units transferred when such transfer and admission are reflected in our books and records. Each transferee:
    

    
         
    

    		
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                automatically agrees to be bound by the terms and conditions of, and is deemed to have executed, our partnership agreement;
            

    
         
    

    		
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                represents and warrants that the transferee has the right, power, authority and capacity to enter into our partnership agreement; and
            

    
         
    

    		
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                gives the consents, waivers and approvals contained in our partnership agreement.
            

    
         
    

    
        Our general partner will cause any transfers to be recorded on our books and records no less frequently than quarterly.
    

    
         
    

    
        We may, at our discretion, treat the nominee holder of a common unit as the absolute owner. In that case, the beneficial holder’s rights are limited solely to those that it has against the nominee holder as a result of any agreement between the beneficial owner and the nominee holder.
    

    
         
    

    
        Common units are securities and are transferable according to the laws governing the transfer of securities. In addition to other rights acquired upon transfer, the transferor gives the transferee the right to become a substituted limited partner in our partnership for the transferred common units.
    

    
         
    

    
        Until a common unit has been transferred on our books, we and the transfer agent may treat the record holder of the common unit as the absolute owner for all purposes, except as otherwise required by law or stock exchange regulations.
    

    
         
    

    
        CASH DISTRIBUTION POLICY AND RESTRICTIONS ON DISTRIBUTIONS
    

    
         
    

    
        Our Cash Distribution Policy
    

    
         
    

    Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to unitholders of record on the applicable record date. The partnership agreement permits the general partner to reduce available cash by establishing cash reserves for the proper conduct of our business, to comply with applicable law or agreements to which we are a party, or to provide funds for future distributions to partners. These cash reserves affect the amount of cash we have available to distribute to unitholders. Our preferred units rank senior to our common units, and we must pay distributions on our preferred units (including any arrearages) before paying distributions on our common units. In addition, the preferred units rank senior to the common units with respect to rights upon liquidation. In July 2020, in light of the current market conditions, we made the difficult decision to temporarily suspend payment of common unit distributions. This has enabled us to retain more cash to manage our financing needs during these challenging market conditions. As amended in March 2021, our revolving credit facility contains significant limitations on our ability to pay cash distributions. We may only pay the following cash distributions:

     

    		
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            	distributions to common and preferred unitholders, to the extent of income taxes estimated to be payable by these unitholders resulting from allocations of our earnings;

    
         
    

    		
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            	distributions to the preferred unitholder up to $1.1 million per year if our leverage ratio is 4.0 or lower; and

    
         
    

    		
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            	distributions to the noncontrolling interest owners of CBI and CF Inspection.

    
        
We hope to resume quarterly cash distributions to common unitholders when circumstances warrant. However, we make no representation or assurances as to the availability of future cash distributions since they are dependent upon future earnings, cash flows, capital requirements, financial condition, the terms of future financing arrangements, and our ability to pay arrearages on the preferred units.

    
         
    

    
    
        

    

    
         

    

    
     

    
        Limitations on Cash Distributions and Our Ability to Change Our Cash Distribution Policy
    

    
         
    

    
        Although our partnership agreement requires that we distribute all of our available cash quarterly, there is no guarantee that we will make quarterly cash distributions to our unitholders, and we have no legal obligation to do so. Our current cash distribution policy is subject to certain restrictions, as well as the considerable discretion of our general partner in determining the amount of our available cash each quarter. The following factors affect our ability to make cash distributions, as well as the amount of any cash distributions we make:
    

    
         
    

    		
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                    Our cash distribution policy is subject to restrictions on cash distributions under our credit facility and other debt agreements we may enter into in the future. Our credit facility contains covenants requiring us and our subsidiaries to maintain certain financial ratios and contain certain restrictions on incurring indebtedness, making distributions, making investments and engaging in certain other partnership actions, including making cash distributions while a default or event of default has occurred and is continuing, notwithstanding our cash distribution policy. 
                We may only pay the following cash distributions:

    
         
    

    		
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            	distributions to common and preferred unitholders, to the extent of income taxes estimated to be payable by these unitholders resulting from allocations of our earnings;

    
         
    

    		
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            	distributions to the preferred unitholder up to $1.1 million per year if our leverage ratio is 4.0 or lower; and

    
         
    

    		
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            	distributions to the noncontrolling interest owners of CBI and CF Inspection.

    
         
    

    		
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                The amount of cash that we distribute and the decision to make any distribution is determined by our general partner, taking into consideration the terms of our partnership agreement. Specifically, our general partner has the authority to establish cash reserves for the prudent conduct of our business and for future cash distributions to our unitholders, and the establishment of or increase in those reserves could result in a reduction in cash distributions from levels we currently anticipate pursuant to our stated cash distribution policy. Any decision to establish cash reserves made by our general partner in good faith is binding on our unitholders.
            

    
         
    

    		
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                While our partnership agreement requires us to distribute all of our available cash, our partnership agreement, including the provisions requiring us to make cash distributions, may be amended with the consent of our general partner and the approval of a majority of the outstanding common units, including common units owned by our general partner and its affiliates.
            

    
         
    

    		
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                Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act (the “Delaware Act”), we may not make a distribution if the distribution would cause our liabilities to exceed the fair value of our assets.
            

    
         
    

    		
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                We may lack sufficient cash to pay distributions to our unitholders due to cash flow shortfalls attributable to a number of operational, commercial or other factors as well as increases in our operating and maintenance or general and administrative expenses, principal and interest payments on our debt, tax expenses, working capital requirements and anticipated cash needs. Our available cash is directly impacted by our cash expenses necessary to run our business and will be reduced dollar-for-dollar to the extent such uses of cash increase.
            

    
         
    

    		
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                Our ability to make cash distributions to our unitholders depends on the performance of our subsidiaries and their ability to distribute cash to us. The ability of our subsidiaries to make cash distributions to us may be restricted by, among other things, the provisions of future indebtedness, applicable state partnership and limited liability company laws and other laws and regulations.
            

    
         
    

    		
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                We may elect to use cash to service or repay our debt or fund capital expenditures.
            

    
         
    

    
        Our Ability to Grow is Dependent on Our Ability to Access External Expansion Capital
    

    
         
    

    
        Our partnership agreement requires us to distribute all of our available cash to our unitholders on a quarterly basis. As a result, we expect that we will rely primarily upon our cash reserves and external financing sources, including borrowings under our current and future credit facilities and the issuance of debt and equity securities, to fund capital expenditures. To the extent we are unable to finance growth with external sources of capital, the requirement in our partnership agreement to distribute all of our available cash and our current cash distribution policy will significantly impair our ability to grow. In addition, because we distribute all of our available cash, our growth may not be as fast as businesses that reinvest all of their available cash to expand ongoing operations.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        PROVISIONS OF OUR PARTNERSHIP AGREEMENT RELATING TO CASH DISTRIBUTIONS
    

    
         
    

    
        Set forth below is a summary of the significant provisions of our partnership agreement that relate to cash distributions.
    

    
         
    

    
        Distributions of Available Cash
    

    
         
    

    
        General
    

    
         
    

    
        Our partnership agreement requires that, within 45 days after the end of each quarter, we distribute all of our available cash to unitholders of record on the applicable record date.
    

    
         
    

    
        Definition of Available Cash
    

    
         
    

    
        Available cash generally means, for any quarter, all cash and cash equivalents on hand at the end of that quarter:
    

    
         
    

    		
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                less, the amount of cash reserves established by our general partner at the date of determination of available cash to:
            

    
         
    

    		
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                provide for the proper conduct of our business (including, but not limited to, reserves for our future capital expenditures, future acquisitions and anticipated future debt service requirements);
            

    
         
    

    		
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                comply with applicable law, any of our or our subsidiaries’ debt instruments or other agreements; or
            

    
         
    

    		
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                provide funds for distributions to our unitholders and to our general partner for any one or more of the next four quarters (provided that our general partner may not establish cash reserves for distributions if the effect of the establishment of such reserves will prevent us from distributing the minimum quarterly distribution on all common units and any cumulative arrearages on such common units for the current quarter);
            

    
         
    

    		
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                plus, if our general partner so determines, all or any portion of the cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made subsequent to the end of such quarter.
            

    
         
    

    
        The purpose and effect of the last bullet point above is to allow our general partner, if it so decides, to use cash from working capital borrowings made after the end of the quarter but on or before the date of determination of available cash for that quarter to pay distributions to unitholders. Under our partnership agreement, working capital borrowings are generally borrowings that are made under a credit facility, commercial paper facility or similar financing arrangement, and in all cases are used solely for working capital purposes or to pay distributions to partners and with the intent of the borrower to repay such borrowings within twelve months with funds other than from additional working capital borrowings.
    

    
         
    

    
        General Partner Interest and Incentive Distribution Rights
    

    
         
    

    
        Our general partner owns a 0.0% non-economic partner interest in us.
    

    
         
    

    
        Affiliates of our general partner hold incentive distribution rights that entitle such affiliates to receive increasing percentages, up to a maximum of 50.0%, of the available cash we distribute from operating surplus (as defined below) in excess of $0.445625 per unit per quarter. The aggregate maximum distribution of 50.0% does not include any distributions that our general partner or its affiliates may receive on common units that they own.
    

    
         
    

    
        Operating Surplus and Capital Surplus
    

    
         
    

    
        General
    

    
         
    

    
        All cash distributed to unitholders will be characterized as either being paid from “operating surplus” or “capital surplus.” We treat distributions of available cash from operating surplus differently than distributions of available cash from capital surplus.
    

    
         
    

    
        Operating Surplus
    

    
         
    

    
        We define operating surplus as:
    

    
         
    

    		
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                $10.0 million (as described below); plus
            

    
         
    

    
    
        

    

    
         

    

    
     

    		
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                all of our cash receipts after the closing of our initial public offering, which occurred on January 20, 2014, excluding cash from interim capital transactions (as defined below), provided that cash receipts from the termination of a commodity hedge or interest rate hedge prior to its specified termination date shall be included in operating surplus in equal quarterly installments over the remaining scheduled life of such commodity hedge or interest rate hedge; plus
            

    
         
    

    		
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                working capital borrowings made after the end of a quarter but on or before the date of determination of operating surplus for that quarter; plus
            

    
         
    

    		
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                cash distributions (including incremental distributions on incentive distribution rights) paid in respect of equity issued, other than equity issued in our initial public offering, to finance all or a portion of expansion capital expenditures in respect of the period from the date that we enter into a binding obligation to commence the construction, replacement, improvement or expansion of a capital asset and ending on the earlier to occur of the date the capital asset commences commercial service and the date that it is abandoned or disposed of; less
            

    
         
    

    		
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                all of our operating expenditures (as defined below) after the closing of our initial public offering; less
            

    
         
    

    		
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                the amount of cash reserves established by our general partner to provide funds for future operating expenditures; less
            

    
         
    

    		
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                all working capital borrowings not repaid within twelve months after having been incurred, or repaid within such 12-month period with the proceeds of additional working capital borrowings.
            

    
         
    

    
        As described above, operating surplus does not reflect actual cash on hand that is available for distribution to our unitholders and is not limited to cash generated by operations. For example, it includes a provision that enables us, if we choose, to distribute as operating surplus up to $10.0 million of cash we receive in the future from non-operating sources such as asset sales, issuances of securities and long-term borrowings that would otherwise be distributed as capital surplus. In addition, the effect of including, as described above, certain cash distributions on equity interests in operating surplus will be to increase operating surplus by the amount of any such cash distributions. As a result, we may also distribute as operating surplus up to the amount of any such cash that we receive from non- operating sources.
    

    
         
    

    
        The proceeds of working capital borrowings increase operating surplus and repayments of working capital borrowings are generally operating expenditures (as described below) and thus reduce operating surplus when repayments are made. However, if working capital borrowings, which increase operating surplus, are not repaid during the twelve-month period following the borrowing, they will be deemed repaid at the end of such period, thus decreasing operating surplus at such time. When such working capital borrowings are in fact repaid, they will not be treated as a further reduction in operating surplus because operating surplus will have been previously reduced by the deemed repayment.
    

    
         
    

    
        We define interim capital transactions as (1) borrowings, refinancings or refundings of indebtedness (other than working capital borrowings, like those under our credit facility and items purchased on open account or for a deferred purchase price in the ordinary course of business) and sales of debt securities, (2) sales of equity securities, and (3) sales or other dispositions of assets, other than sales or other dispositions of inventory, accounts receivable and other assets in the ordinary course of business and sales or other dispositions of assets as part of normal asset retirements or replacements.
    

    
         
    

    
        We define operating expenditures as all of our cash expenditures, including, but not limited to, taxes, reimbursements of expenses of our general partner and its affiliates, officer, director and employee compensation, debt service payments, payments made in the ordinary course of business under interest rate hedge contracts and commodity hedge contracts (provided that payments made in connection with the termination of any interest rate hedge contract or commodity hedge contract prior to the expiration of its settlement or termination date specified therein will be included in operating expenditures in equal quarterly installments over the remaining scheduled life of such interest rate hedge contract or commodity hedge contract and amounts paid in connection with the initial purchase of a rate hedge contract or a commodity hedge contract will be amortized over the life of such rate hedge contract or commodity hedge contract), maintenance capital expenditures (as discussed in further detail below), and repayment of working capital borrowings; provided, however, that operating expenditures will not include:
    

    
         
    

    		
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                repayments of working capital borrowings where such borrowings have previously been deemed to have been repaid (as described above);
            

    
         
    

    
    
        

    

    
         

    

    
     

    		
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                payments (including prepayments and prepayment penalties) of principal of and premium on indebtedness other than working capital borrowings;
            

    
         
    

    		
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                expansion capital expenditures;
            

    
         
    

    		
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                payment of transaction expenses (including taxes) relating to interim capital transactions;
            

    
         
    

    		
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                distributions to our partners; or
            

    
         
    

    		
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                repurchases of partnership interests (excluding repurchases we make to satisfy obligations under employee benefit plans).
            

    
         
    

    
        Capital Surplus
    

    
         
    

    
        Capital surplus is defined in our partnership agreement as any distribution of available cash in excess of our cumulative operating surplus. Accordingly, except as described above, capital surplus would generally be generated by:
    

    
         
    

    		
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                borrowings other than working capital borrowings;
            

    
         
    

    		
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                sales of our equity and debt securities;
            

    
         
    

    		
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                sales or other dispositions of assets, other than inventory, accounts receivable and other assets sold in the ordinary course of business or as part of ordinary course retirement or replacement of assets; and
            

    
         
    

    		
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                capital contributions received.
            

    
         
    

    
        Characterization of Cash Distributions
    

    
         
    

    
        All available cash distributed by us on any date from any source will be treated as distributed from operating surplus until the sum of all available cash distributed by us since the closing of our initial public offering equals the operating surplus from the closing of our initial public offering through the end of the quarter immediately preceding that distribution. As described above, operating surplus, as defined in our partnership agreement, includes certain components, including a 
        $10.0 million cash basket, that represent non-operating sources of cash. Any available cash distributed by us in excess of our cumulative operating surplus will be deemed to be capital surplus under our partnership agreement. Our partnership agreement treats a distribution of capital surplus as the repayment of the initial unit price from our initial public offering. We do not anticipate that we will make any distributions from capital surplus.
    

    
         
    

    
        Capital Expenditures
    

    
         
    

    
        We distinguish between maintenance capital expenditures and expansion capital expenditures. Maintenance capital expenditures are cash expenditures made to maintain, over the long-term, our operating capacity or operating income. Maintenance capital expenditures do not include normal repairs and maintenance, which are expensed as incurred, or significant replacement capital expenditures, as described in detail in the next paragraph. Maintenance capital expenditures include expenditures to maintain equipment reliability, integrity and safety, as well as to address environmental laws and regulations. These expenditures are capitalized and depreciated over their estimated useful life. Given the nature of our business, we expect that our maintenance capital expenditures will be reasonably predictable in the near-term, and we do not expect the amount of our actual maintenance capital expenditures to differ substantially from period to period.
    

    
         
    

    
        However, in the long-term, because our maintenance capital expenditures can be irregular, the amount of our actual maintenance capital expenditures may increase significantly when our saltwater disposal facilities will require scheduled maintenance, which could cause similar fluctuations in the amounts of operating surplus, adjusted operating surplus and cash available for distribution to our unitholders.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        Expansion capital expenditures are cash expenditures incurred for acquisitions or capital improvements that we expect will increase our operating capacity or operating income over the long-term. Examples of expansion capital expenditures include the acquisition of equipment, or the construction, development or acquisition of additional saltwater disposal facilities, well bores, pipeline, pumps, electrical capacity or storage capacity, to the extent such capital expenditures are expected to expand our long-term operating capacity or operating income. Expansion capital expenditures include interest payments (and related fees) on debt incurred to finance all or a portion of expansion capital expenditures in respect of the period from the date that we enter into a binding obligation to commence the construction, replacement, improvement or expansion of a capital asset and ending on the earlier to occur of the date that such capital improvement commences commercial service and the date that such capital improvement is abandoned or disposed of. Because expansion capital expenditures include interest payments (and related fees) on debt incurred to finance all or a portion of the construction of a capital asset in respect of a period that (l) begins when we enter into a binding obligation to commence construction of a capital improvement and (2) ends on the earlier to occur of the date any such capital asset commences commercial service and the date that it is abandoned or disposed of, such interest payments also do not reduce operating surplus. Capital expenditures that are made in part for maintenance capital purposes and in part for expansion capital purposes will be allocated as maintenance capital expenditures or expansion capital expenditures by our general partner.
    

    
         
    

    
        Distributions of Available Cash From Operating Surplus
    

    
         
    

    
        Although it is the Partnership’s policy to continue to make cash distributions to unitholders on a quarterly basis, the Partnership makes no representation or assurances as to the availability of future cash distributions since they are dependent upon future earnings, cash flows, capital requirements, financial conditions, and other factors. Our partnership agreement requires that we make distributions of available cash from operating surplus for any quarter in the following manner:
    

    
         
    

    		
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                first, 100.0% to all common unitholders, pro rata, until we distribute for each outstanding unit an amount equal to the minimum quarterly distribution for that quarter; and;
            

    
         
    

    		
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                thereafter, in the manner described in “General Partner Interest and Incentive Distribution Rights” below; The preceding discussion is based on the assumptions that we do not issue additional classes of equity securities. 
            

    
         
    

    Series A Preferred Units

     

    
        Until the conversion of the Series A Preferred Units into common units or their redemption, holders of the Series A Preferred Units are entitled to receive cumulative quarterly distributions equal to 9.5% per annum plus accrued and unpaid distributions. With respect to any quarter up to and including the quarter ending June 30, 2021, our general partner may elect to pay such quarterly distribution in cash, in-kind in the form of additional Series A Preferred Units or in a combination thereof, provided that a minimum of 2.5% of such distribution will be paid in cash unless the holders of the Series A Preferred Units otherwise agree. We cannot redeem, repurchase or pay any distributions on any junior securities, including any of the common units, prior to paying the quarterly distribution payable to the Series A Preferred Units, including any previously accrued and unpaid distributions. Under the terms of our credit facility (as amended in March 2021), we are restricted from paying any cash distributions unless our gross leverage is less than four times our trailing-twelve-month EBITDA (as defined in the Credit Agreement). The Preferred Units rank senior to our common units, and we must pay distributions on the Preferred Units (including any arrearages) before paying distributions on our common units.
    

    
         
    

    
        Distributions from Capital Surplus
    

    
         
    

    
        How Distributions from Capital Surplus will be Made
    

    
         
    

    
        We will make distributions of available cash from capital surplus, if any, in the following manner:
    

    
         
    

    		
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                first, to all unitholders, pro rata, until we distribute for each common unit that was issued in our initial public offering, an amount of available cash from capital surplus equal to the initial public offering price of our initial public offering;
            

    
         
    

    		
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                second, to all unitholders, pro rata, until we distribute for each common unit, an amount of available cash from capital surplus equal to any unpaid arrearages in payment of the minimum quarterly distribution on the outstanding common units; and
            

    
         
    

    		
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                thereafter, as if they were from operating surplus.
            

    
         
    

    
    
        

    

    
         

    

    
     

    
        The preceding discussion is based on the assumption that we do not issue additional classes of equity securities.
    

    
         
    

    
        Effect of a Distribution from Capital Surplus
    

    
         
    

    
        Our partnership agreement treats a distribution of capital surplus as the repayment of the initial unit price from our initial public offering, which is a return of capital. The initial public offering price less any distributions of capital surplus per unit is referred to as the “unrecovered initial unit price.” Each time a distribution of capital surplus is made, the minimum quarterly distribution and the target distribution levels will be reduced in the same proportion as the corresponding reduction in the unrecovered initial unit price. Because distributions of capital surplus will reduce the minimum quarterly distribution after any of these distributions are made, the effects of distributions of capital surplus may make it easier for our general partner or its affiliates to receive incentive distributions. However, any distribution of capital surplus before the unrecovered initial unit price is reduced to zero cannot be applied to the payment of the minimum quarterly distribution or any arrearages.
    

    
         
    

    
        Once we distribute capital surplus on a unit issued in our initial public offering in an amount equal to the initial unit price, we will reduce the minimum quarterly distribution and the target distribution levels to zero. Then, after distributing an amount of capital surplus for each common unit equal to any unpaid arrearages of the minimum quarterly distributions on outstanding common units, we will then make all future distributions from operating surplus, with 50.0% being paid to the unitholders, pro rata and 50.0% to the holder of our incentive distribution rights.
    

    
         
    

    
        Adjustment to the Minimum Quarterly Distribution and Target Distribution Levels
    

    
         
    

    
        In addition to adjusting the minimum quarterly distribution and target distribution levels to reflect a distribution of capital surplus, if we combine our units into fewer units or subdivide our units into a greater number of units, we will proportionately adjust:
    

    
         
    

    		
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                the minimum quarterly distribution;
            

    
         
    

    		
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                target distribution levels;
            

    
         
    

    		
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                the unrecovered initial unit price; and
            

    
         
    

    		
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                the arrearages per common unit in payment of the minimum quarterly distribution on the common units.
            

    
         
    

    
        For example, if a two-for-one split of the common units should occur, the minimum quarterly distribution, the target distribution levels and the unrecovered initial unit price would each be reduced to 50.0% of its initial level. We will not make any adjustment by reason of the issuance of additional units for cash or property (including additional common units issued under any compensation or benefit plans).
    

    
         
    

    
        In addition, if legislation is enacted or if the official interpretation of existing law is modified by a governmental authority, so that we become taxable as a corporation or otherwise subject to taxation as an entity for federal, state or local income tax purposes, our partnership agreement specifies that the minimum quarterly distribution and the target distribution levels for each quarter may be reduced by multiplying each distribution level by a fraction, the numerator of which is available cash for that quarter (reduced by the amount of the estimated tax liability for such quarter payable by reason of such legislation or interpretation) and the denominator of which is the sum of available cash for that quarter (reduced by the amount of the estimated tax liability for such quarter payable by reason of such legislation or interpretation) plus our general partner’s estimate of our aggregate liability for the quarter for such income taxes payable by reason of such legislation or interpretation. To the extent that the actual tax liability differs from the estimated tax liability for any quarter, the difference may be accounted for in subsequent quarters.
    

    
         
    

    
        Distributions of Cash Upon Liquidation
    

    
         
    

    
        General
    

    
         
    

    
        If we dissolve in accordance with our partnership agreement, we will sell or otherwise dispose of our assets in a process called liquidation. We will first apply the proceeds of liquidation to the payment of our creditors. The holders of the Series A Preferred Units will then be entitled to receive, prior to any distribution of any of our assets to the holders of our common units or to the holders of any other class or series of our equity securities, an amount per Series A Preferred Unit equal to the greater of the Issue Price plus any unpaid distribution owed on such Series A Preferred Unit and the amount such Series A Preferred Unit would be entitled to if converted at the then applicable conversion rate. We will then distribute any remaining proceeds to the unitholders and our general partner, in accordance with their capital account balances, as adjusted to reflect any gain or loss upon the sale or other disposition of our assets in liquidation.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        The allocations of gain and loss upon liquidation are intended, to the extent possible, to entitle the holders of outstanding common units to receive their unrecovered initial unit price plus the minimum quarterly distribution for the quarter during which liquidation occurs plus any unpaid arrearages in payment of the minimum quarterly distribution on the common units. Any further net gain recognized upon liquidation will be allocated in a manner that takes into account the incentive distribution rights of our general partner.
    

    
         
    

    
        Manner of Adjustments for Gain
    

    
         
    

    
        The manner of the adjustment for gain is set forth in our partnership agreement. We will allocate any gain to our partners in the following manner:
    

    
         
    

    		
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                first, to the common unitholders, pro rata, until the capital account for each common unit is equal to the sum of:
            

    
         
    

    		
                (1)
            	
                the unrecovered initial unit price; and
            

    
         
    

    		
                (2)
            	
                the amount of the minimum quarterly distribution for the quarter during which our liquidation occurs;
            

    
         
    

    		
                ●
            	
                second, to all unitholders, pro rata, until we allocate under this paragraph an amount per unit equal to:
            

    
         
    

    		
                (1)
            	
                the sum of the excess of the first target distribution per unit over the minimum quarterly distribution per unit for each quarter of our existence; less
            

    
         
    

    		
                (2)
            	
                the cumulative amount per unit of any distributions of available cash from operating surplus in excess of the minimum quarterly distribution per unit that we distributed to the unitholders, pro rata, for each quarter of our existence;
            

    
         
    

    		
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                third, 85.0% to all unitholders, pro rata, and 15.0% to the owner(s) of the incentive distribution rights, until we allocate under this paragraph an amount per unit equal to:
            

    
         
    

    		
                (1)
            	
                the sum of the excess of the second target distribution per unit over the first target distribution per unit for each quarter of our existence; less
            

    
         
    

    		
                (2)
            	
                the cumulative amount per unit of any distributions of available cash from operating surplus in excess of the first target distribution per unit that we distributed 85.0% to the unitholders, pro rata, and 15.0% to the owner(s) of the incentive distribution rights for each quarter of our existence;
            

    
         
    

    		
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                fourth, 75.0% to all unitholders, pro rata, and 25.0% to the owner(s) of the incentive distribution rights, until we allocate under this paragraph an amount per unit equal to:
            

    
         
    

    		
                (1)
            	
                the sum of the excess of the third target distribution per unit over the second target distribution per unit for each quarter of our existence; less
            

    
         
    

    		
                (2)
            	
                the cumulative amount per unit of any distributions of available cash from operating surplus in excess of the second target distribution per unit that we distributed 75.0% to the unitholders, pro rata, and 25.0% to the owner(s) of the incentive distribution rights for each quarter of our existence; and
            

    
         
    

    		
                ●
            	
                thereafter, 50.0% to all unitholders, pro rata, and 50.0% to the owner(s) of the incentive distribution rights.
            

    
         
    

    
        Manner of Adjustments for Losses
    

    
         
    

    
        If our liquidation occurs, after making allocations of loss to the unitholders in a manner intended to offset in reverse order the allocations of gains that have previously been allocated, we will generally allocate any loss to our unitholders in proportion to the positive balances in their capital accounts until the capital accounts of the common unitholders have been reduced to zero.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        Adjustments to Capital Accounts
    

    
         
    

    
        Our partnership agreement requires that we make adjustments to capital accounts upon the issuance of additional units. In this regard, our partnership agreement specifies that we allocate any unrealized and, for tax purposes, unrecognized gain resulting from the adjustments to the unitholders in the same manner as we allocate gain upon liquidation. In the event that we make positive adjustments to the capital accounts upon the issuance of additional units, our partnership agreement requires that we generally allocate any later negative adjustments to the capital accounts resulting from the issuance of additional units or upon our liquidation in a manner that results, to the extent possible, in the partners’ capital account balances equaling the amount that they would have been if no earlier positive adjustments to the capital accounts had been made. In contrast to the allocations of gain, and except as provided above, we generally will allocate any unrealized and unrecognized loss resulting from the adjustments to capital accounts upon the issuance of additional units to the unitholders based on their respective percentage ownership of us. If we make negative adjustments to the capital accounts as a result of such loss, future positive adjustments resulting from the issuance of additional units will be allocated in a manner designed to reverse the prior negative adjustments, and special allocations will be made upon liquidation in a manner that results, to the extent possible, in our unitholders’ capital account balances equaling the amounts they would have been if no earlier adjustments for loss had been made.
    

    
         
    

    
        OUR PARTNERSHIP AGREEMENT
    

    
         
    

    
        The following is a summary of the material provisions of our partnership agreement.
    

    
         
    

    
        Organization and Duration
    

    
         
    

    
        We were organized in September 2013, and will have a perpetual existence unless terminated pursuant to the terms of our partnership agreement.
    

    
         
    

    
        Purpose
    

    
         
    

    
        Our purpose under our partnership agreement is limited to any business activity that is approved by our general partner and that lawfully may be conducted by a limited partnership organized under Delaware law; provided that our general partner shall not cause us to engage, directly or indirectly, in any business activity that our general partner determines would be reasonably likely to cause us to be treated as an association taxable as a corporation or otherwise taxable as an entity for federal income tax purposes.
    

    
         
    

    
        Although our general partner has the ability to cause us and our subsidiaries to engage in activities other than the business of providing water and environmental services, inspection services, and integrity services, our general partner has no current plans to do so and may decline to do so free of any duty or obligation whatsoever to us or the limited partners, including any duty to act in the best interests of our partnership or our limited partners, other than the implied contractual covenant of good faith and fair dealing. Our general partner is authorized in general to perform all acts it determines to be necessary or appropriate to carry out our purposes and to conduct our business.
    

    
         
    

    
        Cash Distributions
    

    
         
    

    
        Our partnership agreement specifies the manner in which we will pay distributions to holders of our common units, Series A Preferred Units and other partnership securities.
    

    
         
    

    
        Capital Contributions
    

    
         
    

    
        Unitholders are not obligated to make additional capital contributions, except as described below under “—Limited Liability.”
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        Voting Rights
    

    
         
    

    
        The following is a summary of the unitholder vote required for the matters specified below. Matters that require the approval of a “unit majority” require the approval of a majority of the outstanding common units and Series A Preferred Units (voting on an as-converted basis), voting together as a single class. In voting their common units, our general partner and its affiliates will have no duty or obligation whatsoever to us or the limited partners, including any duty to act in the best interests of us or the limited partners, other than the implied contractual covenant of good faith and fair dealing.
    

    
         
    

    	
                Issuance of additional units
            	
                 
            	
                No approval rights; certain issuances require approval by 66 2/3% of the holders of our Series A Preferred Units.
            
	
                 
            	
                 
            	
                 
            
	
                Amendment of our partnership agreement
            	
                 
            	
                Certain amendments may be made by the general partner without the approval of the unitholders, and certain other amendments that would materially adversely affect any of the rights, preferences and privileges of the Series A Preferred Units require the approval of holders of 66 2/3% of the Series A Preferred Units. Other amendments generally require the approval of a unit majority.
            
	
                 
            	
                 
            	
                 
            
	
                Merger of our partnership or the sale of all or substantially all of our assets
            	
                 
            	
                Unit majority, and if such merger or sale would materially adversely affect any of the rights, preferences and privileges of the Series A Preferred Units, the affirmative vote of 66 2/3% of Series A Preferred Units.
            
	
                 
            	
                 
            	
                 
            

    
         
    

    
    
        

    

    
         

    

    
     

    	
                Dissolution of our partnership
            	
                 
            	
                Unit majority.
            
	
                 
            	
                 
            	
                 
            
	
                Continuation of our business upon dissolution
            	
                 
            	
                Unit majority.
            
	
                 
            	
                 
            	
                 
            
	
                Withdrawal of the general partner
            	
                 
            	
                Under most circumstances, the approval of unitholders holding at least a majority of the outstanding common units, excluding common units held by our general partner and its affiliates, is required for the withdrawal of the general partner prior to March 31, 2024, in a manner which would cause a dissolution of our partnership.
            
	
                 
            	
                 
            	
                 
            
	
                Removal of the general partner
            	
                 
            	
                Not less than 66 2/3% of the outstanding units, voting as a single class, including units held by our general partner and its affiliates.
            
	
                 
            	
                 
            	
                 
            
	
                Transfer of the general partner interest
            	
                 
            	
                Our general partner may transfer all, but not less than all, of its general partner interest in us without a vote of our unitholders to an affiliate or another person in connection with its merger or consolidation with or into, or sale of all or substantially all of its assets to, such person. The approval of a majority of the outstanding common units, excluding common units held by our general partner and its affiliates, is required in other circumstances for a transfer of the general partner interest to a third party prior to March 31, 2024.
            
	
                 
            	
                 
            	
                 
            
	
                Transfer of incentive distribution rights
            	
                 
            	
                Our general partner may transfer any or all of its incentive distribution rights to an affiliate or another person without a vote of our unitholders.
            
	
                 
            	
                 
            	
                 
            
	
                Reset of incentive distribution levels
            	
                 
            	
                No approval right.
            
	
                 
            	
                 
            	
                 
            
	
                Transfer of ownership interests in our general partner
            	
                 
            	
                No approval right.
            

     

    
        Limited Liability
    

    
         
    

    
        Assuming that a limited partner does not participate in the control of our business within the meaning of the Delaware Act and that it otherwise acts in conformity with the provisions of our partnership agreement, its liability under the Delaware Act will be limited, subject to possible exceptions, to the amount of capital it is obligated to contribute to us for its common units plus its share of any undistributed profits and assets. If it were determined, however, that the right, or exercise of the right of, by the limited partners as a group:
    

    
         
    

    		
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                to remove or replace our general partner;
            

    
         
    

    		
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                to approve some amendments to our partnership agreement; or
            

    
         
    

    		
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                to take other action under our partnership agreement;
            

    
         
    

    
        constituted “participation in the control” of our business for the purposes of the Delaware Act, then the limited partners could be held personally liable for our obligations under the laws of Delaware, to the same extent as our general partner. This liability would extend to persons who transact business with us who reasonably believe that a limited partner is a general partner. Neither our partnership agreement nor the Delaware Act specifically provides for legal recourse against our general partner if a limited partner were to lose limited liability through any fault of our general partner. While this does not mean that a limited partner could not seek legal recourse, we know of no precedent for this type of a claim in Delaware case law.
    

    
         
    

    
        Under the Delaware Act, a limited partnership may not make a distribution to a partner if, after the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their limited partner interests and liabilities for which the recourse of creditors is limited to specific property of the partnership, would exceed the fair value of the assets of the limited partnership, except that the fair value of property that is subject to a liability for which the recourse of creditors is limited is included in the assets of the limited partnership only to the extent that the fair value of that property exceeds that liability. For the purpose of determining the fair value of the assets of a limited partnership, the Delaware Act provides that the fair value of property subject to liability for which recourse of creditors is limited shall be included in the assets of the limited partnership only to the extent that the fair value of that property exceeds the nonrecourse liability. The Delaware Act provides that a limited partner who receives a distribution and knew at the time of the distribution that the distribution was in violation of the Delaware Act shall be liable to the limited partnership for the amount of the distribution for three years. Under the Delaware Act, a substituted limited partner of a limited partnership is liable for the obligations of its assignor to make contributions to the partnership, except that such person is not obligated for liabilities unknown to it at the time it became a limited partner and that could not be ascertained from the partnership agreement.
    

    
         
    

    
        Our subsidiaries conduct business in several states and we may have subsidiaries that conduct business in other states in the future. Maintenance of our limited liability as a member of our operating company may require compliance with legal requirements in the jurisdictions in which our operating company conducts business, including qualifying our subsidiaries to do business there.
    

    
         
    

    
    
        

    

    
         

    

    
    
         
    

    
        Limitations on the liability of members or limited partners for the obligations of a limited liability company or limited partnership have not been clearly established in many jurisdictions. If, by virtue of our ownership interests in our operating subsidiaries or otherwise, it were determined that we were conducting business in any state without compliance with the applicable limited partnership or limited liability company statute, or that the right or exercise of the right by the limited partners as a group to remove or replace our general partner, to approve some amendments to our partnership agreement, or to take other action under our partnership agreement constituted “participation in the control” of our business for purposes of the statutes of any relevant jurisdiction, then the limited partners could be held personally liable for our obligations under the law of that jurisdiction to the same extent as our general partner under the circumstances. We will operate in a manner that our general partner considers reasonable and necessary or appropriate to preserve the limited liability of the limited partners.
    

    
         
    

    
        Issuance of Additional Securities
    

    
         
    

    
        Our partnership agreement authorizes us to issue an unlimited number of additional partnership interests for the consideration and on the terms and conditions determined by our general partner without the approval of the unitholders, except that, subject to certain limited exceptions, we will need the consent of 66 2/3% of the outstanding Series A Preferred Units (as defined below) to issue any additional Series A Preferred Units or any class or series of partnership interests that, with respect to distributions on such partnership interests or distributions in respect of such partnership interests upon our liquidation, dissolution and winding up, ranks equal to or senior to the Series A Preferred Units.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        It is possible that we will fund acquisitions through the issuance of additional common units or other partnership interests. Holders of any additional common units we issue will be entitled to share equally with the then-existing holders of common units in our distributions of available cash. In addition, the issuance of additional common units or other partnership interests may dilute the value of the interests of the then-existing holders of common units in our net assets.
    

    
         
    

    
        In accordance with Delaware law and the provisions of our partnership agreement, subject to the voting rights of the Series A Preferred Units, we may also issue additional partnership interests that, as determined by our general partner, may have special voting rights to which the common units are not entitled. In addition, our partnership agreement does not prohibit the issuance by our subsidiaries of equity interests, which may effectively rank senior to the common units.
    

    
         
    

    
        Our general partner has the right, which it may from time to time assign in whole or in part to any of its affiliates, to purchase common units or other partnership interests whenever, and on the same terms that, we issue those interests to persons other than our general partner and its affiliates, to the extent necessary to maintain the percentage interest of the general partner and its affiliates, including such interest represented by common units, that existed immediately prior to each issuance. The other holders of common units do not have preemptive rights to acquire additional common units or other partnership interests.
    

    
         
    

    
        Amendment of Our Partnership Agreement
    

    
         
    

    
        General
    

    
         
    

    
        Amendments to our partnership agreement may be proposed only by our general partner. However, our general partner will have no duty or obligation to propose any amendment and may decline to do so free of any duty or obligation whatsoever to us or our limited partners, including any duty to act in the best interests of us or the limited partners, other than the implied contractual covenant of good faith and fair dealing. In order to adopt a proposed amendment, other than the amendments discussed below, our general partner is required to seek written approval of the holders of the number of units required to approve the amendment or call a meeting of the limited partners to consider and vote upon the proposed amendment. Except as described below, an amendment must be approved by a unit majority. In addition, any amendment that materially adversely affects any of the rights, preferences and privileges of the Series A Preferred Units must be approved by the affirmative vote of 66 2/3% of the Series A Preferred Units, voting separately as a class.
    

    
         
    

    
        Prohibited Amendments
    

    
         
    

    
        No amendment may be made that would, among other actions:
    

    
         
    

    		
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                enlarge the obligations of any limited partner without its consent, unless such is deemed to have occurred as a result of an amendment approved by at least a majority of the type or class of limited partner interests so affected; or
            

    
         
    

    		
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                enlarge the obligations of, restrict in any way any action by or rights of, or reduce in any way the amounts distributable, reimbursable or otherwise payable by us to our general partner or any of its affiliates without its consent, which consent may be given or withheld at its option.
            

    
         
    

    
        The provisions of our partnership agreement preventing the amendments having the effects described in any of the clauses above can be amended upon the approval of the holders of at least 90.0% of the outstanding units voting together as a single class (including units owned by our general partner and its affiliates).
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        No Unitholder Approval
    

    
         
    

    
        Subject to the voting rights of the Series A Preferred Units, our general partner may generally make amendments to our partnership agreement without the approval of any limited partner to reflect:
    

    
         
    

    		
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                a change in our name, the location of our principal office, our registered agent or our registered office;
            

    
         
    

    		
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                the admission, substitution, withdrawal or removal of partners in accordance with our partnership agreement;
            

    
         
    

    		
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                a change that our general partner determines to be necessary or appropriate to qualify or continue our qualification as a limited partnership or a partnership in which the limited partners have limited liability under the laws of any state or to ensure that neither we nor any of our subsidiaries will be treated as an association taxable as a corporation or otherwise taxed as an entity for federal income tax purposes;
            

    
         
    

    		
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                an amendment that is necessary, in the opinion of our counsel, to prevent us or our general partner or its directors, officers, agents or trustees, from in any manner, being subjected to the provisions of the Investment Company Act of 1940, the Investment Advisors Act of 1940, or “plan asset” regulations adopted under the Employee Retirement Income Security Act of 1974 (“ERISA”), each as amended, whether or not substantially similar to plan asset regulations currently applied or proposed by the U.S. Department of Labor;
            

    
         
    

    		
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                an amendment that our general partner determines to be necessary or appropriate in connection with the authorization or issuance of additional partnership interests;
            

    
         
    

    		
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                any amendment expressly permitted in our partnership agreement to be made by our general partner acting alone;
            

    
         
    

    		
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                an amendment effected, necessitated or contemplated by a merger agreement or plan of conversion that has been approved under the terms of our partnership agreement;
            

    
         
    

    		
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                any amendment that our general partner determines to be necessary or appropriate to reflect and account for the formation by us of, or our investment in, any corporation, partnership or other entity, in connection with our conduct of activities permitted by our partnership agreement;
            

    
         
    

    		
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                a change in our fiscal year or taxable year and any other changes that our general partner determines to be necessary or appropriate as a result of such change;
            

    
         
    

    		
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                any other amendments substantially similar to any of the matters described in the clauses above.
            

    
         
    

    
        In addition, subject to the voting rights of the Series A Preferred Units, our general partner may make amendments to our partnership agreement without the approval of any limited partner if our general partner determines that those amendments:
    

    
         
    

    		
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                do not adversely affect in any material respect the limited partners considered as a whole or any particular class of partnership interests as compared to other classes of partnership interests;
            

    
         
    

    		
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                are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute;
            

    
         
    

    		
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                are necessary or appropriate to facilitate the trading of limited partner interests or to comply with any rule, regulation, guideline or requirement of any securities exchange on which the limited partner interests are or will be listed or admitted to trading;
            

    
         
    

    		
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                are necessary or appropriate for any action taken by our general partner relating to splits or combinations of units under the provisions of our partnership agreement; or
            

    
         
    

    		
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                are required to effect the intent expressed in this prospectus or the intent of the provisions of our partnership agreement or are otherwise contemplated by our partnership agreement.
            

    
         
    

    
    
        

    

    
         

    

    
     

    
        The affirmative vote of 66 2/3% of the Series A Preferred Units, voting separately as a class, is necessary on any matter (including a merger, consolidation or business combination) that would materially adversely affect any of the rights, preferences and privileges of the Series A Preferred Units.
    

    
         
    

    
        Opinion of Counsel and Unitholder Approval
    

    
         
    

    
        For amendments of the type not requiring unitholder approval, our general partner will not be required to obtain an opinion of counsel to the effect that an amendment will not affect the limited liability of any limited partner under Delaware law. No other amendments to our partnership agreement will become effective without the approval of holders of at least 90.0% of the outstanding units voting as a single class unless we first obtain such an opinion of counsel.
    

    
         
    

    
        In addition to the above restrictions, any amendment that would have a material adverse effect on the rights or preferences of any type or class of partnership interests in relation to other classes of partnership interests will require the approval of at least a majority of the type or class of partnership interests so affected. Any amendment that would reduce the percentage of units required to take any action, other than to remove our general partner or call a meeting of unitholders, must be approved by the affirmative vote of limited partners whose aggregate outstanding units constitute not less than the percentage sought to be reduced. Any amendment that would increase the percentage of units required to remove our general partner must be approved by the affirmative vote of limited partners whose aggregate outstanding units constitute not less than 90.0% of outstanding units. Any amendment that would increase the percentage of units required to call a meeting of unitholders must be approved by the affirmative vote of limited partners whose aggregate outstanding units constitute at least a majority of the outstanding units.
    

    
         
    

    
        Merger, Consolidation, Conversion, Sale or Other Disposition of Assets
    

    
         
    

    
        A merger, consolidation or conversion of our partnership requires the prior consent of our general partner. However, our general partner will have no duty or obligation to consent to any merger, consolidation or conversion and may decline to do so free of any duty or obligation whatsoever to us or the limited partners, including any duty to act in the best interest of us or the limited partners, other than the implied contractual covenant of good faith and fair dealing.
    

    
         
    

    
        In addition, our partnership agreement generally prohibits our general partner, without the prior approval of the holders of a unit majority, from causing us to, among other things, sell, exchange or otherwise dispose of all or substantially all of our assets in a single transaction or a series of related transactions. Further, the affirmative vote of 66 2/3% of the Series A Preferred Units, voting separately as a class, is required for certain asset sales or if any such sale, merger, consolidation or other combination is materially adverse to any of the rights, preferences and privileges of the Series A Preferred Units. Our general partner may, however, mortgage, pledge, hypothecate, or grant a security interest in all or substantially all of our assets without that approval. Our general partner may also sell any or all of our assets under a foreclosure or other realization upon those encumbrances without that approval. Finally, our general partner may consummate any merger with another limited liability entity without the prior approval of our unitholders if we are the surviving entity in the transaction, our general partner has received an opinion of counsel regarding limited liability and tax matters, the transaction would not result in an amendment to our partnership agreement requiring unitholder approval, each of our units will be an identical unit of our partnership following the transaction and the partnership interests to be issued by us in such merger do not exceed 20.0% of our outstanding partnership interests immediately prior to the transaction.
    

    
         
    

    
        If the conditions specified in our partnership agreement are satisfied, our general partner may convert us or any of our subsidiaries into a new limited liability entity or merge us or any of our subsidiaries into, or convey all of our assets to, a newly formed entity if the sole purpose of that conversion, merger or conveyance is to effect a mere change in our legal form into another limited liability entity, our general partner has received an opinion of counsel regarding limited liability and tax matters, and our general partner determines that the governing instruments of the new entity provide the limited partners and our general partner with the same rights and obligations as contained in our partnership agreement. The unitholders are not entitled to dissenters’ rights of appraisal under our partnership agreement or applicable Delaware law in the event of a conversion, merger or consolidation, a sale of substantially all of our assets or any other similar transaction or event.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        Termination and Dissolution
    

    
         
    

    
        We will continue as a limited partnership until dissolved and terminated under our partnership agreement. We will dissolve upon:
    

    
         
    

    		
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                the withdrawal or removal of our general partner or any other event that results in its ceasing to be our general partner other than by reason of a transfer of its general partner interest in accordance with our partnership agreement or withdrawal or removal followed by approval and admission of a successor;
            

    
         
    

    		
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                the election of our general partner to dissolve us, if approved by the holders of units representing a unit majority;
            

    
         
    

    		
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                the entry of a decree of judicial dissolution of our partnership; or
            

    
         
    

    		
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                there being no limited partners, unless we are continued without dissolution in accordance with the Delaware Act.
            

    
         
    

    
        Upon a dissolution under the first clause above, the holders of a unit majority may also elect, within specific time limitations, to continue our business on the same terms and conditions described in our partnership agreement by appointing as a successor general partner an entity approved by the holders of units representing a unit majority, subject to our receipt of an opinion of counsel to the effect that:
    

    
         
    

    		
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                the action would not result in the loss of limited liability of any limited partner; and
            

    
         
    

    		
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                neither our partnership nor any of our subsidiaries would be treated as an association taxable as a corporation or otherwise be taxable as an entity for federal income tax purposes upon the exercise of that right to continue.
            

    
         
    

    
        Liquidation and Distribution of Proceeds
    

    
         
    

    
        Upon our dissolution, unless we are continued as a new limited partnership, the liquidator authorized to wind up our affairs will, acting with all of the powers of our general partner that are necessary or appropriate to, liquidate our assets and apply the proceeds of the liquidation. The liquidator may defer liquidation or distribution of our assets for a reasonable period of time or distribute assets to partners in kind if it determines that a sale would be impractical or would cause undue loss to our partners.
    

    
         
    

    
        Upon our liquidation, dissolution and winding up, the holders of the Series A Preferred Units will be entitled to receive, prior to any distribution of any of our assets to the holders of our common units or to the holders of any other class or series of our equity securities, an amount per Series A Preferred Unit equal to the greater of the Issue Price plus any unpaid distribution owed on such Series A Preferred Unit and the amount such Series A Preferred Unit would be entitled to if converted at the then applicable conversion rate.
    

    
         
    

    
        Withdrawal or Removal of Our General Partner
    

    
         
    

    
        Except as described below, our general partner has agreed not to withdraw voluntarily as our general partner prior to March 31, 2024, without obtaining the approval of the holders of at least a majority of the outstanding common units, excluding common units held by our general partner and its affiliates, and furnishing an opinion of counsel regarding limited liability and tax matters. On or after March 31, 2024, our general partner may withdraw as general partner without first obtaining approval of any unitholder by giving 90 days’ written notice, and that withdrawal will not constitute a violation of our partnership agreement.
    

    
         
    

    
        Notwithstanding the information above, our general partner may withdraw without unitholder approval upon 90 days’ written notice to the limited partners if at least 50.0% of the outstanding units are held or controlled by one person and its affiliates other than our general partner and its affiliates. In addition, our partnership agreement permits our general partner in some instances to sell or otherwise transfer all of its general partner interest in us without the approval of the unitholders.
    

    
         
    

    
        Upon voluntary withdrawal of our general partner by giving notice to the other partners, the holders of a unit majority may select a successor to that withdrawing general partner. If a successor is not elected, or is elected but an opinion of counsel regarding limited liability and tax matters cannot be obtained, we will be dissolved, wound up and liquidated, unless within a specified period after that withdrawal, the holders of a unit majority agree to continue our business by appointing a successor general partner.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        Our general partner may not be removed unless that removal is approved by the vote of the holders of not less than 66 2/3% of our outstanding units, voting together as a single class, including units held by our general partner and its affiliates, and we receive an opinion of counsel regarding limited liability and tax matters. Any removal of our general partner is also subject to the approval of a successor general partner by the vote of the holders of a majority of the outstanding common units. The ownership of more than 33 1/3% of the outstanding units by our general partner and its affiliates would give them the practical ability to prevent our general partner’s removal.
    

    
         
    

    
        Our partnership agreement also provides that if our general partner is removed as our general partner under circumstances where cause does not exist and units held by our general partner and its affiliates are not voted in favor of that removal:
    

    
         
    

    		
                ●
            	
                any existing arrearages in payment of the minimum quarterly distribution on the common units will be extinguished; and
            

    
         
    

    		
                ●
            	
                our general partner will have the right to convert its general partner interest and its incentive distribution rights into common units or to receive cash in exchange for those interests based on the fair market value of those interests as of the effective date of its removal.
            

    
         
    

    
        In the event of removal of our general partner under circumstances where cause exists or withdrawal of our general partner where that withdrawal violates our partnership agreement, a successor general partner will have the option to purchase the general partner interest and incentive distribution rights of the departing general partner for a cash payment equal to the fair market value of those interests. Under all other circumstances where our general partner withdraws or is removed by the limited partners, the departing general partner will have the option to require the successor general partner to purchase the general partner interest of the departing general partner and its incentive distribution rights for fair market value. In each case, this fair market value will be determined by agreement between the departing general partner and the successor general partner. If no agreement is reached, an independent investment banking firm or other independent expert selected by the departing general partner and the successor general partner will determine the fair market value. Or, if the departing general partner and the successor general partner cannot agree upon an expert, then an expert chosen by agreement of the experts selected by each of them will determine the fair market value.
    

    
         
    

    
        If the option described above is not exercised by either the departing general partner or the successor general partner, the departing general partner will become a limited partner and its general partner interest and its incentive distribution rights will automatically convert into common units pursuant to a valuation of those interests as determined by an investment banking firm or other independent expert selected in the manner described in the preceding paragraph.
    

    
         
    

    
        In addition, we will be required to reimburse the departing general partner for all amounts due the departing general partner, including, without limitation, all employee-related liabilities, including severance liabilities, incurred for the termination of any employees employed by the departing general partner or its affiliates for our benefit.
    

    
         
    

    
        Transfer of General Partner Interest
    

    
         
    

    
        Except for transfer by our general partner of all, but not less than all, of its general partner interest to (1) an affiliate of our general partner (other than an individual) or (2) another entity as part of the merger or consolidation of our general partner with or into such entity or the transfer by our general partner of all or substantially all of its assets to such entity, our general partner may not transfer all or any part of its general partner interest to another person prior to March 31, 2024, without the approval of the holders of at least a majority of the outstanding common units, excluding common units held by our general partner and its affiliates. As a condition of this transfer, the transferee must assume, among other things, the rights and duties of our general partner, agree to be bound by the provisions of our partnership agreement, and furnish an opinion of counsel regarding limited liability and tax matters.
    

    
         
    

    
        Our general partner and its affiliates may at any time transfer units to one or more persons, without unitholder approval.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        Transfer of Ownership Interests in Our General Partner
    

    
         
    

    
        At any time, Cypress Holdings and its affiliates may sell or transfer all or part of their membership interest in our general partner, to an affiliate or third party without the approval of our unitholders.
    

    
         
    

    
        Transfer of Incentive Distribution Rights
    

    
         
    

    
        At any time, our general partner may sell or transfer its incentive distribution rights to an affiliate or third party without the approval of the unitholders.
    

    
         
    

    
        Change of Management Provisions
    

    
         
    

    
        Our partnership agreement contains specific provisions that are intended to discourage a person or group from attempting to remove Cypress Energy Partners GP, LLC as our general partner or otherwise change our management. If any person or group other than our general partner and its affiliates acquires beneficial ownership of 20.0% or more of any class of units, that person or group loses voting rights on all of its units. This loss of voting rights does not apply to any person or group that acquires the units from our general partner or its affiliates or any transferees of that person or group who are notified by our general partner that they will not lose their voting rights or to any person or group who acquires the units with the prior approval of the board of directors of our general partner.
    

    
         
    

    
        Limited Call Right
    

    
         
    

    
        If at any time our general partner and its affiliates own more than 80.0% of the then-issued and outstanding limited partner interests of any class, our general partner will have the right, which it may assign in whole or in part to any of its affiliates or to us, to acquire all, but not less than all, of the limited partner interests of such class held by unaffiliated persons as of a record date to be selected by our general partner, on at least 10, but not more than 60, days’ written notice.
    

    
         
    

    
        The purchase price in the event of this purchase is the greater of:
    

    
         
    

    		
                ●
            	
                the highest cash price paid by either our general partner or any of its affiliates for any limited partner interests of the class purchased within the 90 days preceding the date on which our general partner first mails notice of its election to purchase those limited partner interests; and
            

    
         
    

    		
                ●
            	
                the current market price calculated in accordance with our partnership agreement as of the date three business days before the date the notice is mailed.
            

    
         
    

    
        As a result of our general partner’s right to purchase outstanding limited partner interests, a holder of limited partner interests may have his limited partner interests purchased at a price that may be lower than market prices at various times prior to such purchase or lower than a unitholder may anticipate the market price to be in the future. The tax consequences to a unitholder of the exercise of this call right are the same as a sale by that unitholder of his common units in the market.
    

    Our Series A Preferred Units may be converted into common units at the then-applicable conversion rate at the earlier of (i) May 29, 2021 or (ii) immediately prior to a liquidation of us. In addition, our Series A Preferred Units may be converted into common units on other terms negotiated by the conflicts committee of our board of directors.

    
        Redemption of Ineligible Holders
    

    
         
    

    
        In order to avoid any material adverse effect on the maximum applicable rates that can be charged to customers by our subsidiaries on assets that are subject to rate regulation by FERC or analogous regulatory body, the general partner at any time can request a transferee or a unitholder to certify or re-certify:
    

    
         
    

    		
                ●
            	
                that the transferee or unitholder is an individual or an entity subject to United States federal income taxation on the income generated by us; or
            

    
         
    

    		
                ●
            	
                that, if the transferee unitholder is an entity not subject to United States federal income taxation on the income generated by us, as in the case, for example, of a mutual fund taxed as a regulated investment company or a partnership, all the entity’s owners are subject to United States federal income taxation on the income generated by us.
            

    
         
    

    
    
        

    

    
         

    

    
     

    
        Furthermore, in order to avoid a substantial risk of cancellation or forfeiture of any property, including any governmental permit, endorsement or other authorization, in which we have an interest as the result of any federal, state or local law or regulation concerning the nationality, citizenship or other related status of any unitholder, our general partner may at any time request unitholders to certify as to, or provide other information with respect to, their nationality, citizenship or other related status.
    

    
         
    

    
        The certifications as to taxpayer status and nationality, citizenship or other related status can be changed in any manner our general partner determines is necessary or appropriate to implement its original purpose.
    

    
         
    

    
        If a unitholder fails to furnish the certification or other requested information with 30 days or if our general partner determines, with the advice of counsel, upon review of such certification or other information that a unitholder does not meet the status set forth in the certification, we will have the right to redeem all of the units held by such unitholder at a price equal to the average daily closing prices of the common units for the 20 consecutive trading days prior to the date fixed for redemption.
    

    
         
    

    
        The purchase price will be paid in cash or by delivery of a promissory note, as determined by our general partner. Any such promissory note will bear interest at the rate of 5.0% annually and be payable in three equal annual installments of principal and accrued interest, commencing one year after the redemption date. Further, the units will not be entitled to any allocations of income or loss, distributions or voting rights while held by such unitholder.
    

    
         
    

    
        Meetings; Voting
    

    
         
    

    
        Except as described below regarding a person or group owning 20.0% or more of any class of units then outstanding, record holders of units on the record date will be entitled to notice of, and to vote at, meetings of our limited partners and to act upon matters for which approvals may be solicited.
    

    
         
    

    
        Our general partner does not anticipate that any meeting of unitholders will be called in the foreseeable future. Any action that is required or permitted to be taken by the unitholders may be taken either at a meeting of the unitholders or, if authorized by our general partner, without a meeting if consents in writing describing the action so taken are signed by holders of the number of units that would be necessary to authorize or take that action at a meeting where all limited partners were present and voted. Meetings of the unitholders may be called by our general partner or by unitholders owning at least 20.0% of the outstanding units of the class for which a meeting is proposed. Unitholders may vote either in person or by proxy at meetings. The holders of a majority of the outstanding units of the class or classes for which a meeting has been called, represented in person or by proxy, will constitute a quorum unless any action by the unitholders requires approval by holders of a greater percentage of the units, in which case the quorum will be the greater percentage. The units representing the general partner interest are units for distribution and allocation purposes, but do not entitle our general partner to any vote other than its rights as general partner under our partnership agreement, will not be entitled to vote on any action required or permitted to be taken by the unitholders and will not count toward or be considered outstanding when calculating required votes, determining the presence of a quorum or for similar purposes.
    

    
         
    

    
        Each record holder of a unit has a vote according to its percentage interest in us, although additional limited partner interests having special voting rights could be issued. However, if at any time any person or group, other than our general partner and its affiliates, a direct transferee of our general partner and its affiliates or a transferee of such direct transferee who is notified by our general partner that it will not lose its voting rights, acquires, in the aggregate, beneficial ownership of 20.0% or more of any class of units then outstanding, that person or group will lose voting rights on all of its units and the units may not be voted on any matter and will not be considered to be outstanding when sending notices of a meeting of unitholders, calculating required votes, determining the presence of a quorum, or for other similar purposes. Common units held in nominee or street name account will be voted by the broker or other nominee in accordance with the instruction of the beneficial owner unless the arrangement between the beneficial owner and its nominee provides otherwise. Any notice, demand, request, report or proxy material required or permitted to be given or made to record holders of common units under our partnership agreement will be delivered to the record holder by us or by the transfer agent.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        Status as Limited Partner
    

    
         
    

    
        By transfer of units in accordance with our partnership agreement, each transferee of units shall be admitted as a limited partner with respect to the units transferred when such transfer and admission is reflected in our register. Except as described under “—Limited Liability,” the common units and the Series A Preferred Units will be fully paid, and unitholders will not be required to make additional contributions.
    

    
         
    

    
        Indemnification
    

    
         
    

    
        Under our partnership agreement, in most circumstances, we will indemnify the following persons, to the fullest extent permitted by law, from and against all losses, claims, damages or similar events:
    

    
         
    

    		
                ●
            	
                our general partner;
            

    
         
    

    		
                ●
            	
                any departing general partner;
            

    
         
    

    		
                ●
            	
                any person who is or was an affiliate of our general partner or any departing general partner
            

    
         
    

    		
                ●
            	
                any person who is or was a director, officer, managing member, manager, general partner, fiduciary or trustee of us or our subsidiaries, an affiliate of us or our subsidiaries or any entity set forth in the preceding three bullet points;
            

    
         
    

    		
                ●
            	
                any person who is or was serving as director, officer, managing member, manager, general partner, fiduciary or trustee of another person owing a fiduciary duty to us or any of our subsidiaries at the request of our general partner or any departing general partner or any of their affiliates, excluding any such person providing, on a fee-for-service basis, trustee, fiduciary or custodial services; and
            

    
         
    

    		
                ●
            	
                any person designated by our general partner because such person’s status, service or relationship expose such person to potential claims or suits relating to our or our subsidiaries’ business and affairs.
            

    
         
    

    
        Any indemnification under these provisions will only be out of our assets. Unless it otherwise agrees, our general partner will not be personally liable for, or have any obligation to contribute or lend funds or assets to us to enable us to effectuate, indemnification. We will purchase insurance against liabilities asserted against and expenses incurred by persons for our activities, regardless of whether we would have the power to indemnify the person against such liabilities under our partnership agreement.
    

    
         
    

    
        Any expenses incurred by an indemnified person in connection with any indemnification will be advanced by us.
    

    
         
    

    
        Reimbursement of Expenses
    

    
         
    

    
        Our partnership agreement requires us to reimburse our general partner and its affiliates for all direct and indirect expenses it incurs or payments it makes on our behalf and all other expenses allocable to us or otherwise incurred by our general partner in connection with operating our business. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for us or on our behalf and expenses allocated to our general partner by its affiliates. Our general partner is entitled to determine in good faith the expenses that are allocable to us. The expenses for which we are required to reimburse our general partner are not subject to any caps or other limits.
    

    
         
    

    
        Books and Reports
    

    
         
    

    
        Our general partner is required to keep appropriate books of our business at our principal offices. The books will be maintained for financial reporting purposes on an accrual basis. For fiscal and tax reporting purposes, our fiscal year is the calendar year.
    

    
         
    

    
        We will mail or make available to record holders of common units, within 105 days after the close of each fiscal year, an annual report containing audited financial statements and a report on those financial statements by our independent registered public accounting firm. Except for our fourth quarter, we will also mail or make available summary financial information within 50 days after the close of each quarter.
    

    
         
    

    
    
        

    

    
         

    

    
     

    
        We will furnish each record holder of a unit with information reasonably required for tax reporting purposes within 90 days after the close of each calendar year. This information is expected to be furnished in summary form so that some complex calculations normally required of partners can be avoided. Our ability to furnish this summary information to unitholders will depend on the cooperation of unitholders in supplying us with specific information. Every unitholder will receive information to assist him in determining its federal and state tax liability and filing its federal and state income tax returns, regardless of whether he supplies us with information.
    

    
         
    

    
        Right to Inspect Our Books and Records
    

    
         
    

    
        Our partnership agreement provides that a limited partner can, for a purpose reasonably related to its interest as a limited partner, upon reasonable written demand stating the purpose of such demand and at its own expense, have furnished to him:
    

    
         
    

    		
                ●
            	
                a current list of the name and last known address of each record holder;
            

    
         
    

    		
                ●
            	
                copies of our partnership agreement and our certificate of limited partnership and all amendments thereto; and
            

    
         
    

    		
                ●
            	
                certain information regarding the status of our business and financial condition.
            

    
         
    

    
        Our general partner may, and intends to, keep confidential from the limited partners trade secrets or other information the disclosure of which our general partner determines is not in our best interests or that we are required by law or by agreements with third-parties to keep confidential. Our partnership agreement limits the right to information that a limited partner would otherwise have under Delaware law.
    

    
         
    

    
        Registration Rights
    

    
         
    

    
        Under our partnership agreement, we have agreed to register for resale under the Securities Act of 1933, as amended (the “Securities Act”), and applicable state securities laws any common units or other partnership interests proposed to be sold by our general partner or any of its affiliates, other than individuals, or their assignees if an exemption from the registration requirements is not otherwise available. We are obligated to pay all expenses incidental to the registration, excluding underwriting discounts and commissions.
    

    
         
    

    
        Exclusive Forum
    

    
         
    

    
        Our partnership agreement provides that the Court of Chancery of the State of Delaware shall be the exclusive forum for any claims, suits, actions or proceedings
    

    
         
    

    
        (1) arising out of or relating in any way to our partnership agreement (including any claims, suits or actions to interpret, apply or enforce the provisions of our partnership agreement or the duties, obligations or liabilities among our partners, or obligations or liabilities of our partners to us, or the rights or powers of, or restrictions on, our partners or us), (2) brought in a derivative manner on our behalf, (3) asserting a claim of breach of a duty owed by any of our, or our general partner’s, directors, officers, or other employees, or owed by our general partner, to us or our partners, (4) asserting a claim against us arising pursuant to any provision of the Delaware Act or (5) asserting a claim against us governed by the internal affairs doctrine. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers. The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation or similar governing documents have been challenged in legal proceedings, and it is possible that, in connection with any action, a court could find the choice of forum provisions contained in our partnership agreement to be inapplicable or unenforceable in such action.Exhibit 4.1

   

  ZYMERGEN INC.

   

  AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

   

  July 29, 2020

   

  
     

    
      
 

  

   

  TABLE OF CONTENTS

   

  	 	 	 	Page
	 	 	 	 
	1.	Definitions	3
	 	 	 	 
	2.	Registration Rights	5
	 	2.1	Request for Registration	5
	 	2.2	Company Registration	7
	 	2.3	Form S-3 Registration	8
	 	2.4	Obligations of the Company	10
	 	2.5	Information from Holder	11
	 	2.6	Expenses of Registration	12
	 	2.7	Delay of Registration	12
	 	2.8	Indemnification	12
	 	2.9	Reports Under the 1934 Act	14
	 	2.10	Assignment of Registration Rights	15
	 	2.11	Limitations on Subsequent Registration Rights	15
	 	2.12	“Market Stand-Off” Agreement	15
	 	2.13	Termination of Registration Rights	17
	 	 	 	 
	3.	Covenants of the Company	17
	 	3.1	Delivery of Financial Statements	17
	 	3.2	Inspection	18
	 	3.3	Termination of Information and Inspection Covenants	18
	 	3.4	Right of First Offer	19
	 	3.5	Directors’ and Officers’ Insurance	20
	 	3.6	Observer Rights	20
	 	3.7	Proprietary Information and Inventions Agreements	22
	 	3.8	Employee Agreements	22
	 	3.9	Indemnification Matters	22
	 	3.10	Confidentiality	23
	 	3.11	Right to Conduct Activities	23
	 	3.12	FCPA	24
	 	3.13	Major Investor Rights	25
	 	3.14	Matters Requiring Investor Director Approval	25
	 	3.15	Successor Indemnification	27
	 	3.16	Board Matters	27
	 	3.17	Business Plan	27
	 	3.18	Tax Matters.	27
	 	3.19	Lead Independent Director	29
	 	3.20	Termination of Certain Covenants	29
	 	 	 	 
	4.	Miscellaneous	29
	 	4.1	Successors and Assigns	29
	 	4.2	Governing Law	29
	 	4.3	Counterparts; Facsimile	29

   

  
     

    
      
 

  

  
   

  	 	4.4	Titles and Subtitles	29
	 	4.5	Notices	29
	 	4.6	Expenses	30
	 	4.7	Limitation of Liability	30
	 	4.8	Amendments and Waivers	30
	 	4.9	Severability	32
	 	4.10	Aggregation of Stock	32
	 	4.11	Additional Investors	32
	 	4.12	Additional Transfer Restriction	32
	 	4.13	Entire Agreement; Effect on Prior Agreement	34

   

  	SCHEDULE A 	Schedule of Investors
	SCHEDULE B 	Schedule of Common Holders

   

  
    2 

    
      
 

  

   

  

  AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

   

  This AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of the 29th day of July, 2020, by and among Zymergen Inc., a Delaware corporation (the “Company”), the investors listed on Schedule A hereto, each of which is herein referred to as an “Investor” and
    collectively as the “Investors”, and the holders of Common Stock (as defined below) listed on Schedule B hereto, each of which is herein referred to as a “Common Holder” and collectively as the “Common Holders”.

   

  RECITALS

   

  WHEREAS, concurrently with the execution of this Agreement, the Company and certain of the Investors are entering into a Series D Preferred
    Stock Purchase Agreement (the “Series D Agreement”) providing for the sale of shares of the Company’s Series D Preferred Stock, par value $0.001 per share (the “Series D Preferred Stock”);

   

  WHEREAS, certain of the Investors (the “Existing Investors”) are parties to that certain Amended and Restated Investors’ Rights
    Agreement dated as of November 30, 2018, by and among the Company and such Existing Investors (collectively, the “Prior Agreement”);

   

  WHEREAS, in connection with the consummation of the transactions contemplated by the Series D Agreement, the Company, the Common Holders and
    the Existing Investors desire to amend and restate the Prior Agreement in its entirety pursuant to the terms hereof; and

   

  WHEREAS, the undersigned satisfy the requirements set forth in Section 4.8 of the Prior Agreement for amendments thereto, and desire to amend
    and restate the Prior Agreement in its entirety as set forth in this Agreement.

   

  NOW, THEREFORE, the parties hereby agree as follows:

   

  		1.	Definitions. For purposes of this Agreement:

   

  (a)         The term “Act” means the Securities Act of 1933, as amended.

   

  (b)         The term “Affiliate” means, with respect to any Person, any other Person who or which, directly or indirectly, controls, is
    controlled by, or is under common control with such specified Person, including, without limitation, any general partner, officer, director or manager of such Person and any venture capital fund, registered investment fund or other investment fund now
    or hereafter existing that is controlled by one or more general partners or managing members or investment advisors of, or is under common investment management with, or shares the same investment manager with, such Person.

   

  (c)         The term “Board” means the Company’s board of directors, as constituted from time to time.

   

  (d)         The term “Common Stock” means the Company’s common stock, par value $0.001 per share.

   

  
    3 

    
      
 

  

   

  (e)         The term “Direct Listing” means the registration of the Company’s securities under the 1934 Act, in connection with a listing
    of the Company’s Common Stock for trading on the Nasdaq Stock Market, the New York Stock Exchange or another exchange or marketplace approved by the Board.

   

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

   

  (g)         The term “Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405.

   

  (h)         The term “Holder” means any Person owning or having the right to acquire Registrable Securities or any assignee thereof in
    accordance with Section 2.10 of this Agreement; provided, however, that the Common Holders shall not be deemed to be Holders for purposes of Sections 2.1, 2.3, 2.11 and 4.8.

   

  (i)          The term “Initial Closing” shall have the meaning set forth in the Series D Agreement.

   

  (j)          The term “Initial Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock under the Act.

   

  (k)         The term “1934 Act” means the Securities Exchange Act of 1934, as amended.

   

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

   

  (m)        The term “Preferred Directors” shall have the meaning provided in the Voting Agreement.

   

  (n)         The term “Preferred Stock” means, collectively, the Company’s Series A Preferred Stock, par value $0.001 per share (the “Series

      A Preferred Stock”), the Company’s Series A-1 Preferred Stock, par value $0.001 per share (the “Series A-1 Preferred Stock”), the Company’s Series B Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”), the
    Company’s Series C Preferred Stock, par value $0.001 per share (the “Series C Preferred Stock”), and the Series D Preferred Stock.

   

  (o)         The terms “register,” “registered,” and “registration” refer to a registration effected by preparing and filing a
    registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document.

   

  
    4 

    
      
 

  

   

  (p)         The term “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock, (ii)
    the 25,200,000 shares of Common Stock issued to the Common Holders; provided, however, that such shares of Common Stock shall not be deemed Registrable Securities for the purposes of Sections 2.1, 2.3, 2.11, 3.1, 3.2, 3.4 and 4.8 and
    (iii) any Common Stock of the Company 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 (i) and (ii) above, excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which his rights under Section 2 of this Agreement are not assigned. In addition, the number of shares of
    Registrable Securities outstanding shall equal the aggregate of the number of shares of Common Stock outstanding that are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities that are, Registrable
    Securities.

   

  (q)         The term “Restated Certificate” shall mean the Company’s Restated Certificate of Incorporation, as amended and/or restated from time to time.

   

  (r)          The term “Rule 144” shall mean Rule 144 under the Act.

   

  (s)         The term “Rule 144(b)(1)(i)” shall mean subsection (b)(1)(i) of Rule 144 under the Act as it applies to Persons who have held shares for more than
    one (1) year.

   

  (t)          The term “Rule 405” shall mean Rule 405 under the Act.

   

  (u)         The term “SEC” shall mean the Securities and Exchange Commission.

   

  (v)         The term “Voting Agreement” shall mean the agreement of even date herewith by and among the Company, the Investors and the
    Common Holders, as it may be amended from time to time.

   

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

   

  2.1       Request for Registration.

   

  (a)         Subject to the conditions of this Section 2.1, if the Company shall receive at any time after the earlier of (i) four (4) years from
    the date of the Initial Closing and (ii) six (6) months after the effective date of the Initial Offering or Direct Listing, a written request from the Holders of at least 50% of the Registrable Securities then outstanding (for purposes of this Section
    2.1, the “Initiating Holders”) that the Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $30,000,000, then the Company shall, within
    twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 2.1, use its commercially reasonable efforts to effect, as soon as practicable, the registration under the Act
    of all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 2.1(a).

   

  
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  (b)         If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
    shall so advise the Company as a part of their request made pursuant to this Section 2.1, and the Company shall include such information in the written notice referred to in Section 2.1(a). In such event the right of any Holder to include its
    Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in
    interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or
    underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to those Initiating Holders holding a majority of the Registrable Securities then held by all Initiating Holders).
    Notwithstanding any other provision of this Section 2.1, if the underwriter advises the Company that marketing factors require a limitation on the number of securities underwritten (including Registrable Securities), then the Company shall so advise
    all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities pro rata based on the number
    of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. Any Registrable Securities excluded
    or withdrawn from such underwriting shall be withdrawn from the registration.

   

  (c)        Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this Section 2.1:

   

  (i)          in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
    such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act;

   

  (ii)         after the Company has effected two (2) registrations pursuant to this Section 2.1, and such registrations have been declared or ordered effective;

   

  (iii)        during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of and
    ending on a date one hundred eighty (180) days following the effective date of a Company-initiated registration subject to Section 2.2 below, provided that the Company is actively employing in good faith its commercially reasonable efforts to
    cause such registration statement to become effective;

   

  (iv)        if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 2.3 hereof; or

   

  (v)         if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.1 a certificate signed by the
    Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which
    event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided that such right shall be exercised by the Company not more than once in
    any twelve (12) month period ; and provided further that the Company shall not register any securities for the account of itself or any other stockholder during such ninety (90) day period (other than a registration relating solely to the sale
    of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, 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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  2.2      Company Registration.

   

  (a)        If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the
    Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than (i) a registration relating to a demand pursuant to Section 2.1 of this Agreement
    or (ii) a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, 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), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such
    notice by the Company in accordance with Section 4.5 of this Agreement, the Company shall, subject to the provisions of Section 2.2(c) of this Agreement, use its commercially reasonable best efforts to cause to be registered under the Act all of the
    Registrable Securities that each such Holder requests to be registered.

   

  (b)        Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
    under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with
    Section 2.6 hereof.

   

  (c)        Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital stock,
    the Company shall not be required under this Section 2.2 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company (or
    by other Persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the
    success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters
    determine in their sole discretion 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, that the underwriters determine in
    their sole discretion will not jeopardize the success of the offering. In the event that 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 apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such
    selling Holders. Notwithstanding the foregoing, in no event shall (i) any Registrable Securities be excluded from such offering unless all other stockholders’ securities have been first excluded from the offering, (ii) the amount of securities of the
    selling Holders included in the offering be reduced below twenty-five percent (25%) of the total amount of securities included in such offering, unless such offering is the Initial Offering, in which case the selling Holders may be excluded if the
    underwriters, as applicable, make the determination described above and no other stockholder’s securities are included in such offering or (iii) any securities held by a Common Holder be included in such offering if any Registrable Securities held by
    any Holder other than a Common Holder (and that such Holder has requested to be registered) are excluded from such offering. For purposes of the preceding sentence concerning apportionment, for any selling stockholder that is a Holder of Registrable
    Securities and that is a venture capital fund, partnership or corporation, the affiliated venture capital funds, partners, members, retired partners and stockholders of such Holder, or the estates and family members of any such partners, members and
    retired partners 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 amount of Registrable
    Securities owned by all such related entities and individuals.

   

  
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  2.3     Form S-3 Registration. In case the Company shall receive from the Holders of at least twenty-five percent (25%) of the
    Registrable Securities (for purposes of this Section 2.3, the “S-3 Initiating Holders”) a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of
    the Registrable Securities owned by such Holder or Holders, the Company shall:

   

  (a)        promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and

   

  (b)        use its commercially reasonable efforts to effect, as soon as practicable, such registration and all such qualifications and
    compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable
    Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be
    obligated to effect any such registration, qualification or compliance, pursuant to this Section 2.3:

   

  (i)          if Form S-3 is not available for such offering by the Holders;

   

  (ii)         if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to
    sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $10,000,000;

   

  
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  (iii)        if the Company shall furnish to all Holders requesting a registration statement pursuant to this Section 2.3 a certificate signed by
    the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in
    which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the S-3 Initiating Holders; provided that such right shall be exercised by the Company not more
    than once in any twelve (12) month period; and provided further that the Company shall not register any securities for the account of itself or any other stockholder during such ninety (90) day period (other than a registration relating solely
    to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, 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);

   

  (iv)        if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations on
    Form S-3 pursuant to this Section 2.3;

   

  (v)         in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
    service of process in effecting such registration, qualification or compliance;

   

  (vi)        if the Company, within thirty (30) days of receipt of the request of such S-3 Initiating Holders, gives notice of its bona fide
    intention to effect the filing of a registration statement with the SEC within one hundred twenty (120) days of receipt of such request (other than a registration effected solely to qualify an employee benefit plan or to effect a business combination
    pursuant to Rule 145), provided that the Company is actively employing in good faith its commercially reasonable efforts to cause such registration statement to become effective; or

   

  (vii)       during the period starting with the date thirty (30) days prior to the Company’s good faith estimate of the date of the filing of and
    ending on a date ninety (90) days following the effective date of a Company-initiated registration subject to Section 2.2 of this Agreement, provided that the Company is actively employing in good faith its commercially reasonable efforts to
    cause such registration statement to become effective.

   

  (c)        If the S-3 Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting,
    they shall so advise the Company as a part of their request made pursuant to this Section 2.3 and the Company shall include such information in the written notice referred to in Section 2.3(a). The provisions of Section 2.1(b) of this Agreement shall
    be applicable to such request (with the substitution of Section 2.3 for references to Section 2.1).

   

  (d)        Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so
    requested to be registered as soon as practicable after receipt of the request or requests of the S-3 Initiating Holders. Registrations effected pursuant to this Section 2.3 shall not be counted as requests for registration effected pursuant to Section
    2.1 of this Agreement.

   

  
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  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;

   

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

   

  (c)        furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus and any Free Writing Prospectus, in
    conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them;

   

  (d)        use its 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 Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
    consent to service of process in any such states or jurisdictions;

   

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

   

  (f)        notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or Free Writing
    Prospectus (to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
    includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and, at the request of any such
    Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) so that, as thereafter
    delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in light of the circumstances under
    which they were made;

   

  
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  (g)        cause all such Registrable Securities registered pursuant to this Section 2 to be listed on a national exchange or trading system and
    on each securities exchange and trading system on which similar securities issued by the Company are then listed; and

   

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

   

  Notwithstanding the provisions of this Section 2, the Company shall be entitled to postpone or suspend, for a reasonable period of time, the filing,
    effectiveness or use of, or trading under, any registration statement if the Company shall determine that any such filing or the sale of any securities pursuant to such registration statement would in the good faith judgment of the Board:

   

  (i)          materially impede, delay or interfere with any material pending or proposed financing, acquisition, corporate reorganization or other
    similar transaction involving the Company for which the Board has authorized negotiations;

   

  (ii)         materially and adversely impair the consummation of any pending or proposed material offering or sale of any class of securities by the Company; or

   

  (iii)        require disclosure of material nonpublic information that, if disclosed at such time, would be materially harmful to the interests of
    the Company and its stockholders; provided, however, that during any such period all executive officers and directors of the Company are also prohibited from selling securities of the Company (or any security of any of the Company’s
    subsidiaries or affiliates).

   

  In the event of the suspension of effectiveness of any registration statement pursuant to this Section 2.4, the applicable time period during which
    such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such registration statement was suspended.

   

  2.5     Information from Holder. 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 shall be 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 underwriting discounts and commissions incurred in connection with
    registrations, filings or qualifications pursuant to Sections 2.1, 2.2 and 2.3 of this Agreement, including, without limitation, all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the
    Company and the reasonable fees and disbursements of one counsel for the selling Holders (not to exceed $50,000) shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration
    proceeding begun pursuant to Section 2.1 or Section 2.3 of this Agreement 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 participating
    Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration); provided, however, that if at the time of such withdrawal, the Holders 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 following disclosure by the Company of such material
    adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Sections 2.1 and 2.3 of this Agreement.

   

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

   

  2.8     Indemnification. In the event 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 Holder, the partners, members, officers, directors
    and stockholders of each Holder, legal counsel, accountants and investment managers for each Holder, any underwriter (as defined in the Act) for such Holder and each Person, if any, who controls such Holder or underwriter within the meaning of the Act
    or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any
    state securities laws, insofar as such losses, claims, damages, or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any of the following statements, omissions or violations
    (collectively, a “Violation”): (i) any untrue or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus, final prospectus, or Free Writing Prospectus contained therein or any
    amendments or supplements thereto, any issuer information (as defined in Rule 433 of the Act) filed or required to be filed pursuant to Rule 433(d) under the Act or any other document incident to such registration prepared by or on behalf of the
    Company or used or referred to by the Company, (ii) the omission or alleged omission of a material fact required to be stated in such registration statement, or necessary to make the statements therein not misleading or (iii) any violation or alleged
    violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling
    Person or other aforementioned Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; provided,
    however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action 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 in any such case for any such loss, claim, damage, liability, action or proceeding to the extent that it arises out of or is based upon a Violation that occurs
    in reliance upon, and in conformity with, written information furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling Person or other aforementioned Person.

   

  
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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, 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 Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling
    securities in such registration statement and any controlling Person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons may become subject, under the Act,
    the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened,
    in respect thereof) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in
    connection with such registration; and each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 2.8(b) for any legal or other expenses reasonably incurred by such Person in connection with investigating or
    defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any
    such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and provided that in no event shall any indemnity under this Section
    2.8(b) exceed the net proceeds from the offering received by such Holder.

   

  (c)        Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action or proceeding
    (including any governmental action or proceeding) for which a party may be entitled to indemnification, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, deliver to the
    indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
    assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have
    the right to retain one (1) 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 proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such
    action or proceeding, if prejudicial to its ability to defend such action or proceeding, shall relieve such indemnifying party of liability to the indemnified party under this Section 2.8 to the extent of such prejudice, but the omission to so deliver
    written notice to the indemnifying party will not relieve such indemnifying party of any liability that it may have to any indemnified party otherwise than under this Section 2.8.

   

  
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  (d)       If the indemnification provided for in this Section 2.8 is
      held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party
      hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one
      hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; provided, however,
      that (i) no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 2.8(b), shall exceed the net proceeds from the offering received by such Holder and (ii) no Person guilty of fraudulent misrepresentation
      (within the meaning of Section 11(f) of the 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
      Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b), exceed the proceeds from the offering received by such Holder (net of any expenses paid by such Holder). The relative fault of the indemnifying
      party and the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
      the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

   

  (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)        The obligations of the Company and Holders under this Section
      2.8 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 2 and otherwise.

   

  2.9        Reports Under the 1934 Act. With a view to making
      available to the Holders the benefits of 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 agrees to:

   

  (a)       make and keep adequate current public information available,
      as those terms are understood and defined in Rule 144, at all times after the effective date of the Initial Offering or Direct Listing;

   

  (b)       file with the SEC in a timely manner all reports and other documents required of
      the Company under the Act and the 1934 Act; and

   

  (c)       furnish to any Holder, so long as the Holder owns any
      Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement
      filed by the Company), the Act and the 1934 Act (at any time after it 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 it so qualifies),
      (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested to avail any Holder of any rule or regulation of the
      SEC that permits the selling of any such securities without registration or pursuant to such form.

   

  
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  2.10      Assignment of Registration Rights. The rights to
      cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities that (a) is an Affiliate, subsidiary, parent, partner,
      limited partner, retired partner, member or stockholder of a Holder, (b) is a Holder’s family member or trust for the benefit of an individual Holder or any of such Holder’s family members, or (c) after such assignment or transfer, holds at least
      200,000 shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization), provided: (i) the Company is, within a reasonable time after such transfer, furnished with written notice
      of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of
      this Agreement, including, without limitation, the provisions of Section 2.12 of this Agreement; and (iii) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or
      assignee is restricted under the Act.

   

  2.11      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 holding a majority of the Registrable Securities then held by all Holders, enter into any agreement with any holder or prospective holder of
      any securities of the Company that would allow such holder or prospective holder (a) to include any of such securities in any registration filed under Section 2.1, Section 2.2 or Section 2.3 of this Agreement, 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 amount of the Registrable Securities of the Holders that are included or
      (b) to demand registration of their securities.

   

  2.12       “Market Stand-Off” Agreement.

   

  (a)       Each Holder hereby agrees that it will not, without the prior
      written consent of the Company and the managing underwriter, during the period commencing on the date of the final prospectus relating to the Initial Offering and ending on the date specified by the Company and the managing underwriter (such period
      not to exceed one hundred eighty (180) days) (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 for Common Stock (held immediately prior to the effectiveness of the registration statement for the Initial Offering), or
      (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, 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 Section 2.12 shall not apply to (x) the sale of any shares to an underwriter pursuant to an underwriting agreement, (y) securities purchased by the
      Holder in the Initial Offering, or (z) securities acquired by the Holder after the Initial Offering, and shall be applicable to the Holders only if all officers and directors of the Company and 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) are subject to the same restrictions. The underwriters in connection with the Initial Offering are
      intended third-party beneficiaries of this Section 2.12 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 the Initial Offering that (i) are consistent with this Section 2.12 or that are necessary to give further effect thereto, (ii) in the case of SVF Excalibur (Cayman) Limited (together, with its affiliates, “SVF”),

      in a form reasonably acceptable to SVF, (iii) in the case of the BG Investors (as defined below), in a form reasonably acceptable to the BG Investors, and (iv) in the case of GIC (as defined below), in a form reasonably acceptable to GIC. In the
      event that the Company or the managing underwriter waives or terminates any of the restrictions contained in this Section 2.12 or in a lock-up agreement with respect to the securities of any Holder, officer, director or greater than one-percent
      stockholder of the Company (in any such case, the “Released Securities”), the restrictions contained in this Section 2.12 and in any lock-up agreements executed by the Investors shall be waived or terminated, as applicable, to the same extent
      and with respect to the same percentage of securities of each Investor as the percentage of Released Securities represent with respect to the securities held by the applicable Holder, officer, director or greater than one-percent stockholder. The
      foregoing provisions of this Section 2.12 shall not apply to a Direct Listing and shall only be applicable to the Company’s Initial Offering if the Company has not already completed a Direct Listing.

   

  
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  In order to enforce the foregoing covenant, the Company may impose
      stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other Person subject to the foregoing restriction) until the end of such period. Notwithstanding the foregoing, if (i) during
      the last seventeen (17) days of the one hundred eighty (180)-day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (ii) prior to the expiration of the one hundred eighty
      (180)-day restricted period, the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the one hundred eighty (180)-day period, the restrictions imposed by this Section 2.12 shall
      continue to apply until the expiration of the eighteen (18)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event.

   

  (b)       Each Holder agrees that a legend reading substantially as
      follows shall be placed on all certificates representing all Registrable Securities of each Holder (and the shares or securities of every other Person subject to the restriction contained in this Section 2.12):

   

  THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD
      AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL
      OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

   

  
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  2.13      Termination of Registration Rights. No Holder shall
      be entitled to exercise any right provided for in this Section 2: (a) after five (5) years following the consummation of the Initial Offering or Direct Listing (whichever occurs first), (b) as to any Holder, such earlier time after the Initial
      Offering at which such Holder (i) can sell all shares held by it in compliance with Rule 144(b)(1)(i) or (ii) holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (together with
      any Affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144 or (c) after the consummation of a Liquidation Event, as that term
      is defined in the Restated Certificate.

   

  		3.	Covenants of the Company.

   

  3.1         Delivery of Financial Statements.

   

  (a)       The Company shall deliver to (i) Scottish Mortgage Investment
      Trust plc and The Schiehallion Fund Limited (collectively, the “BG Investors”), so long as the BG Investors own any shares of the Company’s capital stock, (ii) SVF, so long as SVF owns any shares of the Company’s capital stock, (iii) Gamnat
      Pte. Ltd. ( “GIC”), so long as GIC owns any shares of the Company’s capital stock and (iv) to each Investor (or transferee of an Investor) that together with their Affiliates holds an aggregate of at least 10,000,000 shares of Preferred Stock,
      and/or shares of Common Stock issued upon conversion thereof (appropriately adjusted for any stock split, dividend, combination or other recapitalization) (collectively, with the BG Investors, SVF and GIC, the “Major Investors” and each, a “Major
        Investor”):

   

  (i)       as soon as practicable, but in any event within one hundred twenty (120) days after
      the end of each fiscal year of the Company, an audited income statement for such fiscal year, an audited balance sheet of the Company and statement of stockholders’ equity as of the end of such year, and a statement of cash flows for such year, such
      year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”);

   

  (ii)      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, an unaudited income statement and statement of 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 (A) be subject to normal year-end audit adjustments and (B) not contain all notes thereto that may be required in accordance with GAAP);

   

  
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  (iii)     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;

   

  (iv)     as soon as practicable, but in any event sixty (60) days after the end of each
      fiscal year, a budget and Business Plan (as defined below) for the next fiscal year approved by the Board pursuant to Section 3.14(n) and, promptly after prepared, any other budgets or revised budgets prepared by the Company and approved by the
      Board; and

   

  (v)      such other information relating to the financial condition, business or corporate
      affairs of the Company as the Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this subsection (v) or any other subsection of Section 3.1 to provide information
      that (A) it deems in good faith to be a trade secret or similar confidential information or (B) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

   

  (b)       Notwithstanding anything else in this Section 3.1 to the
      contrary, the Company may cease providing the information set forth in this Section 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 Section 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, at such Major Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may
      be requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 3.2 to provide access to any information that (A) it deems in good faith to be a trade secret or similar
      confidential information or (B) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

   

  3.3        Termination of Information and Inspection Covenants.
      The covenants set forth in Sections 3.1 and 3.2 shall terminate and be of no further force or effect upon the earlier to occur of (a) the consummation of the Initial Offering or Direct Listing, (b) when the Company first becomes subject to the
      periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall first occur and (c) the consummation of a Liquidation Event, as that term is defined in the Restated Certificate; provided, however, that in the event
      the covenants set forth in Section 3.1 terminate upon a Liquidation Event, if the consideration received by the Major Investors in such Liquidation Event is not solely in the form of cash and/or publicly traded securities, the Company will use
      commercially reasonable efforts to ensure that the Major Investors receive financial information from the acquiring company or other successor to the Company comparable to those set forth in Section 3.1.

   

  
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  3.4        Right of First Offer. Subject to the terms and
      conditions specified in this Section 3.4, the Company hereby grants to each Major Investor a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). For purposes of this Section 3.4, the term “Major
        Investor” includes any general partners and Affiliates of a Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and Affiliates in such proportions as it deems
      appropriate.

   

  Each time the Company proposes to offer any shares of, or securities
      convertible into or exchangeable or exercisable for any shares of, its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions:

   

  (a)       The Company shall deliver a notice in accordance with Section
      4.5 (“Notice”) to the Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered and (iii) the price and terms upon which it proposes to offer such Shares.

   

  (b)       By written notification received by the Company within twenty
      (20) calendar days after the giving of Notice, each Major Investor may elect to purchase, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals the proportion that the number of shares of Registrable
      Securities issued and held by such Major Investor (assuming full conversion and exercise of all convertible and exercisable securities then outstanding) bears to the total number of shares of Common Stock of the Company then outstanding (assuming
      full conversion and exercise of all convertible and exercisable securities then outstanding). At the expiration of such twenty (20) calendar 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 Shares 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 securities or rights convertible into, or exercisable or
      exchangeable for (in each case, directly or indirectly) Common Stock, including options and warrants (“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.

   

  
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  (c)       If all Shares that Major Investors are entitled to obtain
      pursuant to Section 3.4(b) of this Agreement are not elected to be obtained as provided in Section 3.4(b) of this Agreement, the Company may, during the ninety (90) day period following the expiration of the period provided in Section 3.4(b) of this
      Agreement, offer the remaining unsubscribed portion of such Shares to any Person or Persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice. If the Company does not enter into an
      agreement for the sale of the Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless
      first reoffered to the Major Investors in accordance herewith.

   

  (d)       The right of first offer in this Section 3.4 shall not be
      applicable to (i) any equity securities described in Article IV, Section 4(d)(ii)(A)-(H) of the Restated Certificate, or (ii) the issuance and sale of Series D Preferred Stock pursuant to the Series D Agreement. In addition to the foregoing, the
      right of first offer in this Section 3.4 shall not be applicable with respect to any Major Investor in any subsequent offering of Shares if (i) at the time of such offering, the Major Investor is not an “accredited investor,” as that term is then
      defined in Rule 501(a) of the Act and (ii) such offering of Shares is otherwise being offered only to accredited investors.

   

  (e)       The rights provided in this Section 3.4 may not be assigned or
      transferred by any Major Investor; provided, however, that a Major Investor that is a venture capital fund or other investment fund may assign or transfer such rights to its Affiliates.

   

  (f)       The covenants set forth in this Section 3.4 shall terminate
      and be of no further force or effect upon the consummation of (i) an Initial Offering or Direct Listing (excluding the filing of a registration statement relating either to the sale of securities to employees of the Company pursuant to its stock
      option, stock purchase or similar plan or a SEC Rule 145 transaction) or (ii) a Liquidation Event, as that term is defined in the Restated Certificate.

   

  3.5        Directors’ and Officers’ Insurance. The Company has
      as of the date hereof or shall within thirty (30) days of the date hereof use its commercially reasonable efforts to obtain from financially sound and reputable insurers directors and officers liability insurance with a coverage amount not less than
      $5,000,000 and on terms and conditions satisfactory to the Board, and will use its commercially reasonable efforts to cause such insurance policy to be maintained until such time as the Board determines that such insurance should be discontinued.

   

  3.6        Observer Rights.

   

  (a)       As long as DCVC Opportunity Fund, L.P. (“DCVC”) and
      Data Collective II, L.P. (“Data Collective”) collectively own at least eight and one-half percent (8.5%) of the capital stock of the Company on a fully-diluted basis (assuming full conversion and exercise of all convertible and exercisable
      securities then outstanding) and no more than (1) member of the Board is affiliated with DCVC, the Company shall invite a representative of DCVC to attend all meetings of the Board (and all committees of the Board, other than any special committee
      formed by the Board to review a potential transaction between the Company and DCVC or its Affiliates) in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and other materials
      that it provides to its directors at the same time provided to the directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner as if such representative were a
      member of the Board with respect to 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 would result in disclosure of trade secrets to such representative. Any observer shall be required to enter into a
      commercially reasonable confidentiality agreement with the Company prior to the exercise of the rights contained in this Section 3.6(a).

   

  
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  (b)       The Company shall invite a representative of the Common
      Holders who are then providing services to the Company as directors, officers, employees or consultants in good standing to attend all meetings of the Board (and all committees of the Board, other than the Compensation Committee or any special
      committee formed by the Board to review a potential transaction between the Company and any of the Common Holders) in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and
      other materials that it provides to its directors at the same time provided to the directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner as if such
      representative were a member of the Board with respect to 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 would result in disclosure of trade secrets to such representative or if such Common
      Holder or its representative is or is affiliated with a direct competitor of the Company. Any observer shall be required to enter into a commercially reasonable confidentiality agreement with the Company prior to the exercise of the rights contained
      in this Section 3.6(b).

   

  (c)       As long as SVF owns an aggregate of at least 1,756,811 shares
      of Series B Preferred Stock, Series C Preferred Stock, and/or shares of Common Stock issued upon conversion thereof (appropriately adjusted for any stock split, dividend, combination or other recapitalization), the Company shall invite a
      representative of SVF to attend all meetings of the Board (and all committees of the Board, other than any special committee formed by the Board to review a potential transaction between the Company and SVF or its Affiliates) in a nonvoting observer
      capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and other materials that it provides to its directors at the same time provided to the directors; provided, however, that such
      representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to 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 would result in disclosure of trade secrets to
      such representative. Any observer shall be required to enter into a commercially reasonable confidentiality agreement with the Company prior to the exercise of the rights contained in this Section 3.6(c). The SVF observer shall initially be Travis
      Murdoch.

   

  
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  (d)       As long as GIC owns an aggregate of at least 1,756,811 shares
      of Series D Preferred Stock and/or shares of Common Stock issued upon conversion thereof (appropriately adjusted for any stock split, dividend, combination or other recapitalization), the Company shall invite a representative of GIC to attend all
      meetings of the Board (and all committees of the Board, other than any special committee formed by the Board to review a potential transaction between the Company and GIC) in a nonvoting observer capacity and, in this respect, shall give such
      representative copies of all notices, minutes, consents and other materials that it provides to its directors at the same time provided to the directors; provided, however, that such representative shall agree to hold in confidence
      and trust 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 would result in disclosure of trade secrets to such representative. Any observer shall be required to enter into a commercially reasonable
      confidentiality agreement with the Company prior to the exercise of the rights contained in this Section 3.6(d).

   

  3.7        Proprietary Information and Inventions Agreements.
      The Company shall require all employees and consultants with access to confidential information to execute and deliver a Proprietary Information and Inventions Agreement in substantially the form approved by the Board or a consulting agreement
      containing substantially similar proprietary rights assignment and confidentiality provisions.

   

  3.8        Employee Agreements. Unless approved by a majority
      of the Board, including the affirmative vote of a majority of the Preferred Directors then in office, all future employees of the Company who shall purchase, or receive options to purchase, shares of Common Stock following the date hereof shall be
      required to execute stock purchase or option agreements providing for (a) 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 services,
      and the remaining shares vesting in equal monthly installments over the following thirty six (36) months thereafter and (b) a one hundred and eighty (180)-day lockup period (plus an additional period of up to eighteen (18) days) in connection with
      the Initial Offering. The Company shall retain a right of first refusal on transfers until the Initial Offering and the right to repurchase unvested shares at cost.

   

  3.9        Indemnification Matters. The Company hereby
      acknowledges that one (1) or more of the directors nominated to serve on the Board by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the
      Investors and certain of their Affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary and any obligation of the Fund
      Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Fund Director and
      shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the Restated Certificate or Bylaws of the
      Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any
      and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with
      respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to
      all of the rights of recovery of such Fund Director against the Company.

   

  
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  3.10      Confidentiality. Each Investor agrees, severally and
      not jointly, to use the same degree of care as such Investor uses to protect confidential information obtained from third parties under similar obligations of confidentiality for any information obtained pursuant to this Agreement or otherwise as a
      stockholder of the Company which the Company identifies in writing as being proprietary or confidential, provided that such degree of care shall not be lower than a commercially reasonable standard of care, and such Investor acknowledges that it will
      not, unless otherwise required by law or the rules of any national securities exchange, association or marketplace, disclose such information without the prior written consent of the Company except such information that (a) was in the public domain
      prior to the time it was furnished to such Investor, (b) is or becomes (through no willful improper action or inaction by such Investor) generally available to the public, (c) was in its possession or known by such Investor without restriction prior
      to receipt from the Company, (d) was rightfully disclosed to such Investor by a third party without restriction or (e) was independently developed without any use of the Company’s confidential information. Notwithstanding the foregoing, (a) each
      Investor that is a limited partnership, limited liability company or other entity may disclose such proprietary or confidential information to any former partners or members who retained an economic interest in such Investor, current or prospective
      partner of the partnership or any subsequent partnership under common investment management, limited partner, general partner, member, management company or investment manager of such Investor, or any of their respective officers, employees,
      directors, agents, advisors or other representatives (each of the foregoing Persons, a “Permitted Disclosee”) and (b) in the case of SoftBank and GIC, and without limiting the foregoing, SoftBank and GIC may disclose such proprietary or
      confidential information to existing and prospective lenders to SoftBank, GIC or their Affiliates and ratings agencies, in each case, without the prior consent of the Company. Furthermore, nothing contained herein shall prevent any Investor or any
      Permitted Disclosee from (i) entering into any business, entering into any agreement with a third party, or investing in or engaging in investment discussions with any other company (whether or not competitive with the Company), provided that
      such Investor or Permitted Disclosee does not, except as permitted in accordance with this Section 3.10, disclose or otherwise make use of any proprietary or confidential information of the Company in connection with such activities, or (ii) making
      any disclosures required by law, rule, regulation or court or other governmental order.

   

  3.11        Right to Conduct Activities.

   

  (a)       The Company hereby agrees and acknowledges that SVF (together
      with its Affiliates) invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted). The Company hereby agrees that, to the extent
      permitted under applicable law, SVF shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by SVF in any entity competitive with the Company, or (ii) actions taken by any officer or other representative of
      SVF to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided,
      however, that the foregoing shall not relieve any of the Investors, including SVF, from liability associated with the unauthorized disclosure of the Company’s confidential information obtained as a director, as an advisor or as an observer pursuant
      to Section 3.6(c) of this Agreement, or any director of the Company from any liability associated with his or her fiduciary duties to the Company or any person serving as a Board observer pursuant to Section 3.6(c) from any liability associated with
      his or her confidentiality agreement with the Company or his or her obligations under Section 3.6(c).

   

  
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  (b)       The Company hereby agrees and acknowledges that the BG
      Investors (together with its Affiliates) invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted). The Company hereby agrees that,
      to the extent permitted under applicable law, the BG Investors shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by the BG Investors or any of their Affiliates in any entity competitive with the
      Company, or (ii) actions taken by any officer or other representative of the BG Investors or any of their Affiliates to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such
      competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve any of the BG Investors from liability associated with the unauthorized disclosure of
      the Company’s confidential information obtained pursuant to this Agreement.

   

  (c)       The Company hereby agrees and acknowledges that GIC (together
      with its Affiliates) invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted). The Company hereby agrees that, to the extent
      permitted under applicable law, GIC shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by GIC or any of their Affiliates in any entity competitive with the Company, or (ii) actions taken by any officer
      or other representative of GIC or any of their Affiliates to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has
      a detrimental effect on the Company; provided, however, that the foregoing shall not relieve any of GIC from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement.

   

  3.12      FCPA. The Company represents 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 represents that it shall (and shall cause each of its subsidiaries and Affiliates to) cease all of its or their respective activities, if
      any, in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall (and shall cause each of its subsidiaries and Affiliates to) maintain systems of internal
      controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure 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 Major Investor if the Company becomes aware of any Enforcement Action (as defined in
      the Series D 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 anti-corruption and anti-bribery laws.

   

  
    24 

    
      
 

  

   

  3.13        Major Investor Rights. As long as DCVC, Data
      Collective II, L.P. and SVF collectively own at least ten percent (10%) of the capital stock of the Company on a fully-diluted basis (assuming full conversion and exercise of all convertible and exercisable securities then outstanding), the Company
      may provide the Investors that do not qualify as the Major Investors with rights similar to those provided to the Major Investors pursuant to Section 3.1, 3.2 and 3.4 only with the prior written consent of (y) DCVC and (z) SVF; provided, however,
      that the Company may, in its sole discretion, provide any Investor that does not qualify as a Major Investor, but who, together with its Affiliates, holds an aggregate of at least 3,800,000 shares of Series D Preferred Stock (as adjusted for any
      stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like), with rights similar to those provided to the Major Investors pursuant to Section 3.1.

   

  3.14        Matters Requiring Investor Director Approval. The
      Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, which approval must include the affirmative vote of at least two-thirds (2/3) of the Preferred Directors then in office:

   

  (a)       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;

   

  (b)       make any loan or advance to any Person, including, without
      limitation, any employee or director of the Company, 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;

   

  (c)       guarantee, directly or indirectly, any indebtedness except for
      (i) trade accounts of the Company or any subsidiary arising in the ordinary course of business or (ii) aggregate indebtedness allowed for per Subsection (e) below;

   

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

   

  
    25 

    
      
 

  

   

  (e)       incur aggregate indebtedness in excess of $2,500,000 that is
      not already included in a budget approved by the Board, other than trade credit incurred in the ordinary course of business;

   

  (f)        enter into or be a party to any transaction (which shall not
      include employee, contractor or consultant compensation) with any director, officer, or employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the 1934 Act) of any such Person, except for transactions resulting in
      payments to or by the Company in an aggregate amount of less than $120,000 per year;

   

  (g)       hire, terminate, or change the compensation of any executive officer, including the
      approval of any stock grant or option grant to an executive officer;

   

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

   

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

   

  (j)        enter into any corporate strategic relationship which was not
      included in the business plan of the Company approved by the Board, and involves the payment, contribution, or assignment by the Company or to the Company of funds or assets with an aggregate value in excess of $500,000;

   

  (k)       consent to any amendment, waiver or termination of this
      Agreement, the Voting Agreement, the Series D Agreement or the Right of First Refusal and Co-Sale Agreement of even date herewith by and among the Company, the Investors and the certain other stockholders, as it may be amended from time to time;

   

  (l)        amend, alter or repeal any provision of the Company’s certificate of incorporation
      or bylaws;

   

  (m)       issue Common Stock as consideration for the Company’s
      acquisition of a corporation or another entity or substantially all of the assets of a corporation or other entity;

   

  (n)       approve any budget or Business Plan provided to Investors pursuant to this
      Agreement;

   

  (o)       increase or decrease the number of shares of Common Stock reserved for issuance
      under the Company’s equity incentive plans; or

   

  (p)       effect the acquisition of any company or companies or its or
      their assets for cash consideration that exceeds $25,000,000 in the aggregate, with such amount measured with respect to transactions closing from and after the date of the first sale of the Series D Preferred Stock through the date of the next
      equity financing of the Company after the completion of the sale of shares of Series D Preferred Stock, which next equity financing results in cash proceeds to the Company of at least $100,000,000.

   

  
    26 

    
      
 

  

   

  3.15        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 as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws,
      its Certificate of Incorporation, or elsewhere, as the case may be.

   

  3.16         Board Matters.

   

  (a)       Unless otherwise determined by the vote of a majority of the
      directors then in office, the Board shall meet at least four (4) times per year in accordance with an agreed-upon schedule.

   

  (b)       The Company shall reimburse the nonemployee directors for all
      reasonable out-of-pocket travel and lodging expenses (subject to such nonemployee director’s employer’s travel and lodging reimbursement policies, which shall not be materially more generous as to expense and price parameters than the Company’s
      travel and lodging reimbursement policies) incurred in connection with (i) attending meetings of the Board and (ii) conducting business development activities at the Company’s prior written request.

   

  (c)       The Company shall maintain a Compensation Committee of the
      Board, an Audit Committee of the Board, and a Technology & Science Committee (collectively, the “Committees”) reporting to the Board, whose members need not be members of the Board, and the charter of each of the Committees shall be unanimously
      approved by the Board. The Preferred Director designated by SVF will have a right to be a member of the Compensation Committee and Audit Committee and to be a member of or designate a member of the Technology & Science Committee.

   

  3.17        Business Plan. The three-year business plan of the
      Company (the “Business Plan”) shall be reviewed and updated annually by management, and approved by the Board, including at least two-thirds (2/3) of the Preferred Directors then in office (or, if less than three Preferred Directors are then
      in office, but at least one Preferred Director is then in office, then by at least one Preferred Director), no later than in December of a calendar year, in advance of the approval of the annual budget for a coming fiscal year.

   

  3.18      Tax Matters.

   

  (a)       For so long as either any Investor that is otherwise entitled
      to the benefits of Section 892 of the Code (“Section 892 Investor”) or SoftBank owns equity in the Company, the Company shall not effect any distribution, purchase, merger, consolidation, reorganization, liquidation, or any other action, in
      each case, that would result in either such Section 892 Investor or SoftBank receiving an equity interest in an entity that is treated as other than a C corporation for U.S. federal income tax purposes (and state and local tax purposes, where
      applicable) without such Section 892 Investors’ and SoftBank’s prior written consent, not to be unreasonably withheld, conditioned or delayed, but such consent shall not be required if (a) such action would not create any risk that either such
      Section 892 Investor or SoftBank (or its direct or indirect owners) could recognize “effectively connected income” within the meaning of Code Section 864(c) or Code Section 897, “commercial activity income” within the meaning of Code Section
      892(a)(2) or a “permanent establishment” in the United States (as determined for U.S. federal income tax purposes, including with respect to any tax treaty or convention to which the United States is a party); or (b) the Company reasonably cooperates
      with the Section 892 Investors and SoftBank to insert an intermediary “blocker” or “holding” entity, or such other entity or structure that is treated as a corporation for U.S. federal income tax purposes (and state and local tax purposes, where
      applicable) for the purposes of the Section 892 Investors’ and SoftBank’s equity holdings in the Company.

   

  
    27 

    
      
 

  

   

  (b)       The Company shall notify each Major Investor within five (5)
      business days of becoming aware that the Company is, or is reasonably likely to be, a “United States real property holding corporation” within the meaning of Section 897(c)(2) of the Internal Revenue Code of 1986, as amended (the “Code”). In
      addition, at any time upon each Major Investor’s request, the Company shall timely issue a statement to such Major Investor, in form and substance as described in Treasury Regulation Section 1.897-2(h)(1) and signed under penalties of perjury,
      regarding whether any interest in the Company constitutes a “U.S. real property interest” within the meaning of Section 897(c) of the Code.

   

  (c)       The Company and Investors agree that (i) the Series C
      Preferred Stock shall be treated as stock that is not “preferred stock” within the meaning of Section 305 of the Code and the Treasury Regulations issued thereunder, and (ii) Investors holding Series C Preferred Stock shall not be required to include
      in income as a dividend for U.S. federal income tax purposes any income or gain in respect of the Series C Preferred Stock on account of the accrual of dividends thereon (including any deemed dividends or as a result of any discount) unless and until
      such dividends are declared and paid in cash. The Company and Investors agree to take no positions or actions inconsistent with such treatment (including on any IRS Form 1099), unless otherwise required by a change in applicable law.

   

  (d)       The Company shall use commercially reasonable efforts to
      cooperate with SVF to structure any redemption of the Series C Preferred Stock permitted hereunder to be treated as a payment in exchange for stock pursuant to Section 302 of the Code.

   

  (e)       The Company (and its applicable withholding agents and paying
      agents) shall only be entitled to deduct and withhold taxes on any payments on the Series C Preferred Stock to the extent required by applicable tax law; provided that, if the Company determines that an amount is required to be deducted and withheld,
      at least fifteen (15) business days prior to the date the applicable payment is scheduled to be made, the Company shall (i) provide each Major Investor which would be subject to such deduction and withholding with written notice of the intent to
      deduct and withhold, which notice shall include the basis for the withholding and an estimate of the amount proposed to be deducted and withheld, and (ii) provide such Major Investor with a reasonable opportunity to provide forms or other evidence
      that would exempt such amounts from withholding, and shall otherwise reasonably cooperate to minimize any such withholding.

   

  (f)        Provided that a Section 892 Investor remains eligible for benefits under Section
      892 of the Code and the Treasury Regulations promulgated thereunder and provides an effective and properly executed Internal Revenue Service Form W-8EXP claiming exemption from U.S. federal income tax under Section 892 of the Code, the Company shall
      not withhold U.S. federal tax on the enumerated items of exempt income (or other items otherwise exempt under Section 892 of the Code) from such Section 892 Investor unless such withholding is otherwise required by applicable law.

   

  
    28 

    
      
 

  

   

  3.19      Lead Independent Director. On or prior to the
      two-year anniversary of the date hereof, the Board shall use commercially reasonable efforts to appoint a “lead independent director” from among the Independent Directors (as defined in the Voting Agreement) and, subject to the mutual approval of (a)
      the Investors holding a majority of the outstanding Registrable Securities (voting together as a single class, on an as converted basis) then held by the Investors and (b) the Common Holders holding a majority of the outstanding Registrable
      Securities then held by the Common Holders, such lead independent director may be appointed as chairperson of the Board.

   

  3.20        Termination of Certain Covenants. The covenants set
      forth in Sections 3.4, 3.6, 3.7, 3.8, 3.11, 3.12, 3.13, 3.14, 3.16, 3.17, and 3.19 shall terminate and be of no further force or effect upon the consummation of (a) the Initial Offering, (b) a Direct Listing or (c) a Liquidation Event, as that term
      is defined in the Restated Certificate.

   

  		4.	Miscellaneous.

   

  4.1        Successors and Assigns. Except as otherwise provided
      herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement,
      express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in
      this Agreement.

   

  4.2        Governing Law. This Agreement shall be governed by and construed under
      the internal laws of the State of Delaware.

   

  4.3        Counterparts; Facsimile. This Agreement may be
      executed by electronic signature and in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument. Counterparts may be delivered by facsimile, electronic mail
      (including pdf) 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.

   

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

   

  4.5        Notices. All notices and other communications given
      or made pursuant hereto shall be in writing and shall be deemed effectively given upon the earlier to occur of actual receipt or: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail if sent during normal
      business hours of the recipient; if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized
      overnight courier, specifying next day delivery, with written verification of receipt. All notices and other communications shall be sent to the parties at the addresses set forth on the signature pages hereto (or at such other addresses as shall be
      specified by notice given in accordance with this Section 4.5).

   

  
    29 

    
      
 

  

   

  4.6        Expenses. If any action at law or in equity is
      necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

   

  4.7        Limitation of Liability. The total liability, in the
      aggregate, of each Major Investor and its respective officers, directors, Affiliates, employees and agents, for any and all claims, losses, costs or damages, including attorneys’ and accountants’ fees and expenses and costs of any nature whatsoever
      or claims or expenses resulting from such Major Investor’s breach of this Agreement shall be several and not joint with the other stockholders and shall not exceed the total purchase price paid to the Company by such Major Investor for the shares of
      Preferred Stock held by such Major Investor (provided that such liability cap shall not (x) limit any party from seeking or obtaining equitable remedies, including specific performance, (y) apply to breaches of a party’s confidentiality obligation,
      nor (z) limit liability for a party’s conduct that is judicially determined to be fraud or willful misconduct). In no event shall a Major Investor any of their Affiliates, directors, officers, partners, employees, investors, consultants or advisors
      be liable to the Company or its Affiliates, directors, officers, partners, employees, investors, consultants or advisors for any indirect loss or consequential damages as result of such Major Investor’s breach of this Agreement. In addition, any
      damages for any such breaches by a Major Investor that are based on lost profits, lost business or lost opportunities (i) shall be limited to direct measures of such damages and (ii) are subject to the liability cap set forth in this Section 4.7.

   

  4.8        Amendments and Waivers.

   

  (a)       General. Except as set forth herein, 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 (i) the Company
      (in accordance with Section 3.14 of this Agreement) and (ii) the Investors holding a majority of Registrable Securities (voting together as a single class, on an as converted basis); provided, however, that in the event that such
      amendment or waiver adversely affects the obligations or rights of the Common Holders in a different manner than the other Holders, such amendment or waiver shall also require the written consent of the Common Holders holding a majority of the shares
      of Common Stock then held by all Common Holders.

   

  (b)       Additional Consents Required.

   

  (i)       The provisions of Sections 3.6(a), 3.13, and this clause (i) may be amended,
      terminated (except as set forth in Section 3.20), or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of DCVC, as long as DCVC and Data Collective collectively own at least
      eight and one-half percent (8.5%) of the capital stock of the Company on a fully-diluted basis (assuming full conversion and exercise of all convertible and exercisable securities then outstanding).

   

  
    30 

    
      
 

  

   

  (ii)      The provisions of Section 3.6(b) and this clause (ii) may be amended, terminated
      (except as set forth in Section 3.20), or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Common Holders who are then providing services to the Company as directors,
      officers, employees or consultants in good standing.

   

  (iii)      The provisions of Section 3.1, 3.2, 3.3 and 3.4, and this clause (iii) may be
      amended, terminated (except as set forth in Sections 3.3 and 3.20), or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Major Investors holding a
      majority of the Registrable Securities (voting as a single class, on an as converted basis) then held by all of the Major Investors.

   

  (iv)     The provisions of Sections 2.12(a), 3.1(a), 3.4, 3.6(c), 3.11(a), 3.13, 3.14, 3.16,
      3.18, 4.8(a), and 4.12, and this clause (iv) may be amended, terminated (except as set forth in Sections 3.3 and 3.20), or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent
      of SVF, as long as SVF owns any shares of Series B Preferred Stock, Series C Preferred Stock, and/or shares of Common Stock issued upon conversion thereof (appropriately adjusted for any stock split, dividend, combination or other recapitalization).
      In addition, if any proposed amendment or termination of this Agreement or any proposed waiver or termination (except as set forth in Section 3.20) of any term of this Agreement would have a material adverse effect on the economic value or other
      rights of the shares of Preferred Stock or Common Stock issued upon conversion thereof then held by SVF, then such amendment, termination, or waiver shall require the prior written consent of SVF.

   

  (v)      The provisions of Section 2.12(a), Section 3.1(a), Section 3.11(b) and this clause
      (v) may be amended, terminated (except as set forth in Sections 3.3 and 3.20), or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of BG, as long as BG owns any shares of
      the Company’s capital stock.

   

  (vi)     The provisions of Sections 2.12(a), 3.1(a), 3.6(d), 3.11(c), 3.12, 3.14(p), 4.8(a)
      and 4.12, and this clause (vi) may be amended, terminated (except as set forth in Sections 3.3 and 3.20), or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of GIC, as long
      as GIC owns any shares of the Company’s capital stock.

   

  (vii)    This Agreement may not be amended or terminated and the observance of any term of
      this Agreement may not be waived with respect to any Investor or Common Holder without the written consent of such Investor or Common Holder unless such amendment, termination or waiver applies to all Investors or Common Holders, as the case may be,
      in the same fashion.

   

  
    31 

    
      
 

  

   

  (c)       Right to Participate. Notwithstanding any waiver of any
      of the provisions of Section 3.4, in the event any Major Investor actually purchases any such Shares in any offering by the Company, then each other Major Investor shall be permitted to participate in such offering on a pro rata basis (based on the
      level of participation of the Major Investor purchasing the largest portion of such Major Investor’s pro rata share), in accordance with the other provisions (including notice and election periods) set forth in Section 3.4.

   

  (d)       Effect of Amendments/Waivers. Any amendment or waiver
      effected in accordance with this Section 4.8 shall be binding upon each holder of any Registrable Securities, each future holder of all such Registrable Securities and the Company.

   

  4.9      Severability. Whenever possible, each provision of
      this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only
      to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

   

  4.10    Aggregation of Stock. All shares of Registrable
      Securities held or acquired by Affiliates (including affiliated venture capital funds, affiliated investment funds or venture capital funds or other investment funds under common investment management or that share an investment manager) or Persons
      shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. For the avoidance of doubt, True Ventures IV, L.P., True Ventures Select I, L.P., True Ventures Select II, L.P. and True Ventures Select
      III, L.P. shall be considered Affiliates of each other for the purpose of qualifying as a Major Investor hereunder.

   

  4.11    Additional Investors. Notwithstanding Section 4.8(a),
      no consent shall be necessary to add additional Investors as signatories to this Agreement and to update Schedule A accordingly, provided that such Investors have purchased Series D Preferred Stock pursuant to the Series D Agreement.

   

  4.12     Additional Transfer Restriction.

   

  (a)       Each Holder hereby agrees that it will not lend, encumber,
      offer, pledge, assign, transfer, 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 (“Transfer”),

      any Shares (as defined in Section 3.4 above) other than by means of a Permitted Transfer (as defined below), until the earlier of (i) five (5) years after the Initial Closing or (ii) the closing of the Initial Offering or Direct Listing (whichever
      occurs first). If any provision(s) of any agreement(s) currently in effect by and between the Company and any Holder (the “Stockholder Agreement(s)”) conflicts with this Section 4.12, this Section 4.12 shall govern, and the remaining
      provision(s) of the Stockholder Agreement(s) that do not conflict with this Section 4.12 shall continue in full force and effect.

   

  
    32 

    
      
 

  

   

  (b)       For purposes of this Section 4.12, a “Permitted Transfer” shall include any
      of the following:

   

  (i)       any Transfer of Shares to the Company;

   

  (ii)      any Transfer by a Holder of any or all of such Holder’s Shares to such Holder’s
      Immediate Family (as defined below) or a trust for the benefit of such Holder or such Holder’s Immediate Family;

   

  (iii)     any Transfer by a Holder of any or all of such Holder’s Shares effected pursuant to
      such Holder’s will or the laws of intestate succession;

   

  (iv)     if a Holder is a partnership, limited liability company, corporation or other
      entity, any Transfer by such Holder of any or all of such Holder’s Shares to the partners, members, retired partners, retired members, stockholders, related persons and/or Affiliates (as defined in Section 1(b) above) of such Holder; provided
      that no Holder (except for SVF and its respective subsequent transferee(s)) may Transfer any of such Holder’s Shares to a Special Purpose Entity (as defined below) pursuant to this subsection (iv); and/or

   

  (v)      any Transfer of Shares approved by the Board, which approval shall not be
      unreasonably withheld.

   

  With respect to the foregoing clause (v), for the avoidance of doubt, but without limiting
      the factors that may be considered by the Board, it will not be unreasonable for the Board to withhold approval for (i) the Transfer of Shares to a competitor of the Company, (ii) the Transfer of less than all of a transferee’s Shares or (iii) the
      Transfer of Shares to a party that would, after giving effect to such Transfer, hold a sufficient number of Shares to elect a Preferred Director (as defined in the Voting Agreement) or, if applicable, to elect an additional Preferred Director.

   

  (c)       For purposes of this Section 4.12:

   

  (i)       “Immediate Family” shall mean any child, stepchild, grandchild or other
      lineal descendant, any parent, stepparent, grandparent or other ancestor, any spouse, former spouse, sibling, niece, nephew, uncle, aunt, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive
      relationships, or any Spousal Equivalent.

   

  (ii)      “Special Purpose Entity” shall mean an entity that holds or would hold only
      Shares or has or would have a class or series of security holders with beneficial interests primarily in Shares (including for such purpose an entity that holds cash and/or cash equivalents intended to purchase Shares).

   

  (iii)     “Spousal Equivalent” shall mean an individual who: (A) is in an exclusive,
      continuous, committed relationship with the relevant Holder, has been in that relationship for the twelve (12) months prior to the relevant date and intends to be in that relationship indefinitely; (B) has no such relationship with any other person
      and is not married to any other person; (C) shares a principal residence with the relevant Holder; (D) is at least 18 years of age and legally and mentally competent to consent to contract; (E) is not related by blood to the relevant stockholder to a
      degree of kinship that would prevent marriage from being recognized under the law of the state in which the individual and the relevant Holder reside; and (F) is jointly responsible with the relevant Holder for each other’s common welfare and
      financial obligations; provided that any Holder who wishes to Transfer stock to a Spousal Equivalent under Section 4.12(b)(ii) above must provide proof of (i) a joint mortgage, (ii) a joint lease or (iii) a joint bank account, in each case
      held by both the Holder and their Spousal Equivalent.

   

  
    33 

    
      
 

  

   

  4.13        Entire Agreement; Effect on Prior Agreement. This
      Agreement (including the Exhibits hereto, if any) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Upon the effectiveness of this Agreement, the Prior Agreement shall be
      amended and restated in its entirety by this Agreement and shall be of no further force or effect.

   

  [Remainder of Page Intentionally Left Blank]

   

  
    34 

    
      
 

  

   

  

  

   

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

   

  	 	COMPANY:
	 	 	 
	 	ZYMERGEN INC.
	 	 	 
	 	By:	/s/ Joshua Hoffman
	 	 	Name: Joshua Hoffman
	 	 	Title: Chief Executive Officer
	 	 	 
	 	Address:	5980 Horton Street, Suite 105
	 	 	Emeryville, CA 94608

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
    35 

    
      
 

  

   

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

   

  	 	INVESTOR:
	 	 	 
	 	THE SCHIEHALLION FUND LIMITED
	 	 
	 	Executed for and on behalf of The Schiehallion Fund Limited, acting through its agent, Baillie Gifford Overseas Limited
	 	 	 
	 	By:	/s/ Tom Slater
	 	Name:	Tom Slater

        
	 	Title: 	Authorised Signatory of Baillie Gifford Overseas Limited
	 	 	 
	 	SCOTTISH MORTGAGE INVESTMENT 

          TRUST PLC
	 	 	 
	 	Executed for and on behalf of Scottish Mortgage Investment Trust plc, acting through its agent, Baillie Gifford & Co
	 	 
	 	By:	/s/ Tom Slater
	 	Name:	Tom Slater
	 	Title: 	Partner
	 	 	 
	 	Address: 	Calton Square, 1 Greenside Row Edinburgh EH1 3AN 

          Scotland, the United Kingdom

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	INVESTOR:
	 	 	 
	 	BARON GROWTH FUND
	 	 	 
	 	 	/s/ Patrick Patatino
	 	By:	Patrick Patatino (Jul 22, 2020 15:43 EDT)
	 	Name:	Patrick M. Patalino
	 	Title:	General Counsel
	 	 	 
	 	 	 
	 	BARON GLOBAL ADVANTAGE FUND
	 	 	 
	 	 	/s/ Patrick Patatino
	 	By:	Patrick Patalino (Jul 22, 2020 15:43 EDT)
	 	Name:	Patrick M. Patalino
	 	Title:	General Counsel
	 	 	 
	 	 	 
	 	VY BARON GROWTH PORTFOLIO
	 	 	 
	 	 	/s/ Patrick Patatino
	 	By:	Patrick Patatino (Jul 22, 2020 15:43 EDT)
	 	Name:	Patrick M. Patalino
	 	Title:	General Counsel

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	INVESTOR:
	 	 
	 	COTA CAPITAL MASTER FUND, L.P.
	 	 
	 	By:	Cota Capital GP, LLC
	 	Its:	General Partner
	 	 	 
	 	By:	/s/ Bobby Yazdani
	 	Name:	Bobby Yazdani
	 	Title: 	Manager
	 	 	 
	 	Address:	455 Market Street, Suite 1850

          San Francisco, CA 94105

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	INVESTOR:
	 	 
	 	DATA COLLECTIVE II, L.P.
	 	on behalf of itself and as nominee for 

          Data Collective II Alpha, L.P., and 

          certain affiliated entities
	 	 	 
	 	By:	Data Collective II GP, LLC
	 	Its:	General Partner
	 	 	 
	 	By:	/s/ Zachary Bogue
	 	Name:	Zachary Bogue
	 	Title:	Managing Member

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	INVESTOR:
	 	 	 
	 	ENDURANCE FUND LTD
	 	 	 
	 	By:	/s/ Pedro Conde Filho 

        
	 	Name:	Pedro Conde Filho
	 	Title:	Investment Manager
	 	 	 
	 	By:	/s/ Thomas Terschluse
	 	Name:	Thomas Terschluse
	 	Title:	Director
	 	 	 
	 	Address:	Clifton House, 75 Fort Street George Town, Cayman Islands

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	INVESTOR:
	 	 	 
	 	SANDI PETERSON
	 	 	 
	 	By:	/s/ Sandi Peterson

          

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	INVESTOR:
	 	 	 
	 	SVF Excalibur (Cayman) Limited
	 	 	 
	 	By:	/s/ Karen Ellerbe
	 	Name:	Karen Ellerbe
	 	Title:	Director
	 	 	 
	 	Address:	 
	 	c/o SB Investment Advisers (UK) Limited

          69 Grosvenor Street

          London, W1K 3JP

          Attention: Ayako Adachi
	 
	 
	 
	 	Email: legal@softbank.com
	 	 	 
	 	and
	 	 	 
	 	c/o SB Investment Advisers (US), Inc.

          1 Circle Star Way, 4F

          San Carlos, CA 94070

          Attention: Brian Wheeler
	 
	 
	 
	 	Email: legal@softbank.com

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	 	INVESTOR:
	 	 	 
	 	 	THE FLATLEY FAMILY TRUST
	 	 	 
	 	By:	/s/ Jay Flatley
	 	Name:	Jay Flatley
	 	Title:	Trustee

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	INVESTOR:
	 	 	 
	 	TRUE VENTURES SELECT III, L.P.
	 	 	 
	 	By:	True Venture Partners Select III, LLC
	 	Its:	General Partner
	 	 	 
	 	By:	/s/ James G. Stewart
	 	Name:	James G. Stewart
	 	Title:	COO

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	 	COMMON HOLDER:
	 	 	 
	 	 	/s/ Erik Dean
	 	 	Erik Dean
	 	 	 
	 	Address:	 
	 	 	 

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	 	COMMON HOLDER:
	 	 	 
	 	 	/s/ Joshua Hoffman
	 	 	Joshua Hoffman
	 	 	 
	 	Address:	 
	 	 	 

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

   

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

   

  	 	 	COMMON HOLDER:
	 	 	 
	 	 	/s/ Zachariah Serber
	 	 	Zachariah Serber
	 	 	 
	 	Address:	 
	 	 	 

   

  SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT FOR ZYMERGEN INC.

   

  
     

    
      
 

  

  
   

  

  	SCHEDULE A
	 
	SCHEDULE OF INVESTORS
	 
	The Schiehallion Fund Limited
	Scottish Mortgage Investment Trust PLC
	Baron Growth Fund
	Baron Global Advantage Fund
	VY Baron Growth Portfolio
	The Flatley Family Trust
	Sandi Peterson
	DCVC Opportunity Fund, L.P.
	Data Collective II, L.P.
	True Ventures IV, L.P.
	True Ventures Select I, L.P.
	True Ventures Select II, L.P.
	True Ventures Select III, L.P.
	Two Sigma Ventures II, LLC
	Obvious Ventures
	Innovation Endeavors II, L.P.
	DFJ Venture XI, L.P.
	DJF Venture XI Partners Fund, LLC
	Tallwood Partners, LLC
	Silas Holdings III LLC
	Zavain Dar
	Stefan Heck
	88 Growth International Co. Limited
	Mission Bay Capital, LLC
	AME Cloud Ventures, LLC
	HVF Investments, LLC
	AngelList-Zygen-PR1-Fund, a series of AngelList-JR-Funds, LLC
	AngelList-Zymergen Fund, a series of AngelList-JR-Funds, LLC
	Bioeconomy Capital Z1, LLC
	Bioeconomy Fund 1, LLC
	Paul and Deborah Jansen Family Trust
	David St. Clair & Maryalice St. Clair, JT
	McClary Ventures
	Stefan Heck
	Matthew R. Eggers
	Jerel Davis
	Kimmel Berkowitz Trust
	Attico Capital
	Stephen Quake
	Roel Collier
	Mark Patel
	Neil Renninger

   

  
    S-1 

    
      
 

  

   

  	Tamara L. Tompkins & Christian L. Schin
	Jenny Rooke
	Richard Hansen
	Banatao Children’s Trust II
	Stefan J. Pastine
	Kindred Ventures LLC
	Camaplan FBO Alexandra McManus, IRA
	Willowbrook Fund, LP
	Family Fischer Investments LP
	Nigel Higgins
	SVF Excalibur (Cayman) Limited
	Prelude Fund, LP
	ICQ Investments ZY, LP
	Tao Invest LLC
	Stuart H. Mason
	Via Seed Technology Partners Explorer Fund LP
	Fred Craves
	AFOS, LLC
	Kookmin Bank as Trustee of Hanwha Global Corporate PE Strategy Private Fund 2
	Endurance Fund LTD
	Trans-Pacific Technology Fund, L.P.
	Central Valley Administrators, Inc.
	PM Operating, Ltd.
	Broad Street Principal Investments, L.L.C.
	Salt Run Capital, Inc.
	91313 Investment Holdings LLC
	Silas Holdings I LLC
	Raymond S Cahnman and Susan M Berman
	Cota Capital Master Fund, L.P.
	Cota Opportunities III, LLC

   

  
    S-2 

    
      
 

  

  
   

  	SCHEDULE B
	 
	SCHEDULE OF COMMON HOLDERS
	 
	Erik Dean
	Bonnie K. Dean Revocable Trust U/A January 10, 1997
	Rudolph N. Dean Revocable Trust U/A January 10, 1997
	Joshua Hoffman
	
          Kathryn Morris, as custodian for Isaac Hoffman under the California Uniform Transfer to Minors Act

        
	
          Kathryn Morris, as custodian for Alice Hoffman under the California Uniform Transfer to Minors Act

        
	Zachariah Serber
	
          Kathleen P. Murray, as custodian for Ithaka Serber under the California Uniform Transfer to Minors Act

        
	Fiona St. Clair
	Stephen Murray

   

  

  S-3

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