Document:

EX-10.1

 Exhibit 10.1 
  

 
  

ANNEXON, INC. 
 AMENDED
AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 December 4, 2018 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 SECTION 1 DEFINITIONS
	  	 	1	 
			
	 1.1
	  	Certain Definitions	  	 	1	 
		
	 SECTION 2 REGISTRATION RIGHTS
	  	 	5	 
			
	 2.1
	  	Requested Registration	  	 	5	 
	 2.2
	  	Company Registration	  	 	7	 
	 2.3
	  	Registration on Form S-3	  	 	8	 
	 2.4
	  	Expenses of Registration	  	 	9	 
	 2.5
	  	Registration Procedures	  	 	9	 
	 2.6
	  	Indemnification	  	 	11	 
	 2.7
	  	Information by Holder	  	 	13	 
	 2.8
	  	Restrictions on Transfer	  	 	13	 
	 2.9
	  	Rule 144 Reporting	  	 	15	 
	 2.10
	  	Market Stand-Off Agreement	  	 	15	 
	 2.11
	  	Delay of Registration	  	 	16	 
	 2.12
	  	Transfer or Assignment of Registration Rights	  	 	16	 
	 2.13
	  	Limitations on Subsequent Registration Rights	  	 	16	 
	 2.14
	  	Termination of Registration Rights	  	 	16	 
		
	 SECTION 3 COVENANTS OF THE COMPANY
	  	 	16	 
			
	 3.1
	  	Basic Financial Information and Inspection Rights	  	 	16	 
	 3.2
	  	Key Man Insurance	  	 	17	 
	 3.3
	  	Proprietary Information and Inventions Assignment Agreements	  	 	18	 
	 3.4
	  	Confidentiality	  	 	18	 
	 3.5
	  	Matter Requiring Preferred Director Approval	  	 	18	 
	 3.6
	  	Director and Officer Insurance	  	 	19	 
	 3.7
	  	Reimbursement of Travel and Expenses	  	 	19	 
	 3.8
	  	Compensation of Directors	  	 	19	 
	 3.9
	  	Meetings of the Board of Directors	  	 	19	 
	 3.10
	  	Board Committees	  	 	19	 
	 3.11
	  	Internal Controls	  	 	20	 
	 3.12
	  	Termination of Covenants	  	 	20	 
		
	 SECTION 4 RIGHT OF FIRST REFUSAL
	  	 	20	 
			
	 4.1
	  	Right of First Refusal to Major Holder	  	 	20	 
		
	 SECTION 5 MISCELLANEOUS
	  	 	23	 
	 5.1
	  	Amendment	  	 	23	 
	 5.2
	  	Notices	  	 	23	 
	 5.3
	  	Governing Law	  	 	24	 
	 5.4
	  	Successors and Assigns	  	 	24	 
	 5.5
	  	Entire Agreement	  	 	24	 
	 5.6
	  	Delays or Omissions	  	 	24	 
	 5.7
	  	Severability	  	 	25	 
	 5.8
	  	Titles and Subtitles	  	 	25	 
	 5.9
	  	Counterparts	  	 	25	 

  
 -i- 

 TABLE OF CONTENTS (continued) 

 

							
	 5.10
	  	Telecopy Execution and Delivery	  	 	25	 
	 5.11
	  	Jurisdiction; Venue; WAIVER OF JURY TRIAL	  	 	25	 
	 5.12
	  	Further Assurances	  	 	25	 
	 5.13
	  	Termination Upon Change of Control	  	 	26	 
	 5.14
	  	Conflict	  	 	26	 
	 5.15
	  	Attorneys’ Fees	  	 	26	 
	 5.16
	  	Aggregation of Stock	  	 	26	 
	 5.17
	  	Exchange of Shares and Termination of Rights	  	 	26	 
	 5.18
	  	Waivers of Potential Conflicts of Interest	  	 	26	 

  
 -ii- 

 ANNEXON, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amended and Restated Investors’ Rights Agreement (this “Agreement”) is dated as
of December 4, 2018, and is between Annexon, Inc., a Delaware corporation (the “Company”), and the persons and entities listed on Exhibit A (each, an
“Investor” and collectively, the “Investors”). 

RECITALS 
 Certain of the
Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred Stock, Series A-1 Preferred Stock, Series B Preferred
Stock and/or shares of Common Stock issued upon conversion thereof and possess registration rights, information rights, rights of first offer, and other rights pursuant to an Amended and Restated Investors’ Rights Agreement dated as of
June 6, 2016 between the Company and such Investors (the “Prior Agreement”); and 

The Existing Investors are holders of greater than 60% of the Registrable Securities (as defined in the Prior Agreement), and desire to amend
and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

Certain of the Investors are parties to that certain Series C Preferred Stock Purchase Agreement of even date herewith (the
“Series C Investors”) (the “Purchase Agreement”), under which certain of the Company’s and such Investors’
obligations are conditioned upon the execution and delivery of this Agreement by such Investors, Existing Investors holding a majority of the Registrable Securities (as defined in the Prior Agreement), and the Company; and 

The undersigned Existing Investors hereby agree that the Prior Agreement shall be amended and restated, and the parties to this Agreement
further agree as follows: 
 SECTION 1 

DEFINITIONS 
 1.1
Certain Definitions As used in this Agreement, the following terms shall have the meanings set forth below: 
 (a)
“Affiliate” means, with respect to any specified 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 partner, member, officer, director, manager or employee of such person and any venture capital fund now or hereafter existing that is controlled by one or more general
partners or managing members of, or is under common investment management with, such person. Notwithstanding the foregoing, the Company and the parties hereto agree that (i) the Affiliates of F-Prime Inc.
shall include all members of the Beacon Bioventures Group and (ii) the Affiliates of the Satter Investors shall include each other Satter Investor and any trust or other entity for which Muneer A. Satter serves as manager, trustee or investment
advisor. For purposes of this Agreement, “Satter Investors” means the Muneer A. Satter Revocable Trust, The Satter Foundation, SIM—SCT Investment Holdings, LLC, SIM – SFT
Investment Holdings, LLC, SIM—KHH Investment Holdings, LLC, SIM—ACWIT Investment Holdings, LLC, SIM—RSFIT Investment Holdings, LLC, SIM—RSIT Investment Holdings, LLC, Satter Medical Technology Partners, L.P. and any subsequent
investor or transferee who becomes a party to this Agreement as an Investor and is designated as a Satter Investor by the Satter Investors holding a majority of the shares of 

 Common Stock (assuming conversion of all shares of Series A-1
Preferred Stock) held by all Satter Investors. For purposes of this Agreement, “Beacon Bioventures Group” means: each of FMR LLC and its subsidiaries and affiliates; FIL Limited and its subsidiaries and affiliates; Fidelity
International Ventures Limited; InfoTech Fund I LLC; InfoTech Fund II LLC; Impresa Fund I LLC; Impresa Fund II LLC; Impresa Fund III Limited Partnership; Impresa Capital LLC; Fidelity Ventures II Limited Partnership; Fidelity Ventures Principals II
LLC; Amista Ventures III Limited Partnership; Amista Ventures Principals III Limited Partnership; Agilus Ventures IV Limited Partnership; Agilus Ventures Principals IV Limited Partnership; Agilus Ventures IV-E
Limited Partnership; Agilus Ventures Principals IV-E Limited Partnership; Alimont Ventures V Limited Partnership; Beacon Bioventures Limited Partnership; Beacon Bioventures Fund II Limited Partnership;
Devonshire Equity Partners II Fund A Limited Partnership; Fidelity Asia Ventures Fund L.P.; Asia Ventures II L.P., FIL India Ventures L.P.; Europe Ventures L.P.; and any other limited liability company or limited partnership owned or controlled by
members of FMR LLC; and shall also include any charitable organizations. 
 (b) “Bad Actor Disqualification” means
any “bad actor” disqualification described in Rule 506(d)(1)(i) through (viii) under the Securities Act. 
 (c)
“Board of Directors” means the board of directors of the Company. 
 (d) “Commission” means
the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 (e) “Common
Stock” means the Common Stock of the Company. 
 (f) “Conversion Stock” means shares of Common Stock
issued upon conversion of the Preferred Stock. 
 (g) “Exchange Act” means the Securities Exchange Act of 1934, as
amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(h) “Holder” means any Investor who holds Registrable Securities and any holder of Registrable Securities to whom the
registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.12 of this Agreement. 

(i) “Indemnified Party” shall have the meaning set forth in Section 2.6(c). 

(j) “Indemnifying Party” shall have the meaning set forth in Section 2.6(c). 

(k) “Initial Public Offering” means the closing of the Company’s first firm commitment underwritten public
offering of the Company’s Common Stock registered under the Securities Act. 
 (l) “Initiating Holders” means
any Holder or Holders who in the aggregate hold at least a Preferred Majority. 
 (m) “Major Holder” shall have the
meaning set forth in Section 4.1(a). 
 (n) “Major Information Holder” shall have the meaning set forth in
Section 3.1(a). 

  
 2 

 (o) “New Investor” shall mean a holder
of Series C Preferred Stock that is not a holder of, or an Affiliate of a current holder of, the Company’s Series A Preferred Stock, Series A-1 Preferred Stock or Series B Preferred Stock. 

(p) “New Securities” shall have the meaning set forth in Section 4.1(a). 

(q) “Other Selling Stockholders” means persons other than Holders who, by virtue of agreements with the Company, are
entitled to include their Other Shares in certain registrations hereunder. 
 (r) “Other
Shares” means shares of Common Stock, other than Registrable Securities (as defined below), with respect to which registration rights have been granted. 

(s) “Person” means any individual, corporation, partnership, trust, limited liability company, association or other
entity. 
 (t) “Preferred Majority”
means holders of at least sixty percent (60%) of the outstanding shares of the Preferred Stock on an as-converted basis, including (A) prior to the Second Closing (as defined in the Purchase
Agreement), one or more New Investors holding at least 3,700,000 shares of Series C Preferred Stock (as adjusted for stock splits, recapitalizations and similar events) in the aggregate or (B) following the Second Closing, one or more New
Investors holding at least 7,400,000 shares of Series C Preferred Stock (as adjusted for stock splits, recapitalizations and similar events) in the aggregate (provided, that if either of Bain Capital Life Sciences Fund, LP or Citadel Multi-Strategy
Equities Master Fund Ltd. is a Defaulting Investor (as defined in the Purchase Agreement), then such required share threshold shall remain at 3,700,000 shares of Series C Preferred Stock (as adjusted for stock splits, recapitalizations and similar
events) or such lesser number such that at least one of the two New Investors holding the greatest number of outstanding shares of Series C Preferred Stock is required). 

(u) “Preferred Stock” means, collectively, the Series A Preferred Stock, Series A-1 Preferred Stock, the Series B Preferred Stock and the Series C Preferred Stock. 
 (v)
“Purchase Agreement” shall have the meaning set forth in the Recitals. 

(w) “Registrable Securities” means (i) shares of Common Stock issued or
issuable pursuant to the conversion of the Shares and (ii) any Common Stock issued as a dividend or other distribution with respect to or in exchange for or in replacement of the shares referenced in (i) above; provided,
however, that Registrable Securities shall not include any shares of Common Stock described in clause (i) or (ii) above which have previously been registered or which have been sold to the public either pursuant to a registration
statement or Rule 144, or which have been sold in a private transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement. 

(x) The terms “register,” “registered” and
“registration” shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the
declaration or ordering of the effectiveness of such registration statement. 
 (y) “Registration
Expenses” means all expenses incurred in effecting any registration pursuant to this Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and
disbursements of counsel for the Company, fees and disbursements of one special counsel for any Holders and Other Selling Stockholders including Shares and Other Shares in a registration statement (with such amount not to exceed $50,000 in the
aggregate), and one special counsel for the Holders with respect to corporate governance matters regardless of their including Shares or Other Shares 

  
 3 

 in a registration statement (with such amount not to exceed $50,000 in the aggregate), blue sky fees and
expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses and the compensation of regular employees of the Company, which shall be paid in any event by the
Company. 
 (z) “Restricted Securities” means any Registrable Securities
required to bear the first legend set forth in Section 2.8(c). 
 (aa) “Rule 144”
means Rule 144 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(bb) “Rule 145” means Rule 145 as promulgated by the Commission under the
Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission 

(cc) “Rule 415” means Rule 415 as promulgated by the Commission under the
Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(dd) “Securities Act” means the Securities Act of 1933, as amended, or any
similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (ee)
“Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of
counsel for any Holder or Other Selling Stockholders (other than the fees and disbursements of counsel to the Holders and Other Selling Stockholders included in Registration Expenses). 

(ff) “Series A Preferred Stock” means the shares of the Company’s Series A Preferred
Stock, par value $0.001 per share. 
 (gg) “Series A-1
Preferred Stock” means the shares of the Company’s Series A-1 Preferred Stock, par value $0.001 per share. 

(hh) “Series B Investor” means a Holder of Series B Preferred Stock. 

(ii) “Series B Preferred Stock” means the shares of the Company’s
Series B Preferred Stock, par value $0.001 per share. 
 (jj) “Series C
Investor” means a Holder of Series C Preferred Stock. 
 (kk) “Series C
Preferred Stock” means the shares of the Company’s Series C Preferred Stock, par value $0.001 per share. 

(ll) “Shares” means shares of Preferred Stock. 

(mm) “Withdrawn Registration” means a forfeited demand registration under
Section 2.1 in accordance with the terms and conditions of Section 2.4. 

  
 4 

 SECTION 2 

REGISTRATION RIGHTS 

2.1 Requested Registration 

(a) Request for Registration. Subject to the conditions set forth in this Section 2.1, if the Company shall receive from
Initiating Holders a written request signed by such Initiating Holders that the Company effect any registration with respect to all or a part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to
be disposed of by such Initiating Holders), the Company will: 
 (i) promptly give written notice of the proposed registration to all other
Holders; and 
 (ii) as soon as practicable, file and use its commercially reasonable efforts to effect such registration (including,
without limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) and to permit or facilitate the sale and distribution of
all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by
the Company within 20 days after such written notice from the Company is mailed or delivered. 
 (b) Limitations on Requested
Registration. The Company shall not be obligated to effect any such registration pursuant to this Section 2.1: 
 (i) Prior to
the earlier of (A) the five-year anniversary of the date of this Agreement or (B) 180 days following the effective date of the first registration statement filed by the Company covering an underwritten offering of any of its securities to the
general public (or the subsequent date on which all market stand-off agreements applicable to the offering have terminated); 

(ii) If the Initiating Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration
statement, propose to sell Registrable Securities for aggregate proceeds (after deduction for underwriter’s discounts and expenses related to the issuance) of less than $5,000,000; 

(iii) In any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(iv) After the Company has initiated two such registrations pursuant to this Section 2.1; 

(v) During the period starting with the date 60 days prior to the Company’s good faith estimate of the date of filing of, and ending on
a date (x) with respect to the Company’s Initial Public Offering, 180 days after the effective date of, a Company-initiated registration (or ending on the subsequent date on which all market
stand-off agreements applicable to the offering have terminated), and (y) with respect to any Company-initiated registration of its Common Stock following its Initial Public Offering, 90 days after the
effective date of such Company-initiated registration; provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; 

  
 5 

 (vi) If the Initiating Holders propose to dispose of shares of Registrable Securities that
may be registered on Form S-3 pursuant to a request made under Section 2.3; 
 (vii) If the
Initiating Holders do not request that such offering be firmly underwritten by underwriters selected by the Initiating Holders (subject to the consent of the Company which shall not be unreasonably withheld); or 

(viii) If the Company and the Initiating Holders are unable to obtain the commitment of the underwriter described in clause (b)(vii) above to
firmly underwrite the offer. 
 (c) Deferral. If (i) in the good faith judgment of the Board of Directors of the Company,
the filing of a registration statement covering the Registrable Securities would be materially detrimental to the Company and the Board of Directors of the Company concludes, as a result, that it is in the best interests of the Company to defer the
filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company, it
would be materially detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, in the best interests of the Company to defer the filing of such registration statement, then (in addition to
the limitations set forth in Section 2.1(b)(v) above) the Company shall have the right to defer such filing for a period of not more than 120 days after receipt of the request of the Initiating Holders, and, provided further, that
the Company shall not defer its obligation in this manner more than one time in any 12-month period. 

(d) Other Shares. The registration statement filed pursuant to the request of the Initiating Holders may, subject to the
provisions of Section 2.1(e), include Other Shares and securities of the Company being sold for the account of the Company. 
 (e)
Underwriting. 
 (i) The right of any Holder to include all or any portion of its Registrable Securities in a registration
pursuant to this Section 2.1 shall be conditioned upon such Holder’s participation in an underwriting and the inclusion of such Holder’s Registrable Securities to the extent provided herein. If the Company shall request inclusion in
any registration pursuant to Section 2.1 of securities being sold for its own account, or if other persons shall request inclusion in any registration pursuant to Section 2.1, the Initiating Holders shall, on behalf of all Holders, offer
to include such securities in the underwriting and such offer shall be conditioned upon the participation of the Company or such other persons in such underwriting and the inclusion of the Company’s and such person’s other securities of
the Company and their acceptance of the further applicable provisions of this Section 2 (including Section 2.10). The Company shall (together with all Holders and other persons proposing to distribute their securities through such
underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for such underwriting by a majority in interest of the Initiating Holders, which underwriters are reasonably
acceptable to the Company. 
 (ii) Notwithstanding any other provision of this Section 2.1, if the underwriters advise the Initiating
Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, the number of Registrable Securities and Other Shares that may be so included shall be allocated as follows: (i) first, among all Holders
requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such Holders, assuming conversion; (ii) second, to the Other Selling Stockholders; and
(iii) third, to the Company, which 

  
 6 

 
the Company may allocate, at its discretion, for its own account, or for the account of other holders or employees of the Company; provided that, a registration will only count against the limit
set forth in Section 2.1(b)(iv) if (i) all Registrable Securities requested to be registered are registered, and (ii) it is closed, or withdrawn at the request of the Holders (other than a withdrawal by the Holders that is based upon
material adverse information relating to the Company that is different from the information known or available (upon request from the Company or otherwise) to the Holders requesting registration at the time of their request for registration under
this Section 2.1). 
 (iii) If a person who has requested inclusion in such registration as provided above does not agree to the terms
of any such underwriting, such person shall be excluded therefrom by written notice from the Company, the underwriter or the Initiating Holders. The securities so excluded shall also be withdrawn from registration. Any Registrable Securities or
other securities excluded or withdrawn from such underwriting shall also be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of shares to be included in such registration was previously reduced as
a result of marketing factors pursuant to this Section 2.1(e), then the Company shall then offer to all Holders and Other Selling Stockholders who have retained rights to include securities in the registration the right to include additional
Registrable Securities or Other Shares in the registration in an aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among such Holders and Other Selling Stockholders requesting additional inclusion, as set
forth above. 
 2.2 Company Registration 

(a) Company Registration. If the Company shall determine to register any of its securities either for its own account or the
account of a security holder or holders, other than a registration pursuant to Section 2.1 or 2.3, a registration relating solely to employee benefit plans, a registration relating to the offer and sale of
non-convertible debt securities, a registration relating to a corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the
Company will: 
 (i) promptly give written notice of the proposed registration to all Holders; and 

(ii) use its commercially reasonable efforts to include in such registration (and any related qualification under blue sky laws or other
compliance), except as set forth in Section 2.2(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by any Holder or Holders received by the Company
within twenty (20) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 

(b) Underwriting. 

(i) If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the Company shall so
advise the Holders as a part of the written notice given pursuant to Section 2.2(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.2 shall be conditioned upon such Holder’s participation in such
underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company, the Other
Selling Stockholders and other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the
representative of the underwriter or underwriters selected by the Company. 

  
 7 

 (ii) Notwithstanding any other provision of this Section 2.2, if the underwriters
advise the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) limit the number of Registrable Securities to be included in, the
registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included in the registration and underwriting shall be allocated, as
follows: (i) first, to the Company for securities being sold for its own account, (ii) second, to the Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable
Securities held by such Holders, assuming conversion, and (iii) third, to the Other Selling Stockholders requesting to include Other Shares in such registration statement based on the pro rata percentage of Other Shares held by such Other
Selling Stockholders, assuming conversion. 
 (iii) Notwithstanding the foregoing, no such reduction shall reduce the number of Registrable
Securities of the Holders included in such registration below 30% of the total number of securities included in such registration, unless such offering is the Company’s Initial Public Offering and such registration does not include shares of
any Other Selling Stockholders (excluding shares registered for the account of the Company), in which event any or all of the Registrable Securities of the Holders may be excluded. 

(iv) If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting,
such person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration. Any Registrable Securities or other
securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. 
 (c) 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. 
 2.3 Registration on Form S-3 

(a) Request for Form S-3 Registration. After its Initial Public Offering, the Company
shall use its commercially reasonable efforts to qualify for registration on Form S-3 or any comparable or successor form or forms. After the Company has qualified for the use of Form S-3, in addition to the rights contained in the foregoing provisions of this Section 2 and subject to the conditions set forth in this Section 2.3, if the Company shall receive from Holders of at least 30%
of the Registrable Securities a written request that the Company effect any registration on Form S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities
(such request shall state the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such shares by such Holder or Holders), the Company will take all such action with respect to such Registrable
Securities as required by Section 2.1(a)(i) and (ii). 
 (b) Limitations on Form S-3
Registration. The Company shall not be obligated to effect any such registration pursuant to this Section 2.3: 
 (i) In the
circumstances described in either Sections 2.1(b)(iii) or 2.1(b)(v); 
 (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) on Form S-3 at an aggregate price to the public of less than
$1,000,000; or 

  
 8 

 (iii) If, in a given 12-month period, the Company
has effected two such registrations in such period. 
 (c) Deferral. If (i) in the good faith judgment of the Board of
Directors of the Company, effecting any registration on Form S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities would be materially detrimental to
the Company and the Board of Directors of the Company concludes, as a result, that it is in the best interests of the Company to defer the filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a
certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company for such registration statement to be filed in the near future and
that it is, therefore, in the best interests of the Company to defer the filing of such registration statement, then the Company shall have the right to defer such filing for a period of not more than 90 days after receipt of the request of the
Initiating Holders, and, provided further, that the Company shall not defer its obligation in this manner more than one (1) time in any 12-month period and, in no event following the
Company’s Initial Public Offering, shall the Company’s obligations to effect any registration pursuant to this Section 2.3 be deferred pursuant to Sections 2.1(b)(v) and/or 2.3(c) for more than six (6) months in any 12-month period. 
 (d) Underwriting. If the Holders of Registrable Securities requesting
registration under this Section 2.3 intend to distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of Section 2.1(e) shall apply to such registration. Notwithstanding anything contained
herein to the contrary, registrations effected pursuant to this Section 2.3 shall not be counted as requests for registration or registrations effected pursuant to Section 2.1. 

2.4 Expenses of Registration All Registration Expenses incurred in connection with registrations pursuant to Sections 2.1, 2.2 and 2.3
shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 2.1 and 2.3 if the registration request is
subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall have withdrawn so that the minimum offering conditions set forth in Sections 2.1 and
2.3 are no longer satisfied (in which case all participating Holders shall bear such expenses pro rata among each other based on the number of Registrable Securities requested to be so registered), unless the Holders holding at least a
Preferred Majority agree to forfeit their right to a demand registration pursuant to Section 2.1; provided, however, in the event that a withdrawal by the Holders is based upon material adverse information relating
to the Company that is different from the information known or available (upon request from the Company or otherwise) to the Holders requesting registration at the time of their request for registration under Section 2.1, such registration
shall not be treated as a counted registration for purposes of Section 2.1, even though the Holders do not bear the Registration Expenses for such registration. All Selling Expenses relating to securities registered on behalf of the Holders
shall be borne by the holders of securities included in such registration pro rata among each other on the basis of the number of Registrable Securities so registered. 

2.5 Registration Procedures In the case of each registration effected by the Company pursuant to Section 2, the Company will keep
each Holder advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will use its commercially reasonable efforts to: 

(a) Keep such registration effective for a period ending on the earlier of the date which is 120 days from the effective date of the
registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto; 

  
 9 

 (b) To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under
the Securities Act) (a “WKSI”) at the time any request for registration is submitted to the Company in accordance with Section 2.3, (i) if so requested, file an automatic shelf registration statement (as defined in Rule
405 under the Securities Act) (an “automatic shelf registration statement”) to effect such registration, and (ii) remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act))
during the period during which such automatic shelf registration statement is required to remain effective in accordance with this Agreement; 

(c) Prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in subsection (a) above;

 (d) Furnish such number of prospectuses, including any preliminary prospectuses, and other documents incident thereto, including any
amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request; 
 (e) Use its reasonable best efforts
to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdiction 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; 

(f) Notify each seller of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such notification promptly prepare and furnish to such seller a
reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; 

(g) If at any time when the Company is required to re-evaluate its WKSI status for purposes of an
automatic shelf registration statement used to effect a request for registration in accordance with Section 2.3 (i) the Company determines that it is not a WKSI, (ii) the registration statement is required to be kept effective in
accordance with this Agreement, and (iii) the registration rights of the applicable Holders have not terminated, promptly amend the registration statement onto a form the Company is then eligible to use or file a new registration statement on
such form, and keep such registration statement effective in accordance with the requirements otherwise applicable under this Agreement; 

(h) If (i) a registration made pursuant to a shelf registration statement is required to be kept effective in accordance with this
Agreement after the third anniversary of the initial effective date of the shelf registration statement and (ii) the registration rights of the applicable Holders have not terminated, file a new registration statement with respect to any unsold
Registrable Securities subject to the original request for registration prior to the end of the three-year period after the initial effective date of the shelf registration statement, and keep such registration statement effective in accordance with
the requirements otherwise applicable under this Agreement; 
 (i) Use its commercially reasonable efforts to furnish, on the date that such
Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such

  
 10 

 
registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and reasonably satisfactory to a majority in
interest of the Holders requesting registration of Registrable Securities and (ii) a “comfort” letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; 
 (j)
Provide a transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

 (k) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed; and 
 (l) In connection with any underwritten offering pursuant to a registration
statement filed pursuant to Section 2.1, enter into an underwriting agreement in form reasonably necessary to effect the offer and sale of Common Stock, provided such underwriting agreement contains reasonable and customary provisions,
and provided further, that each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

2.6 Indemnification 
 (a)
To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors and partners, legal counsel and accountants and each person controlling such Holder within the meaning of Section 15 of
the Securities Act, with respect to which registration, qualification or compliance has been effected pursuant to this Section 2, and each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities
Act any underwriter, against all expenses, claims, losses, damages and liabilities (or actions, proceedings or settlements in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact
contained or incorporated by reference in any prospectus, offering circular or other document (including any related registration statement, notification or the like) incident to any such registration, qualification or compliance, (ii) any
omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation (or alleged violation) by the Company of the Securities Act, any
state securities laws or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any offering covered by such registration, qualification or compliance, and the
Company will reimburse each such Holder, each of its officers, directors, partners, legal counsel and accountants and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any legal and any
other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to the extent that any such claim,
loss, damage, liability, or action arises out of or is based on any untrue statement or omission based upon written information furnished to the Company by such Holder, any of such Holder’s officers, directors, partners, legal counsel or
accountants, any person controlling such Holder, such underwriter or any person who controls any such underwriter, and stated to be specifically for use therein; and provided, further that, the indemnity agreement contained in
this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 

  
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 (b) To the extent permitted by law, each Holder will, severally and not jointly, if
Registrable Securities held by such Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel
and accountants and each underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other
such Holder, and each of their officers, directors and partners, and each person controlling each other such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue
statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular or other document (including any related registration statement, notification, or the like) incident to any such
registration, qualification or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and
such Holders, directors, officers, partners, legal counsel and accountants, persons, underwriters, or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage,
liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other
document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; provided, however, that the obligations of such Holder hereunder
shall not apply to amounts paid in settlement of any such claims, losses, damages or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld);
and provided that in no event shall the aggregate amount payable by any Holder by way of indemnity or contribution under Section 2.6(b) and Section 2.6(d) exceed the net proceeds from the offering received by such Holder (net of any
Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 
 (c) Each party entitled to
indemnification under this Section 2.6 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who
shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such
party’s expense; and provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.6, to the extent such failure is not
prejudicial. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as
an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 

(d) If the indemnification provided for in this Section 2.6 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 of the Indemnified Party on the other 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. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party

  
 12 

 
or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. In no event shall a
Holder’s liability under this Section 2.6(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.6(b), exceed the net proceeds from the offering received by such Holder (net of Selling Expenses paid by
such Holder), except in the case of fraud or willful misconduct by such Holder. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any
person or entity who was not guilty of such fraudulent misrepresentation. 
 (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. 
 2.7 Information by Holder Each Holder of Registrable Securities shall furnish to the Company such information regarding
such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification, or compliance referred to in this Section 2. 

2.8 Restrictions on Transfer 

(a) The holder of each certificate representing Registrable Securities by acceptance thereof agrees to comply in all respects with the
provisions of this Section 2.8. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, unless and until the transferee
thereof has agreed in writing for the benefit of the Company to take and hold such Restricted Securities subject to, and to be bound by, the terms and conditions set forth in this Agreement, including, without limitation, this Section 2.8 and
Section 2.10, except for transfers permitted under Section 2.8(b), and: 
 (i) There is then in effect a registration statement
under the Securities Act covering such proposed disposition and the disposition is made in accordance with the registration statement; or 

(ii) The Holder shall have given prior written notice to the Company of the Holder’s intention to make such disposition and shall have
furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if reasonably requested by the Company, the Holder shall have furnished the Company, at the Holder’s expense, with (i) an
opinion of counsel, reasonably satisfactory to the Company, to the effect that such disposition will not require registration of such Restricted Securities under the Securities Act or (ii) a “no action” letter from the Commission to
the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Commission that action be taken with respect thereto, whereupon the holder of such Restricted Securities shall be entitled
to transfer such Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144 except in unusual
circumstances. 
 (b) Notwithstanding the provisions of Section 2.8(a), no such registration statement or opinion of counsel or
“no action” letter shall be necessary for (i) a transfer not involving a change in beneficial ownership, (ii) transactions involving the distribution without consideration of Restricted Securities by any Holder to (x) a
parent, subsidiary or other Affiliate of the Holder, (y) any of the Holder’s partners, members or other equity owners, or retired partners, retired members or other equity owners, or to the estate of any of the Holder’s partners,
members or other equity owners or retired partners, retired members or other equity owners, or (z) a venture capital fund that is controlled by or under common control with one or more 

  
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general partners or managing members of, or shares the same management company with, the Holder, or (iii) transfers in compliance with Rule 144 (except in unusual circumstances), as long as
the Company is furnished with satisfactory evidence of compliance with such Rule; provided, in each case, that the Holder shall give written notice to the Company of the Holder’s intention to effect such disposition and shall have
furnished the Company with a detailed description of the manner and circumstances of the proposed disposition. 
 (c) Each certificate
representing Registrable Securities shall (unless otherwise permitted by the provisions of this Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable
state securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO
REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO (1) RESTRICTIONS ON TRANSFERABILITY AND
RESALE, INCLUDING A LOCKUP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN INVESTORS’ RIGHTS AGREEMENT, AND (2) VOTING RESTRICTIONS AS SET FORTH IN A VOTING AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES,
COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 
 The Holders consent to the Company making a notation on its
records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer established in this Section 2.8. 

(d) The first legend referring to federal and state securities laws identified in Section 2.8(c) stamped on a certificate evidencing the
Restricted Securities and the stock transfer instructions and record notations with respect to the Restricted Securities shall be removed and the Company shall issue a certificate without such legend to the holder of Restricted Securities if
(i) those securities are registered under the Securities Act, or (ii) the holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a sale or transfer of those securities may be made
without registration or qualification. The Company shall be obligated to reissue promptly un-legended certificates or an un-legended book entry position, as applicable,
at the request of any Holder thereof if (1) the Company has completed its IPO, (2) the Holder is no longer subject to a lockup agreement with the Company or the underwriters in connection with such IPO, and (3) the Holder shall have
obtained an opinion of counsel (which counsel may be counsel to the Company or counsel to the Holder) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of without
registration, qualification and legend, provided that the second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any of the restrictions referred to in such legend. 

  
 14 

 (e) Each Investor agrees not to make any sale, assignment, transfer, pledge or other
disposition of any securities of the Company, or any beneficial interest therein, to any person other than the Company unless and until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed
transferee nor any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests, general partners or managing members nor any person that would be deemed a beneficial owner of those
securities (in accordance with Rule 506(d) of the Securities Act) is subject to any Bad Actor Disqualification, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the
transfer, in writing in reasonable detail to the Company. 
 2.9 Rule 144 Reporting With a view to making available the benefits of
certain rules and regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) Make and keep adequate current public information with respect to the Company available in accordance with Rule 144 under the Securities
Act, at all times from and after ninety (90) days following the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) File with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act at any time after it has become subject to such reporting requirements; and 
 (c) So long as a Holder owns any Restricted
Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after 90 days following the effective date of the first
registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent
annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities without
registration. 
 2.10 Market Stand-Off Agreement Each Holder shall not sell or otherwise
transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any Common Stock (or other securities) of the Company held by such Holder (other
than those included in the registration) during the 180-day period following the effective date of the registration statement for the Company’s Initial Public Offering filed under the Securities Act (or
such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but
not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), provided that all officers and directors of the Company and all holders of at least one percent
(1%) of the Company’s voting securities are bound by and have entered into similar agreements. The foregoing obligations described in this Section 2.10 shall apply only to the Company’s Initial Public Offering, and shall not apply to
the sale of any shares to an underwriter pursuant to an underwriting agreement, to shares acquired in the open market after effectiveness of the registration statement for the Initial Public Offering, to shares acquired in the Company’s Initial
Public Offering, or to a registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a
registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may stamp each such certificate with the
second legend set forth in Section 2.8(c) with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of such 180-day (or other) period. Each Holder
agrees to execute a market standoff agreement with said underwriters in customary form consistent with the provisions of this Section 2.10. To the extent that the underwriters propose to fully or partially

  
 15 

 
release the above restrictions as to any holder or holders of securities of the Company, such release of shares shall be applicable to all Holders on a pro rata basis, and the numbers of
shares to be released by each Holder of securities of the Company shall be determined by multiplying that number of shares held by such Holder by a fraction, the numerator of which is the aggregate number of shares to be so released and the
denominator of which is the total number of shares owned by all Holders at the time of such release. The underwriters in connection with the Company’s Initial Public Offering are intended third-party beneficiaries of this Section 2.10 and
shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 2.11 Delay of
Registration No Holder shall have any right to take any action to restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 2. 
 2.12 Transfer or Assignment of Registration Rights The rights to cause the Company to register securities granted
to a Holder by the Company under this Section 2 may be transferred or assigned by a Holder only to (a) a subsidiary, parent, partner, limited partner, retired partner, member, retired member or stockholder of a Holder, (b) an
Affiliate of a Holder, or (c) a transferee or assignee of not less than 500,000 shares of Registrable Securities (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the
like); provided that (i) such transfer or assignment of Registrable Securities is effected in accordance with the terms of Section 2.8 and applicable securities laws, (ii) the Company is given written notice prior to said
transfer or assignment, stating the name and address of the transferee or assignee and identifying the securities with respect to which such registration rights are intended to be transferred or assigned and (iii) the transferee or assignee of
such rights assumes in writing the obligations of such Holder under this Agreement, including without limitation the obligations set forth in Section 2.10. 

2.13 Limitations on Subsequent Registration Rights From and after the date of this Agreement, the Company shall not, without the prior
written consent of Holders holding at least a Preferred Majority, enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder any registration rights the terms of which are
pari passu with or senior to the registration rights granted to the Holders hereunder. 
 2.14 Termination of Registration
Rights The right of any Holder to request registration or inclusion in any registration pursuant to Sections 2.1, 2.2 or 2.3 shall terminate on the earliest of (i) such date, on or after the closing of the Company’s first registered
public offering of Common Stock, on which all shares of Registrable Securities held or entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any 90-day period or
(ii) the occurrence of a Deemed Liquidation Event (as defined in the Company’s Fifth Amended and Restated Certificate of Incorporation, as may be amended from time to time). 

SECTION 3 
 COVENANTS OF
THE COMPANY 
 The Company hereby covenants and agrees, as follows: 

3.1 Basic Financial Information and Inspection Rights 

(a) Basic Financial Information. The Company will furnish the following reports to each Holder who owns at least 1,500,000
Shares both as of the date hereof and continues to own 1,500,000 

  
 16 

 
Shares thereafter (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like) (each a Major Information
Holder”): 
 (i) As soon as practicable after the end of each fiscal year of the Company, and in any event within 120 days
after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its subsidiaries, if any, as at the end of such fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries,
if any, for such year, prepared in accordance with U.S. generally accepted accounting principles consistently applied, certified by independent public accountants of recognized national standing selected by the Company; 

(ii) As soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and
in any event within 45 days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of each
such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such period, prepared in accordance with U.S. generally accepted accounting principles consistently applied,
subject to changes resulting from normal year-end audit adjustments; 
 (iii) As soon as
practicable after the end of each month, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of each such month, and unaudited consolidated statements of income and cash flows of the Company and its
subsidiaries, if any, for such month, prepared in accordance with U.S. generally accepted accounting principles consistently applied, subject to changes resulting from normal year-end audit adjustments. 

(iv) At least 30 days prior to the end of each fiscal year an operating budget forecasting the Company’s revenues, expenses and cash
position on a month-to-month basis for the upcoming fiscal year that has been approved by the Board of Directors of the Company; and 

(v) As soon as practicable after the end of each quarterly accounting period in each fiscal year of the Company, and in any event within 45
days after the end of each quarterly accounting period in each fiscal year of the Company, a current capitalization table certified by the Chief Financial Officer or Treasurer of the Company. 

(b) Inspection Rights. The Company will afford to each Major Information Holder reasonable access during normal business hours
to all of the Company’s respective properties, books and records. Each such Major Information Holder shall have such other reasonable access to management and information as is necessary for it to comply with applicable laws and regulations and
reporting obligations. The Company shall not be required to disclose details of contracts with or work performed for specific customers and other business partners where to do so would violate confidentiality obligations to those parties. Major
Information Holders may exercise their rights under this Section 3.1(b) only for purposes reasonably related to their interests under this agreement and related agreements. The rights granted pursuant to this Section 3.1(b) may not be
assigned or otherwise conveyed by the Major Information Holders or any subsequent transferee of any such rights without the prior written consent of the Company, unless assigned or otherwise conveyed in connection with a transfer of Registrable
Securities that complies with the provisions set forth in Section 2.8 above. 
 3.2 Key Man Insurance 

The Company will use its commercially reasonable efforts to obtain and maintain in full force and effect term life insurance on the lives of
Douglas Love, the Company’s Chief Medical Officer (as and when hired) and Ted Yednock in an amount customary for similarly situated companies and as may be approved by the Board of Directors of the Company, naming the Company as the
beneficiary. 

  
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 3.3 Proprietary Information and Inventions Assignment Agreements 

Unless otherwise determined by the Board of Directors of the Company (including at least two of the Preferred Directors (as defined in the
Company’s Fifth Amended and Restated Certificate of Incorporation, as may be amended from time to time)), promptly following the execution of this Agreement, the Company shall require all former and current founders and employees, and shall use
commercially reasonable efforts to require all current independent contractors and consultants, and in the future shall require all founders and employees, and shall use commercially reasonable efforts to require all independent contractors and
consultants, to execute and deliver agreements containing proprietary information, non-disclosure, assignment of inventions, no conflicting obligations, non-competition
and non-solicitation provisions in forms acceptable to the Investors and approved by the Company’s counsel or the Board of Directors of the Company (including at least two of the Preferred Directors (as
defined in the Company’s Fifth Amended and Restated Certificate of Incorporation, as may be amended from time to time)). Unless otherwise determined by the Board of Directors of the Company (including at least two of the Preferred Directors (as
defined in the Company’s Fifth Amended and Restated Certificate of Incorporation, as may be amended from time to time)), the Company shall not make any equity award to any founder, employee or independent contractor or consultant who has not
executed and delivered such an agreement. The Company and the Investors acknowledge and agree that if the Company is unable to negotiate and enter into such an agreement with a current or future independent contractor or consultant and the Board of
Directors of the Company (including at least two of the Preferred Directors (as defined in the Company’s Fifth Amended and Restated Certificate of Incorporation, as may be amended from time to time)) determines that such an agreement is not
required for such independent contractor or consultant, the Company’s inability to enter into such an agreement with such independent contractor or consultant shall not be deemed to be a breach of this Section 3.3. 

3.4 Confidentiality Anything in this Agreement to the contrary notwithstanding, no Holder by reason of this Agreement shall have access
to any trade secrets of the Company. The Company shall not be required to comply with any information rights of Section 3 in respect of any Holder whom the Board of Directors of the Company reasonably determines to be a competitor or an
officer, employee, director or holder of more than 10% of a competitor, provided that Bain Capital Life Sciences Fund, LP, New Enterprise Associates 15, L.P., Novartis Bioventures, Ltd., the Satter Investors, and Surveyor Capital and their
Affiliates are deemed not to be competitors. Each Holder acknowledges that the information received by it pursuant to this Agreement may be confidential and for its use only, and it will not use such confidential information in violation of the
Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to know the contents of such information, and its attorneys), except in connection with the exercise of rights
under this Agreement, or to the extent required in connection with any routine or periodic examination or similar process by any regulatory or self-regulatory body or authority not specifically directed at the Company or the confidential information
obtained from the Company pursuant to the terms of this Agreement, including, without limitation, quarterly or annual reports, unless the Company has made such information available to the public generally. 

3.5 Matter Requiring Preferred Director Approval. 

The Company will not, without the approval of the Board of Directors of the Company, which approval (for so long as the holders of Preferred
Stock are entitled to elect at least one of the Company’s directors) must include the affirmative vote of a majority of the directors designated by the holders of Preferred Stock (the “Preferred
Directors”): 
 (a) make any expenditure in excess of $250,000 that is not already included in a Board of
Directors of the Company approved budget; 

  
 18 

 (b) make any investment inconsistent with any investment policy approved by the Board of
Directors of the Company; 
 (c) hire, fire, or change the compensation of the executive officers or Founders (as defined in the Purchase
Agreement), including approving any equity awards; or 
 (d) enter into any corporate strategic relationship involving the payment
contribution or assignment by the Company or to the Company of assets greater than $250,000. 
 3.6 Director and Officer Insurance.
The Company will use its commercially reasonable efforts to obtain and maintain in full force and effect director and officer insurance in the amount customary for similarly situated companies and as may be approved by the Board of Directors of the
Company. The Company will enter into an indemnification agreement with each Series C Director in a form acceptable to such director. In the event the Company or any of its successors or assignees consolidates or merges with another entity and is not
the surviving corporation, or transfers all of its assets, proper provisions shall be made so that successors of the Company will assume the Company’s obligations with respect to indemnification of its directors and officers 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. 

3.7 Reimbursement of Travel and Expenses. 

The Company will reimburse the Investors set forth in Exhibit A for all reasonable out-of-pocket expenses incurred by their representatives in the performance of their duties as directors and/or observers as long as such expenses are in compliance with the Company’s travel and expense
policy. 
 3.8 Compensation of Directors 

If the Company compensates any non-employee director of the Company who is not affiliated with an
Investor (a “Covered Director”) for his or her services as a member of the Board of Directors of the Company, all such Covered Directors shall receive the same compensation. The Company shall not provide any
compensation to any director of the Company who is otherwise an independent contractor to, or an employee of, the Company for his or her services as a member of the Board of Directors of the Company. 

3.9 Meetings of the Board of Directors 

The Board of Directors of the Company shall meet at least five times per year, unless otherwise agreed by a vote of the majority of the
Company’s Board of Directors. 
 3.10 Board Committees 

Each committee of the Board of Directors shall consist of the Series B Director, at least one Series A Director and at least one Series C
Director (each, as defined in the Company’s Fifth Amended and Restated Certificate of Incorporation, as may be amended from time to time) appointed by Bain Capital Life Sciences Fund, LP. 

  
 19 

 3.11 Internal Controls 

The Company shall (and shall cause each of its subsidiaries and controlled affiliates to) maintain systems of internal controls (including,
but not limited to, accounting systems, purchasing systems and billing systems, and systems designed to ensure compliance with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and any other applicable anti-bribery or anti-corruption
laws), as determined by the board of directors of the Company from time to time. 
 The Company shall provide prompt notice to New
Enterprise Associates 15, L.P. (“NEA 15”) following any “determination date” (as defined in Treasury Regulation Section 1.897-2(c)(1)) on which the Company becomes a
United States real property holding corporation. In addition, upon a written request by NEA 15, the Company shall provide NEA 15 with a written statement informing NEA 15 whether NEA 15’s interest in the Company constitutes a United States real
property interest. The Company’s determination shall comply with the requirements of Treasury Regulation Section 1.897-2(h)(1) or any successor regulation, and the Company shall provide timely notice
to the Internal Revenue Service, in accordance with and to the extent required by Treasury Regulation Section 1.897-2(h)(2) or any successor regulation, that such statement has been made. The
Company’s written statement to NEA 15 shall be delivered to NEA 15 within 10 days of NEA 15’s written request therefor. The Company’s obligation to furnish such written statement shall continue notwithstanding the fact that a class of
the Company’s stock may be regularly traded on an established securities market or the fact that there is no Preferred Stock then outstanding. 

3.12 Qualified Small Business Stock 

The Company shall submit to its stockholders (including the Investors) and to the Internal Revenue Service any reports that may be required
under Section 1202(d)(1)(C) of the Internal Revenue Code (the “Code”) and the regulations promulgated thereunder. In addition, within twenty (20) business days after any Investor’s written request therefor, the Company
shall, at its option, either (i) deliver to such Investor a written statement indicating whether (and what portion of) such Investor’s interest in the Company constitutes “qualified small business stock” as defined in
Section 1202(c) of the Code or (ii) deliver to such Investor such factual information in the Company’s possession as is reasonably necessary to enable such Investor to determine whether (and what portion of) such Investor’s
interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code. 
 3.13
Termination of Covenants Subject to prior termination pursuant to Sections 5.13 or 5.17, the covenants set forth in this Section 3 shall be suspended for so long as the Company is subject to, and compliant with, the periodic reporting
requirements of Section 12(g) or 15(d) of the Exchange Act. 
 SECTION 4 

RIGHT OF FIRST REFUSAL 

4.1 Right of First Refusal to Major Holder The Company hereby grants to each (i) Major Information Holder, (ii) Series B
Investor and (iii) Series C Investor (each, a “Major Holder “and collectively, the “Major Holders”) the right of
first refusal to purchase its pro rata share of New Securities (as defined in this Section 4.1(a)) which the Company may, from time to time, propose to sell and issue after the date of this Agreement. A Major Holder who chooses to
exercise the right of first refusal may designate as purchasers under such right itself or its partners or Affiliates in such proportions as it deems appropriate. A Major Holder’s pro rata share, for purposes of this right of first
refusal, is equal to the ratio of (a) the number of shares of Common Stock owned by such Major Holder immediately prior to the issuance of New Securities (assuming full conversion of the Shares and full conversion or exercise of all outstanding
convertible securities, rights, options and warrants held by said Major Holder) to (b) the total number of shares of 

  
 20 

 Common Stock outstanding immediately prior to the issuance of New Securities (assuming full conversion of
the Shares and full conversion or exercise of all outstanding convertible securities, rights, options and warrants). This right of first refusal shall be subject to the following provisions: 

(a) “New Securities” shall mean any capital stock (including Common Stock
and/or Preferred Stock) of the Company whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital stock, and securities of any type whatsoever that are, or may become, exercisable or convertible
into capital stock; provided that the term “New Securities” does not include: 

(i) the Shares and the Conversion Stock; 

(ii) shares of Common Stock and options, warrants or other rights to purchase Common Stock issued or issuable to employees, officers or
directors of, or consultants or advisors to the Company or any subsidiary pursuant to any plan approved by the Board of Directors of the Company, including at least three of the Preferred Directors; 

(iii) securities issued or issuable upon the exercise or conversion of any outstanding convertible or exercisable securities as of this date
of this Agreement; 
 (iv) securities issued or issuable as a dividend or distribution on Preferred Stock of the Company or pursuant to any
event for which adjustment is made pursuant to paragraph 4(e), 4(f) or 4(g) of the Company’s Fifth Amended and Restated Certificate of Incorporation, as may be amended from time to time; 

(v) securities issued or issuable as consideration pursuant to the acquisition of another corporation by the Company by merger, purchase of
substantially all of the assets or other reorganization or to a joint venture agreement, provided, that such issuances are approved by the Board of Directors of the Company; 

(vi) securities issued or issuable to banks, equipment lessors or other financial institutions pursuant to a commercial leasing or debt
financing transaction approved by the Board of Directors of the Company; 
 (vii) securities issued or issuable in connection with
sponsored research, collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships approved by the Board of Directors of the Company; and 

(viii) securities issued to suppliers or third party service providers in connection with the provision of goods or services pursuant to
transactions approved by the Board of Directors of the Company. 
 Notwithstanding the foregoing, if more than an aggregate of 1,000,000
shares of capital stock (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like) are issued pursuant to paragraphs 4.1(a)(v)-(viii) above, then any shares issued in excess
of such threshold shall be deemed to be New Securities for purposes hereof. 
 (b) In the event the Company proposes to undertake an
issuance of New Securities, it shall give each Major Holder written notice of its intention, describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each Major Holder shall have
20 days after any such notice is mailed or delivered to agree to purchase such Major Holder’s pro rata share of such New Securities and to indicate whether such Major Holder desires to exercise its right to

  
 21 

 
purchase its pro rata share of the Overallotment Shares (the “Overallotment Right”) for the price and upon the terms
specified in the notice by giving written notice to the Company, in substantially the form attached as Schedule 1, and stating therein the quantity of New Securities to be purchased. For clarity, a Major Holder’s pro rata share of the
Overallotment Shares shall be equal to the ratio of (i) the number of shares of Common Stock owned by such Major Holder immediately prior to the issuance of New Securities (assuming full conversion of the Shares and full conversion or exercise
of all outstanding convertible securities, rights, options and warrants held by said Major Holder) to (ii) the total number of shares of Common Stock held by all of the Major Holders immediately prior to the issuance of New Securities (assuming
full conversion of the Shares and full conversion or exercise of all outstanding convertible securities, rights, options and warrants held by all of the Major Holders), with all such Major Holder pro rata shares aggregating to 100% of the
Overallotment Shares. 
 (c) In the event a Major Holder fails to exercise fully the right of first refusal and Overallotment Right (a
“non-exercising Major Holder”) within said 20-day period (the “Major Holder Exercise
Period”), that Major Holder immediately shall provide written notice to each other Major Holder who has elected to exercise fully the right of first refusal and Overallotment Right (a
“Fully Exercising Major Holder”) of the number of shares not subscribed for pursuant to Section 4.1 above (the “Overallotment
Shares”), and each Fully Exercising Major Holder shall have the right to exercise, within 10 days after the end of the Major Holder Exercise Period (such 10-day period, the
“Overallotment Exercise Period”), all or a portion of its right of first refusal and Overallotment Right. With respect to the overallotment election under this Section 4.1(c),
securities held by Major Holders other than Fully Exercising Major Holders shall be excluded for purposes of calculating a Fully Exercising Major Holder’s initial pro rata share of New Securities. 

(d) In the event the Major Holders fail to exercise fully the right of first refusal and Overallotment Right, if any, within the later of
(i) the expiration of the Major Purchaser Exercise Period and (ii) the expiration of the Overallotment Exercise Period (the “Election Period”), the Company shall have 90
days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within 90 days from the date of said agreement) to sell that portion of the New Securities with respect to
which the Major Holders’ right of first refusal option set forth in this Section 4.1 was not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company’s notice to Major Holders
delivered pursuant to Section 4.1(b). In the event the Company has not sold within such 90 day period following the Election Period, or such 90-day period following the date of said agreement, the Company
shall not thereafter issue or sell any New Securities, without first again offering such securities to the Major Holders in the manner provided in this Section 4.1. 

(e) The right of first refusal granted under this Agreement shall expire upon, and shall not be applicable to, the earlier of (i)immediately
prior to the closing of a firm-commitment underwritten initial public offering pursuant to an effective registration statement filed under the Securities Act, covering the offer and sale of the Company’s Common Stock, provided that the
offering price per share is not less than $2.70 (as adjusted for recapitalizations) and the aggregate net proceeds to the Company are greater than $50,000,000; (ii) a Deemed Liquidation Event (as defined in the Company’s Fifth Amended and
Restated Certificate of Incorporation, as may be amended from time to time or (iii) the date that the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act. 

(f) A Holder will not have a right of first refusal to purchase a pro rata share of New Securities in accordance with this
Section 4 and will not be a Major Holder for purposes of the right of first refusal granted under this Section 4 if, and for so long as, the Holder, any of its directors, executive officers, other officers that may serve as a director or
officer of any company in which it invests, general partners or managing members or any person that would be deemed a beneficial owner of the securities of the Company held by the Holder (in accordance with Rule 506(d) of the Securities Act) is
subject to any Bad Actor Disqualification, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act. 

  
 22 

 SECTION 5 

MISCELLANEOUS 
 5.1
Amendment Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by the Company and the Holders
holding at least a Preferred Majority (excluding any of such shares that have been sold to the public or pursuant to Rule 144). Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may
not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4
with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors (such Investors,
“Participating Investors”) may nonetheless, by agreement with the Company, purchase securities in such transaction; provided, however, that if any Participating Investor purchases
securities in such transaction, then each Series C Investor and each Satter Investor will also have the right to purchase securities in such transaction in a proportionate amount, based on the relative fully-diluted ownership percentage of the
Company held by such Series C Investor or such Satter Investor, as applicable, as compared to such Participating Investor), which right may not be waived as to any Investor without such Investor’s consent. Any such amendment, waiver, discharge
or termination effected in accordance with this paragraph shall be binding upon each Holder and each future holder of all such securities of Holder. Each Holder acknowledges that by the operation of this paragraph (but subject to the second sentence
of this paragraph), the holders of at least a Preferred Majority will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. Holders purchasing Shares in a Closing after the Initial Closing (each as defined
in the Purchase Agreement) may become parties to this Agreement, by executing a counterpart of this Agreement without any amendment of this Agreement pursuant to this paragraph or any consent or approval of any other Holder. 

5.2 Notices All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered
or certified mail, postage prepaid, sent by facsimile or electronic mail (if to an Investor or Holder) or otherwise delivered by hand, messenger or courier service addressed: 

(a) if to an Investor, to the Investor’s address, facsimile number or electronic mail address as shown on the signature pages hereto or
the Schedule of Investors, as may be updated in accordance with this Section 5.2, or until any such Investor so furnishes an address, facsimile number or electronic mail address to the Company, then to the address, facsimile number or
electronic mail address of such Investor for which the Company has contact information in its records; 
 (b) if to any Holder, to such
address, facsimile number or electronic mail address as shown in the Company’s records, or, until any such Holder so furnishes an address, facsimile number or electronic mail address to the Company, then to the address, facsimile number or
electronic mail address of the last holder of such shares for which the Company has contact information in its records; or 
 (c) if to the
Company, to the attention of the Chief Executive Officer or Treasurer of the Company at P.O. Box 2931, South San Francisco, CA 94083-2931, or at such other current address as the Company shall have furnished to the Investors or Holders, with a copy
(which shall not constitute notice) to Ken Clark, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, CA 94304. 

  
 23 

 Each such notice or other communication shall for all purposes of this Agreement be treated
as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying
next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a
regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon confirmation of delivery
when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. 

Subject to the limitations set forth in Delaware General Corporation Law §232(e), each Investor and Holder consents to the delivery of
any notice to stockholders given by the Company under the Delaware General Corporation Law or the Company’s certificate of incorporation or bylaws by (i) facsimile telecommunication to the facsimile number set forth on Exhibit A (or to any
other facsimile number for the Investor or Holder in the Company’s records), (ii) electronic mail to the electronic mail address set forth on Exhibit A (or to any other electronic mail address for the Investor or Holder in the Company’s
records), (iii) posting on an electronic network together with separate notice to the Investor or Holder of such specific posting or (iv) any other form of electronic transmission (as defined in the Delaware General Corporation Law) directed to
the Investor or Holder. This consent may be revoked by an Investor or Holder by written notice to the Company and may be deemed revoked in the circumstances specified in Delaware General Corporation Law §232. 

5.3 Governing Law This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless
of the laws that might otherwise govern under applicable principles of conflicts of law. 
 5.4 Successors and Assigns This
Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned, transferred, delegated or sublicensed by any Investor without the prior written consent of the Company. Any attempt by an Investor without such permission to
assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit
of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 
 5.5 Entire Agreement
Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated to read in its entirety as set forth in this Agreement. This Agreement and the exhibits hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof. No party hereto shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as
specifically set forth herein. 
 5.6 Delays or Omissions Except as expressly provided herein, no delay or omission to exercise any
right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such non-defaulting party, nor
shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be
cumulative and not alternative. 

  
 24 

 5.7 Severability If any provision of this Agreement becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or
unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement
shall be enforceable in accordance with its terms. 
 5.8 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. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and
exhibits attached hereto. 
 5.9 Counterparts This Agreement may be executed in any number of counterparts, each of which shall be
enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument. 
 5.10
Telecopy Execution and Delivery A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which
the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original
of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 
 5.11 Jurisdiction; Venue; WAIVER OF JURY TRIAL
The parties hereto (a) hereby irrevocably and unconditionally submit to the jurisdiction of the U.S. federal and state courts of the State of Delaware and to the jurisdiction of the U.S. District Court for the District of Delaware for the
purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the U.S. federal and state courts
located within the geographic boundaries of the State of Delaware or the U.S. District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or
proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that
the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action
sought in the U.S. District Court for the District of Delaware or any court of the State of Delaware having subject matter jurisdiction. THE PARTIES HERETO EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER LEGAL PROCEEDING
ARISING UNDER OR RELATING TO ANY PROVISION OF THIS AGREEMENT. 
 5.12 Further Assurances Each party hereto agrees to execute and
deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more fully effectuate this
Agreement. 

  
 25 

 5.13 Termination Upon Change of Control Notwithstanding anything to the contrary
herein, this Agreement (excluding any then existing obligations) shall terminate upon (a) the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is party (including,
without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes) other than a transaction or series of transactions in which the holders of the voting securities of the
Company outstanding immediately prior to such transaction continue to retain (either by such voting securities remaining outstanding or by such voting securities being converted into voting securities of the surviving entity), as a result of shares
in the Company held by such holders prior to such transaction, at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such transaction or
series of transactions; or (b) a sale, lease, transfer or other disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole by means of any transaction or series of related transactions, except
where such sale, lease, transfer, or other disposition is to a wholly-owned subsidiary of the Company. 
 5.14 Conflict In the event
of any conflict between the terms of this Agreement and the Company’s certificate of incorporation or its bylaws, the terms of the Company’s certificate of incorporation or its bylaws, as the case may be, will control. 

5.15 Attorneys’ Fees In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing
party in such dispute shall be entitled to recover from the losing party such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

5.16 Aggregation of Stock All securities held or acquired by affiliated entities (including Affiliates) or persons shall be aggregated
together for purposes of determining the availability of any rights under this Agreement. 
 5.17 Exchange of Shares and Termination of
Rights In the event that an Investor is a Defaulting Investor pursuant to (and as defined in) Article V, Section 5 of the Company’s Fifth Amended and Restated Certificate of Incorporation, then such Investor shall no longer be
considered an “Investor” for any purpose under this Agreement, other than for purposes of the restrictions and obligations under Sections 2.8, 2.10, 3.4 and 5.11, which shall continue to apply to such party. In addition, each Investor
acknowledges and agrees that such Defaulting Investor will lose all board designation, board observer, first refusal, co-sale, information, inspection, participation and other rights of an Investor hereunder
and as provided in the other agreements with the Company. 
 5.18 Waivers of Potential Conflicts of Interest Each of the stockholders
of the Company and the Company acknowledges that Wilson Sonsini Goodrich & Rosati, Professional Corporation (“WSGR”) may have represented and may currently represent other stockholder of the Company. In the course of
such representation, WSGR may have come into possession of confidential information relating to such stockholders of the Company. Each of the stockholders of the Company and the Company acknowledges that WSGR is representing only the Company in this
transaction. Each of the stockholders of the Company and the Company understands that an Affiliate of WSGR may also be a stockholder of the Company under this Agreement. Pursuant to Rule 3-310 of the Rules of
Professional Conduct promulgated by the State Bar of California, an attorney must avoid representations in which the attorney has or had a relationship with another party interested in the representation without the informed written consent of all
parties affected. By executing this Agreement, each of the stockholders of the Company and the Company hereby waives any actual or potential conflict of interest that may arise in this financing as a result of WSGR’s representation of such
persons or entities in the financing, WSGR’s possession of such confidential information and the participation by WSGR’s Affiliate in the financing. Each of the stockholders of the Company and the Company represents that it has had the
opportunity to consult with independent counsel concerning the giving of this waiver. 
 (signature pages follow) 

  
 26 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	ANNEXON, INC.
a Delaware corporation

 
			
		
	By:	 	/s/ Douglas Love

 
			
	Name:	 	Douglas Love
	Title:	 	Chief Executive Officer

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	INVESTORS
	
	BCIP LIFE SCIENCES ASSOCIATES, LP
	
	By: Boylston Coinvestors, LLC
its general partner

 
			
		
	By:	 	/s/ Jeffrey Schwartz

 
			
	Name:	 	Jeffrey Schwartz
	Title:	 	Authorized Signatory
	
	BAIN CAPITAL LIFE SCIENCES FUND, L.P.
	
	By: Bain Capital Life Sciences Partners, LP
its general partner
	
	By: Bain Capital Life Sciences Investors, LLC
its general partner

 
			
		
	By:	 	/s/ Jeffrey Schwartz

 
			
	Name:	 	Jeffrey Schwartz
	Title:	 	Managing Director

 
			
	
	Address:
	200 Clarendon Street
Boston, MA 02116
	Attention:
	      Jeffrey Schwartz
	      Melissa Danforth
	
	With a copy (which shall not constitute notice) to:
	
	Goodwin Procter LLP
620 8th Avenue
	New York, NY 10019
	Attention:
	      Paul N. Cicero

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	Citadel Multi-Strategy Equities Master Fund Ltd.
	By: Citadel Advisors LLC, its portfolio manager

 
			
		
	By:	 	/s/ Noah Goldberg

 
			
	Name:	 	Noah Goldberg
	Title:	 	Authorized Signatory

 
			
		
	Address:	 	
		 	c/o Citadel Advisors LLC
		 	601 Lexington Ave.
		 	New York, NY 10022
		 	Attention: Noah Goldberg
		 	Email: ***
	
	with a copy (which shall not constitute notice) to:
		
		 	Choate, Hall & Stewart LLP
		 	Two International Place
		 	Boston, MA 02110
		 	Attention: Toby P. Sullivan

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 
 

 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	Adage Capital Partners, LP
	By: Adage Capital Partners, GP, its General Partner
	By: Adage Capital Advisors, LLC, its Managing Member

 
			
		
	By:	 	/s/ Dan Lehan

 
			
	Name:	 	Dan Lehan
	Title:	 	Chief Operating Officer

 
			
		
	Address:	 	
		 	200 Clarendon Street, 52nd Flr.
		 	Boston, MA 02116
		 	Attention: Dan Lehan, CEO

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	INVESTOR
	
	NEW ENTERPRISE ASSOCIATES 15, L.P.

 
			
		
	By:	 	/s/ Louis S. Citron

 
			
	Name:	 	Louis S. Citron
	Title:	 	Chief Legal Officer
	
	NEA VENTURES 2016, LIMITED PARTNERSHIP

 
			
		
	By:	 	/s/ Louis S. Citron

 
			
	Name:	 	Louis S. Citron
	Title:	 	Vice President
	
	1954 Greenspring Drive, Suite 600
	Timonium, MD 21093
	Attn: Louis Citron, General Counsel
	Email: ***
	
	with a copy (which shall not constitute notice) to:
	
	Greenberg Traurig, LLP
	
	2101 L Street, N.W., Suite 1000
	Washington, DC 20037
	Attn Trevor Chaplick
	Fax: ***
	Email: ***

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	NOVARTIS BIOVENTURES LTD.

 
			
		
	By:	 	 /s/ Bart Dzikowski

			
	Name:	 	Bart Dzikowski
	Title:	 	Secretary of the Board

  

			
	By:	 	 /s/ Beat Steffen

 
			
	Name:	 	Beat Steffen

 
			
	Title:	 	Authorized Signatory

 
			
		
	Address:	 	
	Lichtstrasse 35
	CH-4056 Basel, Switzerland
	
	Phone: ***
	
	Email: ***
	
	With copies (which shall not constitute notice) to:
	
	Novartis Venture Fund
	100 Technology Square, Suite 3150
	Cambridge, MA 02139
	Attn: Campbell Murray
	Email: ***

  
 (Signature page to the
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	CLARUS LIFESCIENCES III, L.P.

 
			
		
	By:	 	Clarus Ventures III GP, LP, its general partner

 
			
		
	By:	 	Clarus Ventures III, LLC, its general partner

 
			
		
	By:	 	 /s/ Emmett Cunningham

			
	Name:	 	Emmett Cunningham
	Title:	 	Managing Director

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	SATTER MEDICAL TECHNOLOGY PARTNERS, L.P.
		
	By:	 	Satter Medical Technology GP, L.P.
	Its:	 	General Partner
		
	By:	 	Satter Medical Technology UGP, LLC
	Its:	 	General Partner
		
	By:	 	Muneer A. Satter Revocable Trust
	Its:	 	Managing Member

  

			
	By:	 	 /s/ Muneer A. Satter

		 	Name: Muneer A. Satter
		 	Title: Trustee

 
			
		
	Address:	 	
		
		 	c/o Satter Investment Management, LLC
		 	676 North Michigan Avenue, Suite 4000
		 	Chicago, Illinois 60610
		 	Attention: Muneer A. Satter
	
	with a copy (which shall not constitute notice) to:
		
		 	Kirkland & Ellis LLP
		 	300 North LaSalle Street
		 	Chicago, Illinois 60654
		 	Attention: Ted H. Zook, P.C.
		 	 Jon-Micheal A. Wheat, P.C.

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	MUNEER A. SATTER REVOCABLE TRUST
		
	By:	 	/s/ Muneer A. Satter

 
			
	Name:	 	Muneer A. Satter

 
			
	Title:	 	Trustee

 
			
		
	Address:	 	
		
		 	 c/o Satter Investment Management, LLC
 676
North Michigan Avenue, Suite 4000
 Chicago, Illinois 60610

Attention: Muneer A. Satter

	
	with a copy (which shall not constitute notice) to:
		
		 	 Kirkland & Ellis LLP
 300 North
LaSalle Street
 Chicago, Illinois 60654
 Attention: Ted H.
Zook, P.C.

		 	 Jon-Micheal A. Wheat

  

			
	THE SATTER FOUNDATION
		
	By:	 	/s/ Muneer A. Satter

 
			
	Name:	 	Muneer A. Satter

 
			
	Title:	 	Trustee

 
			
		
	Address:	 	
		
		 	 c/o Satter Investment Management, LLC
 676
North Michigan Avenue, Suite 4000
 Chicago, Illinois 60610

Attention: Muneer A. Satter

	
	with a copy (which shall not constitute notice) to:
		
		 	 Kirkland & Ellis LLP
 300 North
LaSalle Street
 Chicago, Illinois 60654
 Attention: Ted H.
Zook, P.C.

		 	 Jon-Micheal A. Wheat

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	SIM - SCT INVESTMENT HOLDINGS, LLC

 
			
		
	By:	 	/s/ Muneer A. Satter

 
			
	Name:	 	Muneer A. Satter
	Title:	 	Manager
		
	Address:	 	
		
		 	c/o Satter Investment Management, LLC
676 North Michigan Avenue, Suite 4000
Chicago, Illinois 60610
		 	Attention: Muneer A. Satter
	
	with a copy (which shall not constitute notice) to:
		
		 	 Kirkland & Ellis LLP
 300 North
LaSalle Street
 Chicago, Illinois 60654

		 	Attention: Ted H. Zook, P.C.
		 	                  Jon-Micheal A. Wheat

  

			
	SIM - KHH INVESTMENT HOLDINGS, LLC

 
			
		
	By:	 	/s/ Muneer A. Satter

 
			
	Name:	 	Muneer A. Satter
	Title:	 	Manager

 
			
		
	Address:	 	
		
		 	c/o Satter Investment Management, LLC
676 North Michigan Avenue, Suite 4000
Chicago, Illinois 60610
		 	Attention: Muneer A. Satter
	
	with a copy (which shall not constitute notice) to:
		
		 	 Kirkland & Ellis LLP
 300 North
LaSalle Street
 Chicago, Illinois 60654

		 	Attention: Ted H. Zook, P.C.
		 	                  Jon-Micheal A. Wheat

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	SIM - ACWIT INVESTMENT HOLDINGS, LLC

 
			
		
	By: 	 	/s/ Muneer A. Satter

 
			
	Name:	 	Muneer A. Satter
	Title:	 	Manager

 
			
		
	Address:	 	
		
		 	 c/o Satter Investment Management, LLC
676 North Michigan Avenue, Suite 4000
Chicago, Illinois 60610

Attention: Muneer A. Satter

	
	with a copy (which shall not constitute notice) to:
		
		 	 Kirkland & Ellis LLP
 300 North
LaSalle Street
Chicago, Illinois 60654
 Attention: Ted H. Zook, P.C.

Jon-Micheal A. Wheat

	
	SIM - RSFIT INVESTMENT HOLDINGS, LLC

 
			
		
	By: 	 	/s/ Muneer A. Satter

 
			
	Name:	 	Muneer A. Satter
	Title:	 	Manager

 
			
		
	Address:	 	
		
		 	 c/o Satter Investment Management, LLC
676 North Michigan Avenue, Suite 4000
Chicago, Illinois 60610

Attention: Muneer A. Satter

	
	with a copy (which shall not constitute notice) to:
		
		 	 Kirkland & Ellis LLP
300 North LaSalle Street

Chicago, Illinois 60654
 Attention: Ted H. Zook, P.C.

Jon-Micheal A. Wheat

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	SIM - RSIT Investment Holdings, LLC

 
			
		
	By:	 	/s/ Muneer A. Satter

 
			
	Name:	 	Muneer A. Satter

 
			
	Title:	 	Manager

 
			
		
	Address:	 	
		
		 	 c/o Satter Investment Management, LLC
676 North Michigan Avenue, Suite 4000
Chicago, Illinois 60610

Attention: Muneer A. Satter

	
	with a copy (which shall not constitute notice) to:
		
		 	 Kirkland & Ellis LLP
 300 North
LaSalle Street

 Chicago, Illinois 60654

 Attention: Ted
H. Zook, P.C.
 Jon-Micheal A. Wheat

	
	MILLENNIUM TRUST COMPANY CUSTODIAN FBO MUNEER A. SATTER IRA

 
			
		
	By:	 	/s/ Muneer A. Satter

 
			
	Name:	 	Muneer A. Satter

 
			
		
	Address:	 	
		
		 	 c/o Satter Investment Management, LLC
676 North Michigan Avenue, Suite 4000
Chicago, Illinois 60610

Attention: Muneer A. Satter

	
	with a copy (which shall not constitute notice) to:
		
		 	 Kirkland & Ellis LLP

 300 North
LaSalle Street

 Chicago, Illinois 60654

 Attention: Ted
H. Zook, P.C.
 Jon-Micheal A. Wheat

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	SIM-SFT Investment Holdings, LLC

 
			
		
	By:	 	/s/ Muneer A. Satter

 
			
	Name:	 	Muneer A. Satter
	Title:	 	Trustee

 
			
		
	Address:	 	
		
		 	 c/o Satter Investment Management, LLC
676 North Michigan Avenue, Suite 4000
Chicago, Illinois 60610

Attention: Muneer A. Satter

	
	with a copy (which shall not constitute notice) to:
		
		 	 Kirkland & Ellis LLP
 300 North
LaSalle Street

 Chicago, Illinois 60654

 Attention: Ted
H. Zook, P.C.
 Jon-Micheal A. Wheat

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	WS INVESTMENT COMPANY, LLC (2014A)
	WS INVESTMENT COMPANY, LLC (2016A)
	WS INVESTMENT COMPANY, LLC (2018A)

 
			
		
	By:	 	/s/ Ken Clark

 
			
	Name:	 	Ken Clark
	Title:	 	Member

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the
date stated in the introductory clause. 
  

			
	TRUST AGREEMENT OF EDWARD M SCOLNICK DATED SEPTEMBER 15, 2000, AS AMENDED

 
			
		
	By:	 	/s/ Edward M. Scolnick

 
			
	Name:	 	Edward M. Scolnick
	Title:	 	Trustee

  

			
	By:	 	/s/ Barbara B. Scolnick

 
			
	Name:	 	Barbara B. Scolnick
	Title:	 	Trustee
	
	Address:
	
	Edward M. Scolnick
1201 Magnolia Drive
Wayland, MA 01778
	
	With a copy (which shall not constitute notice) to:
	
	BNY Mellon, N.A., Trustee
c/o Kelly A. Gately – 024-0104
201 Washington Street
Boston, MA 02108

 (Signature page to the Amended and Restated Investors’ Rights Agreement) 

 EXHIBIT A 

INVESTORS 
 Bain Capital Life Sciences
Fund, LP 
 BCIP Life Sciences Associates, LP 
 200 Clarendon
Street 
 Boston, MA 02116 
 Attention: 

Jeffrey Schwartz 
 Melissa
Danforth 
 With a copy (which shall not constitute notice) to: 

Goodwin Procter LLP 
 620 8th Avenue 

New York, NY 10019 
 Attention: 

Paul N. Cicero 
 New Enterprise Associates 15, L.P. 

1954 Greenspring Drive, Suite 600 
 Timonium, MD 21093 

Attn: Louis Citron, General Counsel 
 Email: *** 

NEA Ventures 2016, Limited Partnership 
 1954 Greenspring Drive,
Suite 600 
 Timonium, MD 21093 
 Attn: Louis Citron, General
Counsel 
 Email: *** 
 with a copy (which shall not constitute
notice) to: 
 Greenberg Traurig, LLP 
 2101 L Street, N.W.,
Suite 1000 
 Washington, DC 20037 
 Attn: Trevor Chaplick 

Fax: 202-331-3101 

Email: *** 
 Citadel Multi-Strategy Equities Master Fund Ltd.

 601 Lexington Ave. 
 New York, NY 10022 

Attn: Noah Goldberg 
 Email: *** 

 with a copy (which shall not constitute notice) to: 

Choate, Hall & Stewart LLP 
 Two International Place 

Boston, MA 02110 
 Attn: Tobin P. Sullivan 

Adage Capital Partners, LP 
 200 Clarendon Street, 52nd Flr. 
 Boston, MA 02116 

Attn:    Dan Lehan 

Richard L. Solit 
 Email: *** 

F-Prime Inc. 
 82
Devonshire Street, EPC13A 
 Boston, MA 02109-3614 
 Attn:
Stacie Weninger 
 with a copy to (which shall not constitute notice): 

Lawrence Wittenberg 
 Goodwin Procter LLP 

Exchange Place 
 Boston, MA 02109 

Novartis Bioventures Ltd. 
 Lichtstrasse 35 

CH-4056 Basel, Switzerland 

Phone: *** 
 With copies (which shall not constitute notice) to:

 Novartis Venture Fund 
 355 Main Street 

Cambridge, MA 02142 
 Attn: Campbell Murray 

Email: *** 
 and 

Wilmer Cutler Pickering Hale and Dorr LLP 
 60 State Street 

Boston, MA 02109 
 Attn: Jason L. Kropp 

Fax: (617) 526-5000 

Email: *** 
 Muneer A. Satter Revocable Trust 

c/o Satter Investment Management, LLC 
 676 North Michigan Avenue,
Suite 4000 
 Chicago, Illinois 60610 
 Attention: Muneer A.
Satter 

 with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

The Satter Foundation 
 c/o Satter Investment Management, LLC

 676 North Michigan Avenue, Suite 4000 
 Chicago, Illinois
60610 
 Attention: Muneer A. Satter 
 with a copy to (which
shall not constitute notice): 
 Kirkland & Ellis LLP 

300 North LaSalle Street 
 Chicago, Illinois 60654 

Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

Satter Medical Technology Partners, L.P. 
 c/o Satter Investment
Management, LLC 
 676 North Michigan Avenue, Suite 4000 

Chicago, Illinois 60610 
 Attention: Muneer A. Satter 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

SIM—SCT Investment Holdings, LLC 
 c/o Satter Investment
Management, LLC 
 676 North Michigan Avenue, Suite 4000 

Chicago, Illinois 60610 
 Attention: Muneer A. Satter 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

 SIM—KHH Investment Holdings, LLC 

c/o Satter Investment Management, LLC 
 676 North Michigan Avenue,
Suite 4000 
 Chicago, Illinois 60610 
 Attention: Muneer A.
Satter 
 with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

SIM—ACWIT Investment Holdings, LLC 
 c/o Satter Investment
Management, LLC 
 676 North Michigan Avenue, Suite 4000 

Chicago, Illinois 60610 
 Attention: Muneer A. Satter 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

SIM—RSFIT Investment Holdings, LLC 
 c/o Satter Investment
Management, LLC 
 676 North Michigan Avenue, Suite 4000 

Chicago, Illinois 60610 
 Attention: Muneer A. Satter 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

SIM—RSIT Investment Holdings, LLC 
 c/o Satter Investment
Management, LLC 
 676 North Michigan Avenue, Suite 4000 

Chicago, Illinois 60610 
 Attention: Muneer A. Satter 

 with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

Millennium Trust Company Custodian FBO Muneer A. 
 Satter IRA

 c/o Satter Investment Management, LLC 
 676 North Michigan
Avenue, Suite 4000 
 Chicago, Illinois 60610 
 Attention:
Muneer A. Satter 
 with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

SIM—SFT Investment Holdings, LLC 
 c/o Satter Investment
Management, LLC 
 676 North Michigan Avenue, Suite 4000 

Chicago, Illinois 60610 
 Attention: Muneer A. Satter 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

Satter Medical Technology Partners, L.P. 
 c/o Satter Investment
Management, LLC 
 676 North Michigan Avenue, Suite 4000 

Chicago, Illinois 60610 
 Attention: Muneer A. Satter 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 

Chicago, Illinois 60654 
 Attention: Ted H. Zook, P.C. 

Jon-Micheal A. Wheat 

Clarus Lifesciences III, L.P. 
 101 Main Street 

12th Floor 
 Cambridge, MA 02142 

 Attn: Robert Liptak, Managing Director 

Phone: *** 
 The Board of Trustees of the Leland Stanford Junior

 University (PVF) 
 635 Knight Way 

Stanford, CA 94305-7297 
 Attn:Jeffrey Sefa-Boakye 

Phone: *** 
 WS Investment Company, LLC 

650 Page Mill Road 
 Palo Alto, CA 94304 

Attn: Jim Terranova 
 Facsimile: *** 

E-mail: *** 
 Trust
Agreement of Edward M. Scolnick dated September 
 15, 2000, as amended 

c/o Edward M. Scolnick 
 *** 

Arnon Rosenthal 
 *** 

Ben Barres 
 *** 

Alexander Stephan 
 *** 

Beth Stevens 
 *** 

 SCHEDULE 1 

NOTICE AND WAIVER/ELECTION OF 

RIGHT OF FIRST REFUSAL 

I do hereby waive or exercise, as indicated below, my rights of first refusal under the Amended and Restated Investors’ Rights
Agreement dated as of December __, 2018 (the “Agreement”): 
  

	1.	 Waiver of 10 days’ notice period in which to exercise right of first refusal: (please check only
one) 

  

	 	(    )	 WAIVE in full, on behalf of all Holders, the 10-day notice
period provided to exercise my right of first refusal granted under the Agreement. 

  

	 	(    )	 DO NOT WAIVE the notice period described above. 

 

	2.	 Issuance and Sale of New Securities: (please check only one) 

 

	 	(    )	 WAIVE in full the right of first refusal granted under the Agreement with respect to the issuance of the
New Securities. 

  

	 	(    )	 ELECT TO PARTICIPATE in $__________ (please provide amount) in New Securities proposed to be
issued by Annexon, Inc., a Delaware corporation, representing LESS than my pro rata portion of the aggregate of $_______ in New Securities being offered in the financing. 

 

	 	(    )	 ELECT TO PARTICIPATE in $__________ in New Securities proposed to be issued by Annexon Inc., a Delaware
corporation, representing my FULL pro rata portion of the aggregate of $_______ in New Securities being offered in the financing. 

  

	 	(    )	 ELECT TO PARTICIPATE in my full pro rata portion of the aggregate of $_______ in New Securities
being made available in the financing AND, to the extent available, the greater of (x) an additional $__________ (please provide amount) or (y) my pro rata portion of any remaining investment amount available in the event
other Holders do not exercise their full rights of first refusal with respect to the $_______ in New Securities being offered in the financing. 

Date:                   
          

			
		
		 	 
		 	(Print investor name)
		
		 	 
		 	(Signature)
		
		 	 
		 	(Print name of signatory, if signing for an entity)
		
		 	 
		 	(Print title of signatory, if signing for an entity)

 This is neither a commitment to purchase nor a commitment to issue the New Securities described above. Such
issuance can only be made by way of definitive documentation related to such issuance. Annexon, Inc. will supply you with such definitive documentation upon request or if you indicate that you would like to exercise your first offer rights in whole
or in part.EX-10.2

 [***] Certain information in this document has been excluded pursuant to Regulation S-K,
Item 601(b)(10). 
 Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

  

 Exhibit 10.2 
  

					
		  	Exclusive Agreement	  	

 EXCLUSIVE (EQUITY) AGREEMENT 

This Agreement between THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY (“Stanford”), an institution of higher education having powers
under the laws of the State of California, and Annexon_Inc. (“Annexon”), a corporation having a principal place of business at P.O. Box 610098 Redwood City California, USA 94061 is effective on the 21 day of Nov, 2011
(“Effective Date”). 
  

	1	 BACKGROUND 

Stanford has assignments of inventions that describe a [***]. They are entitled [***] and [***] were invented in the laboratory of [***], and are described in
Stanford Docket [***] and [***], respectively. The inventions were made in the course of research supported by the [***]. Stanford wants to have the inventions perfected and marketed as soon as possible so that resulting products may be available
for public use and benefit. 
  

	2	 DEFINITIONS 

  

	 	2.1	 “Affiliates” means any person, corporation, or other business entity which controls, is controlled
by, or is under common control with Annexon. For this purpose, “control” of a corporation means the direct or indirect ownership of more than 50% of its voting stock, and “control” of any other business entity means the direct or
indirect ownership of greater than 50% interest in the income of such entity. 

  

	 	2.2	
“Continuations-In-Part” means all continuation-in-part patent applications to the extent that 

  

	 	A)	 they cover technologies related to technologies disclosed in and supported by U.S. Serial No. [***] U.S.
Serial No. [***] and any patentable subject matter described in Stanford Docket [***] or [***] as updated through to the Effective Date; and 

  
  

Page: 1 of 24 

					
	S05-304, S11-202: SMN	  	Exclusive (Equity) Agreement	  	

  
  

	 	B)	 Stanford and Annexon agree to file. 

 

	 	2.3	 “Exclusive” means that, subject to Articles 3 and 5, Stanford will not grant further licenses under
the Licensed Patents in the Licensed Field of Use in the Licensed Territory. 

  

	 	2.4	 “Fully Diluted Basis” means the total number of shares of Annexon’s issued and outstanding
common stock, assuming: 

  

	 	(A)	 the conversion of all issued and outstanding securities convertible into common stock; 

 

	 	(B)	 the exercise of all issued and outstanding warrants or options, regardless of whether then exercisable; and

  

	 	(C)	 the issuance, grant, and exercise of all securities reserved for issuance pursuant to any Annexon stock or
stock option plan then in effect. 

  

	 	2.5	 “Licensed Field of Use” means the prevention, diagnosis, companion diagnostics, treatment or control
of any human or animal disease, disorder or condition, including the provision of any services or products to third parties for research or development of the foregoing. 

 

	 	2.6	 “Licensed Patent” means Stanford’s U.S. Serial No. [***] filed [***], U. S. Serial
No. [***] filed [***], including any provisional applications, conversion applications, U.S. and foreign patent applications including any divisionals,
Continuations-In-Part, continuations or reexaminations, and including any U.S. and foreign patents (including inventors’ certificates) granted from any of the above
patent applications, reexamination and reissues of the granted patents, and extensions of the granted patents. Notwithstanding the above, any post filing data owned by Stanford from the [***] and for which Stanford does not have any prior and
conflicting contractual obligations, that to the best judgment of the patent attorney/agent prosecuting the application, and with can be entered into the application record as a declaration in support of an existing claim, will also be considered
part of the Licensed Patent. 

  

	 	2.7	 “Licensed Product” means a product the making, using, importing or selling of which infringes a Valid
Claim in the country in which it is sold, used or made. 

  

	 	2.8	 “Licensed Territory” means the world. 

 

	 	2.9	 “Net Sales” means the total amount received by Annexon, its Affiliates or its sublicensees in
connection with sales of the Licensed Product, after deduction of all the following to the extent applicable to such sales and are separately billed or documented: 

 

	 	(A)	 all trade, cash and quantity credits, discounts, refunds or rebates; 

  
  

Page: 2 of 24 

					
	S05-304, S11-202: SMN	  	Exclusive (Equity) Agreement	  	

  
  

	 	(B)	 allowances or credits for returns; 

 

	 	(C)	 import, export, excise and sales taxes (including value-added tax), custom duties and similar governmental
charges; 

  

	 	(D)	 costs of insurance, packing and shipping; 

 

	 	(E)	 reasonable allowance for uncollectible accounts (provided that any such amounts that are actually collected
will be included in Net Sales in the quarter in which they are collected); and 

  

	 	(F)	 rebates or discounts to social and welfare systems, chargebacks, government mandated discounts and similar
types of rebates or discounts (for example, P.P.R.S., Medicaid). 

 For clarity, a physician, hospital or other healthcare
provider who is not an Affiliate and who purchases a Licensed Product from Annexon, its Affiliate or a Sublicensee, shall not be deemed a sublicensee for determining Net Sales (i.e., even if such physician, hospital or healthcare provided is deemed
to receive an implied sublicense to practice a method within the Licensed Patents by reason of its purchase of the Licensed Product). 
  

	 	2.10	 “Stanford Indemnitees” means Stanford and Stanford Hospitals and Clinics, and their respective
trustees, officers, employees, students, and agents. 

  

	 	2.11	 “Sublicense” means any agreement between Annexon and a third party that contains a grant to
Stanford’s Licensed Patents regardless of the name given to the agreement by the parties; however, an agreement to make, have made, use or sell Licensed Products on behalf of Annexon is not considered a Sublicense. Notwistanding the above,
assignment by Annexon to an Affiliate, or in connection with any merger, acquisition, reorganization or transfer of all or substantially all of Annexon’s stock, assets or business to which the Agreement relates is not considered a Sublicense.

  

	 	2.12	 “Sublicense Revenues” means [***] payments received by Annexon for a Sublicense. Sublicense Revenue
excludes reimbursement for Annexon’s documented expenditures for research and development of Licensed Products, debt or equity investment, at fair market value, reimbursements of patent and patent related expenses. 

For clarity, Sublicense Revenues shall not include amounts paid: (A) as bona fide loans; (B) for supplies of products or materials
that are not Licensed Patents; (C) as reimbursements or funding for actual costs incurred or as funding for costs Annexon is obligated to incur in performing obligations under the Sublicense; (D) as dividends or profit distributions
resulting from a profit sharing or a similar arrangement; and (E) Net Sales. To the extent Sublicense 

  
  

Page: 3 of 24 

					
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 Revenues represent an unallocated combined payment for both a Sublicense of the Licensed
Patents as well as other intellectual property, undertakings or subject matter, the Sublicense Revenue from such sublicensing arrangement for calculating payments due to Stanford shall be discussed and agreed upon by Stanford and Annexon. Any
disputes as to the calculation of Sublicense Revenue (including inability to agree on the above allocation), or the amount due under Section 4.6 below with respect thereto, shall be determined by arbitration under Article 18 below. 

 

	 	2.13	 “Valid Claim” means a) any claim in an issued and unexpired patent included within the Licensed
Patent that has not been held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction and which has not been admitted to be invalid or unenforceable through abandonment, reissue,
disclaimer or otherwise, or b) a pending claim in a pending Licensed Patent application, provided that if such pending claim does not issue as a valid and enforceable claim within [***] years from its earliest priority date which is [***], such
pending claim will cease to be a Valid Claim unless and until actually issued. 

  

	3	 GRANT 

  

	 	3.1	 Grant. Subject to the terms and conditions of this Agreement, Stanford grants Annexon an Exclusive
license under the Licensed Patent, with the right to sublicense, to use, make and have made, sell, offer for sale, distribute, market, promote, import and export Licensed Products, and otherwise exploit the Licensed Patents, in the Licensed of Use
Field and in the Licensed Territory. The license will expire on a country-by-country basis upon the last to expire of the Licensed Patent. 

[***], at his sole discretion, may also provide samples of reagents and disclose, technical protocols and know how, related to or covered under
the Licensed Patent provided that Stanford possesses any available quantities of the requested reagents which are not needed for its own research purposes to third parties, including Annexon. If such items are provided to Annexon, Annexon [***]. If
needed, Annexon may disclose such items to actual and potential investors and partners, who will keep the information confidential. 
  

	 	3.2	 Exclusivity. The license is Exclusive, including the right to sublicense under Article 4, in the
Licensed Field of Use until the last Licensed Patent expires. 

  

	 	3.3	 Retained Rights. Stanford retains the right, on behalf of itself and all other non-profit academic research institutions, to practice the Licensed Patent for any non-profit purpose, including sponsored research and collaborations. Annexon agrees that,
notwithstanding any other provision of this Agreement, it has no right to enforce the Licensed Patent against any such institution. Stanford and any such other institution have the right to publish any information included in a Licensed Patent.

  
  

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	 	3.4	 Specific Exclusion. Stanford does not: 

 

	 	(A)	 grant to Annexon any other licenses, implied or otherwise, to any patents or other rights of Stanford other
than those rights granted under Licensed Patent, regardless of whether the patents or other rights are dominant or subordinate to any Licensed Patent, or are required to exploit any Licensed Patent; 

 

	 	(B)	 commit to Annexon to bring suit against third parties for infringement, except as described in Article 15; and

  

	 	(C)	 agree to furnish to Annexon any technology or technological information or to provide Annexon with any
assistance. 

  

	4	 SUBLICENSING 

  

	 	4.1	 Permitted Sublicensing. Annexon may grant and authorize Sublicenses in the Licensed Field of Use [***]
and [***]. Sublicenses with any exclusivity must include diligence requirements commensurate with the diligence requirements of Appendix A. Stanford agrees that Annexon may apportion a commercially reasonable percentage of sublicensing payments made
to Stanford pursuant to Section 4.6, provided however that Annexon provides Stanford with the proposed apportionment and justification prior Annexon’s payment pursuant to Section 8.1. Stanford and Annexon agree to meet to discuss such
proposed apportionment if in Stanford’s opinion the apportionment does not reasonably reflect the value of the Licensed Patents. 

  

	 	4.2	 Required Sublicensing. If Annexon is unable, unwilling or has no strategic plans to serve or develop a
potential market or market territory for which there is a Annexon willing to be a sublicensee, Annexon will, [***] with any such sublicensee. If Annexon plans to seek approval for an additional indication of a Licensed Product that a potential
sublicensee is interested in sublicensing, Annexon is not required to negotiate a sublicense with the interested party. Stanford would like Annexon to address unmet needs, such as those of neglected patient populations or geographic areas, giving
particular attention to improved therapeutics, diagnostics and agricultural technologies for the developing world 

  
  

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	 	4.3	 Sublicense Requirements. Any sublicense: 

 

	 	(A)	 is subordinate to this Agreement; 

 

	 	(B)	 will reflect that any sublicensee will not further sublicense, unless, at its sole discretion, Stanford agrees
to this in writing; provided that the sublicensee may further sublicense to an Affiliate and to others in connection with the sublicensee’s development and/or sublicensee’s commercialization of a Licensed Product (for example, in another
territory such as Japan), and in each case where the sublicensee remains responsible for actions or inactions of such further sublicensee; 

  

	 	(C)	 will prohibit sublicensee from paying royalties to an escrow or other similar account, unless Annexon pays to
Stanford for all royalties due hereunder on Net Sales by the sublicensee; 

  

	 	(D)	 will expressly include the provisions of Articles 10, 11 and 12 for the benefit of Stanford;

  

	 	(E)	 will include the provisions of Section 4.4 and will survive termination of this Agreement, provided that
the sublicensee is required to assume all obligations, including the payment of royalties, specified in this Agreement to the extent such obligations apply to the sublicensee, to Stanford or its designee, if this Agreement is terminated, all as
further described in Section 16.3 below. If the sublicensee is a spin-out from Annexon, such spin-out will have an agreement with Annexon that enforces all the
Sublicense Requirements including the payment of Stanford’s share of Sublicense royalties 

  

	 	4.4	 Litigation by Sublicensee. Any sublicense must include the following clauses with respect to any
Licensed Patent sublicensed to the sublicensee: 

  

	 	(A)	 In the event sublicensee brings an action seeking to invalidate any such Licensed Patent:

  

	 	(1)	 sublicensee will [***] with respect to such Licensed Patent during the pendency of such action. Moreover,
should the outcome of such action determine that any claim of a patent challenged by the sublicensee is both valid and infringed by a Licensed Product, sublicensee will [***] with respect to such Licensed Patent under the original sublicense;

  

	 	(2)	 sublicensee will have no right to recoup by reason of such action any royalties paid before or during the
period challenge; 

  

	 	(3)	 any dispute regarding the validity of any Licensed Patent shall be litigated in the courts located in Santa
Clara County, and the parties agree not to challenge personal jurisdiction in that forum; 

  

  
  

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	 	(4)	 sublicensee shall not pay royalties into any escrow or other similar account, to the extent prohibited under
Section 4.3(C) above. 

  

	 	(B)	 Sublicensee will provide written notice to Stanford at least [***] months prior to bringing an action seeking
to invalidate a Licensed Patent. Sublicensee will include with such written notice an identification of all prior art it believes invalidates any claim of the Licensed Patent. 

 

	 	4.5	 Copy of Sublicenses. Annexon will submit to Stanford a copy of each Sublicense after it had been
executed. Such Sublicense may be redacted to omit confidential information not necessary to establish compliance with this Agreement. Such Sublicense, and all information provided under Section 6.2 or Article 7 below, shall be held in
confidence by Stanford and Stanford shall not disclose such agreement or information without Annexon’s consent. Beginning with the first Sublicense, the [***] will certify [***] regarding the name and number of sublicensees.

  

	 	4.6	 Sharing of Sublicensing Income. Annexon will pay Stanford a percentage of the Sublicense Revenues
received by Annexon from a sublicensee that is specifically attributable to any sublicense of a Licensed Patent as follows: 

  

	 	(A)	 [***] percent ([***]%) of Sublicense Revenues received prior to the [***]; and 

 

	 	(B)	 [***] percent ([***]%) of Sublicense Revenues received after [***]. For such purposes, [***].

 If Sublicense Revenues are received by Annexon in the form of securities in another entity, Annexon and Stanford will
discuss and agree on an appropriate sharing of the securities or equivalent compensation to Stanford. 
 Payments due pursuant to this
Section 4.6 for a milestone under a Sublicense may be offset against any payments due thereafter pursuant to milestones (A) and (B) under Section 7.9. Notwithstanding any of the foregoing, the total of all payments due pursuant to
this Section 4.6 from the same sublicensee (or its affiliate) shall not exceed a total of [***] United States Dollars (US$[***]). 
  

	 	4.7	 Royalty-Free Sublicenses. If Annexon pays [***] due Stanford from a sublicensee’s Net Sales,
Annexon may grant that sublicensee a royalty-free or non-cash: 

  

	 	(A)	 sublicense; or 

  

	 	(B)	 cross-license. 

  
  

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	5	 GOVERNMENT RIGHTS 

This Agreement is subject to Title 35 Sections 200-204 of the United States Code. Among other things, these provisions
provide the United States Government with nonexclusive rights in the Licensed Patent. They also impose the obligation that Licensed Product sold or produced in the United States be “manufactured substantially in the United States.” Annexon
will ensure all obligations of these provisions are met. 
  

	6	 DILIGENCE 

  

	 	6.1	 Milestones. Because the invention is not yet commercially viable as of the Effective Date, Annexon will
use diligent efforts to develop, manufacture, and sell Licensed Product and to develop markets for Licensed Product. In addition, Annexon will meet the milestones shown in Appendix A, and notify Stanford in writing as each milestone is met. Any
efforts of a sublicensee will be deemed efforts of Annexon for purposes of satisfying its obligations under this Section 6.1 and Appendix A, except for milestone (e) listed in Appendix A. 

 

	 	6.2	 Progress Report. By March 1 of each year, Annexon will submit a written annual report to Stanford
covering the preceding calendar year. The report will include information sufficient to enable Stanford to satisfy reporting requirements of the U.S. Government and for Stanford to ascertain progress by Annexon toward meeting this Agreement’s
diligence requirements. Each report will describe, where relevant: Annexon’s progress toward commercialization of Licensed Product, including work completed, key scientific discoveries, summary of work-in-progress, current schedule of anticipated events or milestones, expected timelines for introduction of Licensed Product, and significant corporate transactions involving Licensed Product. Stanford
will keep the Progress Report confidential and will not use it except for the purpose described in this section 6.2. 

  

	 	6.3	 Clinical Trial Notice. Annexon will notify Stanford prior to commencing any clinical trials at Stanford.

  

	7	 ROYALTIES 

  

	 	7.1	 Issue Royalty. Annexon will pay to Stanford a noncreditable, nonrefundable license issue royalty of
$[***] upon signing this Agreement. 

  

	 	7.2	 Equity Interest. As further consideration, Annexon will grant to Stanford shares of preferred stock in
Annexon upon closing of the first bona fide financing event raising at least $[***] from one or more venture capital firms. When issued, those shares will represent stock in Annexon on a Fully Diluted Basis that equals a post financing value equal
to $[***]. Annexon agrees to provide Stanford 

  
  

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	 	with the capitalization table upon which the above calculation is made. Annexon will issue [***]% of all shares pursuant to this Section 7.2 and Section 7.3 directly to and in the name of the inventors listed
below; Stanford will provide the inventor allocation later. 

  

					
			
		  	[***]	  	

  

	 	7.3	 Anti-Dilution Protection. The anti-dilution terms will be stipulated in the Series A financing and will
not be any different from any other preferred equity shareholders. 

  

	 	7.4	 [***]% Purchase Right. In any private offering of Annexon’s equity securities for cash (or in
satisfaction of debt issued for cash), Stanford may purchase for cash up to [***]% of the securities issued in such offering. This right will expire following the first round of bona fide equity investment in Annexon from a single or group of
investors which either (i) is at least $[***] in size or (ii) involves the sale to outside investors of at least [***]% of the shares outstanding after such round on a Fully-Diluted Basis, but will apply to all shares to be issued in such
round. This right is in addition to Stanford’s rights under Section 7.3. 

  

	 	7.5	 Future Offerings. In any private offering of Annexon’s equity securities in exchange for cash (or
in satisfaction of debt issued for cash), Stanford may purchase for cash that percentage of the securities issued in such offering as is equal to Stanford’s percentage ownership of Annexon’ outstanding shares immediately prior to the
closing of such offering, on a Fully Diluted Basis, and such purchase shall be subject to the same terms and conditions as other investors in such offering (as described in and subject to Section 7.6 below). This right is in addition to
Stanford’s rights under Section 7.4. If both Section 7.4 and this 7.5 apply to an offering, the provision granting Stanford the greater purchase rights will govern. 

 

	 	7.6	 Purchase Terms and Procedure, Exceptions; Public Offering. In any offering subject to Section 7.4
or 7.5, (i) Stanford’s purchase right shall be on the same terms as the other investors in the financing in question, except that Stanford [***], (ii) Annexon will give Stanford notice of the terms of the offering, and Stanford may elect
to exercise its right of purchase, in whole or in part, by notice given to Annexon within [***] after receipt of Annexon’s notice and (iii) if Stanford elects not to purchase, or fails to give an election notice within such

  
  

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period, Stanford’s purchase right will not apply to the offering if (and only if and to the extent) it is consummated within [***] days on the same or less favorable (to the investor) terms
as stated in Annexon’s notice to Stanford. Stanford’s rights under Sections 7.4 and 7.5 will not apply to the issuance of stock to founders, employees and other service providers pursuant to a plan or grant approved by Annexon’s board
of directors, or to shares issued as additional consideration in lending or leasing transactions In the event of the closing of a firm commitment underwritten public offering, the rights granted in Sections 7.4 and 7.5 will terminate (in addition to
any earlier termination pursuant to their terms) immediately before such closing. 

  

	 	7.7	 Repurchase Obligation. If Stanford is to conduct any clinical trial on behalf of Annexon or any agent of
Annexon, Annexon will repurchase all Stanford’s equity interest in Annexon. Annexon cannot begin any such trial until Stanford no longer holds any equity interest in Annexon. The repurchase price for any such equity interest will be the affair
market value for that equity at the time Annexon and Stanford enter into a definitive agreement under which any such clinical research will be performed. Fair market value of publicly traded equity instruments will be determined by taking [***].
Fair market value of non-public equity instruments will be at least as high as the greater of: [***] 

  

	 	7.8	 License Maintenance Fee. Annexon will pay Stanford a yearly license maintenance fee of:

  

	 	(A)	 $[***] on the [***] of the Effective Date; 

 

	 	(B)	 [***] on the [***] of the Effective Date and each [***] thereafter until the earlier of [***] or the [***] of
the Effective Date; and then 

  

	 	(C)	 $[***] thereafter. 

  

	 	(D)	 Yearly maintenance payments are nonrefundable, but they are creditable each year as described in
Section 7.12. 

  

	 	7.9	 Milestone Payments. Annexon will pay Stanford the following
one-time milestone payments: 

  

	 	(A)	 Annexon raising $[***] in funding or [***], whichever occurs 

  
  

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		  		  	earlier	  	    $[***];

  

	 	(B)	 For the first Licensed Product that achieves the following: 

 

							
		  		  	 [***]  
	  	

  

	 	(C)	 It is understood that the total amounts due under this Section 7.9 shall not exceed $[***] in the
aggregate. 

  

	 	7.10	 Earned Royalty. 

 

	 	(A)	 Annexon will pay Stanford earned royalties on Net Sales as follows [***]% on Net Sales of a Licensed Product.

  

	 	(B)	 No royalty shall be payable under this Section 7.10 with respect to the sale of units of Licensed Products
among Annexon, its Affiliates, and sublicensees, provided that royalties shall be due with respect to the subsequent resale of such units of Licensed Products to non-Affiliate third parties.

  

	 	(C)	 In the event that a Licensed Product is sold for a single combined price with another product, component, or
service that would not be a Licensed Product if sold or used separately, then Net Sales from such combination sales for purposes of calculating the amounts due under this Section 7.10 shall be reasonably allocated, as determined in good faith
by Annexon and Stanford, between such Licensed Product and such other product, components, and services based upon their relative importance, value, cost and proprietary protection as commercially reasonable. If Annexon and Stanford have not agreed
upon such allocation or fair market value, respectively, either party shall have the right to submit the matter for resolution by binding arbitration in accordance with Article 18 below. 

 

	 	(D)	 No more than one royalty shall be due with respect to a sale of a unit of a particular Licensed Product under
this Agreement. No multiple royalties shall be payable because any Licensed Product, or its manufacture, sale or use is covered by more than one Valid Claim. 

  

	 	7.11	 Earned Royalty if Annexon Challenges the Patent. Notwithstanding the above, should Annexon bring an
action seeking to invalidate any Licensed Patent, Annexon will pay royalties to Stanford [***]. Moreover, should the outcome of such action determine that any claim of a patent challenged by Annexon is both valid and infringed by a Licensed Product,
Annexon will pay royalties [***]. 

  
  

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	 	7.12	 Creditable Payments. The license maintenance fee for a year may be offset against earned royalty
payments due on Net Sales occurring in that year. 

  

	 	For	 example: 

  

	 	(A)	 if Annexon pays Stanford a $10 maintenance payment for year Y, and according to Section 7.10 $15 in earned
royalties are due Stanford for Net Sales in year Y, Annexon will only need to pay Stanford an additional $5 for that year’s earned royalties. 

  

	 	(B)	 if Annexon pays Stanford a $10 maintenance payment for year Y, and according to Section 7.10 $3 in earned
royalties are due Stanford for Net Sales in year Y, Annexon will not need to pay Stanford any earned royalty payment for that year. Annexon will not be able to offset the remaining $7 against a future year’s earned royalties.

  

	 	7.13	 Obligation to Pay Royalties. A royalty is due Stanford under this Agreement for any activity conducted
under the licenses granted. For convenience’s sake, the amount of that royalty is calculated using Net Sales. Nonetheless, if certain Licensed Products are made, used, imported, or offered for sale before the date this Agreement terminates, and
those Licensed Products are sold after the termination date, Annexon will pay Stanford an earned royalty for its exercise of rights based on the Net Sales of those Licensed Products. 

 

	 	7.14	 No Escrow. Annexon shall not pay royalties into any escrow or other similar account.

  

	 	7.15	 Currency. Annexon will calculate the royalty on sales in currencies other than U.S. Dollars using the
appropriate foreign exchange rate for the currency quoted by the Wall Street Journal foreign exchange desk, on the close of business on the last banking day of each calendar quarter. Annexon will make royalty payments to Stanford in U.S. Dollars.

  

	 	7.16	 Non-U.S. Taxes. Annexon will pay all non-U.S. taxes related to
royalty payments. These payments are not deductible from any payments due to Stanford. 

  

	 	7.17	 Interest. Any payments not made when due will bear interest at the lower of (a) [***] or
(b) the maximum rate permitted by law. 

  

	8	 ROYALTY REPORTS, PAYMENTS, AND ACCOUNTING 

 

	 	8.1	 Quarterly Earned Royalty Payment and Report. Beginning with the first sale of a Licensed Product,
Annexon will submit to Stanford a written report (even if there are no sales) and an earned royalty payment within [***] days after the end of each calendar quarter. This report will be in the form of Appendix B 

  
  

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	 	and will state the [***] during the completed calendar quarter. With each report Annexon will include any earned royalty payment due Stanford for the completed calendar quarter (as calculated under Section 7.10).

  

	 	8.2	 No Refund. In the event that a validity or non-infringement
challenge of a Licensed Patent brought by Annexon is successful, Annexon will have no right to recoup any royalties paid before or during the period challenge. 

 

	 	8.3	 Termination Report. Annexon will pay to Stanford all applicable royalties and submit to Stanford a
written report within [***] days after the license terminates. Annexon will continue to submit earned royalty payments and reports to Stanford after the license terminates, until all Licensed Products made or imported under the license have been
sold. 

  

	 	8.4	 Accounting. Annexon will maintain records showing manufacture, importation, sale, and use of a Licensed
Product for [***] years from the date of sale of that Licensed Product. Records will include general-ledger records showing cash receipts and expenses, and records that include: production records, customers, invoices, serial numbers, and related
information in sufficient detail to enable Stanford to determine the royalties payable under this Agreement. 

  

	 	8.5	 Audit by Stanford. Annexon will allow Stanford or its designee to examine Annexon’s records to
verify payments made by Annexon under this Agreement. 

  

	 	8.6	 Paying for Audit. Stanford will pay for any audit done under Section 8.5. But if the audit reveals
an underreporting of earned royalties due Stanford of [***]% or more for the period being audited, Annexon will pay the audit costs. 

  

	 	8.7	 Self-audit. If Annexon conducts an independent audit of sales and royalties due from a sublicensee for a
[***] in which [***] sales of Licensed Product are over $[***], then to the extent the audit will address, the amount of gross sales by or on behalf of Annexon’s sublicensee during the audit period, the amount of funds owed to Stanford under
this Agreement, and whether the amount owed has been paid to Stanford and is reflected in the records of the Annexon, Annexon will submit the auditor’s report promptly to Stanford upon completion and acceptance by Annexon. As between the
parties, Annexon [***] of the audit. 

  

	9	 WARRANTIES. 

As of the Effective Date, Stanford’s Office of Technology Licensing (OTL) confirms to Annexon that (i) Stanford has an assignment to
the Licensed Patents; and (ii) Stanford has not previously granted, and will not grant, any rights to the Licensed Patents that are inconsistent with the rights and licenses granted to Annexon under this Agreement; and (iii) Stanford is
not aware of any claim that a third party is an owner or co-inventor of any of the Licensed Patents. 

  
  

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	10	 EXCLUSIONS AND NEGATION OF WARRANTIES 

 

	 	10.1	 Negation of Warranties. Except as provided in Article 9, Stanford provides Annexon the rights granted in
this Agreement AS IS and WITH ALL FAULTS. Stanford makes no representations and extends no warranties of any kind, either express or implied. Among other things, Stanford disclaims any express or implied warranty: 

 

	 	(A)	 of merchantability, of fitness for a particular purpose, 

 

	 	(B)	 of non-infringement or 

 

	 	(C)	 arising out of any course of dealing. 

 

	 	10.2	 No Representation of Licensed Patent. Annexon also acknowledges that Stanford does not represent or
warrant: 

  

	 	(A)	 the validity or scope of any Licensed Patent, or 

 

	 	(B)	 that the exploitation of Licensed Patent will be successful. 

 

	11	 INDEMNITY 

  

	 	11.1	 Indemnification. Annexon will indemnify, hold harmless, and defend all Stanford Indemnitees against any
claim of any kind arising out of or related to the exercise of any rights granted Annexon under this Agreement or the breach of this Agreement by Annexon, other than claims arising out of a breach by Stanford of this Agreement.

  

	 	11.2	 No Indirect Liability. Stanford is not liable for any special, consequential, lost profit, indirect
expectation punitive or other indirect damages in connection with any claim arising out of or related to this Agreement, whether grounded in tort (including negligence), strict liability, contract, or otherwise. 

 

	 	11.3	 Workers’ Compensation. Annexon will comply with all statutory workers’ compensation and
employers’ liability requirements for activities performed under this Agreement. 

  

	 	11.4	 Insurance. During the term of this Agreement Annexon will maintain Comprehensive General Liability
Insurance with a reputable and financially secure insurance carrier to cover the activities of Annexon, its Affiliates and its sublicensees. The insurance will provide minimum limits of liability of [***] and will include [***].

  
  

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This minimum will be increased to [***] and Annexon will add Product Liability Insurance [***] month before the introduction of a Licensed Product into humans. Insurance must cover claims [***]
and must be placed with carriers with ratings of at least [***]. Within [***] days of the Effective Date of this Agreement, Annexon will furnish a Certificate of Insurance evidencing primary coverage and additional insured requirements. Annexon will
provide to Stanford [***] days prior written notice of cancellation or material change to this insurance coverage. Annexon will advise Stanford in writing that it maintains excess liability coverage (following form) over primary insurance for at
least the minimum limits set forth above. All insurance of Annexon will be primary coverage; insurance of [***] will be excess and noncontributory. 

  

	12	 EXPORT 

Annexon and its Affiliates and sublicensees shall comply with all United States laws and regulations controlling the export of licensed commodities and
technical data. (For the purpose of this paragraph, “licensed commodities” means any article, material or supply but does not include information; and “technical data” means tangible or intangible technical information that is
subject to US export regulations, including blueprints, plans, diagrams, models, formulae, tables, engineering designs and specifications, manuals and instructions.) These laws and regulations may include, but are not limited to, the Export
Administration Regulations (15 CFR 730-774), the International Traffic in Arms Regulations (22 CFR 120-130) and the various economic sanctions regulations administered
by the US Department of the Treasury (31 CFR 500-600). 
 Among other things, these laws and regulations prohibit or
require a license for the export or retransfer of certain commodities and technical data to specified countries, entities and persons. Annexon hereby gives written assurance that it will comply with, and will cause its affiliates and sublicensees to
comply with all United States export control laws and regulations, that it bears sole responsibility for any violation of such laws and regulations by itself or its affiliates or sublicensees, and that it will indemnify, defend and hold Stanford
harmless for the consequences of any such violation. 
  

	13	 MARKING 

Before any Licensed Patent issues, Annexon will mark Licensed Product with the words “Patent Pending.” Otherwise, Annexon will mark Licensed Product
with the number of any issued Licensed Patent. 

  
  

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	14	 NAMES AND MARKS 

Annexon will not identify Stanford in any promotional statement, or otherwise use the name of any Stanford faculty member, employee, or student, or any
trademark, service mark, trade name, or symbol of Stanford or Stanford Hospitals and Clinics, including the Stanford name, unless Annexon has received Stanford’s prior written consent. Permission may be withheld at Stanford’s sole
discretion. Notwithstanding the above, Annexon will have the rights to disclose that it has licensed the Licensed Patents from Stanford to any shareholders, and potential or actual employees, consultants, investors, business partners, collaborators
or contract service organizations of Annexon as is reasonable and customary for purposes of describing its business. 
  

	15	 PROSECUTION AND PROTECTION OF PATENTS 

 

	 	15.1	 Patent Prosecution. Annexon will be responsible for and control preparing, filing, and prosecuting broad
patent claims (including any interference or reexamination actions) for Stanford’s benefit in the Licensed Territory and for maintaining all Licensed Patents. Stanford will be notified before taking any substantive actions in prosecuting the
claims, and Stanford will have final approval on how to proceed with any such actions. To aid Annexon in this process, Stanford will provide information, execute and deliver documents and do other acts as Annexon shall reasonably request from time
to time. Annexon [***]. The parties will agree from time to time as to which countries the Licensed Patents will be filed and maintained, it being understood that except as so agreed, Annexon shall not be obligated to prosecute or maintain Licensed
Patents in jurisdictions other than the [***]. It is understood that, the parties will mutually agree upon counsel to prosecute the Licensed Patents; thereafter upon request by Annexon the Parties shall replace such counsel with alternative counsel
reasonably approved by Annexon. 

  

	 	15.2	 Patent Costs. Within [***] days after receiving a statement from Stanford, Annexon will reimburse
Stanford for all Licensed Patent’s patenting expenses incurred by Stanford after the Effective Date. In all instances, Stanford will pay the fees prescribed for [***] to the United States Patent and Trademark Office. 

 

	 	15.3	 Patent Enforcement. Under the license, Annexon (itself or through its designee) will have the first
right, but not the obligation, to seek to remove or remedy any third party infringement of the Licensed Patents so long as it conforms with the requirements of this section and Annexon is [***]. Annexon will keep Stanford reasonably apprised of all
material developments in the suit, and will seek Stanford’s input on any substantive submissions or positions taken in the litigation regarding the 

  
  

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scope, validity and enforceability of the Licensed Patents. Annexon will not prosecute, settle or otherwise compromise any such suit in a manner that materially adversely affects Stanford’s
interests without Stanford’s prior written consent, which consent shall not be unreasonably withheld or delayed. Stanford may be named as a party in any suit only if: 

 

	 	(A)	 Stanford is not the first named party in the action; and 

 

	 	(B)	 the pleadings and any public statements about the action state that Annexon is pursuing the action and that
Annexon has the right to join Stanford as a party. 

  

	 	15.4	 Recovery. If Annexon brings suit against or settles with a third party infringer, then any recovery in
excess of any unrecovered litigation costs and fees will be shared with Stanford as follows: 

  

	 	(A)	 Any payment for past sales will be [***], and Annexon will pay Stanford [***]; and 

 

	 	(B)	 Any payment for future sales [***]. 

 

	 	15.5	 Joint Suit. If Stanford and Annexon so agree, they may institute suit jointly. If so, they will:

  

	 	(A)	 prosecute the suit in both their names; 

 

	 	(B)	 bear the out-of-pocket costs
equally or as otherwise agreed; 

  

	 	(C)	 share any recovery or settlement equally or as otherwise agreed; and 

 

	 	(D)	 agree how they will exercise control over the action. 

 

	 	15.6	 Stanford Suit. If Annexon does not institute a suit per Section 15.3, Stanford may institute suit,
and may name Annexon as a party for standing purposes. If Stanford decides to institute suit, it will notify Annexon in writing at least [***] days before initiating such suit. If Annexon does not notify Stanford in writing that it desires to
jointly prosecute the suit within [***] days after the date of the notice, Annexon will assign and hereby does assign to Stanford all rights, causes of action, and damages resulting from the alleged infringement. Stanford will bear the entire cost
of the litigation and will retain the entire amount of any recovery or settlement. 

  

	 	15.7	 Abandonment of Suit. If either Stanford or Annexon commences a suit and then wants to abandon the suit,
it will give timely notice to the other party. The other party may continue prosecution of the suit after Stanford and Annexon agree on the sharing of expenses and any recovery in the suit. For such purposes to “abandon” a suit means to
abandon such suit with prejudice and without any settlement agreement with the adverse party. 

  
  

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	16	 TERMINATION 

  

	 	16.1	 Termination by Annexon. Annexon may terminate this Agreement, in its entirety or as to a particular
Licensed Patent or Licensed Product, by giving Stanford written notice at least 30 days in advance of the effective date of termination selected by Annexon. In the event of a termination of this Agreement with respect to a particular Licensed
Patent, the same shall cease to be a Licensed Patent in such country for all purposes of this Agreement, and similarly if this Agreement is terminated as to a particular Licensed Product, the same shall cease to be a Licensed Product for all
purposes of this Agreement. 

  

	 	16.2	 Termination by Stanford. 

 

	 	(A)	 Subject to Section 18, Stanford may also terminate this Agreement if Annexon: 

 

	 	(1)	 is delinquent on any report or payment; 

 

	 	(2)	 is not diligently developing and commercializing Licensed Product in accordance with Section 6.1 above;

  

	 	(3)	 misses a milestone described in Appendix A; 

 

	 	(4)	 is in breach of any provision; or 

 

	 	(5)	 provides any false report. 

 

	 	(B)	 Subject to Article 18 below, termination under this Section 16.2 will take effect 45 days after written
notice by Stanford unless Annexon remedies the problem in that 45-day period. 

  

	 	16.3	 Surviving Provisions. Surviving any termination or expiration are: 

 

	 	(A)	 Annexon’s obligation to pay royalties accrued or accruable prior to the termination;

  

	 	(B)	 any claim of Annexon or Stanford, accrued or to accrue, because of any breach or default by the other party;
and 

  

	 	(C)	 the provisions of Articles 8, 10, 11 and 12 and to the extent such provision by its nature is intended to
survive. 

  

	 	(D)	 Sublicenses existing at the time of termination shall survive, subject to Section 4.3(E) above, and
provided that the sublicensee agrees to enter into a license agreement with Stanford on the same terms and conditions as are set forth in this Agreement, except that the scope of the sublicensee’s rights 

  
  

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with respect to the Licensed Patents shall not be broader than as set forth in its Sublicense with Annexon, and Sections 7.2, 7.3 and 4.6 above shall not apply to the sublicensee. In the event of
a dispute between the sublicensee and the Stanford regarding the retention by the sublicensee of its rights, or the terms of the agreement between Stanford and the sublicensee shall be determined by arbitration under Article 18 below. Any
obligations satisfied by Annexon prior to such termination (for example, satisfaction of milestone payments under Section 7.9) shall be deemed to have been satisfied for purposes of the agreement between Stanford and the sublicensee.

  

	17	 ASSIGNMENT 

The Agreement may not be assigned without the prior written consent of the other party, but no consent will be required for any assignment by Annexon to an
Affiliate, or in connection with any merger, acquisition, reorganization or transfer of all or substantially all of Annexon’s stock, assets or business to which the Agreement relates. If Stanford has realized a gain of at least [***] in cash or
securities from a liquidation event of Annexon stock , then no assignment fee is due hereunder. Otherwise Annexon will pay to Stanford [***] upon an assignment to a third party. Upon a permitted assignment of this Agreement, Annexon will be released
of liability under this Agreement and the term “Annexon” in this Agreement will mean the assignee. 
  

	18	 ARBITRATION 

  

	 	18.1	 Dispute Resolution by Arbitration. Any dispute between the parties regarding any payments made or due
under this Agreement, or the interpretation, enforcement, breach or validiy of this Agreement will be settled by arbitration in accordance with the JAMS Arbitration Rules and Procedures. 

 

	 	18.2	 Request for Arbitration. Either party may request such arbitration. Stanford and Annexon will mutually
agree in writing on a third party arbitrator within [***] days of the arbitration request; and if the parties cannot agree within such time, the arbitrator shall be selected in accordance with the applicable JAMS rules for such selection (or if none
are so applicable, by the Chief Executive Officer of JAMS). The arbitrator’s decision will be final and nonappealable and may be entered in any court having jurisdiction. 

 

	 	18.3	 Discovery. The parties will be entitled to discovery as if the arbitration were a civil suit in the
California Superior Court; provided that the arbitrator may limit the scope, time, and issues involved in discovery. In the event of a dispute as to whether this Agreement has been breached or may be terminated under Article 16, the Agreement shall
not be terminated unless the arbitrator determines in a written decision delivered to the parties under this Article 18 that this Agreement 

  
  

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was materially breached, and the breaching Party fails to cure such breach within [***] days after such determination, or if not curable during such period, within a reasonable period to be
determined by the arbitrator. The parties shall use their best efforts to ensure that a written decision by the arbitrator is provided within [***] days of any notice of termination per Article 16. If the arbitrator is not selected within [***] days
from written notice, the Agreement may be terminated provided that Stanford has used its best efforts to facilitate such selection within such time period. 

  

	 	18.4	 Place of Arbitration. The arbitration will be held in San Francisco, California unless the parties
mutually agree in writing to another place. 

  

	 	18.5	 Patent Validity. Any dispute regarding the validity of any Licensed Patent shall be litigated in the
courts located in Santa Clara County, California, and the parties agree not to challenge personal jurisdiction in that forum. 

  

	19	 NOTICES 

  

	 	19.1	 Legal Action. Annexon will provide [***]. Annexon will include [***]. 

 

	 	19.2	 All Notices. All notices under this Agreement are deemed fully given when written, addressed, and sent
as follows: 

 All general notices to Annexon are mailed to: 

Name: [***] 
 Address: P.O. Box
610098 
 Redwood City 

California, USA 94061 
 Email:
[***] 
 All financial invoices to Annexon (i.e., accounting contact) are e-mailed to: 

Name: [***] 
 Email: [***] 

All progress report invoices to Annexon (i.e., technical contact) are e-mailed to: 

Name: [***] 
 Email: [***] 

  
  

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 All general notices to Stanford are e-mailed or mailed to: 

Office of Technology Licensing 

1705 El Camino Real 
 Palo Alto,
CA 94306-1106 
 [***] 
 All payments to
Stanford are mailed to: 
 Stanford University 

Office of Technology Licensing 

Department #44439 
 P.O. Box
44000 
 San Francisco, CA 94144-4439 
 All
progress reports to Stanford are e-mailed or mailed to: 
 Office of Technology Licensing 

1705 El Camino Real 
 Palo Alto,
CA 94306-1106 
 [***] 
 Either party may
change its address with written notice to the other party. 
  

	20	 MISCELLANEOUS 

 

	 	20.1	 Waiver. No term of this Agreement can be waived except by the written consent of the party waiving
compliance. 

  

	 	20.2	 Choice of Law. This Agreement and any dispute arising under it is governed by the laws of the State of
California, United States of America, applicable to agreements negotiated, executed, and performed within California. 

  

	 	20.3	 Exclusive Forum. The state and federal courts having jurisdiction over Stanford, California, United
States of America, provide the exclusive forum for any court action between the parties relating to this Agreement. Annexon submits to the jurisdiction of such courts, and waives any claim that such a court lacks jurisdiction over Annexon or
constitutes an inconvenient or improper forum. 

  

	 	20.4	 Headings. No headings in this Agreement affect its interpretation. 

 

	 	20.5	 Electronic Copy. The parties to this document agree that a copy of the original signature (including an
electronic copy) may be used for any and all purposes for which the original signature may have been used. The parties further waive any right to challenge the admissibility or authenticity of this document in a court of law based solely on the
absence of an original signature. 

  
  

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 The parties execute this Agreement in duplicate originals by their duly authorized officers or
representatives. 
  

			
	THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY
		
	Signature	 	 /s/ Katharine Ku

	Name	 	Katharine Ku
	Title	 	Director, Technology Licensing
	Date	 	Nov 21, 2011

  

			
	ANNEXON, INC.
		
	Signature	 	 /s/ Arnon Rosenthal PhD

	Name	 	Arnon Rosenthal PhD
	Title	 	President
	Date	 	Nov 21, 2011

  
  

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 APPENDIX A 

Diligence Milestones 
 [***] 

  
  

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 APPENDIX B 

SAMPLE REPORTING FORM 
 [***] 

  
  

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