Document:

Exhibit 4.4

 

 

 

CUMMINS INC.

 

and

 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee

 

 

 

FIFTH SUPPLEMENTAL INDENTURE

 

Dated as of August 24, 2020

 

to Indenture dated as of September 16, 2013

 

2.600% Senior Notes due 2050

 

 

 

    
 

     

    

 

TABLE OF CONTENTS

 

PAGE

 

	Article I DEFINITIONS	1
	Section 1.01. Definitions	1
	Article II ESTABLISHMENT OF SECURITIES	7
	Section 2.01. Title of Securities	7
	Section 2.02. Aggregate Principal Amount of Notes; Additional Notes	7
	Section 2.03. Authentication and Delivery of the Notes	8
	Section 2.04. Payment of Principal and Interest on the Notes; Form of the Notes; Global Notes	9
	Section 2.05. Registration, Transfer and Exchange	9
	Section 2.06. Legends	12
	Section 2.07. Paying Agent; Custodian; Place of Payment	12
	Section 2.08. Optional Redemption; Open Market Purchases, etc.	12
	Section 2.09. Change of Control	14
	Section 2.10. Sinking Fund	15
	Section 2.11. Methods of Receiving Payments on the Notes	15
	Section 2.12. Consolidation, Merger, Conveyance, Transfer or Lease	15
	Section 2.13. Limitation on Liens	16
	Section 2.14. Limitation on Sale and Leaseback Transactions	18
	Section 2.15. Events of Default	19
	Section 2.16. Modification and Waiver	20
	Section 2.17. Original Issue Discount	20
	Article III MISCELLANEOUS PROVISIONS	20
	Section 3.01. Recitals By Company	20
	Section 3.02. Application to Notes Only	21
	Section 3.03. Benefits	21
	Section 3.04. Effective Date	21
	Section 3.05. Ratification	21
	Section 3.06. Instructions	21
	Section 3.07. Counterparts	22
	Section 3.08. Governing Law; Waiver of Jury Trial	22

 

EXHIBIT A - FORM OF NOTE

 

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THIS FIFTH SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of August 24, 2020, is entered into by and between CUMMINS
INC., an Indiana corporation (along with any successor thereto, the “Company”), and U.S. BANK NATIONAL ASSOCIATION,
a national banking association, as Trustee (along with any successor thereto, the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS, the Company
and the Trustee entered into that certain Indenture, dated as of September 16, 2013 (the “Base Indenture”),
which provides for the issuance by the Company from time to time of Securities, in one or more series as provided therein;

 

WHEREAS, the Company
has determined to issue a series of Securities, as provided herein;

 

WHEREAS, Section 2.1
of the Base Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to
establish the form or terms of Securities of any series as provided by Sections 2.1 and 2.3 of the Base Indenture and to amend,
modify or supplement the Base Indenture as it applies to such series; and

 

WHEREAS, all the conditions
and requirements necessary to make this Supplemental Indenture, when duly executed and delivered, a valid and binding agreement
in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled.

 

NOW, THEREFORE:

 

In consideration of
the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

Article
I

DEFINITIONS

 

 

Section
1.01. Definitions. 

 

For all purposes of
this Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

 

(a)
Capitalized terms defined in the Base Indenture and used but not defined herein shall have the respective meanings given
them in the Base Indenture;

 

(b)
All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections
of this Supplemental Indenture; and

 

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(c)
The following terms shall have the indicated definitions and if the definition of any of the following terms differs from
its respective definition set forth in the Base Indenture, the definition set forth herein shall control:

 

“Attributable
Debt” in respect of a Sale and Leaseback Transaction means, on the date of any determination, the present value of the
obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction,
including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value
shall be calculated using a discount rate equal to the interest rate set forth or implicit in the terms of such lease, determined
in accordance with GAAP, or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the
Notes on such date of determination, in either case compounded semiannually. “Net rental payments” means the
total amount of rent payable by the lessee after excluding amounts required to be paid on account of maintenance and repairs, insurance,
taxes, assessments, water rates and similar charges.

 

“Authorized
Officers” has the meaning specified in Section 3.06.

 

“Base Indenture”
has the meaning specified in the recitals hereto.

 

“Below Investment
Grade Rating Event” means that the Notes cease to be rated with an Investment Grade Rating by at least two of the three
Rating Agencies on any date during the period (the “Trigger Period”) commencing on the date of the first public
announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of
such Change of Control (which Trigger Period shall be extended following consummation of a Change of Control for so long as any
of the Rating Agencies has publicly announced that it is considering a possible ratings downgrade); provided, however,
that a Below Investment Grade Rating Event otherwise arising by virtue of particular reductions in rating shall not be deemed to
have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event
for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to
which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Company’s
request that the reduction was the result, in whole or in part, of any event or circumstance comprised of, or arising as a result
of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at
the time of the Below Investment Grade Rating Event).

 

“Business
Day” means any day, other than a Saturday or Sunday, that is not a day on which the Trustee or banking institutions in
New York, New York are authorized or obligated by law or executive order to close.

 

“Certificated
Notes” has the meaning specified in Section 2.05(e).

 

“Change of
Control” means the occurrence of any of the following:

 

(1)
the direct or indirect sale, lease, transfer, exchange, conveyance or other disposition (other than by way of merger or
consolidation or as a pledge for security purposes only), in one or a series of related transactions, of all or substantially all
of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used
in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries;

 

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(2)
the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” (as defined above) becomes the beneficial owner, directly or indirectly, of more than 50% of the
Company’s then outstanding Voting Stock, measured by voting power rather than number of shares; or

 

(3)
the approval by the holders of the Company’s common stock of a plan for the Company’s liquidation or dissolution;

 

other than,
in the case of clause (1) or (3) above, any transaction or series of related transactions that complies with Section 2.12.

 

Notwithstanding
the foregoing, a transaction will not be deemed to involve a Change of Control under clause (2) of this definition if: (a) the
Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (b) either (i) the direct or indirect
holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders
of the Company’s Voting Stock immediately prior to that transaction, or (ii) immediately following that transaction,
no “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than a holding company satisfying
the requirements of this sentence, is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such
holding company.

 

“Change of
Control Offer” has the meaning specified in Section 2.09(a).

 

“Change of
Control Payment” has the meaning specified in Section 2.09(a).

 

“Change of
Control Payment Date” has the meaning specified in Section 2.09(a).

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event;
provided that no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change
of Control unless and until such Change of Control has actually been consummated.

 

“Company”
has the meaning specified in the recitals hereto.

 

“Comparable
Treasury Issue” means the U.S. Treasury security or securities selected by the Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming for this purpose such
Notes would mature on the applicable Par Call Date) that would be used, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes.

 

“Comparable
Treasury Price” means, with respect to any Redemption Date,

 

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(1) the average of
the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of the Reference Treasury
Dealer Quotations; or

 

(2) if the Independent
Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations
so received for such Redemption Date.

 

“Consolidated
Subsidiary” means a Subsidiary of the Company whose financial statements are consolidated with the Company’s financial
statements in accordance with GAAP.

 

“Consolidated
Total Assets” means, at any time of determination, the total assets of the Company and its Consolidated Subsidiaries,
as shown on the consolidated balance sheet in the Company’s then latest quarterly or annual report filed with the Securities
and Exchange Commission, prepared in accordance with GAAP.

 

“Debt”
means, at any time, (1) all obligations of the Company and all obligations of any Consolidated Subsidiary, to the extent such obligations
would appear as a liability upon the consolidated balance sheet of the Company and the Consolidated Subsidiaries, in accordance
with GAAP, (a) for borrowed money, (b) evidenced by bonds, debentures, notes or other similar instruments and (c) in respect of
drawn and unreimbursed amounts under letters of credit supporting any Debt of others, and (2) all guarantees by the Company or
any Consolidated Subsidiary of Debt of others.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in the form of one or more Global Notes, a clearing agency
registered under the Exchange Act that is appointed to act as Depositary for such Notes as contemplated by Section 2.04(d)
or Section 2.05, as the case may be.

 

“Electronic
Means” means the following communications methods: e-mail as a portable document format (“pdf”) or other
replicating image attached to an e-mail, facsimile transmission, secure electronic transmission containing applicable authorization
codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available
for use in connection with its services hereunder.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Fitch”
means Fitch Ratings Inc. and its successors.

 

“Funded Debt”
means (1) all Debt for money borrowed having a maturity of more than 12 months from the date as of which the determination is made
or having a maturity of 12 months or less but by its terms being renewable or extendible beyond 12 months from such date at the
option of the borrower (excluding any amount thereof included in current liabilities) and (2) all rental obligations payable more
than 12 months from such date under leases that are capitalized in accordance with GAAP (such rental obligations to be included
as Funded Debt at the amount so capitalized).

 

“GAAP”
means generally accepted accounting principles as in effect from time to time in the United States of America.

 

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“Global Note”
has the meaning specified in Section 2.04(d).

 

“Incur”
means to, directly or indirectly, issue, assume, guaranty, incur, become directly or indirectly liable with respect to (including
as a result of an acquisition (by way of merger, consolidation or otherwise)), or otherwise become responsible for, contingently
or otherwise.

 

“Indenture”
means the Base Indenture, as amended, modified and supplemented by this Supplemental Indenture.

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers selected by the Company from time to time.

 

“Instructions”
has the meaning specified in Section 3.06.

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s; a rating equal to or
higher than BBB- (or the equivalent) by S&P; a rating equal to or higher than BBB- (or the equivalent) by Fitch; or the equivalent
investment grade credit rating from any replacement Rating Agency selected by the Company.

 

“Issue Date”
means the date of the initial issuance of the Notes, which shall be the date hereof.

 

“Lien”
means any mortgage, pledge, hypothecation, charge, encumbrance, security interest, statutory or other lien, or other security or
similar agreement or similar preferential arrangement of any kind or nature whatsoever, including any conditional sale or other
title retention agreement having substantially the same economic effect as any of these.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

 

“Net Proceeds”
means, with respect to a Sale and Leaseback Transaction, the aggregate amount of cash or cash equivalents received by the Company
or a Consolidated Subsidiary, less the sum of all payments, fees, commissions and expenses incurred in connection with such transaction,
and less the amount (estimated reasonably and in good faith by the Company) of income, franchise, sales and other applicable taxes
required to be paid by the Company or any Consolidated Subsidiary in connection with such transaction in the taxable year that
such transaction is consummated or in the two immediately succeeding taxable years, the computation of which shall take into account
the reduction in tax liability resulting from any available operating losses and net operating loss carryovers, tax credits and
tax credit carryforwards, and similar tax attributes.

 

“Nonrecourse
Obligation” means indebtedness or lease payment obligations substantially related to (i) the acquisition of assets not
previously owned by the Company or any Consolidated Subsidiary or (ii) the financing of a project involving the development or
expansion of the Company’s or any Consolidated Subsidiary’s properties, in either case, as to which the obligee with
respect to such indebtedness or obligation has no recourse to the Company or any Consolidated Subsidiary or the Company’s
or any Consolidated Subsidiary’s assets other than the assets which were acquired with the proceeds of such transaction or
the project financed with the proceeds of such transaction (and the proceeds thereof), other than recourse for fraud, misrepresentation,
misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purpose entity
covenants and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in
separate guaranty or indemnification agreements in non-recourse financings.

 

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“Notes”
has the meaning specified in Section 2.01.

 

“Par Call
Date” has the meaning specified in Section 2.08.

 

“Participants”
means members of, or participants in, the Depositary.

 

“Principal
Property” means any manufacturing plant, warehouse or other similar facility or any parcel of real estate or group of
contiguous parcels of real estate owned by the Company or any Consolidated Subsidiary the gross book value of which on the date
as of which the determination is being made exceeds 1% of Consolidated Total Assets and that is located in the United States of
America, Canada or the Commonwealth of Puerto Rico, other than any such manufacturing plant, warehouse or other similar facility
or parcel or group of contiguous parcels of real estate that in the opinion of the Company’s Board of Directors is not
of material importance to the business conducted by the Company and its Subsidiaries taken as a whole.

 

“Rating Agency”
means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or Fitch ceases to rate the Notes
or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company
(as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s, S&P and/or
Fitch, as the case may be; provided that the Company shall give notice of any such replacement to the Trustee.

 

“Reference
Treasury Dealer” means each of BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P.
Morgan Securities LLC, and one other nationally recognized investment banking firm that is a Primary Treasury Dealer to be selected
by the Company, and their respective successors, unless any of them ceases to be a primary U.S. Government securities dealer in
the United States (a “Primary Treasury Dealer”), in which case the Company will substitute another nationally
recognized investment banking firm that is a Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer
at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Register
of Notes” has the meaning specified in Section 2.05.

 

“Registrar”
has the meaning specified in Section 2.05.

 

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., and its successors.

 

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“Sale and
Leaseback Transaction” means any arrangement whereby the Company or any of its Subsidiaries have sold or transferred,
or will sell or transfer, property and have or will take back a lease pursuant to which the rental payments are calculated to amortize
the purchase price of the property substantially over the useful life of such property.

 

“Significant
Subsidiary” means any of the Company’s Subsidiaries that would be a “Significant Subsidiary” within
the meaning of Rule 1-02 under Regulation S–X promulgated by the Securities and Exchange Commission.

 

“Subsidiary”
means any corporation, partnership or other legal entity (a) the accounts of which are consolidated with the Company’s
in accordance with GAAP and (b) of which, in the case of a corporation, partnership or other legal entity, more than 50% of
the outstanding Voting Stock is owned, directly or indirectly, by the Company or by one or more other Subsidiaries.

 

“Supplemental
Indenture” has the meaning specified in the recitals hereto.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity
of the Comparable Treasury Issue, calculated on the third Business Day preceding the Redemption Date, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date.

 

“Trustee”
has the meaning specified in the recitals hereto.

 

“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote generally in
the election of the Board of Directors of such Person.

 

Article
II

 

ESTABLISHMENT OF SECURITIES

 

The following provisions
of this Article 2 are made pursuant to Section 2.1 of the Base Indenture in order to establish and set forth the terms of a series
of Securities. In the event that any of the following terms conflict with those set forth in the Base Indenture, the terms set
forth herein shall control.

 

Section
2.01. Title of Securities. There is hereby
established a series of Securities designated the “2.600% Senior Notes due 2050” (the “Notes”).

 

Section
2.02. Aggregate Principal Amount of Notes; Additional Notes.

 

(a)
There are initially to be authenticated and delivered $650,000,000 principal amount of the Notes.

 

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(b)
At any time and from time to time after the Issue Date there may be authenticated and delivered an unlimited principal amount
of additional Notes without the consent of any Holder of the Notes. Any such additional Notes will have the same ranking, interest
rate, maturity date, redemption rights and other terms as any outstanding Notes, other than with respect to the date of issuance,
the issue price and, in some cases, the first interest payment date. All Notes issued hereunder, including any additional Notes,
will constitute a single series of Securities under the Indenture; provided, however, that any such additional Notes
that are not fungible with the Notes issued on the Issue Date for United States federal income tax purposes shall be issued with
CUSIP and ISIN numbers different from the CUSIP and ISIN numbers assigned to the Notes issued on the Issue Date.

 

(c)
Nothing contained in this Section 2.02 or elsewhere in the Indenture, or in the Notes, is intended to or shall limit execution
by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 2.8, 2.9,
2.13 and 9.5 of the Base Indenture.

 

Section
2.03. Authentication and Delivery of the Notes.

 

(a)
At any time and from time to time after the execution and delivery of this Supplemental Indenture, the Company may deliver
Notes executed by the Company to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver such
Notes to or upon the written order of the Company, signed by one or more Officers of the Company, without further action by the
Company. In authenticating such Notes and accepting the additional responsibilities under the Indenture in relation to such Notes,
the Trustee shall be entitled to receive and (subject to Section 7.1 of the Base Indenture) shall be fully protected in relying
upon:

 

(i)
an Officers’ Certificate prepared in accordance with Section 11.5 of the Base Indenture; and

 

(ii)
an Opinion of Counsel prepared in accordance with Section 11.5 of the Base Indenture, which shall state that the Base Indenture,
this Supplemental Indenture and the Notes have been duly authorized and, when authenticated and delivered by the Trustee and issued
by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding
obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general
equitable principles, regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

(b)
The Trustee shall have the right to decline to authenticate and deliver any Notes under this Section if the Trustee, being
advised by counsel, determined that such action may not lawfully be taken by the Company or if the issue of such Notes pursuant
to the Indenture will affect the Trustee’s own rights, duties or immunities under the Indenture in a manner not reasonably
acceptable to the Trustee.

 

(c)
Notwithstanding anything in the Indenture to the contrary, authentication and execution of any Notes by counterpart shall
satisfy the requirements of the Indenture with respect to the authentication and execution of such Notes.

 

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Section
2.04. Payment of Principal and Interest on the Notes; Form of the Notes; Global Notes.

 

(a)
The Notes will mature on September 1, 2050 and will bear interest at the rate of 2.600% per annum. Interest on the Notes
will be payable semi-annually, in cash, in arrears on March 1 and September 1 of each year, commencing on March 1, 2021, to the
Holders thereof at the close of business on the immediately preceding February 15 and August 15 of each year. Interest on the Notes
will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and
including the date of issuance of the Notes. Interest on the Notes will be computed on the basis of a 360-day year comprised of
twelve 30-day months.

 

(b)
The Notes shall be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

(c)
The Notes shall be issued in registered form without coupons, substantially in the form of Exhibit A attached hereto. The
form of the Trustee’s certificate of authentication for the Notes shall be in substantially the form set forth in the form
of Note attached hereto as Exhibit A. Each Note shall be dated the date of authentication thereof.

 

(d)
The entire initially issued principal amount of the Notes shall initially be evidenced by one or more Global Securities
(collectively, the “Global Notes”) registered in the name of Cede & Co., as nominee for DTC, or another
nominee of DTC. The Company initially appoints DTC to act as Depositary with respect to the Global Notes and the Trustee to act
as custodian with respect to the Global Notes. So long as the Depositary, or its nominee, is the registered Holder and owner of
the Global Notes, the Depositary or such nominee, as the case may be, will be considered the sole owner and Holder of the Notes
for all purposes under the Indenture.

 

Section
2.05. Registration, Transfer and Exchange.

 

(a)
Registrar; Register of Notes. The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
of Notes (the register maintained in such office and in any other office or agency of the Company in a place of payment being herein
sometimes collectively referred to as the “Register of Notes”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. The Trustee is hereby appointed
“Registrar” for the purpose of registering the Notes and transfers of the Notes as herein provided. The Company
may appoint one or more coRegistrars with respect to the Notes and the term “Registrar” includes any co-Registrar.
The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.8 of
the Base Indenture or this Section 2.05. The Company shall have the right to inspect and make copies of all such letters, notices
or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar.

 

(b)
No Obligation of the Trustee. The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under the Indenture or under applicable law with respect to any transfer of
any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in any Global
Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and
to do so if and when expressly required by the terms of, the Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. Neither the Trustee nor any agent of the Company or the Trustee shall have any
responsibility for the actions or omissions of the Depositary or the accuracy of the books and records of the Depositary.

 

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(c)
Transfers of Notes and Interests in Notes.

 

(i)
The Registrar shall not be required (A) to issue, authenticate, register the transfer of or exchange Notes for a period
of 15 days before the mailing of a notice of redemption of such Notes to be redeemed or (B) to register the transfer of or exchange
of any Notes so selected for redemption in whole or in part.

 

(ii)
All Notes issued upon any transfer or exchange of Notes shall be valid and binding obligations of the Company, evidencing
the same debt, and entitled to the same benefits under the Indenture, as the Notes surrendered upon such transfer or exchange.

 

(iii)
Notwithstanding any other provision of this Section 2.05, unless and until it is exchanged in whole or in part for Certificated
Notes, the Global Notes may not be transferred except as a whole by the Depositary to a nominee of such Depositary, or by a nominee
of such Depositary to such Depositary or another nominee of such Depositary, or by such Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary.

 

(iv)
Ownership of interests in the Global Notes will be shown on, and the transfer of those ownership interests will be effected
through, records maintained by the Depositary (with respect to Participants’ interests) and such Participants (with respect
to the owners of beneficial interests in such Global Notes).

 

(d)
Cancellation or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note
have been exchanged for Certificated Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and
not in part, each such Global Note shall be returned to or retained and canceled by the Trustee. At any time prior to such cancellation,
if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the
form of a beneficial interest in another Global Note or for Certificated Notes, the principal amount of Notes represented by such
Global Note shall be reduced accordingly and an endorsement shall be made on the Schedule of Increases and Decreases to such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest
is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on the Schedule of Increases
and Decreases to such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

 

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(e)
Certificated Notes.

 

(i)
If at any time the Depositary (A) notifies the Company that it is unwilling or unable to continue as Depositary for the
Global Notes and the Depositary fails to appoint a successor Depositary or (B) ceases to be a clearing agency registered under
the Exchange Act, then the Company shall appoint a successor Depositary eligible under applicable law with respect to such Global
Notes. If a successor Depositary eligible to be a clearing agency registered under the Exchange Act for such Global Notes is not
appointed by the Company within 90 days after the date Company receives such notice or becomes aware of the unwillingness, inability
or ineligibility of the Depositary set forth in clauses (A) and (B) above, the Company will execute, and the Trustee, upon receipt
of a Company Order for the authentication and delivery of definitive Notes of such series and tenor (“Certificated Notes”),
will authenticate and deliver such Certificated Notes, in any authorized denominations, in an aggregate principal amount equal
to the principal amount of such Global Notes, in exchange for such Global Notes.

 

(ii)
In addition, if the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the
Certificated Notes, then the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and
delivery of Certificated Notes, will authenticate and deliver, Certificated Notes in any authorized denominations, in an aggregate
principal amount equal to the principal amount of the Global Notes, in exchange for such Global Notes.

 

(iii)
Any time the Notes are to be authenticated and delivered in the form of Certificated Notes, the Company agrees to supply
the Trustee with a reasonable supply of Certificated Notes without the legend required by Section 2.06(a) and the Trustee agrees
to hold such Notes in safekeeping until authenticated and delivered pursuant to the terms of the Indenture.

 

(iv)
The Depositary may surrender one or more Global Notes in exchange in whole or in part for Certificated Notes as provided
herein on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee
shall authenticate and deliver, without service charge,

 

(A)
to the Person specified by such Depositary new Notes of the same series and tenor, of any authorized denominations as requested
by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global
Note; and

 

(B)
to such Depositary a new Global Note in a denomination equal to the difference, if any, between the principal amount of
the surrendered Global Note and the aggregate principal amount of Notes authenticated and delivered pursuant to clause (A) above.

 

(v)
Notes issued in exchange for a Global Note pursuant to this Section 2.05 shall be registered in such names and in such authorized
denominations as the Depositary for such Global Note, pursuant to instructions from its Participants or otherwise, shall instruct
the Trustee or an agent of the Company or the Trustee. The Trustee or such agent shall deliver such Notes to or as directed by
the Persons in whose names such Notes are so registered.

 

    11

     

    

 

Section
2.06. Legends.

 

Each Global Note shall
bear a legend in substantially the following form:

 

THIS SECURITY IS A SECURITY IN GLOBAL
FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED OR TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

 

UNLESS THIS SECURITY IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

Section
2.07. Paying Agent; Custodian; Place of Payment.
The Company initially appoints the Trustee to act as the Paying Agent with respect to the Notes. The Company may appoint one or
more additional Paying Agents, and the term “Paying Agent” includes any additional Paying Agent. The Corporate
Trust Office of the Trustee shall be the initial place of payment. The office of any additional Paying Agent shall also be a place
of payment.

 

Section
2.08. Optional Redemption; Open Market Purchases, etc.
The Company may, at its option, redeem some or all of the Notes at any time and from time to time at a redemption price equal to
the greater of the following amounts, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to,
but excluding, the applicable Redemption Date:

 

(a)
100% of the principal amount of the Notes to be redeemed; and

 

(b)
the sum of the present values of the principal amount and the remaining scheduled payments of interest on the Notes to be
redeemed (not including any portion of payments of interest accrued as of the applicable Redemption Date) that would be due if
such Notes matured on the applicable Par Call Date (as defined below), discounted to the applicable Redemption Date on a semi-annual
basis at a rate equal to the sum of the Treasury Rate plus 0.20%;

 

    12

     

    

 

provided,
that, if the Company redeems the Notes on or after March 1, 2050 (six months prior to the maturity date of the Notes) (the “Par
Call Date”), the redemption price for those Notes will equal 100% of the principal amount of the Notes to be redeemed.

 

The redemption price of Notes to be redeemed
under this Section 2.08 will be calculated assuming a 360-day year consisting of twelve 30-day months. The Company will provide
(or direct the Trustee to provide) notice of any redemption of Notes, at least 15 days but not more than 60 days before the applicable
Redemption Date, to each Holder of the Notes to be redeemed as provided in Section 11.2 of the Base Indenture. Notice of any redemption
of any Notes in connection with a corporate transaction that is pending (including an equity offering, an incurrence of indebtedness
or a change of control) may, at the Company’s discretion, be given subject to one or more conditions precedent, including,
but not limited to, completion of the transaction. If such redemption is so subject to satisfaction of one or more conditions precedent,
such notice shall describe each such condition, and such notice may be rescinded in the event that any or all such conditions shall
not have been satisfied or otherwise waived by the Redemption Date. The Company shall notify each applicable Holder of any such
rescission as soon as reasonably practicable after the Company’s determines that it will not be able satisfy or otherwise
waive such conditions precedent. Once notice of redemption is mailed or sent, subject to the satisfaction of any conditions precedent
provided in the notice of redemption, the Notes called for redemption will become due and payable on the Redemption Date and at
the applicable redemption price, plus accrued and unpaid interest to, but excluding, the Redemption Date. If the Company redeems
fewer than all of the Notes, and the Notes are Global Notes, the Notes to be redeemed will be selected by the Depositary in accordance
with its procedures. If the Notes to be redeemed are not Global Notes, the Trustee will select the particular Notes to be redeemed
by lot, on a pro rata basis, or by another method the Trustee deems fair and appropriate.

 

Unless the Company
defaults in the payment of the redemption price, on and after the applicable Redemption Date, interest will cease to accrue on
the Notes or portions of the Notes called for redemption.

 

The
Company and/or its Affiliates may directly or indirectly, at any time and from time to time, acquire all or any part of
the outstanding Notes by means other than a redemption, whether pursuant to tender or exchange offer(s), open market purchase(s),
negotiated transaction(s), or otherwise, so long as such acquisition does not otherwise violate the terms of the Indenture.

 

    13

     

    

 

Section
2.09. Change of Control.

 

(a)
Upon the occurrence of a Change of Control Triggering Event, unless a notice of redemption has been delivered pursuant to
Section 2.08 prior to or within 30 days after such Change of Control Triggering Event stating that all of the Notes will be redeemed
as provided for in Section 2.08, each Holder of the Notes shall have the right to require the Company to make an offer (a “Change
of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in
excess thereof) of each Holder’s outstanding Notes at a purchase price equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”), subject
to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. Within
30 days following any Change of Control Triggering Event, or, at the Company’s option, prior to any Change of Control, but
after the public announcement of the transaction or transactions that would constitute the Change of Control, the Company shall
provide notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or would
constitute the Change of Control Triggering Event and stating: (1) that the Change of Control Offer is being made pursuant to this
Section 2.09 and that all Notes properly tendered will be accepted for payment; (2) the purchase price and the purchase date, which,
except as contemplated by clause (3) below, shall be no earlier than 30 days and no later than 60 days from the date such
notice is provided (the “Change of Control Payment Date”); (3) if mailed prior to the date of the consummation
of the Change of Control, that the offer to purchase is conditioned on the Change of Control Triggering Event occurring, with the
Change of Control Payment Date to occur no earlier than 30 days and no later than 60 days from the date on which the Change of
Control Triggering Event occurs; (4) that any Security not tendered will continue to accrue interest; (5) that, unless the Company
defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer
shall cease to accrue interest after the Change of Control Payment Date; (6) that Holders electing to have any Notes purchased
pursuant to the Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder
to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in the notice prior
to the close of business on the third Business Day preceding the Change of Control Payment Date; (7) that Holders will be entitled
to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding
the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the
principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes
purchased; and (8) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount
to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an
integral multiple of $1,000 in excess thereof. The Company shall comply with the requirements of Rule 14e–1 under the Exchange
Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection
with the repurchase of Notes in connection with a Change of Control Triggering Event. To the extent that the provisions of any
securities laws or regulations conflict with this Section 2.09, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under this Section 2.09 by virtue of such compliance.

 

(b)
On the Change of Control Payment Date, the Company shall, to the extent lawful, (1) accept for payment all Notes or portions
thereof properly tendered pursuant to the Change of Control Offer, (2) deposit with the Paying Agent an amount equal to the Change
of Control Payment in respect of all Notes or portions thereof properly tendered and (3) deliver or cause to be delivered to the
Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes
or portions thereof being purchased by the Company. The Paying Agent shall promptly deliver to each Holder of Notes properly tendered
the Change of Control Payment for such Notes, and the Company shall promptly execute, and the Trustee shall promptly authenticate
and deliver (or cause to be transferred by book entry) to each Holder, a new Note equal in principal amount to any unpurchased
portion of the Note surrendered by such Holder, if any; provided, that each such new Note shall be in a principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof. The Company shall publicly announce the results of the Change of
Control Offer on or as soon as practicable after the Change of Control Payment Date.

 

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The Company will not
be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third Person makes
the Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth in this Section
2.09 and all other provisions of the Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes
properly tendered and not withdrawn under such Change of Control Offer.

 

Section
2.10. Sinking Fund. The Notes shall not
have the benefit of a sinking fund.

 

Section
2.11. Methods of Receiving Payments on the Notes.
If a Holder has given wire transfer instructions to the Company at least 10 Business Days prior to the applicable payment date,
the Company will make all payments on such Holder’s Notes in accordance with those instructions. Otherwise, payments on the
Notes will be made at the office or agency of the Paying Agent and Registrar for the Notes; provided, however, that
the Company may, at its option, elect to make interest payments by check mailed to the Holders at their addresses set forth in
the Register of Notes; provided, further, that with respect to Notes represented by Global Notes, the Company shall
make payments of principal and interest by wire transfer of immediately available funds to the account specified by the Depositary.

 

Section
2.12. Consolidation, Merger, Conveyance, Transfer or Lease.
The Company may not consolidate or combine with or merge with or into or sell, assign (excluding any assignment solely as collateral
for security purposes), convey, lease, transfer or otherwise dispose of all or substantially all of the assets of the Company and
its Subsidiaries taken as a whole to any Person or Persons in a single transaction or through a series of related transactions,
unless:

 

(a)
the Company is the successor, continuing or transferee Person or, if the Company is not the successor, continuing or transferee
Person, the resulting, surviving or transferee Person (the “surviving entity”) is a company organized and existing
under the laws of the United States, any State thereof or the District of Columbia that expressly assumes all of the Company’s
obligations under the Notes and the Indenture pursuant to a supplemental indenture executed and delivered to the Trustee;

 

(b)
immediately after giving effect to such transaction or series of related transactions, no Event of Default has occurred
and is continuing; and

 

(c)
the Company or the surviving entity delivers to the Trustee an Officers’ Certificate and Opinion of Counsel stating
that the transaction or series of related transactions and a supplemental indenture, if any, complies with the Indenture.

 

    15

     

    

 

If any consolidation
or merger of the Company or any sale, assignment, conveyance, lease, transfer or other disposition of all or substantially all
of the assets of the Company and its Subsidiaries taken as a whole occurs in accordance with clauses (a)-(c) of this Section 2.12,
the surviving entity will succeed to, and be substituted for, and may exercise every right and power of, the Company under the
Indenture with the same effect as if such surviving entity had been named as the initial issuer under the Indenture. The Company
will (except in the case of a lease) be discharged from all obligations and covenants under the Indenture and the Notes, and may
be liquidated and dissolved.

 

For the avoidance of
doubt, no Officers’ Certificate or Opinion of Counsel will be required under clause (c) of this Section in connection
with a consolidation, combination, merger, sale, assignment, conveyance, lease, transfer or other disposition involving only the
Company and one or more of its Subsidiaries where the Company is the successor, continuing or transferee Person.

 

This Section shall
apply to the Notes in lieu of Section 4.1 of the Base Indenture, which shall not apply to the Notes.

 

Section
2.13. Limitation on Liens.

 

(a)
The Company shall not, and shall not permit any Consolidated Subsidiary to, incur any Debt secured by a Lien on any Principal
Property or any shares of Capital Stock of any Consolidated Subsidiary that owns a Principal Property (other than any Subsidiary
that is principally engaged in leasing or receivables financing transactions or that holds as all or substantially all of its assets
equity interests in one or more such Subsidiaries), in each case, whether now owned or hereafter acquired, without making effective
provision that the Notes shall be secured equally and ratably with (or prior to) such secured Debt for so long as such secured
Debt remains outstanding, unless, upon giving effect to the incurrence of such Debt and any substantially simultaneous permanent
repayment of any secured Debt, the aggregate amount of all Debt secured by a Lien on any Principal Property or on any shares of
Capital Stock of any Consolidated Subsidiary that owns a Principal Property (other than any Subsidiary that is principally engaged
in leasing or receivables financing transactions or that holds as all or substantially all of its assets equity interests in one
or more such Subsidiaries), together with all Attributable Debt of the Company and its Consolidated Subsidiaries in respect of
Sale and Leaseback Transactions involving Principal Properties, would not exceed 15% of the Consolidated Total Assets of the Company
and the Consolidated Subsidiaries. The aggregate amount of all secured Debt referred to in the preceding sentence shall exclude
any then existing secured Debt that has been secured equally and ratably with the Notes.

 

(b)
The restriction set forth in Section 2.13(a) shall not apply to, and there shall be excluded from all Debt so secured in
any computation under the restriction in Section 2.13(a) and under the restriction in Section 2.14, Debt secured by:

 

(i)
Liens on any property or shares of Capital Stock existing at the time of acquisition thereof; provided that any such
Lien (1) was in existence prior to the date of such acquisition, (2) was not incurred in contemplation thereof and (3) does not
extend to any other property or shares of Capital Stock (other than proceeds);

 

    16

     

    

 

(ii)
Liens in favor of the Company or a Consolidated Subsidiary;

 

(iii)
Liens in favor of governmental bodies to secure progress or advance payments pursuant to any contract or provision of any
statute;

 

(iv)
Liens created or incurred in connection with an industrial revenue bond, industrial development bond, pollution control
bond or similar financing arrangement between the Company or a Consolidated Subsidiary and any federal, state or municipal government
or other governmental body or quasi-governmental agency;

 

(v)
Liens on property or shares of Capital Stock to secure all or part of the cost of acquiring (including, without limitation,
acquisitions through merger or consolidation), substantially repairing or altering, constructing, developing or substantially improving
the property, or to secure Debt incurred for any such purpose, to the extent that any such Lien relates solely to the property
subject to the Lien, proceeds thereof and agreements relating thereto and that the principal amount of Debt secured by each such
Lien was incurred concurrently with, or within 180 days of, such acquisition (including, without limitation, acquisitions through
merger or consolidation), repair, alteration, construction (or the commencement of commercial operation of such property, whichever
is later), development or improvement and does not exceed the cost to the Company or such Consolidated Subsidiary of the property
subject to the Lien, as determined in accordance with GAAP;

 

(vi)
Liens on property or shares of Capital Stock of any entity existing at the time such entity becomes a Subsidiary;

 

(vii)
Liens in favor of a governmental agency to qualify the Company or any Consolidated Subsidiary to do business, maintain self-insurance
or obtain other benefits, or Liens under workers’ compensation laws, unemployment insurance laws, social security laws or
regulations or similar legislation;

 

(viii)
Liens imposed by law, such as laborers’ or other employees’, carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s, vendors’ and other like Liens;

 

(ix)
Liens arising out of judgments or awards against the Company or any Consolidated Subsidiary with respect to which the Company
or such Consolidated Subsidiary at the time shall be prosecuting an appeal or proceedings for review;

 

(x)
Liens for taxes, assessments, governmental charges or levies not yet subject to penalties for nonpayment or the amount or
validity of which is being in good faith contested by appropriate action by the Company or any Consolidated Subsidiary, as the
case may be; and

 

(xi)
any refinancing, refunding, extension, renewal or replacement, in whole or in part, of any Lien referred to above, to the
extent that such refinancing, refunding, extension, renewal or replacement Lien is limited to the same property or shares of Capital
Stock that secured the Lien so refinanced, refunded, extended, renewed or replaced (and proceeds thereof and any after-acquired
collateral within the scope of the collateral granting clause that was in effect prior to such refinancing, refunding, extension,
renewal or replacement) and will not exceed the principal amount of Debt so secured at the time of such refinancing, refunding,
extension, renewal or replacement; provided that such principal amount of Debt so secured shall continue to be included
in the computation in the first paragraph of this covenant and under Section 2.14 to the extent so included at the time of such
refinancing, refunding, extension, renewal or replacement.

 

    17

     

    

 

For purposes of this
Section 2.13, an “acquisition” of property (including real, personal or intangible property or shares of Capital Stock)
shall include any transaction or series of related transactions by which the Company or a Consolidated Subsidiary acquires, directly
or indirectly, an interest, or an additional interest (to the extent thereof), in such property, including an acquisition through
merger or consolidation with, or an acquisition of an interest in, a Person owning an interest in such property.

 

Section
2.14. Limitation on Sale and Leaseback Transactions.

 

(a)
The Company shall not, and shall not permit any of its Consolidated Subsidiaries to, enter into any Sale and Leaseback Transaction
with respect to any Principal Property unless:

 

(i)
upon giving effect thereto, the aggregate amount of all Attributable Debt of the Company and its Consolidated Subsidiaries
with respect to Sale and Leaseback Transactions involving Principal Properties plus the aggregate amount of Debt secured by Liens
on any Principal Property or on any shares of Capital Stock of any Consolidated Subsidiary (other than any Subsidiary that is principally
engaged in leasing or receivables financing transactions or that holds as all or substantially all of its assets equity interests
in one or more such Subsidiaries) incurred without equally and ratably securing the Notes pursuant to Section 2.13 (other than
Liens of the types described in Section 2.13(b)(i)-(xi)) would not exceed 15% of the Consolidated Total Assets of the Company and
the Consolidated Subsidiaries; or

 

(ii)
within 180 days of such Sale and Leaseback Transaction involving a Principal Property, the Company or such Consolidated
Subsidiary applies an amount not less than the greater of:

 

(1)
the Net Proceeds of the Sale and Leaseback Transaction; and

 

 (2) the fair market value of the Principal Property so leased at the time of such transaction;

 

to either (A)
the retirement or prepayment, and in either case, the permanent reduction, of Funded Debt of the Company or any Consolidated Subsidiary
(including that in the case of a revolver or similar arrangement that makes credit available, such commitment is so permanently
reduced by such amount); or (B) the purchase of other property that will constitute Principal Property.

 

    18

     

    

 

(b)
The restriction set forth in Section 2.14(a) shall not apply to any Sale and Leaseback Transaction, and there shall be excluded
from Attributable Debt in any computation described in this Section 2.14 and in Section 2.13 with respect to any such transaction:

 

(i)
solely between the Company and a Consolidated Subsidiary or solely between Consolidated Subsidiaries;

 

(ii)
financed through an industrial revenue bond, industrial development bond, pollution control bond or similar financing arrangement
between the Company or a Consolidated Subsidiary and any federal, state or municipal government or other governmental body or quasi-
governmental agency;

 

(iii)
in which the applicable lease is for a period, including renewal rights, of three years or less;

 

(iv)
as to which the effective date of any such arrangement or the purchaser’s commitment therefor is within 180 days prior
or subsequent to the acquisition of the Principal Property (including, without limitation, acquisition by merger or consolidation)
or the completion of construction and commencement of operation thereof, whichever is later; or

 

(v)
in which the lease payment is created in connection with a project financed with, and such obligation constitutes, a Nonrecourse
Obligation.

 

Section
2.15. Events of Default. In lieu of Section 6.1
of the Base Indenture (which shall not apply to the Notes), the following are Events of Default with respect to the Notes:

 

(a)
the Company defaults in the payment of any installment of interest on any Note when due, continued for 30 days;

 

(b)
the Company defaults in the payment of principal (or premium, if any) on any Note as and when the same becomes due either
upon maturity, by declaration or otherwise;

 

(c)
the Company defaults in the performance of any of the other covenants or agreements in the Indenture relating to the Notes
which is not remedied within a period of 90 days after written notice by the Trustee or Holders of at least 25% in aggregate principal
amount of the Notes then outstanding;

 

(d)
there occurs an event of default under the terms of any indenture or instrument for borrowed money under which the Company
or any Significant Subsidiary has outstanding an aggregate principal amount of at least $125,000,000, which event of default results
in an acceleration of the payment of all or a portion of such indebtedness for money borrowed prior to its maturity, which acceleration
is not rescinded or annulled within 30 days after notice of such acceleration; and

 

(e)
       (i) the Company or any Significant Subsidiary:

 

    19

     

    

 

 

(A)
commences a voluntary case or proceeding under any Bankruptcy Law;

 

(B)
consents to the entry of a judgment, decree or order for relief against it in an involuntary case or proceeding under any
Bankruptcy Law;

 

(C)
consents to the appointment of a Custodian of it or for any substantial part of its property;

 

(D)
makes a general assignment for the benefit of its creditors; or

 

(E)
consents to or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it under any Bankruptcy
Law;

 

or takes any
comparable action under any foreign laws relating to insolvency; or

 

(f)
       (ii) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

 

(A)
is for relief against the Company or any Significant Subsidiary;

 

(B)
appoints a Custodian of the Company or any Significant Subsidiary; or

 

(C)
orders the winding up or liquidation of the Company or any Significant Subsidiary;

 

or any similar
relief is granted under any foreign laws and the order, decree or relief remains unstayed and in effect for 90 days.

 

Section
2.16. Modification and Waiver. In addition
to those matters set forth in the Base Indenture, the following modifications or amendments to the Indenture may not be made without
the consent of each of the Holders of the Notes so affected:

 

(a)
cause any Note to become subordinate in right of payment to any other Debt, except to the extent provided in the terms of
such Note; or

 

(b)
impair the right of any Holder of the Notes to require repurchase of the Notes on the terms provided in the Indenture.

 

Section
2.17. Original Issue Discount. Section
3.7 of the Base Indenture shall not apply to the Notes.

 

Article
III

MISCELLANEOUS PROVISIONS

 

Section
3.01. Recitals By Company. The recitals
in this Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the
Base Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect
of the Notes and of this Supplemental Indenture as fully and with like effect as if set forth herein in full.

 

    20

     

    

 

Section
3.02. Application to Notes Only. Each and
every term and condition contained in this Supplemental Indenture that modifies, amends or supplements the terms and conditions
of the Base Indenture shall apply only to the Notes established hereby and not to any other series of Securities established under
the Base Indenture.

 

Section
3.03. Benefits. Nothing contained in the
Indenture shall or shall be construed to confer upon any Person other than a Holder of the Notes, the Company and the Trustee any
right or interest to avail itself of any benefit under any provision of the Indenture or the Notes.

 

Section
3.04. Effective Date. This Supplemental
Indenture shall be effective as of the date first above written upon the execution and delivery hereof by each of the parties hereto.

 

Section
3.05. Ratification. As supplemented hereby,
the Base Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions thereof remain in full
force and effect.

 

Section
3.06. Instructions. The Trustee shall have
the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given
pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee
an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized Officers”)
and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever
a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means
and the Trustee in its discretion elects to act upon such Instructions, the Trustee's understanding of such Instructions shall
be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of
such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized
Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall
be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all
Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes,
passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee's reliance upon and compliance with such Instructions notwithstanding such directions
conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all risks arising out of
the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting
on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections
and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods
of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed
in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its
particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized
use of the security procedures.

 

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Section
3.07. Counterparts. This Supplemental Indenture
may be executed in multiple counterparts, each of which shall be deemed to be an original, and such counterparts shall together
constitute but one and the same instrument.

 

Section
3.08. Governing Law; Waiver of Jury Trial.
THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE
TRANSACTION CONTEMPLATED HEREBY.

 

[Signatures on Next
Page]

 

    22

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first written above.

 

	 	CUMMINS INC.,
	 	an Indiana corporation
	 	 
	 	By:	/s/ Mark A. Smith
	 	Name:	Mark A. Smith 
	 	Title:	Vice President and Chief Financial Officer

  

[Signature Page to the Fifth Supplemental Indenture]

 

    

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	a national banking association, as Trustee
	 	 
	 	By: 	/s/ Rebekah A. Foltz
	 	Name:	Rebekah A Foltz
	 	Title:	Vice President 

 

[Signature Page to the Fifth Supplemental Indenture]

 

    

     

    

 

EXHIBIT
A

FORM OF NOTE

[Global Note Legend]

 

[THIS SECURITY IS A SECURITY IN GLOBAL
FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED OR TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.]

 

[UNLESS THIS SECURITY IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

CUMMINS INC.

2.600% SENIOR NOTE DUE 2050

 

	Principal Amount	 	$_______________
	CUSIP No.: 231021 AS5	 	 
	ISIN No.: US231021AS53

                                                                           No. __
	 	 

 

CUMMINS INC., a corporation
duly organized and existing under the laws of the State of Indiana (the “Company,” which term includes any successor
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assignees,
the principal sum of [_________________ Dollars ($__________)[, as may be revised from time to time by the Schedule of Increases
and Decreases attached hereto,]1 on September 1, 2050, and to pay interest thereon from August 24, 2020, or from the
most recent interest payment date to which interest has been paid or duly provided for, semi-annually on March 1 and September
1 of each year, commencing March 1, 2021, at the rate of 2.600% per annum, until the principal hereof becomes due and payable,
and at such rate on any overdue principal and (to the extent that the payment of such interest shall be legally enforceable) on
any overdue installment of interest. The interest so payable, and punctually paid or duly provided for, on any interest payment
date will, as provided in the Indenture, be paid to the Person in whose name this 2.600% Senior Note Due 2050 (this “Note,”
and all of the Notes collectively referred to herein as the “Notes”) (or one or more predecessor debt securities)
is registered at the close of business on the regular record date for such interest, which shall be the February 15 or August 15
(whether or not a Business Day), as the case may be, next preceding such interest payment date. Any such interest not punctually
paid or duly provided for on any interest payment date shall forthwith cease to be payable to the registered Holder on such regular
record date by virtue of having been such Holder, and may either be paid to the Person in whose name this Note (or one or more
predecessor debt securities) is registered at the close of business on a special record date for the payment of such defaulted
interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not more than 15 days and not less than
10 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement
of them.

 

 

1
Include if Note is a Global Note.

 

    A-1

     

    

 

Payments under this
Note will be made in the manner contemplated by Section 2.11 of the Supplemental Indenture (as defined below).

 

Unless the certificate
of authentication herein has been duly executed by the Trustee referred to herein by manual signature, this Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

This Note is one of
a duly authorized issue of securities of the Company (the “Securities” and each, a “Security”)
issued under an Indenture dated as of September 16, 2013 (the “Base Indenture”), between the Company and U.S.
Bank National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture),
as amended, modified and supplemented by a Fifth Supplemental Indenture dated as of August 24, 2020 (the “Supplemental
Indenture” and the Base Indenture, as amended, modified and supplemented by the Supplemental Indenture, the “Indenture”),
between the Company and the Trustee, to which Indenture reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which
the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof limited
in aggregate principal amount to $650,000,000, except that the Company may, without the consent of the Holders, “reopen”
the series and issue additional Notes that have the same ranking, interest rate, maturity date and other terms as this Note, other
than with respect to the date of issuance, the issue price and, in some cases, the first interest payment date.

 

The
Company may, at its option, redeem some or all of the Notes at any time and from time to time as described in Section 2.08 of the
Supplemental Indenture. In addition, the Company and/or its Affiliates may directly or indirectly, at any time and from
time to time, acquire all or any part of the outstanding Notes by means other than a redemption, whether pursuant to tender or
exchange offer(s), open market purchase(s), negotiated transaction(s), or otherwise, so long as such acquisition does not otherwise
violate the terms of the Indenture.

 

    A-2

     

    

 

Upon the occurrence
of a Change of Control Triggering Event, unless a notice of redemption has been delivered pursuant to Section 2.08 of the Supplemental
Indenture prior to or within 30 days after such Change of Control Triggering Event stating that all of the Notes will be redeemed
as provided for in Section 2.08 of the Supplemental Indenture, each Holder of the Notes will have the right to require the Company
to make an offer to each Holder to repurchase all or any part of each Holder’s Notes pursuant to a Change of Control Offer
at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date
of purchase, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest
payment date. Additional terms and conditions relating to Change of Control Offers are set forth in the Indenture.

 

The Company shall have
no obligation to redeem or purchase the Notes pursuant to any sinking fund or analogous provision.

 

The Indenture contains
certain covenants that, among other things, limit the ability of the Company and its Consolidated Subsidiaries to consolidate or
combine with, merge or sell, assign, convey, lease, transfer or otherwise dispose of all or substantially all of their assets,
to incur Debt secured by a Lien or to enter into Sale and Leaseback Transactions, in each case in the manner and to the extent
set forth in the Indenture.

 

If an Event of Default
with respect to the Notes shall have occurred and be continuing, the principal of all the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.

 

The Company and the
Trustee may enter into an indenture or indentures supplemental to the Indenture without notice to or the consent of the Holders
for limited purposes specified in the Indenture. With the consent of the Holders of greater than 50% in aggregate principal amount
of the outstanding Securities of each series affected by such supplemental indenture, the Company and the Trustee may enter into
an indenture or indentures supplemental to the Indenture for the purpose of adding any provisions to or changing the provisions
of the Indenture or any supplement thereto or of modifying in any manner the rights of the Holders of the Securities of each such
affected series; provided, however, that no such supplemental indenture shall be entered into for any of the purposes
described in Section 9.2 of the Base Indenture or Section 2.16 of the Supplemental Indenture, without the consent of the Holder
of each outstanding Security of the applicable series affected thereby.

 

The Holders of a majority
in principal amount of the outstanding Notes may on behalf of the Holders of all the Notes waive compliance in a particular instance
by the Company with any provision of the Indenture with respect to the Notes, as provided for in the Indenture.

 

Holders of Notes may
not enforce their rights pursuant to the Indenture or the Notes except as provided in the Indenture. No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in
the coin or currency, herein prescribed.

 

    A-3

     

    

 

The Notes are issuable
in registered form without coupons in minimum denominations of U.S. $2,000 and any integral multiple of U.S.$1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate
principal amount of Notes that are of other authorized denominations.

 

Notes to be exchanged
shall be surrendered at any office or agency maintained by the Company for such purpose, and the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor the Notes which the Holder making the exchange shall be entitled to
receive. Upon due presentment for registration of transfer of any Note at any such office or agency, the Company shall execute
and register and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Note for an equal
aggregate amount. Registration or registration of transfer of any Note by the Registrar (initially the Trustee) in the registry
books maintained by such Registrar, and delivery of such Note, duly authenticated, shall be deemed to complete the registration
or registration of transfer of such Note.

 

No service charge shall
be made for any exchange or registration of transfer, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith. Prior to due presentment of a Note for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name a Note is registered as
the owner for all purposes whether or not such Note be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

 

[This Note is in the
form of a Global Note as provided in the Indenture. If at any time the Depositary notifies the Company that it is unwilling or
unable to continue as Depositary for this Note or if at any time the Depositary for this Note shall no longer be eligible or in
good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall
appoint a successor Depositary with respect to this Note. If a successor Depositary for this Note is not appointed by the Company
within 90 days after the Company receives notice or becomes aware of such ineligibility, the Company will issue Notes in definitive
form in exchange for this Global Note representing Notes in an aggregate principal amount equal to the principal amount of this
Global Note.]2

 

No recourse under or
upon any obligation, covenant or agreement contained in the Indenture, in any Note, or because of any indebtedness evidenced thereby,
shall be had against any incorporator or other Person acting in a similar capacity, as such, or against any past, present or future
stockholder, officer, director or other Person acting in a similar capacity, as such, of the Company or of any successor, either
directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released
by the acceptance of the Notes by the Holders thereof and as part of the consideration for the issue of the Notes.

 

The Notes are subject
to defeasance at the option of the Company as provided in the Indenture.

  

All terms used in this
Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

 

2 Include
if the Note is a Global Note.

 

    A-4

     

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

Dated: August 24, 2020

 

	 	Cummins Inc.
	 	 
	 	By:	 
	 	 	Name: Mark A. Smith 
	 	 	Title: Vice President and Chief Financial Officer

 

[Signature Page to 2050 Global Note]

 

    

     

    

 

This is one of the
Notes of the series designated therein referred to in the within-mentioned Indenture.

 

Dated: August 24, 2020

 

U.S. BANK NATIONAL
ASSOCIATION,

a national banking association,

as Trustee

 

	By:	 	 
	 	Authorized Officer	 

 

[Signature Page to 2050 Global Note]

 

    

     

    

 

 

ABBREVIATIONS

 

The following abbreviations, when used
in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	—as tenants in common	UNIF GIFT MIN ACT-	
        ____Custodian ____

        (Cust)              (Minor)

        under Uniform Gifts to Minors Act

 ______

        (State)

	TEN ENT	—as tenants by the entireties	 
	JT TEN	—as joint tenants with right of survivorship and not as tenants in common	 
	 	 	 	 

 

Additional abbreviations may also be used
although not in the above list.

 

    

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto:

 

__________________________________________

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

__________________________________________

 

__________________________________________

 

__________________________________________

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
INCLUDING

POSTAL ZIP CODE OF ASSIGNEE

 

the within Security and all rights thereunder,
hereby irrevocably constituting and appointing ____________ attorney to transfer said Security on the books of the Company, with
full power of substitution in the premises.

 

Dated:                                                                                   

 

                                                                                              

Signature

 

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT
MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT
OR ANY CHANGE WHATEVER

 

    A-8

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect
to have this Note purchased by the Company pursuant to Section 2.09 of the Supplemental Indenture, check the box below:

 

  ̈
Section 2.09

 

If you want to elect
to have only part of the Note purchased by the Company pursuant to Section 2.09 of the Supplemental Indenture, state the amount
you elect to have purchased:

 

 

$                                            

 

Date:                                                 

 

Your Signature:                                            

 

(Sign exactly as your name
appears on the face of this Note)

 

Tax Identification No:
                                                

 

    

     

    

 

SCHEDULE OF INCREASES AND DECREASES3

 

The following increases
and decreases to this Global Note have been made:

 

	Date of Increase

 or Decrease	Amount of 

Decrease in 

Principal 

Amount of this 

Global Note	Amount of 

Increase in 

Principal 

Amount of this 

Global Note	Principal 

Amount of this 

Global Note 

Following Such 

Decrease or 

Increase	Signature of 

Authorized 

Officer of 

Trustee or Note 

Custodian
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

3
Include if Note is a Global Note.EX-4.2

 Exhibit 4.2 

METACRINE, INC. 
 THIRD
AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 
 THIS THIRD AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT (this “Agreement”) is entered into as of June 5, 2018, by and among METACRINE, INC.,
a Delaware corporation (the “Company”) and the investors listed on Exhibit A attached hereto, referred to hereinafter as the “Investors” and each individually as an
“Investor.” 
 RECITALS 

WHEREAS, certain of the Investors are purchasing shares of the Company’s Series C Preferred Stock (the
“Series C Preferred”) pursuant to that certain Series C Preferred Stock Purchase Agreement (the “Purchase Agreement”) of even date herewith (the “Financing”); 

WHEREAS, the obligations in the Purchase Agreement are conditioned upon the execution and
delivery of this Agreement; 
 WHEREAS, certain of the Investors (the “Prior Investors”) are
holders of the Company’s Series B Preferred Stock and/or Series A Preferred Stock (the “Series B Preferred” and “Series A Preferred,” respectively, and together with the Series C Preferred,
the “Series Preferred”); 
 WHEREAS, the Prior Investors and the Company are parties to that
certain Second Amended and Restated Investor Rights Agreement dated November 30, 2017 (the “Prior Agreement”); 

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

WHEREAS, in connection with the consummation of the Financing, the Company and the Investors have agreed to the
registration rights, information rights and other rights as set forth below. 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. GENERAL. 

1.1    Definitions. As used in this Agreement the following terms shall have the respective meanings
set forth below: 
 (a)    “Charter” means the Company’s Fourth Amended and Restated
Certificate of Incorporation, as amended from time to time. 

  
 1 

 (b)    “Common Stock” means the Common Stock
of the Company, par value $0.0001 per share. 
 (c)    “Exchange Act” means
the Securities Exchange Act of 1934, as amended. 
 (d)    “Form
S-3” means such form under the Securities Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits
inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

(e)    “Holder” means any person owning of record Registrable Securities that have not been
sold to the public or any assignee of record of such Registrable Securities in accordance with Section 2.9 hereof. 

(f)    “Initial Offering” means the Company’s first firm commitment underwritten public
offering of its Common Stock registered under the Securities Act. 
 (g)    “Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of
effectiveness of such registration statement or document. 
 (h)    “Registrable
Securities” means (a) Common Stock of the Company issuable or issued upon conversion of the Shares; (b) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described securities; and (c) any shares of Common Stock acquired by the Investors subsequent to the date hereof.
Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a person to the public either pursuant to a registration statement or Rule 144 or (ii) sold in a private transaction in which the
transferor’s rights under Section 2 of this Agreement are not assigned. 

(i)    “Registrable Securities then outstanding” means be the number of shares of the
Company’s Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible securities. 

(j)    “Registration Expenses” means all expenses incurred by the Company in complying with
Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements of a single special counsel for the
Investors, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 

(k)    “SEC” or “Commission” means the U.S. Securities and Exchange
Commission. 
 (l)    “Securities Act” means the Securities Act of 1933, as amended. 

  
 2 

 (m)    “Selling Expenses” means all
underwriting discounts and selling commissions applicable to the sale. 
 (n)    “Shares”
means the Company’s Series Preferred held by the Investors on the date hereof or issued pursuant to the Purchase Agreement. 

(o)    “Special Registration Statement” means (i) a registration statement relating to
any employee benefit plan or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related to the issuance or resale of securities issued in such a transaction.

 (p)    “Qualified IPO” has the meaning set forth in the Charter. 

SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER. 

2.1    Restrictions on Transfer. 

(a)    Each Holder agrees not to make any disposition of all or any portion of the Shares or Registrable Securities
unless and until: 
 (i)    there is then in effect a registration statement under the Securities Act covering
such proposed disposition and such disposition is made in accordance with such registration statement; or 

(ii)    (A) the transferee has agreed in writing to be bound by the terms of this Agreement, (B) such
Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (C) if reasonably requested by the Company, such
Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act. It is agreed that the Company will not require
opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. After its Initial Offering, the Company will not require any transferee pursuant to Rule 144 to be bound by the terms of this Agreement if the shares so
transferred do not remain Registrable Securities hereunder following such transfer. 
 (b)    Notwithstanding the
provisions of subsection (a) above, no such restriction shall apply to a transfer by a Holder that is (A) a partnership transferring to its partners, limited partners or former partners in accordance with partnership interests,
(B) solely where no consideration is paid to the Holder at the time of such transfer in connection with such transfer, to a current or former limited partner of such Holder, (C) a corporation transferring to a wholly-owned subsidiary or a
parent corporation that owns all of the capital stock of the Holder, (D) a limited liability company transferring to its members or former members in accordance with their interest in the limited liability company, (E) an individual
transferring to the Holder’s family member or trust for the benefit of an individual Holder or (F) transferring to an Affiliate of such Holder for no consideration; provided that in each case the transferee will agree in writing to
be subject to the terms of this Agreement to the same extent as if he were an original Holder hereunder. For purposes of this Section 2.1(b), (A) “Affiliate” means, with respect to any specified Person, any other Person
who, directly or indirectly, controls, is controlled by, or is under common 

  
 3 

 
control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is
controlled by one or more general partners or managing members of, or shares the same management company with, such Person; and (B) “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 (c)    Each certificate representing Shares or Registrable Securities shall be
stamped or otherwise imprinted with legends 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 (THE “ACT”) AND MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT
REQUIRED. 
 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND
CONDITIONS OF A CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

(d)    The Company shall be obligated to reissue promptly un-legended
certificates at the request of any Holder thereof if the Company has completed its Initial Offering and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) 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 restrictions hereunder. 
 (e)    Any legend endorsed on an instrument
pursuant to applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

2.2    Demand Registration. 

(a)    Subject to the conditions of this Section 2.2, if the Company shall receive a written request (a
“Receipt of Registration Request”) from the Holders of at a majority of the Registrable Securities (the “Initiating Holders”) that the Company file a registration statement under the Securities Act
covering the registration of the Registrable Securities then outstanding, 

  
 4 

 
then the Company shall, within thirty (30) days of Receipt of Registration Request, give written notice of such request to all Holders, and subject to the limitations of this
Section 2.2, use best efforts to effect, within ninety (90) days of Receipt of Registration Request, the registration under the Securities Act of all Registrable Securities that all Holders request to be registered. 

(b)    If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means
of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the written notice referred to in
Section 2.2(a) or Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such underwriting by the Holders of at least a majority of the Registrable Securities held by all Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company).
Notwithstanding any other provision of this Section 2.2 or Section 2.4, if the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities)
then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable
Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be included in such
underwriting and registration shall not be reduced unless all other securities of the Company are first entirely excluded from the underwriting and registration. Any Registrable Securities excluded or withdrawn from such underwriting shall be
withdrawn from the registration. 
 (c)    The Company shall not be required to effect a registration pursuant to
this Section 2.2: 
 (i)    prior to the earlier of (A) December 31, 2022 or (B) six (6)
months after the effective date of the first registration statement filed by the Company under the Securities Act; 

(ii)    if the anticipated net offering proceeds resulting from the sale of Registrable Securities for such
registration are less than $50,000,000; 
 (iii)    after the Company has effected three (3) registrations
pursuant to this Section 2.2, and such registrations have been declared or ordered effective; 

(iv)    during the period starting with the date of filing of, and ending on the date one hundred eighty
(180) days following the effective date of the registration statement pertaining to the Initial Offering (or such longer period as may be determined pursuant to Section 2.11 hereof); provided that the Company makes reasonable good
faith efforts to cause such registration statement to become effective; 

  
 5 

 (v)    if within thirty (30) days of receipt of a written
request from Initiating Holders pursuant to Section 2.2(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for a public offering, other than pursuant to a Special Registration Statement,
within ninety (90) days; 
 (vi)    if the Company shall furnish to Holders requesting a registration
statement pursuant to this Section 2.2 a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement
to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than sixty (60) days after receipt of the request of the Initiating Holders; provided that such right to delay a
request shall be exercised by the Company not more than twice in any twelve (12) month period; 

(vii)    if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately
registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below; or 

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

2.3    Piggyback Registrations. At any time from and after the earlier of (A) December 31, 2022 or
(B) six (6) months after the effective date of the first registration statement filed by the Company under the Securities Act, the Company shall notify all Holders of Registrable Securities in writing at least fifteen (15) days
prior to the filing of any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the
Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any
such registration statement all or any part of the Registrable Securities held by it (“Piggyback Registration Holders”) shall, within fifteen (15) days after the above-described notice from the Company, so notify
the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by
the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its
securities, all upon the terms and conditions set forth herein. 
 (a)    Underwriting. If the registration
statement of which the Company gives notice under this Section 2.3 is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable Securities
in a registration pursuant to this Section 2.3 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 Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the

  
 6 

 
Company. Notwithstanding any other provision of this Agreement, if the Company determines in good faith, based on consultation with the underwriter, that marketing factors require a limitation of
the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first, to the Company; second, to the Piggyback Registration Holders on a pro rata basis based on the total number of
Registrable Securities held by the Piggyback Registration Holders; third, to the Holders who are not Piggyback Registration Holders on a pro rata basis based on the total number of Registrable Securities held by such Holders; and fourth, to
any stockholder of the Company (other than a Holder) on a pro rata basis; provided, however, that no such reduction shall reduce the amount of securities of the selling Holders included in the registration below 25% of the total amount
of securities included in such registration, unless such offering is the Initial Offering and such registration does not include shares of any other selling stockholders, in which event any or all of the Registrable Securities of the Holders may be
excluded in accordance with the immediately preceding clause. In no event will shares of any other selling stockholder be included in such registration that would reduce the number of shares which may be included by Holders without the written
consent of Holders of not less than a majority of the Registrable Securities proposed to be sold in the offering. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the
Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the
registration. For any Holder which is a partnership, limited liability company or corporation, the partners, retired partners, members, retired members and stockholders of such Holder, or the estates and family members of any such partners, retired
partners, members and retired members and any trusts for the benefit of any of the foregoing person shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the
aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence. 

(b)    Right to Terminate Registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 2.3 whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that has elected to include shares in such registration of such
termination or withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5 hereof. 

2.4    Form S-3 Registration. At any time from and after the first
anniversary of the effective date of the registration statement for the Initial Offering, in case the Company shall receive from any Holder or Holders of Registrable Securities a written request or requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of
the Registrable Securities owned by such Holder or Holders, the Company will: 
 (a)    promptly give written
notice of the proposed registration, and any related qualification or compliance, to all other Holders of Registrable Securities; and 

(b)    as soon as practicable, effect such registration and all such qualifications and compliances as may be so
requested and as would permit or facilitate the sale and distribution 

  
 7 

 
of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other
Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect
any such registration, qualification or compliance pursuant to this Section 2.4: 
 (i)    if Form S-3 is not available for such offering by the Holders; 
 (ii)    if
the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than
$1,000,000; 
 (iii)    if within thirty (30) days of receipt of a written request from any Holder or
Holders pursuant to this Section 2.4, the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement;

 (iv)    if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board stating
that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time, in which event the Company
shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than sixty (60) days after receipt of the request of the Holder or Holders under this
Section 2.4; provided, that such right to delay a request shall be exercised by the Company not more than twice in any twelve (12) month period; 

(v)    if the Company has, within the twelve (12) month period preceding the date of such request, already
effected two (2) registrations on Form S-3 for the Holders pursuant to this Section 2.4; or 

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

(c)    Subject to the foregoing, the Company shall file a Form S-3
registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations effected pursuant to this Section 2.4 shall not be
counted as demands for registration or registrations effected pursuant to Section 2.2. All Registration Expenses incurred in connection with registrations requested pursuant to this Section 2.4 after the first two (2) registrations
shall be paid by the selling Holders pro rata in proportion to the number of shares to be sold by each such Holder in any such registration. 

2.5    Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred
in connection with any registration, qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder, shall be borne by the
holders of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, 

  
 8 

 
however, be required to pay for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4, the request of which has been subsequently withdrawn by the Initiating Holders
unless (a) the withdrawal is based upon material adverse information concerning the Company of which the Initiating Holders were not aware at the time of such request or (b) the Holders of a majority of Registrable Securities agree to deem
such registration to have been effected as of the date of such withdrawal for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b)(5), as applicable, to undertake any subsequent registration, in
which event such right shall be forfeited by all Holders). If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including Registrable Securities) requesting such registration in
proportion to the number of shares for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a) above, then such registration shall not be deemed to have been
effected for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b)(5), as applicable, to undertake any subsequent registration. 

2.6    Obligations of the Company. Whenever required to effect the registration of any Registrable
Securities, the Company shall, as expeditiously as reasonably possible: 
 (a)    Prepare and file with the SEC a
registration statement with respect to such Registrable Securities and use all reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered
thereunder, keep such registration statement effective for up to thirty (30) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any time, upon written notice to the
participating Holders and for a period not to exceed sixty (60) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or suspend the use or
effectiveness of any registration statement (and the Initiating Holders hereby agree not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company reasonably believes that there
is or may be in existence material nonpublic information or events involving the Company, the failure of which to be disclosed in the prospectus included in the registration statement could result in a Violation (as defined below). In the event that
the Company shall exercise its right to delay or suspend the filing or effectiveness of a registration hereunder, the applicable time period during which the registration statement is to remain effective shall be extended by a period of time equal
to the duration of the Suspension Period. The Company may extend the Suspension Period for an additional consecutive sixty (60) days with the consent of the holders of at least a majority of the Registrable Securities registered under the
applicable registration statement, which consent shall not be unreasonably withheld. No more than two (2) such Suspension Periods shall occur in any 12 month period. In no event shall any Suspension Period, when taken together with all prior
Suspension Periods, exceed one hundred twenty (120) days in the aggregate. If so directed by the Company, all Holders registering shares under such registration statement shall (i) not offer to sell any Registrable Securities pursuant to
the registration statement during the period in which the delay or suspension is in effect after receiving notice of such delay or suspension; and (ii) use their best efforts to deliver to the Company (at the Company’s expense) all copies,
other than permanent file copies then in such Holders’ possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. Notwithstanding the foregoing, the Company shall not be required to
file, cause to become effective or maintain the effectiveness of any registration statement other than a registration statement on Form S-3 that contemplates a

  
 9 

 
distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 

(b)    Prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth
in subsection (a) above. 
 (c)    Furnish to the Holders such number of copies of a prospectus, including a
preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(d)    Use its reasonable efforts to register and qualify the securities covered by such registration statement
under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or
to file a general consent to service of process in any such states or jurisdictions. 
 (e)    In the event of any
underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter
into and perform its obligations under such an agreement. 
 (f)    Notify each Holder 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 in the light of the circumstances then existing. The Company
will use reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any 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 in the light of the circumstances then existing. 
 (g)    Use its 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 registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a 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. 

2.7    Delay of Registration; Furnishing Information. 

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

(b)    It shall be a condition precedent to the obligations of the Company to take any action pursuant to
Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to
effect the registration of their Registrable Securities. 
 (c)    The Company shall have no obligation with
respect to any registration requested pursuant to Section 2.2 or Section 2.4 if the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the
number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable. 

2.8    Indemnification. In the event any Registrable Securities are included in a registration statement
under Sections 2.2, 2.3 or 2.4: 
 (a)    To the extent permitted by law, the Company will indemnify and hold
harmless each Holder, the partners, members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or
alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto,
(ii) the 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, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will
reimburse each such Holder, partner, member, officer, director, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or
action; provided however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent
of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, member, officer, director, underwriter or controlling person of such Holder. 

  
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 (b)    To the extent permitted by law, each Holder will, if
Registrable Securities held by such Holder are included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if
any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who
controls such Holder, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person
of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the
following statements: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein
or any amendments or supplements thereto, (ii) the 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 (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder Violation occurs in reliance upon and in conformity with written
information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by
the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage,
liability or action if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 2.8 exceed
the net proceeds from the offering received by such Holder. 
 (c)    Promptly after receipt by an indemnified
party under this Section 2.8 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses thereof to be paid by
the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified
party under this Section 2.8 to the extent, and only to the extent, prejudicial to its ability to defend such action, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have
to any indemnified party otherwise than under this Section 2.8. 

  
 12 

 (d)    If the indemnification provided for in this Section 2.8 is
held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder,
shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability 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 Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law 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 or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission;
provided, that in no event shall any contribution by a Holder hereunder exceed the proceeds from the offering received by such Holder. 

(e)    The obligations of the Company and Holders under this Section 2.8 shall survive completion of any
offering of Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 2.8 would apply that is covered by a registration filed before termination of this Agreement, such
termination. 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 which 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. 

2.9    Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities
pursuant to this Section 2 may be assigned by (a) a Holder to a transferee or assignee of Registrable Securities (for so long as such shares remain Registrable Securities) that acquires at least 100,000 shares of Registrable Securities (as
adjusted for stock splits, subdivisions, stock dividends, changes, and combinations), (b) if the transferor or assignor is a partnership, limited liability company or corporation (an “Entity Holder”), to a transferee or
assignee of Registrable Securities (for so long as such shares remain Registrable Securities) that (i) is an entity affiliated directly or indirectly with such Entity Holder, (ii) is a partner (or former partner or prospective partner),
limited partner (or former limited partner or prospective limited partner), member (or former member) or stockholder of such Entity Holder (an “Entity Holder Manager”), (iii) is the spouse, sibling, lineal descendant or
ancestor of an Entity Holder Manager (“Entity Holder Manager Family Member”), (iv) is the estate of any Entity Holder Manager or (v) is the custodian or trustee for a trust for the benefit of an Entity Holder Manager or
an Entity Holder Manager Family Member or (c) if a Holder is a trustee, manager or custodian of a trust, to a transferee or assignee that is a replacement trustee, manager or custodian of such trust; provided, however, that (x) the
transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned,
(y) the transferee or assignee shall not be a competitor or potential competitor of the Company, as determined by the Board, in its reasonable judgment, and (z) such transferee or assignee shall agree to be subject to all restrictions set
forth in this Agreement. 

  
 13 

 2.10    Limitation on Subsequent Registration Rights. The
Company shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder rights to demand the registration of shares of the Company’s capital stock, or to include such shares
in a registration statement that would reduce the number of shares includable by the Holders. 
 2.11    Market
Stand-Off Agreement. Each Holder hereby agrees that such Holder shall not sell, dispose of, 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, any shares of 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 Initial Offering (or such longer period, not to exceed thirty-four (34) days after the expiration of the 180-day
period, as the underwriters or the Company shall request in order to facilitate compliance with NASD Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation), as the underwriters or the Company shall request in order to
facilitate compliance with NASD Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation); provided, that all officers and directors of the Company and holders of at least one percent (1%) of the Company’s voting
securities are bound by and have entered into similar agreements; provided, further, that the restriction set forth in this Section 2.11 shall not apply to the transfer of any shares to an affiliate or current or former limited partner
of a Holder; provided that the affiliate agrees to be bound in writing by the restrictions set forth herein; provided, further, that the restriction set forth in this Section 2.11 shall not apply to the transfer of any shares acquired
(A) from the underwriters in the Initial Offering or (B) in open market transactions on or after the Initial Offering. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the
underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. The underwriters of the Company’s stock are intended third party beneficiaries of Section 2.11 and shall
have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

2.12    Agreement to Furnish Information. Each Holder agrees to execute and deliver such other agreements as
may be reasonably requested by the Company or the managing underwriters that are consistent with the Holder’s obligations under Section 2.11 or that are necessary to give further effect thereto. In addition, if requested by the Company or
the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in
connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 2.11 and this Section 2.12 shall not apply to
a Special Registration Statement. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such shares of Common Stock (or other securities) until the end of such period. Each Holder agrees that
any transferee of any shares of Registrable Securities shall be bound by Sections 2.11 and 2.12. The underwriters of the Company’s stock are intended third party beneficiaries of Section 2.12 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. 

  
 14 

 2.13    Rule 144 Reporting. With a view to making available to
the Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

(a)    Make and keep public information available, as those terms are understood and defined in SEC Rule 144 or
any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

(b)    File with the SEC, in a timely manner, all reports and other documents required of the Company under the
Exchange Act; and 
 (c)    So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith
upon request: a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of 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 filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell
any such securities without registration. 
 2.14    Termination of Registration Rights. The right of any
Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Section 2.2, Section 2.3, or Section 2.4 hereof shall terminate upon the earlier of: (i) the date 5 years following the closing
of the Initial Offering; or (ii) with respect to a Holder, such time as all Registrable Securities of the Company issuable or issued upon conversion of the Shares held by and issuable to such Holder (and its affiliates) may be sold pursuant to
Rule 144 during any 90 day period without any restriction on volume or manner of sale. Upon such termination, such shares shall cease to be “Registrable Securities” hereunder for all purposes. 

SECTION 3. COVENANTS OF THE COMPANY. 

3.1    Basic Financial Information and Reporting. 

(a)    The Company will maintain true books and records of account in which full and correct entries will be made of
all its business transactions pursuant to a system of accounting established and administered in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to the recipients thereof), and
will set aside on its books all such proper accruals and reserves as shall be required under generally accepted accounting principles consistently applied. 

(b)    Within one hundred twenty (120) days after the end of each fiscal year of the Company, the Company will
furnish each Investor that, individually or together with its affiliates, holds at least 2,300,000 shares of Series Preferred (each, a “Major Investor”), a balance sheet of the Company, as of the end of such fiscal year, and
a statement of income, stockholder’s equity and a statement of cash flows of the Company, for such year, all prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to
the recipients thereof) and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. Such financial statements shall be 

  
 15 

 
accompanied by a report and opinion thereon by independent public accountants of national standing selected by the Board. 

(c)    Within forty-five (45) days after the end of the first, second and third quarterly accounting periods in
each fiscal year of the Company, the Company will furnish each Major Investor a balance sheet of the Company as of the end of each such quarterly period, and a statement of income and a statement of cash flows of the Company for such period and for
the current fiscal year to date (collectively, the “Quarterly Financial Statements”), prepared in accordance with generally accepted accounting principles consistently applied (except as noted therein or as disclosed to the
recipients thereof), with the exception that no notes need be attached to such statements and year-end audit adjustments may not have been made. 

(d)    The Company will furnish each Major Investor: (i) as soon as practicable following submission to and
approval by the Board, and in any event, within thirty (30) days prior to the beginning of each fiscal year, an operating budget and plan for such fiscal year (the “Plan”) as well as a summary of the Plan and any
update of the Plan as such update is prepared; and (ii) at such time as the Company delivers the Quarterly Financial Statements, a comparison of such Quarterly Financial Statements against the Plan. 

3.2    Inspection Rights. Each Major Investor shall have the right to visit and inspect any of the properties
of the Company or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such reasonable times and as
often as may be reasonably requested; provided, however, that the Company shall not be obligated under this Section 3.2 with respect to a competitor of the Company or with respect to information which the Board determines in good faith
is confidential or attorney-client privileged and should not, therefore, be disclosed. For the avoidance of doubt, NEA, Venrock, Polaris and Invus (each as defined below) shall not be deemed competitors. 

3.3    Observer Rights. As long as Venrock (as defined below) owns not less than twenty-five percent (25%) of
the shares of the Series C Preferred it is purchasing under the Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof) (as adjusted for any stock split, stock dilution, combination, or other recapitalization or
reclassification effective after the date hereof), the Company shall invite a representative of Venrock to attend all meetings of the Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of
all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so
provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely
affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest. 

3.4    Confidentiality of Records. Each Investor agrees to use the same degree of care as such Investor uses
to protect its own confidential information to keep confidential any information furnished to such Investor pursuant to Section 3.1 and 3.2 hereof that the Company identifies as being confidential or proprietary (so long as such information is
not in the public 

  
 16 

 
domain), except that such Investor may disclose such proprietary or confidential information (i) to any partner, former or prospective partner, limited partner, former or prospective limited
partner, member, stockholder, subsidiary or parent of such Investor as long as such party is advised of and agrees or has agreed to be bound by the confidentiality provisions of this Section 3.4 or comparable restrictions; (ii) at such
time as it enters the public domain through no fault of such Investor; (iii) that is communicated to it free of any obligation of confidentiality; (iv) that is developed by Investor or its agents independently of and without reference to
any confidential information communicated by the Company; or (v) as required by applicable law. 

3.5    Reservation of Common Stock. The Company will at all times reserve and keep available, solely for
issuance and delivery upon the conversion of the Series Preferred, all Common Stock issuable from time to time upon such conversion. 

3.6    Stock Vesting. Unless otherwise approved by the Board, all stock options and other stock equivalents
issued after the date of this Agreement to employees, directors, consultants and other service providers shall be subject to vesting as follows: (a) 25% of such stock shall vest at the end of the first year following the earlier of the date of
issuance or such person’s services commencement date with the Company and (b) 75% of such stock shall vest over the remaining three (3) years. 

3.7    Director and Officer Insurance. The Company will use its best efforts to obtain and maintain in full
force and effect director and officer liability insurance in the amount of $2,000,000. 
 3.8    Proprietary
Information and Inventions Agreement. The Company shall require all employees and consultants to execute and deliver a Proprietary Information and Inventions Agreement substantially in a form approved by the Company’s counsel or Board. 

3.9    Directors’ Liability and Indemnification. The Company’s Charter and Bylaws
shall provide (a) for elimination of the liability of director to the maximum extent permitted by law and (b) for indemnification of directors for acts on behalf of the Company to the maximum extent permitted by law. 

3.10    Compensation of Directors and Reimbursement of Expenses. Except as set forth on Schedule A of the
Schedule of Exceptions attached to the Purchase Agreement, all non-employee members of the Board will be compensated identically. The Company will promptly reimburse all reasonable documented costs and
expenses incurred by members of the Board in attending Board meetings, attending any Board committee meetings, and performing the Company’s business at the request of the Company. 

3.11    Compensation Committee. The compensation committee established by the Board (the
“Compensation Committee”) which shall be comprised of at least three (3) directors, two (2) of whom shall be Series A Preferred Directors (as defined in the Charter) and one (1) of whom shall be the Series B
Preferred Director (as defined in the Charter), in each case, unless waived by the Series A Preferred Directors or Series B Preferred Director, as applicable. 

3.12    Board Committees Generally. If the Board establishes any other committees or subcommittees, two
(2) of the Series A Preferred Directors and the Series B Preferred Director 

  
 17 

 
shall have the right to be appointed to such committee or subcommittee, as the case may be, unless waived by the Series A Preferred Directors or Series B Preferred Director, as applicable. 

3.13    Reserved. 

3.14    Issuances of Common Stock. The Company shall not issue any shares of Common Stock without the
approval of a majority of the members of the Board except for the purposes of (a) issuing shares upon exercise of outstanding Options or Convertible Securities (each, as defined in the Charter) or (b) issuing shares in connection with a
stock split, stock dividend or other recapitalization in accordance with the Charter. 
 3.15    Foreign Entity
Informational Filings. The Company will comply with any obligation imposed on the Company to make any filing (including any filing on Internal Revenue Service Form 5471) as a result of any interest that the Company holds in a non-U.S. entity or any activities that the Company conducts outside of the United States and shall include in such filing any information necessary to obviate (to the extent possible) any similar obligation to which
any shareholder of the Company would otherwise be subject with respect to such interest or such activity. The Company shall promptly provide the Investors with a copy of any such filing. 

3.16    Right to Conduct Activities. The Company hereby agrees and acknowledges that
New Enterprise Associates 16, L.P. (together with its affiliates, “NEA”), Venrock Healthcare Capital Partners III, L.P. and VHCP Co-Investment Holdings III, LLC (together with their
affiliates, “Venrock”), LAV Foresight Limited (together with its affiliates, “LAV”), Artal International S.C.A. (together with its affiliates, “Invus”), Vivo Panda Fund, L.P.
(together with its affiliates, “Vivo”), Deerfield Special Situations Fund, L.P. (together with its affiliates, “Deerfield”), Polaris Partners VII, L.P. (together with its affiliates,
“Polaris”) and Franklin Advisers, Inc. (together with its affiliates and managed funds, “Franklin”) are professional investment funds, and as such invest in numerous portfolio companies, some of which
may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, NEA, Venrock, LAV, Invus, Vivo,
Deerfield, Polaris and Franklin shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by NEA, Venrock, LAV, Invus, Vivo, Deerfield, Polaris or Franklin in any entity competitive with the Company, or
(ii) actions taken by any partner, officer or other representative of NEA, Venrock, LAV, Invus, Vivo, Deerfield, Polaris or Franklin to assist any such competitive company, whether or not such action was taken as a member of the board of
directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the
unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. Nothing in
this Agreement shall preclude or create an obligation or duty restricting NEA, Venrock, LAV, Invus, Vivo, Deerfield, Polaris or Franklin, as applicable, from evaluating or purchasing securities, including publicly traded securities, of a
particular enterprise, whether or not such enterprise has products or services which compete with those of the Company. 

3.17    Indemnification Matters. The Company hereby acknowledges that one (1) or more of the directors
nominated to serve on the Board of Directors by the Investors (each a “Fund  

  
 18 

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

3.19    FIRPTA Compliance. The Company shall provide prompt notice to each party hereto 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, within ten
(10) days of a written request from any party hereto, the Company shall provide such party with a written statement informing such party whether such party’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 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. 

3.20    Foreign Initial Public Offering. If the Company closes an initial public offering in a country other
than the United States, then, prior to the closing of such initial public offering, the Company and the Investors shall amend this Agreement to conform the provisions set forth in this Agreement with the applicable laws and market practice for
registration rights in the applicable country. 
 3.21    FCPA. The Company represents that it shall not
(and shall not permit any of its subsidiaries or any of its or their respective directors, officers, managers, or employees, to) promise, authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any
third party, including any Non-U.S. Official (as (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), in each case, in violation of the
FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall (and shall cause each of its subsidiaries to) cease all of its or their respective activities, as well as remediate
any actions taken by the Company or its 

  
 19 

 
subsidiaries, or any of their respective directors, officers, managers or employees, in violation of the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law.
Upon request, the Company agrees to provide responsive information and/or certifications concerning its compliance with applicable anti-corruption laws. The Company shall promptly notify each Investor if the Company becomes aware of any Enforcement
Action (as defined in the Purchase Agreement). The Company shall, and shall use its best efforts to cause any direct or indirect subsidiary or entity controlled by it, whether now in existence or formed in the future, to comply with the FCPA. 

3.22    Termination of Covenants. All covenants of the Company contained in Section 3 of this Agreement
(other than the provisions of Section 3.4, 3.9, 3.16 and 3.20) shall expire and terminate as to each Investor upon the earlier of (i) the effective date of the registration statement pertaining to the Initial Offering or (ii) an
Acquisition or Asset Transfer (as defined in the Charter); provided that the consideration received pursuant to such Acquisition or Asset Transfer is limited to cash or marketable securities. 

SECTION 4. RIGHTS OF FIRST REFUSAL. 

4.1    Subsequent Offerings. Subject to applicable securities laws, each Investor shall have a right of first
refusal to purchase its pro rata share of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement in a transaction, or series of transactions, that is
primarily for capital raising purpose, other than the Equity Securities excluded by Section 4.6 hereof. Each Investor’s pro rata share is equal to the ratio of (a) the number of shares of the Company’s Common Stock
(including all shares of Common Stock issuable or issued upon conversion of the Shares or upon the exercise of outstanding warrants or options) of which such Investor is deemed to be a holder immediately prior to the issuance of such Equity
Securities to (b) the total number of shares of the Company’s outstanding Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares or upon the exercise of any outstanding warrants or options)
immediately prior to the issuance of the Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock, Series Preferred or other security of the Company, (ii) any security convertible into or
exercisable or exchangeable for, with or without consideration, any Common Stock, Series Preferred or other security (including any option to purchase such a convertible security), (iii) any security carrying any warrant or right to subscribe
to or purchase any Common Stock, Series Preferred or other security or (iv) any such warrant or right. 

4.2    Exercise of Rights. If the Company proposes to issue any Equity Securities, it shall give each
Investor written notice of its intention, describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue the same. Each Investor shall have fifteen (15) days from the giving of such
notice to agree to purchase its pro rata share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the quantity of Equity Securities to
be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such Equity Securities to any Investor who would cause the Company to be in violation of applicable federal securities laws by virtue of such offer or
sale. 

  
 20 

 4.3    Issuance of Equity Securities to Other Persons. If not
all of the Investors elect to purchase their pro rata share of the Equity Securities, then the Company shall promptly notify in writing the Investors who do so elect and shall offer such Investors the right to acquire such unsubscribed shares
on a pro rata basis. The Investors shall have five (5) days after receipt of such notice to notify the Company of its election to purchase all or a portion thereof of the unsubscribed shares. The Company shall have ninety (90) days
thereafter to sell the Equity Securities in respect of which the Investor’s rights were not exercised, at a price not lower and upon general terms and conditions not materially more favorable to the purchasers thereof than specified in the
Company’s notice to the Investors pursuant to Section 4.2 hereof. If the Company has not sold such Equity Securities within ninety (90) days of the notice provided pursuant to Section 4.2, the Company shall not thereafter issue
or sell any Equity Securities, without first offering such securities to the Investors in the manner provided above. 

4.4    Termination and Waiver of Rights of First Refusal. The rights of first refusal established by this
Section 4 shall not apply to, and shall terminate upon the earliest to occur of (i) the conversion of all outstanding shares of Series Preferred into Common Stock, (ii) the effective date of the registration statement pertaining to
the Qualified IPO, or (iii) an Acquisition or Asset Transfer; provided that the consideration received pursuant to such Acquisition or Asset Transfer is limited to cash or marketable securities. 

4.5    Assignment of Rights of First Refusal. The rights of first refusal of each Investor under this
Section 4 may be assigned to the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.9. 

4.6    Excluded Securities. The rights of first refusal established by this Section 4 shall not be
applicable to any of the Excluded Securities (as defined in the Charter). 
 SECTION 5. MISCELLANEOUS. 

5.1    Governing Law. This Agreement shall be governed by and construed under the laws of the State of
California in all respects as such laws are applied to agreements among California residents entered into and to be performed entirely within California, without reference to conflicts of laws or principles thereof. The parties agree that any action
brought by either party under or in relation to this Agreement, including without limitation to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees to and does hereby submit to the jurisdiction and venue
of, any state or federal court located in the County of San Diego, California. 
 5.2    Successors and
Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure
to the benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable
Securities specifying the full name and address of the transferee, the Company may deem and treat the person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment
of dividends or any redemption price. 

  
 21 

 5.3    Entire Agreement. This Agreement, the Exhibits and
Schedules hereto, the Purchase Agreement and the other documents delivered pursuant thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to
any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written
representations, warranties, covenants or agreements outside of this Agreement. 
 5.4    Severability. In
the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this
Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 

5.5    Amendment and Waiver. 

(a)    Except as otherwise expressly provided, this Agreement may be amended or modified, and the obligations of the
Company and the rights of the Holders under this Agreement may be waived, only upon the written consent of the Company and the holders of at least a majority of the then-outstanding Registrable Securities. 

(b)    For the purposes of determining the number of Holders or Investors entitled to vote or exercise any rights
hereunder, the Company shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 

(c)    If the Company closes an initial public offering in a country other than the United States, then, prior to
the closing of such initial public offering, the Company and the Investors shall amend this Agreement to conform the provisions set forth in Section 2 hereto with the applicable laws and market practice for registration rights in the applicable
country. 
 5.6    Delays or Omissions. It is agreed that no delay or omission to exercise any right,
power, or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or
noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach,
default or noncompliance under the Agreement or any waiver on such party’s part 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, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

5.7    Notices. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. 

  
 22 

 
All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Exhibit A hereto or at such other address or electronic mail address as
such party may designate by ten (10) days advance written notice to the other parties hereto. 

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

5.9    Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience
of reference only and are not to be considered in construing this Agreement. 
 5.10    Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

5.11    Aggregation of Stock. All shares of Registrable Securities held or acquired by affiliated entities or
persons or persons or entities under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

5.12    Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the
masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require. 

5.13    Termination. This Agreement shall terminate and be of no further force or effect upon the earlier of
(i) an Acquisition; provided that the consideration received pursuant to such Acquisition is limited to cash or marketable securities; or (ii) the date five (5) years following the closing of the Initial Offering. 

5.14     Amendment and Restatement of Prior Agreement. The Prior Agreement is hereby amended in its entirety
and restated herein. Such amendment and restatement is effective upon the execution of this Agreement by the Company and the holders of 60% of the then-outstanding Registrable Securities as of the date of this Agreement. Upon such execution, all
provisions of, rights granted and covenants made in the Prior Agreement are hereby waived, released and superseded in their entirety and shall have no further force or effect, including, without limitation, all rights of first refusal and any notice
period associated therewith otherwise applicable to the transactions contemplated by the Purchase Agreement. 

  
 23 

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	COMPANY:
	
	METACRINE, INC.
		
	By:	 	/s/ Ken Song
	Name:	 	Ken Song
	Title:	 	Chief Executive Officer

 Address:   3985 Sorrento Valley Blvd., Suite C 

San Diego, CA 92121 

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	VENROCK HEALTHCARE CAPITAL PARTNERS III, L.P.
		
	By:	 	VHCP Management III, LLC
	Its:	 	General Partner
		
	By:	 	/s/ David L. Stepp
		 	Authorized Signatory
	
	VHCP CO-INVESTMENT HOLDINGS III, LLC
		
	By:	 	VHCP Management III, LLC
	Its:	 	Manager
		
	By:	 	/s/ David L. Stepp
		 	Authorized Signatory

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	NEW ENTERPRISE ASSOCIATES 16, L.P.
		
	By:	 	NEA Partners 16, L.P., its general partner
	By:	 	NEA 16 GP, LLC, its general partner
		
	By:	 	/s/ Louis S. Citron                                ,
Director
	
	NEA VENTURES 2017, LIMITED PARTNERSHIP
		
	By:	 	/s/ Louis S. Citron                        , Vice-President

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	POLARIS PARTNERS VII, L.P.
		
	By:	 	Polaris Management Co. VII, L.L.C.,
		 	its General Partner
		
	By:	 	/s/ Max Eisenberg
	Name:	 	Max Eisenberg
	Title:	 	Attorney-in-fact
	
	POLARIS PARTNERS ENTREPRENEURS’ FUND VII, L.P.
		
	By:	 	Polaris Management Co. VII, L.L.C.,
		 	its General Partner
		
	By:	 	/s/ Max Eisenberg
	Name:	 	Max Eisenberg
	Title:	 	Attorney-in-fact

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	VENBIO GLOBAL STRATEGIC FUND L.P.
		
	By:	 	venBio Global Strategic GP, L.P., its general partner
	By:	 	venBio Global Strategic GP, Ltd., its general partner
		
	By:	 	/s/ Robert Adelman
	Name:	 	Robert Adelman
	Title:	 	Director

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	ARCH VENTURE FUND VIII, L.P.
		
	By:	 	ARCH Venture Partners VIII, L.P.
	Its:	 	General Partner
	By:	 	ARCH Venture Partners VIII, LLC
	Its:	 	General Partner
		
	By:	 	/s/ Mark McDonnell
	Name:	 	Mark McDonnell
	Title:	 	Managing Director
	
	ARCH VENTURE FUND VIII OVERAGE, L.P.
		
	By:	 	ARCH Venture Partners VIII, LLC
	Its:	 	General Partner
		
	By:	 	/s/ Mark McDonnell
	Name:	 	Mark McDonnell
	Title:	 	Managing Director

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	ALEXANDRIA VENTURE INVESTMENTS, LLC
		
	By:	 	Alexandria Real Estate Equities, Inc.
	Its:	 	Managing Member
		
	By:	 	/s/ Aaron Jacobson
	Name:	 	Aaron Jacobson
	Title:	 	SVP – Venture Capital

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	LAV FORESIGHT LIMITED
		
	By:	 	/s/ Yu Luo
	Name:	 	Yu Luo, Authorized Signatory

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

	
	INVESTOR:
	
	FRANKLIN STRATEGIC SERIES – FRANKLIN BIOTECHNOLOGY DISCOVERY FUND
	
	By: Franklin Advisers, Inc., investment manager to the fund
	
	/s/ Evan McCulloch
	By: Evan McCulloch
	Title: Vice President
	
	FRANKLIN TEMPLETON INVESTMENT FUNDS – FRANKLIN BIOTECHNOLOGY DISCOVERY FUND
	
	By: Franklin Advisers, Inc., investment manager to the fund
	
	/s/ Evan McCulloch
	By: Evan McCulloch
	Title: Vice President

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	ARTAL INTERNATIONAL, S.C.A.
		
	By:	 	ARTAL INTERNATIONAL MANAGEMENT S.A.
	Its:	 	Managing Partner
		
	By:	 	/s/ Anne Goffard
	Name:	 	Anne Goffard
	Title:	 	Managing Director

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	MERIDIAN SMALL CAP GROWTH FUND
		
	By:	 	 its Investment Adviser
 ArrowMark Colorado
Holdings, LLC

		
	By:	 	/s/ David Corkins
	Name:	 	David Corkins
	Title:	 	Managing Member

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	ARROWMARK LIFE SCIENCE FUND, LP
		
	By:	 	 its General Partner
 AMP Life Science GP,
LLC

		
	By:	 	/s/ David Corkins
	Name:	 	David Corkins
	Title:	 	Managing Member

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	ARROWMARK FUNDAMENTAL OPPORTUNITY FUND, L.P.
		
	By:	 	 its General Partner
 ArrowMark Partners GP,
LLC

		
	By:	 	/s/ David Corkins
	Name:	 	David Corkins
	Title:	 	Managing Member

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	LOOKFAR INVESTMENTS, LLC
		
	By:	 	/s/ David Corkins
	Name:	 	David Corkins
	Title:	 	Managing Member

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	CF ASCENT LLC
		
	By:	 	/s/ David Corkins
	Name:	 	David Corkins
	Title:	 	Managing Member

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	THB IRON ROSE LLC, LIFE SCIENCE PORTFOLIO
		
	By:	 	 its Investment Adviser
 ArrowMark Colorado
Holdings, LLC

		
	By:	 	/s/ David Corkins
	Name:	 	David Corkins
	Title:	 	Managing Member

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	TONY YAO
		
	By:	 	/s/ Tony Yao
	Name:	 	Tony Yao

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	HIGHSIDE FAMILY PARTNERS, LP
		
	By:	 	Highside Family, LLC
		
	By:	 	/s/ H. Lee S. Hobson
		 	H. Lee S. Hobson, Managing Member

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
		
	By:	 	Deerfield Mgmt, L.P., General Partner
	By:	 	J.E. Flynn Capital, LLC, General Partner
		
	By:	 	/s/ David J. Clark
	Name:	 	David J. Clark
	Title:	 	Authorized Signatory

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	VIVO PANDA FUND, L.P.
		
	By:	 	VIVO PANDA, LLC
	Its:	 	General Partner
		
	By:	 	/s/ Mahendra Shah
	Name:	 	Mahendra Shah
	Title:	 	Managing Member

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	LIFESCI VENTURE PARTNERS I, LP
		
	By:	 	LifeSci Venture GP, LLC
	Its:	 	General Partner
		
	By:	 	/s/ Paul Yook
		
	Name:	 	Paul Yook
		
	Title:	 	Managing Member
	
	LIFESCI VENTURE MASTER SPV, LLC
		
	By:	 	/s/ Paul Yook
		
	Name:	 	Paul Yook
		
	Title:	 	Managing Member

 IN WITNESS WHEREOF,
the parties hereto have executed this THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth
above. 
  

			
	INVESTOR:
	
	MIRAMAR PHARMA INVESTORS, LLC, a Texas limited liability company
	
	By: Miramar Capital Management, LP, a Texas limited liability partnership, its managing member
	
	By: Miramar Capital Management GP, LLC, a Texas limited liability company, its general partner
		
	By:	 	/s/ Benjamin H. Carpenter II
		
	Name:	 	Benjamin H. Carpenter, II
		
	Title:	 	Vice President/Secretary

 EXHIBIT A 

INVESTORS 
  

	 	•	 	Alexandria Venture Investments, LLC 

	 	•	 	ARCH Venture Fund VIII, L.P. 

	 	•	 	ARCH Venture Fund VIII Overage, L.P. 

	 	•	 	Arrowmark Fundamental Opportunity Fund, L.P. 

	 	•	 	Arrowmark Life Science Fund, LP 

	 	•	 	ARTAL INTERNATIONAL, S.C.A. 

	 	•	 	BLN Capital, LLC 

	 	•	 	CF Ascent LLC 

	 	•	 	DEERFIELD SPECIAL SITUATIONS FUND, L.P. 

	 	•	 	EcoR1 Capital Fund Qualified, L.P. 

	 	•	 	EcoR1 Capital Fund, L.P. 

	 	•	 	Evans Potter Rev. Trust 12/29/1989 

	 	•	 	Faheem Hasnain 

	 	•	 	Franklin Strategic Series – Franklin Biotechnology Discovery Fund 

	 	•	 	Franklin Templeton Investment Funds – Franklin Biotechnology Discovery Fund 

	 	•	 	GC&H Investments 

	 	•	 	GC&H Investments, LLC 

	 	•	 	Highside Family Partners, LP 

	 	•	 	IRACINI L.P. 

	 	•	 	Jae Myoung Suh 

	 	•	 	JBA Investors, LLC 

	 	•	 	Kenneth Song and Yu Linda Song, Trustees of the Song Family Trust Dated October 14, 2016 

	 	•	 	LAV Foresight Limited 

	 	•	 	LifeSci Venture Master SPV, LLC 

	 	•	 	LifeSci Venture Partners I, LP 

	 	•	 	Longevity Fund 1 LP 

	 	•	 	Lookfar Investments, LLC 

	 	•	 	Meridian Small Cap Growth Fund 

	 	•	 	Millican Family Trust, dated March 10, 2016 

	 	•	 	Miramar Pharma Investors, LLC 

	 	•	 	NEA Ventures 2017, Limited Partnership 

	 	•	 	New Enterprise Associates 16, L.P. 

	 	•	 	Patricia Millican 

	 	•	 	Polaris Partners Entrepreneurs’ Fund VII, L.P. 

	 	•	 	Polaris Partners VII, L.P. 

	 	•	 	Red Fish Blue Fish Revocable Trust, Dated December 31, 2012 

	 	•	 	Ruth T. Yu 

	 	•	 	SE Solomon Family Trust 

	 	•	 	THB Iron Rose LLC, Life Science Portfolio 

	 	•	 	Tony Yao 

	 	•	 	venBio Global Strategic Fund L.P. 

	 	•	 	Venrock Healthcare Capital Partners III, L.P. 

	 	•	 	VHCP Co-Investment Holdings III, LLC 

	 	•	 	VIVO PANDA FUND, L.P.

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