Document:

Form of Subordinated Medium-Term Floating Rate Note, Series O

 Exhibit 4.4 

[Face of Note] 
  

			
	 CUSIP NO.
	  	 PRINCIPAL AMOUNT:

	 CLEARSTREAM COMMON CODE:
	  	
	 ISIN:
	  	
	 REGISTERED NO.
	  	

 WELLS FARGO & COMPANY 

FORM OF 
 SUBORDINATED MEDIUM-TERM FLOATING RATE NOTE, SERIES O 
 Due Nine Months or More From Date of Issue 

 ̈    Check this box if this Security is a Global Security. 

Applicable if this Security is a Global Security: 

[Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.] 
 This Security is not a deposit or other obligation of a
depository institution and is not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency. 

[If applicable, this Security will contain information required by U.S. Federal Income Tax “Original Issue Discount”
rules, as that term is defined in the Internal Revenue Code of 1986, as amended.] 

					
	 ORIGINAL ISSUE DATE:
	  	 ISSUE PRICE:
                        %
	  	 STATED MATURITY DATE:

			
	 BASE RATE:
	  	 INITIAL INTEREST RATE:
	  	 INITIAL INTEREST PAYMENT DATE:

			
	 INTEREST PAYMENT DATES:
	  	 INTEREST DETERMINATION DATES:
	  	 CALCULATION DATES:

			
	 MAXIMUM INTEREST RATE:
	  	 MINIMUM INTEREST RATE:
	  	 INTEREST RESET PERIOD:

			
	 INTEREST RESET DATES:
	  	 INITIAL INTEREST RESET DATE:
	  	 SPREAD MULTIPLIER:

			
	 SPREAD:      +

                  
     -
	  	 INDEX MATURITY:
	  	 REGULAR RECORD DATES:

			
	 DESIGNATED CMT MATURITY
INDEX AND DESIGNATED
REUTERS PAGE
(Only applicable if the Base Rate
is CMT):
	  	 INDEX CURRENCY
(Only applicable if the Base Rate is LIBOR):
	  	 DESIGNATED COMMERCIAL PAPER PAGE
(Only applicable if Base Rate is the Commercial
Paper Rate):

			
	 CALCULATION AGENT:
	  	 OPTIONAL REDEMPTION
(at option of Company):
	  	 REDEMPTION
PRICE:
       ̈  100%
       ̈  Other

			
	 REDEMPTION DATE(S)

(at option of Company):
	  	 SINKING FUND:
	  	 OPTION TO ELECT REPAYMENT:

			
	 REPAYMENT PRICE:
       ̈  100%
       ̈  Other
	  	 OPTIONAL REPAYMENT DATE(S):
	  	 MINIMUM DENOMINATIONS:
       ̈  U.S.
$1,000
       ̈  Other

			
	 DEPOSITARY
(Only applicable if this Security is a
Global Security):
	  	 SPECIFIED CURRENCY:
	  	 OTHER/ADDITIONAL TERMS:

			
	 ADDENDUM ATTACHED:
	  		  	

  
 2 

 WELLS FARGO & COMPANY, a corporation duly organized and existing under
the laws of the State of Delaware (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                                         
       , or registered assigns, the principal sum of
                                         
                   
(                                    ) on the Stated Maturity
Date shown above (except to the extent redeemed, repaid, renewed or extended prior to such date) and to pay interest, if any, on the Interest Payment Dates specified above, commencing with the Initial Interest Payment Date specified above following
the Original Issue Date specified above, and at Maturity, on the principal amount hereof, at a rate per annum equal to the Initial Interest Rate specified above until the Initial Interest Reset Date specified above following the Original Issue Date
specified above and thereafter at the rate per annum specified above, as determined by the Calculation Agent in accordance with the provisions on the reverse hereof under the heading “Determination of CD Rate”, “Determination of
Commercial Paper Rate”, “Determination of EURIBOR”, “Determination of Federal Funds Rate”, “Determination of Federal Funds (Open) Rate”, “Determination of LIBOR”, “Determination of Prime Rate”,
“Determination of Treasury Rate” or “Determination of CMT Rate,” as applicable. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date next preceding such Interest Payment Date. Interest payable upon Maturity will be paid to the Person to whom
principal is payable. The Regular Record Date for an Interest Payment Date shall be the fifteenth calendar day, whether or not a Business Day, prior to such Interest Payment Date. 

If an Interest Payment Date falls on a day that is not a Business Day, other than an Interest Payment Date that is also the
date of Maturity, such Interest Payment Date will be postponed to the following day that is a Business Day, except that, if the Base Rate specified above is LIBOR or EURIBOR and such following Business Day is in the next calendar month, such
Interest Payment Date shall be the immediately preceding day that is a Business Day. If the date of Maturity would fall on a day that is not a Business Day, the payment of principal and any premium and interest shall be made on the next Business
Day, with the same force and effect as if made on the due date, and no additional interest shall accrue on the amount so payable for the period from and after such date of Maturity. For purposes of this Security, “Business Day” means any
day, other than a Saturday or Sunday, (i) that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close (a) in New York, New York, (b) if this Security is denominated
in a Specified Currency other than U.S. dollars, euro or Australian dollars, in the principal financial center of the country of the Specified Currency or (c) if this Security is denominated in Australian dollars, in Sydney, Australia,
(ii) if this Security is denominated in euro, that is also a TARGET Settlement Day and (iii) if this Security has a Base Rate of LIBOR, that is also a London Banking Day. For purposes of this Security, “TARGET Settlement Day”
means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System is open; and “London Banking Day” means any day on which commercial banks and foreign exchange markets settle payments in London. 

Interest payments on this Security shall be the amount of interest accrued from and including the Original Issue Date
specified above or from and including the last date to which interest has been paid, or provided for, as the case may be, to but excluding, the following Interest Payment Date or the date of Maturity. This period is referred to as an “Interest
Period.” 

  
 3 

 
If this Security has been issued upon transfer of, in exchange for, or in replacement of, a Predecessor Security, interest on this Security shall accrue from the last Interest Payment Date to
which interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security, from the Original Issue Date specified above. The first payment of interest on a Security originally issued and dated between a Regular
Record Date specified above and an Interest Payment Date will be due and payable on the Interest Payment Date following the next succeeding Regular Record Date to the registered owner on such next succeeding Regular Record Date. 

Notwithstanding the foregoing, if an Addendum is attached hereto or “Other/Additional Terms” apply to this Security
as specified above, this Security shall be subject to the terms set forth in such Addendum or such “Other/Additional Terms.” 

The principal (and premium, if any) and interest on this Security is payable by the Company in the Specified Currency
specified above. 
 Any interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder
on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be
fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of interest on this Security, other than payments of interest at Maturity, will be paid by check mailed to the Person
entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Any such designation for wire transfer purposes shall be made by providing
written notice to the Paying Agent not later than 10 calendar days prior to the applicable Interest Payment Date. Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or
agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on
this Security will be made to the Depositary by wire transfer of immediately available funds. 
 The Company will pay any
administrative costs imposed by banks on payors in making payments on this Security in immediately available funds and the Holder of this Security shall pay any administrative costs imposed by banks on payees in connection with such payments. Any
tax, assessment or governmental charge imposed upon payments on this Security will be borne by the Holder of this Security. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 

  
 4 

 Unless the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose. 

  
 5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED:
                                 

 

					
	WELLS FARGO & COMPANY
		
	By:	 	 
	Name:	 	 
	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
	Name:	 	 
	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY,

NATIONAL ASSOCIATION
       as
Trustee

		
	By:	 	 
		 	Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

      as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 6 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

SUBORDINATED MEDIUM-TERM FLOATING RATE NOTE, SERIES O 

Due Nine Months or More From Date of Issue 

General 
 This Security
is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of August 30, 1999, as amended or supplemented from time to
time (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, National Association (successor in interest to The First National Bank of Chicago), as Trustee (herein called the “Trustee”,
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto, reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series of the Securities designated as Subordinated Medium-Term
Notes, Series O, of the Company. The Securities of this series may mature at different times, bear interest, if any, at different rates, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or
not at all, be issued at an original issue discount and be denominated in different currencies. 
 The Securities are
issuable only in registered form without coupons and will be book-entry securities represented by one or more global securities recorded in the book-entry system
maintained by the Depositary (“Global Securities”). 
 The indebtedness evidenced by this Security is, to the
extent and in the manner set forth in the Indenture, subordinate and subject in right of payment to the prior payment in full of the principal of and premium, if any, and interest on all Senior Debt of the Company, and the Holder of this Security,
by accepting the same, agrees to and shall be bound by the provisions of the Indenture with respect thereto. 
 Interest Rate Reset 

The interest rate in effect from the Original Issue Date to the Initial Interest Reset Date specified on the face hereof shall
be the Initial Interest Rate specified on the face hereof. Commencing with the Initial Interest Reset Date specified on the face hereof following the Original Issue Date specified on the face hereof, the interest rate on this Security will be reset
daily, weekly, monthly, quarterly, semiannually or annually as specified on the face hereof under “Interest Reset Period.” Each such adjusted rate shall be applicable from and including the Interest Reset Date to which it relates to but
not including the next succeeding Interest Reset Date or until Maturity, as the case may be. On each Interest Reset Date, the rate of interest on this Security shall be the rate determined with respect to the Interest Determination Date next
preceding such Interest Reset Date 

  
 7 

 
in accordance with the provisions of the applicable heading below and adjusted by the addition or subtraction of the Spread, if any, specified on the face hereof, and/or by the multiplication by
the Spread Multiplier, if any, specified on the face hereof. 
 If any Interest Reset Date would otherwise be a day that is
not a Business Day, such Interest Reset Date will be postponed to the following Business Day, except that if the Base Rate specified above is LIBOR or EURIBOR and if such following Business Day is in the next calendar month, such Interest Reset Date
shall be the immediately preceding Business Day. 
 The amount of interest to be paid on this Security for each Interest
Period will be calculated by multiplying the principal amount of this Security by an accrued interest factor. The “accrued interest factor” will be computed by adding the interest factors calculated for each day in the Interest Period. The
“interest factor” for each day is computed by dividing the interest rate applicable to that day: 
  

	 	•	 	 by 360, if the Base Rate is the CD Rate, the Commercial Paper Rate, EURIBOR, Federal Funds Rate, Federal Funds (Open) Rate, LIBOR, except for LIBOR
Securities for which the Index Currency is pounds sterling, or Prime Rate; 

  

	 	•	 	 by 365 (or 366 if the last day of the Interest Period falls in a leap year) if the Base Rate is LIBOR and the Index Currency is pounds sterling; or

  

	 	•	 	 by the actual number of days in the year, if the Base Rate is the Treasury Rate or the CMT Rate. 

Unless otherwise specified on the face hereof, all percentages resulting from any calculation referred to herein shall be
rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with .000005% rounded up to .00001% and all U.S. dollar amounts used in or resulting from any of the above calculations will be rounded, if necessary, to the nearest
cent, with one-half cent rounded upward. If the Japanese Yen is the Index Currency, all Japanese Yen amounts used in or resulting from these calculations will be rounded downward to the next lower Japanese Yen amount. All amounts denominated in any
other currency used in or resulting from these calculations will be rounded to the nearest two decimal places in that currency, with .005 round up to .01. 

Notwithstanding the foregoing, the interest rate per annum hereon shall not be greater than the Maximum Interest Rate, if any,
or less than the Minimum Interest Rate, if any, specified on the face hereof. The Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. 

The interest rate on this Security shall in no event be higher than the maximum rate permitted by New York law, as the same
may be modified by United States law of general application. 
 At the request of the Holder hereof, the Calculation Agent
shall provide to the Holder hereof the interest rate hereon then in effect and, if determined, the interest rate that will become effective on the next Interest Reset Date with respect to this Security. The Calculation Agent’s

  
 8 

 
determination of any interest rate shall be final and binding in the absence of manifest error. The Calculation Agent shall notify the Paying Agent of each determination of the interest
applicable to this Security promptly after the determination is made. 
 A “Calculation Date”, where applicable,
for any Interest Determination Date will be the earlier of: 
  

	 	•	 	 the tenth calendar day after that Interest Determination Date or, if that day is not a Business Day, the next Business Day; or

  

	 	•	 	 the Business Day immediately preceding the applicable Interest Payment Date or date of Maturity. 

Determination of CD Rate 

If the Base Rate specified on the face hereof is the CD Rate, the interest rate per annum determined with respect to any
Interest Determination Date specified on the face hereof shall equal the rate on that date for negotiable U.S. dollar certificates of deposit having the Index Maturity specified on the face hereof published by the Board of Governors of the Federal
Reserve System in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication of the Board of Governors of the Federal Reserve System (“H.15 (519)”) under the heading “CDs (Secondary
Market).” 
 The following procedures will be followed if the CD Rate cannot be determined as described above: 

 

	 	•	 	 If the above rate is not published in H.15 (519) by 3:00 p.m., New York City time, on the Calculation Date, the CD Rate will be the rate
on that Interest Determination Date set forth in the daily update of H.15 (519), available through the website of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update, or any successor site or
publication, which is commonly referred to as the “H.15 Daily Update,” for the Interest Determination Date for certificates of deposit having the Index Maturity specified under the caption “CDs (Secondary Market).”

  

	 	•	 	 If the above rate is not yet published in either H.15 (519) or the H.15 Daily Update by 3:00 p.m., New York City time, on the Calculation
Date, the Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New York City time, on that Interest Determination Date of three leading nonbank dealers in negotiable U.S.
dollar certificates of deposit in New York, New York, which may include the agents for the Securities of this series or their affiliates, selected by the Calculation Agent, after consultation with the Company, for negotiable U.S. dollar certificates
of deposit of major U.S. money center banks of the highest credit standing in the market for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity specified on the face hereof in an amount that is representative
for a single transaction in that market at that time. 

  
 9 

	 	•	 	 If the dealers selected by the Calculation Agent are not quoting as set forth above, the CD Rate for that Interest Determination Date will remain
the CD Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

Determination of Commercial Paper Rate 

If the Base Rate specified on the face hereof is the Commercial Paper Rate, the interest rate per annum determined with
respect to any Interest Determination Date specified on the face hereof shall equal the Money Market Yield (as defined below), calculated as described below, of the rate on that date for U.S. dollar commercial paper having the Index Maturity
specified on the face hereof, as that rate is published in H.15 (519), under the heading “Commercial Paper—Nonfinancial” or “Commercial Paper Financial,” as specified on the face hereof. 

The following procedures will be followed if the Commercial Paper Rate cannot be determined as described above: 

 

	 	•	 	 If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, then the Commercial Paper Rate will be the Money
Market Yield of the rate on that Interest Determination Date for commercial paper of the Index Maturity specified on the face hereof as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the
applicable rate, under the heading “Commercial Paper—Nonfinancial” or “Commercial Paper Financial,” as specified on the face hereof. 

 

	 	•	 	 If by 3:00 p.m., New York City time, on that Calculation Date the rate is not yet published in either H.15 (519) or the H.15 Daily Update, or
other recognized electronic source used for the purpose of displaying the applicable rate, then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of
11:00 a.m., New York City time, on that Interest Determination Date of three leading dealers of U.S. dollar commercial paper in New York, New York, which may include the agents for the Securities of this series or their affiliates, selected by
the Calculation Agent, after consultation with the Company, for commercial paper of the Index Maturity specified on the face hereof, placed for an industrial issuer whose bond rating is “Aa,” or the equivalent, from a nationally recognized
statistical rating agency. 

  

	 	•	 	 If the dealers selected by the Calculation Agent are not quoting as set forth above, the Commercial Paper Rate for the Interest Determination Date
will remain the Commercial Paper Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

  
 10 

 “Money Market Yield” will be a yield calculated in accordance with the
following formula: 
  

									
		 	Money Market Yield =        	 	 D x 360
	 	         x 100
	 	
		 	 	360 – (D x M)	 	 	

 where “D” refers to the applicable per year rate for commercial paper quoted on a bank discount
basis and expressed as a decimal and “M” refers to the actual number of days in the Interest Period for which interest is being calculated. 

Determination of EURIBOR 

If the Base Rate specified on the face hereof is EURIBOR, the interest rate per annum determined with respect to any Interest
Determination Date specified on the face hereof shall equal the rate for deposits in euros as sponsored, calculated and published jointly by the European Banking Federation and ACI — The Financial Market Association, or any company
established by the joint sponsors for purposes of compiling and publishing those rates, for the Index Maturity specified on the face hereof as that rate appears on the display on Reuters 3000 Xtra Service (“Reuters”), or any successor
service, on page EURIBOR01 or any other page as may replace page EURIBOR01 on that service, which is commonly referred to as “Reuters Page EURIBOR01,” as of 11:00 a.m., Brussels time. 

The following procedures will be followed if EURIBOR cannot be determined as described above: 

 

	 	•	 	 If the above rate does not appear on Reuters Page EURIBOR01 on an Interest Determination Date at approximately 11:00 a.m., Brussels time, the
Calculation Agent will request the principal Euro-Zone office of each of four major banks in the Euro-Zone interbank market, as selected by the Calculation Agent, after
consultation with the Company, to provide the Calculation Agent with its offered rate for deposits in euros, at approximately 11:00 a.m., Brussels time, on the Interest Determination Date, to prime banks in the
Euro-Zone interbank market for the Index Maturity specified on the face hereof commencing on the applicable Interest Reset Date, and in a principal amount not less than the equivalent of €1 million
that is representative of a single transaction in euro, in that market at that time. If at least two quotations are provided, EURIBOR will be the arithmetic mean of those quotations. 

 

	 	•	 	 If fewer than two quotations are provided, then the Calculation Agent, after consultation with the Company, will select four major banks in the
Euro-Zone interbank market to provide a quotation of the rate offered by them, at approximately 11:00 a.m., Brussels time, on the applicable Interest Determination Date for loans in euro to leading European banks for a period of time equivalent
to the Index Maturity specified on the face hereof commencing on that Interest Reset Date in a principal amount not less than the equivalent of €1 million. EURIBOR will be the arithmetic mean of those quotations. 

  
 11 

	 	•	 	 If at least three quotations are not provided, EURIBOR for that Interest Determination Date will remain EURIBOR for the immediately preceding
Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

“Euro-Zone” means the region comprising member states of the European Union that have adopted the single currency in
accordance with the relevant treaty of the European Union, as amended. 
 Determination of Federal Funds Rate 

If the Base Rate specified on the face hereof is the Federal Funds Rate, the interest rate per annum determined with respect
to any Interest Determination Date specified on the face hereof shall equal the rate on that date for U.S. dollar federal funds as published in H.15 (519) under the heading “Federal Funds (Effective)” as displayed on Reuters, or any
successor service, on page FEDFUNDS1 or any other page as may replace the applicable page on that service, which is commonly referred to as “Reuters Page FEDFUNDS1.” 

The following procedures will be followed if the Federal Funds Rate cannot be determined as described above: 

 

	 	•	 	 If the above rate is not published in H.15 (519) by 3:00 p.m., New York City time, on the Calculation Date, or does not appear on Reuters Page
FEDFUNDS1, the Federal Funds Rate will be the rate on that Interest Determination Date as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the heading
“Federal Funds (Effective).” 

  

	 	•	 	 If the above rate is not yet published in either H.15 (519) or the H.15 Daily Update, or other recognized electronic source used for the
purpose of displaying the applicable rate, by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S.
dollar federal funds prior to 9:00 a.m., New York City time, on the Business Day following that Interest Determination Date, by each of three leading brokers of U.S. dollar federal funds transactions in New York, New York, which may include the
agents for the Securities of this series or their affiliates, selected by the Calculation Agent, after consultation with the Company. 

  

	 	•	 	 If fewer than three brokers selected by the Calculation Agent are not quoting as set forth above, the Federal Funds Rate for that Interest
Determination Date will remain the Federal Funds Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

Determination of Federal Funds (Open) Rate 

If the Base Rate specified on the face hereof is the Federal Funds (Open) Rate, the interest rate per annum determined with
respect to any Interest Determination Date specified on the face hereof shall equal the rate on that date for U.S. dollar federal funds set forth opposite the caption “Open” as displayed on Reuters, or any successor service, on page 5 or
any other page as 

  
 12 

 
may replace the applicable page on that service, which is commonly referred to as “Reuters Page 5.” 

The following procedures will be followed if the Federal Funds (Open) Rate cannot be determined as described above: 

 

	 	•	 	 If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, the Federal Funds (Open) Rate will be the rate on
that Interest Determination Date displayed on FFPREBON Index page on Bloomberg L.P. (“Bloomberg”), which is the Fed Funds Opening Rate as reported by Prebon Yamane, or any successor service, on Bloomberg. 

 

	 	•	 	 If the above rate is not yet displayed on the FFPREBON Index Page on Bloomberg, or other recognized electronic source used for the purpose of
displaying the applicable rate, by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent will determine the Federal Funds (Open) Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar
federal funds prior to 9:00 a.m., New York City time, on that Interest Determination Date, by each of three leading brokers of U.S. dollar federal funds transactions in New York, New York, which may include the agents for the Securities of this
series or their affiliates, selected by the Calculation Agent, after consultation with the Company. 

  

	 	•	 	 If fewer than three brokers selected by the Calculation Agent are not quoting as set forth above, the Federal Funds (Open) Rate for that Interest
Determination Date will remain the Federal Funds (Open) Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

Determination of LIBOR 

If the Base Rate specified on the face hereof is the London Interbank Offered Rate (“LIBOR”), the Calculation Agent
will determine LIBOR for each Interest Determination Date as follows: 
  

	 	•	 	 “LIBOR” with respect to any Interest Determination Date specified on the face hereof shall equal the arithmetic mean of the offered rates
for deposits in the Index Currency having the Index Maturity designated on the face hereof, commencing on the second London Banking Day immediately following that Interest Determination Date, or, if pounds sterling is the Index Currency, commencing
on that Interest Determination Date, that appear on the Designated LIBOR Page as of 11:00 a.m., London time, on that Interest Determination Date, if at least two offered rates appear on the Designated LIBOR Page, provided that if the specified
Designated LIBOR Page by its terms provides only for a single rate, that single rate will be used. 

  

	 	•	 	 If (i) fewer than two offered rates appear or (ii) no rate appears and the Designated LIBOR Page by its terms provides only for a single
rate, then the Calculation Agent will request the principal London offices of each of four major banks in the London Interbank market, as selected by the Calculation Agent, to provide the Calculation

  
 13 

	 	 
Agent with its offered quotation for deposits in the Index Currency for the period of the Index Maturity specified on the face hereof commencing on the second London Banking Day immediately
following the Interest Determination Date or, if pounds sterling is the Index Currency, commencing on that Interest Determination Date, to prime banks in the London Interbank market at approximately 11:00 a.m., London time, on that Interest
Determination Date and in a principal amount that is representative of a single transaction in that Index Currency in that market at that time. 

  

	 	•	 	 If at least two quotations are provided, LIBOR determined on that Interest Determination Date will be the arithmetic mean of those quotations. If
fewer than two quotations are provided, LIBOR will be determined for the applicable Interest Reset Date as the arithmetic mean of the rates quoted at approximately 11:00 a.m., or some other time specified on the face hereof, in the applicable
principal financial center for the country of the Index Currency on that Interest Determination Date, by three major banks in that principal financial center selected by the Calculation Agent for loans in the Index Currency to leading European
banks, having the Index Maturity specified on the face hereof and in a principal amount that is representative of a single transaction in that Index Currency in that market at that time. 

 

	 	•	 	 If the banks so selected by the Calculation Agent are not quoting as set forth above, LIBOR for that Interest Determination Date will remain LIBOR
for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

The “Index Currency” means the currency specified on the face hereof as the currency for which LIBOR will be
calculated or, if the euro is substituted for that currency, the Index Currency will be the euro. If that currency is not specified on the face hereof, the Index Currency will be U.S. dollars. 

“Designated LIBOR Page” means the display on Reuters, or any successor service, on Page LIBOR01, or any other page
as may replace that page on that service, for the purpose of displaying the London Interbank rates for the applicable Index Currency. 

Determination of Prime Rate 

If the Base Rate specified on the face hereof is the Prime Rate, the interest rate per annum determined with respect to any
Interest Determination Date shall equal the rate on that date as published in H.15 (519) prior to 3:00 p.m., New York City time, on the related Calculation Date, under the heading “Bank Prime Loan.” 

The following procedures will be followed if the Prime Rate cannot be determined as described above: 

 

	 	•	 	 If the above rate is not published in H.15 (519) prior to 3:00 p.m., New York City time, on the Calculation Date, then the Prime Rate will be
the rate on that Interest Determination Date as published in the H.15 Daily Update, or any other recognized 

  
 14 

	 	 
electronic source used for the purpose of displaying the applicable rate, under the heading “Bank Prime Loan.” 

 

	 	•	 	 If the rate is not published in either H.15 (519) or the H.15 Daily Update or another recognized electronic source by 3:00 p.m., New York City
time, on the Calculation Date, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen USPRIME 1 Page, as defined below, as that
bank’s prime rate or base lending rate as in effect as of 11:00 a.m., New York City time, for that Interest Determination Date. 

  

	 	•	 	 If fewer than four rates for that Interest Determination Date appear on the Reuters Screen USPRIME 1 Page by 3:00 p.m., New York City time, on the
Calculation Date, the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the prime rates quoted or base lending rates furnished in New York City by three substitute major banks or trust companies (all organized under the
laws of the United States or any of its states and having total equity capital of at least $500,000,000), selected by the Calculation Agent after consultation with the Company. 

 

	 	•	 	 If the banks selected by the Calculation Agent are not quoting as set forth above, the Prime Rate for that Interest Determination Date will remain
the Prime Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

“Reuters Screen USPRIME 1 Page” means the display designated as page “USPRIME 1” on the Reuters Monitor
Money Rate Service or any successor service, or any other page as may replace the USPRIME 1 Page on that service for the purpose of displaying prime rates or base lending rates of major U.S. banks. 

Determination of Treasury Rate 

If the Base Rate specified on the face hereof is the Treasury Rate, the rate per annum with respect to any Interest
Determination Date specified on the face hereof means: 
  

	 	•	 	 the rate from the auction held on the applicable Interest Determination Date, referred to as the “auction,” of direct obligations of the
United States, which are commonly referred to as “Treasury Bills,” having the Index Maturity specified on the face hereof as that rate appears under the caption “INVESTMENT RATE” on the display on Reuters, or any successor
service, on page USAUCTION 10 or any other page as may replace page USAUCTION 10 on that service, which is referred to as “Reuters Page USAUCTION 10,” or page USAUCTION 11 or any other page as may replace page USAUCTION 11 on that service,
which is referred to as “Reuters Page USAUCTION 11”; or 

  

	 	•	 	 if the rate described in the first bullet point is not published by 3:00 p.m., New York City time, on the Calculation Date, the bond equivalent
yield of the rate for the applicable Treasury Bills as published in the H.15 Daily Update, or other recognized 

  
 15 

	 	 
electronic source used for the purpose of displaying the applicable rate, under the caption “U.S. Government Securities/Treasury Bills/Auction High”; or 

 

	 	•	 	 if the rate described in the second bullet point is not published by 3:00 p.m., New York City time, on the related Calculation Date, the bond
equivalent yield of the auction rate of the applicable Treasury Bills, announced by the United States Department of the Treasury; or 

  

	 	•	 	 if the rate referred to in the third bullet point is not announced by the United States Department of the Treasury, or if the auction is not held,
the bond equivalent yield of the rate on the applicable Interest Determination Date of Treasury Bills having the Index Maturity specified on the face hereof published in H.15 (519) under the caption “U.S. Government Securities/Treasury
Bills/Secondary Market”; or 

  

	 	•	 	 if the rate referred to in the fourth bullet point is not so published by 3:00 p.m., New York City time, on the related Calculation Date, the rate
on the applicable Interest Determination Date of the applicable Treasury Bills as published in H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”; or 

  

	 	•	 	 if the rate referred to in the fifth bullet point is not so published by 3:00 p.m., New York City time, on the related Calculation Date, the rate
on the applicable Interest Determination Date calculated by the Calculation Agent as the bond equivalent yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m., New York City time, on the applicable Interest
Determination Date, of three primary U.S. government securities dealers, which may include the agents for the Securities of this series or their affiliates, selected by the Calculation Agent after consultation with the Company, for the issue of
Treasury Bills with a remaining maturity closest to the Index Maturity specified on the face hereof; or 

  

	 	•	 	 if the dealers selected by the Calculation Agent are not quoting as set forth above, the Treasury rate for that Interest Determination Date will
remain the Treasury Rate for the immediately preceding interest reset period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

  
 16 

 The “bond equivalent yield” means a yield calculated in
accordance with the following formula and expressed as a percentage: 
  

							
		 	bond equivalent yield =  	  	 D x N
	 	         x 100

		 	  	360 – (D x M)	 

 where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount
basis, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the interest period for which interest is being calculated. 

Determination of CMT Rate 

If the Base Rate specified on the face hereof is the CMT Rate, the interest rate per annum determined with respect to any
Interest Determination Date specified on the face hereof shall equal the rate displayed on the Designated CMT Reuters Page, as defined below, under the caption “...Treasury Constant Maturities...Federal Reserve Board Release
H.15...Mondays Approximately 3:45 p.m.,” under the column for the Designated CMT Maturity Index, as defined below, for: 
  

	 	•	 	 the rate on that Interest Determination Date, if the Designated CMT Reuters Page is FRBCMT, and 

 

	 	•	 	 the week or the month, as applicable, ended immediately preceding the week in which the related Interest Determination Date occurs, if the
Designated CMT Reuters Page is FEDCMT. 

 The following procedures will be followed if the CMT Rate cannot
be determined as described above: 
  

	 	•	 	 If the above rate is no longer displayed on the relevant page, or if not displayed by 3:00 p.m., New York City time, on the related
Calculation Date, then the CMT Rate will be the Treasury Constant Maturity rate for the Designated CMT Maturity Index as published in the relevant H.15 (519). 

 

	 	•	 	 If the above rate described in the first bullet point is no longer published, or if not published by 3:00 p.m., New York City time, on the
related Calculation Date, then the CMT Rate will be the Treasury Constant Maturity rate for the Designated CMT Maturity Index or other U.S. Treasury rate for the Designated CMT Maturity Index on the Interest Determination Date as may then be
published by either the Board of Governors of the Federal Reserve System or the United States Department of the Treasury that the Calculation Agent determines to be comparable to the rate formerly displayed on the Designated CMT Reuters Page and
published in the relevant H.15 (519). 

  

	 	•	 	 If the information described in the second bullet point is not provided by 3:00 p.m., New York City time, on the related Calculation Date, then the
Calculation Agent will 

  
 17 

	 	 
determine the CMT Rate to be a yield to maturity, based on the arithmetic mean of the secondary market closing offer side prices as of approximately 3:30 p.m., New York City time, on the
Interest Determination Date, reported, according to their written records, by three leading primary U.S. government securities dealers, which is referred to as a “reference dealer,” in New York, New York, which may include the agents for
the Securities of this series or their affiliates, selected by the Calculation Agent as described in the following sentence. The Calculation Agent will select five reference dealers, after consultation with the Company, and will eliminate the
highest quotation or, in the event of equality, one of the highest, and the lowest quotation or, in the event of equality, one of the lowest, for the most recently issued direct noncallable fixed rate obligations of the United States, which are
commonly referred to as “Treasury notes,” with an original maturity of approximately the Designated CMT Maturity Index, a remaining term to maturity of no more than 1 year shorter than that Designated CMT Maturity Index and in a principal
amount that is representative for a single transaction in the securities in that market at that time. If two Treasury notes with an original maturity as described above have remaining terms to maturity equally close to the Designated CMT Maturity
Index, the quotes for the Treasury note with the shorter remaining term to maturity will be used. 

  

	 	•	 	 If the Calculation Agent cannot obtain three Treasury notes quotations as described in the immediately preceding bullet point, the Calculation
Agent will determine the CMT Rate to be a yield to maturity based on the arithmetic mean of the secondary market offer side prices as of approximately 3:30 p.m., New York City time, on the Interest Determination Date of three reference dealers
in New York, New York, selected using the same method described in the immediately preceding bullet point, for Treasury notes with an original maturity equal to the number of years closest to but not less than the Designated CMT Maturity Index and a
remaining term to maturity closest to the Designated CMT Maturity Index and in a principal amount that is representative for a single transaction in the securities in that market at that time. 

 

	 	•	 	 If three or four, and not five, of the reference dealers are quoting as described above, then the CMT Rate will be based on the arithmetic mean of
the offer prices obtained and neither the highest nor the lowest of those quotes will be eliminated. 

  

	 	•	 	 If fewer than three reference dealers selected by the Calculation Agent are quoting as described above, the CMT Rate for that Interest
Determination Date will remain the CMT Rate for the immediately preceding Interest Reset Period, or, if none, the rate of interest payable will be the Initial Interest Rate. 

“Designated CMT Reuters Page” means the display on Reuters, or any successor service, on the page designated on the
face hereof or any other page as may replace that page on that service for the purpose of displaying Treasury Constant Maturities as reported in H.15 (519). If no page is specified on the face hereof the Designated CMT Reuters Page will be FEDCMT,
for the most recent week. 

  
 18 

 “Designated CMT Maturity Index” means the original period to maturity
of the U.S. Treasury securities, which is either 1, 2, 3, 5, 7, 10, 20 or 30 years, as specified on the face hereof, for which the CMT Rate will be calculated. If no maturity is specified on the face hereof, the Designated CMT Maturity Index will be
two years. 
 Events of Default 

If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding
affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the
Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security. 
 Defeasance and Covenant Defeasance 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness on this Security and
(b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

Redemption 
 If so
provided on the face hereof, the Company may at its option redeem this Security in whole or in part in increments of $1,000 or the equivalent amount in a foreign or composite currency (provided that any remaining principal amount of this Security
shall not be less than the minimum authorized denomination hereof) on or after the date or dates designated as the Redemption Date(s) on the face hereof at 100% of the unpaid principal amount hereof or the portion thereof redeemed, together with
accrued interest, if any, to the Redemption Date or, if a Redemption Price other than 100% of the principal amount to be redeemed is specified on the face hereof, the Redemption Price specified in the Addendum attached hereto. The Company may
exercise such option by mailing a notice of such redemption to each Holder of the Securities of this series to be redeemed by first-class mail, postage prepaid, at least 30 days and not more than 60 days prior to the applicable Redemption Date.
In the event of redemption of this Security in part only, the Company 

  
 19 

 
shall issue a new Security or Securities for the unredeemed portion hereof in the name of the Holder hereof upon the cancellation hereof. If less than all of the Securities of this series with
like tenor and terms are to be redeemed, the Securities to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate and may provide for the selection for redemption of a portion of the principal
amount of the Securities of this series held by a Holder equal to an authorized denomination. If this Security is a Global Security and if less than all of the Securities of this series are to be redeemed, the redemption shall be made in accordance
with the Depositary’s customary procedures. Unless the Company defaults in the payment of the Redemption Price, on and after the applicable Redemption Date interest will cease to accrue on this Security or portion hereof called for redemption.

 Sinking Fund 

Unless otherwise specified on the face hereof, this Security will not be entitled to any sinking fund. 

Repayment 
 If so
provided on the face hereof, this Security will be repayable prior to the Stated Maturity Date at the option of the Holder, in whole or in part and in increments of $1,000 or the equivalent amount in a foreign or composite currency (provided that
any remaining principal amount of this Security surrendered for partial repayment shall not be less than the minimum authorized denomination hereof), on or after the date designated as an Optional Repayment Date on the face hereof at 100% of the
principal amount to be repaid, plus accrued interest, if any, to the Repayment Date or, if a Repayment Price other than 100% of the principal amount to be repaid is specified on the face hereof, at the Repayment Price specified in the Addendum
attached hereto. In order for this Security to be repaid, the Paying Agent must receive at least 30 days but not more than 45 days prior to the Optional Repayment Date (i) this Security with the form entitled “Option to Elect
Repayment” on the reverse of this Security duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority, Inc. or a commercial
bank or trust company in the United States setting forth: (a) the name of the Holder of this Security; (b) the principal amount of this Security; (c) the principal amount of this Security to be repaid; (d) the certificate number
or a description of the tenor and terms of this Security; (e) a statement that the option to elect repayment is being exercised; and (f) a guarantee that this Security, together with the duly completed form entitled “Option to Elect
Repayment,” will be received by the Paying Agent not later than the fifth Business Day after the date of the telegram, telex, facsimile transmission or letter. However, the telegram, telex, facsimile transmission or letter will only be
effective if this Security and form duly completed are received by the Paying Agent by the fifth Business Day after the date of that telegram, telex, facsimile transmission or letter. 

Any repayment option exercised by the Holder of this Security shall be irrevocable. The repayment option may be exercised for
less than the entire principal amount of this Security, but in that event the principal amount of this Security remaining outstanding after repayment must be equal to $1,000 (or the equivalent amount in a foreign or composite currency) and integral
multiples in excess thereof. Upon any partial repayment, this Security shall be cancelled and a new Security or Securities for the remaining principal amount hereof shall be issued in the name of the

  
 20 

 
Holder of this Security. Unless the Company defaults in the payment of the Repayment Price, on and after the applicable Repayment Date interest will cease to accrue on this Security or portion
hereof requested to be repaid. 
 Authorized Denominations 

Unless otherwise provided on the face hereof, this Security is issuable only in registered form without coupons in
denominations of $1,000 (or the equivalent amount in a foreign or composite currency) and integral multiples of $1,000 (or the equivalent amount in a foreign or composite currency) in excess thereof and cannot be exchanged for debt securities of the
Company in smaller denominations. Beneficial interests in this Security will only be held in denominations of $1,000 (or the equivalent amount in a foreign or composite currency) and integral multiples of $1,000 (or the equivalent amount in a
foreign or composite currency) in excess thereof. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations
provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

If this Security is a Global Security (as specified above), this Security is exchangeable for definitive Securities in
registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange
Act of 1934, as amended, and a qualified successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this
Security shall be exchangeable for definitive Securities in registered form or elects to terminate the book-entry system through the Depositary and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities
represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at the same rate, having the same date of
issuance, redemption provisions, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

If this Security is a Global Security (as specified above), this Security may not be transferred except as a whole by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as
provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this 

  
 21 

 
Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

Subject to the rights of holders of Senior Debt of the Company set forth in this Security and the Indenture referred to above,
no reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times,
place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security and except that in the event the Company deposits money or Eligible Instruments as provided in Articles 4 and 17 of the Indenture, such
payments will be made only from proceeds of such money or Eligible Instruments. 
 No Personal Recourse 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released. 
 Notices 

All notices to the Company under this Security shall be in writing and addressed to Wells Fargo & Company, Wells
Fargo Center, 13th Floor, Sixth and Marquette, Minneapolis, Minnesota 55479, Attention: Treasury Department, or to such other address as the Company may notify to the Holder. All notices to the
Paying Agent under this Security shall be in writing and addressed to Wells Fargo Bank, N.A., 625 Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust, or to such other address as the Company may notify to the Holder. 

Defined Terms 
 All terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security. 

Governing Law 
 This
Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws. 

  
 22 

   

OPTION TO ELECT REPAYMENT 

TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE 

AT THE OPTION OF THE HOLDER AND THE HOLDER 

ELECTS TO EXERCISE SUCH RIGHT 
  

 

The undersigned hereby irrevocably requests and instructs the Company to repay the within Security (or the portion thereof
specified below), pursuant to its terms, on the Optional Repayment Date first occurring after the date of receipt by the Company of the within Security, at the Repayment Price specified in the within Security, to the undersigned,
                                         
       , at
                                         
                    (please print or typewrite name and address of the undersigned). 

For this option to elect repayment to be effective, the Company must receive, at the address of the Paying Agent set forth
below or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, at least 30 but not more than 60 days prior to an Optional Redemption Date, either (i) this Security with this
“Option to Elect Repayment” form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the Financial Industry Regulatory Authority, Inc. or a commercial bank
or a trust company in the United States setting forth (a) the name of the Holder of the Security, (b) the principal amount of the Security, (c) the principal amount of the Security to be repaid, (d) the certificate number or
description of the tenor and terms of the Security, (e) a statement that the option to elect repayment is being exercised, and (f) a guarantee stating that the Security to be repaid, together with this “Option to Elect Repayment”
form duly completed will be received by the Paying Agent not later than five Business Days after the date of such telegram, facsimile transmission or letter (and such Security and form duly completed are received by the Company by such fifth
Business Day). The address of the Paying Agent is Wells Fargo Bank, N.A., 625 Marquette Avenue, Minneapolis, Minnesota 55479. 

If less than the entire principal amount of the within Security is to be repaid, specify the portion thereof (which shall be
an integral multiple of $1,000 or the equivalent amount in a foreign or composite currency) which the Holder elects to have repaid:
$                        . 

  
 23 

 If less than the entire principal amount of the within Security is to be repaid,
specify the denomination or denominations (which shall be $1,000 (or the equivalent amount in a foreign or composite currency) and integral multiples of $1,000 (or the equivalent amount in a foreign or composite currency) in excess thereof) of the
Security or Securities to be issued to the Holder for the portion of the within Securities not being repaid (in the absence of any specification, one such Security will be issued for the portion not being repaid):
$                        . 

Date:
                                        
                                        
                                         
                                         
       
 Notice: The signature to this Option to Elect Repayment must correspond with the name as written
upon page 2 of the within Security in every particular without alteration or enlargement or any change whatsoever. 

  
 24 

 ABBREVIATIONS 

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

					
	 TEN COM
	 	  -- 
	 	 as tenants in common

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	  -- 
	 	 	 	 Custodian
	 	 
		 		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

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

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

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 25 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                     

 

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 26EX-10.1

 Exhibit 10.1 

FORM OF FOURTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

Amended and Restated as of [            ], 2014 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	 1.
	 	 Definitions
	  	 	1	  
			
	 2.
	 	 Registration Rights
	  	 	4	  
				
		 	 2.1
	 	 Demand Registration.
	  	 	4	  
		 	 2.2
	 	 Company Registration
	  	 	6	  
		 	 2.3
	 	 Underwriting Requirements.
	  	 	6	  
		 	 2.4
	 	 Obligations of the Company
	  	 	7	  
		 	 2.5
	 	 Furnish Information
	  	 	9	  
		 	 2.6
	 	 Expenses of Registration
	  	 	9	  
		 	 2.7
	 	 Delay of Registration
	  	 	9	  
		 	 2.8
	 	 Indemnification
	  	 	9	  
		 	 2.9
	 	 Reports Under Exchange Act
	  	 	11	  
		 	 2.10
	 	 Limitations on Subsequent Registration Rights
	  	 	12	  
		 	 2.11
	 	 “Market Stand-off” Agreement
	  	 	12	  
		 	 2.12
	 	 Restrictions on Transfer.
	  	 	13	  
		 	 2.13
	 	 Termination of Registration Rights
	  	 	14	  
		 	 2.14
	 	 Confidentiality
	  	 	14	  
			
	 3.
	 	 Miscellaneous.
	  	 	15	  
				
		 	 3.1
	 	 Successors and Assigns
	  	 	15	  
		 	 3.2
	 	 Governing Law
	  	 	16	  
		 	 3.3
	 	 Counterparts; Facsimile
	  	 	16	  
		 	 3.4
	 	 Titles and Subtitles
	  	 	16	  
		 	 3.5
	 	 Notices
	  	 	16	  
		 	 3.6
	 	 Amendments and Waivers
	  	 	16	  
		 	 3.7
	 	 Severability
	  	 	17	  
		 	 3.8
	 	 Aggregation of Stock
	  	 	17	  
		 	 3.9
	 	 Amendment and Restatement
	  	 	17	  
		 	 3.10
	 	 Entire Agreement
	  	 	17	  
		 	 3.11
	 	 Delays or Omissions
	  	 	17	  
		 	 3.12
	 	 Acknowledgement
	  	 	18	  

  

					
	Schedule A	  	-        	  	Schedule of Investors
	Schedule B	  	-	  	Schedule of Key Holders

  
 i 

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of the
[    ]th day of [            ], 2014 by and among ZS PHARMA, INC., a Delaware corporation (the “Company”), each of the investors listed on Schedule
A hereto, each of which is referred to in this Agreement as an “Investor” and each of the stockholders listed on Schedule B hereto, each of whom is referred to herein as a “Key Holder”. 

RECITALS 

WHEREAS, the Company and certain of the Investors and Key Holders are parties to that certain Third Amended and Restated
Investors’ Rights Agreement, dated February 28, 2014 (the “Prior Agreement”); 
 WHEREAS, pursuant to
Section 6.6 of the Prior Agreement, amendment of the Prior Agreement requires either (i) the written consent of the Company and the holders of a majority of the Registrable Securities (as defined in the Prior Agreement) then outstanding,
including the Requisite Series C/D Vote (as defined in the Prior Agreement) or (ii) the request of a purchaser of any newly issued series of preferred stock issued by the Company, the issuance of which (and restated amendment) is approved by a
majority of the members of the Board of Directors of the Company (the “Board”); and 
 WHEREAS, the Company desires
to amend and restate the Prior Agreement and to make the changes set forth herein in accordance with Section 6.6 of the Prior Agreement in connection with the consummation of its IPO (as defined below). 

NOW, THEREFORE, in consideration of the promises contained herein and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties 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 company with, such Person. 
 1.2 “Common
Stock” means shares of the Company’s common stock, par value $0.001 per share. 
 1.3 “Damages”
means any loss, damage, 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, 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. 
 1.4 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder. 
 1.5 “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 Common Stock being
registered is Common Stock issuable upon conversion of debt securities that are also being registered. 
 1.6 “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. 

1.7 “Form S-2” 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. 
 1.8 “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. 
 1.9 “Holder” means any holder of
Registrable Securities who is a party to this Agreement. 
 1.10 “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. 

1.11 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

 1.12 “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

  
 2 

 1.13 “Key Holder Registrable Securities” means (i) the shares of Common
Stock held by the Key Holders, and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or
in replacement of such shares. 
 1.14 “Person” means any individual, corporation, partnership, trust, limited liability
company, association or other entity. 
 1.15 “Preferred Stock” means, collectively, shares of the Company’s Series A
Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock held by the Holders. 
 1.16
“Purchase Agreement” means that certain Series D Preferred Stock Purchase Agreement, dated as of February 28, 2014, between the Company and the investors listed on Exhibit A thereto. 

1.17 “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock held
by the Investors; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company acquired by the Investors after the date hereof; (iii) the Key
Holder Registrable Securities, provided, however, that such Key Holder Registrable Securities shall not be deemed Registrable Securities and the Key Holders shall not be deemed Holders for the purposes of Sections 2.1, 2.10 and
3.6; and (iv) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of,
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 Section
3.1, and excluding for purposes of Section 2 (x) any shares for which registration rights have terminated pursuant to Section 2.13 of this Agreement and (y) any shares of Common Stock issued as a result of mandatory
conversion of the shares of Series D Preferred Stock issued to any Breaching Investor (as defined in the Purchase Agreement). 
 1.18
“Registrable Securities then outstanding” means the number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly
or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 
 1.19 “Restricted
Securities” means the securities of the Company required to bear the legend set forth in Section 2.12(b) hereof. 

1.20 “SEC” means the Securities and Exchange Commission. 

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

1.22 “SEC Rule 144(k)” means Rule 144(k) promulgated by the SEC under the Securities Act. 

  
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 1.23 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities
Act. 
 1.24 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 1.25 “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 Section 2.6. 

1.26 “Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.001 per share. 

1.27 “Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.001 per share. 

1.28 “Series C Preferred Stock” means shares of the Company’s Series C Preferred Stock, par value
$0.001 per share. 
 1.29 “Series D Preferred Stock” means shares of the Company’s Series D Preferred
Stock, par value $0.001 per share. 
 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) four (4) years after the date of this Agreement or
(ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of fifty percent (50%) of the Registrable Securities then outstanding that the Company
file a Form S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $15
million), then the Company shall (i) 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 (ii) 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 Section 2.1(d) and Section 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 twenty percent (20%) of the Registrable Securities then outstanding that the Company file
a Form S-3 

  
 4 

 
registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 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 Section 2.1(d) and Section 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Section
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 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 for more than one hundred twenty
(120) days in any twelve (12) month period. 
 (d) The Company shall not be obligated to effect, or to take any action to effect,
any registration pursuant to Section 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 (2) registrations pursuant to Section 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 Section 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 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 (2) registrations pursuant to Section 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 Section 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 Section 2.6, in which case such withdrawn registration statement shall be counted as
“effected” for purposes of this Section 2.1(d). 

  
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 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 Section 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 Section 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 Section 2.6. 
 2.3 Underwriting Requirements. 

(a) If, pursuant to Section 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 Section 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company and
shall be reasonably acceptable to a majority in interest of the Initiating Holders. 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 Section 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 Section 2.3, if the managing
underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would
be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as
practicable) 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 Section 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 

  
 6 

 
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, (ii) the number of Registrable Securities included in the offering be reduced below twenty percent (20%) of the total number of
securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in
such offering or (iii) notwithstanding (ii) above, any Registrable Securities which are not Key Holder Registrable Securities be excluded from such underwriting unless all Key Holder Registrable Securities are first excluded from such
offering. For purposes of the provision in this Section 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. 
 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 Common Stock (or other securities) of the Company, from selling any securities
included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed 

  
 7 

 
basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to 120 days, if necessary, to keep the registration statement
effective until all such Registrable Securities are sold; 
 (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; 

(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 

  
 8 

 (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. 
 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 $30,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Section 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 majority of the Registrable Securities agree to forfeit their right to one registration pursuant to
Section 2.1(a) or Section 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 

  
 9 

 
agreement contained in this Section 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 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 Section 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 Sections 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 Section 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 Section 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 Section 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 Section 2.8. 

  
 10 

 (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 Section 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 Section 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 Section 2.8, then, and in each such case, such parties will
contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the
indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any
such case, (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from 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 Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Section 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 Section 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 registration statement filed by the Company for the IPO; 

  
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 (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 registration statement filed by the Company for the IPO), the Securities
Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any
time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in
availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form
S-3 (at any time after the Company so qualifies to use such form). 
 2.10 Limitations on
Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, voting together as a single class on
an as-converted basis, enter into any agreement with any holder or prospective holder of any securities of the Company that (i) would provide to such holder the right to include securities in any registration on other than either a pro rata
basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include; or (ii) allow
such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder. 
 2.11
“Market Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final
prospectus relating to the registration by the Company of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1, Form S-2, or Form S-3, and ending on the date specified by the
Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, which period may be extended upon the request of the managing underwriter, to the extent required by any FINRA rules, for an additional period of up
to fifteen (15) days if the Company issues or proposes to issue an earnings or other public release within fifteen (15) days of the expiration of the 180-day lockup period), (i) lend; offer; pledge; sell; contract to sell; sell any
option or contract to purchase; purchase any option or 

  
 12 

 
contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering 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 Section 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, 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 Section
2.11 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with
such registration that are consistent with this Section 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 of this Section 2.11
by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. 

2.12 Restrictions on Transfer. 

(a) The 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 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 or instrument representing the Registrable Securities, and any other securities issued in
respect of the Registrable Securities, upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 2.12(c)) be stamped or otherwise
imprinted with a legend substantially in the following form: 
 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 Section 2.12. 

  
 13 

 (c) The holder of each certificate representing Restricted Securities, by acceptance 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 accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory
to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge,
or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company
to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer
such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144
or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 2.12.
Each certificate or instrument evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 2.12(b),
except that such certificate shall not bear 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 Section 2.1 or Section 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) at such time after the
Company’s IPO when all of such Holder’s Registrable Securities could be sold within any ninety (90) day period without restriction under SEC Rule 144(k); and 

(c) the three (3) year anniversary of the IPO. 

2.14 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 

  
 14 

 
information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 2.14 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 is not a competitor to the Company (as determined in good faith by the
Company’s Board of Directors) agrees to be bound by the provisions of this Section 2.14; (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. The covenants set forth in this Section 2.14 shall terminate and be of no
further force or effect upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation. 
 3.
Miscellaneous. 
 3.1 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 300,000 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 Section 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. 

  
 15 

 3.2 Governing Law. This Agreement and any controversy arising out of or relating to
this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
 3.3 Counterparts;
Facsimile. 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. This Agreement may also be executed and delivered by facsimile
signature and 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. 

3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 3.5 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) two (2) business days after the business day of deposit with an internationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications
shall be sent to the respective parties at their addresses as set forth on Schedule A or Schedule B (as applicable) hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case
of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Section 3.5. If notice is given to the Company, a copy shall also be sent to Michael Bengtson,
Esq. C/O Baker Botts L.L.P., 98 San Jacinto Blvd., Suite 1500, Austin, TX 78701 and if notice is given to Holders, a copy shall also be given to such persons as a Holder shall identify through notice as provided in this Section 3.5. 

3.6 Amendments and Waivers. Any term of this Agreement 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) either (i) with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding, or (ii) upon the
request of a purchaser of any newly issued series of preferred stock issued by the Company, the issuance of which (and restated amendment) is approved by a majority of the members of the Board; provided that the Company may in its sole discretion
waive compliance with Section 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Section 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. Notwithstanding the foregoing, this Agreement may not be amended or terminated 

  
 16 

 
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. Further, this Agreement may not be amended, and no provision hereof may be waived, in each case, in any way which would adversely affect the rights or increase the obligations of the Key Holders hereunder in a manner
disproportionate to any adverse effect such amendment or waiver would have on the rights or obligations of the Investors under this Agreement, without also the written consent of the holders of at least a majority of the Registrable Securities held
by the Key Holders. 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 Section 3.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or
more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 
 3.7
Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other
provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

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

3.9 Amendment and Restatement. As of the date hereof, this Agreement amends and restates the Prior Agreement such that the Prior
Agreement shall not have any further force or effect after the date hereof. 
 3.10 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. 
 3.11 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 

  
 17 

 
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. 
 3.12
Acknowledgement. The Company acknowledges that the Investors are in the business of venture capital investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may
have products or services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such
enterprise has products or services which compete with those of the Company. 
 [Remainder of Page Intentionally Left Blank] 

  
 18 

 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
		 	ZS PHARMA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
		 	INVESTOR:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
		 	KEY HOLDER:
		
	Signature:	 	  

	Name:	 	  

 Signature Page to Third Amended and Restated Investors’ Rights Agreement 

 SCHEDULE A 

Investors 
 Alvaro F. Guillem 

Chigwell Consulting 
 Scott Deffenbach 

Josh Anthony Ray 
 Robert B. Truitt 

Cort Cheney 
 Mark D. Nuttall 

Elisabeth T. Oakley 
 C Winston Hubbard & Vicki C.
Hubbard 
 Brad R. Davis 
 Donald Jeffrey Keyser 

O. David Taunton, Jr. 
 Elizabeth Sue Walker 

Jaret Walker 
 Timothy Kilkullen 

Private Trust Company FBO Donald Jeffrey Keyser 
 Richard Dixon

 The Weldon Foundation, Inc. 
 Wayne Harper 

Podsquad Limited 
 Alan Garrett 

Brad R. Davis 

  
 A-1 

 Nordica Life 

Stavros Family Trust 
 Pamela Joy Barton 

Dale Jones 
 Mary Elisabeth Oakley 

Christine Hartley 
 Ralph Brown 

David Brown 
 Miles Davis 

Cappellon, Inc. 
 Jonathan B. Heistein 

Erick Barnett 
 Hubbard-Ritche 

John Thomas 
 Shailesh Mori 

John D. Ray 
 John T. Daugirdas 

State of Texas 
 Devon Park Bioventures, L.P. 

Mario Family Partners, LP 
 John Q. Adams, Jr. 

Janice Y. Horner 
 HemoCleanse, Inc. 

R. Ira and Susan S. Porterfield 
 John Q. Adams, Sr. 

  
 A-2 

 Gloria Coolidge 

The Bone Trust 
 The Richard A. Boehning Revocable Living Trust
dated July 1, 2011 
 Gene Tanner 
 Dean Apple 

Patricia P. Truitt 
 The Dyett Family Trust 

Stephen R. Ash, M.D. 
 David Chappell 

Alta Partners VIII, L.P. 
 3x5 Special Opportunity Fund, L.P.

 RiverVest Venture Fund II, L.P. 
 RiverVest Venture Fund II
(Ohio), L.P. 
 Salem ZS Investors, LLC 
 Novo A/S 

Sofinnova Venture Partners VIII, L.P. 
 RA Capital Healthcare
Fund, LP 
 Adage Capital Management LP 
 PFM Healthcare
Master Fund, L.P. 
 PFM Healthcare Principals Fund, L.P. 

  
 A-3 

 SCHEDULE B 

Key Holders 
 HemoCleanse, Inc. 

Tim Opler 
 Joy Barton 

Peter Garrambone 
 William Kushner 

Alvaro F. Guillem 
 Donald Jeffrey Keyser 

Robert B. Truitt 
 Stephen R. Ash 

  
 B-1

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