Document:

Series E Preferred Stock Subscription Agreement

 Exhibit 10.20 
 SERIES E PREFERRED STOCK SUBSCRIPTION AGREEMENT 
 This Series E Preferred
Stock Subscription Agreement (the “Agreement”) dated as of August 26, 2008 is entered into by and between ChemoCentryx, Inc., a Delaware corporation (the “Company”), and the individual or entity
(collectively, the “Purchasers” and individually, the “Purchaser”) whose name appears on the last page of this Agreement. 
 The Company desires to sell shares of its Series E Preferred Stock, par value $0.001 per share (the “Series E Stock”), to the Purchasers, and the Purchasers desire to purchase such
shares of Series E Stock, on the terms and subject to the conditions set forth in this Agreement. This Agreement, including the agreements set forth as Exhibits hereto, shall be collectively referred to as the “Agreements.”

 Each Purchaser understands that, pursuant to the Agreements, the Company proposes to offer and sell to a limited number of
sophisticated investors an aggregate maximum of 6,800,000 shares of Series E Stock at a price of $7.36 per share (the “Offering”). 
 The total number of shares of Series E Stock issued pursuant to the Agreements is hereinafter referred to as the “Shares.” The Shares will have, on the date of the Closing (as
defined below), the rights, preferences and privileges provided for in the Company’s Amended and Restated Certificate of Incorporation (the “Certificate”), attached hereto as Exhibit A, and the Amended and
Restated Investors Rights Agreement (the “Investors Rights Agreement”), attached hereto as Exhibit B. 
 Accordingly, each Purchaser agrees with the Company as follows (except as to Section 7.18, Section 7.19, Section 7.20 and Section 7.21, which are applicable only to Purchaser Glaxo
Group Limited, a limited liability company organized under the laws of England doing business as GlaxoSmithKline (“GSK”)): 
 1.        Sale of Shares.  Each Purchaser will purchase from the Company the number of Shares set forth opposite the Purchaser’s name on the
last page of this Agreement at a price of $7.36 per share, and in consideration therefor the Company agrees to issue to each Purchaser a stock certificate for the number of Shares set forth opposite each Purchaser’s name on the last page of
this Agreement. 
 2.        Closing; Delivery. 

  2.1        Closing.  Each Purchaser understands that the Company is
under no obligation to sell any of the Shares to the Purchasers unless the Company accepts and signs this Agreement. The closing of the purchase and sale of the Shares to the Purchasers hereunder shall be held at the offices of Latham &
Watkins LLP, 600 West Broadway, Suite 1800, San Diego, California 92101, at 10:00 a.m. on August 26, 2008 (the “Closing”). 
   2.2        Delivery.  At the Closing, the Company will deliver to each Purchaser a certificate for the number of Shares set forth
opposite each Purchaser’s name on the last page of this Agreement in exchange for a check payable to the Company or wire transfer to the 

 
Company’s bank account in an amount equal to $7.36 times the number of Shares being acquired by such Purchaser. 
 3.        The Company’s Representations and Warranties.  Except as set forth in the Schedule of Exceptions attached hereto as
Exhibit C, which exceptions shall be deemed to be representations and warranties as made hereunder, the Company represents and warrants as of the Closing to each Purchaser as follows: 

  3.1        Organization and Standing.  The Company is a corporation
duly organized and validly existing under, and by virtue of, the laws of the State of Delaware and is in good standing under such laws. The Company has requisite corporate power and authority to own and operate its properties and assets, and to
carry on its business as presently conducted and as proposed to be conducted. The Company is qualified to do business as a foreign corporation in all jurisdictions in which the failure to be so qualified would have a material adverse affect on the
Company’s business, financial condition or results of operations. 

  3.2        Corporate Power.  The Company will have at the
Closing all requisite legal and corporate power and authority to execute and deliver the Agreements, to sell and issue the Shares hereunder, to issue the Common Stock issuable upon conversion of the Shares and to carry out and perform its
obligations under the terms of the Agreements. 

  3.3        Subsidiaries.  The Company has no subsidiaries or
affiliated companies and does not otherwise own or control, directly or indirectly, any equity interest in any corporation, association or business entity. 
   3.4        Capitalization.  As of the Closing and after giving effect to the sale of the Shares pursuant to the terms of the Agreements
(i) the authorized capital stock of the Company will consist of (a) 68,000,000 shares of common stock, par value $0.001 per share (the “Common Stock”), of which 8,226,830 shares will be issued and outstanding,
3,000,000 shares will be reserved for issuance upon the conversion of outstanding shares of Series A-1 Preferred Stock of the Company, par value $0.001 per share (the “Series A-1 Stock”), 1,000,000 shares will be reserved for
issuance upon the conversion of outstanding shares of Series A-2 Preferred Stock of the Company, par value $0.001 per share (the “Series A-2 Stock”), 1,000,000 shares will be reserved for issuance upon the conversion of
outstanding shares of Series A-3 Preferred Stock of the Company, par value $0.001 per share (the “Series A-3 Stock”), 24,390,790 shares will be reserved for issuance upon the conversion of outstanding shares or outstanding
warrants to purchase shares of Series B Preferred Stock of the Company, par value $0.001 per share (the “Series B Stock”), 5,048,469 shares will be reserved for issuance upon the conversion of outstanding shares of Series C
Preferred Stock, par value $0.001 per share (the “Series C Stock”), 7,750,655 shares will be reserved for issuance upon conversion of outstanding shares of Series D Stock, par value $0.001 per share (the “Series D
Stock” and, collectively with the Series A-1 Stock, the Series A-2 Stock, the Series A-3 Stock, the Series B Stock, the Series C Stock and the Series E Stock, the “Preferred Stock”), 6,800,000 shares will be
reserved for issuance upon the conversion of outstanding Series E Stock, 4,686,842 shares will be issuable upon the exercise of outstanding options and warrants to purchase Common Stock, and 2,074,189 shares will be reserved for issuance upon the
grant of options currently reserved for issuance under the Company’s stock incentive plans, and (b) 48,989,914 shares of Preferred Stock, par value $0.001 

  
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per share, consisting of (1) 3,000,000 shares designated as Series A-1 Stock, all of which will be issued and outstanding, (2) 1,000,000 shares designated as Series A-2 Stock, all of
which will be issued and outstanding, (3) 1,000,000 shares designated as Series A-3 Stock, all of which will be issued and outstanding, (4) 24,390,790 shares designated as Series B Stock, of which 23,664,713 shares will be issued and
outstanding and 726,077 shares will be reserved for issuance upon exercise of outstanding warrants to purchase Series B Stock, (5) 5,048,469 shares designated as Series C Stock, all of which will be issued and outstanding, (6) 7,750,655
shares designated as Series D Stock, all of which will be issued and outstanding and (7) 6,800,000 shares designated as Series E Stock of which 6,800,000 shares (assuming the sale and/or issuance of 6,800,000 of Series E Stock in the Offering)
will be outstanding; (ii) all issued and outstanding shares of capital stock of the Company (including the Shares) are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state
securities laws, and were not issued in violation of or subject to any preemptive or similar rights; and (iii) except as otherwise set forth in this Section 3.4, the Company will not have outstanding any shares of capital stock or voting
stock of the Company, stock or other securities convertible into or exchangeable for any shares of capital stock of the Company, any rights to subscribe for or to purchase or any options for the purchase of, or any agreements providing for the
issuance (contingent or otherwise) of any capital stock, or any stock or securities convertible into or exchangeable for any capital stock of the Company. All shares of Common Stock issuable upon conversion of the Shares have been duly authorized
and validly reserved for issuance and, when issued in accordance with the terms of the Certificate, will be validly issued, fully paid and nonassessable and will be free and clear of any liens, charges or other encumbrances or restrictions on sale
created by or through the Company and will be free and clear of all preemptive or similar rights. 

  3.5        Authorization.  All corporate action on the part of the
Company, its officers, directors and stockholders necessary for the authorization, execution, delivery and performance of the Agreements by the Company, the authorization, sale, issuance and delivery of the Shares and the performance of all of the
Company’s obligations under the Agreements has been taken or will be taken prior to the Closing. The Agreements, when executed and delivered by the Company, shall constitute valid and binding obligations of the Company, enforceable in
accordance with their terms, except (i) as subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies and
(ii) to the extent the indemnification provisions in the Investors Rights Agreement may be limited by applicable federal or state securities laws. The Shares, when issued in compliance with the provisions of this Agreement, will be validly
issued and will be fully paid and nonassessable. The shares of Common Stock issued upon conversion of the Shares (together with the Shares, the “Securities”) in accordance with the Certificate will be duly authorized, validly
issued, fully paid and non-assessable. The Series E Stock will have the rights, preferences and privileges described in the Certificate. The Shares will be free of any liens, charges or encumbrances or restrictions on sale created by or through the
Company and free and clear of all preemptive or similar rights; provided, however, that the Shares may be subject to restrictions on transfer under state and/or federal securities laws as set forth herein and the Investors Rights
Agreement. 
   3.6        Labor Agreements and
Actions.  The Company is not bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or 

  
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implied, contract, commitment or arrangement with any labor union, and no labor union has requested or, to the knowledge of the Company, has sought to represent any of the employees,
representatives or agents of the Company. There is no strike or other labor dispute involving the Company pending, or to the knowledge of the Company threatened, which could have a material adverse effect on the assets, properties, financial
condition, operating results, or business of the Company, nor is the Company aware of any labor organization activity involving its employees. The Company is not aware that any officer or key employee, or that any group of key employees, intends to
terminate their employment with the Company, nor does the Company have a present intention to terminate the employment of any of the foregoing. Each officer and each employee of the Company is not party to any employment agreement and the employment
of such individuals is terminable at the will of the Company. 

  3.7        Agreements; Action. 

      (a)        Except for agreements explicitly contemplated
hereby, there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, affiliates, or any affiliate thereof nor are there agreements or understandings between any person and/or entities,
which affect or relate to the voting or giving of written consents with respect to any security or by a director of the Company. 
       (b)        There are no agreements, understandings, instruments, contracts, proposed transactions, judgments, orders, writs or
decrees to which the Company is a party or by which it is bound which may involve (i) obligations (contingent or otherwise) of, or payments to the Company in excess of, $100,000.00, (ii) the license of any patent, copyright, trade secret
or other proprietary right to or from the Company, or (iii) provisions restricting or affecting the development, manufacture or distribution of the Company’s products or services. 

      (c)        The Company has not (i) declared or paid any
dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock, (ii) made any loans or advances to any person, other than ordinary advances for travel expenses, (iii) sold, exchanged or
otherwise disposed of any of its assets or rights, other than the sale of its inventory in the ordinary course of business, or (iv) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess of
$100,000.00 or collectively in excess of $500,000.00. 

      (d)        For the purposes of subsections (b) and
(c) above, all indebtedness, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same person or entity (including persons or entities the Company has reason to believe are affiliated
therewith) shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such subsections. 

      (e)        The Company is not a party to and is not bound by
any contract, agreement or instrument, or subject to any restriction under its Certificate or Bylaws, that adversely affects its business as now conducted or as proposed to be conducted, its properties or its financial condition. 

  
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       (f)        The
Company has not engaged in the past three (3) months in any discussion (i) with any representative of any corporation or corporations regarding the merger of the Company with or into any such corporation or corporations, (ii) with any
representative of any corporation, partnership, association or other business entity or any individual regarding the sale, conveyance or disposition of all or substantially all of the assets of the Company or a transaction or series of related
transactions in which more than fifty percent (50%) of the voting power of the Company would be disposed of, or (iii) regarding any other form of liquidation, dissolution or winding up of the Company. 

      (g)        Each of the contracts listed in Section 3.7
of the Schedule of Exceptions (the “Material Contracts”) is a valid and binding obligation of the Company. No event or circumstance has occurred which would result in a breach or default under any of the Material Contracts by
the parties thereto nor is any party thereto currently in breach or default under any Material Contract, other than which would not reasonably be expected to have a material adverse affect on the business, properties, prospects or financial
condition of the Company. 
   3.8        Title.  The
Company has good and marketable title to its properties and assets and has good title to all its leasehold interests, in each case subject to no mortgage, pledge, lien, lease, encumbrance or charge, other than (i) the lien of current taxes not
yet due and payable and (ii) liens and encumbrances which do not in any case materially detract from the value of the property subject thereto or materially impair the operations of the Company, and which have not arisen otherwise than in the
ordinary course of business. 
   3.9        Compliance with Other
Instruments.  The Company is not in violation or default of any term of its Certificate or Bylaws, or of any term or provision of any material mortgage, indebtedness, indenture, contract, agreement, instrument, judgment, order
or decree, and to its knowledge is not in violation of any statute, rule or regulation applicable to the Company where such violation would materially and adversely affect the Company. The execution, delivery and performance of and compliance with
the Agreements, and the issuance of the Shares, has not resulted and will not result in any material violation of, or conflict with, or constitute with or without the passage of time and the giving of notice a material violation or default under,
the Company’s Certificate or Bylaws or any material agreements or instruments to which the Company is a party or by which the Company is otherwise bound nor result in the creation of, any mortgage, security interest, pledge, lien, encumbrance
or charge upon any of the properties or assets of the Company nor violate any material order, judgment, law, statute, rule or regulation applicable to the Company. To its knowledge, the Company has avoided every condition, and has not performed any
act, the occurrence of which would result in the Company’s loss of any material right granted under any material license, distribution agreement or other agreement. 
   3.10      Litigation.  There are no actions, claims, suits, proceedings or investigations pending against the Company or its properties
before any court or governmental agency (nor, to the Company’s knowledge, is there any reasonable basis therefor or threat thereof) that might result in any material adverse effect on the assets, properties, financial condition, operation,
results or business of the Company. The foregoing includes, without limitation, actions pending or threatened (or any reasonable basis therefor known to the Company) involving the prior 

  
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employment of any of the Company’s employees or consultants, their use in connection with the Company’s business of any information or techniques allegedly proprietary to any of their
former employers or their obligations under any agreement with their former employers. The Company is not a party or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality.
There is no action, suit, proceeding or investigation by the Company currently pending or which the Company intends to initiate. 
   3.11        Employees.  To the Company’s knowledge, no employee or consultant of the Company is in violation of any term of
any employment contract, patent disclosure agreement or any other contract or agreement relating to the relationship of such employee with the Company or any other party because of the nature of the business conducted or to be conducted by the
Company. 
   3.12        Registration Rights; Voting
Rights.  Except as set forth in the Investors Rights Agreement, the Company is not under any contractual obligation to register any of its presently outstanding securities or any of its securities that may hereafter be issued.
To the Company’s knowledge, no stockholders of the Company have entered into any agreement with respect to the voting of capital shares of the Company. 
   3.13        Governmental Consent, etc.  No consent, approval or authorization of or designation, declaration or filing with any
governmental authority on the part of the Company is required in connection with the valid execution and delivery of this Agreement, or the offer, sale or issuance of the Securities, or the consummation of any other transaction contemplated hereby,
except (a) filing of the Certificate in the office of the Delaware Secretary of State, or (b) qualification (or taking such action as may be necessary to secure an exemption from qualification, if available) of the offer and sale of the
Securities under the California Corporate Securities Law of 1968, as amended and applicable Blue Sky laws, which filings and qualifications, if required, will be accomplished in a timely manner. 

  3.14        Offering.  Subject to the accuracy of the
Purchaser’s representations in Section 4 hereof, the offer, sale and issuance of the Securities will constitute a transaction exempt from the registration requirements of Section 5 of the Securities Act of 1933, as amended (the
“Securities Act”), and will be in compliance with applicable state securities laws. 

  3.15        Patents and Trademarks.  Section 3.15 of the
Schedule of Exceptions sets forth a complete listing of all of the material patents, patent rights, patent applications, trademarks, trademark applications, service marks, service mark applications, trade names, trade name applications, copyrights
and copyright applications of the Company (the “Rights”). The Rights and the material trade secrets, proprietary information, proprietary rights and processes, formulae, biological materials, test results, customer lists and
know how of the Company are referred to herein as its “Intellectual Property.” To its knowledge, after reasonable inquiry, the Company has sufficient title to and ownership of or rights to use, without any conflict with or
infringement of the rights of others, all of (a) the Rights and (b) the Intellectual Property which it deems necessary for its business as now conducted; except for which would not have a material adverse effect on the business,
properties, prospects or financial condition of the Company. The Company has not received any communications alleging any claims that the Company has violated any of the patents, trademarks, service marks, trade names, copyrights or trade secrets or
other 

  
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proprietary rights of any other person or entity or that the Intellectual Property is invalid or unenforceable or infringes on the rights of any other person or entity or that the Company does
not have good title to any of the Intellectual Property, except for which would not have a material adverse effect on the business, properties, prospects or financial condition of the Company. The Company is not aware that any of its employees is
obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially interfere with the use of such
employee’s best efforts to promote the interests of the Company or that would materially conflict with the Company’s business as proposed to be conducted. Neither the execution nor delivery of the Agreements, nor the carrying on of the
Company’s business by the employees of the Company, will, to the best of the Company’s knowledge, conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, any contract, covenant or
instrument under which any of such employees are now obligated, except for which would not have a material adverse effect on the business, properties, prospects or financial condition of the Company. The Company does not believe it will be necessary
to utilize any inventions of any of the Company’s employees (or people it currently intends to hire) made prior to their employment by the Company which are not currently licensed to or owned by the Company. Other than as set forth on
Section 3.15 of the Schedule of Exceptions, to the Company’s knowledge, the Company has not granted to any other person or entity any rights in the Intellectual Property or current products or services of the Company. The Company is not
currently obligated or under any existing liability to make any material royalty or other payments to any owner of, licensor of, or other claimant to, any patent, trademark, service name, trade name, copyright or other intangible asset, with respect
to the use thereof or in connection with the conduct of their respective businesses as now conducted or as proposed to be conducted or otherwise. The Company shall use its commercially reasonable efforts to comply with the provisions of 37 C.F.R
1.56 (“Duty to disclose information material to patentability”) during prosecution of the U.S. patent applications listed in Section 3.15 of the Schedule of Exceptions. To the Company’s knowledge, except with
respect to the rights of third parties to the Intellectual Property that the Company is licensed or otherwise authorized by third parties to use, market, distribute or incorporate in the Intellectual Property, no third party has any express rights
to reproduce distribute, market or exploit any works or materials of which any of the Intellectual Property is a “derivative work” as that term is defined in the United States Copyright Act, Title 17, U.S.C. Section 101. 

  3.16        Obligations to Related Parties.  There are no
obligations of the Company to officers, directors, stockholders or employees of the Company other than (a) for payment of salary for services rendered, (b) reimbursement for reasonable expenses incurred on behalf of the Company and
(c) for other standard employee benefits made generally available to employees. None of the officers, directors or stockholders of the Company, or any members of their immediate families are indebted to the Company or have any direct or
indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a business relationship, or any firm or corporation which competes with the Company, except that officers, directors and/or
stockholders of the Company may own stock in publicly traded companies which may compete with the Company. To the Company’s knowledge, no officer, director or stockholder, or any member of their immediate families, is, directly or indirectly,
interested in any material contract with the Company (other than such contracts as relate to any such person’s ownership of capital stock or other securities of the Company). The Company is not a guarantor or indemnitor of any indebtedness of
any other person, firm or corporation. 

  
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  3.17        Disclosure.  To the Company’s knowledge, the
Agreements and all other certificates delivered in connection herewith, when taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained herein not
misleading in light of the circumstances under which they were made. The Company has provided each Purchaser with all the information that each Purchaser has requested for deciding whether to purchase the Shares and all information which the Company
believes is reasonably necessary to enable each Purchaser to make such decision. To the Company’s knowledge, all information provided to the Purchasers does not contain any misstatement or omission of a material fact, and such information,
including without limitation the patent files, are materially complete. 

  3.18        Employee Benefit Plans.  The Company does not have any
Employee Benefit Plan as defined in the Employee Retirement Income Security Act of 1974. 

  3.19        Tax Returns and Payments.  The Company has filed all
tax returns and reports as required by law when due. These returns and reports are true and correct in all material respects. The Company has timely paid all material taxes and other assessments due. 

  3.20        Proprietary Information and Inventions
Agreements.  Each current and former employee, consultant and officer of the Company has executed an agreement with the Company regarding confidentiality and proprietary information substantially in the form or forms made available to
each Purchaser, if requested. The Company is not aware that any of its current and former employees or consultants is in violation thereof, and the Company will use its best efforts to prevent any such violation. 

  3.21        Permits.  The Company has all franchises, permits,
licenses and any similar authority necessary for the ownership of its assets and conduct of its business as now being conducted by it, the lack of which could materially and adversely affect the business, properties, prospects, or financial
condition of the Company. The Company is not in default under any of such franchises, permits, licenses or other similar authority, no condition exists that would constitute a material default thereunder and none of them will be terminated or
impaired by the transactions contemplated hereby. 

  3.22        Corporate Documents.  The Certificate and Bylaws of the
Company are in the form made available to each Purchaser, if requested. The copy of the minute books of the Company made available to each Purchaser, if requested, contains minutes of all meetings of directors (and any committees of directors) and
stockholders and all actions by written consent without a meeting by the directors and stockholders since the date of incorporation and reflects all actions by the directors (and any committee of directors) and stockholders with respect to all
transactions referred to in such minutes accurately in all material respects. 

  3.23        Insurance.  The Company has in full force and effect
fire and casualty insurance policies, with extended coverage, sufficient in amount (subject to reasonable deductibles) to allow it to replace any of its properties that might be damaged or destroyed. 

  3.24        Use of Proceeds.  The Company agrees to use the
proceeds received by the Company pursuant to this Agreement for general corporate purposes. 

  
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   3.25        Finders
Fee.  The Company represents that it neither is nor will be obligated for any finder’s fee or commission in connection with this transaction. 
   3.26        Employee Matters. 
         (a)        The Company is in compliance in all material respects with all currently applicable laws respecting
employment and employment practices, terms and conditions of employment and wages and hours, and has not engaged in any unfair labor practice, except for which would not have a material adverse effect on the business, properties, prospects or
financial condition of the Company. 

        (b)        No employee or former employee of the
Company will become entitled to any bonus, retirement, severance, job security or similar benefit or enhanced such benefit (including acceleration of vesting or exercise of an incentive award) as a result of the transactions contemplated hereby.

         (c)        Thomas Schall has not
advised the Company (orally or in writing) that he intends to terminate his employment with the Company. 

  3.27        Financial Statements.  The Company has delivered to
each Purchaser (a) its audited balance sheet and statements of operations and cash flows as of and for the fiscal years ended December 31, 2006 and 2007 and (b) its unaudited balance sheet as of June 30, 2008 (collectively, the
“Financial Statements”). The Financial Statements are complete and correct in all material respects and have been prepared in accordance with generally accepted accounting principles applied on a consistent basis throughout
the period indicated, except that the unaudited balance sheet as of June 30, 2008 does not contain footnotes. The Financial Statements accurately set out and describe the financial condition and operating results of the Company in all material
respects as of the date, and for the period, indicated therein. The Company has no material liabilities or obligations, absolute or contingent (individually or in the aggregate), except (a) the liabilities and obligations set forth in the
Financial Statements and (b) liabilities and obligations which have been incurred subsequent to December 31, 2007 in the ordinary course of business. 
   3.28        Environmental Matters.  No hazardous waste, substances or materials, or oil or petroleum products have been generated,
transported, used, disposed, stored or treated by the Company, except in material compliance with applicable environmental laws. To the knowledge of the Company, no hazardous wastes, substances or materials, or oil or petroleum products have been
released, discharged, disposed or otherwise caused to enter the soil or water in or upon any real property owned, leased or operated by the Company, except in material compliance with applicable environmental laws. To the knowledge of the Company,
the Company has complied in all material respects with all applicable environmental, health and safety laws and regulations, except where the failure to so comply has not had or is not reasonably likely to have a material adverse effect on the
Company or its operations. 
   3.29        C Corporation
Status.  The Company has not elected pursuant to the Internal Revenue Code of 1986, as amended, to be treated as a Subchapter S corporation. 

  
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 4.        Representation and Warranties of the
Purchaser.  The Purchaser represents and warrants to the Company, severally and not jointly, as follows: 

  4.1        Authorization.  Each Purchaser has full power and
authority to enter into this Agreement, and the Investors Rights Agreement. This Agreement and the Investors Rights Agreement constitute each Purchaser’s valid and legally binding obligation, enforceable in accordance with its terms.

   4.2        Purchase Entirely for Own Account.  This
Agreement is made with Purchaser in reliance upon Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, Purchaser hereby confirms, that the Securities to be acquired by Purchaser will be acquired
for investment for Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that Purchaser has no present intention of selling, granting any participation in, or otherwise
distributing the same; provided, however, nothing contained herein shall prevent Purchaser from transferring the Securities to an investment fund managed or advised by Purchaser (a “Purchaser Fund”), to any
manager, member or advisor of Purchaser, to any affiliate or successor of the Purchaser or any manager, member or advisor of Purchaser or any general or limited partner of any Purchaser Fund. By executing this Agreement, Purchaser further represents
that Purchaser does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities. Purchaser has not been
formed for the specific purpose of acquiring the Securities. 

  4.3        Disclosure of Information.  Purchaser has discussed the
Company and its plans, operations and financial condition with the Company’s officers and has received all such information as Purchaser deems necessary and appropriate to enable Purchaser to evaluate the financial risk inherent in making an
investment in the Securities. To Purchaser’s knowledge, Purchaser has received satisfactory and complete information concerning the business and financial condition of the Company in response to the Purchaser’s inquiries. 

  4.4        Sophistication.  Purchaser realizes that the purchase of
the Securities will be a highly speculative investment. Purchaser is able, without impairing Purchaser’s financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of Purchaser’s investment.
Purchaser recognizes that the Company has a limited financial and operating history and the investment in the Company involves substantial risks. Purchaser understands all of the risks related to the purchase of the Securities. By virtue of
Purchaser’s experience in evaluating and investing in private placement transactions of securities in companies similar to the Company, Purchaser is capable of evaluating the merits and risks of the Purchaser’s investment in the Company
and has the capacity to protect Purchaser’s own interests. 

  4.5        Restricted Securities.  Purchaser understands that the
Securities have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment
intent and the accuracy of Purchaser’s representations as expressed herein. Purchaser understands that the Securities are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these
laws, Purchaser must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission 

  
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and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Purchaser acknowledges that the Company has no obligation to register or
qualify the Securities for resale except as set forth in the Investors Rights Agreement. Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including,
but not limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are outside of Purchaser’s control, and which the Company is under no obligation and may not be able to
satisfy. 
   4.6        Accredited Investor.  Purchaser is
an “accredited investor” as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act. 
   4.7        Qualified Institutional Buyer.  Purchaser is either (i) a Qualified Institutional Buyer within the meaning of Rule 144A
promulgated under the Securities Act or (ii) an “accredited investor”, as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act, having investments of at least $10 million. 

  4.8        Subscription.  Purchaser understands that the financing
may not be fully subscribed and, even if fully subscribed, the proceeds of this financing may not be sufficient to carry the Company to the point of profitability. 
   4.9        Forecasts.  Purchaser understands that while management forecasts were made in good faith, such forecasts may be inaccurate
and operating results could differ dramatically and materially from the results forecast by management. 

  4.10      No Public Market.  Purchaser understands that no public market now
exists for the Securities, and that the Company has made no assurances that a public market will ever exist for the Securities. 
   4.11      Legends.  Purchaser understands that the Securities, and any securities issued in respect of or exchange for the Securities, may bear
one or all of the following legends: 

      (a)        “THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.” 

      (b)        Any legend set forth in the other Agreements.

       (c)        Any legend required by the Blue Sky
laws of any state to the extent such laws are applicable to the shares represented by the certificate so legended. 

  4.11      Foreign Investors.  If Purchaser is not a United States person (as
defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended) (a “Foreign Purchaser”), 

  
 11 

 
Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Shares or any use of this
Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be
obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares. Purchaser’s subscription and payment for and continued beneficial ownership
of the Shares, will not violate any applicable securities or other laws of Purchaser’s jurisdiction. 

5.        Conditions of the Purchaser’s Obligations at
Closing.  Purchaser’s obligations to purchase the Shares at the Closing are, at the option of Purchaser, subject to the fulfillment of the following conditions: 

  5.1        Representations and Warranties Correct.  The
representations and warranties made by the Company in Section 3 hereof shall be true and correct as of the Closing. 

  5.2        Performance; Compliance Certificate.  The Company shall
have performed and complied with, in all material respects, all covenants, agreements, obligations and conditions that are required to be performed or complied with by it on or before the Closing. The Company shall have delivered to each Purchaser a
certificate of the Company executed by the President or Chief Financial Officer of the Company, dated as of the date of the Closing certifying to the fulfillment of the conditions specified in Sections 5.1 and 5.2 of this Agreement. 

  5.3        Qualifications.  All authorizations, approvals or
permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of
the Closing. 
   5.4        Amended and Restated
Certificate.  The Certificate shall have been filed with the Delaware Secretary of State. 

  5.5        Investors Rights Agreement.  The Company and each
Purchaser shall have executed and delivered the Investors Rights Agreement in substantially the form attached hereto as Exhibit B. 
   5.6        Stock Certificate.  The Company shall have executed a stock certificate representing the Shares. 

  5.7        Opinion of Counsel.  Each Purchaser shall have received
from Latham & Watkins LLP (“LW”), counsel for the Company, an opinion dated as of the Closing, in substantially the form of Exhibit D. 
   5.8        Good Standing Certificate.  The Company shall have received, and provided a copy to the Purchasers, a certificate of good
standing from the Secretary of State of the State of Delaware, and each other jurisdiction in which failure to be so qualified would have a material adverse affect on the Company’s business, financial condition or results of operations.

  
 12 

   5.9        Incumbency
Certificate.  The Purchasers shall have received a certificate certifying the genuineness of the signature of the President and Chief Executive Officer of the Company. 

  5.10      Consents.  The Company shall have received all consents and
approvals from third parties required for the execution, delivery and performance of this Agreement by the Company. 

  5.11      Board of Directors.  The Board of Directors shall consist of five
(5) directors, which members shall be: Regina Herzlinger, D.B.A., Roger Lucas, Ph.D., Thomas Schall, Ph.D., Samuel Wertheimer, Ph.D. and Edward Penhoet, Ph.D. 
   5.12      Secretary’s Certificate.  The Purchasers shall have received from the Company’s Secretary a certificate having attached
thereto (i) the Company’s Amended and Restated Certificate of Incorporation as in effect at the time of the Closing, (ii) the Company’s Bylaws as in effect at the time of the Closing, (iii) resolutions approved by the Board
of Directors authorizing the transactions contemplated hereby, and (iv) resolutions approved by the Company’s stockholders authorizing the filing of the Amended and Restated Certificate of Incorporation. 

  5.13      Stockholder Approval.  The stockholders of the Company shall have
approved the transactions contemplated by the Agreement to the extent required under the Delaware General Corporation Law, the California Corporations Code and the Company’s existing Amended and Restated Certificate of Incorporation.

 6.        Conditions of the Company’s Obligations at
Closing.  The Company’s obligations to sell the Shares at the Closing are, at the option of the Company, subject to fulfillment of the following conditions: 

  6.1        Representations and Warranties.  The representations and
warranties made by the Purchasers in Section 4 hereof shall be true and correct in all material respects as of the Closing. 
 7.        Miscellaneous. 

  7.1        Governing Law.  This Agreement and all acts and
transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in all respects by the laws of the State of California, without regard to the conflict of law provisions thereof.

   7.2        Survival.  The representations and
warranties and covenants contained herein shall survive the execution and delivery of this Agreement and the sale of the Shares. 
   7.3        Successors and Assigns.  Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of,
and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto, or their respective
successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

  
 13 

   7.4        Entire
Agreement.  The Agreements embody the entire understanding and agreement between the Purchasers and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 

  7.5        Notices, etc.  All notices and other communications
required or permitted hereunder shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight delivery or sent by telegram or confirmed facsimile, or forty-eight (48) hours after being deposited in
the U.S. mail, as certified or registered mail, with postage prepaid, addressed (a) if to the Purchasers, at his or her address set forth on the last page of this Agreement, or at such other address as the Purchasers shall have furnished the
Company in writing, or (b) if to the Company, at the address of its principal office, or at such other address as the Company shall have furnished to the Purchasers in writing; provided, however, that registered or certified mail
shall not be used to effectuate the delivery of any such notice to addresses outside the United States. 

  7.6        California Corporate Securities Law.  THE SALE OF THE
SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR
TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON
THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT. 

  7.7        Titles and Subtitles.  The titles of the paragraphs and
subparagraphs of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
   7.8        Waivers and Amendments.  Any term of this Agreement may be amended only with the written consent of the Company and the
holders of at least a majority of the then outstanding Shares (on an as converted basis and including any Shares converted to Common Stock); provided, however, any amendment to Section 7.18, Section 7.19, Section 7.20 or
Section 7.21 hereof may be amended only with the written consent of GSK and the Company. Any amendment or waiver effected in accordance with this Section 7.8 shall be binding upon the Purchasers and each transferee of the Shares (or the
Common Stock issuable upon conversion thereof), each future holder of all such Securities, and the Company. 

  7.9        Counterparts.  This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 

  7.10      Finders Fee.  Each Purchaser represents that it neither is nor will
be obligated for any finder’s fee or commission in connection with this transaction. Each Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s fee
(and the costs and expenses of defending against such 

  
 14 

 
liability or asserted liability) for which such Purchasers or any of its officers, employees, or representatives is responsible. 

  7.11        Attorney’s Fees.  If any action at law or in
equity (including arbitration) is necessary to enforce or interpret the terms of any of the Agreements, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to
which such party may be entitled. 

  7.12        Severability.  If one or more provisions of this
Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then
(a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its
terms. 
   7.13        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 non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any
other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any
provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be
cumulative and not alternative. 

  7.14        Confidentiality.  Each party hereto agrees that for a
period of two (2) years, except with the prior written permission of the other party, it shall at all times keep confidential and not divulge, furnish or make accessible to anyone any confidential information, knowledge or data concerning or
relating to the business or financial affairs of the other parties to which such party has been or shall become privy by reason of this Agreement, discussions or negotiations relating to this Agreement, the performance of its obligations hereunder
or the ownership of the Shares purchased hereunder (the “Confidential Information”). Notwithstanding the foregoing, either party can disclose the Confidential Information to its affiliates and agents, provided such affiliates
have agreed in writing to disclose such information only as permitted hereunder. Confidential Information shall not include any information which: (a) the party receiving Confidential Information rightfully receives, obtained or obtains from a
third party without incurring obligations of confidentiality, (b) the party receiving Confidential Information rightfully developed or develops independently without reference to information obtained from the other party hereunder,
(c) enters into the public domain by no fault of the party receiving Confidential information, or (d) is required by applicable law, regulation or legal process to be disclosed. The provisions of this Section 7.14 shall be in addition
to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by the parties hereto with respect to the transactions contemplated hereby. 

  
 15 

   7.15        Fees and
Expenses.  The Company agrees to pay any and all stamp, transfer and other similar taxes payable or determined to be payable in connection with the execution and delivery of this Agreement and the issuance of the Shares and all shares
of Common Stock issuable upon conversion of the Shares. 

  7.16        Withholding Tax, etc.  The parties hereby acknowledge
that payments with respect to the Shares (or shares of Common Stock issuable upon conversion of the Shares) made by the Company to each Purchaser, if Purchaser is a Foreign Purchaser, may be subject to United States withholding tax. Each Purchaser,
if Purchaser is a Foreign Purchaser, shall timely provide to the Company two copies of IRS Form W-8ECI or IRS Form W-8BEN (or any successor form) to claim such an exemption or reduction in accordance with the applicable law. 

  7.17        Waiver of Conflicts.  Each party to this Agreement
acknowledges that LW, counsel to the Company, has in the past performed and is or may now or in the future represent one or more of the Purchasers or their affiliates in matters unrelated to the Offering, including representation of such Purchasers
or their affiliates in matters of a similar nature to the Offering. The applicable rules of professional conduct require that LW inform the parties hereunder of this representation and obtain their consent. LW has served as outside general counsel
to the Company and has negotiated the terms of the Offering solely on behalf of the Company. It is the belief of LW that these terms and conditions represent an arm’s length transaction between the Company and the Purchasers. The Purchasers
have been represented by independent legal counsel regarding the terms of the Offering. The Company and each Purchaser hereby (i) acknowledge that they have had an opportunity to ask for and have obtained information relevant to such
representation, including disclosure of the reasonably foreseeable adverse consequences of such representation, (ii) acknowledge that with respect to the Offering, LW has represented solely the Company, and not any Purchaser or any stockholder,
director or employee of the Company or any Purchaser, and (iii) gives its informed consent to LW’s representation of the Company in the Offering. 
   7.18        Selling Restrictions.  GSK agrees that for a period commencing on the date of the Closing and ending on the earliest of
(a) the third anniversary of the date of the Closing, (b) the consummation of a Qualified IPO (as defined in the Investors Rights Agreement) and (c) the closing of a transaction in which a third party acquires a majority of the
outstanding voting shares of the Company (the “Restricted Period”), neither GSK, nor any of its affiliates, shall offer, sell, contract to sell, pledge, grant an option to purchase, make a short sale or otherwise dispose of
any Securities held by GSK or any of its affiliates, or grant an option or other rights to any person or entity to acquire any Securities (i) to any person engaged in the pharmaceutical or biotechnology industries or (ii) in excess of such
amount as is necessary to avoid consolidation of the Company’s financial performance with the performance of GSK, without the prior written consent of the Company; provided that notwithstanding anything in this Section 7.18 to the
contrary, GSK and its affiliates shall be bound by the Market-Standoff Agreement in Section 1.14 of the Investors Rights Agreement. During the Restricted Period, the consent of the Company shall not be required for the transfers by GSK of all
or a portion of the Securities to its affiliates (a “Permitted Transferee”); provided, however, that such affiliate agrees to become a party to, and be bound by, all of the terms and conditions of this Agreement
by duly executing and delivering a joinder agreement. During the two year period from and after the expiration of the Restricted Period, GSK and/or its affiliates shall not offer, sell, contract to sell, pledge, grant an option to purchase, make a
short sale or otherwise dispose of any of the Securities purchased by GSK 

  
 16 

 
pursuant to this Agreement other than pursuant to a registration statement under the Securities Act or pursuant to Rule 144 under the Securities Act without the prior written consent of the
Company. 
   7.19        Standstill. 

  (a)          Following the earlier to occur of (i) the termination of
the Right to Match Period (as defined below) or (ii) the completion of an initial public offering by the Company, during the any portion of the Research Term (as defined in the Product Development and Commercialization Agreement between the
Company and Glaxo Group Limited dated as of August 22, 2006) and the first year thereafter, neither GSK nor any of its affiliates shall, in any manner, directly or indirectly, except as agreed by the Company in writing or as provided expressly
in Sections 7.19(b) or 7.19(c) or otherwise under this Agreement: (i) make, effect, initiate, cause or participate in any acquisition of beneficial ownership of any securities or any assets of the Company; (ii) form, join or participate in
a “group” (as defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) with respect to the beneficial ownership of any securities of the Company; (iii) agree or offer to take, or
encourage or propose (publicly or otherwise) the taking of any action referred to in subsections (i) or (ii) of this Section 7.19(a); or (iv) assist, induce or encourage any other person or entity to take any action of the type
referred to in subsections (i), (ii) or (iii) of this Section 7.19(a). 

        (b)        Nothing herein shall prevent GSK or
its affiliates (or in the case of Section 7.19(b)(iv), their employees) from: (i) purchasing the Shares at the Closing; (ii) purchasing additional Securities pursuant to the provisions of the Investors Rights Agreement or the
Certificate; (iii) acquiring Securities issued in connection with stock splits or recapitalizations; (iv) following the consummation of a Qualified IPO (as defined in the Investors Rights Agreement) purchasing Securities for (A) a
pension plan established for the benefit of GSK’s employees, (B) any employee benefit plan of GSK, (C) any stock portfolios not controlled by GSK or any of its affiliates that invest in the Company among other companies, or
(D) any account of a GSK director, officer or employee in such individual’s personal capacity; or (v) acquiring securities of another biotechnology or pharmaceutical company that beneficially owns any Securities; provided that any
Securities so acquired shall be subject to the provisions of Section 7.18 of this Agreement on the same basis as the Shares purchased pursuant to this Agreement. 
         (c)        GSK and its affiliates shall be free from the restrictions and limitations contained in this
Section 7.19 in the event that: (i) the Board of Directors of the Company publicly announces or publicly acknowledges that (A) the Board of Directors of Company has decided to sell the Company or (B) the Company is for sale;
(ii) the Company enters into a written agreement with a third party providing for a transaction which would give rise to a change of control in the Company; (iii) any third party commences or otherwise undertakes any tender or exchange
offer (as such terms are defined or used under the Exchange Act) for the Company; or (iv) any third party initiates a “solicitation” of “proxies” (as such terms are defined or used in Regulation 14A of the Exchange Act) with
respect to the Company. 

  
 17 

   7.20        No Shop/Right to
Match. 
         (a)        The Company
agrees that, without the consent of GSK, neither it nor its employees, officers directors, nor any agent acting on their behalf or on behalf of the Company, will for a period of 180 days from the date of the Closing (the “No Shop
Period”) take any action to solicit, initiate, encourage, enter into any discussions relating to, or provide any assistance with respect to any proposal, negotiation or offer from any person or entity other than its existing
stockholders relating to the acquisition, sale, lease, merger, or other disposition of the Company or any material part of the stock or assets of the Company (other than in a public offering or private financing for capital raising purposes)
(collectively, a “Sale Transaction”) and shall notify GSK in writing of any inquiries by any third parties in regards to the foregoing. 
         (b)        Without limiting the restrictions set forth in Section 7.20(a), the Company further agrees that
during the No Shop Period and until the later of: (i) six (6) months after the end of the No Shop Period or (ii) thirty (30) days after GSK’s receipt of top-line maintenance data from its PROTECT-1 clinical study (but in no
event later than twelve (12) months after the end to the No Shop Period) (the “Right to Match Period”), it will not enter into discussions with, or provide any person or entity other than its existing stockholders with
information relating to a Sale Transaction, without notifying GSK of such discussions within five (5) business days of their commencement. During the Right to Match Period the Company shall provide in writing to GSK the terms of any proposed
Sale Transaction deemed by the Board of Directors of the Company to be acceptable, negotiated in good faith, and not subject to any additional due diligence by a third party. GSK will then have ten (10) business days (the
“Negotiation Period”) to conduct due diligence and negotiate and execute a definitive agreement to enter into a Sale Transaction on terms materially equivalent to those proposed terms disclosed to GSK, provided that the
Company provides reasonable cooperation to GSK during such period. If GSK enters into a definitive agreement during the Negotiation Period then GSK and the Company will have thirty (30) business days (which thirty (30) days period shall be
extended in order to obtain required regulatory approvals) to complete and close the Sale Transaction. Regardless of whether GSK enters into a definitive agreement during the Negotiation Period, all rights under this Section 7.20 shall remain
in effect through the duration of the Right to Match Period if the Company does not close the previously proposed Sale Transaction on substantially the proposed terms disclosed to GSK. 

        (c)        Notwithstanding the foregoing, all
rights under this Section 7.20 shall immediately terminate in the event of an initial public offering which causes an automatic conversion of the Company’s outstanding Preferred Stock as provided in the Company’s then outstanding
Amended and Restated Certificate of Incorporation. 
   7.21        No
Participation in the Company’s Initial Public Offering. 

        (a)        GSK acknowledges that on
November 9, 2007 the Company filed with the Securities and Exchange commission a Registration Statement on Form S-1 (as amended, the “Registration Statement”) in contemplation of its initial public offering
(“IPO”) and GSK agrees that neither it nor any of its affiliates shall (i) purchase securities in an IPO by the Company pursuant to the Registration Statement or (ii) purchase securities in any IPO of the Company
completed within twelve (12) months of the Closing, unless such IPO is conducted by the 

  
 18 

 
Company pursuant to a registration statement filed subsequent to an abandonment of the Registration Statement by the Company performed in accordance with Rule 155(c) promulgated under the
Securities Act. 

        (b)        Notwithstanding the foregoing,
nothing in this Agreement shall be deemed to terminate GSK’s agreement, pursuant to Section 7.18 of that certain Series D Preferred Stock Agreement dated August 22, 2006 by and between the Company and the purchasers party thereto, as
amended, to purchase an aggregate amount of $7 million of the Company’s Common Stock in a private placement to be completed concurrently with the closing of an IPO by the Company that raises at least $25 million in proceeds. 

  7.22        Post-Closing HSR Filings.     In the
event of post-closing conversion of the Shares requiring notification under the Hart-Scott Rodino Antitrust Improvements Act of 1976 and the rules and regulations promulgated thereunder (the “HSR Act”), the Purchasers agree
to (i) file such notification under the HSR Act with the Federal Trade Commission and the Department of Justice Antitrust Division, (ii) pay all required filing fees associated with such notification, and (iii) notify the Company of
the fact the Purchasers intend to acquire voting securities of the Company as required by the HSR Act. 

  
 19 

 The foregoing Agreement is hereby confirmed and accepted by the Company as of the date above
first written. 
  

					
	CHEMOCENTRYX, INC.
		
	By:	 	             /s/ Susan
Kanaya

		 	Name:	 	Susan Kanaya
		 	Title:	 	Chief Financial Officer

 [COUNTERPART SIGNATURE PAGE TO SERIES E PREFERRED STOCK SUBSCRIPTION AGREEMENT] 

 The undersigned hereby executes and delivers the Agreement to which this signature page is
attached, which, together with all counterparts of the Agreement and signature pages of the other parties named in said Agreement, shall constitute one and the same document in accordance with the terms of the Agreement 

 

					
	     GLAXO GROUP LIMITED

	  Print or Type Name of Investor
		
	By:	 	             /s/ Carol G.
Ashe

		 	Name:	 	      Carol G. Ashe
		 	Title:	 	Attorney in fact

					
		
	Address:	 	One Franklin Plaza
		 	200 N. 16th Street
		 	FP 2355
		 	Philadelphia, PA 19102
	
	Fax: 215-751-5349
	
	Amount of Investment:     US$ 50,000,000
	Number of Shares:             6,793,478
	
	Dated: August 25, 2008

 [COUNTERPART SIGNATURE PAGE TO SERIES E PREFERRED STOCK SUBSCRIPTION AGREEMENT] 

 EXHIBIT A 
 Amended and Restated Certificate of Incorporation 

 EXHIBIT B 
 Amended and Restated Investors Rights Agreement 

 EXHIBIT C 
 Schedule of Exceptions 

 EXHIBIT D 
 Form of Opinion of CounselLoan and Security Agreement

 Exhibit 10.21 
 LOAN AND SECURITY AGREEMENT 
 THIS LOAN AND SECURITY
AGREEMENT (this “Agreement”) dated as of the Effective Date between SILICON VALLEY BANK, a California corporation (“Bank”), and CHEMOCENTRYX, INC., a Delaware corporation
(“Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank. The parties agree as follows: 
  

	 	1	 ACCOUNTING AND OTHER TERMS 

 Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP. Capitalized terms not otherwise defined in this Agreement
shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 

 

	 	2	 LOAN AND TERMS OF PAYMENT 

 2.1          Promise to Pay.    Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all
Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
  

	 	2.1.1	 Equipment Facility. 

 (a)        Equipment Advances.    Subject to the terms and conditions of this Agreement, Bank agrees to lend to Borrower, during the Draw
Period, equipment advances (each an “Equipment Advance” and collectively the “Equipment Advances”) in an aggregate amount not to exceed the Equipment Line. The proceeds of the Equipment Advances shall be used solely
to reimburse Borrower for the purchase of Eligible Equipment purchased within ninety (90) days (determined based upon the applicable invoice date of such Eligible Equipment) (other than the initial Equipment Advance of $1,000,000, which shall
not be subject to such 90 day lookback) of the Equipment Advance and to purchase Eligible Equipment; provided however, the initial Equipment Advance of $1,000,000 funded on the Effective Date (the “Initial Equipment Advance”) shall
not require invoice documentation. Other than the Initial Equipment Advance, no Equipment Advance may exceed 100% of the total invoice for Eligible Equipment. Unless otherwise agreed to by Bank, not more than 35% of the proceeds of the $1,500,000 of
the Equipment Line remaining after the Initial Equipment Advance shall be used to finance Other Equipment. Each Equipment Advance must be in an amount equal to at least $100,000. Borrower may not request more than twelve (12) Equipment Advances
hereunder. After repayment, no Equipment Advance may be reborrowed. 

(b)        Repayment.    Borrower shall repay each
Equipment Advance pursuant to the terms set forth in its corresponding Loan Supplement. For each Equipment Advance, Borrower shall make equal monthly payments of principal and interest, in advance, calculated by Bank based upon (i) the amount
of the Equipment Advance, (ii) the Basic Rate (which shall be fixed at the time of each Funding Date), and (iii) an amortization schedule equal to the Repayment Period (individually, the “Scheduled Payment”, and
collectively, “Scheduled Payments”), beginning on the first day of the month following the month in which the Funding Date occurs (or commencing on the Funding Date if the Funding Date is the first day of the month) with respect to
such Equipment Advance and continuing thereafter during the Repayment Period on the first day of each successive calendar month (each a “Payment Date”). All outstanding principal and accrued and unpaid interest is due and payable in
full on the last Payment Date with respect to such Equipment Advance. An Equipment Advance may only be prepaid, at Borrower’s option, in accordance with Sections 2.1.1(c), (d), (e) and (f). 

(c)        Final Payment.    On the earliest of
(i) the final Payment Date with respect to each Equipment Advance, (ii) any prepayment (to the extent permitted hereunder) of such Equipment Advance or (iii) the termination of the Equipment Line, Borrower shall pay, in addition to
the outstanding principal, accrued and unpaid interest, all future Scheduled Payments (except that such future Scheduled Payments shall not be payable with respect to a prepayment made pursuant to Section 2.1.1(d) or (f) below), in each
case on such Equipment Advance, and all other amounts due on such date with respect to such Equipment Advance, plus an amount equal to the Final Payment on such Equipment Advance. 

 (d)        Prepayment Upon an
Event of Loss.    Borrower shall bear the risk of any loss, theft, destruction, or damage of or to the Financed Equipment. If during the term of this Agreement any item of Financed Equipment becomes obsolete or is lost,
stolen, destroyed, damaged beyond repair, rendered permanently unfit for use, or seized by a governmental authority for any reason for a period equal to at least the remainder of the term of this Agreement (an “Event of Loss”), then
if no Event of Default has occurred or is continuing, within ten (10) days following the Event of Loss, at Borrower’s option, Borrower shall (i) pay to Bank, with respect to the Equipment Advance made with respect to the Financed
Equipment subject to the Event of Loss, all outstanding principal, all accrued and unpaid interest to the date of the prepayment, and the Final Payment; or (ii) repair or replace any Financed Equipment subject to the Event of Loss provided the
repaired or replaced Financed Equipment is of equal or like value to the Financed Equipment subject to the Event of Loss and provided further that Bank has a first priority perfected security interest in such repaired or replaced Financed Equipment.

 (e)        Prepayment.  If the Equipment Advances
are voluntarily prepaid or accelerated following the occurrence of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest, (ii) all future
Scheduled Payments, (iii) the Final Payment, and (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts, in each case with respect to the Equipment
Advances being prepaid. 
 (f)        Prepayment Upon Sale or Trade
of Finance Equipment.  If, during the term of this Agreement, any item of Financed Equipment is sold or traded, then within ten (10) days following such sale or trade, Borrower shall (i) pay to Bank on account of the
Obligations all accrued interest to the date of the prepayment, the Final Payment, and all outstanding principal owing with respect to the Equipment Advance made with respect to the Financed Equipment subject to such sale or trade; or
(ii) provide other equipment in replacement of the sold or traded Financed Equipment, provided the replacement Financed Equipment is of equal or like value to the Financed Equipment sold or traded, is acceptable to Bank in its sole discretion,
and provided further that Bank has a first priority perfected security interest in such replacement Financed Equipment 
  

	 	2.2	 Payment of Interest on the Credit Extensions. 

(a)        Interest Rate.    Subject to
Section 2.2(b), the principal amount outstanding for each Equipment Advance shall accrue interest at a per annum rate equal to the Basic Rate determined by Bank on the Funding Date for such Equipment Advance. 

(b)        Default Rate.  Immediately upon the occurrence and
during the continuance of an Event of Default, Obligations shall bear interest at a rate per annum which is three percentage points above the rate effective immediately before the Event of Default (the “Default Rate”). Payment or
acceptance of the increased interest rate provided in this Section 2.2(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank.

 (c)        360-Day Year.  Interest shall be
computed on the basis of a 360-day year for the actual number of days elapsed. 

(d)        Debit of Accounts.  Bank may debit any of
Borrower’s deposit accounts at Bank, if any, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

(e)        Payments.  Unless otherwise provided, interest is
payable monthly on the 1st calendar day of each month. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is
not a Business Day, the payment is due the next Business Day and additional fees or interest, as applicable, shall continue to accrue. 
  

	 	2.3	 Fees. Borrower shall pay to Bank: 

(a)        Good Faith Deposit.  A good faith deposit equal to
$50,000 on or prior to the Effective Date, receipt of which is hereby acknowledged by Bank. The amount of such good faith deposit, less Bank Expenses, will be refunded to Borrower on the Effective Date; 

  
 -2-

 (b)        Late Payment
Fee.    A late payment fee equal to five percent (5%) of any Scheduled Payment or Final Payment not paid when due; and 
 (c)        Bank Expenses.  All Bank Expenses, plus expenses, for documentation and negotiation of this Agreement) incurred through and after the
Effective Date, when due. 

3            CONDITIONS OF LOANS 

3.1         Conditions Precedent to Initial Credit
Extension.  Bank’s obligation to make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other
matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a)        Borrower shall have delivered duly executed original signatures to
the Loan Documents to which it is a party; 
 (b)        Borrower shall
have delivered its Operating Documents and a good standing certificate of Borrower certified by the Secretary of State of the State of Delaware as of a date no earlier than thirty (30) days prior to the Effective Date; 

(c)        Borrower shall have delivered duly executed original signatures to
the completed Borrowing Resolutions for Borrower; 
 (d)        Bank
shall have received certified copies, dated as of a recent date, of financing statement searches, as Bank shall request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing
statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 
 (e)        Borrower shall have delivered the Collateral Information Certificate(s) executed by Borrower; 

(f)        Borrower shall have delivered a landlord’s consent executed by
Portola Land Management in favor of Bank; 
 (g)        Borrower shall
have delivered evidence satisfactory to Bank that the insurance policies required by Section 6.4 hereof are in full force and effect, together with appropriate evidence showing loss payable and/or additional insured clauses or endorsements in
favor of Bank; and 
 (h)        Borrower shall have paid the fees and
Bank Expenses then due as specified in Section 2.3 hereof. 

3.2          Conditions Precedent to all Credit
Extensions.    Bank’s obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following: 

(a)        timely receipt of an executed Loan Supplement; 

(b)        the representations and warranties in Section 5 shall be true in
all material respects on the date of the Loan Supplement and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or
modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Default or
Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in Section 5 remain true in
all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those
representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

  
 -3-

 (c)        in Bank’s good
faith business judgment, there has not been a Material Adverse Change. 

3.3         Covenant to Deliver. 

Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a condition to any
Credit Extension. Borrower expressly agrees that the extension of a Credit Extension prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to deliver such item, and any such extension in
the absence of a required item shall be in Bank’s sole discretion. 

3.4         Procedures for Borrowing.  Subject to
the prior satisfaction of all other applicable conditions to the making of an Equipment Advance set forth in this Agreement, to obtain an Equipment Advance following the Initial Equipment Advance, Borrower shall deliver to Bank by electronic mail or
facsimile a completed Loan Supplement, executed by a Responsible Officer or his or her designee, together with copies of invoices for the Financed Equipment and such additional information as Bank may reasonably request at least five
(5) Business Days before the proposed Funding Date. On each Funding Date, Bank shall specify in the Loan Supplement for each Equipment Advance, the Basic Rate, and the Payment Dates. At Bank’s discretion, Bank shall have the opportunity to
confirm that, upon filing the UCC-1 financing statement covering the Equipment described on the Loan Supplement, Bank shall have a first priority perfected security interest in such Equipment. If Borrower satisfies the conditions of each Equipment
Advance, Bank shall disburse such Equipment Advance by transfer to the deposit account designated by Borrower. 

4            CREATION OF SECURITY INTEREST

 4.1         Grant of Security
Interest.    Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or
hereafter acquired or arising, and all proceeds and products thereof. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the
Collateral. 
 If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the
Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has
terminated, Bank shall, at Borrower’s sole cost and expense, release its Liens in the Collateral and all rights therein shall revert to Borrower. 
 4.2         Authorization to File Financing Statements.  Borrower hereby authorizes Bank to file financing statements, without notice
to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights
of Bank under the Code except as permitted hereunder. 

5            REPRESENTATIONS AND WARRANTIES

 Borrower represents and warrants as follows: 

5.1         Due Organization and
Authorization.  Borrower and each of its Subsidiaries are duly existing and in good standing as Registered Organizations in their respective jurisdictions of formation and are qualified and licensed to do business and are in good
standing in any jurisdiction in which the conduct of their business or their ownership of property requires that they be qualified except where the failure to do so could not reasonably be expected to have a material adverse effect on
Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate in a form satisfactory to Bank signed by Borrower, entitled “Collateral Information Certificate”. Borrower represents and
warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Collateral Information Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set
forth in the Collateral Information Certificate; (c) the Collateral Information Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; (d) the Collateral
Information Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and each
of its predecessors) has not, in the past five (5) years, changed its 

  
 -4-

 
jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Collateral Information
Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete in all material respects. If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Bank of such occurrence and
provide Bank with Borrower’s organizational identification number. 
 The execution, delivery and
performance of the Loan Documents have been duly authorized, and do not conflict with Borrower’s organizational documents, nor constitute an event of default under any material agreement by which Borrower is bound. Borrower is not in default
under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2          Collateral.  Borrower has good title to,
has rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. 

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in
the Collateral Information Certificate. None of the components of the Collateral (other than laptop computers used by employees outside of Borrower’s offices) shall be maintained at locations other than as provided in the Collateral Information
Certificate or as Borrower has given Bank notice pursuant to Section 7.2. In the event that Borrower, after the date hereof, intends to store or otherwise deliver any portion of the Collateral to a bailee, then Borrower will first receive the
written consent of Bank and such bailee must execute and deliver a bailee agreement in form and substance reasonably satisfactory to Bank in its sole discretion. 

5.3          Litigation.  There are no actions or
proceedings pending or, to the knowledge of the Responsible Officers, threatened in writing by or against Borrower or any of its Subsidiaries involving more than $500,000. 

5.4          No Material Deviation in Financial
Statements.    All consolidated financial statements for Borrower and any of its Subsidiaries delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s
consolidated results of operations as of the date of such financial statements. There has not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to
Bank. 

5.5          Solvency.    The fair salable
value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its
debts (including trade debts) as they mature. 

5.6          Regulatory Compliance.  Borrower is not
an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act. Borrower is not engaged as one of its important activities in extending credit for margin stock (under
Regulations T and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Borrower has not violated any laws, ordinances or rules, the violation of which could
reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by
previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or
filings with, and given all notices to, all government authorities that are necessary to continue its business as currently conducted except where the failure to do so could not reasonably be expected to have a material adverse effect on its
business. 
 5.7          Subsidiaries;
Investments.  Borrower does not own any stock, partnership interest or other equity securities except for Permitted Investments. 
 5.8          Tax Returns and Payments; Pension Contributions.    Except as otherwise provided in the Collateral Information
Certificate, Borrower has timely filed or obtained extensions for filing of all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower.
Borrower may defer payment of any contested taxes, provided that Borrower (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Bank in writing
of the commencement of, and any material development in, the 

  
 -5-

 
proceedings, (c) posts bonds or takes any other steps required to prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is
other than a “Permitted Lien. Borrower is unaware of any claims or adjustments proposed for any of Borrower's prior tax years which could result in additional taxes becoming due and payable by Borrower. Borrower has paid all amounts necessary
to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence
of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency.

 5.9          Use of Proceeds.  Borrower
shall use the proceeds of the Credit Extensions solely to purchase or finance Eligible Equipment. 

5.10        Full Disclosure.    No written
representation, warranty or other statement of Borrower in any certificate or written statement given to Bank, as of the date such representations, warranties, or other statements were made, taken together with all such written certificates and
written statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading in light of the circumstances under
which they were made (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by
such projections and forecasts may differ from the projected or forecasted results). 

6             AFFIRMATIVE COVENANTS

 So long as any Obligations (other than inchoate indemnity obligations) are outstanding, Borrower shall do
all of the following: 
 6.1          Government
Compliance.    Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify
would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower shall comply, and have each Subsidiary comply, with all laws, ordinances and regulations to which it is subject, noncompliance with
which could have a material adverse effect on Borrower’s business. 

6.2          Financial Statements, Reports, Certificates.

 (a)        Deliver to Bank: (i) as soon as available, but no
later than forty-five (45) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations during the period certified by a Responsible Officer and in a
form acceptable to Bank; (ii) as soon as available, but no later than two hundred ten (210) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied,
together with an unqualified opinion on the financial statements from an independent certified public accounting firm acceptable to Bank in its reasonable discretion; (iii) within five (5) days of delivery, copies of all statements,
reports and notices made available to Borrower’s security holders or to any holders of Subordinated Debt (iv) a prompt report of any legal actions pending or threatened against Borrower or any of its Subsidiaries that would reasonably be
expected to result in damages or costs to Borrower or any of its Subsidiaries of $1,000,000 or more; (v) annually, financial projections for Borrower’s fiscal year as approved by Borrower’s Board of Directors; and (vi) other year
end budgets, sales projections, operating plans and other financial information reasonably requested by Bank. 

(b)        Within thirty (30) days after the last day of each month,
deliver to Bank a duly completed Compliance Certificate signed by a Responsible Officer showing cash and pre-closing estimated cash burn. 
 (c)        Within forty-five (45) days after the last day of each month, deliver to Bank with the monthly financial statements, a duly completed Compliance
Certificate signed by a Responsible Officer. 
 (d)        Allow Bank
to audit Borrower’s Collateral at Borrower’s expense. Such audits shall be conducted no more often than once per year, and Borrower’s expenses for each such audit shall be limited to a maximum of $2,500, unless a Default or an Event
of Default has occurred and is continuing. Each audit shall be 

  
 -6-

 
conducted during regular business hours and upon reasonable (in no event less than five (5) Business Days’) prior notice, unless an Event of Default has occurred and is continuing.

 6.3          Taxes; Pensions.  Make, and
cause each of its Subsidiaries to make, timely payment or request extensions of payment, of all foreign, federal, state, and local taxes or assessments (other than taxes and assessments which Borrower is contesting pursuant to the terms of
Section 5.8 hereof) and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their
terms. 
 6.4          Insurance.  Keep its
business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are
satisfactory to Bank. All property policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee and waive subrogation against Bank, and all liability policies shall show, or have endorsements showing, Bank as an
additional insured. All policies (or the loss payable and additional insured endorsements) shall provide that the insurer must give Bank at least twenty (20) days notice before canceling, amending, or declining to renew its policy. At
Bank’s request, Borrower shall deliver certified copies of policies and evidence of all premium payments. Except as otherwise provided in Section 2.1.1(d), proceeds payable under any policy shall, at Bank’s option, be payable to Bank
on account of the Obligations. If Borrower fails to obtain insurance as required under this Section 6.4 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain
such insurance policies required in this Section 6.4, and take any action under the policies Bank deems prudent. 
 6.5          Operating Accounts.  Maintain at least 60% of the dollar value of Borrower’s securities accounts at all financial
institutions with SVB Asset Management. 

6.6          INTENTIONALLY BLANK. 

6.7          Litigation Cooperation.  From the date
hereof and continuing through the termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower's books and records, to the extent that Bank may deem them reasonably
necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 
 6.8          Further Assurances.  Borrower shall execute any further instruments and take further action as Bank reasonably requests to
perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. 

7             NEGATIVE COVENANTS

 So long as any Obligations (other than inchoate indemnity obligations) are outstanding, Borrower shall
not do any of the following without Bank’s prior written consent: 

7.1          Dispositions.  Convey, sell, lease,
transfer or otherwise dispose of (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of the Collateral, except for (a) the sale or trade of Financed Equipment (subject to compliance with
Section 2.1.1(f), (b) the sale or other disposition of Financed Equipment subject to an Event of Loss, subject to compliance with Section 2.1.1(d), and; (c) licenses of Borrower’s intellectual property. 

7.2          Changes in Business, Control, or Business
Locations.    (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto;
(b) liquidate or dissolve; or (c) permit or suffer any Change in Control. Borrower shall not, without at least thirty (30) days prior written notice to Bank: (1) add, without Bank’s written consent, any new offices or
business locations, including warehouses, where Financed Equipment is located unless a landlord consent and/or waiver reasonable to Bank has been obtained, (2) change its jurisdiction of organization, (3) change its organizational
structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. 

  
 -7-

 7.3          Mergers or
Acquisitions.  Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property
of another Person except where (a) no Event of Default has occurred and is continuing or would exist after giving effect to the transactions; and (b) Borrower is the surviving legal entity. A Subsidiary may merge or consolidate into
another Subsidiary. 
 7.4          INTENTIONALLY BLANK.

7.5          Encumbrance.    Create, incur,
or allow any Lien on any of Collateral or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest granted herein. 

7.6          Maintenance of Collateral
Accounts.  Maintain any Collateral Account except pursuant to the terms of Section 6.5 hereof. 
 7.7          Investments; Distributions.  (a) Directly or indirectly make any Investment other than Permitted Investments, or permit
any of its Subsidiaries to do so; or (b) pay any dividends or make any distribution or payment or redeem, retire or purchase any of its capital stock provided that as to (a) and (b), (i) Borrower may convert any of its convertible
securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) Borrower may pay dividends solely in common stock; (iii) Borrower may repurchase the stock of former employees or
consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided such repurchase does not exceed in the aggregate of
$250,000 per fiscal year; and (iv) as permitted by Section 7.3. 

7.8          Transactions with Affiliates.  Directly
or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower, except for (i) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less
favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person; and (ii) transactions otherwise permitted pursuant to subsections (a) or (g) of the definition of “Permitted
Investments.”. 
 7.9          INTENTIONALLY
BLANK. 
 7.10        Compliance.  Become an
“investment company” or a company controlled by an “investment company”, under the Investment Company Act of 1940 or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in
Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as
defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any
of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and
deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

8             EVENTS OF DEFAULT

 Any one of the following shall constitute an event of default (an “Event of Default”)
under this Agreement: 
 8.1          Payment
Default.  Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and
payable. During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2          Covenant Default. 

  
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 (a) Borrower fails or neglects to perform any obligation in Sections 6.1
(as to legal existence), 6.2, 6.4, 6.5, 6.8 or violates any covenant in Section 7; or 
 (b) Borrower
fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement, any Loan Documents, and as to any default (other than those specified in Sections 8.3 through 8.8 below) under
such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the
ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in
any case exceed thirty (30) days after the end of such 10 day period) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions
shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth in subsection (a) above; 

8.3          Attachment.  (a) Any material
portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver and the attachment, seizure or levy is not removed in thirty (30) days; (b) the service of process upon Borrower seeking to
attach, by trustee or similar process, any funds of Borrower on deposit with Bank, or any entity under control of Bank (including a subsidiary); (c) Borrower is enjoined, restrained, or prevented by court order from conducting a material part
of its business; (d) a judgment or other claim in excess of $500,000 becomes a Lien on any of Borrower’s assets; or (e) a notice of lien, levy, or assessment is filed against any of Borrower’s assets by any government agency and
not paid or released within thirty (30) days after Borrower receives notice. These are not Events of Default if stayed or if a bond is posted pending contest by Borrower (but no Credit Extensions shall be made during the cure period);

 8.4          Insolvency.  Borrower is
unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within
sixty (60) days (but no Credit Extensions shall be made while of any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

8.5          Other Agreements.    There is a
default in any agreement governing Indebtedness to which Borrower is a party with a third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of such Indebtedness in an amount in
excess of $500,000; 

8.6          Judgments.  A judgment or judgments for
the payment of money in an amount, individually or in the aggregate, of at least $500,000 (not covered by independent third-party insurance) shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of thirty
(30) days after the entry thereof (provided that no Credit Extensions will be made prior to the satisfaction or stay of such judgment); 
 8.7          Misrepresentations.  Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now
or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made;
or 
 8.8          Subordinated Debt.  A
default or breach by Borrower occurs under any agreement between Borrower and any creditor of Borrower that signed a subordination, intercreditor, or other similar agreement with Bank. 

9             BANK’S RIGHTS AND REMEDIES

 9.1          Rights and
Remedies.  While an Event of Default occurs and continues Bank may, without notice or demand, do any or all of the following: 
 (a)        declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.4 occurs all Obligations are immediately due
and payable without any action by Bank); 

  
 -9-

 (b)        stop advancing money or
extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 
 (c)        make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the Collateral. Borrower
shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise
any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s rights or remedies;

 (d)        apply to the Obligations any (i) balances and
deposits of Borrower it holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 
 (e)        ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral; 

(f)        demand and receive possession of Borrower’s Books; and

 (g)        exercise all rights and remedies available to Bank under
the Loan Documents or at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 
 9.2          Power of Attorney.  Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the
occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) make, settle, and adjust all claims under Borrower’s insurance policies;
(c) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (d) transfer the
Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of any security
interest regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations) have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s
foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity obligations) have been fully repaid and performed and
Bank’s obligation to provide Credit Extensions terminates. 

9.3          Protective Payments.  If Borrower fails
to obtain the insurance called for by Section 6.4 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document, Bank may obtain such insurance or make
such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest applicable rate, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice
of Bank obtaining such insurance or making such payment at the time it is obtained or made or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event
of Default. 
 9.4          Application of Payments and
Proceeds.    Unless an Event of Default has occurred and is continuing, Bank shall apply any funds in its possession, whether from Borrower account balances, payments, or proceeds realized as the result of any disposition of
the Collateral, first, to Bank Expenses, including without limitation, the reasonable costs, expenses, liabilities, obligations and reasonable attorneys’ fees incurred by Bank in the exercise of its rights under this Agreement; second, to the
interest due upon any of the Obligations; and third, to the principal of the Obligations and, in such order as Bank shall determine in its sole discretion, any applicable fees and other charges. Any surplus shall be paid to Borrower or other Persons
legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If an Event of Default has occurred and is continuing, Bank may apply any funds in its possession, whether from Borrower account balances, payments, or proceeds
realized as the result of any disposition of the Collateral, or otherwise, to the Obligations in such order as Bank shall determine in its sole discretion. Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower
shall remain liable to Bank for any deficiency. If Bank, in its good faith business judgment, directly or indirectly enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option,

  
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exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash
therefore. 
 9.5          Bank’s Liability for
Collateral.  So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping
of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage
or destruction of the Collateral. 
 9.6          No
Waiver; Remedies Cumulative.    Bank’s failure, at any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right
of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by Bank and then is only effective for the specific instance and purpose for which it is given. Bank’s
rights and remedies under this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election, and Bank’s
waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 
 9.7          Demand Waiver.  Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any
default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

10           NOTICES 

All notices, consents, requests, approvals, demands, or other communication (collectively,
“Communication”) by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three
(3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one
(1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address,
facsimile number, or email address indicated below. Bank or Borrower may change its address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 

 

			
	If to Borrower:	  	 ChemoCentryx, Inc.
 850 Maude
Avenue
 Mountain View, CA 94043

Attn:  Susan Kanaya, CFO

Fax:  skanaya@chemocentryx.com

Email:    650-210-2910

		
	If to Bank:	  	 Silicon Valley Bank
 185 Berry
Street, Suite 3000
 San Francisco, CA 94107
 Attn:  Peter Scott, Senior Vice President
 Fax:  415-856-0810

Email:    pscott@svb.com

 11           CHOICE OF LAW,
VENUE AND JURY TRIAL WAIVER 
 California law governs the Loan Documents without regard to principles of
conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from
bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby 

  
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waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens. Borrower hereby waives personal service of the summons, complaints, and
other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in Section 10 of this Agreement and
that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT,
THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS
COUNSEL. 
  

	 	12	 GENERAL PROVISIONS 

 12.1        Successors and Assigns.    This Agreement binds and is for the benefit of the successors and permitted assigns of each
party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right, without the consent of or notice to
Borrower, to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents. 

12.2        Indemnification.  Borrower agrees to indemnify,
defend and hold Bank and its directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank harmless against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”)
asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or Bank Expenses incurred, or paid by Bank from, following, or arising from transactions between Bank and Borrower (including
reasonable attorneys’ fees and expenses), except, as to (a) and (b), for Claims and/or losses directly caused by Bank’s gross negligence or willful misconduct. 

12.3        Reserved.  

12.4        Time of Essence.    Time is of the
essence for the performance of all Obligations in this Agreement. 

12.5        Severability of Provisions.    Each
provision of this Agreement is severable from every other provision in determining the enforceability of any provision. 
 12.6        Amendments in Writing; Integration.  All amendments to this Agreement must be in writing signed by both Bank and Borrower. This
Agreement and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about
the subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan Documents. 

12.7        Counterparts.  This Agreement may be executed
in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, are an original, and all taken together, constitute one Agreement. 

12.8        Survival.  All covenants, representations and
warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the
termination of this Agreement) have been satisfied. The obligation of Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect to such claim or cause of action shall have run. 

12.9        Confidentiality.  In handling any
confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates; (b) to prospective
transferees or purchasers of any interest in the Credit Extensions 

  
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(provided, however, Bank shall use commercially reasonable efforts to obtain such prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required
by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; and (e) as Bank considers appropriate in exercising remedies under this Agreement.
Confidential information does not include information that either: (i) is in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank through no fault of Bank; or
(ii) is disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 
 12.10      Attorneys’ Fees, Costs and Expenses.  In any action or proceeding between Borrower and Bank arising out of or relating to the Loan
Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled. 

13           DEFINITIONS 

13.1        Definitions.  As used in this Agreement, the
following terms have the following meanings: 
 “Account” is any “account” as defined
in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to
such term as may hereafter be made. 
 “Affiliate” of any Person is a Person that owns or
controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited
liability company, that Person’s managers and members. 
 “Agreement” is defined in the
preamble hereof. 
 “Bank” is defined in the preamble hereof. 

“Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable
attorneys’ fees and expenses) for preparing, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with
respect to Borrower. 
 “Basic Rate” is the per annum rate of interest (based on a year of 360
days) equal to the sum of (a) U.S. Treasury note yield to maturity for a term equal to three years as quoted in The Wall Street Journal on the Funding Date, plus (b) the Loan Margin. 

“Borrower” is defined in the preamble hereof 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state
tax returns, and records regarding Borrower’s assets or liabilities, business operations or financial condition, or the Collateral. 
 “Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s Board of Directors and delivered by such Person to Bank approving the Loan
Documents to which such Person is a party and the transactions contemplated thereby, together with a certificate executed by its secretary on behalf of such Person certifying that (a) such Person has the authority to execute, deliver, and
perform its obligations under each of the Loan Documents to which it is a party, (b) that attached as Exhibit A to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying
the execution, delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents on behalf of such Person, together with a sample of the true
signature(s) of such Person(s), and (d) that Bank may conclusively rely on such certificate unless and until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate. 

“Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 

  
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 “Cash Equivalents” means (a) marketable direct
obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one
(1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc., (c) Bank’s certificates of deposit issued maturing no more than one
(1) year after issue; and (d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Change in Control” means any event, transaction, or occurrence as a result of which (a) any
“person” (as such term is defined in Sections 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934, as an amended (the “Exchange Act”)), other than a trustee or other fiduciary holding securities under an employee
benefit plan of Borrower, is or becomes a beneficial owner (within the meaning Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of Borrower, representing fifty percent (50%) or more of the combined voting
power of Borrower’s then outstanding securities; or (b) during any period of twelve consecutive calendar months, individuals who at the beginning of such period constituted the Board of Directors of Borrower (together with any new
directors whose election by the Board of Directors of Borrower was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election
was previously so approved) cease for any reason other than death or disability to constitute a majority of the directors then in office. 
 “Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of California; provided, that, to the extent that the Code is used to
define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided further, that in the event
that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other
than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes on the provisions thereof relating to such attachment, perfection,
priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A.

 “Collateral Account” is any Deposit Account, Securities Account, or Commodity Account.

 “Collateral Information Certificate” is defined in Section 5.1. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to
such term as may hereafter be made. 
 “Communication” is defined in Section 10.

 “Compliance Certificate” is that certain certificate in the form attached hereto as
Exhibit C. 
 “Contingent Obligation” is, for any Person, any direct or indirect
liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse
by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap
agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not
include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably
anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which
Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower 

  
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maintains a Securities Account or a Commodity account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or
Commodity Account. 
 “Credit Extension” is any Equipment Advance or any other extension of
credit by Bank for Borrower’s benefit. 
 “Default” means any event which with notice or
passage of time or both, would constitute an Event of Default. 
 “Default Rate” is defined in
Section 2.2(b). 
 “Deposit Account” is any “deposit account” as defined in the
Code with such additions to such term as may hereafter be made. 
 “Dollars,”
“dollars” and “$” each mean lawful money of the United States. 

“Domestic Subsidiary” means a Subsidiary organized under the laws of the United States or any state or
territory thereof or the District of Columbia. 
 “Draw Period” is the period of time from the
Effective Date through the earlier to occur of (a) December 31, 2007, or (b) an Event of Default. 

“Effective Date” is the date Bank executes this Agreement and as indicated on the signature page hereof.

 “Eligible Equipment” is (a) general purpose laboratory equipment, computer equipment,
office equipment and furnishings, new or used, and (b) Other Equipment, new or used, that complies with all of Borrower’s representations and warranties contained herein and in which Bank has a first priority Lien. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may
hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“Equipment Advance” is defined in Section 2.1.1(a). 

“Equipment Line” is an Equipment Advance or Equipment Advances in an aggregate amount of up to
$2,500,000. 
 “ERISA” is the Employment Retirement Income Security Act of 1974, and its
regulations. 
 “Event of Default” is defined in Section 8. 

“Event of Loss” is defined in Section 2.1.1(d). 

“Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of
principal plus accrued interest) due on the earlier of (a) the final Payment Date for such Equipment Advance or (b) the acceleration of such Equipment Advance, equal to the Loan Amount for such Equipment Advance multiplied by the Final
Payment Percentage. 
 “Final Payment Percentage” is, for each Equipment Advance, five percent
(5%). 
 “Financed Equipment” is all present and future Eligible Equipment in which Borrower
has any interest, the purchase of which is financed by an Equipment Advance. 
 “Funding Date”
is any date on which a Credit Extension is made to or on account of Borrower which shall be a Business Day. 

  
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 “GAAP” is generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” is all “general intangibles” as defined in the Code in effect on the
date hereof with such additions to such term as may hereafter be made, and includes without limitation, all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work,
whether published or unpublished, any patents, trademarks, service marks and, to the extent permitted under applicable law, any applications therefor, whether registered or not, any trade secret rights, including any rights to unpatented inventions,
payment intangibles, royalties, contract rights, goodwill, franchise agreements, purchase orders, customer lists, route lists, telephone numbers, domain names, claims, income and other tax refunds, security and other deposits, options to purchase or
sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance),
payments of insurance and rights to payment of any kind. 
 “Indebtedness” is
(a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar
instruments, (c) capital lease obligations, and (d) Contingent Obligations. 
 “Insolvency
Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its
creditors, or proceedings seeking reorganization, arrangement, or other relief. 
 “Inventory”
is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping
materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any
of the above. 
 “Investment” is any beneficial ownership interest in any Person (including
stock, partnership interest or other securities), and any loan, advance or capital contribution to any Person. 

“Lien” is a mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

 “Loan Amount” in respect of each Equipment Advance is the original principal amount of such
Equipment Advance. 
 “Loan Documents” are, collectively, this Agreement, the Collateral
Information Certificate, any note, or notes executed by Borrower, and any other present or future agreement between Borrower and/or for the benefit of Bank in connection with this Agreement, all as amended, restated, or otherwise modified.

 “Loan Margin” is 165 basis points. 

“Loan Supplement” is attached as Exhibit B. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s
Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any
portion of the Obligations. 
 “Obligations” are Borrower’s obligation to pay when
due any debts, principal, interest, Bank Expenses and other amounts Borrower owes Bank now or later, whether under this Agreement, the Loan Documents, or otherwise, including, without limitation, all interest accruing after Insolvency Proceedings
begin and debts, liabilities, or obligations of Borrower assigned to Bank, and the performance of Borrower’s duties under the Loan Documents. 

  
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 “Operating Documents” are, for any Person, such
Person’s formation documents, as certified with the Secretary of State of such Person’s state of formation on a date that is no earlier than 30 days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in
current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the
foregoing with all current amendments or modifications thereto. 
 “Other Equipment” is
leasehold improvements, intangible property such as computer software and software licenses, equipment specifically designed or manufactured for Borrower, other intangible property, limited use property and other similar property and soft costs
approved by Bank, including taxes, shipping, warranty charges, freight discounts and installation expenses. 

“Payment Date” is defined in Section 2.1.1(b). 

“Permitted Investments” are: 

(a)        Investments shown on the Collateral Information Certificate and
existing on the Effective Date; 
 (b)        (i) Cash Equivalents and
(ii) any Investment permitted by Borrower’s investment policy, as amended from time to time, provided that such investment policy (an any such amendment thereto) has been approved by Bank; 

(c)        Investments consisting of the endorsement of negotiable instruments
for deposit or collection or similar transactions in the ordinary course of Borrower; 

(d)        Investments consisting of deposit accounts; 

(e)        Investments accepted in connection with Transfers permitted by
Section 7.1; 
 (f)        Investments of Subsidiaries in or to
other Subsidiaries or Borrower and Investments by Borrower in Subsidiaries not to exceed $500,000 in the aggregate in any fiscal year; 
 (g)        Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of
business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors;

 (h)        Investments (including debt obligations) received in
connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(i)        Investments consisting of notes receivable of, or prepaid royalties
and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (i) shall not apply to Investments of Borrower in any Subsidiary; 

(j)        joint ventures or strategic alliances consisting of the non-exclusive
licensing of technology, the development of technology or the providing of technical support, provided that any cash investments by Borrower do not exceed $500,000 in the aggregate in any fiscal year; and 

(k)        other Investments not otherwise permitted by Section 7.7 not
exceeding $500,000 in the aggregate outstanding at any time. 
 “Permitted Liens” are:

  
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 (a)        Liens for taxes, fees,
assessments or other government charges or levies, either not delinquent or being contested in good faith and for which Borrower maintains adequate reserves on its Books, if they have no priority over any of Bank’s Liens; and 

(b)        Liens arising from judgments, decrees or attachments in circumstances
not constituting an Event of Default under Section 8.3 or 8.6. 

(c)        Liens existing on the Effective Date and shown on the Collateral
Information Certificate or arising under this Agreement and the other Loan Documents; 

(d)        statutory Liens securing claims or demands of materialmen, mechanics,
carriers, warehousemen, landlords and other Persons imposed without action of such parties, provided, they have no priority over any of Bank's Lien and the aggregate amount of such Liens does not at any time exceed $250,000; 

(e)        Liens to secure payment of workers’ compensation, employment
insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business, provided, they have no priority over any of Bank’s Liens and the aggregate amount of the Indebtedness secured by such Liens
does not at any time exceed $250,000; 
 (f)        licenses of
intellectual property granted to third parties in the ordinary course of business and licenses from third parties of intellectual property entered into the ordinary course of business; and 

(g)        Liens incurred in the extension, renewal or refinancing of the
indebtedness secured by Liens in (c) but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture,
company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Registered Organization” is any “registered organization” as defined in the Code with such
additions to such term as may hereafter be made 
 “Repayment Period” as to each Equipment
Advance, is a period of time equal to forty-two (42) consecutive months commencing on the first day of the month following the month in which the Funding Date occurs (or commencing on the Funding Date if the Funding Date is the first day of the
month). 
 “Responsible Officer” is any of the Chief Executive Officer, President, Chief
Financial Officer and Controller of Borrower. 
 “Scheduled Payment” is defined in
Section 2.1.1(b). 
 “Securities Account” is any “securities account” as defined
in the Code with such additions to such term as may hereafter be made. 
 “Subordinated Debt”
is indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance reasonably satisfactory to Bank entered
into between Bank and the other creditor), on terms reasonably acceptable to Bank. 

“Subsidiary” means, with respect to any Person, any Person of which more than 50% of the voting stock or
other equity interests is owned or controlled, directly or indirectly, by such Person or one or more Affiliates of such Person. Unless otherwise indicated, the term “Subsidiary” refers to a subsidiary of Borrower. 

“Transfer” is defined in Section 7.1. 

  
 -18-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the Effective Date. 
  

			
	 BORROWER:

	
	 CHEMOCENTRYX, INC.

			
		
	 By:
	 	 /s/ Thomas J.
Schall

			
	 Name:
	 	 Thomas J. Schall

			
	 Title:
	 	  President and
C.E.O.

			
	
	 BANK:

	
	 SILICON VALLEY BANK

			
		
	 By:
	 	 /s/ Peter Scott

			
	 Name:
	 	  Peter
Scott

			
	 Title:
	 	  SVP

			
	 Effective Date:      February     , 2007

 [Signature page to Loan and Security Agreement]

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