Document:

EX-4.3

 Exhibit 4.3 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 30th day of April, 2021, by and among Nuvalent, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is referred to
in this Agreement as an “Investor”, each of the stockholders listed on Schedule B hereto, each of whom is referred to herein as a “Key Holder”, and any Additional Purchaser (as defined in the Purchase
Agreement) that becomes a party to this Agreement in accordance with Subsection 6.9 hereof. 
 RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of Series A Preferred Stock and/or shares of
Common Stock (as each term is defined below) issued upon conversion thereof and possess registration rights, information rights, rights of first offer, and other rights pursuant to that certain Investors’ Rights Agreement dated as of
June 8, 2018, by and among the Company, such Existing Investors and the other parties named therein (the “Prior Agreement”); and 

WHEREAS, the Existing Investors are holders of at least a majority of the Registrable Securities (as defined in the Prior Agreement),
and desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

WHEREAS, certain of the Investors are parties to that certain Series B Preferred Stock Purchase Agreement of even date herewith by and
among the Company and such Investors (the “Purchase Agreement”), under which certain of the Company’s and such Investors’ obligations are conditioned upon the execution and delivery of this Agreement by such Investors,
Existing Investors holding at least a majority of the Registrable Securities, and the Company; 
 NOW, THEREFORE, the Existing
Investors hereby agree that the Prior Agreement is hereby amended and restated in its entirety by this Agreement, and the parties to this Agreement further agree as follows: 

1. Definitions. For purposes of this Agreement: 

1.2 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is
controlled by or is under common control with such Person, including, without limitation, any general partner, managing partner, member, manager, officer, director or trustee of such Person, or any venture capital fund or other investment fund now
or hereafter existing that is controlled by one (1) or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person. 

1.3 “Bain” means BCIP Life Sciences Associates, LP, Bain Capital Life Sciences Fund II, L.P. and any of its respective
Affiliates. 
 1.4 “Block Sale” means the sale of shares of Common Stock to one or several purchasers in a registered
transaction by means of a bought deal, a block trade or a direct sale. 

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

1.6 “Certificate of Incorporation” means the Company’s Second Amended and Restated Certificate of Incorporation, as
amended and/or restated from time to time. 
 1.7 “Common Stock” means shares of the Company’s common stock, par value
$0.0001 per share. 
 1.8 “Competitor” means a Person engaged, directly or indirectly (including through any
partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the business conducted or proposed to be conducted by the Company on such date, but shall not include any
financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20%) of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any
members of the board of directors of any Competitor; provided, that none of Deerfield, Bain, Wellington nor Driehaus shall be a Competitor for purposes of this Agreement. 

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

1.10 “Deerfield” means, collectively, Deerfield Healthcare Innovations Fund, L.P., Deerfield Private Design Fund, IV, L.P.,
and any of their respective Affiliates, including for the avoidance of doubt any Related Deerfield Fund, that becomes a party to this Agreement following the date hereof by execution of a joinder hereto or other written agreement between such
Affiliate and the Company. 
 1.11 “Derivative Securities” means any securities or rights convertible into, or exercisable
or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 
 1.12
“Driehaus” means Driehaus Life Sciences Master Fund, L.P. 
 1.13 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 1.14 “Excluded Registration”
means (i) a registration relating to the sale or grant of securities to employees or directors of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an
SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a
registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

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

1.16 “Form S-3” means such form under the Securities Act as in effect on the
date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company with the SEC (other than solely by
“smaller reporting companies”). 
 1.17 “Fund Investors” means Bain, Deerfield and Wellington. 

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

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

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

1.21 “Initiating Holders” means, collectively, any Holders (including, as applicable, Deerfield) who properly initiate a
registration request under this Agreement. 
 1.22 “IPO” means the Company’s first underwritten public offering of its
Common Stock under the Securities Act. 
 1.23 “Key Employee” means any executive-level employee (including, division
director and vice president-level positions) of the Company, as well as any employee of the Company or any of its subsidiaries who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as
defined in the Purchase Agreement). 
 1.24 “Key Holder Registrable Securities” means (i) the shares of Common Stock
held by the Key Holders, and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of such shares. 
 1.25 “Major Investor” means (i) Deerfield, (ii) Bain, (iii) Wellington and
(iv) any Investor that, individually or together with such Investor’s Affiliates, holds at least 2,174,120 of the Registrable Securities then outstanding (as adjusted for any stock split, stock dividend, combination, or other
recapitalization or reclassification effected after the date hereof). 

  
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 1.26 “Majority Deerfield Investors” means, as of any date of determination,
the holders of a majority of the Registrable Securities held by Deerfield in the aggregate as of such date, and any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a
dividend or other distribution with respect to, or in exchange for or in replacement of such shares. 
 1.27 “MNPI” means
material non-public information (within the meaning of Regulation FD promulgated under the Exchange Act) with respect to any publicly-traded company (including, for the avoidance of doubt, after the effective
date of the registration statement under the Securities Act relating to the IPO, the Company), which shall in any case after the effective date of the registration statement under the Securities Act relating to the IPO include any notice delivered
by the Company under this Agreement, including pursuant to Section 2 and the information contained in any such notice. 

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

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

 1.30 “Permitted Transfer” means a transfer or transfers to any of the undersigned (excluding the Company) or any
Affiliate, subsidiary, employee, officer, director of, or investment fund controlled or managed by, any of the undersigned (excluding the Company) or its Affiliates, or any commonly controlled or managed investment fund. 

1.31 “Piggyback Registration” shall have the meaning provided in Subsection 2.2 

1.32 “Preferred Stock” means, collectively, shares of the Company’s Series A Preferred Stock and Series B Preferred
Stock. 
 1.33 “Pro Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold in an
Underwritten Public Offering, a number of such shares equal to the aggregate number of Registrable Securities to be registered or sold (excluding any shares to be registered or sold for the account of the Company), multiplied by a fraction, the
numerator of which is the aggregate number of Registrable Securities held by such Holder, and the denominator of which is the aggregate number of Registrable Securities held by all Holders requesting that their Registrable Securities be registered
or sold. 
 1.34 “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the
Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the
Investors after the date hereof; (iii) any and all Common Stock held by Deerfield as of the date of this Agreement; (iv) the Key Holder Registrable Securities, provided, however, that such Key Holder Registrable Securities
shall not be deemed Registrable Securities and the Key Holders shall not be deemed Holders for the purposes of Subsections 2.1, (and any other applicable Section or Subsection with respect to registrations under Subsection 2.1),
2.10, 3.1, 3.2, 4.1 and 6.6; (v) any Common Stock issued as (or issuable upon the conversion or exercise 

  
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of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses
(i) through (iv) above, excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding
for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement. For purposes of this Agreement, a Person shall be deemed to be a holder of
Registrable Securities, and such Registrable Securities shall be deemed outstanding, whenever such Person holds such Registrable Securities of record or in “street name” or has the right to acquire such Registrable Securities upon
conversion or exercise of the Preferred Stock or of any other securities of the Company acquired by the Investors after the date hereof. 

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

1.36 “Related Deerfield Fund” means any investment fund or managed account that is managed on a discretionary basis by the
same investment manager as Deerfield Healthcare Innovations Fund, L.P. or Deerfield Private Design Fund, IV, L.P. 
 1.37
“Restricted Securities” means the securities of the Company required to be notated with the legend set forth in Subsection 2.12(b) hereof. 

1.38 “Revenue Sharing Agreements” means, collectively, that certain Revenue Sharing Agreement, dated as of February 2,
2017, by and between the Company and Deerfield, and that certain Revenue Sharing Agreement, dated as of February 2, 2017, by and between the Company and Matthew Shair. 

1.39 “SEC” means the Securities and Exchange Commission. 

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

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

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

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

  
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 1.44 “Series A Director” means any director of the Company
that the holders of record of the Series A Preferred Stock are entitled to elect, exclusively and as a separate class, pursuant to the Certificate of Incorporation. 

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

 1.46 “Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.0001 per
share. 
 1.47 “Underwritten Offering” means an offering registered under the Securities Act in which securities of the
Company are sold to one or more underwriters on a firm-commitment basis for reoffering to the public. 
 1.48 “Wellington”
means Wellington Biomedical Innovation Master Investors (Cayman) I L.P. 
 2. Registration Rights. The Company covenants and agrees
as follows: 
 2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) five (5) years after the
date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request (any such request or request pursuant to Subsection 2.1(b), a
“Demand Request”) from Holders of (A) fifty percent (50%) of the Registrable Securities then outstanding, or (B) Deerfield (any such request by Deerfield pursuant to this Subsection 2.1(a) or any request by
Deerfield for filing of a registration statement on Form S-3 pursuant to Subsection 2.1(b), a “Deerfield Demand Request,” which, for the avoidance of doubt, shall also constitute a
“Demand Request”), that the Company file a Form S-1 registration statement with respect to at least either (A) forty percent (40%) of the Registrable Securities then outstanding
(or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $10 million) or (B) Registrable Securities that have an anticipated aggregate offering price, net of Selling Expenses, of at least
$10 million or (C) with respect to a Deerfield Demand Request, with respect to either (x) at least twenty percent (20%) of the Registrable Securities held by Deerfield or (y) Registrable Securities having an anticipated aggregate
offering price, net of Selling Expenses, of at least $20 million regardless of the percentage of the Registrable Securities held by Deerfield with respect to which such Deerfield Demand Request is made, then the Company shall (x) within
ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days
after the date such request is given by the Initiating Holders (and, in the event the request is given by the Initiating Holders during the thirty (30)-day period commencing on the date that is one hundred eighty-one (181) days after the effective date of the registration statement for the IPO, within thirty (30) days after such request is given by the Initiating Holders), file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within ten (10) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections
2.1(f) and 2.3. 
 (b) Form S-3 Demand. If at any time when it is eligible
to use a Form S-3 registration statement or any successor form, the Company receives a request from Holders of at least ten percent (10%) of the Registrable Securities then outstanding or Deerfield, that the
Company file a Form S-3 registration statement with respect to outstanding Registrable Securities 

  
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of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $2 million, then the Company shall (i) within ten (10) days after the date such
request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within thirty (30) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the
Company within ten (10) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsection 2.1(f) and Subsection 2.3. 

(c) Shelf Registration. At any time after the date that is one (1) year after the effective date of the registration statement
for the IPO, (A) in the case of any registration pursuant to a Deerfield Demand Request, the Majority Deerfield Investors, or (B) in the case of any registration not pursuant to a Deerfield Demand Request, the Holders of a majority-in-interest of the Registrable Securities then outstanding may direct that a Form S-1 demand made pursuant to
Subsection 2.1(a) or Form S-3 demand made pursuant to Subsection 2.1(b), as applicable, provide for an offering of all of the Registrable Securities on a
delayed or continuous basis in accordance with Rule 415 under the Securities Act (or successor thereto) (any such registration statement providing for an offering pursuant to Rule 415 under the Securities Act being hereinafter referred to as a
“Shelf Registration Statement”). Any such Shelf Registration Statement shall contain therein a “plan of distribution” that permits all means of disposition of Registrable Securities, including Underwritten Offerings, Block
Sales, agented transactions, sales directly into the market, purchases or sales by brokers and sales not involving a public offering legally available to Deerfield or such Holders, as applicable and that is approved by Deerfield and the Holders of a
majority-in-interest of the Registrable Securities to be included in such registration statement. No Holder shall be named as an “underwriter” in a Shelf
Registration Statement (nor any other registration statement filed hereunder) without such Holder’s prior written consent. If at any time the SEC advises the Company in writing that the offering of some or all of the Registrable Securities to
be included in a Shelf Registration Statement is not eligible to be made on a delayed or continuous basis under the provisions of Rule 415 under the Securities Act, the Company shall use its reasonable best efforts to persuade the SEC that the
offering contemplated by a Registration Statement is a bona fide secondary offering and not an offering “by or on behalf of the issuer” as defined in Rule 415 and that none of the Holders is an “underwriter.” The Holders electing
to include their Registrable Securities in the Shelf Registration Statement shall have the right to have their respective legal counsel participate in any meetings or discussions with the SEC regarding the SEC’s position and to comment or have
their respective counsel comment on any written submission made to the SEC with respect thereto. No such written submission shall be made to the SEC to which any such Holder’s counsel reasonably objects. In the event that, despite the
Company’s reasonable best efforts and compliance with the foregoing, the SEC refuses to alter its position, the Company shall remove from the Shelf Registration Statement such portion of the Registrable Securities as the SEC requires in writing
be removed therefrom. Any such cut-back imposed by the SEC as contemplated by the foregoing shall be imposed on a pro rata basis (based upon the Registrable Securities held by each of such Holders) unless
otherwise required by the SEC. The Company shall use reasonable best efforts to keep any Shelf Registration Statement continuously effective (including by filing any necessary Automatic Shelf Registration Statements, post-effective amendments to
such Registration Statement or one or more successor Registration Statements) until the date on which all Registrable Securities covered by such Registration Statement have been sold thereunder in accordance with the plan and method of distribution
disclosed in the prospectus included in such Registration Statement, are withdrawn or otherwise cease to be Registrable Securities. 

  
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 (d) Shelf Takedowns. Each of the Major Investors (each, a “Shelf Requesting
Holder”) shall be entitled, at any time and from time to time when a Shelf Registration Statement covering such Major Investor’s Registrable Securities is effective, to sell any of their Registrable Securities held by them as are then
registered pursuant to such Shelf Registration Statement in an Underwritten Offering (each, a “Shelf Takedown”) so long as such request covers at least $10 million worth of the market value of shares of Common Stock at the time
of the Shelf Takedown Request or such lesser amount if all Registrable Securities available for sale by all Major Investors pursuant to such registration statement are requested to be included. The Shelf Requesting Holder(s) shall make such election
by delivering to the Company a written request (a “Shelf Takedown Request”) for such offering specifying the number of Registrable Securities that such Shelf Requesting Holder(s) desire to sell pursuant to such Shelf
Takedown. Promptly upon receipt of any such request for a Shelf Takedown (but in no event more than two (2) Business Days thereafter (or more than one (1) Business Day thereafter in connection with an underwritten Block Sale)), the
Company shall give written notice of such request to all Major Investors that are not Shelf Requesting Holders, if any, and the Company shall include in such Shelf Takedown, the number of Registrable Securities of Shelf Requesting Holder(s) and any
Major Investor that shall have made a written request to the Company for inclusion of their Registrable Securities in the Shelf Registration Statement (which request shall specify the maximum number of Registrable Securities intended to be sold by
such Major Investor) and with respect to which the Company has received written requests for inclusion therein within three (3) Business Days (or one (1) Business Day thereafter in connection with an underwritten Block Sale) after the date
the Company’s notice was delivered. Any Major Investor’s request to participate in a Shelf Takedown shall be binding on such Major Investor; provided that each such Major Investor that elects to participate may condition its
participation on the Shelf Takedown’s being completed within ten (10) Business Days of the Company’s receipt of such Major Investor’s request for inclusion at a price per share (after giving effect to any underwriters’
discounts or commissions) to such Major Investor of not less than a percentage of the closing price for the shares on their principal trading market on the Business Day immediately prior to the date of such Major Investor’s request for
inclusion, all as may be specified in such Major Investor’s request for inclusion in such Shelf Takedown (the “Participation Conditions”). Notwithstanding the delivery by the Company of any notice of a Shelf Takedown Request,
but subject to the Participation Conditions (to the extent applicable), all determinations as to whether to complete any Shelf Takedown and as to the timing, manner, price and other terms of any Shelf Takedown contemplated by this
Subsection 2.1(d) shall be determined by the Shelf Requesting Holder(s). The Company shall, as expeditiously as possible (and in any event within five (5) Business Days after the receipt of a Shelf Takedown Request,
unless a longer period is agreed to by the Shelf Requesting Holder(s)), facilitate such Shelf Takedown. The number of Shelf Takedowns that the applicable Major Investors may effect pursuant to this Subsection 2.1(d)
shall not be limited, subject to the minimum dollar threshold set forth in the first sentence of this Subsection 2.1(d). The Company shall comply with the applicable provisions of the Securities Act with respect to the disposition of all
Registrable Securities covered by the Shelf Registration Statement in accordance with the intended methods of disposition by the Shelf Requesting Holder(s). The Company shall not be obligated to take any action to effect any Shelf Takedown if a
Demand Registration or Piggyback Registration, other than a Shelf Registration Statement, was declared effective or a Shelf Takedown was consummated within the preceding sixty (60) days (unless otherwise consented to by the Company). 

  
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 If the Shelf Requesting Holder(s) wish to engage in a Block Sale that is an Underwritten
Offering off a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already existing Shelf Registration Statement), then the Shelf Requesting Holder(s) shall work with the
Company and the underwriters prior to making such request in order to facilitate (i) the Company’s preparation of the registration statement, prospectus and other offering documentation related to the Block Sale, (ii) the
underwriters’ due diligence and (iii) delivery by the Company of customary comfort letters. 
 (e) Incorporation by Reference;
Form S-3 Registration; Automatic Shelf Registration Statements. In the event that registration statement hereunder is filed (including by way of post-effective amendment) on Form S-1 pursuant to Subsection 2.1(a) or otherwise because Form S-3 is not available for the resale of any Registrable Securities hereunder (but, for the
avoidance of doubt, without in any way affecting the Company’s obligation to register the resale of the Registrable Securities on Form S-3 if such form is available), (i) the Company shall undertake to
file, within ten (10) days of such time as Form S-3 is available for such registration, a post-effective amendment to the registration statement then in effect, or otherwise file a registration statement
on Form S-3, registering such Registrable Securities on Form S-3; provided that the Company shall maintain the effectiveness of the registration statement then in effect
until such time as a registration statement on Form S-3 (or post-effective amendment to the registration statement then in effect) covering such Registrable Securities has been declared effective by the SEC.
To the extent the Company is a well-known seasoned issuer (as defined in Rule 405) (a “WKSI”) at a time when it is obligated to file or maintain the effectiveness of a Shelf Registration Statement pursuant to this Agreement, the
Company shall file an automatic shelf registration statement (as defined in Rule 405) on Form S-3 (an “Automatic Shelf Registration Statement”) in accordance with the requirements of the
Securities Act and the rules and regulations of the SEC thereunder, that covers the Registrable Securities. If at any time following the filing of a Shelf Registration Statement when the Company is required to
re-evaluate its Form S-3 eligibility or WKSI status, the Company determines that it is not eligible to register the Registrable Securities on Form S-3 or is not a WKSI, the Company shall use its reasonable best efforts to (i) as promptly as possible (A) if the Shelf Registration Statement is an Automatic Shelf Registration Statement, post-effectively
amend the Shelf Registration Statement to a Shelf Registration Statement that is not automatically effective or file a new Shelf Registration Statement on Form S-3, or (B) if the Company is not eligible
at such time to file a Shelf Registration Statement on Form S-3, post-effectively amend the Shelf Registration Statement to a Shelf Registration Statement on Form S-1 or
file a new Shelf Registration Statement on Form S-1; (ii) have such post-effective amendment or Shelf Registration Statement declared effective by the SEC; and (iii) keep such Shelf Registration Statement
effective during the period during which such Shelf Registration Statement is required to be kept effective in accordance with this Agreement. 

(f) Suspension. Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to
this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental to the Company and its stockholders for such
registration statement to either become effective or remain effective for as long as such registration 

  
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statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar
transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (an “Adverse Disclosure”); or (iii) render the
Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, upon notice thereof to each Holder (provided that the Company shall
disclose the reason for the Company’s exercise of such right to any Holder only upon such Holder’s written request), and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not
more than sixty (60) days after the request of the Initiating Holders is given (a “Suspension Event”); provided that the Company may not invoke this right more than twice in any twelve (12) month period and may not
invoke this right within thirty (30) days after the end of a prior suspension pursuant hereto; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during
such thirty (30) day period other than an Excluded Registration. In addition, if in the good faith judgment of the Board of Directors the continued use of a Shelf Registration Statement at any time would require the Company to make an Adverse
Disclosure, the Company may, upon giving prompt written notice of such action to the Shelf Requesting Holders, suspend use of the Shelf Registration Statement for a period of not more than sixty (60) days (a “Shelf
Suspension”); provided, however, that the Company shall not be permitted to exercise a Shelf Suspension more than twice during any twelve (12)-month period and may not invoke this right within thirty (30) days after the end of a prior
Shelf Suspension or within the first sixty (60) days after the effectiveness of the Shelf Registration Statement; provided, further, that the Company shall not be permitted to exercise a Shelf Suspension more than once during the first twelve
(12)-month period after the effective date of the Shelf Registration Statement if the filing or effectiveness thereof was the subject of a Suspension Event in accordance with the immediately preceding sentence. In the case of a Shelf Suspension, the
Shelf Requesting Holders agree to suspend use of the applicable prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately
notify the Shelf Requesting Holders in writing upon the termination of any Shelf Suspension, amend or supplement the applicable prospectus, if necessary, so it does not contain any untrue statement of a material fact or any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading and furnish to the Shelf Requesting Holders such numbers of copies of such prospectus as so amended or supplemented as the Shelf Requesting Holders may
reasonably request. The Company shall, if necessary, supplement or amend the Shelf Registration Statement, if required by the registration form used by the Company for the Shelf Registration Statement or by the instructions applicable to such
registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Shelf Requesting Holders holding a majority of Registrable Securities that are included in such Shelf Registration
Statement. Notwithstanding the foregoing provisions of this Subsection 2.1(f), the Company may not postpone the filing or effectiveness of, or suspend use of, a Registration Statement past the date upon which the applicable
Suspension Event ends or is no longer applicable, or in the case of a Shelf Suspension or a Suspension Event relating to Adverse Disclosure, the applicable Adverse Disclosure ceases to be material, is disclosed to the public or is otherwise no
longer confidential. 

  
 10 

 (g) Limitations on Registration. The Company shall not be obligated to effect, or to
take any action to effect, any registration pursuant to Subsection 2.1(a) (i) with respect to a Deerfield Demand Request, if the Company has effected three (3) registrations pursuant to Subsection 2.1(a) within the twelve
(12) month period immediately preceding the date of such request, (ii) with respect to any other Demand Request that is not a Deerfield Demand Request, if the Company has effected two (2) registrations pursuant to Subsection 2.1(a)
within the twelve (12) month period immediately preceding the date of such request, or (iii) during the period within ninety (90) days after the effective date of any other previously effective registration statement for an
underwritten offering of securities pursuant to a Company-initiated registration (other than an Excluded Registration) or for an offering of securities initiated by a Demand Request, or (iv) if the Holders initiating such Demand Request propose
to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be
obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending
on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith reasonable efforts to cause such registration statement to become effective
and complies with its obligations under Subsection 2.2 in connection therewith; or (ii) if the Company has effected three (3) registrations pursuant to Subsection 2.1(b) within the twelve (12) month period
immediately preceding the date of such request; provided, however, that the limitations on the Company’s obligations set forth in this Subsection 2.1(b)(ii) shall not apply to the filing of any Shelf Registration Statement. A
registration shall not be counted as “effected” for purposes of this Subsection 2.1(g) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw
their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to demand a registration statement pursuant to Subsection 2.1(b), in which case such withdrawn registration statement shall be
counted as “effected” for purposes of this Subsection 2.1(g); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Subsection 2.1(f), then the
Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this Subsection 2.1(g). 

(h) Priority on Shelf Takedown or Demand Request. Notwithstanding anything contained herein, the Company shall not include in any
Shelf Registration Statement or other Registration Statement filed upon a Demand Request any securities that are not Registrable Securities without the prior written consent of the Holders of a majority of the Registrable Securities included or to
be included in any such Registration Statement. If any of the Registrable Securities registered pursuant to a Shelf Registration Statement or other Demand Request are to be sold in an Underwritten Offering, and the managing underwriter(s) advise the
Company, that in its or their opinion the total number or dollar amount of Registrable Securities proposed to be sold in such Underwritten Offering exceeds the number that can be sold in such offering without being likely to have an adverse effect
on the price, timing or distribution of the securities offered or the market for the securities offered, then there shall be included in such underwritten offering the number or dollar amount of Registrable Securities that in the good faith opinion
of such managing underwriter(s) can be sold without having such adverse effect, and such number of Registrable Securities shall be allocated as follows: 

(A) first, to each Major Investors that has requested to participate in such Underwritten Offering an amount equal to the
lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Major Investor, and (ii) a number of such shares equal to such Major Investor’s Pro Rata Portion; and 

  
 11 

 (B) second, and only if all the securities referred to in clause
(A) above have been included, the number of other securities that, in the opinion of such managing underwriter(s) can be sold without having such adverse effect. 

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

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

  
 12 

 (b) In connection with any offering involving an underwriting of shares of the
Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon
between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company; provided, however, that no Holder of Registrable
Securities included in any underwritten offering (under any section hereof) shall be required to make any representations or warranties to the Company or the underwriters other than representations and warranties regarding such Holder, such
Holder’s ownership of its Registrable Securities to be sold in the offering, such Holder’s authority to enter into the underwriting agreement and such Holder’s intended method of distribution, or to undertake any indemnification or
contribution obligations to the Corporation or the underwriters or other investment banks with respect thereto, except as provided in Subsection 2.8. If the total number of securities, including Registrable Securities,
requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the
Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If
the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders
in proportion (as nearly as practicable) to the number of Registrable Securities owned by each selling Holder. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of
shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (A) the number of Registrable Securities included in the offering be reduced unless all other securities (other than
securities to be sold by the Company) are first entirely excluded from the offering, or (B) the number of Registrable Securities included in the offering be reduced below thirty percent (30%) of the total number of securities included in such
offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in such offering, or
(C) notwithstanding (B) above, any Registrable Securities which are not Key Holder Registrable Securities be excluded from such underwriting unless all Key Holder Registrable Securities are first excluded from such offering. For purposes of the
provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company or corporation, the partners, members, retired partners, retired members, stockholders,
and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members, and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single
“selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in
this sentence. 

  
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 (c) For purposes of Subsection 2.1, a registration shall not be counted as
“effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested
to be included in such registration statement are actually included. 
 2.4 Obligations of the Company. Whenever required under this
Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts to,
as soon thereafter as reasonably possible, cause such registration statement to become effective and keep such registration statement effective for a period of one hundred eighty (180) days or, if earlier, until the distribution contemplated in
the registration statement has been completed; provided, however, that such one hundred eighty (180) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of
Common Stock (or other securities) of the Company, from selling any securities included in such registration; notwithstanding the foregoing, in the case of any Shelf Registration Statement (regardless of the Form utilized therefor), subject to
compliance with applicable SEC rules, the Company shall maintain the registration statement so that the registration statement shall remain effective until all such Registrable Securities registered thereon are sold; 

(b) use its reasonable best efforts to respond to any and all comments received from the SEC, with a view towards causing such registration
statement or any post-effective amendment thereto to be declared effective by the SEC as soon as practicable; 
 (c) permit one outside
legal counsel designated by the Initiating Holders to review such Registration Statement and all amendments and supplements thereto (as well as all requests for acceleration or effectiveness thereof but excluding the Company’s filings under the
Exchange Act), a reasonable period of time prior to their filing with the SEC and not file any documents in a form to which such legal counsel reasonably objects; 

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

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

(f) use its reasonable best efforts to register or qualify or cooperate with the selling Holders of Registrable Securities, the underwriters,
if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or blue sky laws of such
jurisdictions within the United States as any seller or underwriter reasonably requests in writing and to keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be
kept effective; provided, however, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this clause (e), (ii) subject itself
to taxation in any jurisdiction wherein it is not so subject or (iii) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject; 

  
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 (g) in the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering; 
 (h) use its
reasonable best efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange and, in any event, shall cause all such Registrable Securities to be listed on each securities
exchange (if any) on which similar securities issued by the Company are then listed; 
 (i) provide a transfer agent and registrar for all
Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(j) promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to
such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause
the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the
accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 
 (k)
promptly notify each selling Holder, after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed;

 (l) in the case of any Underwritten Offering in which any Holder participates, (A) make reasonably available, for inspection by the
managing underwriters of such Underwritten Offering and one law firm acting for such managing underwriters, pertinent corporate documents and financial and other records of the Company and its subsidiaries and controlled Affiliates, (B) cause
the Company’s officers and employees to supply information reasonably requested by such managing underwriters or such law firm in connection with such offering, (C) make the Company’s independent auditor reasonably available for any
such managing underwriters’ due diligence and use reasonable best efforts to have them provide customary comfort letters to such underwriters in connection therewith and to each Holder selling Registrable Securities in such offering (unless
such accountants shall be prohibited from so addressing such letters by applicable standards of the accounting profession) and (D) cause the Company’s outside counsel to furnish customary legal opinions and updates thereof (which legal
opinions (in form, scope and substance) shall be reasonably satisfactory to the managing underwriter(s)) to such underwriters, covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be
reasonably requested by such underwriters; provided, however, that any such records and other information provided under clauses (A) and (B) above that is not generally publicly available shall be subject to such confidential
treatment as is customary for underwriters’ due diligence reviews; and 

  
 15 

 (m) after such registration statement becomes effective, promptly notify each selling
Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 
 In addition, the Company
shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors
(and any entity designating such director or with which such director is otherwise affiliated or associated if such insider trading policy purports to cover such entity) may implement a trading program under Rule
10b5-1 of the Exchange Act. 
 2.5 Furnish Information. It shall be a condition precedent to
the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself,
the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to Section 2, including all registration, filing, and qualification fee, securities exchange and FINRA related fees, printers’ and accounting fees, and fees and disbursements of counsel for the
Company, and the reasonable fees and disbursements, not to exceed $50,000 per registration or underwritten offering, of one counsel plus any regulatory counsel, as appropriate, for the selling Holders (“Selling Holder
Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that
were to be included in the withdrawn registration) as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of
the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses. Each Holder
shall bear all Selling Expenses relating to such Holder’s Registrable Securities that are registered pursuant to this Section 2. 

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

  
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 2.8 Indemnification. If any Registrable Securities are included in a registration
statement under this Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold
harmless each selling Holder, and the partners, members, managers, investment advisers, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act)
for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person,
or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided,
however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which
consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon any untrue statement (or alleged untrue statement) or omission (or alleged omission) in such
Registration Statement or any amendment thereof or supplement thereto, made in reliance upon and in conformity with written information furnished by or on behalf of such Holder, underwriter, controlling Person, or other aforementioned Person
expressly for use in such Registration Statement. 
 (b) To the extent permitted by law, each selling Holder, severally and not jointly,
will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and
accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each
case only to the extent that such Damages arise out of or are based upon any untrue statement (or alleged untrue statement) or omission (or alleged omission) in such Registration Statement or any amendment thereof or supplement thereto, made in
reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use therein; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other
expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this
Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the selling Holder, which consent shall not be unreasonably withheld; and
provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder
(net of any Selling Expenses paid by such Holder), except to the extent the Damages are finally determined in a final non-appealable order (or order for which no appeal is taken within the required time) of a
court of competent jurisdiction to have directly resulted from the willful misconduct or fraud of such Holder. 
 (c) Promptly after
receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such
indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to
participate in such action and, to the extent the indemnifying party so desires, 

  
 17 

 
participate jointly with any other indemnifying party to which notice has been given, and unless in such indemnified party’s good faith judgment (based upon advice of counsel) a conflict of
interest between such indemnified and indemnifying parties may exist with respect to such claim, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together
with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if in the indemnified party’s good
faith judgement (based upon advice of counsel), representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any
other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified
party under this Subsection 2.8, only to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Subsection 2.8. Notwithstanding anything to the contrary contained herein, the indemnifying party shall not, without the prior written consent of the
indemnified party, consent to entry of any judgment or enter into any settlement or other compromise with respect to any claim in respect of which indemnification or contribution may be or has been sought hereunder (whether or not any such
indemnified party is an actual or potential party to such action or claim) which does not include as an unconditional term thereof the giving by the claimant or plaintiff to the indemnified parties of a full release from all liability with respect
to such claim or which includes any admission as to fault or culpability or failure to act on the part of any indemnified party. 
 (d) To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection
2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in
such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which
indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others)
in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or
expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue
statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and
opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable
Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from

  
 18 

 
any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d),
when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except to the extent the Damages are
finally determined in a final non-appealable order (or order for which no appeal is taken within the required time) of a court of competent jurisdiction to have directly resulted from the willful misconduct or
fraud of such Holder. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained
in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement or any provision(s) of this Agreement. 
 (g) The obligations of the parties under this Subsection 2.8
shall be in addition to any liability which any party may otherwise have to any other party. 
 2.9 Reports Under Exchange Act.
With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a
registration on Form S-3, the Company shall: 
 (a) make and keep available adequate current public
information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b) use reasonable best efforts to file with the SEC in a timely manner (without giving effect to any extensions pursuant to Rule 12b-25 under the Exchange Act, as applicable) all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting
requirements); and 
 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to
the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the
IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form
S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such
other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting
requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

  
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 2.10 Limitations on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that
would (i) provide to such holder or prospective holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities (but without providing such holder or prospective holder
with any rights held by Deerfield that are not held by other Major Investors) or on a subordinate basis after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so
include, (ii) allow such holder or prospective holder to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the
extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included; or (iii) allow such holder or prospective holder to initiate a demand for registration of any securities
held by such holder or prospective holder; provided that this limitation shall not apply to Registrable Securities acquired by any additional Investor that becomes a party to this Agreement in accordance with Subsection 6.9.

 2.11 “Market Stand-off” Agreement. Each Holder hereby
agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its Common Stock in the IPO, and ending
on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or
contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for
Common Stock held immediately before the effective date of the registration statement under the Securities Act for the IPO or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this
Subsection 2.11 shall apply only to the IPO, shall not apply to (A) the sale of any shares to an underwriter pursuant to an underwriting agreement, (B) for the avoidance of doubt, the sale or other disposition (or any other
actions in respect) of any shares acquired in the IPO or in open market transactions upon or after the effective date of the registration statement under the Securities Act for the IPO, (C) any Permitted Transfer, provided that the transferees
agree to be bound in writing by the restrictions set forth herein, or (D) the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the
trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer in clause (D) shall not involve a disposition for value. The provisions of this Subsection 2.11 shall be
applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%)
of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection with such 

  
 20 

 
registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the
provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this
Subsection 2.11 or that are necessary to give further effect thereto. In no event shall any Holder be required to enter into any such lock-up agreement that contains less favorable material terms
than the material terms offered to any other stockholder. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements,
based on the number of shares subject to such agreements. 
 2.12 Restrictions on Transfer. 

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

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

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities to be effected prior to the effective date of the registration statement under the Securities Act for the IPO, unless there is in effect
a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the
manner and circumstances of the proposed 

  
 21 

 
sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal
counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no
action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or
(iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the
Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or
“no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided
that, prior to the effective date of the registration statement under the Securities Act for the IPO, each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book entry
representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such
certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities
Act. 
 2.13 Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable
Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate on the earliest to occur of: 
 (a) the
closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, unless the occurrence of any such Deemed Liquidation Event is waived in accordance with Section 2.3.1 of the Certificate of Incorporation; 

(b) such time after consummation of the IPO as SEC Rule 144 or another similar exemption under the Securities Act is available for the sale
of all of such Holder’s shares without limitation during a three-month period without registration and without any “current public information” requirement; provided until Deerfield and its Affiliates hold, in the aggregate,
less than ten percent (10%) of the Company’s capital stock then outstanding on a fully-diluted to Common Stock basis, Deerfield’s and its successors’ and assigns’ rights hereunder shall continue until they expire in accordance
with Subsection 2.13(c); or 
 (c) the sixth anniversary of the IPO; provided that if Deerfield or its Affiliates at the time of the
sixth (6th) anniversary of the IPO hold, together in the aggregate, at least ten percent (10%) of the Company’s capital stock then outstanding on a fully-diluted to Common Stock basis, then, notwithstanding anything herein to the contrary, the
right of Deerfield to include Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall continue and terminate upon the eighth (8th) anniversary of the IPO. 

  
 22 

 3. Information Rights and Observer Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor, provided that the Board of Directors has not
reasonably determined that such Major Investor is a Competitor of the Company: 
 (a) as soon as practicable, but in any event within one
hundred twenty (120) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts
as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in Subsection 3.1(e)) for such year, with an explanation of any material differences between such amounts and a
schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year. All such financial statements shall, if required by the Board of Directors, be audited and
certified by independent public accountants of nationally recognized standing selected by the Board of Directors; 
 (b) as soon as
practicable, but in any event within forty-five (45) days after the end of each of the first three quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such
fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of
each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock
issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet
issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial officer or chief executive officer of
the Company as being true, complete, and correct; 
 (d) as soon as practicable, but in any event within thirty (30) days of the end
of each month (commencing with the first month that starts after the date of this Agreement), an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of
the end of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that
may be required in accordance with GAAP); 

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

(f) such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major
Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information (i) that the Company reasonably determines in good faith to be a
trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company
and its counsel. 
 If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in
respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in
this Subsection 3.1 during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with
the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its
commercially reasonable efforts to cause such registration statement to become effective. 
 3.2 Inspection. The Company shall permit
each Major Investor (provided that the Board of Directors has not reasonably determined that such Major Investor is a Competitor), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of
account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the
Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an
enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

3.3 Observer Rights. As long as Bain owns not less than twenty-five percent (25%) of the shares of the Series B Preferred Stock it is
purchasing under the Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Bain 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 information and materials that it provides to its directors; provided, however, that (i) such representative shall agree to hold in
confidence all information so provided, (ii) such representative does not serve as an employee, director or board observer of, or as a consultant to, any Competitor of the Company, and (iii) that the Company reserves the right to withhold
any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in
disclosure of trade secrets or a conflict of interest, or if such representative is a Competitor of the Company. 

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

3.5 Confidentiality. 

(a) Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to
monitor or make decisions with respect to its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration
statement) (“Confidential Information”), unless such Confidential Information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor), (b) is or
has been independently developed or conceived by such Investor without use of the Company’s confidential information, (c) is or has been made known or disclosed to such Investor by a third party without a breach of any obligation of
confidentiality such third party may have to the Company, or (d) is disclosed or made available to such Investor (or any of its Affiliates, agents or representatives) in breach of any of the provisions hereof (including the provisions of
Subsection 6.13); provided, however, that an Investor may disclose Confidential Information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in
connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.5;
(iii) to any existing or prospective Affiliate, partner, member, manager, investment adviser, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such
information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, regulation, rule, court order or subpoena, provided that such Investor promptly notifies the
Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. 
 (b) Notwithstanding the
foregoing, the Company hereby acknowledges and agrees that each of the Fund Investors and their respective directors, officers or employees may serve as directors or officers of portfolio companies of investment funds managed by such Fund Investor,
and the Company agrees that such portfolio companies will not be deemed to have received Confidential Information of the Company solely because any such individual serves on the board or as an officer of such portfolio company. Furthermore, nothing
in this Agreement will be construed as a representation or agreement that any of the Fund Investors will not develop, receive or otherwise possess ideas, plans or other information which may be similar to that embodied in the Company’s
Confidential Information. The Company acknowledges that each Fund Investor’s review of Confidential Information of the Company will inevitably enhance its knowledge and understanding of the business of the Company in a way that cannot be
separated from such Investor’s other knowledge, and the Company agrees that this Agreement shall not restrict any of the Fund Investors use of such enhanced knowledge and understanding unaided by

  
 25 

 
direct use of Confidential Information of the Company in connection with the purchase, sale, consideration of and decisions related to other investments and serving on the boards of such
investments in such industries; provided, however, subject to the provisions of Subsection 5.9, each Investor acknowledges that its review of Confidential Information received pursuant to this Agreement is not a license to
exploit such Confidential Information, use such Confidential Information to compete with the Company or share such Confidential Information with portfolio companies of investment funds managed by such Investor or any of its Affiliates. 

4. Rights to Future Stock Issuances. 

4.1 Right of First Offer. 

(a) Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company proposes to offer or
sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among
(i) itself, (ii) its Affiliates and (iii) its beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is defined in Rule
13d-3 promulgated under the Exchange Act, of such Major Investor (“Investor Beneficial Owners”); provided that each such Affiliate or Investor Beneficial Owner (x) is not a
Competitor, unless such party’s purchase of New Securities is otherwise consented to by the Board of Directors, (y) agrees to enter into this Agreement and each of the Amended and Restated Voting Agreement of even date herewith among the
Company, the Investors and other parties named therein (the “Voting Agreement”) and the Amended and Restated Right of First Refusal and Co-Sale Agreement of even date herewith among the
Company, the Investors and the other parties named therein, as an “Investor” under each such agreement (provided that any Competitor shall not be entitled to any rights as a Major Investor under Subsections 3.1,
3.2 and 4.1 hereof). 
 (b) The Company shall give notice (the “Offer Notice”) to each Major Investor,
stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(c) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then
issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming
full conversion and/or exercise, as applicable, of all Preferred Stock and any other Derivative Securities then outstanding). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to
purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such
notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to
subscribe but that were not subscribed for by the Major Investors which 

  
 26 

 
is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative
Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities
then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(c) shall occur within the later of ninety (90) days of the date that the Offer Notice
is given and the date of initial sale of New Securities pursuant to Subsection 4.1(d). 
 (d) If all New Securities referred to in
the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(c), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(c), offer and
sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an
agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall
not be offered unless first reoffered to the Major Investors in accordance with this Subsection 4.1. 
 (e) The right of first offer
in this Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Certificate of Incorporation); and (ii) shares of Common Stock issued in the IPO. 

4.2 Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect
(i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as
such term is defined in the Certificate of Incorporation, whichever event occurs first. 
 5. Additional Covenants. 

5.1 Insurance. The Company shall use its commercially reasonable to maintain, from financially sound and reputable insurers Directors
and Officers liability insurance, each in an amount and on terms and conditions satisfactory to the Board of Directors, until such time as the Board of Directors determines that such insurance should be discontinued. Notwithstanding any other
provision herein to the contrary, for so long as a Preferred Director (as defined in the Certificate of Incorporation) is serving on the Board of Directors, the Company shall not cease to maintain a Directors and Officers liability insurance policy
in an amount of at least $3 million unless approved by the Preferred Directors, and the Company shall annually, if requested, deliver to the Investors holding Preferred Stock a certification that such a Directors and Officers liability
insurance policy remains in effect. 
 5.2 Employee Agreements. The Company will cause (i) each person now or hereafter employed
by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a confidential information and proprietary rights assignment
agreement; and (ii) each Key Employee to enter into a one (1) year noncompetition and nonsolicitation agreement, substantially in the form approved by the Board of Directors. In addition, the Company shall not amend, modify, terminate,
waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of at least one Series A Director. 

  
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 5.3 Employee Stock. Unless otherwise approved by the Board of Directors,
including at least one Series A Director, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to
execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first 25% of such shares vesting following twelve (12) months of continued employment or service,
and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially
similar to that in Subsection 2.11. Without the prior approval by the Board of Directors, including at least one Series A Director, the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any stock
purchase, stock restriction or option agreement with any existing employee or service provider if such amendment would cause it to be inconsistent with this Subsection 5.3. In addition, unless otherwise approved by the
Board of Directors, including at least one Series A Director, the Company shall retain (and not waive) a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested
shares at cost upon termination of employment of a holder of restricted stock. 
 5.4 Matters Requiring Investor Director Approval.
So long as the holders of Series A Preferred Stock are entitled to elect a Series A Director, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, which approval must
include the affirmative vote of at least one of the Series A Directors: 
 (a) make, or permit any subsidiary to make, any loan or advance
to, or own any stock or other securities of, any subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company; 

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

(c) guarantee, directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness except for trade
accounts of the Company or any subsidiary arising in the ordinary course of business; 
 (d) make any investment inconsistent with any
investment policy approved by the Board of Directors; 
 (e) incur any aggregate indebtedness in excess of $250,000 that is not already
included in a budget approved by the Board of Directors, other than trade credit incurred in the ordinary course of business; 
 (f)
otherwise enter into or be a party to any transaction with any director, officer, or employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any
such Person; 

  
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 (g) hire, terminate, or change the compensation of the executive officers, including
approving any option grants or stock awards to executive officers; 
 (h) change the principal business of the Company, enter new lines of
business, or exit the current line of business; 
 (i) sell, assign, license, pledge, or encumber material technology or intellectual
property, other than licenses granted in the ordinary course of business; or 
 (j) enter into any corporate strategic relationship
involving the payment, contribution, or assignment by the Company or to the Company of money or assets greater than $100,000. 
 5.5
Board Matters. Unless otherwise determined by the vote of a majority of the directors then in office, the Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the nonemployee
directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board
of Directors. 
 5.6 Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into
any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of
the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation or elsewhere, as
the case may be. 
 5.7 Expense of Counsel. In the event of a transaction which is a Sale of the Company (as defined in the Voting
Agreement), the reasonable fees and disbursements of one counsel for the Investors (“Investor Counsel”), in their capacities as stockholders, not to exceed $100,000 in the aggregate, shall be borne and paid by the Company. At the
outset of considering a transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor Counsel (and such counsel’s clients) and shall share the confidential information
(including, without limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other compensation agreements and plans)
pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of the Company. The Company shall be obligated to share (and cause the Company’s counsel and investment bankers
to share) such materials when distributed to the Company’s executives and/or any one or more of the other parties to such transaction(s). In the event that Investor Counsel deems it appropriate, in its reasonable discretion, to enter into a
joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney client privilege, the Company shall, and shall direct its counsel to, execute and
deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel. In the event that one or more of the other party or parties to such transactions require the clients of Investor Counsel
to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share whatever information can be shared without entry into such agreement and shall, at the same time, in good
faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the clients of Investor Counsel. 

  
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 5.8 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 an “Investor 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 “Investor Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Investor Director are
primary and any obligation of the Investor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Investor Director are secondary), (b) that it shall be required to advance the full amount
of expenses incurred by such Investor 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 Investor Director to the extent legally permitted and as
required by the Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Investor Director), without regard to any rights such Investor Director may have against the Investor Indemnitors, and,
(c) that it irrevocably waives, relinquishes and releases the Investor Indemnitors from any and all claims against the Investor Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further
agrees that no advancement or payment by the Investor Indemnitors on behalf of any such Investor Director with respect to any claim for which such Investor Director has sought indemnification from the Company shall affect the foregoing and the
Investor Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Investor Director against the Company. The Investor Directors and the Investor
Indemnitors are intended third-party beneficiaries of this Subsection 5.88 and shall have the right, power and authority to enforce the provisions of this Subsection 5.88 as though they were a
party to this Agreement.  
 5.9 Right to Conduct Activities. The Company hereby agrees and acknowledges that each of the Fund
Investors is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted). The Company
acknowledges that each of the Fund Investors reviews the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the
Company. The Company hereby agrees that, to the extent permitted under applicable law, no Fund Investor shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by such Fund Investor in any entity
competitive with the Company, (ii) service by any director, officer or employee of such Fund Investor as a director, board observer or officer of portfolio companies of investment funds managed by such Fund Investor, or (iii) actions taken
by any partner, officer or other representative of such Fund Investor 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 Fund Investor 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 

  
 30 

 
to the Company. Nothing in this Agreement shall preclude or in any way restrict any Fund Investor from evaluating or trading publicly marketed securities or evaluating, investing in or
participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company. 

5.10 Termination of Covenants. The covenants set forth in this Section 5, except for Subsections 5.66,
5.77, 5.88, and 5.99, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO (ii) when the Company first becomes subject to the periodic reporting requirements of
Section 12(g) or 15(d) of the Exchange Act, or (iii) upon the closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation, whichever event occurs first. 

6. Miscellaneous. 
 6.1
Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities (i) that is an Affiliate of a Holder; (ii) that is a
Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) that, after such transfer, holds at least 3% of such Holder’s Registrable
Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice
of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the
terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an
Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with
those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall, as a condition to the applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon
the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 
 6.2 Governing Law.
This Agreement (including any actions, claims and proceedings related hereto) shall be governed by the internal law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the
law of the State of Delaware. 
 6.3 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  

  
 31 

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

(a) General. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail during the recipient’s normal business hours, and if not sent during normal business
hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit
with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their
addresses as set forth on Schedule A or Schedule B (as applicable) hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address or address
as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, it shall be sent to Nuvalent, Inc., One Broadway, 14th Floor,
Cambridge, MA 02142, Attention: James Porter, CEO (jporter@nuvalent.com), with a copy to (which shall not constitute notice): Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210, Attention: Richard Hoffman (RHoffman@goodwinlaw.com); if notice
is given to Bain Capital Life Sciences LP, a copy (which shall not constitute notice) shall also be given to Choate Hall & Stewart LLP, Two International Place, Boston MA 02110, Attention: John R. Pitfield (jpitfield@choate.com); and if
notice is given to Deerfield, a copy (which shall not constitute notice) shall also be given to Katten Muchin Rosenman LLP, 525 West Monroe Street Chicago, Illinois 60661-3693, Attention: Mark D. Wood (mark.wood@katten.com). 

(b) Consent to Electronic Notice. Each Investor and Key Holder consents to the delivery of any stockholder notice pursuant to the
Delaware General Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address set forth below
such Investor’s or Key Holder’s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or
undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given.
Each Investor and Key Holder agrees to promptly notify the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing. 

6.6 Amendments and Waivers. 

(a) Any term of this Agreement may be amended, modified or terminated and the observance of any term of this Agreement may be waived (either
generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of at least a majority of the Registrable Securities then outstanding; provided, that,
(i) the amendment, modification or termination, or the waiver of observance, of any term of this Agreement that grants any rights to, or imposes any obligations on, Deerfield, the Fund Investors (including
Subsection 3.5(b) or 5.9) or the Major Investors (including Subsections 3.1 and 3.2, Section 4 and this Subsection 6.6(a)(i)) that are
distinct from those rights granted to or 

  
 32 

 
obligations imposed on the Holders of Registrable Shares generally shall require the written consent of the Majority Deerfield Investors, the Fund Investors holding a majority of the Registrable
Shares then outstanding held by such Fund Investors, or the Major Investors holding a majority of the Registrable Shares then outstanding held by such Major Investors, respectively, (ii) the amendment, modification or termination, or the waiver
of observance, of Subsections 1.2, 1.7, 1.16, 1.24, and 3.3 and this Subsection 6.6(a)(ii) with respect to Bain shall require the consent of Bain, (iii) without limiting the provisions in respect of
Deerfield set forth in Subsection 6.6(a)(i), the amendment, modification or termination, or the waiver of observance, of Subsection 1.7, 1.9, 1.16, 1.24, 1.25, 1.33, 1.35, 2.11,
6.6(a)(i), 6.13 or 6.14 or this Subsection 6.6(a)(iii) with respect to Deerfield shall require the written consent of the Majority Deerfield Investors, (iv) the amendment, modification or termination,
or the waiver of observance, of Subsections 1.7, 1.15 and 1.23 and this Subsection 6.6(a)(iv) with respect to Wellington shall require the consent of Wellington, (v) the Company may in its sole discretion waive
compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver),
and (vi) any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended, modified or terminated and the
observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor unless such amendment, modification, termination, or waiver applies to all Investors in the same fashion (it being agreed that
a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain
Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). 
 (b) Further, this Agreement may not
be amended, modified or terminated and no provision hereof may be waived, in each case, in any way which would materially adversely affect the rights of the Key Holders hereunder in a manner disproportionate to any material adverse effect such
amendment, modification, termination or waiver would have on the rights of the Investors hereunder, without also the written consent of the holders of at least a majority of the Registrable Securities held by the Key Holders. Notwithstanding the
foregoing, Schedule A hereto may be amended by the Company from time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other parties; and Schedule A
hereto may also be amended by the Company after the date of this Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9.
The Company shall give prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination, or waiver. Any amendment, modification,
termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of
this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

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

  
 33 

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

6.9 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Series
B Preferred Stock after the date hereof pursuant to the Purchase Agreement, any purchaser of such shares of Series B Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this
Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor
has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 6.10 Entire Agreement. This
Agreement (including any Schedules and Exhibits hereto) together with the other Transaction Agreements (as defined in the Purchase Agreement) constitutes the full and entire understanding and agreement among the parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and
superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect. 
 6.11 Dispute Resolution.
The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or
other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District
Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or
the subject matter hereof may not be enforced in or by such court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION AGREEMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING
NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER
WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

  
 34 

 Each party will bear its own costs in respect of any disputes arising under this Agreement.
Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the District of Delaware or any court of the State of Delaware having subject matter jurisdiction. 

6.12 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon
any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or
to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law
or otherwise afforded to any party, shall be cumulative and not alternative. 
 6.13 MNPI. The Company acknowledges that none of the
Fund Investors desires to receive any MNPI, and the Company agrees that it will not disclose any such information to any Fund Investor without such Fund Investor’s prior written consent; provided, however, that nothing in this
Subsection 6.13 shall apply to the provision of information, whether MNPI or otherwise to any officer, director, employee of or advisor to the Company, in his or her capacity as such, whether or not such officer, director
or employee of or advisor to the Company also is a director, officer or employee of or advisor to a Fund Investor, any investment funds managed by such Fund Investor or any portfolio companies of such investment funds. Without limiting the
foregoing, and notwithstanding anything in this Agreement to the contrary, in the event that the Company believes that a notice or communication required by this Agreement to be delivered to any Fund Investor contains MNPI, the Company shall so
indicate to such Fund Investor prior to the delivery of such notice or communication, and such indication shall provide such Fund Investor the means to refuse to receive such notice or communication; and in the absence of any such indication, the
Fund Investors and their respective Affiliates, agents and representatives shall be allowed to presume that all matters relating to such notice or communication do not constitute MNPI. In furtherance of (but without limiting) the foregoing, at any
time on or after the effective date of the registration statement relating to the IPO, any Fund Investor may deliver written notice (an “Opt-Out Notice”) to the Company requesting that such
Fund Investor thereafter not receive notices from the Company otherwise required by Section 2 of this Agreement; provided, however, that such Fund Investor may later revoke any such
Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from any Fund Investor (unless such Opt-Out Notice is
subsequently revoked), the Company shall not deliver any such notices to such Fund Investor, and such Fund Investor shall no longer be entitled to the rights associated with any such notice or conditioned upon the receipt of or response to any such
notice. The Company acknowledges and agrees that, notwithstanding any other provision of this Agreement, no Fund Investor owes any duty of trust or confidence with respect to, or any duty to refrain from trading in any securities while aware of, any
MNPI disclosed to any Fund Investor in breach of the provisions of this Subsection 6.13. 

  
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 6.14 Revenue Sharing Agreements. Bain and the other Investors agree and acknowledge
that each of the Revenue Sharing Agreements, as such exist as of the date hereof, shall continue “as is” and be of full force and effect subsequent to the closing of the transactions contemplated by the Purchase Agreement and other
Transaction Documents. 
 6.15 Rules of Construction. Unless the context otherwise requires, (i) all references to Sections,
Schedules or Exhibits are to Sections, Schedules or Exhibits contained in or attached to this Agreement, (ii) words in the singular or plural include the singular and plural, and pronouns stated in either the masculine, the feminine or neuter
gender shall include the masculine, feminine and neuter, and (iii) the use of the word “including” or “includes” in this Agreement shall be by way of example rather than limitation. 

6.16 Effect on Prior Agreement. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and
superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect. 
 [Remainder of Page Intentionally
Left Blank] 

  
 36 

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

			
	NUVALENT, INC.
		
	By:	 	/s/ James R. Porter
	Name:	 	James R. Porter
	 Title:
	 	 Chief Executive Officer

 SIGNATURE PAGE TO AMENDED
AND RESTATED INVESTORS’ RIGHTS AGREEMENTEX-10.1

 Exhibit 10.1 

NUVALENT, INC. 
 2017
STOCK OPTION AND GRANT PLAN 
  

	SECTION 1.	 GENERAL PURPOSE OF THE PLAN; DEFINITIONS 

The name of the plan is the Nuvalent, Inc. 2017 Stock Option and Grant Plan (the “Plan”). The purpose of the Plan is to encourage and
enable the officers, employees, directors, Consultants and other key persons of Nuvalent, Inc., a Delaware corporation (including any successor entity, the “Company”) and its Subsidiaries, upon whose judgment, initiative and efforts
the Company largely depends for the successful conduct of its business, to acquire a proprietary interest in the Company. 
 The following
terms shall be defined as set forth below: 
 “Affiliate” of any Person means a Person that directly or indirectly, through
one or more intermediaries, controls, is controlled by or is under common control with the first mentioned Person. A Person shall be deemed to control another Person if such first Person possesses directly or indirectly the power to direct, or cause
the direction of, the management and policies of the second Person, whether through the ownership of voting securities, by contract or otherwise. 

“Award” or “Awards,” except where referring to a particular category of grant under the Plan, shall include
Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units or any combination of the foregoing. 

“Award Agreement” means a written or electronic agreement setting forth the terms and provisions applicable to
an Award granted under the Plan. Each Award Agreement may contain terms and conditions in addition to those set forth in the Plan; provided, however, in the event of any conflict in the terms of the Plan and the Award Agreement, the
terms of the Plan shall govern. 
 “Board” means the Board of Directors of the Company. 

“Cause” shall have the meaning as set forth in the Award Agreement(s). In the case that any Award Agreement does not contain
a definition of “Cause,” it shall mean (i) the grantee’s dishonest statements or acts with respect to the Company or any Affiliate of the Company, or any current or prospective customers, suppliers vendors or other third parties
with which such entity does business; (ii) the grantee’s commission of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the grantee’s failure to perform his assigned
duties and responsibilities to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment of the Company, after written notice given to the grantee by the Company; (iv) the grantee’s gross negligence,
willful misconduct or insubordination with respect to the Company or any Affiliate of the Company; or (v) the grantee’s material violation of any provision of any agreement(s) between the grantee and the Company relating to noncompetition,
nonsolicitation, nondisclosure and/or assignment of inventions. 

 “Chief Executive Officer” means the Chief Executive Officer of the Company
or, if there is no Chief Executive Officer, then the President of the Company. 
 “Code” means the Internal Revenue Code of
1986, as amended, and any successor Code, and related rules, regulations and interpretations. 
 “Committee” means the
Committee of the Board referred to in Section 2. 
 “Consultant” means any natural person that provides bona fide
services to the Company (including a Subsidiary), and such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s
securities. 
 “Disability” means “disability” as defined in Section 422(c) of the Code. 

“Effective Date” means the date on which the Plan is adopted as set forth on the final page of the Plan. 

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

“Fair Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by the
Committee based on the reasonable application of a reasonable valuation method not inconsistent with Section 409A of the Code. If the Stock is admitted to trade on a national securities exchange, the determination shall be made by reference to
the closing price reported on such exchange. If there is no closing price for such date, the determination shall be made by reference to the last date preceding such date for which there is a closing price. If the date for which Fair Market Value is
determined is the first day when trading prices for the Stock are reported on a national securities exchange, the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the cover page for the final prospectus
relating to the Company’s Initial Public Offering. 
 “Good Reason” shall have the meaning as set forth in the Award
Agreement(s). In the case that any Award Agreement does not contain a definition of “Good Reason,” it shall mean (i) a material diminution in the grantee’s base salary except for across-the-board salary reductions similarly affecting all or substantially all similarly situated employees of the Company or (ii) a change of more than 50 miles in the geographic location at which the
grantee provides services to the Company, so long as the grantee provides at least 90 days notice to the Company following the initial occurrence of any such event and the Company fails to cure such event within 30 days thereafter. 

“Grant Date” means the date that the Committee designates in its approval of an Award in accordance with applicable law as
the date on which the Award is granted, which date may not precede the date of such Committee approval. 
 “Holder” means,
with respect to an Award or any Shares, the Person holding such Award or Shares, including the initial recipient of the Award or any Permitted Transferee. 

  
 2 

 “Incentive Stock Option” means any Stock Option designated and qualified as
an “incentive stock option” as defined in Section 422 of the Code. 
 “Initial Public Offering” means the
consummation of the first firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act covering the offer and sale by the Company of its equity securities, as a result of or following which
the Stock shall be publicly held. 
 “Non-Qualified Stock Option” means any Stock
Option that is not an Incentive Stock Option. 
 “Option” or “Stock Option” means any option to purchase
shares of Stock granted pursuant to Section 5. 
 “Permitted Transferees” shall mean any of the following to whom a
Holder may transfer Shares hereunder (as set forth in Section 9(a)(ii)(A)): the Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Holder’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial
interest, a foundation in which these persons control the management of assets, and any other entity in which these persons own more than fifty percent of the voting interests; provided, however, that any such trust does
not require or permit distribution of any Shares during the term of the Award Agreement unless subject to its terms. Upon the death of the Holder, the term Permitted Transferees shall also include such deceased Holder’s estate, executors,
administrators, personal representatives, heirs, legatees and distributees, as the case may be. 
 “Person” shall mean any
individual, corporation, partnership (limited or general), limited liability company, limited liability partnership, association, trust, joint venture, unincorporated organization or any similar entity. 

“Restricted Stock Award” means Awards granted pursuant to Section 6 and “Restricted Stock” means Shares
issued pursuant to such Awards. 
 “Restricted Stock Unit” means an Award of phantom stock units to a grantee, which may be
settled in cash or Shares as determined by the Committee, pursuant to Section 8. 
 “Sale Event” means the
consummation of (i) the dissolution or liquidation of the Company, (ii) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or
consolidation pursuant to which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if
applicable), (iv) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a Person or group of Persons, or (v) any other acquisition of the business of
the Company, as determined by the Board; provided, however, that the Company’s Initial Public Offering, any subsequent public offering or another capital raising event, or a merger effected solely to change the
Company’s domicile shall not constitute a “Sale Event.” 

  
 3 

 “Section 409A” means Section 409A of the Code and
the regulations and other guidance promulgated thereunder. 
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations thereunder. 
 “Service Relationship” means any relationship as a full-time
employee, part-time employee, director or other key person (including Consultants) of the Company or any Subsidiary or any successor entity (e.g., a Service Relationship shall be deemed to continue without interruption in the event an
individual’s status changes from full-time employee to part-time employee or Consultant). 
 “Shares” means shares of
Stock. 
 “Stock” means the Common Stock, par value $0.0001 per share, of the Company. 

“Subsidiary” means any corporation or other entity (other than the Company) in which the Company has more than a
50 percent interest, either directly or indirectly. 
 “Ten Percent Owner” means an employee who owns or is deemed to
own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent of the Company or any Subsidiary. 

“Termination Event” means the termination of the Award recipient’s Service Relationship with the Company and its
Subsidiaries for any reason whatsoever, regardless of the circumstances thereof, and including, without limitation, upon death, disability, retirement, discharge or resignation for any reason, whether voluntarily or involuntarily. The following
shall not constitute a Termination Event: (i) a transfer to the service of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another Subsidiary or (ii) an approved leave of absence for military
service or sickness, or for any other purpose approved by the Committee, if the individual’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which
the leave of absence was granted or if the Committee otherwise so provides in writing. 
 “Unrestricted Stock Award” means
any Award granted pursuant to Section 7 and “Unrestricted Stock” means Shares issued pursuant to such Awards. 
  

	SECTION 2.	 ADMINISTRATION OF PLAN; COMMITTEE AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

 (a) Administration of Plan. The Plan shall be administered by the Board, or at the discretion of the Board,
by a committee of the Board, comprised of not less than two directors. All references herein to the “Committee” shall be deemed to refer to the group then responsible for administration of the Plan at the relevant time (i.e., either the
Board of Directors or a committee or committees of the Board, as applicable). 
 (b) Powers of Committee. The Committee shall have
the power and authority to grant Awards consistent with the terms of the Plan, including the power and authority: 

  
 4 

 (i) to select the individuals to whom Awards may from time to time be granted; 

(ii) to determine the time or times of grant, and the amount, if any, of Incentive Stock Options,
Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units, or any combination of the foregoing, granted to any one or more grantees; 

(iii) to determine the number of Shares to be covered by any Award and, subject to the provisions of the Plan, the price, exercise price,
conversion ratio or other price relating thereto; 
 (iv) to determine and, subject to Section 12, to modify from time to time the
terms and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the form of Award Agreements; 

(v) to accelerate at any time the exercisability or vesting of all or any portion of any Award; 

(vi) to impose any limitations on Awards, including limitations on transfers, repurchase provisions and the like, and to exercise repurchase
rights or obligations; 
 (vii) subject to Section 5(a)(ii) and any restrictions imposed by Section 409A, to extend at any time
the period in which Stock Options may be exercised; and 
 (viii) at any time to adopt, alter and repeal such rules, guidelines and
practices for administration of the Plan and for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including Award Agreements); to make all determinations it deems advisable for
the administration of the Plan; to decide all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan. 

All decisions and interpretations of the Committee shall be binding on all persons, including the Company and all Holders. 

(c) Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
for each Award. 
 (d) Indemnification. Neither the Board nor the Committee, nor any member of either or any delegate thereof, shall
be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any delegate thereof) shall be entitled in all cases to
indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under the
Company’s governing documents, including its certificate of incorporation or bylaws, or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between
such individual and the Company. 

  
 5 

 (e) Foreign Award Recipients. Notwithstanding any provision of the Plan to the
contrary, in order to comply with the laws in other countries in which the Company and any Subsidiary operate or have employees or other individuals eligible for Awards, the Committee, in its sole discretion, shall have the power and authority to:
(i) determine which Subsidiaries, if any, shall be covered by the Plan; (ii) determine which individuals, if any, outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award
granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary
or advisable (and such subplans and/or modifications shall be attached to the Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitation contained in Section 3(a) hereof;
and (v) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. 

 

	SECTION 3.	 STOCK ISSUABLE UNDER THE PLAN; MERGERS AND OTHER TRANSACTIONS; SUBSTITUTION

 (a) Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be
2,000,000 Shares, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the
issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for
issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 10,000,000 Shares may be issued pursuant to Incentive Stock Options. The
Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than
2,000,000 Shares shall be granted to any one individual in any calendar year period. 
 (b) Changes in Stock. Subject to
Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding Shares are increased
or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional Shares or new or different shares or other securities of the Company or other non-cash
assets are distributed with respect to such Shares or other securities, in each case, without the receipt of consideration by the Company, or, if, as a result of any merger or consolidation, or sale of all or substantially all of the assets of the
Company, the outstanding Shares are converted into or exchanged for other securities of the Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate and proportionate adjustment in (i) the
maximum number of Shares reserved for issuance under the Plan, (ii) the number and kind of Shares or other securities subject to any then outstanding 

  
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Awards under the Plan, (iii) the repurchase price, if any, per Share subject to each outstanding Award, and (iv) the exercise price for each Share subject to any then outstanding Stock
Options under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied by the number of Stock Options) as to which such Stock Options remain exercisable. The Committee shall in any event make such adjustments as
may be required by Section 25102(o) of the California Corporation Code and the rules and regulations promulgated thereunder. The adjustment by the Committee shall be final, binding and conclusive. No fractional Shares shall be issued under the
Plan resulting from any such adjustment, but the Committee in its discretion may make a cash payment in lieu of fractional shares. 
 (c)
Sale Events. 
 (i) Options. 

(A) In the case of and subject to the consummation of a Sale Event, the Plan and all outstanding Options issued hereunder shall
terminate upon the effective time of any such Sale Event unless assumed or continued by the successor entity, or new stock options or other awards of the successor entity or parent thereof are substituted therefor, with an equitable or proportionate adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree (after taking into account any
acceleration hereunder and/or pursuant to the terms of any Award Agreement). 
 (B) In the event of the termination of the
Plan and all outstanding Options issued hereunder pursuant to Section 3(c), each Holder of Options shall be permitted, within a period of time prior to the consummation of the Sale Event as specified by the Committee, to exercise all such
Options which are then exercisable or will become exercisable as of the effective time of the Sale Event; provided, however, that the exercise of Options not exercisable prior to the Sale Event shall be subject to the consummation of
the Sale Event. 
 (C) Notwithstanding anything to the contrary in Section 3(c)(i)(A), in the event of a Sale Event, the
Company shall have the right, but not the obligation, to make or provide for a cash payment to the Holders of Options, without any consent of the Holders, in exchange for the cancellation thereof, in an amount equal to the difference between
(A) the value as determined by the Committee of the consideration payable per share of Stock pursuant to the Sale Event (the “Sale Price”) times the number of Shares subject to outstanding Options being cancelled (to the extent then
vested and exercisable, including by reason of acceleration in connection with such Sale Event, at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding vested and exercisable Options. 

(ii) Restricted Stock and Restricted Stock Unit Awards. 

(A) In the case of and subject to the consummation of a Sale Event, all unvested Restricted Stock and unvested Restricted Stock
Unit Awards (other than those becoming vested as a result of the Sale Event) issued hereunder shall be forfeited 

  
 7 

 
immediately prior to the effective time of any such Sale Event unless assumed or continued by the successor entity, or awards of the successor entity or parent thereof are substituted therefor,
with an equitable or proportionate adjustment as to the number and kind of shares subject to such awards as such parties shall agree (after taking into account any acceleration hereunder and/or pursuant to the terms of any Award Agreement). 

(B) In the event of the forfeiture of Restricted Stock pursuant to Section 3(c)(ii)(A), such Restricted Stock shall be
repurchased from the Holder thereof at a price per share equal to the original per share purchase price paid by the Holder (subject to adjustment as provided in Section 3(b)) for such Shares. 

(C) Notwithstanding anything to the contrary in Section 3(c)(ii)(A), in the event of a Sale Event, the Company shall have
the right, but not the obligation, to make or provide for a cash payment to the Holders of Restricted Stock or Restricted Stock Unit Awards, without consent of the Holders, in exchange for the cancellation thereof, in an amount equal to the Sale
Price times the number of Shares subject to such Awards, to be paid at the time of such Sale Event or upon the later vesting of such Awards. 
  

	SECTION 4.	 ELIGIBILITY 

Grantees under the Plan will be such full or part-time officers and other employees, directors, Consultants and key persons of the Company and
any Subsidiary who are selected from time to time by the Committee in its sole discretion; provided, however, that Awards shall be granted only to those individuals described in Rule 701(c) of the Securities Act. 

 

	SECTION 5.	 STOCK OPTIONS 

Upon the grant of a Stock Option, the Company and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award
Agreement shall be determined by the Committee, and such terms and conditions may differ among individual Awards and grantees. 
 Stock
Options granted under the Plan may be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the Company or any Subsidiary that is a
“subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock
Option. 
 (a) Terms of Stock Options. The Committee in its discretion may grant Stock Options to those individuals who meet the
eligibility requirements of Section 4. Stock Options shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem
desirable. 
 (i) Exercise Price. The exercise price per share for the Shares covered by a Stock Option shall be determined by the
Committee at the time of grant but shall not be less than 100 percent of the Fair Market Value on the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the exercise price per share for the Shares
covered by such Incentive Stock Option shall not be less than 110 percent of the Fair Market Value on the Grant Date. 

  
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 (ii) Option Term. The term of each Stock Option shall be fixed by the Committee, but
no Stock Option shall be exercisable more than ten years from the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such Stock Option shall be no more than five years from the Grant Date. 

(iii) Exercisability; Rights of a Stockholder. Stock Options shall become exercisable and/or vested at such time or times, whether or
not in installments, as shall be determined by the Committee at or after the Grant Date. The Award Agreement may permit a grantee to exercise all or a portion of a Stock Option immediately at grant; provided that the Shares issued upon such exercise
shall be subject to restrictions and a vesting schedule identical to the vesting schedule of the related Stock Option, such Shares shall be deemed to be Restricted Stock for purposes of the Plan, and the optionee may be required to enter into an
additional or new Award Agreement as a condition to exercise of such Stock Option. An optionee shall have the rights of a stockholder only as to Shares acquired upon the exercise of a Stock Option and not as to unexercised Stock Options. An optionee
shall not be deemed to have acquired any Shares unless and until a Stock Option shall have been exercised pursuant to the terms of the Award Agreement and this Plan and the optionee’s name has been entered on the books of the Company as a
stockholder. 
 (iv) Method of Exercise. Stock Options may be exercised by an optionee in whole or in part, by the optionee giving
written or electronic notice of exercise to the Company, specifying the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the following methods (or any combination thereof) to the extent provided in the
Award Agreement: 
 (A) In cash, by certified or bank check, by wire transfer of immediately available funds, or other
instrument acceptable to the Committee; 
 (B) If permitted by the Committee, by the optionee delivering to the Company a
promissory note, if the Board has expressly authorized the loan of funds to the optionee for the purpose of enabling or assisting the optionee to effect the exercise of his or her Stock Option; provided, that at least so much of the exercise
price as represents the par value of the Stock shall be paid in cash if required by state law; 
 (C) If permitted by the
Committee and the Initial Public Offering has occurred (or the Stock otherwise becomes publicly-traded), through the delivery (or attestation to the ownership) of Shares that have been purchased by the optionee on the open market or that are
beneficially owned by the optionee and are not then subject to restrictions under any Company plan. To the extent required to avoid variable accounting treatment under ASC 718 or other applicable accounting rules, such surrendered Shares if
originally purchased from the Company shall have been owned by the optionee for at least six months. Such surrendered Shares shall be valued at Fair Market Value on the exercise date; 

  
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 (D) If permitted by the Committee and the Initial Public Offering has
occurred (or the Stock otherwise becomes publicly-traded), by the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable
and acceptable to the Company for the purchase price; provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures and enter into such agreements of
indemnity and other agreements as the Committee shall prescribe as a condition of such payment procedure; or 
 (E) If
permitted by the Committee, and only with respect to Stock Options that are not Incentive Stock Options, by a “net exercise” arrangement pursuant to which the Company will reduce the number of Shares issuable upon exercise by the largest
whole number of Shares with a Fair Market Value that does not exceed the aggregate exercise price. 
 Payment instruments will be received
subject to collection. No certificates for Shares so purchased will be issued to the optionee or, with respect to uncertificated Stock, no transfer to the optionee on the records of the Company will take place, until the Company has completed all
steps it has deemed necessary to satisfy legal requirements relating to the issuance and sale of the Shares, which steps may include, without limitation, (i) receipt of a representation from the optionee at the time of exercise of the Option
that the optionee is purchasing the Shares for the optionee’s own account and not with a view to any sale or distribution of the Shares or other representations relating to compliance with applicable law governing the issuance of securities,
(ii) the legending of the certificate (or notation on any book entry) representing the Shares to evidence the foregoing restrictions, and (iii) obtaining from optionee payment or provision for all withholding taxes due as a result of the
exercise of the Option. The delivery of certificates representing the shares of Stock (or the transfer to the optionee on the records of the Company with respect to uncertificated Stock) to be purchased pursuant to the exercise of a Stock Option
will be contingent upon (A) receipt from the optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option) by the Company of the full purchase price for such Shares and the fulfillment of any other
requirements contained in the Award Agreement or applicable provisions of laws and (B) if required by the Company, the optionee shall have entered into any stockholders agreements or other agreements with the Company and/or certain other of the
Company’s stockholders relating to the Stock. In the event an optionee chooses to pay the purchase price by previously-owned Shares through the attestation method, the number of Shares transferred to the optionee upon the exercise of the Stock
Option shall be net of the number of Shares attested to. 
 (b) Annual Limit on Incentive Stock Options. To the extent required for
“incentive stock option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the Grant Date) of the Shares with respect to which Incentive Stock Options granted under the Plan and any other plan
of the Company or its parent and any Subsidiary that become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000 or such other limit as may be in effect from time to time under Section 422 of the
Code. To the extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option. 

  
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	SECTION 6.	 RESTRICTED STOCK AWARDS 

(a) Nature of Restricted Stock Awards. The Committee may, in its sole discretion, grant (or sell at par value or such other purchase
price determined by the Committee) to an eligible individual under Section 4 hereof a Restricted Stock Award under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted Stock Award at the time of
grant. Conditions may be based on continuing employment (or other Service Relationship), achievement of pre-established performance goals and objectives and/or such other criteria as the Committee may
determine. Upon the grant of a Restricted Stock Award, the Company and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Committee, and such terms and conditions may
differ among individual Awards and grantees. 
 (b) Rights as a Stockholder. Upon the grant of the Restricted Stock Award and payment
of any applicable purchase price, a grantee of Restricted Stock shall be considered the record owner of and shall be entitled to vote the Restricted Stock if, and to the extent, such Shares are entitled to voting rights, subject to such conditions
contained in the Award Agreement. The grantee shall be entitled to receive all dividends and any other distributions declared on the Shares; provided, however, that the Company is under no duty to declare any such dividends or to make
any such distribution. Unless the Committee shall otherwise determine, certificates evidencing the Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided in subsection (d) below of this
Section, and the grantee shall be required, as a condition of the grant, to deliver to the Company a stock power endorsed in blank and such other instruments of transfer as the Committee may prescribe. 

(c) Restrictions. Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as
specifically provided herein or in the Award Agreement. Except as may otherwise be provided by the Committee either in the Award Agreement or, subject to Section 12 below, in writing after the Award Agreement is issued, if a grantee’s
Service Relationship with the Company and any Subsidiary terminates, the Company or its assigns shall have the right, as may be specified in the relevant instrument, to repurchase some or all of the Shares subject to the Award at such purchase price
as is set forth in the Award Agreement. 
 (d) Vesting of Restricted Stock. The Committee at the time of grant shall specify in the
Award Agreement the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the substantial risk of forfeiture imposed shall lapse and the Restricted
Stock shall become vested, subject to such further rights of the Company or its assigns as may be specified in the Award Agreement. 
  

	SECTION 7.	 UNRESTRICTED STOCK AWARDS 

The Committee may, in its sole discretion, grant (or sell at par value or such other purchase price determined by the Committee) to an eligible
person under Section 4 hereof an Unrestricted Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation due to such grantee. 

  
 11 

	SECTION 8.	 RESTRICTED STOCK UNITS 

(a) Nature of Restricted Stock Units. The Committee may, in its sole discretion, grant to an eligible person under Section 4 hereof
Restricted Stock Units under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted Stock Unit at the time of grant. Vesting conditions may be based on continuing employment (or other Service
Relationship), achievement of pre-established performance goals and objectives and/or other such criteria as the Committee may determine. Upon the grant of Restricted Stock Units, the grantee and the Company
shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Committee and may differ among individual Awards and grantees. On or promptly following the vesting date or dates applicable to any
Restricted Stock Unit, but in no event later than March 15 of the year following the year in which such vesting occurs, such Restricted Stock Unit(s) shall be settled in the form of cash or shares of Stock, as specified in the Award Agreement.
Restricted Stock Units may not be sold, assigned, transferred, pledged, or otherwise encumbered or disposed of. 
 (b) Rights as a
Stockholder. A grantee shall have the rights of a stockholder only as to Shares, if any, acquired upon settlement of Restricted Stock Units. A grantee shall not be deemed to have acquired any such Shares unless and until the Restricted Stock
Units shall have been settled in Shares pursuant to the terms of the Plan and the Award Agreement, the Company shall have issued and delivered a certificate representing the Shares to the grantee (or transferred on the records of the Company with
respect to uncertificated stock), and the grantee’s name has been entered in the books of the Company as a stockholder. 
 (c)
Termination. Except as may otherwise be provided by the Committee either in the Award Agreement or in writing after the Award Agreement is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically
terminate upon the grantee’s cessation of Service Relationship with the Company and any Subsidiary for any reason. 
  

	SECTION 9.	 TRANSFER RESTRICTIONS; COMPANY RIGHT OF FIRST REFUSAL; COMPANY REPURCHASE RIGHTS

 (a) Restrictions on Transfer. 

(i) Non-Transferability of Stock Options. Stock Options and, prior to exercise, the Shares
issuable upon exercise of such Stock Option, shall not be transferable by the optionee otherwise than by will, or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the optionee’s lifetime, only by the
optionee, or by the optionee’s legal representative or guardian in the event of the optionee’s incapacity. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide in the Award Agreement regarding a given Stock
Option that the optionee may transfer by gift, without consideration for the transfer, his or her Non-Qualified Stock Options to his or her family members (as defined in Rule 701 of the Securities Act), to
trusts for the benefit of such family members, or to partnerships in which such family members are the only partners (to the extent such trusts or partnerships are considered “family members” for purposes of Rule 701 of the Securities
Act), provided that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable Award Agreement, including the execution of a 

  
 12 

 
stock power upon the issuance of Shares. Stock Options, and the Shares issuable upon exercise of such Stock Options, shall be restricted as to any pledge, hypothecation, or other transfer,
including any short position, any “put equivalent position” (as defined in the Exchange Act) or any “call equivalent position” (as defined in the Exchange Act) prior to exercise. 

(ii) Shares. No Shares shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of or
encumbered, whether voluntarily or by operation of law, unless (i) the transfer is in compliance with the terms of the applicable Award Agreement, all applicable securities laws (including, without limitation, the Securities Act), and with the
terms and conditions of this Section 9, (ii) the transfer does not cause the Company to become subject to the reporting requirements of the Exchange Act, and (iii) the transferee consents in writing to be bound by the provisions of the
Plan and the Award Agreement, including this Section 9. In connection with any proposed transfer, the Committee may require the transferor to provide at the transferor’s own expense an opinion of counsel to the transferor, satisfactory to
the Committee, that such transfer is in compliance with all foreign, federal and state securities laws (including, without limitation, the Securities Act). Any attempted transfer of Shares not in accordance with the terms and conditions of this
Section 9 shall be null and void, and the Company shall not reflect on its records any change in record ownership of any Shares as a result of any such transfer, shall otherwise refuse to recognize any such transfer and shall not in any way
give effect to any such transfer of Shares. The Company shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity including, without limitation, seeking specific performance or the rescission of
any transfer not made in strict compliance with the provisions of this Section 9. Subject to the foregoing general provisions, and unless otherwise provided in the applicable Award Agreement, Shares may be transferred pursuant to the following
specific terms and conditions (provided that with respect to any transfer of Restricted Stock, all vesting and forfeiture provisions shall continue to apply with respect to the original recipient): 

(A) Transfers to Permitted Transferees. The Holder may transfer any or all of the Shares to one or more Permitted
Transferees; provided, however, that following such transfer, such Shares shall continue to be subject to the terms of this Plan (including this Section 9) and such Permitted Transferee(s) shall, as a condition to any such
transfer, deliver a written acknowledgment to that effect to the Company and shall deliver a stock power to the Company with respect to the Shares. Notwithstanding the foregoing, the Holder may not transfer any of the Shares to a Person whom the
Company reasonably determines is a direct competitor or a potential competitor of the Company or any of its Subsidiaries. 

(B) Transfers Upon Death. Upon the death of the Holder, any Shares then held by the Holder at the time of such death and
any Shares acquired after the Holder’s death by the Holder’s legal representative shall be subject to the provisions of this Plan, and the Holder’s estate, executors, administrators, personal representatives, heirs, legatees and
distributees shall be obligated to convey such Shares to the Company or its assigns under the terms contemplated by the Plan and the Award Agreement. 

  
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 (b) Right of First Refusal. In the event that a Holder desires at any time to sell or
otherwise transfer all or any part of his or her Shares (other than shares of Restricted Stock which by their terms are not transferrable), the Holder first shall give written notice to the Company of the Holder’s intention to make such
transfer. Such notice shall state the number of Shares that the Holder proposes to sell (the “Offered Shares”), the price and the terms at which the proposed sale is to be made and the name and address of the proposed transferee. At any
time within 30 days after the receipt of such notice by the Company, the Company or its assigns may elect to purchase all or any portion of the Offered Shares at the price and on the terms offered by the proposed transferee and specified in the
notice. The Company or its assigns shall exercise this right by mailing or delivering written notice to the Holder within the foregoing 30-day period. If the Company or its assigns elect to exercise its
purchase rights under this Section 9(b), the closing for such purchase shall, in any event, take place within 45 days after the receipt by the Company of the initial notice from the Holder. In the event that the Company or its assigns do not
elect to exercise such purchase right, or in the event that the Company or its assigns do not pay the full purchase price within such 45-day period, the Holder shall be required to pay a transaction processing
fee of $10,000 to the Company (unless waived by the Committee) and then may, within 60 days thereafter, sell the Offered Shares to the proposed transferee and at the same price and on the same terms as specified in the Holder’s notice. Any
Shares not sold to the proposed transferee shall remain subject to the Plan. If the Holder is a party to any stockholders agreements or other agreements with the Company and/or certain other of the Company’s stockholders relating to the Shares,
(i) the transferring Holder shall comply with the requirements of such stockholders agreements or other agreements relating to any proposed transfer of the Offered Shares, and (ii) any proposed transferee that purchases Offered Shares
shall enter into such stockholders agreements or other agreements with the Company and/or certain of the Company’s stockholders relating to the Offered Shares on the same terms and in the same capacity as the transferring Holder. 

(c) Company’s Right of Repurchase. 

(i) Right of Repurchase for Unvested Shares Issued Upon the Exercise of an Option. Upon a Termination Event, the Company or its assigns
shall have the right and option to repurchase from a Holder of Shares acquired upon exercise of a Stock Option which are still subject to a risk of forfeiture as of the Termination Event. Such repurchase rights may be exercised by the Company within
the later of (A) six months following the date of such Termination Event or (B) seven months after the acquisition of Shares upon exercise of a Stock Option. The repurchase price shall be equal to the lower of the original per share price
paid by the Holder, subject to adjustment as provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its repurchase rights. 

(ii) Right of Repurchase With Respect to Restricted Stock. Upon a Termination Event, the Company or its assigns shall have the right
and option to repurchase from a Holder of Shares received pursuant to a Restricted Stock Award any Shares that are still subject to a risk of forfeiture as of the Termination Event. Such repurchase right may be exercised by the Company within six
months following the date of such Termination Event. The repurchase price shall be the lower of the original per share purchase price paid by the Holder, subject to adjustment as provided in Section 3(b) of the Plan, or the current Fair Market
Value of such Shares as of the date the Company elects to exercise its repurchase rights. 

  
 14 

 (iii) Procedure. Any repurchase right of the Company shall be exercised by the
Company or its assigns by giving the Holder written notice on or before the last day of the repurchase period of its intention to exercise such repurchase right. Upon such notification, the Holder shall promptly surrender to the Company, free and
clear of any liens or encumbrances, any certificates representing the Shares being purchased, together with a duly executed stock power for the transfer of such Shares to the Company or the Company’s assignee or assignees. Upon the
Company’s or its assignee’s receipt of the certificates from the Holder, the Company or its assignee or assignees shall deliver to him, her or them a check for the applicable repurchase price; provided, however, that the
Company may pay the repurchase price by offsetting and canceling any indebtedness then owed by the Holder to the Company. 
 (d) Drag
Along Right. In the event the holders of a majority of the Company’s equity securities then outstanding (the “Majority Shareholders”) determine to enter into a Sale Event in a bona fide negotiated transaction (a “Sale”),
with any non-Affiliate of the Company or any majority shareholder (in each case, the “Buyer”), a Holder of Shares, including any Permitted Transferee, shall be obligated to and shall upon the written
request of the Majority Shareholders: (a) sell, transfer and deliver, or cause to be sold, transferred and delivered, to the Buyer, his or her Shares (including for this purpose all of such Holder’s Shares that presently or as a result of
any such transaction may be acquired upon the exercise of an Option (following the payment of the exercise price therefor)) on substantially the same terms applicable to the Majority Shareholders (with appropriate adjustments to reflect the
conversion of convertible securities, the redemption of redeemable securities and the exercise of exercisable securities as well as the relative preferences and priorities of preferred stock); and (b) execute and deliver such instruments of
conveyance and transfer and take such other action, including voting such Shares in favor of any Sale proposed by the Majority Shareholders and executing any purchase agreements, merger agreements, indemnity agreements, escrow agreements or related
documents as the Majority Shareholders or the Buyer may reasonably require in order to carry out the terms and provisions of this Section 9(d). 

(e) Escrow Arrangement. 

(i) Escrow. In order to carry out the provisions of this Section 9 of this Plan more effectively, the Company shall hold any
Shares issued pursuant to Awards granted under the Plan in escrow together with separate stock powers executed by the Holder in blank for transfer. The Company shall not dispose of the Shares except as otherwise provided in this Plan. In the event
of any repurchase by the Company (or any of its assigns), the Company is hereby authorized by the Holder, as the Holder’s attorney-in-fact, to date and complete the
stock powers necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time as any Shares are no longer subject to the Company’s repurchase and first refusal rights, the
Company shall, at the written request of the Holder, deliver to the Holder a certificate representing such Shares with the balance of the Shares to be held in escrow pursuant to this Section. 

(ii) Remedy. Without limitation of any other provision of this Plan or other rights, in the event that a Holder or any other Person is
required to sell a Holder’s Shares pursuant to the provisions of Sections 9(b) or (c) hereof and in the further event that he or she refuses or for any reason fails to deliver to the Company or its designated purchaser of such

  
 15 

 
Shares the certificate or certificates evidencing such Shares together with a related stock power, the Company or such designated purchaser may deposit the applicable purchase price for such
Shares with a bank designated by the Company, or with the Company’s independent public accounting firm, as agent or trustee, or in escrow, for such Holder or other Person, to be held by such bank or accounting firm for the benefit of and for
delivery to him, her, them or it, and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by such Holder as provided above. Upon any such deposit and/or offset by the Company or its designated purchaser of such
amount and upon notice to the Person who was required to sell the Shares to be sold pursuant to the provisions of Sections 9(b) or (c), such Shares shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser,
such Holder shall have no further rights thereto (other than the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer in its stock transfer book or in any appropriate manner. 

(f) Lockup Provision. If requested by the Company, a Holder shall not sell or otherwise transfer or dispose of any Shares (including,
without limitation, pursuant to Rule 144 under the Securities Act) held by him or her for such period following the effective date of a public offering by the Company of Shares as the Company shall specify reasonably and in good faith. If requested
by the underwriter engaged by the Company, each Holder shall execute a separate letter confirming his or her agreement to comply with this Section. 

(g) Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reclassification, stock
dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding Shares are increased or decreased or are exchanged for a different number or kind of securities of the Company, the restrictions contained in
this Section 9 shall apply with equal force to additional and/or substitute securities, if any, received by Holder in exchange for, or by virtue of his or her ownership of, Shares. 

(h) Termination. The terms and provisions of Section 9(b) and Section 9(c) (except for the Company’s right to repurchase
Shares still subject to a risk of forfeiture upon a Termination Event) shall terminate upon the closing of the Company’s Initial Public Offering or upon consummation of any Sale Event, in either case as a result of which Shares are registered
under Section 12 of the Exchange Act and publicly-traded on any national security exchange. 
 SECTION 10.   TAX WITHHOLDING

 (a) Payment by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any Shares or other
amounts received thereunder first becomes includable in the gross income of the grantee for income tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any Federal, state, or local taxes of any
kind required by law to be withheld by the Company with respect to such income. The Company and any Subsidiary shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee.
The Company’s obligation to deliver stock certificates (or evidence of book entry) to any grantee is subject to and conditioned on any such tax withholding obligations being satisfied by the grantee. 

  
 16 

 (b) Payment in Stock. The Company’s minimum required tax withholding obligation
may be satisfied, in whole or in part, by the Company withholding from Shares to be issued pursuant to an Award a number of Shares having an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the minimum
withholding amount due. 
 SECTION 11.   SECTION 409A AWARDS.  

To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A
(a “409A Award”), the Award shall be subject to such additional rules and requirements as may be specified by the Committee from time to time. In this regard, if any amount under a 409A Award is payable upon a “separation from
service” (within the meaning of Section 409A) to a grantee who is considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of
(i) six months and one day after the grantee’s separation from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or
additional tax imposed pursuant to Section 409A. The Company makes no representation or warranty and shall have no liability to any grantee under the Plan or any other Person with respect to any penalties or taxes under Section 409A that
are, or may be, imposed with respect to any Award. 
 SECTION 12.   AMENDMENTS AND TERMINATION 

The Board may, at any time, amend or discontinue the Plan and the Committee may, at any time, amend or cancel any outstanding Award for the
purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the consent of the holder of the Award. The Committee may exercise its discretion to reduce
the exercise price of outstanding Stock Options or effect repricing through cancellation of outstanding Stock Options and by granting such holders new Awards in replacement of the cancelled Stock Options. To the extent determined by the Committee to
be required either by the Code to ensure that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code or otherwise, Plan amendments shall be subject to approval by the Company stockholders entitled to vote at
a meeting of stockholders. Nothing in this Section 12 shall limit the Board’s or Committee’s authority to take any action permitted pursuant to Section 3(c). The Board reserves the right to amend the Plan and/or the terms of any
outstanding Stock Options to the extent reasonably necessary to comply with the requirements of the exemption pursuant to paragraph (f)(4) of Rule 12h-1 of the Exchange Act. 

SECTION 13.   STATUS OF PLAN 

With respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a
grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Committee shall otherwise expressly so determine in connection with any Award. 

  
 17 

 SECTION 14.   GENERAL PROVISIONS 

(a) No Distribution; Compliance with Legal Requirements. The Committee may require each person acquiring Shares pursuant to an Award to
represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof. No Shares shall be issued pursuant to an Award until all applicable securities law and other legal and stock exchange
or similar requirements have been satisfied. The Committee may require the placing of such stop-orders and restrictive legends on certificates for Stock and Awards as it deems appropriate. 

(b) Delivery of Stock Certificates. Stock certificates to grantees under the Plan shall be deemed delivered for all purposes when the
Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company; provided that stock certificates to be held
in escrow pursuant to Section 9 of the Plan shall be deemed delivered when the Company shall have recorded the issuance in its records. Uncertificated Stock shall be deemed delivered for all purposes when the Company or a stock transfer agent
of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company, notice of issuance and recorded the
issuance in its records (which may include electronic “book entry” records). 
 (c) No Employment Rights. The
adoption of the Plan and the grant of Awards do not confer upon any Person any right to continued employment or Service Relationship with the Company or any Subsidiary. 

(d) Trading Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the Company’s insider
trading policy-related restrictions, terms and conditions as may be established by the Committee, or in accordance with policies set by the Committee, from time to time. 

(e) Designation of Beneficiary. Each grantee to whom an Award has been made under the Plan may designate a beneficiary or beneficiaries
to exercise any Award on or after the grantee’s death or receive any payment under any Award payable on or after the grantee’s death. Any such designation shall be on a form provided for that purpose by the Committee and shall not be
effective until received by the Committee. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate. 

(f) Legend. Any certificate(s) representing the Shares shall carry substantially the following legend (and with respect to
uncertificated Stock, the book entries evidencing such shares shall contain the following notation): 
 The transferability of this
certificate and the shares of stock represented hereby are subject to the restrictions, terms and conditions (including repurchase and restrictions against transfers) contained in the Nuvalent, Inc. 2017 Stock Option and Grant Plan and
any agreements entered into thereunder by and between the company and the holder of this certificate (a copy of which is available at the offices of the company for examination). 

  
 18 

 (g) Information to Holders of Options. In the event the Company is relying on the
exemption from the registration requirements of Section 12(g) of the Exchange Act contained in paragraph (f)(1) of Rule 12h-1 of the Exchange Act, the Company shall provide the information described in
Rule 701(e)(3), (4) and (5) of the Securities Act to all holders of Options in accordance with the requirements thereunder. The foregoing notwithstanding, the Company shall not be required to provide such information unless the optionholder has
agreed in writing, on a form prescribed by the Company, to keep such information confidential. 
 SECTION 15.   EFFECTIVE DATE OF
PLAN 
 The Plan shall become effective upon adoption by the Board and shall be approved by stockholders in accordance with
applicable state law and the Company’s articles of incorporation and bylaws within 12 months thereafter. If the stockholders fail to approve the Plan within 12 months after its adoption by the Board of Directors, then any Awards granted or sold
under the Plan shall be rescinded and no additional grants or sales shall thereafter be made under the Plan. Subject to such approval by stockholders and to the requirement that no Shares may be issued hereunder prior to such approval, Stock Options
and other Awards may be granted hereunder on and after adoption of the Plan by the Board. No grants of Stock Options and other Awards may be made hereunder after the tenth anniversary of the date the Plan is adopted by the Board or the date the Plan
is approved by the Company’s stockholders, whichever is earlier. 
 SECTION 16.   GOVERNING LAW 

This Plan, all Awards and any controversy arising out of or relating to this Plan and all Awards shall be governed by and construed in
accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts,
without regard to conflict of law principles that would result in the application of any law other than the law of the Commonwealth of Massachusetts. 

DATE ADOPTED BY THE BOARD OF DIRECTORS: February 2, 2017 
 DATE
APPROVED BY THE STOCKHOLDERS: February 2, 2017 

  
 19 

 NUVALENT, INC. 

AMENDMENT TO THE 
 2017
STOCK OPTION AND GRANT PLAN 
 The Nuvalent, Inc. 2017 Stock Option and Grant Plan (the “Plan”) is hereby amended by the Board
of Directors and stockholders of Nuvalent, Inc., a Delaware corporation, as follows: 
 The first sentence of Section 3(a) of the Plan
is hereby amended by deleting it and replacing it with the following: 
 “Stock Issuable. The maximum number of Shares reserved and
available for issuance under the Plan shall be 7,498,500 Shares, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior
to vesting, satisfied without the issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back
to the Shares available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 7,498,500 Shares may be issued pursuant to Incentive
Stock Options. The Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with
respect to no more than 7,498,500 Shares shall be granted to any one individual in any calendar year period.” 
 ADOPTED BY BOARD OF DIRECTORS:
June 8, 2018 
 ADOPTED BY STOCKHOLDERS: June 8, 2018 

 NUVALENT, INC. 

AMENDMENT NO. 2 TO THE 

2017 STOCK OPTION AND GRANT PLAN 

The Nuvalent, Inc. 2017 Stock Option and Grant Plan (the “Plan”) is hereby amended by the Board of Directors and stockholders of
Nuvalent, Inc., a Delaware corporation, as follows: 
 The first sentence of Section 3(a) of the Plan is hereby amended by deleting it
and replacing it with the following: 
 “Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan
shall be 12,246,362 Shares, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the
issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for
issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 12,246,362 Shares may be issued pursuant to Incentive Stock Options. The Shares
available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than
12,246,362 Shares shall be granted to any one individual in any calendar year period.” 
 ADOPTED BY BOARD OF DIRECTORS: May 25, 2020 

ADOPTED BY STOCKHOLDERS: August 4, 2020 

 NUVALENT, INC. 

AMENDMENT NO. 3 TO THE 

2017 STOCK OPTION AND GRANT PLAN 

The Nuvalent, Inc. 2017 Stock Option and Grant Plan (as amended, the “Plan”) is hereby amended by the Board of Directors and
stockholders of Nuvalent, Inc., a Delaware corporation, as follows: 
 The first sentence of Section 3(a) of the Plan is hereby amended
by deleting it and replacing it with the following: 
 “Stock Issuable. The maximum number of Shares reserved and available for issuance
under the Plan shall be 15,458,552 Shares, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied
without the issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares
available for issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 154,585,520 Shares may be issued pursuant to Incentive Stock Options.
The Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company.” 
 ADOPTED BY BOARD OF
DIRECTORS: December 15, 2020 
 ADOPTED BY STOCKHOLDERS: December 15, 2020 

 NUVALENT, INC. 

AMENDMENT NO. 4 TO THE 

2017 STOCK OPTION AND GRANT PLAN 

The Nuvalent, Inc. 2017 Stock Option and Grant Plan (as amended, the “Plan”) is hereby amended by the Board of Directors and
stockholders of Nuvalent, Inc., a Delaware corporation, as follows: 
 Section 3(a) of the Plan is hereby amended by deleting it and
replacing it with the following: 
 “Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan
shall be 19,380,102 Shares, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the
issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for
issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 19,380,102 Shares may be issued pursuant to Incentive Stock Options. The Shares
available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than
19,380,102 Shares shall be granted to any one individual in any calendar year period.” 
 ADOPTED BY BOARD OF DIRECTORS: February 5, 2021 

ADOPTED BY STOCKHOLDERS: February 5, 2021 

 NUVALENT, INC. 

AMENDMENT NO. 5 TO THE 

2017 STOCK OPTION AND GRANT PLAN 

The Nuvalent, Inc. 2017 Stock Option and Grant Plan, as amended by the Amendment to the 2017 Stock Option and Grant Plan (the
“Plan”) is hereby amended by the Board of Directors and stockholders of Nuvalent, Inc., a Delaware corporation, as follows: 

Section 3(a) of the Plan is hereby amended by deleting it and replacing it with the following: 

“Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 29,716,292 Shares, subject to
adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise terminated
(other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan. Subject to such
overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 29,716,292 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan may be
authorized but unissued Shares or Shares reacquired by the Company.” 
 ADOPTED BY BOARD OF DIRECTORS: April 29, 2021 

ADOPTED BY STOCKHOLDERS: April 29, 2021 

 INCENTIVE STOCK OPTION GRANT NOTICE 

UNDER THE NUVALENT, INC. 

2017 STOCK OPTION AND GRANT PLAN 

Pursuant to the Nuvalent, Inc. 2017 Stock Option and Grant Plan (the “Plan”), Nuvalent, Inc. a Delaware corporation (together
with any successor, the “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein, all or any part of the
number of shares of Common Stock, par value $0.0001 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and conditions set forth in this
Incentive Stock Option Grant Notice (the “Grant Notice”), the attached Incentive Stock Option Agreement (the “Agreement”) and the Plan. This Stock Option is intended to qualify as an “incentive stock option” as defined
in Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). To the extent that any portion of the Stock Option does not so qualify, it shall be deemed a
non-qualified stock option. 
  

			
	Name of Optionee:	  	__________________ (the “Optionee”)
		
	No. of Shares:	  	__________ Shares of Common Stock
		
	Grant Date:	  	__________________
		
	Vesting Commencement Date:	  	__________________ (the “Vesting Commencement Date”)
		
	Expiration Date:	  	__________________ (the “Expiration Date”)
		
	Option Exercise Price/Share:	  	$_________________ (the “Option Exercise Price”)
		
	Vesting Schedule:	  	[25 percent of the Shares shall vest and become exercisable on the first anniversary of the Vesting Commencement Date; provided that the Optionee continues to have a Service Relationship with the Company at such time.
Thereafter, the remaining 75 percent of the Shares shall vest and become exercisable in 36 equal monthly installments following the first anniversary of the Vesting Commencement Date, provided the Optionee continues to have a Service
Relationship with the Company on each vesting date. Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in Section 3(c) of the Plan. [VESTING TO
BE CONFIRMED ON GRANT-BY-GRANT BASIS]

 Attachments: Incentive Stock Option Agreement, 2017 Stock Option and Grant Plan 

 INCENTIVE STOCK OPTION AGREEMENT 

UNDER THE NUVALENT, INC. 

2017 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

 1. Vesting, Exercisability and Termination. 

(a) No portion of this Stock Option may be exercised until such portion shall have vested and become exercisable. 

(b) Except as set forth below, and subject to the determination of the Committee in its sole discretion to accelerate the vesting schedule
hereunder, this Stock Option shall be vested and exercisable on the respective dates indicated below: 
 (i) This Stock
Option shall initially be unvested and unexercisable. 
 (ii) This Stock Option shall vest and become exercisable in
accordance with the Vesting Schedule set forth in the Grant Notice. 
 (c) Termination. Except as may otherwise be provided by the
Committee, if the Optionee’s Service Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter
terminate subject, in each case, to Section 3(c) of the Plan): 
 (i) Termination Due to Death or Disability. If
the Optionee’s Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee, the Optionee’s legal
representative or legatee for a period of 12 months from the date of death or Disability or until the Expiration Date, if earlier. 

(ii) Other Termination. If the Optionee’s Service Relationship terminates for any reason other than death or
Disability, and unless otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of termination or until the Expiration Date, if earlier;
provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination. 

For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be
conclusive and binding on the Optionee and his or her representatives or legatees. Any portion of this Stock Option that is not vested and exercisable on the date of termination of the Service Relationship shall terminate immediately and be null and
void. 

  
 2 

 (d) It is understood and intended that this Stock Option is intended to qualify as an
“incentive stock option” as defined in Section 422 of the Code to the extent permitted under applicable law. Accordingly, the Optionee understands that in order to obtain the benefits of an incentive stock option under
Section 422 of the Code, no sale or other disposition may be made of Shares for which incentive stock option treatment is desired within the one-year period beginning on the day after the day of the
transfer of such Shares to him or her, nor within the two-year period beginning on the day after Grant Date of this Stock Option and further that this Stock Option must be exercised within three months after
termination of employment as an employee (or 12 months in the case of death or disability) to qualify as an incentive stock option. If the Optionee disposes (whether by sale, gift, transfer or otherwise) of any such Shares within either of these
periods, he or she will notify the Company within 30 days after such disposition. The Optionee also agrees to provide the Company with any information concerning any such dispositions required by the Company for tax purposes. Further, to the extent
this Stock Option and any other incentive stock options of the Optionee having an aggregate Fair Market Value in excess of $100,000 (determined as of the Grant Date) first become exercisable in any year, such options will not qualify as incentive
stock options. 
 2. Exercise of Stock Option. 

(a) The Optionee may exercise this Stock Option only in the following manner: Prior to the Expiration Date, the Optionee may deliver a Stock
Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares with respect to which this Stock Option is then exercisable. Such
notice shall specify the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations contained in such Section of the Plan, including
the requirement that the Committee specifically approve in advance certain payment methods. 
 (b) Notwithstanding any other provision
hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date. 
 3. Incorporation of Plan.
Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan. 

4. Transferability of Stock Option. This Stock Option is personal to the Optionee and is not transferable by the Optionee in any manner
other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s lifetime only by the Optionee (or by the Optionee’s guardian or personal representative in the event of the
Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the Company, and may revoke or change such designation at any time by filing written notice of revocation
or change with the Company; such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s death to the extent provided herein. If the Optionee does not designate a beneficiary, or if the designated beneficiary
predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein in the event of the Optionee’s death. 

  
 3 

 5. Restrictions on Transfer of Shares. The Shares acquired upon exercise of the Stock
Option shall be subject to certain transfer restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan. 

6. Miscellaneous Provisions. 

(a) Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the provisions of this
Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(b) Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reincorporation,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of securities of the
Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or her ownership of, this Stock Option or Shares
acquired pursuant thereto. 
 (c) Change and Modifications. This Agreement may not be orally changed, modified or terminated, nor
shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee. 

(d) Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of
Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of Commonwealth of Massachusetts, without regard to conflict of law principles that would result in
the application of any law other than the law of the State of Commonwealth of Massachusetts. 
 (e) Headings. The headings are
intended only for convenience in finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(f) Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall
in no manner affect the legality or enforceability of any other provision hereof. 
 (g) Notices. All notices, requests, consents and
other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the
Optionee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(h) Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their
respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment. 

  
 4 

 (i) Counterparts. For the convenience of the parties and to facilitate execution,
this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

(j) Integration. This Agreement constitutes the entire agreement between the parties with respect to this Stock Option and supersedes
all prior agreements and discussions between the parties concerning such subject matter. 
 7. Dispute Resolution. 

(a) Except as provided below, any dispute arising out of or relating to the Plan or this Stock Option, this Agreement, or the breach,
termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the
“J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1 16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place
of arbitration shall be Boston, Massachusetts. 
 (b) The arbitration shall commence within 60 days of the date on which a written demand
for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party may take up to
three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons that may testify at
the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the selection
of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply
actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 
 (c) The Company, the
Optionee, each party to the Agreement and any other holder of Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies
equally to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding
immediate and irreparable harm. 

  
 5 

 (d) Each Party (i) hereby irrevocably submits to the jurisdiction of any United States
District Court of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or
proceeding, any claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any
review by any court of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given.
Each Party agrees that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding
may be enforced in other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

[SIGNATURE PAGE FOLLOWS] 

  
 6 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby
agreed to by the undersigned as of the date first above written. 
  

			
	NUVALENT, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	Address:
	
	 
	
	 
	
	 

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof, and understands that this Stock Option is subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY
INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 7 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 
  

	
	OPTIONEE:
	
	   

	Name:
	
	Address:
	
	 
	
	 
	
	 

  
 7 

	
	[SPOUSE’S CONSENT1
	I acknowledge that I have read the
	foregoing Incentive Stock Option Agreement
	and understand the contents thereof.
	
	]

  

	1 	 A spouse’s consent is recommended only if the Optionee’s state of residence is one of the following
community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. 

  
 8 

 
	
	DESIGNATED BENEFICIARY:
	
	   

	
	
	Beneficiary’s Address:
	
	 
	
	 
	
	 

  
 9 

 Appendix A 

STOCK OPTION EXERCISE NOTICE 
 NUVALENT,
INC. 
 Attention: Chief Operating Officer 
 400 Technology
Square, 10th Floor 
 Cambridge, MA 02139 

Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Nuvalent, Inc. (the “Company”)
dated __________ (the “Agreement”) under the Nuvalent, Inc. 2017 Stock Option and Grant Plan, I, [Insert Name] ________________, hereby [Circle One] partially/fully exercise such option by including herein payment in the
amount of $______ representing the purchase price for [Fill in number of Shares] _______ Shares. I have chosen the following form(s) of payment: 
  

							
		 	[ ]	 	1.	  	Cash
		 	[ ]	 	2.	  	Certified or bank check payable to Nuvalent, Inc.
		 	[ ]	 	3.	  	Other (as referenced in the Agreement and described in the Plan (please describe))
		 		 		  	 

 In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company
as follows: 
 (i) I am purchasing the Shares for my own account for investment only, and not for resale or with a view to
the distribution thereof. 
 (ii) I have had such an opportunity as I have deemed adequate to obtain from the Company such
information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company. 

(iii) I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in
the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 (iv) I can afford a
complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period of time. 

(v) I understand that the Shares may not be registered under the Securities Act of 1933 (it being understood that the Shares
are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective
registration statement under the Securities Act of 1933 and 

  
 10 

 
under any applicable state securities or “blue sky” laws (or exemptions from the registration requirement thereof). I further acknowledge that certificates representing Shares will bear
restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations. 

(vi) I have read and understand the Plan and acknowledge and agree that the Shares are subject to all of the relevant terms of
the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 
 (vii) I
understand and agree that the Company has a right of first refusal with respect to the Shares pursuant to Section 9(b) of the Plan. 

(viii) I understand and agree that the Company has certain repurchase rights with respect to the Shares pursuant to
Section 9(c) of the Plan. 
 (ix) I understand and agree that I may not sell or otherwise transfer or dispose of the
Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 
  

	
	Sincerely yours,
	
	   

	Name:
	
	Address:
	
	 
	
	 
	
	 

 
			
		
	Date:	 	 

  
 11 

 NON-QUALIFIED STOCK OPTION GRANT NOTICE 

UNDER THE NUVALENT, INC. 

2017 STOCK OPTION AND GRANT PLAN 

Pursuant to the Nuvalent, Inc. 2017 Stock Option and Grant Plan (the “Plan”), Nuvalent, Inc. a Delaware corporation (together
with any successor, the “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein, all or any part of the
number of shares of Common Stock, par value $0.0001 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and conditions set forth in this Non-Qualified Stock Option Grant Notice (the “Grant Notice”), the attached Non-Qualified Stock Option Agreement (the “Agreement”) and the Plan. This Stock
Option is not intended to qualify as an “incentive stock option” as defined in Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). 

 

			
	Name of Optionee:	  	                            (the “Optionee”)
		
	No. of Shares:	  	                    Shares of Common Stock
		
	Grant Date:	  	                                    

		
	Vesting Commencement Date:	  	                            (the “Vesting Commencement Date”)
		
	Expiration Date:	  	                            (the “Expiration Date”)
		
	Option Exercise Price/Share:	  	$                             (the “Option Exercise Price”)
		
	Vesting Schedule:	  	[25 percent of the Shares shall vest and become exercisable on the first anniversary of the Vesting Commencement Date; provided that the Optionee continues to have a Service Relationship with the Company at such time. Thereafter,
the remaining 75 percent of the Shares shall vest and become exercisable in 36 equal monthly installments following the first anniversary of the Vesting Commencement Date, provided the Optionee continues to have a Service Relationship with the
Company on each vesting date. Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in Section 3(c) of the Plan. [VESTING TO BE CONFIRMED ON
GRANT-BY-GRANT BASIS]

 Attachments: Non-Qualified Stock Option Agreement, 2017 Stock Option and Grant
Plan 

 NON-QUALIFIED STOCK OPTION AGREEMENT 

UNDER THE NUVALENT, INC. 

2017 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

 1. Vesting, Exercisability and Termination. 

(a) No portion of this Stock Option may be exercised until such portion shall have vested and become exercisable. 

(b) Except as set forth below, and subject to the determination of the Committee in its sole discretion to accelerate the vesting schedule
hereunder, this Stock Option shall be vested and exercisable on the respective dates indicated below: 
 (i) This Stock
Option shall initially be unvested and unexercisable. 
 (ii) This Stock Option shall vest and become exercisable in
accordance with the Vesting Schedule set forth in the Grant Notice. 
 (c) Termination. Except as may otherwise be provided by the
Committee, if the Optionee’s Service Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter
terminate subject, in each case, to Section 3(c) of the Plan): 
 (i) Termination Due to Death or Disability. If
the Optionee’s Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee, the Optionee’s legal
representative or legatee for a period of 12 months from the date of death or Disability or until the Expiration Date, if earlier. 

(ii) Other Termination. If the Optionee’s Service Relationship terminates for any reason other than death or
Disability, and unless otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of termination or until the Expiration Date, if earlier;
provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination. 

For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be
conclusive and binding on the Optionee and his or her representatives or legatees and any Permitted Transferee. Any portion of this Stock Option that is not vested and exercisable on the date of termination of the Service Relationship shall
terminate immediately and be null and void. 

  
 2 

 2. Exercise of Stock Option. 

(a) The Optionee may exercise this Stock Option only in the following manner: Prior to the Expiration Date, the Optionee may deliver a Stock
Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares with respect to which this Stock Option is then exercisable. Such
notice shall specify the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations contained in such Section of the Plan, including
the requirement that the Committee specifically approve in advance certain payment methods. 
 (b) Notwithstanding any other provision
hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date. 
 3. Incorporation of Plan.
Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan. 

4. Transferability of Stock Option. This Stock Option is personal to the Optionee and is not transferable by the Optionee in any manner
other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s lifetime only by the Optionee (or by the Optionee’s guardian or personal representative in the event of the
Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such beneficiary to the Company, and may revoke or change such designation at any time by filing written notice of revocation
or change with the Company; such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s death to the extent provided herein. If the Optionee does not designate a beneficiary, or if the designated beneficiary
predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein in the event of the Optionee’s death. 

5. Restrictions on Transfer of Shares. The Shares acquired upon exercise of the Stock Option shall be subject to certain transfer
restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan. 
 6.
Miscellaneous Provisions. 
 (a) Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate
to enforce the provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(b) Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reincorporation,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of securities of the
Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or her ownership of, this Stock Option or Shares
acquired pursuant thereto. 

  
 3 

 (c) Change and Modifications. This Agreement may not be orally changed, modified or
terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee. 

(d) Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of
Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without regard to conflict of law principles that would result
in the application of any law other than the law of the Commonwealth of Massachusetts. 
 (e) Headings. The headings are intended
only for convenience in finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(f) Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall
in no manner affect the legality or enforceability of any other provision hereof. 
 (g) Notices. All notices, requests, consents and
other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the
Optionee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(h) Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their
respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment. 

(i) Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 
 (j)
Integration. This Agreement constitutes the entire agreement between the parties with respect to this Stock Option and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

7. Dispute Resolution. 

(a) Except as provided below, any dispute arising out of or relating to the Plan or this Stock Option, this Agreement, or the breach,
termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the
“J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1-16, and judgment upon the award rendered by the arbitrators may be entered by any court
having jurisdiction thereof. The place of arbitration shall be Boston, Massachusetts. 

  
 4 

 (b) The arbitration shall commence within 60 days of the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party may take up to
three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons that may testify at
the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the selection
of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply
actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 
 (c) The Company, the
Optionee, each party to the Agreement and any other holder of Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies
equally to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding
immediate and irreparable harm. 
 (d) Each Party (i) hereby irrevocably submits to the jurisdiction of any United States District
Court of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any
claim that it is not subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an
inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any court
of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees that
its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in
other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

[SIGNATURE PAGE FOLLOWS] 

  
 5 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby
agreed to by the undersigned as of the date first above written. 
  

			
	NUVALENT, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	Address:
	
	 
	
	 
	
	 

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof, and understands that this Stock Option is subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY
INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 7 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 
  

	
	OPTIONEE:
	
	   

	Name:
	
	Address:
	
	 
	
	 
	
	 

  
 6 

	
	 [SPOUSE’S CONSENT1

I acknowledge that I have read the foregoing Non-Qualified Stock Option Agreement and understand the contents
thereof.

	
	________________________________________]

  
  

	1 	 A spouse’s consent is recommended only if the Optionee’s state of residence is one of the following
community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. 

  
 7 

 
	
	DESIGNATED BENEFICIARY:
	
	   

	
	Beneficiary’s Address:
	
	 
	
	 
	
	 

  

  
 8 

 Appendix A 

STOCK OPTION EXERCISE NOTICE 
 NUVALENT,
INC. 
 Attention: Chief Operating Officer 
 400 Technology
Square, 10th Floor 
 Cambridge, MA 02139 

Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Nuvalent, Inc. (the “Company”)
dated __________ (the “Agreement”) under the Nuvalent, Inc. 2017 Stock Option and Grant Plan, I, [Insert Name] ________________, hereby [Circle One] partially/fully exercise such option by including herein payment in the amount of
$______ representing the purchase price for [Fill in number of Shares] _______ Shares. I have chosen the following form(s) of payment: 
 [ ]
    1. Cash 
 [ ]     2. Certified or bank check payable to Nuvalent, Inc. 

[ ]     3. Other (as referenced in the Agreement and described in the Plan (please describe)) 

_____________________________________________________. 

In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company as follows: 

(i) I am purchasing the Shares for my own account for investment only, and not for resale or with a view to the distribution
thereof. 
 (ii) I have had such an opportunity as I have deemed adequate to obtain from the Company such information as is
necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company. 

(iii) I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in
the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 (iv) I can afford a
complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period of time. 

(v) I understand that the Shares may not be registered under the Securities Act of 1933 (it being understood that the Shares
are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective
registration statement under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirement thereof). I further acknowledge that certificates representing Shares
will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations. 

  
 9 

 (vi) I have read and understand the Plan and acknowledge and agree that the
Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 

(vii) I understand and agree that the Company has a right of first refusal with respect to the Shares pursuant to
Section 9(b) of the Plan. 
 (viii) I understand and agree that the Company has certain repurchase rights with respect
to the Shares pursuant to Section 9(c) of the Plan. 
 (ix) I understand and agree that I may not sell or otherwise
transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 

 

	
	Sincerely yours,
	
	   

	Name:
	
	Address:
	
	 
	
	 
	
	 
	
	Date:
                                        
                                         
       

  
 10 

 RESTRICTED STOCK AWARD NOTICE 

UNDER THE NUVALENT, INC. 

2017 STOCK OPTION AND GRANT PLAN 

Pursuant to the Nuvalent, Inc. 2017 Stock Option and Grant Plan (the “Plan”), Nuvalent, Inc., a Delaware corporation (together with
any successor, the “Company”), hereby grants, sells and issues to the individual named below, the Shares at the Per Share Purchase Price, subject to the terms and conditions set forth in this Restricted Stock Award Notice (the “Award
Notice”), the attached Restricted Stock Agreement (the “Agreement”) and the Plan. The Grantee agrees to the provisions set forth herein and acknowledges that each such provision is a material condition of the Company’s agreement
to issue and sell the Shares to him or her. The Company hereby acknowledges receipt of $[_______] in full payment for the Shares. All references to share prices and amounts herein shall be equitably adjusted to reflect stock splits, stock dividends,
recapitalizations, mergers, reorganizations and similar changes affecting the capital stock of the Company, and any shares of capital stock of the Company received on or in respect of Shares in connection with any such event (including any shares of
capital stock or any right, option or warrant to receive the same or any security convertible into or exchangeable for any such shares or received upon conversion of any such shares) shall be subject to this Agreement on the same basis and extent at
the relevant time as the Shares in respect of which they were issued, and shall be deemed Shares as if and to the same extent they were issued at the date hereof. 
  

			
	Name of Grantee:	  	_________________ (the “Grantee”)
		
	No. of Shares:	  	_________ Shares of Common Stock (the “Shares”)
		
	Grant Date:	  	____________ __, ____
		
	Date of Purchase of Shares:	  	____________ __, ____
		
	Vesting Commencement Date:	  	____________ __, ____ (the “Vesting Commencement Date”)
		
	Per Share Purchase Price:	  	$________ (the “Per Share Purchase Price”)
		
	Vesting Schedule:	  	[25 percent of the Shares shall vest on the first anniversary of the Vesting Commencement Date; provided that the Grantee continues to have a Service Relationship with the Company at such time. Thereafter, the remaining
75 percent of the Shares shall vest in 36 equal monthly installments following the first anniversary of the Vesting Commencement Date, provided the Grantee continues to have a Service Relationship with the Company at such time. Notwithstanding
anything in the Agreement to the contrary in the case of a Sale Event, the Shares of Restricted Stock shall be treated as provided in Section 3(c) of the Plan.][VESTING TO BE CONFIRMED ON GRANT-BY-GRANT BASIS]

 Attachments: Restricted Stock Agreement, 2017 Stock Option and Grant Plan 

 RESTRICTED STOCK AGREEMENT 

UNDER THE NUVALENT, INC. 

2017 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Award Notice and the Plan.

 1. Purchase and Sale of Shares; Vesting; Investment Representations. 

(a) Purchase and Sale. The Company hereby sells to the Grantee, and the Grantee hereby purchases from the Company, the number of Shares
set forth in the Award Notice for the Per Share Purchase Price. 
 (b) Vesting. Initially, all of the Shares are non-transferable and subject to a substantial risk of forfeiture and are Shares of Restricted Stock. The risk of forfeiture shall lapse with respect to the Shares on the respective dates indicated on the Vesting
Schedule set forth in the Award Notice. 
 (c) Investment Representations. connection with the purchase and sale of the Shares
contemplated by Section 1(a) above, the Grantee hereby represents and warrants to the Company as follows: 
 (i) The
Grantee is purchasing the Shares for the Grantee’s own account for investment only, and not for resale or with a view to the distribution thereof. 

(ii) The Grantee has had such an opportunity as he or she has deemed adequate to obtain from the Company such information as is
necessary to permit him or her to evaluate the merits and risks of the Grantee’s investment in the Company and has consulted with the Grantee’s own advisers with respect to the Grantee’s investment in the Company. 

(iii) The Grantee has sufficient experience in business, financial and investment matters to be able to evaluate the risks
involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 (iv) The
Grantee can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite period. 

(v) The Grantee understands that the Shares are not registered under the Act (it being understood that the Shares are being
issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed of in the absence of an effective registration
statement under the Act and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements thereof). The Grantee further acknowledges that certificates representing the Shares will bear
restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations. 

  
 2 

 (vi) The Grantee has read and understands the Plan and acknowledges and
agrees that the Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 

(vii) The Grantee understands and agrees that the Company has a right of first refusal with respect to the Shares pursuant to
Section 9(b) of the Plan. 
 (viii) The Grantee understands and agree that the Company has certain repurchase rights
with respect to the Shares pursuant to Section 9(c) of the Plan. 
 (ix) The Grantee understands and agrees that the
Grantee may not sell or otherwise transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 

2. Repurchase Right. Upon a Termination Event, the Company shall have the right to repurchase Shares of Restricted Stock that are
unvested as of the date of such Termination Event as set forth in Section 9(c) of the Plan. 
 3. Restrictions on Transfer of
Shares. The Shares (whether or not vested) shall be subject to certain transfer restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan. 

4. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Restricted Stock Award shall be subject to and governed
by all the terms and conditions of the Plan. 
 5. Miscellaneous Provisions. 

(a) Record Owner; Dividends. The Grantee and any Permitted Transferees, during the duration of this Agreement, shall be considered the
record owners of and shall be entitled to vote the Shares if and to the extent the Shares are entitled to voting rights. The Grantee and any Permitted Transferees shall be entitled to receive all dividends and any other distributions declared on the
Shares; provided, however, that the Company is under no duty to declare any such dividends or to make any such distribution. 

(b) Section 83(b) Election. The Grantee shall consult with the Grantee’s tax advisor to determine whether it would be appropriate
for the Grantee to make an election under Section 83(b) of the Code with respect to this Award. Any such election must be filed with the Internal Revenue Service within 30 days of the date of this Award. If the Grantee makes an election under
Section 83(b) of the Code, the Grantee shall give prompt notice to the Company (and provide a copy of such election to the Company). 

(c) Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the provisions of this
Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

  
 3 

 (d) Change and Modifications. This Agreement may not be orally changed, modified or
terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee. 

(e) Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of
Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without regard to conflict of law principles that would result
in the application of any law other than the law of the Commonwealth of Massachusetts. 
 (f) Headings. The headings are intended
only for convenience in finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(g) Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall
in no manner affect the legality or enforceability of any other provision hereof. 
 (h) Notices. All notices, requests, consents and
other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Grantee
shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(i) Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their
respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment. 

(j) Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 
 (k)
Integration. This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

  
 4 

 6. Dispute Resolution. 

(a) Except as provided below, any dispute arising out of or relating to the Plan or the Shares, this Agreement, or the breach, termination or
validity of the Plan, the Shares or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the “J.A.M.S. Rules”).
The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1—16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration shall be
Boston, Massachusetts. 
 (b) The arbitration shall commence within 60 days of the date on which a written demand for arbitration is filed
by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party may take up to three depositions as of
right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories or the response to requests for
admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all persons that may testify at the arbitration and a copy
of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six months of the selection of the arbitrator. The
arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply actual damages or
award punitive damages, and each party hereby irrevocably waives any claim to such damages. 
 (c) The Company, the Grantee, each party to
the Agreement and any other holder of Shares issued pursuant to this Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 6 applies equally to requests for
temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm.

 (d) Each Party (i) hereby irrevocably submits to the jurisdiction of any United States District Court of competent jurisdiction for
the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject
personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an inconvenient forum, that the
venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any court of any other jurisdiction
which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees that its, his or her
submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in other jurisdictions
by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

[SIGNATURE PAGE FOLLOWS] 

  
 5 

 The foregoing Restricted Stock Agreement is hereby accepted and the terms and conditions
thereof are hereby agreed to by the undersigned as of the date of purchase of Shares above written. 
  

			
	NUVALENT, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	Address:
	
	 
	
	 
	
	 

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof and understands that the Shares granted hereby are subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Award Notice and this Agreement,
SPECIFICALLY INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 6 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 

 

	
	OPTIONEE:
	
	   

	Name:
	
	Address:
	
	 
	
	 
	
	 

  
 6 

	
	 [SPOUSE’S CONSENT1

I acknowledge that I have read the foregoing Restricted Stock Agreement and understand the contents thereof.

	
	________________________________________]

  

	1 	 A spouse’s consent is required only if the Grantee’s state of residence is one of the following
community property states: Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington and Wisconsin. 

  
 7

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