Document:

EX-10.29

 Exhibit 10.29 

LICENSE AGREEMENT 
 THIS
LICENSE AGREEMENT (the “Agreement”) is made as of this 16 day of June, 2021, between ARE-SD REGION NO. 37, LLC, a Delaware limited liability company (“Licensor”), and
ARTIVA BIOTHERAPEUTICS, INC., a Delaware corporation (“Licensee”). 
 RECITALS: 

A. Licensor is the owner of that certain real property (the “Project”) at which that certain building commonly known as 4025
Sorrento Valley Road, San Diego, California (“Building”) is located. 
 B. As of the date of this Agreement, Licensee and ARE-SD Region No. 66, LLC, a Delaware limited liability company (“Morehouse Landlord”), an affiliate of Licensor, are in the process of negotiating a lease agreement pursuant to which Licensee
would lease space consisting of approximately 51,621 rentable square feet of space in that certain building commonly known as “5505 Morehouse Drive,” pursuant to terms and conditions otherwise acceptable to Licensee and Morehouse
Landlord, each in their sole and absolute discretion (the “Morehouse Lease”). 
 C. Licensee desires to have a temporary
license to use the Building containing approximately 11,960 rentable square feet of space, as more particularly shown on Exhibit A attached hereto (the “Licensed Premises”). 

D. Licensee and Licensor wish to confirm the terms and conditions upon which Licensee may use the Licensed Premises. 

NOW, THEREFORE, in consideration of the mutual covenants herein expressed and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Licensee and Licensor agree as follows: 
 1. Grant of License. Licensor hereby
grants to Licensee a license to enter into and use the Licensed Premises for the use described below commencing on the date that is 1 business day after the mutual execution and delivery of this Agreement by the parties (the “License
Commencement Date”). Licensor shall deliver the Licensed Premises to Licensee on the License Commencement Date. The term (the “Term”) of the license granted pursuant to this Section 1 shall expire on the earlier
of (a) the date that is 15 days after the Commencement Date (as defined in the Morehouse Lease) of the Morehouse Lease, or (b) the termination of this Agreement for Cause (as defined in Section 7); provided, however, that if
the Morehouse Lease terminates such that the Commencement Date (as defined in the Morehouse Lease) of the Morehouse Lease never occurs, then this Agreement shall terminate on April 30, 2022. 

Licensee hereby accepts the Licensed Premises in its “as-is” condition as of the License
Commencement Date and Licensor is hereby expressly relieved and released from any duty or obligation to make any improvements or alterations to the Licensed Premises prior to or after the License Commencement Date. Nothing in this paragraph shall
limit Licensor’s maintenance obligations under Section 12 below. Licensee hereby further acknowledges that Licensor has made no representation as to the condition of the Licensed Premises or the suitability of the Licensed Premises
or the Project for Licensee’s intended use. 
 2. Waiver of Liability and Indemnification. Licensee warrants that it will
use reasonable care to prevent damage to property and injury to persons while on the Project under this Agreement. Licensee hereby indemnifies and agrees to defend, save and hold Licensor, its officers, directors, employees, managers, agents, sub-agents, constituent entities and lease signators (collectively, “Licensor Indemnified Parties”) harmless from and against any and all claims for injury or death to persons or damage to property
occurring within or about the Licensed Premises, arising directly or indirectly out of use or occupancy of the Licensed Premises by Licensee or any of Licensee’s Related 

  

					
		 	

	 	 Copyright © 2005, Alexandria Real Estate Equities, Inc. ALL

RIGHTS RESERVED. Confidential and Proprietary – Do Not
 Copy or
Distribute. Alexandria and the Alexandria Logo are
 registered trademarks of Alexandria Real Estate Equities, Inc.

	1

 
Parties, or a breach or default by Licensee in the performance of any of its obligations hereunder, except to the extent caused by the willful misconduct or gross negligence of Licensor
Indemnified Parties. Licensor Indemnified Parties shall not be liable to Licensee for, and Licensee assumes all risk of damage to, personal property (including, without limitation, loss of records kept within the Licensed Premises). Licensee further
waives any and all claims for injury to Licensee’s business or loss of income relating to any such damage or destruction of personal property (including, without limitation, any loss of records). Licensor Indemnified Parties shall not be liable
for any damages arising from any act, omission or neglect of any tenant or other licensee at the Project or of any other third party. The provisions of this Section 2 shall survive the expiration or earlier termination of this Agreement.

 3. Insurance of Licensee. Licensee, at its sole cost and expense, shall maintain during the Term: all risk property
insurance with business interruption and extra expense coverage, covering the full replacement cost of all property and improvements installed or placed in the Licensed Premises by Licensee at Licensee’s expense; workers’ compensation
insurance with no less than the minimum limits required by law; employer’s liability insurance with employers liability limits of $1,000,000 bodily injury by accident – each accident, $1,000,000 bodily injury by disease – policy
limit, and $1,000,000 bodily injury by disease – each employee; and commercial general liability insurance, with a minimum limit of not less than $2,000,000 per occurrence for bodily injury and property damage with respect to the Licensed
Premises. The commercial general liability insurance maintained by Licensee shall name Alexandria Real Estate Equities, Inc., and Licensor, its officers, directors, employees, managers, agents, sub-agents,
constituent entities and lease signators (collectively, “Licensor Insured Parties”), as additional insureds; insure on an occurrence and not a claims-made basis; be issued by insurance companies which have a rating of not less than
policyholder rating of A and financial category rating of at least Class X in “Best’s Insurance Guide”; shall not be cancelable for nonpayment of premium unless 30 days prior written notice shall have been given to Licensor from
the insurer; not contain a hostile fire exclusion; contain a contractual liability endorsement; and provide primary coverage to Licensor Insured Parties (any policy issued to Licensor Insured Parties providing duplicate or similar coverage shall be
deemed excess over Licensee’s policies, regardless of limits). Copies of such policies (if requested by Licensor), or certificates of insurance showing the limits of coverage required hereunder and showing Licensor as an additional insured,
along with reasonable evidence of the payment of premiums for the applicable period, shall be delivered to Licensor by Licensee (i) concurrent with Licensee’s delivery to Licensor of a copy of this Agreement executed by Licensee, and
(ii) prior to each renewal of said insurance. Licensee’s policy may be a “blanket policy” with an aggregate per location endorsement which specifically provides that the amount of insurance shall not be prejudiced by other losses
covered by the policy. Licensee shall, at least 5 days prior to the expiration of such policies, furnish Licensor with renewal certificates. 

Licensor shall maintain all risk property and, if applicable, sprinkler damage insurance covering the full replacement cost of the Project.
Licensor shall further procure and maintain commercial general liability insurance with a single loss limit of not less than $2,000,000 for bodily injury and property damage with respect to the Project. Licensor may, but is not obligated to,
maintain such other insurance and additional coverages as it may deem necessary, including, but not limited to, flood, environmental hazard and earthquake, loss or failure of building equipment, errors and omissions, rental loss during the period of
repair or rebuilding, workers’ compensation insurance and fidelity bonds for employees employed to perform services and insurance for any improvements installed by Licensee or which are in addition to the standard improvements customarily
furnished by Licensor without regard to whether or not such are made a part of the Project. All such insurance shall be included as part of Operating Expenses. The Project may be included in a blanket policy (in which case the cost of such insurance
allocable to the Project will be determined by Licensor based upon the insurer’s cost calculations). Licensee shall also reimburse Licensor for any increased premiums or additional insurance which Licensor reasonably deems necessary as a result
of Licensee’s use of the Licensed Premises. 
 The property insurance obtained by Licensee and any property insurance maintained by
Licensor shall include a waiver of subrogation by the insurers and all rights based upon an assignment from its insured, against Licensor or Licensee, and their respective officers, directors, employees, managers,

  

					
		 	

	 	 Copyright © 2005, Alexandria Real Estate Equities, Inc. ALL

RIGHTS RESERVED. Confidential and Proprietary – Do Not
 Copy or
Distribute. Alexandria and the Alexandria Logo are
 registered trademarks of Alexandria Real Estate Equities, Inc.

	2

 
agents, invitees and contractors (“Related Parties”), in connection with any loss or damage thereby insured against. Neither party nor its respective Related Parties shall be
liable to the other for loss or damage caused by any risk insured against under such property insurance, and each party waives any claims against the other party, and its respective Related Parties, for such loss or damage. The failure of a party to
insure its property shall not void this waiver. Licensor and its respective Related Parties shall not be liable for, and Licensee hereby waives all claims against such parties for, business interruption and losses occasioned thereby sustained by
Licensee or any person claiming through Licensee resulting from any accident or occurrence in or upon the Licensed Premises or the Project from any cause whatsoever. If the foregoing waivers shall contravene any law with respect to exculpatory
agreements, the liability of Licensor or Licensee shall be deemed not released but shall be secondary to the other’s insurer. 
 4.
Use. Licensee’s use of the Licensed Premises is strictly limited to use as a research and development laboratory, related office and other related uses consistent with the character of the Project. Licensee shall not make any
alterations, additions, or improvements to the Licensed Premises. The Licensed Premises shall be used in compliance with all laws, orders, judgments, ordinances, regulations, codes, directives, permits, licenses, covenants and restrictions now or
hereafter applicable to the Project (“Legal Requirements”). After reasonable notice to Licensee which may be verbal or via email (except in the event of an emergency in which case no notice shall be required), Licensor hereby
reserves the right to enter the Licensed Premises at all reasonable times for any purpose Licensor deems to be necessary or appropriate in connection with the maintenance, repair, operation, sale or leasing of the Project. 

During the Term, Licensee shall have the right to use the furniture, fixtures and equipment belonging to Licensor located within the Licensed
Premises on the Commencement Date (“Licensor’s Furniture”) at no additional cost. Licensee shall have no right to remove any of Licensor’s Furniture from the Licensed Premises without Licensor’s prior written consent
and Licensor’s Furniture shall be returned to Licensor at the expiration or earlier termination of the Term in substantially the same condition as received by Licensee, except for ordinary wear and tear and casualty. 

At the expiration or earlier termination of the Term, Licensee shall remove all of Licensee’s personal property from the Licensed
Premises, and Licensee shall restore and repair any damage caused by or occasioned as a result of such removal. 
 5. Hazardous
Materials. Licensee shall not cause or permit any Hazardous Materials (as hereinafter defined) to be brought upon, kept, used, stored, handled, treated, generated in or about, or released or disposed of from, the Licensed Premises or the
Project in violation of applicable Legal Requirements. If Licensee breaches the obligation stated in the preceding sentence, or if the presence of Hazardous Materials in the Licensed Premises during the Term or any holding over results in
contamination of the Licensed Premises, the Project or any adjacent property or if contamination of the Licensed Premises, the Project or any adjacent property by Hazardous Materials brought into, kept, used, stored, handled, treated, generated in
or about, or released or disposed of from, the Licensed Premises occurs during the Term or any holding over by Licensee or by anyone other than Licensor and Licensor’s employees, agents and contractors, Licensee hereby indemnifies and shall
defend and hold Licensor, its officers, directors, employees, agents and contractors harmless from any and all actions (including, without limitation, remedial or enforcement actions of any kind, administrative or judicial proceedings, and orders or
judgments arising out of or resulting therefrom), costs, claims, damages (including, without limitation, punitive damages and damages based upon diminution in value of the Licensed Premises or the Project, or the loss of, or restriction on, use of
the Licensed Premises or any portion of the Project), expenses (including, without limitation, attorneys’, consultants’ and experts’ fees, court costs and amounts paid in settlement of any claims or actions), fines, forfeitures or
other civil, administrative or criminal penalties, injunctive or other relief (whether or not based upon personal injury, property damage, or contamination of, or adverse effects upon, the environment, water tables or natural resources), liabilities
or losses which arise during or after the Term as a result of such contamination. This indemnification of Licensor by Licensee includes, without limitation, costs incurred in connection with any investigation of site conditions or any cleanup,
treatment, remedial, removal, or restoration work required 

  

					
		 	

	 	 Copyright © 2005, Alexandria Real Estate Equities, Inc. ALL

RIGHTS RESERVED. Confidential and Proprietary – Do Not
 Copy or
Distribute. Alexandria and the Alexandria Logo are
 registered trademarks of Alexandria Real Estate Equities, Inc.

	3

 
by any federal, state or local governmental authority because of Hazardous Materials present in the air, soil or ground water above, on, or under the Licensed Premises. Without limiting the
foregoing, if the presence of any Hazardous Materials on the Licensed Premises, the Project or any adjacent property caused or permitted by Licensee or any Licensee Related Party results in any contamination of the Licensed Premises, the Project or
any adjacent property, Licensee shall promptly take all actions at its sole expense and in accordance with applicable Environmental Requirements as are necessary to return the Licensed Premises, the Project or any adjacent property to the condition
existing prior to the time of such contamination, provided that Licensor’s approval of such action shall first be obtained, which approval shall not unreasonably be withheld so long as such actions would not potentially have any material
adverse long-term or short-term effect on the Licensed Premises or the Project. The term “Environmental Requirements” shall mean all applicable present and future statutes, regulations, ordinances, rules, codes, judgments, orders or
other similar enactments of any governmental authority regulating or relating to health, safety, or environmental conditions on, under, or about the Licensed Premises or the Project, or the environment, including without limitation, the following:
the Comprehensive Environmental Response, Compensation and Liability Act; the Resource Conservation and Recovery Act; and all state and local counterparts thereto, and any regulations or policies promulgated or issued thereunder. The term
“Hazardous Materials” shall mean any flammable material, explosives, radioactive materials, petroleum products, hazardous or toxic substances, or any waste or related materials, including without limitation anything included in the
definition of “hazardous substances”, “hazardous materials”, “hazardous wastes”, or “toxic substances” under any applicable federal, state or local law or regulation. If Licensee or any Licensee Related Party
in any way causes or knowingly permits contamination of the Licensed Premises or the Project with Hazardous Materials, Licensee shall notify Licensor, and Licensor may terminate the license immediately. Licensee hereby indemnifies Licensor, and
agrees to defend and hold Licensor harmless, from and against all claims of any type arising from or in connection with contamination of the Licensed Premises or the Project by Hazardous Materials caused by Licensee or any Licensee Related Party or
by Licensee’s use of this license. Notwithstanding anything to the contrary contained in this Section 5 or Section 6, Licensee shall not be responsible for, and the indemnification and hold harmless obligation set forth
in this paragraph shall not apply to (i) contamination in the Licensed Premises which Licensee can prove to Licensor’s reasonable satisfaction existed in the Licensed Premises immediately prior to Licensee’s occupancy of the Licensed
Premises, or (ii) the presence of any Hazardous Materials in the Licensed Premises which Licensee can prove to Licensor’s reasonable satisfaction migrated from outside of the Licensed Premises into the Licensed Premises or Project, unless
in either case, the presence of such Hazardous Materials (x) is the result of a breach by Licensee of any of its obligations under this Agreement, or (y) was caused, contributed to or exacerbated by Licensee or any Licensee Related Party.

 As a material inducement to Licensor to allow Licensee to use Hazardous Materials in connection with its business in the Licensed
Premises, Licensee agrees to deliver to Licensor prior to the License Commencement Date a list identifying each type of Hazardous Materials (other than products customarily used by tenants in de minimus quantities for ordinary cleaning and office
purposes) to be brought upon, kept, used, stored, handled, treated, generated on, or released or disposed of from, the Licensed Premises and setting forth any and all governmental approvals or permits required in connection with the presence, use,
storage, handling, treatment, generation, release or disposal of such Hazardous Materials on or from the Licensed Premises (“Hazardous Materials List”). Licensee shall deliver to Licensor an updated list before any new Hazardous
Material is brought onto, kept, used, stored, handled, treated, generated on, or released or disposed of from, the Licensed Premises. Licensee shall deliver to Licensor true and correct copies of the following documents (the “Haz Mat
Documents”) relating to the use, storage, handling, treatment, generation, release or disposal of Hazardous Materials prior to the License Commencement Date, or if unavailable at that time, concurrent with the receipt from or submission to
a governmental authority: permits; approvals; reports and correspondence; storage and management plans, notice of violations of any Legal Requirements. Licensee is not required, however, to provide Licensor with any portion(s) of the Haz Mat
Documents containing information of a proprietary nature which, in and of themselves, do not contain a reference to any Hazardous Materials or hazardous activities. Notwithstanding anything to the contrary contained herein, Licensor acknowledges
that, prior to the date of this Agreement, Licensee delivered to Licensor the Hazardous Materials List required above. 

  

					
		 	

	 	 Copyright © 2005, Alexandria Real Estate Equities, Inc. ALL

RIGHTS RESERVED. Confidential and Proprietary – Do Not
 Copy or
Distribute. Alexandria and the Alexandria Logo are
 registered trademarks of Alexandria Real Estate Equities, Inc.

	4

 Licensee shall have the exclusive use of 100% of the control areas in the Building. For the
avoidance of doubt, Licensee shall not have rights with respect to any other control areas at the Project. 
 The provisions of this
Section 5 shall survive the expiration or earlier termination of this Agreement. 
 6. Surrender. Upon the
expiration of the Term or earlier termination of Licensee’s right of possession, Licensee shall surrender the Licensed Premises to Licensor in the same condition as received, ordinary wear and tear and casualty loss and condemnation excepted,
free of Hazardous Materials brought upon, kept, used, stored, handled, treated, generated in, or released or disposed of from, the Licensed Premises by any person other than Licensor, its officers, directors, employees, managers, agents, invitees
and contractors (collectively, “Licensee HazMat Operations”) and released of all Hazardous Materials clearances. No later than the date that is 30 days prior to the surrender of the Licensed Premises, Licensee shall deliver to
Licensor a narrative description of the actions proposed (or required by any governmental authority) to be taken by Licensee in order to surrender the Licensed Premises at the expiration or earlier termination of the Term, free from any residual
impact from the Licensee HazMat Operations and otherwise released for unrestricted use and occupancy (the “Decommissioning and HazMat Closure Plan”). Such Decommissioning and HazMat Closure Plan shall be accompanied by a current
listing of (i) all Hazardous Materials licenses and permits held by or on behalf of Licensee with respect to the Licensed Premises, and (ii) all Hazardous Materials used, stored, handled, treated, generated, released or disposed of from
the Licensed Premises, and shall be subject to the review and approval of Licensor’s environmental consultant. In connection with the review and approval of the Decommissioning and HazMat Closure Plan, upon the request of Licensor, Licensee
shall deliver to Licensor or its consultant such additional non-proprietary information concerning Licensee HazMat Operations as Licensor shall request. On or before such surrender, Licensee shall deliver to
Licensor evidence that the approved Decommissioning and HazMat Closure Plan shall have been satisfactorily completed and Licensor shall have the right, at its sole expense, to cause Licensor’s environmental consultant to inspect the Licensed
Premises and perform such additional procedures as may be deemed reasonably necessary to confirm that the Licensed Premises are, as of the effective date of such surrender or early termination of this Agreement, free from any residual impact from
Licensee HazMat Operations. Licensor shall have the unrestricted right to deliver such Decommissioning and HazMat Closure Plan and any report by Licensor’s environmental consultant with respect to the surrender of the Licensed Premises to third
parties. 
 If Licensee shall fail to prepare or submit a Decommissioning and HazMat Closure Plan approved by Licensor, or if Licensee shall
fail to complete the approved Decommissioning and HazMat Closure Plan, or if such Decommissioning and HazMat Closure Plan, whether or not approved by Licensor, shall fail to adequately address any residual effect of Licensee HazMat Operations in, on
or about the Licensed Premises, Licensor shall have the right to take such actions as Licensor may deem reasonable or appropriate to assure that the Licensed Premises and the Project are surrendered free from any residual impact from Licensee HazMat
Operations, the cost of which actions shall be reimbursed by Licensee without regard to the limitation set forth in the first paragraph of this Section 6. 

Licensee shall be responsible for reimbursing Licensor for all reasonable costs expended by Licensor in repairing damage to the Licensed
Premises or the Project caused by Licensee or any of its Related Parties. 
 The provisions of this Section 6 shall survive the
expiration or earlier termination of this Agreement. 

  

					
		 	

	 	 Copyright © 2005, Alexandria Real Estate Equities, Inc. ALL

RIGHTS RESERVED. Confidential and Proprietary – Do Not
 Copy or
Distribute. Alexandria and the Alexandria Logo are
 registered trademarks of Alexandria Real Estate Equities, Inc.

	5

 7. Termination. “Cause” for termination of this Agreement shall
exist if Licensee fails to comply with any of the terms or provisions of this Agreement (other than the provisions requiring the payment of fees or other sums), and fails to cure such default within 10 business days after the date of receipt of
written notice of default from Licensor. 
 8. License Fees. Pursuant to the terms of this Section 8, Licensee
shall pay a license fee (“License Fee”) to Licensor in the amount of $3.00 per rentable square foot of the Licensed Premises per month. Notwithstanding the foregoing, subject to the terms of the immediately following paragraph, for
the period commencing on the License Commencement Date through the expiration or earlier termination of the Term, Licensee shall not be required to pay the License Fee under this Agreement (the “Abatement”). 

Licensee acknowledges and agrees that if either (i) Licensee defaults (beyond all applicable notice and cure periods) under this
Agreement, or (ii) except as set forth in the last sentence of this paragraph, the Morehouse Lease terminates such that the Commencement Date (as defined in the Morehouse Lease) of the Morehouse Lease never occurs (either of the foregoing, a
“Payment Trigger Date”), then (a) within 10 days after the Payment Trigger Date, Licensee shall deliver to Licensor an amount equal to the sum of (x) all of the of the License Fees that would have been due and payable for
the period commencing on the License Commencement Date through the day immediately preceding the Payment Trigger Date but for the Abatement provided for in the immediately preceding paragraph, and (y) commencing on the Payment Trigger Date
through the expiration date of the Term, Licensee shall pay the full amount of the License Fee provided for above for each month during the Term. Notwithstanding the foregoing, if the Morehouse Lease terminates solely as a result of Morehouse
Landlord’s failure to timely deliver the Initial Premises (as defined in the Morehouse Lease) as required under the Morehouse Lease (subject to Force Majeure, delays caused by Licensee and any default by Licensee, as “Tenant,” under
the Morehouse Lease), then Licensee shall not be required to pay the retroactive Licensee Fee pursuant to sub-section (x) above as a result of such termination. 

9. Operating Expenses. Commencing on the License Commencement Date, and continuing thereafter on the first day of each month of
the Term, Licensee shall pay Licensor an amount equal to 1/12 of Licensee’s Share of Licensor’s written estimate of Operating Expenses for the Project for each calendar year during the Term. Licensee’s Share of Operating Expenses with
respect to the Licensed Premises is 100%. The Building’s Share of Operating Expenses of Project is 28.01%. The term “Operating Expenses” means all costs and expenses of any kind or description whatsoever incurred or accrued
each calendar year by Licensor with respect to the Project, including but not limited to utilities, janitorial services for the common areas of the Project, taxes and insurance, capital repairs and improvements amortized over the useful life of such
capital repairs and improvements (as reasonably determined by Licensor taking account all relevant factors including, without limitation, the 24x7 operation of the Building, and an administrative fee in the amount of $1,076.40 per month. Licensee
will be responsible for obtaining and paying for its janitorial services for the Licensed Premises and for paying directly to the applicable utility provider separately metered utilities provided to Licensee or the Licensed Premises. 

Within a reasonable period after the expiration or earlier termination of this Agreement, Licensor shall furnish to Licensee a statement (a
“Reconciliation Statement”) showing in reasonable detail: (a) the total and Licensee’s share of actual Operating Expenses for the Term of the license, and (b) the total of Licensee’s payments in respect of
Operating Expenses for the Term of this Agreement. If Licensee’s share of actual Operating Expenses exceeds Licensee’s payments of Operating Expenses, the excess shall be due and payable by Licensee within 10 business days after delivery
of such Reconciliation Statement to Licensee. If Licensee’s payments of Operating Expenses exceed Licensee’s share of actual Operating Expenses, Licensor shall pay the excess to Licensee within 10 business days after delivery of such
Reconciliation Statement to Licensee, except that after the expiration, or earlier termination of the Term, Licensor shall pay the excess to Licensee after deducting all other amounts due Licensor. 

  

					
		 	

	 	 Copyright © 2005, Alexandria Real Estate Equities, Inc. ALL

RIGHTS RESERVED. Confidential and Proprietary – Do Not
 Copy or
Distribute. Alexandria and the Alexandria Logo are
 registered trademarks of Alexandria Real Estate Equities, Inc.

	6

 Payments required to be made to Licensor pursuant to this Agreement shall be remitted to
Licensor at the address set forth below (as the same may be changed from time to time by Licensor upon written notice from Licensor to Licensee): 

Alexandria Real Estate Equities, Inc. 

Dept LA 23447 
 Pasadena, CA
91185-3447 
 10. Utilities. Licensor shall provide, subject to the terms of this Section 10, water, electricity,
HVAC, light, power, sewer, and other utilities (including gas and fire sprinklers to the extent the Building is plumbed for such services), and with respect to the common areas of the Project only, refuse and trash collection and janitorial
services. No interruption or failure of utilities, from any cause whatsoever shall result in eviction or constructive eviction of Licensee, termination of this Agreement or the abatement of License Fees. Licensee will be responsible for paying for
any separately metered utilities provided to Licensee and for obtaining and paying for its janitorial services for the Licensed Premises. 

11. Parking. Subject to all matters of record, Force Majeure (as defined in Section 26), a taking and the exercise
by Licensor of its rights hereunder, Licensee shall have the right at no additional cost to Licensee, in common with other tenants and occupants of the Project, to use 2.9 parking spaces per 1,000 rentable square feet of the Licensed Premises, which
parking spaces shall be located in those areas designated for non-reserved parking, subject in each case to Licensor’s rules and regulations. Licensor may allocate parking spaces among Licensee and other
tenants in the Project pro rata as described above if Licensor determines that such parking facilities are becoming crowded. Licensor shall not be responsible for enforcing Licensee’s parking rights against any third parties, including other
tenants of the Project. 
 12. Maintenance. Licensor shall maintain, as part of Operating Expenses, all of the structural,
exterior, parking and other common areas of the Project, and the Building systems reflected on Exhibit B as being allocated to Licensor, in good repair, reasonable wear and tear and uninsured losses and damages caused by Licensee or any
Licensee Related Party excluded, in which case Licensee shall be responsible. 
 Subject to the terms of the immediately preceding
paragraph, as of the License Commencement Date, the maintenance and repair obligations for the Licensed Premises shall be allocated between Licensor and Licensee as set forth on Exhibit B attached hereto. The maintenance obligations allocated
to Licensee pursuant to Exhibit B (the “Licensee Maintenance Obligations”) shall be performed by Licensee at Licensee’s sole cost and expense. The Licensee Maintenance Obligations shall include the procurement and
maintenance of contracts, in form and substance reasonably satisfactory to Licensor, with copies to Licensor upon Licensor’s written request, for and with contractors reasonably acceptable to Licensor specializing and experienced in the
respective Licensee Maintenance Obligations. Notwithstanding anything to the contrary contained herein, the scope of work of any such contracts entered into by Licensee pursuant to this paragraph shall, at a minimum, comply with manufacturer’s
recommended maintenance procedures for the optimal performance of the applicable equipment. Licensor shall, notwithstanding anything to the contrary contained in this Agreement, have no obligation to perform any Licensee Maintenance Obligations. The
Licensee Maintenance Obligations shall not include the right or obligation on the part of Licensee to make any structural and/or capital repairs or improvements to the Project, and Licensor shall, during any period that Licensee is responsible for
the Licensee Maintenance Obligations, continue to be responsible for capital repairs and replacements required to be made to the Project. If Licensee fails to maintain any portion of the Licensed Premises for which Licensee is responsible as part of
the Licensee Maintenance Obligations in a manner reasonably acceptable to Licensor within the requirements of this Agreement, Licensor shall have the right, but not the obligation, to provide Licensee with written notice thereof and to assume the
Licensee Maintenance Obligations if Licensee does not cure Licensee’s failure within 10 days after receipt of such notice in which case Licensee shall be required, within 10 days after demand from Licensor, to pay or reimburse Licensor, as the
case may be, for all costs incurred or to be incurred by Licensor in connection with performing any Licensee Maintenance Obligations. 

  

					
		 	

	 	 Copyright © 2005, Alexandria Real Estate Equities, Inc. ALL

RIGHTS RESERVED. Confidential and Proprietary – Do Not
 Copy or
Distribute. Alexandria and the Alexandria Logo are
 registered trademarks of Alexandria Real Estate Equities, Inc.

	7

 13. Signage. Licensee shall not, without the prior written consent of
Licensor, which may be granted or withheld in Licensor’s sole discretion: (i) attach any awnings, exterior lights, decorations, balloons, flags, pennants, banners, painting or other projection to any outside wall of the Project,
(ii) use any curtains, blinds, shades or screens other than Licensor’s standard window coverings, (iii) coat or otherwise sunscreen the interior or exterior of any windows, (iv) place any bottles, parcels, or other articles on
the window sills, (v) place any equipment, furniture or other items of personal property on any exterior balcony, or (vi) paint, affix or exhibit on any part of the Licensed Premises or the Project any signs, notices, window or door
lettering, placards, decorations, or advertising media of any type which can be viewed from the exterior of the Licensed Premises. Licensee’s name and/or logo on the directory tablet shall be inscribed, painted or affixed for Licensee by
Licensor at the sole cost and expense of Licensee, and shall be of a size, color and type acceptable to Licensor. Nothing may be placed on the exterior of corridor walls or corridor doors other than Licensor’s standard lettering. The directory
tablet shall be provided exclusively for the display of the name and location of tenants/licensees. 
 Licensee shall have the exclusive
right to display, at Licensee’s cost and expense, a Building-top sign bearing Licensee’s name and/or logo in a location on the Building designated by Licensor (the “Building Sign”).
Notwithstanding the foregoing, Licensee acknowledges and agrees that Licensee’s signage on the Building Sign including, without limitation, the size, color and type, shall be subject to Licensor’s prior written approval, which shall not be
unreasonably withheld, and shall be consistent with Licensor’s signage program at the Project and applicable Legal Requirements. Licensee shall be responsible, at Licensee’s sole cost and expense, for the design, permits, fabrication,
installation, and maintenance of Licensee’s signage on the Building Sign; for the removal of Licensee’s signage on the Building Sign at the expiration or earlier termination of this Lease; and for the repair of all damage resulting from
such removal. 
 14. Limitation on Licensor’s Liability. NOTWITHSTANDING ANYTHING SET FORTH HEREIN OR IN ANY OTHER
AGREEMENT BETWEEN LICENSOR AND LICENSEE TO THE CONTRARY: (A) LICENSOR SHALL NOT BE LIABLE TO LICENSEE OR ANY OTHER PERSON FOR (AND LICENSEE AND EACH SUCH OTHER PERSON ASSUME ALL RISK OF) LOSS, DAMAGE OR INJURY, WHETHER ACTUAL OR CONSEQUENTIAL
TO: LICENSEE’S PERSONAL PROPERTY OF EVERY KIND AND DESCRIPTION, INCLUDING, WITHOUT LIMITATION TRADE FIXTURES, EQUIPMENT, INVENTORY, PRODUCT, AND/OR BUSINESS, ACCOUNTING AND OTHER RECORDS OF EVERY KIND AND DESCRIPTION KEPT AT THE LICENSED
PREMISES AND ANY AND ALL INCOME DERIVED OR DERIVABLE THEREFROM; (B) THERE SHALL BE NO PERSONAL RECOURSE TO LICENSOR FOR ANY ACT OR OCCURRENCE IN, ON OR ABOUT THE LICENSED PREMISES OR ARISING IN ANY WAY UNDER THIS AGREEMENT OR ANY OTHER
AGREEMENT BETWEEN LICENSOR AND LICENSEE WITH RESPECT TO THE SUBJECT MATTER HEREOF AND ANY LIABILITY OF LICENSOR HEREUNDER SHALL BE STRICTLY LIMITED SOLELY TO LICENSOR’S INTEREST IN THE PROJECT OR ANY PROCEEDS FROM SALE OR CONDEMNATION THEREOF
AND ANY INSURANCE PROCEEDS PAYABLE IN RESPECT OF LICENSOR’S INTEREST IN THE PROJECT OR IN CONNECTION WITH ANY SUCH LOSS; AND (C) IN NO EVENT SHALL ANY PERSONAL LIABILITY BE ASSERTED AGAINST LICENSOR IN CONNECTION WITH THIS AGREEMENT NOR
SHALL ANY RECOURSE BE HAD TO ANY OTHER PROPERTY OR ASSETS OF LICENSOR OR ANY OF LICENSOR’S OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS. UNDER NO CIRCUMSTANCES SHALL LICENSOR OR ANY OF LICENSOR’S OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS BE
LIABLE FOR INJURY TO LICENSEE’S BUSINESS OR FOR ANY LOSS OF INCOME OR PROFIT THEREFROM. 
 15. Assignment. Licensee may
not assign or otherwise transfer all or any part of its interest in this Agreement or in the Licensed Premises.  

  

					
		 	

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 16. Governing Jurisdiction. This Agreement shall be construed under and in
accordance with the laws of the State of California. 
 17. Notice. Any notice required to be given under this Agreement may
be personally delivered to a party, or may be sent by overnight courier service (e.g., Federal Express), or by facsimile transmission with a confirming copy sent by overnight courier service, to either party addressed as follows:  

 

			
	 To Licensee:
	 	Artiva Biotherapeutics, Inc.
		 	4025 Sorrento Valley Road
		 	San Diego, CA 92121
		 	Attn: Lease Administrator
		
	 To Licensor:
	 	c/o Alexandria Real Estate Equities, Inc.
		 	26 North Euclid Avenue
		 	Pasadena, CA 91101
		 	Attn: Corporate Secretary
		 	Re: 4025 Sorrento Valley Road

 18. Estoppel Certificate. Licensee shall, within 10 business days of written notice from
Licensor, execute, acknowledge and deliver a statement in writing in any form reasonably requested by a proposed lender or purchaser, (i) certifying that this Agreement is unmodified and in full force and effect (or, if modified, stating the
nature of such modification and certifying that this Agreement as so modified is in full force and effect) and the dates to which the rental and other charges are paid in advance, if any, (ii) acknowledging that there are not any uncured
defaults on the part of Licensor hereunder, or specifying such defaults if any are claimed, and (iii) setting forth such further information with respect to the status of this Agreement or the Licensed Premises as may be requested thereon. Any
such statement may be relied upon by any prospective purchaser or encumbrancer of all or any portion of the real property of which the Licensed Premises are a part. Licensee’s failure to deliver such statement within such time shall, at the
option of Licensor, constitute a default under this Agreement, and, in any event, shall be conclusive upon Licensee that this Agreement is in full force and effect and without modification except as may be represented by Licensor in any certificate
prepared by Licensor and delivered to Licensee for execution.  
 19. Financial Information. Licensee shall
furnish to Licensor with true and complete copies of (i) upon Licensor’s written request on an annual basis, Licensee’s most recent audited annual financial statements until available from Licensee’s auditing firm, (ii) upon
Licensor’s written request on a quarterly basis, Licensee’s most recent unaudited quarterly financial statements; provided, however, that Licensee shall not be required to deliver to Licensor such quarterly financial statements for any
particular quarter sooner that the date that is 90 days after the end of each of Licensee’s fiscal quarters during the Term, (iii) upon Licensor’s written request from time to time, corporate brochures and/or profiles prepared by
Licensee for prospective investors, and (iv) upon Licensor’s written request from time to time, any other financial information or summaries that Licensee typically provides to its lenders or shareholders. Notwithstanding anything to the
contrary contained in this Lease, Licensor’s written request for financial information pursuant to this Section 19 may delivered to Licensee via email. Notwithstanding the foregoing, Licensee shall not be required to provide such
financial statements to Licensor if Licensee is subject to a quiet period prior to a public offering, as required by applicable U.S. securities laws or regulations. So long as Licensee is a “public company” and its financial information is
publicly available, then the foregoing delivery requirements of this Section 19 shall not apply. 
 Licensor agrees to hold the
financial statements and other financial information provided under this section in confidence using at least the same degree of care that Licensor uses to protect its own confidential information of a similar nature; provided, however, that
Licensor may disclose such information to Licensor’s auditors, attorneys, consultants, lenders, affiliates, prospective purchasers and 

  

					
		 	

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	9

 
investors and other third parties as reasonably required in the ordinary course of Licensor’s operations, provided that Licensor shall deliver written notice to such parties requiring them
to treat the information as confidential. The obligations of confidentiality hereunder shall not apply to information that was in the public domain at the time it was disclosed to Licensor, entered into the public domain subsequent to the time it
was disclosed to Licensor through no fault of Licensor, or was disclosed by Licensee to a third party without any confidentiality restrictions. In addition, Licensor may disclose such information without violating this section to the extent that
disclosure is reasonably necessary (x) for Licensor to enforce its rights or defend itself under this Lease; (y) for required submissions to any state or federal regulatory body; or (z) for compliance with a valid order of a court or
other governmental body having jurisdiction, or any law, statute, or regulation, provided that, other than in an emergency, before disclosing such information, Licensor shall give Licensee prior notice of the same promptly upon becoming aware of the
need for disclosure but in no event less than 10 business days prior to such disclosure, in order to allow Licensee to obtain a protective order or such other judicial relief. 

20. OFAC. Licensee, and all beneficial owners of Licensee, are currently (a) in compliance with and shall at all times
during the Term of this Agreement remain in compliance with the regulations of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of Treasury and any statute, executive order, or regulation relating thereto
(collectively, the “OFAC Rules”), (b) not listed on, and shall not during the term of this Agreement be listed on, the Specially Designated Nationals and Blocked Persons List, Foreign Sanctions Evaders List, or the Sectoral
Sanctions Identification List, which are all maintained by OFAC and/or on any other similar list maintained by OFAC or other governmental authority pursuant to any authorizing statute, executive order, or regulation, and (c) not a person or
entity with whom a U.S. person is prohibited from conducting business under the OFAC Rules.  
 21. Miscellaneous. Any
modification of this Agreement must be in writing signed by both Licensor and Licensee. If any provision of this Agreement is made unenforceable, such shall not affect the enforceability of any other provision. If any action is brought by either
party against the other, the prevailing party shall be entitled to recover reasonable attorney’s fees. This Agreement shall be binding on and inure to the benefit of the successors and permitted assigns of the respective parties. If any clause
or provision of this Agreement is illegal, invalid or unenforceable under present or future laws, then and in that event, it is the intention of the parties hereto that the remainder of this Agreement shall not be affected thereby.  

22. Brokers. Licensor and Licensee each represents and warrants that it has not dealt with any broker, agent or other person
(collectively, “Broker”) in connection with this transaction and that no Broker brought about this transaction, other than Hughes Marino, Cushman & Wakefield and CBRE. Licensor and Licensee each hereby agree to indemnify
and hold the other harmless from and against any claims by any Broker, other than Hughes Marino, Cushman & Wakefield and CBRE, claiming a commission or other form of compensation by virtue of having dealt with Licensee or Licensor, as
applicable, with regard to transaction contemplated by this Agreement. 
 23. Rules and Regulations. Licensee shall, at all
times during the Term, comply with all reasonable rules and regulations at any time or from time to time established by Licensor covering use of the Licensed Premises and the Project. If there is any conflict between said rules and regulations and
other provisions of this Agreement, the terms and provisions of this Agreement shall control. Licensor shall not have any liability or obligation for the breach of any rules or regulations by other tenants or other licensees at the Project and shall
not enforce such rules and regulations in a discriminatory manner. 
 24. California Accessibility Disclosure. For purposes of
Section 1938(a) of the California Civil Code, Licensor hereby discloses to Licensee, and Licensee hereby acknowledges, that the Project has not undergone inspection by a Certified Access Specialist (CASp). In addition, the following notice is
hereby provided pursuant to Section 1938(e) of the California Civil Code: “A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable
construction-related accessibility standards under state law. Although state law does not 

  

					
		 	

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require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the
occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and
the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the premises.” In furtherance of and in connection with such notice: (i) Licensee, having read such notice and
understanding Licensee’s right to request and obtain a CASp inspection, hereby elects not to obtain such CASp inspection and forever waives its rights to obtain a CASp inspection with respect to the Licensed Premises, Building and/or Project to
the extent permitted by Legal Requirements; and (ii) if the waiver set forth in clause (i) hereinabove is not enforceable pursuant to Legal Requirements, then Licensor and Licensee hereby agree as follows (which constitute the mutual
agreement of the parties as to the matters described in the last sentence of the foregoing notice): (A) Licensee shall have the one-time right to request for and obtain a CASp inspection, which request must be
made, if at all, in a written notice delivered by Licensee to Licensor; (B) any CASp inspection timely requested by Licensee shall be conducted (1) at a time mutually agreed to by Licensor and Licensee, (2) in a professional manner by
a CASp designated by Licensor and without any testing that would damage the Licensed Premises, Building or Project in any way, and (3) at Licensee’s sole cost and expense, including, without limitation, Licensee’s payment of the fee
for such CASp inspection, the fee for any reports prepared by the CASp in connection with such CASp inspection (collectively, the “CASp Reports”) and all other costs and expenses in connection therewith; (C) the CASp Reports
shall be delivered by the CASp simultaneously to Licensor and Licensee; (D) Licensee, at its sole cost and expense, shall be responsible for making any improvements, alterations, modifications and/or repairs to or within the Licensed Premises
to correct violations of construction-related accessibility standards including, without limitation, any violations disclosed by such CASp inspection; and (E) if such CASp inspection identifies any improvements, alterations, modifications
and/or repairs necessary to correct violations of construction-related accessibility standards relating to those items of the Building and Project located outside the Licensed Premises that are Licensor’s obligation to repair as set forth in
the Lease, then Licensor shall perform such improvements, alterations, modifications and/or repairs as and to the extent required by Legal Requirements to correct such violations, and Licensee shall reimburse Licensor for the cost of such
improvements, alterations, modifications and/or repairs within 10 business days after Licensee’s receipt of an invoice therefor from Licensor. 

25. Counterparts. This Agreement may be executed in 2 or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature process complying with the U.S. federal ESIGN Act of 2000) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. Electronic signatures shall be deemed original signatures for purposes of this Agreement and all matters
related thereto, with such electronic signatures having the same legal effect as original signatures. 
 26. Force Majeure.
Except for the payment of License Fees, Operating Expenses and any other amounts due hereunder, neither Licensor nor Licensee shall be responsible or liable for delays in the performance of its obligations hereunder when caused by, related to, or
arising out of acts of God, sinkholes or subsidence, strikes, lockouts, or other labor disputes, embargoes, quarantines, weather, national, regional, or local disasters, calamities, or catastrophes, inability to obtain labor or materials (or
reasonable substitutes therefor) at reasonable costs or failure of, or inability to obtain, utilities necessary for performance, governmental restrictions, orders, limitations, regulations, or controls, national emergencies, local, regional or
national epidemic or pandemic, delay in issuance or revocation of permits, enemy or hostile governmental action, terrorism, insurrection, riots, civil disturbance or commotion, fire or other casualty, and other causes or events beyond their
reasonable control (“Force Majeure”). 
 27. Holding Over. Notwithstanding anything to the contrary contained
herein, if Licensee remains in possession of the Licensed Premises after the expiration or earlier termination of the Term 

  

					
		 	

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	11

 
without the express written consent of Licensor, (a) Licensee shall become a tenant at sufferance upon the terms of this Agreement except that (i) for the first 30 days of such
holdover, the monthly rental shall be equal to $53,820.00 per month plus Operating Expenses, and (ii) thereafter, the monthly rental shall be equal to $71,760.00 per month plus Operating Expenses, and (b) Licensee shall be responsible for
all damages suffered by Licensor resulting from or occasioned by Licensee’s holding over, including consequential damages. 

[Signatures are on the next page] 

  

					
		 	

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	12

 IN WITNESS WHEREOF, the parties have caused their duly authorized representatives to execute
this Agreement as of the date first written above. 
  

							
	LICENSEE:
	
	ARTIVA BIOTHERAPEUTICS, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Fred Aslan

	Its:	 	CEO
	
	☒ I hereby certify that the signature, name, and title above are my signature, name and title.
	
	LICENSOR:
	
	ARE-SD REGION NO. 37, LLC,
	a Delaware limited liability company
		
	By:	 	ALEXANDRIA REAL ESTATE EQUITIES, L.P.,
		 	a Delaware limited partnership
			
		 	By:	 	ARE-QRS CORP.,
		 		 	a Maryland corporation,
		 		 	general partner
				
		 		 	By:	 	 /s/ Gary Dean

		 		 	Its:	 	Executive Vice President – Real Estate Legal Affairs

  

					
		 	

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	13

 EXHIBIT A 

Licensed Premises 
  

 

  

					
		 	

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Inc.

			
		  	

  

 EXHIBIT B 

Licensee Maintenance Obligations 

Multi-Tenant Maintenance Responsibilities 
 4025
Sorrento Valley Boulevard 
 Artiva 
  

					
	 Maintenance Responsibilities: Multi-Tenant
	 	 Artiva
	 	 ARE

	 Utilities

	 Water - domestic
	 		 	✓
	 Water - irrigation
	 		 	✓
	 Gas - tenant premises
	 	✓	 	
	 Gas - common area
	 		 	✓
	 Electric - tenant premises
	 	✓	 	
	 Electric - common area
	 		 	✓
	 Exterior / Site

	 Landscaping
	 		 	✓
	 Pest control - exterior
	 		 	✓
	 Parking lot sweeping
	 		 	✓
	 Project security (nightly rounds)
	 		 	✓
	 Parking lot lighting
	 		 	✓
	 Exterior monument and footpath lighting
	 		 	✓
	 Landscape irrigation
	 		 	✓
	 Exterior window washing
	 		 	✓
	 Roof inspections
	 		 	✓
	 Domestic backflow preventer certification - Industrial / Domestic
	 		 	✓
	 Domestic backflow preventer certification - Fire
	 		 	✓
	 Building Interior and Systems

	 Cold rooms (if applicable)
	 	✓	 	
	 Autoclaves (if applicable)
	 	✓	 	
	 Glassware washers
	 	✓	 	
	 RO/DI laboratory water systems
	 	✓	 	
	 Air compressors
	 	✓	 	
	 Vacuum pumps
	 	✓	 	
	 Laboratory gas distribution systems
	 	✓	 	
	 Emergency eyewash and shower stations
	 	✓	 	
	 Internal UPS units (if applicable)
	 	✓	 	
	 Fire extinguisher inspection / certification - common area
	 		 	N/A
	 Fire extinguisher inspection / certification - tenant premises
	 	✓	 	
	 Fire sprinkler system
	 		 	✓
	 Fire alarm system (and phone lines)
	 		 	✓
	 Building HVAC equipment
	 		 	✓
	 Smoke fire dampers
	 		 	✓
	 Security alarm - tenant premises (if applicable)
	 	✓	 	
	 Security cameras - common area (if applicable)
	 		 	✓
	 Security cameras - tenant premises (if applicable)
	 	✓	 	
	 Access controls - common area
	 		 	N/A
	 Access controls - tenant premises
	 	✓	 	
	 Janitorial - common area
	 		 	✓
	 Janitorial - tenant premises
	 	✓	 	
	 I/R Testing of electrical systems
	 		 	✓
	 Emergency generator (if applicable)
	 	✓	 	
	 Building Management Systems (BMS)
	 		 	✓
	 Environmental monitoring
	 	✓	 	
	 Trash/Recycling Removal
	 		 	✓

  

			
	

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Exhibit 4.2

FOURTH AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT

TABLE OF CONTENTS
												
				Page
				
	1.	Definitions	1
				
	2.	Registration Rights	5
		2.1	Demand Registration	5
		2.2	Company Registration	6
		2.3	Underwriting Requirements	6
		2.4	Obligations of the Company	8
		2.5	Furnish Information	9
		2.6	Expenses of Registration	9
		2.7	Delay of Registration	10
		2.8	Indemnification	10
		2.9	Reports Under Exchange Act	12
		2.10	Limitations on Subsequent Registration Rights	13
		2.11	“Market Stand-off” Agreement	13
		2.12	Restrictions on Transfer	14
		2.13	Termination of Registration Rights	15
				
	3.	Information Rights	15
		3.1	Delivery of Financial Statements	15
		3.2	Inspection	17
		3.3	Termination of Information Rights	17
		3.4	Confidentiality	17
				
	4.	Rights to Future Stock Issuances	17
		4.1	Right of First Offer	17
		4.2	Termination	19
				
	5.	Additional Covenants	19
		5.1	Employee Agreements	19
		5.2	Employee Stock	19
		5.3	Matters Requiring Investor Director Approval	19
		5.4	Board Matters	20
		5.5	Successor Indemnification	20
		5.6	Insurance	20
		5.7	Material Event Notification Covenant	20
		5.8	Termination of Covenants	20
				
	6.	Miscellaneous	21
		6.1	Successors and Assigns	21
		6.2	Governing Law	21
		6.3	WAIVER OF JURY TRIAL	21

												
		6.4	Counterparts	22
		6.5	Titles and Subtitles	22
		6.6	Notices	22
		6.7	Amendments and Waivers	22
		6.8	Severability	23
		6.9	Aggregation of Stock	23
		6.10	Additional Investors	23
		6.11	Entire Agreement	23
		6.12	Delays or Omissions	23
		6.13	Waiver of Right of First Offer and Notice	24

									
	Schedule A	-	Schedule of Investors

FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT
THIS FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of the 16th day of January, 2020, by and among Justworks, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor”.
RECITALS
WHEREAS, certain of the Investors (the “Existing Investors”) are parties to that certain Third Amended and Restated Investors’ Rights Agreement dated as of February 21, 2018 (the “Prior Agreement”);
WHEREAS, certain of the Investors (the “Series E Investors”) are purchasing shares of Series E Preferred Stock, $0.0005 par value per share, of the Company (the “Series E Preferred Stock”), pursuant to that certain Series E Preferred Stock Purchase Agreement (as may be amended and/or restated from time to time, the “Purchase Agreement”) of even date herewith (the “Financing”);
WHEREAS, the obligations in the Purchase Agreement are conditioned upon the execution and delivery of this Agreement; 
WHEREAS, the Existing Investors comprise (i) a Special Majority of the Registrable Securities (as defined in the Prior Agreement) and (ii) a Special Majority of the Registrable Securities of Major Investors, and desire to amend and restate the Prior Agreement in its entirety as hereinafter set forth; and
WHEREAS, the parties to the Prior Agreement wish to amend and restate the Prior Agreement and enter into this agreement to provide the Investors with the rights and privileges as set forth herein.
NOW, THEREFORE, the parties to this Agreement hereby agree as follows: 
1.    Definitions.  For purposes of this Agreement:
1.1    “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management or advisory company with, such Person.
1.2    “Class A Common Stock” means shares of the Company’s class A common stock, par value $0.0005 per share.
1.3    “Class B Common Stock” means shares of the Company’s class B common stock, par value $0.0005 per share.
1.4    “Common Stock” means, collectively, the shares of Class A Common Stock and Class B Common Stock of the Company.

1.5    “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.
1.6    “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants.
1.7    “Direct Listing” shall have the meaning set forth in the Restated Certificate.  For the avoidance of doubt, a Direct Listing shall not be deemed to be an underwritten public offering of the Company’s Common Stock registered under the Act.  Any and all mentions of an underwritten offering or underwriters contained herein shall not apply to a Direct Listing.
1.8    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
1.9    “Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Class A Common Stock being registered is Class A Common Stock issuable upon conversion of debt securities that are also being registered.
1.10    “Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.
1.11    “Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC.
1.12    “GAAP” means generally accepted accounting principles in the United States as in effect from time to time.
1.13    “Holder” means any holder of Registrable Securities who is a party to this Agreement.
2

1.14    “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to herein.
1.15    “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.
1.16    “IPO” means the Company’s first underwritten public offering of its Class A Common Stock under the Securities Act.
1.17    “Major Investor” means an Investor that, individually or together with such Investor’s Affiliates, holds at least 550,000 shares of Preferred Stock (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof).
1.18    “New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities.
1.19    “Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.
1.20    “Preferred Director” means any director of the Company that the holders of record of the Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation.
1.21    “Preferred Stock” means the Series A Preferred Stock, Series A-1 Preferred Stock, the Series B Preferred Stock, Series B-1 Preferred Stock, Series C Preferred Stock, the Series C-1 Preferred Stock, Series D Preferred Stock, and Series E Preferred Stock, taken together. 
1.22    “Registrable Securities” means (i) the Class A Common Stock issuable or issued upon conversion of the Preferred Stock, including upon conversion of the Class B Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Class A Common Stock, or any Class A Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, held by the Investors; and (iii) any Class A Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement.
1.23    “Registrable Securities then outstanding” means the number of shares determined by adding the number of shares of outstanding Class A Common Stock that are 
3

Registrable Securities and the number of shares of Class A Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are exercisable or convertible into Registrable Securities.
1.24    “Restricted Securities” means the securities of the Company required to bear the legend set forth in Subsection 2.12(b) hereof.
1.25    “SEC” means the Securities and Exchange Commission.
1.26    “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.
1.27    “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.
1.28    “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
1.29    “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6.
1.30    “Series A Preferred Stock” means the Series A Preferred Stock of the Company, par value $0.0005 per share.
1.31    “Series A-1 Preferred Stock” means the Series A-1 Preferred Stock of the Company, par value $0.0005 per share.
1.32    “Series B Preferred Stock” means the Series B Preferred Stock of the Company, par value $0.0005 per share.
1.33    “Series B-1 Preferred Stock” means the Series B-1 Preferred Stock of the Company, par value $0.0005 per share.
1.34    “Series C Preferred Stock” means the Series C Preferred Stock of the Company, par value $0.0005 per share.
1.35    “Series C-1 Preferred Stock” means the Series C-1 Preferred Stock of the Company, par value $0.0005 per share.
1.36    “Series D Preferred Stock” means the Series D Preferred Stock of the Company, par value $0.0005 per share.
1.37    “Series E Preferred Stock” has the meaning set forth in the recitals.  
1.38    “Special Majority of the Registrable Securities” means Investors holding a majority of the voting power in the Company held by all Investors.
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1.39    “Special Majority of the Registrable Securities of Major Investors” means Major Investors holding a majority of the voting power in the Company held by all Major Investors.
2.    Registration Rights.  The Company covenants and agrees as follows:
2.1    Demand Registration. 
(a)    Form S-1 Demand.  If at any time after the earlier of (i) January 16, 2023 or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from a Special Majority of the Registrable Securities that the Company file a Form S-1 registration statement with respect to at least thirty percent (30%) of the Registrable Securities then outstanding, then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsection 2.1(c) and Subsection 2.3. 
(b)    Form S-3 Demand.  If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least thirty percent (30%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $2 million, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsection 2.1(c) and Subsection 2.3.
(c)    Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled 
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correspondingly, for a period of not more than one hundred twenty (120) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such one hundred twenty (120) day period other than an Excluded Registration.
(d)    The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b).  The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request.  A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d).
2.2    Company Registration.  If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration.  Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration.  The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration.  The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6.
2.3    Underwriting Requirements.
(a)    If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the 
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Company shall include such information in the Demand Notice.  The underwriter(s) will be selected by the Initiating Holders and shall be reasonably acceptable to the Company.  In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.  All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting.  Notwithstanding any other provision of this Subsection 2.3, if the underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting.  To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares.
(b)    In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company.  If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering.  If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders.  To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares.  Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering or (ii) the number of Registrable Securities included in the offering be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the 
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determination described above and no other stockholder’s securities are included in such offering.  For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence.
(c)    For purposes of Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included.
2.4    Obligations of the Company.  Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:
(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Class A Common Stock (or other securities) of the Company, from selling any securities included in such registration;
(b)    prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement;
(c)    furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities;
(d)    use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;
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(e)    in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;
(f)    use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed;
(g)    provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;
(h)    promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith;
(i)    notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and
(j)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus.
In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.
2.5    Furnish Information.  It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities.
2.6    Expenses of Registration.  All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $50,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be 
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borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a Special Majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsection 2.1(a) or Subsection 2.1(b), as the case may be.  All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf.
2.7    Delay of Registration.  No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.
2.8    Indemnification.  If any Registrable Securities are included in a registration statement under this Section 2:
(a)    To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration.
(b)    To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other 
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aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.
(c)    Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof.  The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action.  The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action.  The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8.
(d)    To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations.  The relative fault of the indemnifying party and of 
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the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case, (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.
(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.
(f)    Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.
2.9    Reports Under Exchange Act.  With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall:
(a)    make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the first registration statement filed by the Company under the Act;
(b)    use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and
(c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company under the Act), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other 
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information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form).
2.10    Limitations on Subsequent Registration Rights.  From and after the date of this Agreement, the Company shall not, without the prior written consent of a Special Majority of the Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company that would provide to such holder the right to include securities in any registration other than on a subordinate basis after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include.
2.11    “Market Stand-off” Agreement.  Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company for its own behalf of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, or such other period as may be requested by the Company and the managing underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock (whether such shares or any such securities are then owned by the Holder or are thereafter acquired) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise.  The foregoing provisions of this Subsection 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing to the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock).  The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto.  Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent 
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with this Subsection 2.11 or that are necessary to give further effect thereto.  Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. The foregoing provisions of this Subsection 2.11 shall not apply to a Direct Listing and shall only be applicable to the IPO if the Company has not already completed a Direct Listing.  
2.12    Restrictions on Transfer.
(a)    The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act.  A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement.
(b)    Each certificate, instrument or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form:
THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.  SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.
THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.
The Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12.
(c)    The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this Section 2.  Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer.  Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be 
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accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company.  The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144 or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12.  Each certificate, instrument or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate, instrument or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.
2.13    Termination of Registration Rights.  The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Subsection 2.1 or Subsection 2.2 shall terminate upon the earliest to occur of:
(a)    the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation; 
(b)    such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; and
(c)    the 5th anniversary of the IPO or Direct Listing, whichever occurs first.
3.    Information Rights.
3.1    Delivery of Financial Statements.  The Company shall, upon request, deliver to each Major Investor:
(a)    as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company, (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public accountants of regionally recognized standing selected by the Company, and approved by the Board of Directors, including the Preferred Directors; 
15

(b)    as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 
(c)    as soon as practicable, but in any event within thirty (30) days of the end of each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet as of the end of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 
(d)    as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; and
(e)    such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1(e) to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel; provided, that with respect to the financial statements called for in Subsection 3.1(b) and Subsection 3.1(c), they are accompanied by an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in accordance with GAAP consistently applied and fairly present the financial condition of the Company and its results of operation for the periods specified therein in all material respects. 
If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.
Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective.
16

3.2    Inspection.  The Company shall permit each Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.
3.3    Termination of Information Rights.  The covenants set forth in Subsection 3.1 and Subsection 3.2 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first.
3.4    Confidentiality.  Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.4 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.4; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.
4.    Rights to Future Stock Issuances.
4.1    Right of First Offer.  Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor.  A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself and (ii) its Affiliates and/or any other Person 
17

(including, without limitation, limited partners and members) having “beneficial ownership,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act.
(a)    The Company shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities.
(b)    By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise.  During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c).
(c)    If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice.  If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this Subsection 4.1.
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(d)    The right of first offer in this Subsection 4.1 shall not be applicable to Exempted Securities (as defined in the Company’s Certificate of Incorporation), including any securities from which the Exempted Securities were derived. 
4.2    Termination.  The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) immediately before the consummation of a Direct Listing, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first.
5.    Additional Covenants.
5.1    Employee Agreements.  The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement and (ii) each officer and key employee to enter into a one (1) year noncompetition and nonsolicitation agreement, substantially in the form approved by the Board of Directors.  
5.2    Employee Stock.  Unless otherwise approved by the Board of Directors, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the five percent (5%) of such shares vesting following twelve (12) months of continued employment or service, one and one-quarter percent (1.25%) vesting in equal monthly installments over the following twelve (12) months thereafter (for a total of 15% with respect to months 13-24 of continuous service), and the remaining shares vesting in equal monthly installments of three and one-third percent (3.33%) over each of the final 24 months of continued employment or service (for a total of 80% with respect to months 25-48), and (ii) a market stand-off provision substantially similar to that in Subsection 2.11.  In addition, unless otherwise approved by the Board of Directors, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO or Direct Listing, whichever occurs first, and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock.
5.3    Matters Requiring Investor Director Approval.  The Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, including at least one of the Preferred Directors:
(a)    incur any aggregate indebtedness in excess of $500,000 that is not already included in a budget approved by the Board of Directors, other than trade credit incurred in the ordinary course of business; 
(b)    otherwise enter into or be a party to any transaction or agreement with any director, officer, or employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, except for transactions contemplated by this Agreement or the Purchase Agreement; or transactions made in the 
19

ordinary course of business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms that are approved by a majority of the disinterested members of the Board of Directors; or
(c)    establish a stock option or similar plan or increase the number of shares authorized for issuance pursuant to such plan.
5.4    Board Matters.  Unless otherwise determined by the vote of a majority of the directors then in office, the Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule.  The Company shall reimburse the nonemployee directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors. 
5.5    Successor Indemnification.  If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be.
5.6    Insurance.  The Company shall use its commercially reasonable efforts to maintain until such time as the Board of Directors, including the Preferred Directors, determines that the following insurance should be discontinued, Directors and Officers liability insurance, and term “key-person” insurance on Isaac Oates, each in an amount and on terms and conditions satisfactory to the Board of Directors, including the Preferred Directors, and each from financially sound and reputable insurers,.  The key-person policy shall name the Company as loss payee, and neither policy shall be cancelable by the Company without prior approval by the Board of Directors, including at least one of the Preferred Directors.  Notwithstanding any other provision of this Section 5.6 to the contrary, for so long as the Preferred Directors are serving on the Board of Directors, the Company shall not cease to maintain a Directors and Officers liability insurance policy in an amount and on terms and conditions satisfactory to the Board of Directors, including the Preferred Directors, and the Company shall annually, within one hundred twenty (120) days after the end of each fiscal year of the Company, deliver to the Preferred Directors a certification that such a Directors and Officers liability insurance policy remains in effect.
5.7    Material Event Notification Covenant.  The Company shall notify the holders of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, and Series E Preferred Stock as promptly as practicable following the occurrence of (a) the commencement of any proceeding, against or affecting the Company which, if adversely determined, would reasonably be expected to have a material adverse effect on the Company, or (b) any material default under any indebtedness of the Company.
5.8    Termination of Covenants.  The covenants set forth in this Section 5 (other than Section 5.5) shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting 
20

requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first.
6.    Miscellaneous.
6.1    Successors and Assigns.  The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 250,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11.  For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement.  The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.
6.2    Governing Law.  This Agreement shall be governed by the internal law of the State of New York.
6.3    WAIVER OF JURY TRIAL:  EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS.  EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH 
21

PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
6.4    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
6.5    Titles and Subtitles.  The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement.
6.6    Notices.  All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (i) personal delivery to the party to be notified; (ii) when sent, if sent by  electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt.  All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.6.  If notice is given to the Company, a copy shall also be sent to Kenneth R. McVay, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, 220 West 42nd Street, 17th Floor, New York, New York 10036, Email:###.
6.7    Amendments and Waivers.  Any term of this Agreement (other than Section 3.1, Section 3.2, Section 3.3, Section 4.1 and Section 4.2) may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a Special Majority of the Registrable Securities; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party.  The provisions of Article 2 (other than Subsection 2.12(c)), Section 3.1, Section 3.2, Section 3.3, Section 4.1, Section 4.2 and this Section 6.7 may be amended or waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and a Special Majority of the Registrable Securities of Major Investors.  Subject to the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with 
22

respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction).  The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver.  Any amendment, termination, or waiver effected in accordance with this Subsection 6.7 shall be binding on all parties hereto, regardless of whether any such party has consented thereto.  No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.
6.8    Severability.  In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.
6.9    Aggregation of Stock.  All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.
6.10    Additional Investors.  Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Series E Preferred Stock after the date hereof, any purchaser of such shares of the Series E Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder.  No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor or for the Company to update Schedule A hereto, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder.
6.11    Entire Agreement.  This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.  The Prior Agreement is hereby amended and restated in its entirety and shall be of no further force or effect.
6.12    Delays or Omissions.  No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.
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6.13    Waiver of Right of First Offer and Notice.  Each Existing Investor hereby waives, on behalf of itself and all other Existing Investors, any and all rights of first offer and notice that each may have under Section 4.1 of the Prior Agreement with respect to the sale and issuance of the Series E Preferred Stock pursuant to the Purchase Agreement (and the Class A Common Stock issuable upon conversion thereof).
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		COMPANY:
			
		JUSTWORKS, INC.:
			
		By:	/s/ Isaac Oates
			Isaac Oates
			Chief Executive Officer

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTOR:
			
		USV OPPORTUNITY 2019, LP
			
		By: 	USV Opportunity 2019 GP, LLC, 
		Its General Partner
			
		By:	/s/ Fred Wilson
		Name:	Fred Wilson
		Title:	Managing Member
			
		USV OPPORTUNITY INVESTORS 2019, LP
			
		By:	USV Opportunity 2019 GP, LLC, 
		Its General Partner
			
		By:	/s/ Fred Wilson
		Name:	Fred Wilson
		Title:	Managing Member

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTOR:
			
		FIRSTMARK CAPITAL OF II, L.P.
		for itself and as nominee for
		FirstMark Capital OF II-F, L.P.
			
		By:	FIRSTMARK CAPITAL OF II GP, LLC,
			its General Partner
			
		By:	/s/ Eric Cheung
		Name:	Eric Cheung
		Title:	General Counsel

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTOR:
			
		THRIVE CAPITAL PARTNERS III, L.P.
			
		By: 	Thrive Partners III GP, LLC, its general partner
			
		By:	/s/ Jared Weinstein
		Name:	Jared Weinstein
		Title:	Chief Operating Officer
			
		CLAREMOUNT TW, L.P.
			
		By:	Thrive Partners III GP, LLC, its general partner
			
		By:	/s/ Jared Weinstein
		Name:	Jared Weinstein
		Title:	Chief Operating Officer
			
		THRIVE CAPITAL PARTNERS III-A, LLC
			
		By:	/s/ Jared Weinstein
		Name:	Jared Weinstein
		Title:	Chief Operating Officer

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTOR:
			
		INDEX VENTURES VI (JERSEY), L.P.
			
		By: its Managing General Partner
		Index Venture Associates VI Limited
			
		By:	/s/ N.T. Greenwood
		Name:	N.T. Greenwood
		Title:	Director
			
		INDEX VENTURES VI PARALLEL ENTREPRENEUR FUND (JERSEY), L.P.

			
		By: its Managing General Partner
		Index Venture Associates VI Limited
			
		By:	/s/ N.T. Greenwood
		Name:	N.T. Greenwood
		Title:	Director

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTOR:
			
		YUCCA (JERSEY) SLP
			
		By: Intertrust Employee Benefit Services Limited as Authorised Signatory of Yucca (Jersey) SLP in its capacity as administrator of the Index Co-Investment Scheme
			
		By:	/s/ Sarah Earles   /s/ David Middleton
		Authorised Signatory - Intertrust Employee Benefit Services Limited

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTOR:
			
		REDPOINT OMEGA II, LP,

		by its General Partner
		Redpoint Omega II, LLC
			
		By:	/s/ Elliot Geidt
		Name:	Elliot Geidt
		Title:	Manager
			
		REDPOINT OMEGA ASSOCIATES II, LLC,

		as nominee
			
		By:	/s/ Elliot Geidt
		Name:	Elliot Geidt
		Title:	Manager

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTOR:
			
		SPARK CAPITAL GROWTH FUND II, L.P.
			
		By:     Spark Growth Management Partners II, LLC, its General Partner
			
		By:	/s/ Jeremy G. Philips
		Name:	Jeremy G. Philips
		Title:	Managing Member
			
		SPARK CAPITAL GROWTH FOUNDERS’ FUND II, L.P.
		
		By:     Spark Growth Management Partners II, LLC, its General Partner
			
		By:	/s/ Jeremy G. Philips
		Name:	Jeremy G. Philips
		Title:	Managing Member

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		INVESTOR:
			
		BAIN CAPITAL VENTURE FUND 2014, L.P.
			
		By: Bain Capital Venture Partners 2014, L.P., its general partner
			
		By: Bain Capital Venture Investors, LLC, its general partner
			
		By:	/s/ Matt Harris
		Name:	Matt Harris
		Title:	Managing Director
			
		BCIP VENTURE ASSOCIATES
		
		By: Bain Capital Investors, LLC, its managing partner
			
		By: Bain Capital Venture Investors, LLC, its Attorney-in-fact
			
		By:	/s/ Matt Harris
		Name:	Matt Harris
		Title:	Managing Director
			
		BCIP VENTURE ASSOCIATES-B
		By: Bain Capital Investors, LLC, its managing partner
			
		By: Bain Capital Venture Investors, LLC, its Attorney-in-fact
			
		By: 	/s/ Matt Harris
		Name:	Matt Harris
		Title:	Managing Director

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
						
		INVESTOR:
		
		
		/s/ Jesse Burkholder
		Jesse Burkholder

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
						
		INVESTOR:
		
		LISA CALVERT AND JOHN STEWART CALVERT JR.
		
		/s/ Lisa Calvert
		Lisa Calvert 
		
		
		/s/ John Stewart Calvert Jr.
		John Stewart Calvert Jr.

JUSTWORKS, INC.
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

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