Document:

EX-10.31

 Exhibit 10.31 

Execution Version 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

Dated as of December 9, 2019 
  

 TABLE OF CONTENTS 

Page 
  

							
	 1.
	 	Definitions	  	 	2	 
			
	 2.
	 	Registration Rights	  	 	6	 
	 2.1
	 	Demand Registration	  	 	6	 
	 2.2
	 	Company Registration	  	 	7	 
	 2.3
	 	Underwriting Requirements	  	 	8	 
	 2.4
	 	Obligations of the Company	  	 	9	 
	 2.5
	 	Furnish Information	  	 	10	 
	 2.6
	 	Expenses of Registration	  	 	11	 
	 2.7
	 	Delay of Registration	  	 	11	 
	 2.8
	 	Indemnification	  	 	11	 
	 2.9
	 	Reports Under Exchange Act	  	 	13	 
	 2.10
	 	Limitations on Subsequent Registration Rights	  	 	14	 
	 2.11
	 	“Market Stand-off” Agreement	  	 	14	 
	 2.12
	 	Legend	  	 	15	 
	 2.13
	 	Termination of Registration Rights	  	 	16	 
			
	 3.
	 	Information Rights	  	 	16	 
	 3.1
	 	Delivery of Financial Statements	  	 	16	 
	 3.2
	 	Visitation and Inspection	  	 	18	 
	 3.3
	 	Termination of Information Rights	  	 	18	 
	 3.4
	 	Confidentiality	  	 	18	 
			
	 4.
	 	Rights to Future Stock Issuances	  	 	19	 
	 4.1
	 	Right of First Offer	  	 	19	 
	 4.2
	 	Termination	  	 	20	 
			
	 5.
	 	Additional Covenants	  	 	21	 
	 5.1
	 	Insurance	  	 	21	 
	 5.2
	 	Employee Agreements	  	 	21	 
	 5.3
	 	Board Matters	  	 	21	 
	 5.4
	 	Successor Indemnification	  	 	21	 
	 5.5
	 	Expenses of Counsel	  	 	21	 
	 5.6
	 	Indemnification Matters	  	 	22	 
	 5.7
	 	Right to Conduct Activities; Investment Opportunities	  	 	22	 
	 5.8
	 	FCPA	  	 	23	 
	 5.9
	 	Termination of Covenants	  	 	24	 
			
	 6.
	 	Miscellaneous	  	 	24	 
	 6.1
	 	Successors and Assigns	  	 	24	 
	 6.2
	 	Governing Law	  	 	24	 
	 6.3
	 	Counterparts	  	 	24	 
	 6.4
	 	Titles and Subtitles	  	 	24	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
 Page 

 

							
	 6.5
	 	Notices	  	 	24	 
	 6.6
	 	Amendments and Waivers	  	 	26	 
	 6.7
	 	Severability	  	 	27	 
	 6.8
	 	Aggregation of Stock	  	 	27	 
	 6.9
	 	Additional Stockholders	  	 	27	 
	 6.10
	 	Entire Agreement	  	 	27	 
	 6.11
	 	Dispute Resolution	  	 	28	 
	 6.12
	 	WAIVER OF JURY TRIAL	  	 	28	 
	 6.13
	 	Delays or Omissions	  	 	28	 
	 6.14
	 	Acknowledgment	  	 	29	 
	 6.15
	 	Massachusetts Business trust	  	 	29	 
	 6.16
	 	Consent of Required Parties	  	 	29	 

  

			
	Schedule A	  	Series A Stockholders
	Schedule B	  	Series B Stockholders
	Schedule C	  	Series C Stockholders

  

  
 -ii- 

 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of December 9, 2019, by and
among Castle Creek Pharmaceutical Holdings, Inc., a Delaware corporation (the “Company”), the Series A Stockholders (as defined below), the Series B Stockholders (as defined below) and the Series C Stockholders (as defined below).

 RECITALS 
 A. The
Company, the Series A Stockholders and the Series B Stockholders entered into that certain Investors’ Rights Agreement, dated as of October 9, 2018 (the “Prior Agreement”), in connection with the purchase by the Series B
Stockholders of shares of the Company’s Series B Preferred Stock, $0.00001 par value per share, of the Company (“Series B Preferred Stock”), which Prior Agreement they now wish to amend and restate in its entirety. 

B. The Series C Stockholders are parties to that certain Series C Preferred Stock Purchase Agreement of even date herewith (the
“Purchase Agreement”), pursuant to which the Series C Stockholders have agreed to purchase shares of Series C Preferred Stock, $0.00001 par value per share, of the Company (“Series C Preferred Stock”). 

C. In order to induce the Series C Stockholders to purchase the Series C Preferred Stock pursuant to the Purchase Agreement, the Series A
Stockholders, the Series B Stockholders and the Company hereby agree that the Prior Agreement shall be amended and restated as provided herein, and hereinafter this Agreement shall govern (i) the rights of the Stockholders (as defined
below) (a) to cause the Company to register shares of Common Stock (as defined below) issuable to the holders of shares of Preferred Stock (as defined below), (b) to receive certain information from the Company and (c) to participate in
future equity offerings by the Company and (ii) certain other matters as set forth in this Agreement. 
 D. Pursuant to Section 6.6
of the Prior Agreement, the Prior Agreement may be amended as contemplated by this Agreement only by a written consent executed by (i) the Company, (ii) the holders of a majority of the shares of Common Stock issued or issuable upon
conversion of the Preferred Stock outstanding (on an as-converted basis) and (iii) the Valor Stockholders (as defined below) holding a majority of the shares of Common Stock outstanding or issuable upon
conversion of the shares of Preferred Stock (voting together as a single class) held by all Valor Stockholders (collectively, the “Required Parties”). 

E. The undersigned include the Required Parties. 

F. For purposes of this Agreement, to the extent a Person holds shares of Series A Preferred Stock, Series B Preferred Stock and/or Series C
Preferred Stock, (i) such Person shall be treated as a Series A Stockholder with respect to such shares of Series A Preferred Stock and with respect to any shares of Common Stock issued or issuable upon conversion of such shares of Series A
Preferred Stock, (ii) such Person shall be treated as a Series B Stockholder with respect to such shares of Series B Preferred Stock and with respect to any shares of Common Stock issued or issuable upon conversion of such shares of Series B
Preferred Stock and (iii) such Person shall be treated as a Series C Stockholder with respect to such shares of Series C Preferred Stock and with respect to any shares of Common Stock issued or issuable upon conversion of such shares of Series
C Preferred Stock. 

 AGREEMENTS 

NOW, THEREFORE, the parties hereto hereby agree as follows: 

1. Definitions. In addition to the capitalized terms defined elsewhere in this Agreement, for purposes of this Agreement, the following
terms shall have the meanings set forth below: 
 “Affiliate” means, with respect to (a) any specified Person, any
other Person who, directly or indirectly, controls, is controlled by or is under common control with such specified Person including, without limitation, any general partner, managing member, officer or director of such specified Person, or any
venture capital fund or institutional investor now or hereafter existing that is controlled by one or more general partners, managing members or management companies of, or shares the same management company with, such specified Person, and
(b) in the case of a Fidelity Stockholder, an investment company registered under the Investment Company Act, advised or sub-advised by Fidelity or any affiliated investment advisor of Fidelity, one or
more mutual fund, pension fund, pooled investment vehicle or institutional client advised or sub-advised by Fidelity or any affiliated investment advisor of Fidelity, in each case, registered under the
Investment Advisers Act of 1940, as amended. 
 “Board” means the board of directors of the Company. 

“Certificate” means the Company’s Second Amended and Restated Certificate of Incorporation, as the same may be amended
or amended and restated from time to time. 
 “Common Stock” means shares of the Company’s common stock, par value
$0.00001 per share. 
 “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may
become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged
untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged
omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of
the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

“Derby” means Michael Derby. 

“Derby Incentive Shares” means the 160,000 shares of Series A-6 Preferred Stock held
by Derby and the Derby 2017 Family Children’s Trust U/A/D 1/17/2017 as of the date hereof. 

  
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 “Derivative Securities” means any securities or rights convertible into, or
exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Excluded Registration” means (i) a registration relating to the sale or grant of securities to employees of the Company
or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan, (ii) a registration relating to an SEC Rule 145 transaction, (iii) a registration on any form that does not include substantially the same
information as would be required to be included in a registration statement covering the sale of the Registrable Securities or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt
securities that are also being registered. 
 “Fidelity” means Fidelity Management & Research Company. 

“Fidelity Stockholder” means any Stockholder advised or sub-advised by Fidelity. 

“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. 

“Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration
form under the Securities Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

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

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

“Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, Spousal Equivalent,
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. For purposes of this Agreement, a person will be deemed to be a
“Spousal Equivalent” provided the following circumstances are true: (a) irrespective of whether or not the relevant person and the Spousal Equivalent are the same sex, they are the sole spousal equivalent of the other for the
last twelve (12) months, (b) they intend to remain so indefinitely, (c) neither are married to anyone else, (d) both are at least 18 years of age and mentally competent to consent to contract, (e) they are not related by
blood to a degree of closeness that which would prohibit legal marriage in the state in which they legally reside, (f) they are jointly responsible for each other’s common welfare and financial obligations, and (g) they reside
together in the same residence for the last twelve (12) months and intend to do so indefinitely. 
 “Initiating
Holders” means, collectively, Holders who properly initiate a registration request under this Agreement. 

  
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 “Investment Company Act” means the Investment Company Act of 1940, as
amended. 
 “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

 “Major Holder” means the Stockholders (other than holders of Derby Incentive Shares). 

“Marshman Stockholder” means Marshman Fund Trust I U/A/D 5/1/08, Marshman Fund Trust II U/A/D 5/1/08 and any subsequent
permitted transferee of any Preferred Stock or Common Stock held thereby who hereafter becomes a signatory to this Agreement. 

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

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

“Preferred Stock” means, collectively, the Series A Preferred Stock, the Series B Preferred Stock and the Series C Preferred
Stock. 
 “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the
Preferred Stock, (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Stockholders
after the date hereof, and (iii) 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 Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.12 of this Agreement.

 “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 then-convertible securities that are Registrable Securities. 

“Regulatory Approval” means all approvals, licenses, permits, certifications, registrations or authorizations of the United
States Food and Drug Administration (or any successor agency thereto) necessary under applicable law in order to commercially distribute, manufacture and have manufactured, sell or market diacerin ointment in the United States of America, including
the District of Columbia, Puerto Rico and all other territories and possessions of the United States of America. 
 “SEC”
means the Securities and Exchange Commission. 

  
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 “SEC Rule 144” means Rule 144 promulgated by the
SEC under the Securities Act. 
 “SEC Rule 145” means Rule 145 promulgated by the SEC under the
Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable
to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.5.

 “Series A Preferred Stock” means, collectively, shares of the Company’s Series
A-1 Preferred Stock, par value $0.00001 per share, Series A-2 Preferred Stock, par value $0.00001 per share, shares of the Company’s Series A-3 Preferred Stock, par value $0.00001 per share, shares of the Company’s Series A-4 Preferred Stock, par value $0.00001 per share, shares of the Company’s Series A-5 Preferred Stock, par value $0.00001 per share and shares of the Company’s Series A-6 Preferred Stock, par value $0.00001 per share. 

“Series A Stockholder” means the Persons named on Schedule A hereto, each Person to whom the rights
of a Series A Stockholder are assigned in accordance with this Agreement, each Person who hereafter becomes a signatory to this Agreement as a Series A Stockholder in accordance with this Agreement and any one of them, as the context may require.

 “Series B Stockholder” means the Persons named on Schedule B hereto, each Person to whom the
rights of a Series B Stockholder are assigned in accordance with this Agreement, each Person who hereafter becomes a signatory to this Agreement as a Series B Stockholder in accordance with this Agreement and any one of them, as the context may
require. 
 “Series C Stockholder” means the Persons named on Schedule C hereto, each Person to
whom the rights of a Series C Stockholder are assigned in accordance with this Agreement, each Person who hereafter becomes a signatory to this Agreement as a Series C Stockholder in accordance with this Agreement and any one of them, as the context
may require. 
 “Significant Investor” means any Marshman Stockholder, any Valor Stockholder and any Fidelity Stockholder.

 “Stockholders” means the Series A Stockholders, the Series B Stockholders and the Series C Stockholders. 

“Valor Stockholder” means Valor CCP Holdings, LLC, Valor R&D Series LLC – Series BF and any subsequent permitted
transferee of any Preferred Stock or Common Stock held thereby who hereafter becomes a signatory to this Agreement. 

  
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 2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) If, at any time after the earlier of (i) October 9, 2023 and (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 more than fifty percent (50%) of the Registrable Securities then outstanding (and the Registrable Securities subject to such request have an anticipated
aggregate offering price, net of Selling Expenses, of at least $100 million in an offering that is an IPO and $25 million in any other case), 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 ninety (90) 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 following the date the Demand Notice is given, and in each case, subject to
the limitations of Subsections 2.1(c) and 2.3. 
 (b) If, at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from one or more Holders of the Registrable Securities then outstanding that the Company file a
Form S-3 registration statement with respect to outstanding Registrable Securities of such Holder(s) 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 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 following
the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this
Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good-faith judgment of the Board, 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 the 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 more than
twice in any twelve (12) month period; provided, further, that the Company shall not register any securities for its own account or that of any other stockholder during such one hundred twenty (120) day period other than an
Excluded Registration. 

  
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 (d) The Company shall not be obligated to effect, or to take any action to effect, any
registration pursuant to Subsection 2.1(a) (i) during the period that is sixty (60) days before the Company’s good-faith estimate of the date of filing of, and ending on a date that is one hundred eighty
(180) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective,
(ii) after the Company has effected five (5) registrations pursuant to Subsection 2.1(a) or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately
registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration
pursuant to Subsection 2.1(b) (A) 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 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 (B) if the Company has effected two
(2) registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this
Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the
registration expenses therefor and forfeit their right to one (1) demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected”
for purposes of this Subsection 2.1(d). 
 2.2 Company Registration. If the Company proposes to register
(including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an
Excluded Registration), the Company shall notify all Holders in writing at least fifteen (15) days prior to the filing of any registration statement or prospectus supplement and will afford each Holder an opportunity to include in such
registration statement, all or part of the Registrable Securities held by such Holder. Upon the request of each Holder given within fifteen (15) days after such notice is given by the Company, the Company shall, subject to the provisions of
Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling
Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6. 

  
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 2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, then they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice.
The underwriter(s) will be selected by the Company and shall be nationally recognized or otherwise 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 Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected
for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if the 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 one hundred (100) shares. 

(b) In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to
Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company
and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities,
requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the
Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If
the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders
in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in
accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of
Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the
offering be reduced below twenty-five percent (25%) of the total number of securities included in such offering, unless such 

  
 8 

 
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. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company or corporation, the partners, members, retired
partners, retired members, stockholders and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members and retired members and any trusts for the benefit of any of the foregoing Persons,
shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such
“selling Holder,” as defined in this sentence. 
 (c) For purposes of Subsection 2.1, a registration
shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities
that Holders have requested to be included in such registration statement are actually included. 
 2.4 Obligations of the Company.
Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period
of time equal to the period the Holder refrains, at the request of an underwriter of 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 basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be
extended for up to sixty (60) 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; 

  
 9 

 (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;
provided, that any such Person shall enter into such confidentiality or non-disclosure agreements as the Company may reasonably require; 

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (j) after such
registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the
Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Board may implement a trading program under Rule 10b5-1 of the Exchange Act. 

2.5 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of
disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

  
 10 

 2.6 Expenses of Registration. All expenses (other than Selling Expenses, which shall
be borne by the selling Holders as provided herein) incurred in connection with registrations, filings or qualifications pursuant to this Section 2, including all (a) registration, filing, and qualification fees,
(b) printers’ and accounting fees, (c) fees and disbursements of counsel for the Company and (d) the reasonable fees and disbursements of one (1) 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 Subsection 2.1 if the registration
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered in such registration (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 to be registered in such registration elect not to pay the registration expenses therefor and forfeit
their right to one (1) demand registration statement pursuant to Subsection 2.1(a); provided, further, that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change
in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to
pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsection 2.1(a). 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 (i) each
selling Holder, and the partners, members, officers, directors and stockholders of each such Holder, (ii) legal counsel and accountants for each such Holder, (iii) any underwriter (as defined in the Securities Act) for each such Holder and
(iv) each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person or other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that
the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent
shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on
behalf of any such Holder, underwriter, controlling Person or other aforementioned Person expressly for use in connection with such registration. 

  
 11 

 (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 Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if
such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided, further, that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution
under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

 (c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of
any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate
jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one (1) 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 following the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such
failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this
Subsection 2.8. 

  
 12 

 (d) To provide for just and equitable contribution to joint liability under the Securities
Act in any case in which either (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final
judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this
Subsection 2.8 provides for indemnification in such case or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this
Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities or expenses to which they may be subject (after contribution from others) in such proportion as
is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions or other actions that resulted in such loss, claim, damage, liability or expense, as well as to
reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material
fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission; provided, however, that, in any such case (A) 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 (B) 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; provided, further, that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder
pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2.8, 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: 

  
 13 

 (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 until such time as the Registrable Securities may be sold under Rule 144 without such current
public information; 
 (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); and (ii) 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, enter into any agreement with any holder or prospective holder of any securities of the Company that
would provide to such holder the right to include such 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. 
 2.11 “Market Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter(s), during the period commencing on the date of the final
prospectus relating to the registration by the Company for its own behalf of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1, and
ending on the date specified by the Company and the managing underwriter(s) (such period not to exceed one hundred eighty (180) days), (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or
indirectly) for shares of 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 Subsection 2.11 shall apply only to the IPO, 

  
 14 

 
shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares (A) by any Holder who is a natural person to any trust for
the direct or indirect benefit of such Holder or such Holder’s spouse or descendants (whether natural or adopted) or (B) by any Holder that is a trust to the natural persons who are beneficiaries of such Holder, provided that, in each
case, the trustee of such trust (in the case of clause (A)) or such natural persons (in the case of clause (B)) agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not
involve a disposition for value, and shall be applicable to the Holders only if all officers, directors and 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) are subject to the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have
the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that
are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters
shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. Notwithstanding the foregoing, in the event that the Company and/or the underwriter(s) in connection with the IPO agree to
allow any officer, director or 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) to hold shares of
Company capital stock subject to lock-up restrictions which are more favorable to such securityholder than the lock-up restrictions set forth in this
Subsection 2.11, the lock-up restrictions applicable to such Registrable Securities held by any Significant Investor will be automatically amended to conform to the more favorable lock-up restrictions applicable to the shares held by such securityholder. 
 2.12 Legend. Each
certificate, instrument or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock
split, stock dividend, recapitalization, merger, consolidation or similar event, shall be notated with a legend substantially in the following form: 

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

Notwithstanding the foregoing, the Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder if the Company has
completed its IPO or in connection with a sale of Registrable Securities by a Holder pursuant to SEC Rule 144 and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the
Company (it being understood that internal securities counsel of any Significant Investor shall be deemed acceptable for transfers by any such Significant Investor or Affiliate thereof) to the effect that the securities proposed to be disposed of
may lawfully be so disposed of without registration, qualification or legend. 

  
 15 

 2.13 Termination of Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any registration pursuant to Subsection 2.1 or Subsection 2.2 shall terminate upon the earliest to occur of: 

(a) the closing of a Deemed Liquidation Event, as such term is defined in the Certificate, in which the consideration received by the
Stockholders is in the form of cash and/or freely tradeable marketable securities; 
 (b) such time as SEC Rule 144 or another similar
exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three (3) month period without registration; 

(c) the fifth (5th) anniversary of the IPO; 

(d) with respect to any shares of Series C Preferred Stock, the Series C Redemption Date (as defined in the Certificate); provided,
that if any holder of shares of Series C Preferred Stock elects to exclude any shares of Series C Preferred Stock held by such holder from any redemption under Section B(6) of Article Fourth of the Certificate, then the right of such
holder to request registration or inclusion of Registrable Securities in any registration pursuant to Subsection 2.1 or Subsection 2.2 shall not terminate on the Series C Redemption Date; 

(e) with respect to any shares of Series B Preferred Stock, the Series B Redemption Date (as defined in the Certificate); provided,
that if any holder of shares of Series B Preferred Stock elects to exclude any shares of Series B Preferred Stock held by such holder from any redemption under Section B(6) of Article Fourth of the Certificate, then the right of such
holder to request registration or inclusion of Registrable Securities in any registration pursuant to Subsection 2.1 or Subsection 2.2 shall not terminate on the Series B Redemption Date; and 

(f) with respect to any shares of Series A-1 Preferred Stock, the Series A-1 Redemption Date (as defined in the Certificate); provided, that if any holder of shares of Series A-1 Preferred Stock elects to exclude any shares of Series A-1 Preferred Stock held by such holder from any redemption under Section B(6) of Article Fourth of the Certificate, then the right of such holder to request registration or inclusion of Registrable
Securities in any registration pursuant to Subsection 2.1 or Subsection 2.2 shall not terminate on the Series A-1 Redemption Date. 

3. Information Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver: 

(a) to each Significant Investor, as soon as practicable, but in any event within one hundred twenty (120) days after the end of each
fiscal year of the Company, 

  
 16 

 
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, (iii) a statement of stockholders’ equity as of the end of such
year, all such financial statements set forth in subsections (i) through (iii) audited and certified by independent public accountants of regionally recognized standing selected by the Company, and (iv) a comparison between
(A) the actual amounts as of and for such fiscal year and (B) the comparable amounts included in the Budget (as defined below) for such year, with an explanation of any material differences between such amounts and a schedule as to the
sources and applications of funds for such year; 
 (b) to each Significant Investor, as soon as practicable, but in any event within
forty-five (45) days after the end of each fiscal quarter of the Company, (i) unaudited statements of income and cash flows for such fiscal quarter, (ii) an unaudited balance sheet and a statement of stockholders’ equity as of
the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements contemplated by subsection (i) or (ii) may (A) be subject to normal year-end audit
adjustments and (B) not contain all notes thereto that may be required in accordance with GAAP), and (iii) a comparison between (x) the actual amounts as of and for such fiscal quarter and (y) the comparable amounts included in
the Budget for such quarter, with an explanation of any material differences between such amounts and a schedule as to the sources and applications of funds for such quarter; 

(c) to each Significant Investor, as soon as practicable, a budget and business plan for the next fiscal year (collectively, the
“Budget”), approved by the Board and prepared on a quarterly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets
prepared by the Company; and 
 (d) to each Stockholder, promptly and accurately, and shall use its best efforts to cause its transfer agent
to promptly respond to requests by such Stockholder from time to time for, information relating to, (i) the accounting or securities law matters required in connection with such Stockholder’s audit or (ii) the actual holdings of such
Stockholder, including in relation to the total outstanding number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock
issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet
issued but reserved for issuance, if any, all in sufficient detail as to permit the requesting Stockholder to calculate its respective percentage equity ownership in the Company. 

If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period
the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

Notwithstanding anything else in this Subsection 3.1 to the contrary, other than with respect to any Significant
Investor, the Company may cease providing the information set forth in this Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of
a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided, that the Company’s covenants under this
Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective. 

  
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 3.2 Visitation and Inspection. The Company shall permit each Stockholder, at such
Stockholder’s expense, to visit and inspect the Company’s properties, examine its books of account and records, and discuss the Company’s affairs, finances and accounts with its officers, during normal business hours of the Company as
may be reasonably requested by such Stockholder; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good
faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between
the Company and its counsel. 
 3.3 Termination of Information Rights. The covenants set forth in
Subsection 3.1, and Subsection 3.2 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to
the periodic reporting requirements of Section 12(g) or Section 15(d) of the Exchange Act or (iii) upon a Deemed Liquidation Event, as such term is defined in the Certificate, in which the consideration received by the Stockholders is
in the form of cash and/or freely tradeable marketable securities, whichever event occurs first. 
 3.4 Confidentiality. Each
Stockholder agrees that such Stockholder will keep confidential and will not disclose, divulge or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms
of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this
Subsection 3.4 by such Stockholder), (b) is or has been independently developed or conceived by the Stockholder without use of the Company’s confidential information or (c) is or has been made known or
disclosed to the Stockholder by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that (1) each Stockholder that is a limited partnership or limited
liability company may disclose such confidential information to any former partners or members who retained an economic interest in such Stockholder, current or prospective partners of the partnership or any subsequent partnership under common
investment management, limited partners, general partners, members or management company of such Stockholder (or any employees or representatives of any of the foregoing); provided, that such Stockholder informs such Person that such information is
confidential and directs such Person to maintain the confidentiality of such information, (2) a Stockholder 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 Stockholder, if such prospective purchaser agrees to be bound by the
provisions of this Subsection 3.4, (iii) to any Affiliate, partner, member, stockholder or wholly owned subsidiary of such Stockholder in the ordinary course of business, provided, that such Stockholder informs such
Person that such information is confidential and directs such Person to maintain the confidentiality of such 

  
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information or (iv) as may otherwise be required by law, provided, that, to the extent permitted by law, the Stockholder will promptly notify the Company of such disclosure and take
reasonable steps to minimize the extent of any such required disclosure, (3) each Stockholder that is a registered investment company within the meaning of the Investment Company Act, may make disclosures consistent with such Stockholder’s
required investment reporting practices and (4) the Marshman Stockholders may disclose such confidential information to any investor or prospective investor in connection with any customary marketing, fundraising or reporting activities in
which any Marshman Stockholder or any Affiliate thereof is engaged, provided, that the disclosing Marshman Stockholder informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such
information. The obligations of a Stockholder under this Subsection 3.4 shall terminate two (2) years after the earlier of: (x) such time as the Stockholder no longer holds any shares of Preferred Stock or Common
Stock and (y) a Deemed Liquidation Event, as such term is defined in the Certificate. 
 4. Rights to Future Stock Issuances.

 4.1 Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable
securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Holder. A Major Holder shall be entitled to apportion the right of first offer hereby granted to it in such
proportions as it deems appropriate, among (i) itself and (ii) its Affiliates; provided, that, as a condition precedent to any issuance of such New Securities to such Affiliate, the Company shall require any such Affiliate
(x) to become a party to this Agreement by executing a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as a Major Holder and (y) to become a party to the Amended and Restated Voting
Agreement (the “Voting Agreement”) and that certain Amended and Restated Right of First Refusal and Co-Sale Agreement, each dated as of the date hereof, by and among the Company and the other
parties thereto by executing a counterpart signature page thereto agreeing to be bound by and subject to the terms of such agreements. 

(a) The Company shall give notice (the “Offer Notice”) to each Major Holder stating (i) its bona fide intention
to offer such New Securities, (ii) the number of such New Securities to be offered and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Holder may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Holder (including all shares of Common Stock then
issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Holder) bears to the total Common Stock of the Company then outstanding (assuming
full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities) (such portion, a Major Holder’s “Pro Rata Amount”). At the expiration of such twenty (20) day period, the Company
shall promptly notify each Major Holder that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Holder”) of any other Major Holder’s failure to do likewise. During the ten (10) day
period commencing after the Company 

  
 19 

 
has given such notice, each Fully Exercising Holder may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of
the New Securities for which Major Holders were entitled to subscribe but that were not subscribed for by the Major Holders which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion
and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Holder bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as
applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Holders who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b)
shall occur within the later of ninety (90) days following the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 

(c) If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in
Subsection 4.1(b), then the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed
portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New
Securities within such period, or if such agreement is not consummated within thirty (30) days following the execution thereof, then the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless
first reoffered to the Major Holders in accordance with this Subsection 4.1. 
 (d) The right of first offer in
this Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Certificate) or (ii) Common Stock issued in the IPO. 

(e) Notwithstanding any provision hereof to the contrary, in lieu of complying with the provisions of this
Subsection 4.1, the Company may elect to give notice to the Major Holders within thirty (30) days after the issuance of any New Securities. Such notice shall describe the type, price and terms of the New Securities.
Each Major Holder shall have twenty (20) days from the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Major Holder, maintain such Major Holder’s percentage-ownership position,
calculated as set forth in Subsection 4.1(b) before giving effect to the issuance of such New Securities. The closing of such sale shall occur within sixty (60) days following the date that notice is given to the Major
Holders. 
 4.2 Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further
force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or Section 15(d) of the Exchange Act or (iii) upon a
Deemed Liquidation Event, as such term is defined in the Certificate, in which the consideration received by the Stockholders is in the form of cash and/or freely tradeable marketable securities, whichever event occurs first. 

  
 20 

 5. Additional Covenants. 

5.1 Insurance. The Company shall obtain, within ninety (90) days following the date hereof, from financially sound and reputable
insurers, directors and officers liability insurance in an amount and on terms and conditions satisfactory to the Board, and will use commercially reasonable efforts to cause such insurance policy to be maintained until such time as the Board
determines that such insurance should be discontinued. Notwithstanding any other provision of this Section 5.1 to the contrary, for so long as the Valor Director (as defined in the Voting Agreement) is serving on the Board,
the Company shall not cease to maintain a Directors and Officers liability insurance policy in an amount of at least five million dollars ($5,000,000) unless approved by Valor. 

5.2 Employee Agreements. The Company will cause (a) each person now or hereafter employed by it or by any subsidiary (or engaged by
the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement, and (b) any employee who receives
shares or options to purchase shares of capital stock of the Company to enter into a one (1) year noncompetition and nonsolicitation agreement, substantially in the form approved by the Board. In addition, the Company shall not amend, modify,
terminate, waive or otherwise alter to reduce the term of any noncompetition or nonsolicitation restriction in any such noncompetition and nonsolicitation agreement without the consent of the Board. 

5.3 Board Matters. Unless otherwise determined by the vote of a majority of the directors then in office, the Board shall meet at least
quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the directors for all reasonable out-of-pocket travel expenses incurred (consistent
with the Company’s travel policy) in connection with attending meetings of the Board. 
 5.4 Successor Indemnification. If the
Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be
made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the
Company’s Bylaws, the Certificate or elsewhere, as the case may be. 
 5.5 Expenses of Counsel. In the event of a transaction
which is a Sale of the Company (as defined in the Voting Agreement), the reasonable fees and disbursements, not to exceed $200,000, of one (1) counsel for the Series C Stockholders (“Investor Counsel”), in their capacities as
stockholders, shall be borne and paid by the Company. At the outset of considering a transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor Counsel (and such
counsel’s Series C Stockholder clients), and shall share the confidential information (including, without limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent, and other transaction documents and
related noncompete, employment, consulting and other compensation agreements and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of the Company. The Company
shall be 

  
 21 

 
obligated to share (and cause the Company’s counsel and investment bankers to share) such materials when distributed to the Company’s executives and/or any one or more of the other
parties to such transaction(s). In the event that Investor Counsel deems it appropriate, in its reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications
and other reviewed materials under the attorney-client privilege, the Company shall, and shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor
Counsel. In the event that one or more of the other party or parties to such transactions require the investor clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information,
then the Company shall share whatever information can be shared without entry into such agreement and shall, at the same time, in good faith, work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate
agreement(s) without undue burden to the Series C Stockholder clients of Investor Counsel. 
 5.6 Indemnification Matters. The Company
hereby acknowledges that one (1) or more of the directors nominated to serve on the Board by Valor (each, a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one
or more of the Stockholder and certain of their Affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director
are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full
amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as
required by the Certificate or its Bylaws (or any agreement between the Company and such Fund Director), without regard to any rights that such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives,
relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the
Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be
subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company. 
 5.7
Right to Conduct Activities; Investment Opportunities. 
 (a) The Company hereby agrees and acknowledges that the Significant
Investors are professional investment managers and/or funds (collectively, the “Professional Investment Funds”), and as such, invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s
business (as currently conducted or as currently proposed to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, none of the Professional Investment Funds shall be liable to the Company for any claim arising
out of, or based upon, (a) the investment by any of them in any entity competitive to the Company, or (b) actions taken by any partner, officer or other representative of any of 

  
 22 

 
them to assist any such competitive company, whether or not such action was taken as a member of the Board of such competitive company or otherwise, and whether or not such action has a
detrimental effect on the Company; provided, however, that the foregoing shall not relieve (i) any Significant Investor from liability associated with the unauthorized disclosure of the Company’s confidential information
obtained pursuant to this Agreement or (ii) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

(b) Notwithstanding anything in this Agreement to the contrary, Derby shall (i) so long as he is an employee of the Company, bring to the
Company all investment opportunities (including potential acquisitions or in-licenses of on-market drug development assets) of which he may become aware and that are, or
may be, beneficial to the business as then conducted by the Company (“Company Opportunities”), and (ii) except with the prior approval of the Board, in its sole discretion, not, during the period in which he or his Affiliates
hold Preferred Stock or Common Stock, and for twelve (12) months thereafter, directly or indirectly, own, operate, invest in, manage, engage or participate in, render services for, or otherwise assist or participate economically in any capacity
any Person that is competitive with the business as then conducted by the Company (whether on-market, in development or otherwise); provided, however, that this clause (ii) shall not prevent
Derby or his Affiliates from holding up to five percent (5%) of the outstanding equity interests in any publicly traded company. 
 5.8
FCPA. The Company represents that it shall not (and shall not permit any of its subsidiaries or affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to)
promise, authorize, or make any payment to, or otherwise contribute any item of value to, directly or indirectly, to any third party, including any Non-U.S. Official (as such term is defined in the U.S.
Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), in each case, in violation of the FCPA, the U.K. Bribery Act or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall
(and shall cause each of its subsidiaries and affiliates to) cease all of its or their respective activities, as well as remediate any actions taken by the Company, its subsidiaries or affiliates, or any of their respective directors, officers,
managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall (and shall cause each of
its subsidiaries and affiliates to) maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act or any other applicable
anti-bribery or anti-corruption law. Upon request, the Company agrees to provide responsive information and/or certifications concerning its compliance with applicable anti-corruption laws. The Company shall promptly notify each Series B Stockholder
and each Series C Stockholder if the Company becomes aware of any allegation, voluntary disclosure, investigation, prosecution or other enforcement action related to the FCPA or any other anti-corruption law. The Company shall, and shall cause any
direct or indirect subsidiary or entity controlled by it, whether now in existence or formed in the future, to comply with the FCPA. The Company shall use its best efforts to cause any direct or indirect subsidiary, whether now in existence or
formed in the future, to comply in all material respects with all applicable laws. 

  
 23 

 5.9 Termination of Covenants. The covenants set forth in this
Section 5 (other than Subsection 5.4) shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject
to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act or (iii) upon a Deemed Liquidation Event, as such term is defined in the Certificate, in which the consideration received by the Stockholders is in the
form of cash and/or freely tradeable marketable securities, whichever event occurs first. 
 6. Miscellaneous. 

6.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by any party hereto
to a transferee of the Preferred Stock or Common Stock, as the case may be, held by such party; provided, however, that (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name
and address of such transferee and the Preferred Stock or Common Stock, as the case may be, with respect to which such rights are being transferred, and (b) such transferee agrees in a written instrument delivered to the Company to be bound by
and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and
permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided herein. 
 6.2 Governing Law. This Agreement shall be
governed by the internal law of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware. 
 6.3 Counterparts. This Agreement may be executed in two (2) or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with
the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com), or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

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

(a) All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to
the party to be notified; (ii) when sent by confirmed electronic mail or confirmed facsimile if sent during normal business hours of the recipient, if not, then on the next business day; or (iii) one (1) business day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications to the Company shall be sent to: 

  
 24 

 Castle Creek Pharmaceutical Holdings, Inc. 

6 Century Drive, 2nd Floor 

Parsippany, NJ 07054 
 Attn: Chief
Executive Officer 
 with a copy (which shall not constitute notice) to: 

Katten Muchin Rosenman LLP 
 525
West Monroe Street 
 Chicago, IL 60661 

Attn: Kenneth W. Miller, Esq. 

Email: ken.miller@kattenlaw.com 
 All
communications to the Stockholders shall be sent to each Stockholder’s address as set forth beneath its name on Schedule A, Schedule B or Schedule C hereto, as applicable, or at such
other address as the relevant recipient may designate pursuant to the provisions of this Subsection 6.5(a) with a copy (which shall not constitute notice) to: 

Fenwick & West LLP 
 555
California Street, 12th Floor 
 San Francisco, CA 94104 

Attn: Michael Brown, Esq. 
 Email:
mbrown@fenwick.com 
 Vedder Price P.C. 

222 North LaSalle Street 

Chicago, IL 60601 
 Attn: Michael
A. Nemeroff, Esq. 
 Email: mnemeroff@vedderprice.com 

(b) Consent to Electronic Notice. Each Stockholder consents to the delivery of any stockholder notice pursuant to the Delaware General
Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address or the facsimile number set
forth below such Stockholder’s name on the Schedules hereto, as updated from time to time by notice to the Company, or that has been otherwise provided to the Company and confirmed by such Stockholder or other security holder as a valid
electronic email address that may be used for purposes of providing notice pursuant to this Section 6.5(b), it being understood that if no such facsimile number or electronic email address is provided to the Company then
notice may not be delivered by facsimile or electronic mail, as applicable. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been
revoked until a new or corrected electronic mail address has been provided, and such attempted electronic notice shall be ineffective and deemed to not have been given. Each Stockholder agrees to promptly notify the Company of any change in its
electronic mail address, and that failure to do so shall not affect the foregoing. 

  
 25 

 6.6 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) only with the written consent of the Company and the holders of a majority of the shares of Common Stock
issued or issuable upon conversion of the Preferred Stock then outstanding (on an as-converted basis); provided, 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, (a) this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Stockholder without the written
consent of such Stockholder, unless such amendment, termination or waiver applies to all Stockholders holding the same class of stock as such Stockholder in the same fashion; provided, however, that in the event that the right of first
offer in Subsection 4.1 is waived with respect to any issuance of New Securities, and one or more of the Major Holders that consented to such waiver (each a “Waiving Major Holder”) nevertheless purchases
any such New Securities, each Major Holder that is not a Waiving Major Holder shall be entitled to purchase its Pro Rata Amount in such offering (or such lesser amount as corresponding to the proportionate amount of New Securities purchased by such
Waiving Major Holder, in the event such Waiving Major Holder purchased less than its Pro Rata Amount), (b) for so long as any Fidelity Stockholder holds any shares of Registrable Securities, the definition of “Affiliate” as it relates
to a Fidelity Stockholder, the definitions of “Fidelity” and “Fidelity Stockholder,” and Subsections 5.7(a), 6.15 and this clause (b) of this Subsection 6.6 may not
be amended, terminated or waived without the prior written consent of the Fidelity Stockholders holding a majority of the shares of Common Stock then outstanding or then issuable upon conversion of the shares of Preferred Stock (voting together as a
single class) held by all Fidelity Stockholders, (c) for so long as any Valor Stockholder holds any shares of Registrable Securities, the definition “Valor Stockholder”, Subsections 5.1, 5.7,
5.8, and this clause (c) of this Subsection 6.6 may not be amended, terminated or waived without the prior written consent of the Valor Stockholders holding a majority of the shares of Common Stock then
outstanding or then issuable upon conversion of the shares of Preferred Stock (voting together as a single class) held by all Valor Stockholders, (d) for so long as a Significant Investor (other than any Fidelity Stockholder or Valor
Stockholder) holds any shares of Registrable Securities, any rights provided or granted to, or any obligations imposed upon, such Significant Investor under Subsections 2.11, 3.1, 3.2 and this clause (d)
of this Subsection 6.6 may not be amended or waived (either generally or in a particular instance) in a manner that adversely affects any such Significant Investor without the written consent of the Significant Investors
holding a majority of the shares of Common Stock issued or issuable upon conversion of the Preferred Stock held by such Significant Investors (other than any Fidelity Stockholder or Valor Stockholder) then outstanding (on an as-converted basis) adversely affected thereby, (e) for so long as any Fidelity Stockholder holds any shares of Registrable Securities, any rights provided or granted to, or any obligations imposed upon, such
Fidelity Stockholder under Subsections 2.11, 3.1, 3.2 and this clause (e) of this Subsection 6.6 may not be amended or waived (either generally or in a particular instance) in a
manner that adversely affects such Fidelity Stockholder without the written consent of such Fidelity Stockholder, (f) for so long as any Valor Stockholder holds any shares of Registrable Securities, any rights provided or granted to, or any
obligations imposed upon, such Valor Stockholder under Subsections 2.11, 3.1, 3.2 and this clause (f) of this Subsection 6.6 may not be amended or waived (either generally or in
a 

  
 26 

 
particular instance) in a manner that adversely affects such Valor Stockholder without the written consent of such Valor Stockholder, (g) the definition of “Significant Investor”
may not be amended to delete any Significant Investor without the consent of such Significant Investor, and (h) this Agreement may not be amended, and no provision hereof may be waived, in each case, in any way that would adversely affect the
rights of the Stockholders hereunder without the written consent of the holders of a majority of the shares of Common Stock issued or issuable upon conversion of the Preferred Stock then outstanding (on an
as-converted basis). The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination or
waiver. Any amendment, termination or waiver effected in accordance with this Subsection 6.6 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. Notwithstanding the foregoing, this Agreement may not be
terminated without the prior written consent of the holders of at least two-thirds (66 2/3%) of the shares of Common Stock issued or issuable upon conversion of the Preferred Stock then outstanding (on an as-converted basis). 
 6.7 Severability. In case any one or more of the provisions contained in
this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal or unenforceable
provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8
Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliates may apportion such
rights among themselves in any manner they deem appropriate. 
 6.9 Additional Stockholders. Notwithstanding anything to the contrary
contained herein, if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such shares of Preferred Stock may become a party to
this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed a “Stockholder” for all purposes hereunder. No action or consent by the Stockholders shall be
required for such joinder to this Agreement by such additional Stockholder, so long as such additional Stockholder has agreed in writing to be bound by all of the obligations as a “Stockholder” hereunder. 

6.10 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, including, without limitation, the Prior Agreement, existing between the parties is expressly
canceled, superseded and replaced by this Agreement. 

  
 27 

 6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally
submit to the jurisdiction of the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware, or if the Delaware Court of Chancery declines to accept jurisdiction over a particular action or proceeding, any
federal court within the State of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this
Agreement except in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware, or if the Delaware Court of Chancery declines to accept jurisdiction over a particular action or proceeding, any federal court
within the State of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or
the subject matter hereof may not be enforced in or by such court. The prevailing party shall be entitled to be reimbursed by the non-prevailing party for all reasonable attorney’s fees, costs and
necessary disbursements incurred by such prevailing party, in addition to any other relief to which such prevailing party may be entitled. 

6.12 WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION
HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT
SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 6.13 Delays or
Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such
nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed
a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

  
 28 

 6.14 Acknowledgment. The Company acknowledges that the Fidelity Stockholders, the
Valor Stockholders and the Marshman Stockholders 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 Fidelity Stockholders, the Valor Stockholders or the Marshman Stockholders from investing or participating
in any particular enterprise whether or not such enterprise, has products or services which compete with those of the Company. 
 6.15
Massachusetts Business trust. A copy of this Agreement and Declaration of Trust of each Stockholder Affiliated with Fidelity, or any Affiliate thereof, is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is
hereby given that this Agreement is executed on behalf of the trustees of each such Stockholder or any Affiliate thereof as trustees and not individually and that the obligations of this Agreement are not binding on any of the trustees, officers or
stockholders of any such Stockholder or any Affiliate thereof individually but are binding only upon each such Stockholder or any Affiliate thereof and its assets and property. 

6.16 Consent of Required Parties. By executing and delivering this Agreement, the Required Parties consent to the amendment and
restatement of the Prior Agreement as provided in this Agreement. 
 6.17 Waiver of Right of First Offer. Each Stockholder hereby
waives and relinquishes all of its rights under Sections 4.1 and 6.6 in respect of (i) the issuance and sale of the Series C Preferred Stock pursuant to the Purchase Agreement and (ii) the grant of warrants to purchase shares
of Series C Preferred Stock made in connection with a loan transaction entered into by the Company and Horizon Finance Management LLC and/or its permitted assignees and/or participants, including each Stockholder’s right to receive any and all
notices required to be given hereunder to Stockholders in respect of such issuance and sale (including pursuant to Sections 4.1 and 6.6). 

[Signature Pages Follow] 
  

  
 29 

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

			
	 COMPANY:
  

CASTLE CREEK PHARMACEUTICAL HOLDINGS, INC.

		
	 By:
	 	 /s/ Patrick J. Morris

Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES A STOCKHOLDER:
  

MARSHMAN FUND TRUST II U/A/D 5/1/08

		
	 By:
	 	 /s/ Charles Harris

Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES A STOCKHOLDER:
  

MARSHMAN FUND TRUST I U/A/D 5/1/08

		
	 By:
	 	 /s/ Jeff Aronin

Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES A STOCKHOLDER:
  

VALOR R&D SERIES LLC – Series BF

		
	 By:
	 	 /s/ Antonio J. Gracias

Name: Antonio J. Gracias
 Title: Authorized
Signatory

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES A STOCKHOLDER:
  

Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund

		
	 By:
	 	 /s/ Colm Hogan

Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES A STOCKHOLDER:
  

Fidelity Securities Fund: Fidelity OTC Portfolio

		
	 By:
	 	 /s/ Colm Hogan

Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES A STOCKHOLDER:
  

Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES A STOCKHOLDER:
  

Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES A STOCKHOLDER:

 
 Fidelity Growth Company Commingled Pool

 
 By: Fidelity Management & Trust
Co.

 
			
		
	By:	 	/s/ Colm Hogan

 
			
	 Name:
 Title:
	 	

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES A STOCKHOLDER:

 
 Fidelity Securities Fund: Fidelity Blue Chip Growth
Fund

 
			
		
	By:	 	/s/ Colm Hogan

 
			
	 Name:
 Title:
	 	

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

	
	 SERIES A STOCKHOLDER:
  

     /s/ Michael Derby

Michael Derby

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	SERIES A STOCKHOLDER:
	
	DERBY 2017 FAMILY CHILDREN’S TRUST U/A/D 1/17/2017
		
	By:	 	 /s/ Autumn Derby

		 	Name:
		 	Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

	
	 SERIES A STOCKHOLDER:
  

     /s/ Gregory K. Jones

Gregory K. Jones

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

	
	 SERIES A STOCKHOLDER:
  

/s/ Jeffrey B. Kindler
 Jeffrey
B. Kindler

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES B STOCKHOLDER:
  

VALOR CCP HOLDINGS, LLC

		
	By:	 	 /s/ Antonio J. Gracias

		 	 Name: Antonio J. Gracias
 Title:
Manager

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES B STOCKHOLDER:
  

Fidelity Securities Fund: Fidelity Blue Chip Growth Fund

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES B STOCKHOLDER:
  

Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES B STOCKHOLDER:
  

Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES B STOCKHOLDER:
  

Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES B STOCKHOLDER:
  

Fidelity Growth Company Commingled Pool
  

By: Fidelity Management Trust Company, as Trustee

		
	By:	 	/s/ Colm Hogan
		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES C STOCKHOLDER:
  

VALOR CCP HOLDINGS, LLC

		
	By:	 	 /s/ Antonio J. Gracias

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES C STOCKHOLDER:
  

Fidelity Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES C STOCKHOLDER:
  

Fidelity Select Portfolios: Pharmaceuticals Portfolio

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES C STOCKHOLDER:
  

Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES C STOCKHOLDER:
  

Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES C STOCKHOLDER:
  

Fidelity Growth Company Commingled Pool
  

By: Fidelity Management Trust Company, as Trustee

		
	By:	 	 /s/ Colm Hogan

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

	
	SERIES C STOCKHOLDER:
	
	HIGHLAND EQUITIES, L.P.
	
	     /s/ Hilary Cohen

	Name:

  

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

	
	SERIES C STOCKHOLDER:
	
	     /s/ Jeffrey B. Kindler

	Jeffrey B. Kindler

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

	
	SERIES C STOCKHOLDER:
	
	STAR INVESTMENT SERIES LLC – SERIES 70
	
	     /s/ James Star

	Name:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

	
	SERIES C STOCKHOLDER:
	
	OTT LANE INVESTMENTS, LLC
	
	     /s/ Edward Landon

	Name:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	SERIES C STOCKHOLDER:
	
	MARSHMAN FUND TRUST II U/A/D 5/1/08
		
	By:	 	 /s/ Charles Harris

		 	Name:
		 	Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

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

			
	 SERIES C STOCKHOLDER:
  

PATRICK J. MORRIS REVOCABLE TRUST U/A/D 3/11/11

		
	By:	 	 /s/ Patrick J. Morris

		 	 Name:
 Title:

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

 Schedule A 

Series A Stockholders 
  

			
	 Name and Address
	  	 Number and Series of

Shares of Series A

Preferred Stock

	 Marshman Fund Trust II U/A/D 5/1/08

Address:
	  	550,000 Series A-2 Preferred Shares
		
	 Marshman Fund Trust I U/A/D 5/1/08

Address:
	  	50,000 Series A-1 Preferred Shares
		
	 Valor R&D Series LLC – Series BF

Address:
	  	151,600 Series A-3 Preferred Shares
		
	 Fidelity Securities Fund: Fidelity OTC Portfolio

Address:
	  	30,303 Series A-4 Preferred Shares
		
	 Fidelity Securities Fund: Fidelity Blue Chip Growth Fund

Address:
	  	29,758 Series A-4 Preferred Shares
		
	 Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund

Address:
	  	9,636 Series A-4 Preferred Shares
		
	 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund

Address:
	  	46,864 Series A-4 Preferred Shares
		
	 Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund

Address:    
	  	13,511 Series A-4 Preferred Shares

  
 [Signature
Page to Amended and Restated Investors’ Rights Agreement] 

			
	 Name and Address
	  	 Number and Series of

Shares of Series A

Preferred Stock

	 Fidelity Growth Company Commingled Pool

Address:
	  	15,383 Series A-4 Preferred Shares
		
	 Michael Derby

Address:
	  	124,000 Series A-6 Preferred Shares
		
	 Derby 2017 Family Children’s Trust U/A/D 1/17/2017

Address:
	  	36,000 Series A-6 Preferred Shares
		
	 Gregory K. Jones

Address:
	  	50,000 Series A-2 Preferred Shares
		
	 Jeffrey B. Kindler

Address:
	  	304 Series A-5 Preferred Shares

 Schedule B 

Series B Stockholders 
  

			
	 Name and Address
	  	Number of Shares of
Series B Preferred
Stock
	 Valor CCP Holdings, LLC

Address:
	  	133,543
		
	 Fidelity Securities Fund: Fidelity Blue Chip Growth Fund

Address:
	  	3,301
		
	 Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund

Address:
	  	1,069
		
	 Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund

Address:
	  	4,910
		
	 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund

Address:
	  	16,803
		
	 Fidelity Growth Company Commingled Pool

Address:
	  	14,708

 Schedule C 

Series C Stockholders 
  

			
	 Name and Address
	  	Number of Shares of
Series C Preferred
Stock
	 Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund

Address:
	  	2,570
		
	 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund

Address:
	  	13,100
		
	 Fidelity Growth Company Commingled Pool

By: Fidelity Management Trust Company, as Trustee

Address:
	  	10,500
		
	 Fidelity Mt. Vernon Street Trust : Fidelity Growth Company K6 Fund

Address:
	  	582
		
	 Fidelity Select Portfolios: Pharmaceuticals Portfolio

Address:
	  	200
		
	 Valor CCP Holdings, LLC

Address:
	  	42,492
		
	 Jeffrey B. Kindler

Address:
	  	729

			
	 Patrick J. Morris Revocable Trust U/A/D 3/11/11

Address:
	  	486
		
	 Highland Equities L.P.

Address:
	  	4,857
		
	 Ott Lane Investments, LLC

Address:
	  	7,285
		
	 Star Investment Series LLC – Series 70

Address:
	  	7,285
		
	 Marshman Fund Trust II U/A/D 5/1/08

Address:
	  	42,492
		
	 Andrew T. Serafin Revocable Trust U/A/D February 9, 2011

Address:
	  	61
		
	 Aris Theologis

Address:
	  	61
		
	 Babar Ghias Living Trust dated August 7, 2017

Address:
	  	486
		
	 Brian Friedman

Address:
	  	61
		
	 Darien Parhad

Address:
	  	122
		
	 Eric Messner

Address:
	  	61
		
	 Francoise Subotic

Address:
	  	61
		
	 Greg Aronin

Address:
	  	61
		
	 Jenny Swalec

Address:
	  	61

			
	 Jim Robinson

Address:
	  	61
		
	 Kevin Scoby

Address:
	  	122
		
	 Mary Spellman

Address:
	  	73
		
	 Matt Gaines

Address:
	  	122
		
	 Matt Ross

Address:
	  	61
		
	 Spiro Katerinis

Address:
	  	122
		
	 Steve Wanaski

Address:
	  	61
		
	 Timothy M. Cunniff Revocable Trust U/A/D 12/14/15

Address:
	  	61
		
	 LMC Holdings, LLC

Address:
	  	243EX-10.32

 Exhibit 10.32 

Execution Version 

CASTLE CREEK BIOSCIENCES, INC. 

CONVERTIBLE NOTE PURCHASE AGREEMENT 

THIS CONVERTIBLE NOTE PURCHASE AGREEMENT (“Agreement”) is made as of June 28, 2021 (the “Effective
Date”) by and among Castle Creek Biosciences, Inc., a Delaware corporation (the “Company”), and the persons and entities named on the Schedule of Investors attached hereto (individually, an “Investor” and
collectively, the “Investors”). 
 WHEREAS, at the Closing (as defined below), the Company desires to issue and sell to the
Investors, each of which is an “accredited investor” under the Securities Act of 1933, as amended (the “Securities Act”), convertible promissory notes (the “Note”), in substantially the form attached
hereto as Exhibit A. 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements herein contained,
the Parties hereby agree as follows: 
 Section 1. Issuance and Purchase of the Notes. Subject to the terms and conditions of
this Agreement, at the Closing (as defined below), the Company agrees to issue to each of the Investors a Note, and Investor hereby agrees to purchase such Note at the Closing. The Company shall use the proceeds from the issuance and sale of the
Notes for general working capital purposes. 
 Section 2. Closing and Closing Deliveries. 

2.1 Closing. The purchase and sale of the Notes shall take place remotely via the exchange of documents and signatures on the Effective
Date (the “Closing”). At the Closing, the Company shall issue and deliver to the Investors the Notes, and the Investors shall pay to the Company the principal amount set forth opposite such Investor’s name on the Schedule of
Investors via wire transfer of immediately available funds pursuant to the wire instructions set forth on Schedule 2 attached hereto. Notwithstanding the foregoing, each Fidelity Investor shall not be required to send its payment by wire
transfer for the Note being purchased by such Fidelity Investor until it receives a copy (electronically in PDF format) of its signed Note and counterpart to this Agreement applicable to such Fidelity Investor (or its securities nominee in
accordance with delivery instructions). No later than five (5) Business Days following the Closing, the Company shall deliver such signed Note and Agreement to such Fidelity Investor’s custodian in accordance with its delivery
instructions. Any Notes sold pursuant to this Section 2 shall be deemed to be “Notes,” for all purposes under this Agreement. 

2.2 Closing Deliveries of the Company. At the Closing, the Company shall deliver, or cause to be delivered, to the Investors: 

a. Certificate of Good Standing of each of the Company and Castle Creek OpCo issued by the Secretary of State of the State of Delaware, dated
as of a date not more than ten (10) days prior to the date hereof; 
 b. the Certificate of Incorporation as certified by the Secretary
of State of the State of Delaware as of a date not more than twenty (20) days prior to the date hereof, and the bylaws of the Company and all amendments thereto, certified as of the date hereof by an officer of the Company as being correct and
complete and in full force and effect on the date hereof; 

 c. the OpCo LLCA; and 

d. resolutions of the Board approving this Agreement and the other Transaction Documents to which the Company is a party and the transactions
contemplated hereby and thereby, certified as of the date hereof by an officer of the Company as being correct, complete, unmodified and in full force and effect on the date here. 

2.3 Closing Deliveries of each Investor. At the Closing, each Investor shall deliver, or cause to be delivered, to the Company: 

a. a counterpart signature page to this Agreement; 

b. a counterpart signature page to the Note; 

c. a counterpart signature page to the Subordination Agreement (as defined herein). 

Section 3. Definitions. For purposes of this Agreement: 

3.1 “409 A Plan” has the meaning set forth in Section 5.2(d). 

3.2 “Actions” means any action, suit, arbitration, proceeding or investigation by or before any Governmental Authority. 

3.3 “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with, such specified Person. 
 3.4 “Agreement” has
the meaning given to such term in the Preamble. 
 3.5 “Anti-Bribery Laws” has the meaning given to such term in
Section 5.15. 
 3.6 “Anti-Money Laundering Laws” has the meaning given to such term in
Section 5.17. 
 3.7 “Audited Financial Statements” has the meaning given to such term in
Section 5.6. 
 3.8 “Board” shall mean the Board of Directors of the Company. 

3.9 “Business” means (a) the acquisition, development, sale, distribution and lifecycle management of pharmaceutical
products in the specialty categories in which the Company or Castle Creek OpCo, as of a given time, is then developing, selling, distributing or managing products, and (b) any similar, related or complementary business or activity that the
Company conducts, whether directly or indirectly through Castle Creek OpCo or any other Subsidiaries, as may be modified or expanded by the Board. 

  
 2 

 3.10 “Business Day” means means any day except Saturday, Sunday and any day
that is, in Chicago, Illinois, a legal holiday or a day on which banking institutions are authorized or required by Law or other government action to close. 

3.11 “Business Plan” has the meaning given to such term in Section 5.35. 

3.12 “Castle Creek Opco” means Castle Creek Biosciences, LLC, a Delaware limited liability company. 

3.13 “Certificate of Incorporation” means the Second Amended and Restated Certificate of Incorporation of the Company, as
amended by the First Amendment to the Second Amended and Restated Certificate of Incorporation of the Company and the Second Amendment to the Second Amended and Restated Incorporation of the Company, as the same may be amended or amended and
restated from time to time in accordance with its terms. 
 3.14 “Closing” ” has the meaning given to such term in
Section 2.1. 
 3.15 “Code” means the Internal Revenue Code of 1986, as amended from time to time,
and the rules and regulations promulgated thereunder or in connection therewith. 
 3.16 “Confidential Information
Agreements” has the meaning given to such term in Section 5.21. 
 3.17 “Common Stock”
has the meaning given in the Certificate of Incorporation. 
 3.18 “Company” has the meaning given to such term in the
Preamble. 
 3.19 “Company Covered Person” means, with respect to the Company as an “issuer” for purposes
of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1). 
 3.20
“Company Intellectual Property” means the Intellectual Property owned by the Company or Castle Creek OpCo or held for use or used in the Business as presently conducted and as presently proposed to be conducted. 

3.21 “Contract” means any contract, license, lease or other agreement, whether written or oral, to which the Company or Castle
Creek OpCo is a party or by which the Company, Castle Creek OpCo or any of their respective assets are bound. 
 3.22
“Copyright” has the meaning given to such term in the definition of Intellectual Property. 
 3.23 “Debt”
means, with respect to any Person, all obligations (including all obligations in respect of principal, accrued interest, penalties, fees and premiums) of such Person, whether direct or indirect, (a) for borrowed money, (b) for liabilities
secured by any Lien existing on 

  
 3 

 
property owned or acquired and subject thereto, (c) evidenced by notes, bonds, debentures or similar documents, (d) under capital leases (in accordance with GAAP), (e) in respect
of letters of credit and bankers’ acceptances, (f) for contracts relating to interest rate protection, swap agreements, factoring, hedging and collar agreements or similar types of contracts and (g) in the nature of Guaranties of the
obligations described in clauses (a) through (f) above of any other Person. 
 3.24 “Employee Benefit Plan” means
any of the following (whether written, unwritten or terminated) that either the Company or Castle Creek OpCo has at any time sponsored or maintained, sponsors or maintains, or to which the Company or Castle Creek OpCo has at any time made
contributions, or with respect to which the Company or Castle Creek OpCo has had any other liability (contingent or otherwise) at any time: (a) any “employee welfare benefit plan”, as defined in Section 3(1) of ERISA, including
any medical plan, life insurance plan, short-term or long-term disability plan, dental plan and sick leave; (b) any “employee pension benefit plan”, as defined in Section 3(2) of ERISA, including any excess benefit, top hat or
deferred compensation plan or any nonqualified deferred compensation or retirement plan or arrangement or any qualified defined contribution or defined benefit plan; or (c) any other material plan, policy, program or arrangement that provides
employee benefits or benefits to any current or former employee, dependent, beneficiary, director, independent contractor or other similar individual service provider but excluding employment agreements or offer letters for any specific individuals.

 3.25 “Environmental Laws” means any law, regulation or other applicable requirement relating to (a) releases or
threatened releases of Hazardous Substance, (b) pollution or protection of employee health or safety, public health or the environment or (c) the manufacture, handling, transport, use, treatment, storage or disposal of Hazardous
Substances. 
 3.26 “Equity Commitments” means (a) options, warrants, convertible securities, exchangeable securities,
conversion rights, exchange rights or other agreements, commitments or rights that could require a Person to issue any of its equity interests or to sell any equity interests it owns in another Person, (b) any other securities convertible into,
or exchangeable or exercisable for, any equity interests of a Person or owned by a Person, (c) statutory pre-emptive rights or pre-emptive rights granted under a Person’s organizational documents and
(d) stock appreciation rights, phantom stock, profit participation or other similar rights with respect to a Person. 
 3.27
“Equity Interests” means capital stock of any kind (including shares, membership interests or other interests representing the equity in a limited liability company, corporation, partnership or other legal entity) and Equity
Commitments. 
 3.28 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

3.29 “ERISA Affiliate” means any entity, whether or not incorporated, that together with the Company or Castle Creek OpCo,
would be deemed to be a “single employer” for purposes of Section 414 of the Code and/or Section 4001(b)(i) of ERISA. 

3.30 “FCPA” has the meaning given to such term in Section 5.15. 

  
 4 

 3.31 “FDA” has the meaning given to such term in the definition of
Governmental Authority. 
 3.32 “Fidelity Investor” means Fidelity Select Portfolios: Pharmaceuticals Portfolio, Fidelity
Mt. Vernon Street Trust: Fidelity Series Growth Company Fund, Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund, Fidelity Growth Company Commingled Pool, Fidelity Mt. Vernon Street Trust : Fidelity Growth Company K6 Fund, Fidelity
Securities Fund: Fidelity Blue Chip Growth Fund and Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund. 
 3.33
“Financial Statements” has the meaning given to such term in Section 5.6. 
 3.34
“GAAP” means United States generally accepted accounting principles and practices in effect from time to time applied consistently throughout the periods involved. 

3.35 “GDPR” means the General Data Protection Regulation (Regulation (EU) 2016/679) promulgated and enforced by
applicable Governmental Authorities within the European Union. 
 3.36 “General Enforceability Exceptions” has the meaning
given to such term in Section 5.1(f). 
 3.37 “Governmental Authority” means any federal,
national, supranational, state, provincial, local, foreign or other government, governmental, regulatory or administrative authority, agency, department, ministry, board, commission, task force or any court, tribunal or judicial or arbitral body,
including the U.S. Food and Drug Administration (a division of the U.S. Department of Health and Human Services) (the “FDA”), U.S. Customs and Border Protection (a division of the U.S. Department of Homeland Security), Department of
Health and Human Services, The Office of Civil Rights, Centers for Medicare and Medicaid Services, The Office of Inspector General and any other regulatory or administrative equivalent governmental entity in any country or territory with
jurisdiction over the Company or Castle Creek OpCo, including the processes for the development, production, manufacture, packaging or labeling of the products related to the Business, and the Federal Trade Commission, Antitrust Division of the U.S.
Department of Justice and any other regulatory or administrative equivalent governmental entity in any country or territory with jurisdiction over antitrust or other competition matters. 

3.38 “Governmental Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by
or with any Governmental Authority. 
 3.39 “Guaranties” means, with respect to any Person, (a) any guarantee of the
payment or performance of, or any contingent obligation in respect of, any Debt (described in clauses (a) through (f) of the definition of “Debt”) of any other Person, and (b) any other arrangement whereby credit is extended to
any obligor (other than such Person) on the basis of any promise, obligation, commitment or undertaking of such Person (i) to pay the Debt (described in clauses (a) through (f) of the definition of “Debt”) of such obligor,
(ii) to purchase any obligation owed by such obligor, (iii) to purchase or lease assets under circumstances that are designed to enable such obligor to discharge one or more of its obligations or Debts (described in clauses
(a) through (f) of the definition of “Debt”) or (iv) to maintain the capital, working capital, solvency or general financial condition of such obligor. 

  
 5 

 3.40 “Hazardous Substance” has the meaning given to such term in
Section 5.18. 
 3.41 “Initial Public Offering” means the Company’s first underwritten public offering of its Common Stock under the Securities Act. 
 3.42 “Intellectual
Property” means all intellectual property rights or proprietary rights of every kind and nature however denominated, in the U.S. and each country foreign thereto, including: (a) trademarks, service marks, trade names, internet domain
names, brands, designs, logos, trade dress, social media accounts, slogans and other distinctive indicia of origin or source identifiers, together with goodwill, registrations and applications relating to the foregoing, and any rights to obtain
renewals (collectively, “Trademarks”), (b) patents and pending patent applications, including any and all divisions, continuations,
continuations-in-part, reissues, revisions, reexaminations and any extensions thereof, any counterparts claiming priority therefrom, designs, utility models, statutory
invention rights, industrial designs and like statutory rights (collectively, “Patents”), (c) registered and unregistered copyrights (including those in Software), and all registrations and applications to register the same,
copyrightable works and mask works and any moral rights associated with the foregoing (collectively, “Copyrights”), and (d) confidential technology, know-how, trade secrets, inventions,
works of authorship, processes, formulae, algorithms, models and methodologies, Software (including data, databases, documentation and the contents and audiovisual displays of internet and intranet websites), any and all rights, including any common
law rights, in any of the foregoing, all other proprietary or similar rights, and the right to sue and recover for past or future infringements or misappropriation thereof and any and all corresponding rights that, now or hereafter, may be secured
throughout the world and the goodwill associated therewith. 
 3.43 “Investor” or “Investors” have the
meaning given to such terms in the Preamble. 
 3.44 “Investors Rights Agreement” means that certain Second Amended
and Restated Investors’ Rights Agreement, dated as of the date hereof, by and among the Company and the other parties thereto. 
 3.45
“Interim Financial Statements” has the meaning given to such term in Section 5.6. 
 3.46
“Investment Company Act” has the meaning set forth in Section 5.31. 
 3.47 “IP
Licenses” means all contracts (excluding computer programs generally available to the public or businesses, which have been licensed to Company or Castle Creek OpCo solely in object code form for its internal use, without any right to
modify, (i) pursuant to end-user, object code “click-wrap” or “shrink-wrap” agreements, (ii) which constitute the terms of use or service for any website or (iii) for a one-time or annual fee of $25,000 or less, and not including any support, maintenance, implementation or training fees that may be charged in connection with such license) pursuant to which the Company or Castle
Creek OpCo has acquired rights in or to, or engaged a third party to develop, any Intellectual Property, or licenses and agreements pursuant to which the Company or Castle Creek OpCo has licensed or transferred the right to use any Intellectual
Property, including license agreements, settlement agreements and covenants not to sue relating to Intellectual Property. 

  
 6 

 3.48 “Key Employee” means any executive-level employee (including division
director and vice president-level positions) of the Company or Castle Creek OpCo, as well as any employee or consultant who either alone or in concert with others is involved in the development, invention, programming or design of any Company
Intellectual Property. 
 3.49 “Knowledge of the Company” means the actual knowledge of Gregory Wujek, Greg MacMichael,
Dr. Mary Spellman, Matthew Gantz, Andrea Kistner, and Babar Ghias , after reasonable inquiry by such individuals. 
 3.50
“Latest Balance Sheet” has the meaning given to such term in Section 5.6. 
 3.51
“Law” means any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code, Governmental Order or rule of law (including common law). 

3.52 “Leased Properties” has the meaning given to such term in Section 5.33. 

3.53 “Liens” means any lien (statutory or otherwise), mortgage, deed of trust, easement, pledge, judgment, security interest,
assignment, use restriction, restriction on transfer or other encumbrance of any kind or nature whatsoever, whether voluntary or involuntary, choate or inchoate (including any agreement to give any of the foregoing, or any conditional sale or other
title retention agreement). 
 3.54 “Listed IP” has the meaning given to such term in
Section 5.25(a). 
 3.55 “Made Available” means, with respect to any information, document or
material, that such information, document or material was (a) delivered (including via electronic transmission) to the Investor or their respective counsel or financial advisers or (b) uploaded to the data room established for the benefit
of the Investors in connection with the transactions contemplated hereby, in each case, at least forty-eight (48) hours prior to the Closing. 

3.56 “Material Adverse Effect” means any state of facts, circumstance, effect, condition, change, occurrence or development
that (a) directly or indirectly prevents or materially impairs or delays the ability of the Company to perform its obligations contemplated hereunder or (b) has a material adverse effect on the condition (financial or otherwise), results
of operations, assets or prospects of the Company and Castle Creek OpCo, taken as a whole. 
 3.57 “Material Contracts” has
the meaning given to such term in Section 5.8(a). 
 3.58 “OFAC” has the meaning given to such
term in Section 5.16. 
 3.59 “OpCo LLCA” the certificate of formation of Castle Creek OpCo as
certified by the Secretary of State of the State of Delaware as of a date not more than twenty (20) days prior to the date hereof and the limited liability company agreement of Castle Creek OpCo, and all amendments thereto 

  
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 3.60 “Organizational Documents” means the Certificate of Incorporation and
the bylaws of the Company. 
 3.61 “Owned Software” has the meaning given to such term in
Section 5.25(b). 
 3.62 “Patents” has the meaning given to such term in the definition of
Intellectual Property. 
 3.63 “PCBs” has the meaning given to such term in Section 5.18. 

3.64 “Permit” means any authorization, consent, license, permit, Governmental Order, accreditation, certification, approval,
notice, waiver, exemption, qualification or registration by or with any Governmental Authority. 
 3.65 “Permitted Liens”
means, collectively, (i) inchoate mechanics’ and materialmen’s Liens for construction in progress and workmen’s, repairmen’s, warehousemen’s and carriers’ Liens arising in the ordinary course of business and not
for amounts then due but unpaid, (ii) Liens, assessments or other governmental charges for Taxes not yet delinquent or the amount or validity of which is being contested in good faith by appropriate proceedings and for which adequate reserves
have been set aside in accordance with GAAP, (iii) Liens incurred in the ordinary course of business in connection with worker’s compensation, unemployment insurance, social security and other governmental rules that do not individually or
in the aggregate impair the use of the property or assets affected thereby or the value of such property or assets for the purposes of such business, (iv) use restrictions imposed by a licensor of Intellectual Property on such licensor’s
Intellectual Property in the ordinary course of business or that may be imposed by the owner of Intellectual Property on such owner’s Intellectual Property pursuant to rights granted by applicable Law and (v) restrictions on transfer under
applicable federal or state securities laws. 
 3.66 “Person” means any individual, partnership, firm, corporation, limited
liability company, association, trust, unincorporated organization, Governmental Authority or other entity of whatever nature. 
 3.67
“Personal Information” has the meaning given to such term in Section 5.34. 
 3.68
“Preferred Stock” has the meaning given in the Certificate of Incorporation. 
 3.69 “Real Property Leases”
has the meaning given to such term in Section 5.33. 
 3.70 “Register” has the meaning given to
such term in Section 7.8. 
 3.71 “Registrations” means all investigational new drug applications,
biologics license applications, new drug applications, abbreviated new drug applications, marketing authorization applications, new drug submissions, breakthrough therapy designations, orphan drug and/rare pediatric disease designations and any
comparable applications, designations and submissions, whether on an expedited basis or otherwise, together with any and all supplements or modifications or amendments thereto, granted by any Governmental Authority with respect to the Company’s
or Castle Creek OpCo’s pharmaceutical products. 

  
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 3.72 “Regulating Authority” has the meaning given to such term in
Section 5.10. 
 3.73 “Right of First Refusal and Co-Sale
Agreement” means that certain Second Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of the date hereof, by and among the Company and the other parties thereto. 

3.74 “Securities Act” shall mean the Securities Act of 1933, as amended. 

3.75 “Software” means all computer programs, including any and all software implementations of algorithms, applications,
models and methodologies, whether in source code or object code form, databases and compilations, including any and all electronic data and electronic collections of data, development and design tools, library functions and compilers, and graphical
user interfaces, together with, in each of the foregoing cases, all bug or error fixes, patches, modifications, enhancements, updates, upgrades, corrections, replacement and successor products, new versions, new releases and derivative works of, to
or based on any of the foregoing, documentation and other works of authorship relating to or embodying any of the foregoing, including user manuals and training materials, and tangible embodiments of any of the foregoing in any form or media. 

3.76 “Stockholder Documents” means: (i) the Voting Agreement; (ii) the Investors’ Rights Agreement; and
(iii) the Right of First Refusal and Co-Sale Agreement. 
 3.77 “Subordination
Agreement” means that certain Subordination Agreement, dated as of the date hereof, by and between the Investors and the Senior Creditors (as defined therein) and as acknowledged by the Company. 

3.78 “Subsidiary” means, as to the Company, any Person of which securities or other interests having the power to elect a
majority of that Person’s board of directors or similar governing body are held, whether directly or indirectly through one or more intermediaries, by the Company, including Castle Creek OpCo and Swiss Subsidiary; provided, however, that
notwithstanding anything herein to the contrary, except as expressly set forth in Section 4.3(d), the Company is making no representations or warranties relating to or in connection with the Swiss Subsidiary. 

3.79 “Swiss Subsidiary” means Isolagen International S.A., a Swiss Société Anonyme. 

3.80 “Tax” or “Taxes” means, with respect to any Person, all federal, state, local, county, foreign and other
taxes, assessments or other government charges in the nature of a tax, including any income, alternative or add-on minimum, estimated, gross income, gross receipts, sales, use, ad valorem, value added,
transfer, capital stock, franchise, profits, license, registration, recording, documentary, intangibles, conveyancing, gains, withholding, payroll, employment, social security (or similar), unemployment, disability, excise, severance, stamp,
occupation, premium, property (real and personal), environmental or windfall profit tax, custom duty or other tax, governmental fee or other like assessment, charge or tax of any kind whatsoever, together with any interest, penalty, addition to tax
or additional amount imposed by any Governmental Authority responsible for the imposition of any such tax (domestic or foreign). 

  
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 3.81 “Tax Returns” means any and all returns, reports, claims for refund
and forms (including elections, declarations, amendments, schedules, information statements, information returns or attachments thereto) filed or required to be filed with a Governmental Authority with respect to any Taxes. 

3.82 “Trademark” has the meaning given to such term in the definition of Intellectual Property. 

3.83 “Transaction Documents” means this Agreement, the Note and the Second Amendment to the Certificate of Incorporation. 

3.84 “Valor” means Valor R&D Series LLC—Series FO and Valor CCP Holdings, LLC. 

3.85 “Voting Agreement” means that certain Second Amended and Restated Voting Agreement, dated as of the date hereof, by and
among the Company and the other parties thereto. 
 Section 4. Interpretation and Rules of Construction. In this Agreement,
except to the extent otherwise provided or that the context otherwise requires: 
 4.1 when a reference is made in this Agreement to an
Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated; 

4.2 the headings of this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this
Agreement; 
 4.3 whenever the words “include,” “includes” or “including” are used in this Agreement, they are
deemed to be followed by the words “without limitation”;’ 
 4.4 the words “either,” “or,”
“neither,” “nor” and “any” are not exclusive; 
 4.5 the words “hereof,” “herein” and
“hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular Article or Section of this Agreement; 

4.6 references to a particular Law include all rules and regulations thereunder and any successor statute, rules or regulations, in each case,
as amended, supplemented or otherwise modified from time to time; 
 4.7 to the extent the term “day” or “days” is used
(as opposed to “Business Day” or “Business Days”), it means calendar days; 
 4.8 all terms defined in this Agreement
have the defined meanings when used in any certificate or other document made or delivered pursuant hereto, unless otherwise defined therein; 

  
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 4.9 an accounting term not otherwise defined has the meaning assigned to it in accordance
with GAAP; 
 4.10 the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms, and
words denoting the masculine, feminine or neuter gender shall include each other gender as the context requires; and 
 4.11 references to a
Person are also to its successors and permitted assigns, to the extent not prohibited by this Agreement. 
 Section 5.
Representations and Warranties of the Company. Except as set forth on the Disclosure Schedule attached hereto as Exhibit B (the “Disclosure Schedule”), the Company represents and warrants to the Investors that the
following statements are true and correct in all material respects as of the date of the Closing. The Disclosure Schedule shall be arranged in sections corresponding to the numbered and lettered sections and subsections contained in this
Section 5, and the disclosures in any section or subsection of the Disclosure Schedule shall qualify other sections and subsections in this Section 5 to the extent it is reasonably apparent from a
reading of the disclosure that such disclosure is applicable to such other sections and subsections. 
 5.1 Organization; Authority.

 a. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware. Castle
Creek OpCo is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware. 
 b.
The Company has heretofore Made Available to the Investors true and complete copies of the Certificate of Incorporation, the bylaws of the Company and the certificate of formation of Castle Creek OpCo and the OpCo LLCA as in effect on the date
hereof. The minute books, or comparable records, of the Company and Castle Creek OpCo have been Made Available to the Investors for their inspection and contain true and complete records of all written consents in lieu of meetings of the directors
and stockholders of the Company and of the manager and members of Castle Creek OpCo since inception. 
 c. The Company is in good standing
and duly qualified to do business as a foreign corporation in all jurisdictions where the nature of the property owned or leased by it or for its use, or the nature or conduct of the Business, makes such qualification necessary and where the failure
to be so qualified would have a Material Adverse Effect. Castle Creek OpCo is in good standing and duly qualified to do business as a foreign limited liability company in all jurisdictions where the nature of the property owned or leased by it or
for its use, or the nature or conduct of the Business, makes such qualification necessary and where the failure to be so qualified would have a Material Adverse Effect. Schedule 5.1(c) sets forth all jurisdictions in which the Company or
Castle Creek OpCo is qualified or licensed to do business as a foreign corporation and a foreign limited liability company, respectively. 

  
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 d. The Company has the corporate power and authority to own, lease and operate its
facilities and assets as presently owned, leased and operated and to carry on the Business as it is presently being conducted and as presently proposed to be conducted. Castle Creek OpCo has the limited liability company power and authority to own,
lease and operate its facilities and assets as presently owned, leased and operated and to carry on the Business as it is presently being conducted and as presently proposed to be conducted. 

e. The Company has the requisite corporate power and authority to execute and deliver the Transaction Documents and to perform its obligations
thereunder. The execution and delivery by the Company of the Transaction Documents and its performance thereunder have been duly authorized by all necessary corporate action on the part of the Company, and no other corporate proceedings or actions
by the Company are necessary to authorize and deliver the Transaction Documents or to consummate the transactions contemplated thereby. 
 f.
The Transaction Documents, assuming the valid execution and delivery thereof by the other parties thereto, constitute a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with their respective terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’ rights generally and by general principles of equity (including the possibility of
unavailability of specific performance or injunctive relief), regardless of whether applied in a proceeding at law or in equity (the “General Enforceability Exceptions”). 

g. Except for filings necessary for the sale of the Notes to qualify for certain exemptions from the registration requirements under state blue
sky laws and federal securities laws, no authorization, consent, approval, license or exemption of, and no registration, qualification, designation, declaration or filing with, any court or governmental department, commission, board, bureau, agency
or instrumentality, domestic or foreign, and no vote, authorization, consent or approval of equity holders of the Company, other than any vote, authorization, consent or approval of such equity holders given before or concurrently with the execution
and delivery of this Agreement, is necessary for (i) the valid execution and delivery of this Agreement by the Company, (ii) the execution, issuance and delivery of the Notes by the Company, (iii) the execution and delivery by the
Company of the other Transaction Documents and all other instruments, documents and agreements contemplated or required by the provisions hereof or thereof and to be executed and delivered by the Company or (iv) the consummation by the Company
of the transactions herein and therein contemplated to be consummated by the Company. 
 5.2 Capitalization. 

a. Schedule 5.2(a) sets forth the issued and outstanding Equity Interests of the Company immediately prior to the date hereof. Except as
set forth on Schedule 5.2(a), there are no other issued or outstanding Equity Interests of the Company. All of the issued and outstanding Equity Interests of the Company were duly authorized, validly issued and are fully paid and non-assessable, and have been issued in compliance with all applicable Laws and any preemptive rights, rights of first refusal or similar rights of any Person. 

  
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 b. Except as set forth on Schedule 5.2(b) or as provided under any Transaction
Document, there are no outstanding subscriptions, options, warrants, calls, preemptive rights, rights of first offer, conversion or other rights, agreements or proxies relating to the sale, issuance, registration, voting or transfer of any Equity
Interests of the Company, or of any securities or other instruments convertible into, exchangeable for or evidencing the right to purchase any Equity Interests of the Company. Except as set forth on Schedule 5.2(b) or as provided under any
Transaction Document, there are no outstanding agreements obligating the Company to repurchase, redeem or otherwise acquire, or pay any dividends in respect of, any outstanding Equity Interests of the Company, or any agreements between the
Company’s equity holders (or any two or more of them) with respect to the voting of equity securities of the Company. 
 c. Except as
set forth on Schedule 5.2(c) or as provided under any Transaction Document, none of the Company’s outstanding Equity Interests, capital stock, options or convertible securities are entitled to acceleration of vesting (or lapse of a
repurchase right) or other changes in the vesting provisions or other terms of the agreements providing for the issuance of such Equity Interests, capital stock, options or convertible securities, in each case, upon the occurrence of any event or
combination of events. The Company has never adjusted or amended the exercise price of any options previously awarded, whether through amendment, cancellation, replacement grant, repricing or any other means. 

d. Any “nonqualified deferred compensation plan” (as such term is defined under Section 409A(d)(1) of the Code and the guidance
thereunder) under which the Company or Castle Creek OpCo makes, is obligated to make or promises to make, payments (each, a “409A Plan”) complies in all material respects, in both form and operation, with the requirements of
Section 409A of the Code and the guidance thereunder. No payment to be made under any 409A Plan is, or (assuming payments are made in conformity with the written terms of such 409A Plan) will be, subject to the penalties of
Section 409A(a)(1) of the Code. Neither the Company nor Castle Creek OpCo has any obligation to “gross-up” any Person for Taxes that may become due pursuant to Section 409A of the Code.

 5.3 Subsidiaries and Equity Interests. 

a. Except for Castle Creek OpCo and the Swiss Subsidiary, the Company does not have any Subsidiaries and does not own any Equity Interests in
any Person. 
 b. The Company owns, directly or indirectly, all of the issued and outstanding Equity Interests of Castle Creek OpCo. Except
for the Equity Interests of Castle Creek OpCo owned by the Company, there are no other issued or outstanding Equity Interests of Castle Creek OpCo. All the outstanding Equity Interests of Castle Creek OpCo were duly authorized and validly issued,
are fully paid and have been issued in compliance with all applicable Laws and any preemptive rights, rights of first refusal or similar rights of any Person. 

c. Except as set forth on Schedule 5.3(c), there are no outstanding subscriptions, options, warrants, calls, preemptive rights,
conversion or other rights, agreements or proxies relating to the sale, issuance, registration, voting or transfer of any Equity Interests of Castle Creek OpCo, or of any securities or other instruments convertible into, exchangeable for or
evidencing the right to purchase any Equity Interests of Castle Creek OpCo. Except as set forth on Schedule 5.3(c), there are no outstanding agreements obligating Castle Creek OpCo to repurchase, redeem or otherwise acquire, or pay any
dividends in respect of, any outstanding Equity Interests of Castle Creek OpCo, or any agreements with respect to the voting of equity securities of Castle Creek OpCo. 

  
 13 

 d. The Swiss Subsidiary is a Swiss Société Anonyme duly formed and validly
existing under the laws of Switzerland. The Company owns, indirectly, all of the issued and outstanding Equity Interests of the Swiss Subsidiary. Castle Creek OpCo owns, directly, all of the issued and outstanding Equity Interests of the Swiss
Subsidiary. Except for the Equity Interests of the Swiss Subsidiary owned directly or indirectly by the Company and Castle Creek OpCo, there are no other issued or outstanding Equity Interests of the Swiss Subsidiary. All the outstanding Equity
Interests of the Swiss Subsidiary were duly authorized and validly issued, are fully paid and have been issued in compliance with all applicable Laws and any preemptive rights, rights of first refusal or similar rights of any Person. Except as set
forth on Schedule 5.3(d), there are no outstanding subscriptions, options, warrants, calls, preemptive rights, conversion or other rights, agreements or proxies relating to the sale, issuance, registration, voting or transfer of any Equity
Interests of the Swiss Subsidiary, or of any securities or other instruments convertible into, exchangeable for or evidencing the right to purchase any Equity Interests of the Swiss Subsidiary. Except as set forth on Schedule 5.3(d), there
are no outstanding agreements obligating the Swiss Subsidiary to repurchase, redeem or otherwise acquire, or pay any dividends in respect of, any outstanding Equity Interests of the Swiss Subsidiary, or any agreements with respect to the voting of
equity securities of the Swiss Subsidiary. The Swiss Subsidiary does not have any business, operations or assets. Notwithstanding anything herein to the contrary, except as expressly set forth in this Section 5.3(d), the
Company is not making any representations or warranties relating to or in connection with the Swiss Subsidiary. 
 5.4 Valid Issuance of
Notes. Subject to the accuracy of the representations and warranties of each Investor set forth in Section 6 hereof, the offering, issuance, sale and delivery of each Note, and the issuance of Preferred Stock or Common
Stock, as applicable, issuable upon conversion of each Note, are exempt from the registration requirements of Section 5 of the Securities Act, and no consent, approval, qualification or registration or filing under any state securities laws is
required in connection therewith, except such exemptive filings which are not required to be made until after the Closing. 
 5.5 Absence
of Default. Except as set forth on Schedule 5.5, neither the execution, delivery and performance by the Company of the Transaction Documents nor the consummation of the transactions described therein will: 

a. result in the creation or imposition of any Lien upon any of the Equity Interests of the Company or Castle Creek OpCo or any material Lien
on any property or assets of the Company or Castle Creek OpCo; 
 b. violate or conflict with, or result in any breach of, any term,
condition or provision of the Organizational Documents, the Stockholder Documents or other governing documents of the Company or Castle Creek OpCo; 

c. in any material respect, violate, conflict with, result in a breach of or constitute (with or without the giving of notice or the lapse of
time or both) a default under, or an event that would give rise to any right of notice, modification, acceleration, payment, cancellation or termination under, or in any manner release any party thereto from any obligation under, any Contract to
which the Company or Castle Creek OpCo is a party or by which the Company or Castle Creek OpCo is bound; 

  
 14 

 d. in any material respect, violate, conflict with, result in a breach of or constitute
(with or without the giving of notice or the lapse of time or both) a default under, any judgment, decree, order, regulation or rule of any court or regulatory authority or any other Governmental Authority applicable to the Company or Castle Creek
OpCo; 
 e. in any material respect, violate or conflict with or result in a breach of any Law applicable to the Company, Castle Creek OpCo
or the Business; or 
 f. except for the filing of a Form D pursuant to Regulation D of the Securities Act and filings pursuant to applicable
state “blue sky” Laws, require the Company or Castle Creek OpCo to obtain any Permit, by notice to or filing with any Governmental Authority that has not been, or on or before the date of the Closing shall not have been, obtained. 

5.6 Financial Statements. Attached hereto as Schedule 5.6 are copies of (i) the audited consolidated balance sheet of the
Company and Castle Creek OpCo as of December 31, 2020, and the related audited statements of income and cash flows for the fiscal year then ended (the “Audited Financial Statements”), and (ii) the unaudited consolidated
balance sheet of the Company and Castle Creek OpCo as of May 30, 2021 (the “Latest Balance Sheet”), and the related statements of income and cash flows for the five (5) month period then ended (collectively with the
Audited Financial Statements, the “Financial Statements”). Except as set forth on Schedule 5.6, the Financial Statements: (a) present fairly in all material respects, in accordance with GAAP applied on a consistent
basis, the financial position of Castle Creek OpCo as of such date and the results of its operations and cash flows for the periods specified, except for the absence of footnote disclosures and year-end
adjustments to which the Latest Balance Sheet will be subject (the effect of which will not, individually or in the aggregate, be material); and (b) were prepared in accordance with the books and records of Castle Creek OpCo. Except as set
forth on the face of the Financial Statements or in the footnotes thereto, neither the Company nor Castle Creek OpCo has any material liabilities or obligations, contingent or otherwise, other than (1) obligations and liabilities incurred in
the ordinary course of business since May 30, 2021 (none of which results from, arises out of or relates to any breach or violation of, or default under, a Contract or Law), (2) liabilities incurred in connection with that certain Second
Amended and Restated Management Services Agreement, dated as of October 9, 2018, by and among Paragon Biosciences, LLC, Castle Creek OpCo, and, solely with respect to Section 6 thereof, Jeffrey S. Aronin, (3) liabilities and
obligations of a type or nature not required under GAAP to be reflected in the Financial Statements and (4) liabilities and obligations set forth on Schedule 5.6. 

5.7 Absence of Certain Changes. Since the date of the Latest Balance Sheet, each of the Company and Castle Creek OpCo have conducted the
Business in the ordinary course of business consistent with past practices, except for actions expressly contemplated or required under this Agreement or any other Transaction Document and as set forth on Schedule 5.7. Without limiting the
generality of the foregoing, except as set forth on Schedule 5.7, since the date of the Latest Balance Sheet to the date hereof, neither the Company nor Castle Creek OpCo has: 

  
 15 

 a. experienced any event, circumstance or change, financial or otherwise, that has, or would
reasonably be expected to have, a Material Adverse Effect; 
 b. experienced any loss, damage or destruction of, or to, any of its assets in
excess of $100,000 individually or in the aggregate, whether or not covered by insurance; 
 c. (i) increased the compensation payable to any
of its current employees or managers or, except as required by Law, granted any increase in any material benefit payable under any Employee Benefit Plan, except with respect to employees with annual compensation under $100,000, (ii) paid or agreed
to pay any severance or termination pay, (iii) granted, or entered into, any employment or severance agreement with any of its current employees, officers or managers or (iv) instituted or otherwise amended any Employee Benefit Plans; 

d. experienced any resignation or termination of employment of any officer or Key Employee of the Company or Castle Creek OpCo; 

e. adjusted or written off any accounts or notes receivable or reduced reserves for receivables, in each case, outside of the ordinary course
of business; 
 f. changed its financial reporting, Tax or accounting methods, practices or elections, except as required by GAAP or
applicable Law or made in the ordinary course of business; 
 g. sold, assigned, transferred, pledged, mortgaged, abandoned, subjected to any
Lien or otherwise disposed of any of its material tangible assets (except products related to the Business sold in the ordinary course of business, to the extent consistent with past practice) or any Equity Interest in the Company; 

h. consummated a merger, acquisition, disposition, consolidation, liquidation, dissolution or similar transaction, or acquired the assets
(other than acquisitions of products related to the Business and other operating assets in the ordinary course of business in a manner and amount consistent with past practice) or business of any third party; 

i. sold, assigned, transferred, disposed of, abandoned or permitted to lapse any material Permit, Intellectual Property or other material
intangible assets, or granted any license or sublicense of any rights under or with respect to any such Intellectual Property, except in the ordinary course of business consistent with past practice; 

j. conducted its cash management customs and practices (including the timing of invoicing and collection of receivables and the accrual and
payment of payables and other current liabilities) and maintained its books and records in any manner other than in the ordinary course of business consistent with past practice; 

k. made any loans or advances to any Person or Guaranties for the benefit of any Person or entered into any transaction or Contract with any
Affiliate (except payments of salary in the ordinary course of business); 

  
 16 

 l. declared, set aside or paid any dividend or distribution of cash, Equity Interests or
other property or securities to any equity holder thereof (other than Tax distributions determined in the ordinary course of business and consistent with past practice), or purchased, redeemed or otherwise acquired any of its Equity Interests, made
any other payments to any equity holder thereof in such equity holder’s capacity as an equity holder thereof or issued any Equity Interests (or phantom equity or similar interest) or any option, warrant or right to acquire any Equity Interests
(or phantom equity or similar interest); 
 m. amended, cancelled or terminated any Material Contract or entered into any Material Contract,
prior to the stated termination date therein; 
 n. made or committed to make any capital expenditures over $100,000 in the aggregate other
than in the ordinary course of business; 
 o. incurred or guaranteed any Debt other than in the ordinary course of business; 

p. entered into any closing agreement or similar arrangement with respect to Taxes or any settlement of any audit, examination or other claim
for Taxes; or 
 q. entered into any Contract to do or engage in any of the foregoing. 

5.8 Material Contracts; Actions. 

a. Schedule 5.8(a) is a correct and complete list of (i) all Contracts that have required or will require the Company or Castle
Creek OpCo to pay, or have entitled or will entitle the Company or Castle Creek OpCo to receive, in the aggregate, $75,000 or more during any twelve (12) month period immediately prior to and from and after the date hereof, (ii) all
Contracts that restrict the Company or Castle Creek OpCo from competing with or engaging in any business activity anywhere in the world, (iii) all Contracts for acquisitions or dispositions (by merger, purchase or sale of assets or stock or
otherwise) of material assets greater than or equal to $25,000 (except products or materials related to the Business acquired or disposed of in the ordinary course of business), (iv) all Real Property Leases (as defined below), (v) all Contracts
with respect to outstanding Debt or Guaranties, (vi) all Contracts with any Governmental Authority, (vii) Contracts that are IP Licenses, (viii) all Contracts providing for indemnification by the Company or Castle Creek OpCo with
respect to infringements of proprietary rights, (ix) any Contract with an Affiliate of the Company or Castle Creek OpCo, (x) any Contract concerning or consisting of a partnership or joint venture agreement, (xi) any Contract under
which the Company or Castle Creek OpCo has or may reasonably be expected to have any liability to any investment bank, broker, financial advisor, finder or other similar Person (including an obligation to pay any accounting, brokerage, finder’s
or similar fees or expenses in connection with this Agreement or the transactions contemplated hereby), (xii) any Contract providing for (A) the current employment of or consultancy with an individual on a full-time, part-time, consulting or
other basis or (B) otherwise currently providing compensation or other benefits, including severance or change-of-control benefits, to any officer, director,
manager employee or consultant of the Company or Castle Creek OpCo (other than an Employee Benefit Plan), (xiii) any Contract containing most-favored-nations or exclusivity terms or (xiv) any settlement agreements or related

  
 17 

 
Contracts which have continuing obligations or restrictions (collectively, the “Material Contracts”). Neither the Company nor Castle Creek OpCo is in material default under any Material
Contract and, to the Knowledge of the Company, no other party thereto is in material default under any Material Contract, and no event has occurred that, with the giving of notice, the passage of time or both, would constitute a material default by
the Company, Castle Creek OpCo or, to the Knowledge of the Company, any other party thereto under any Material Contract. Each Material Contract is (a) enforceable against the Company or Castle Creek OpCo, whichever is party to such Material
Contract, and, to the Knowledge of the Company, the other party thereto and (b) in full force and effect and will continue to be so enforceable and in full force and effect on identical terms immediately following the consummation of the
transactions contemplated by the Transaction Documents, subject to the General Enforceability Exceptions. No counterparty to a Material Contract has provided written notice or, to the Knowledge of the Company, other communication to the Company or
Castle Creek OpCo regarding its intent to materially alter or terminate such Material Contract. True, accurate and complete copies of each written Material Contract, in each case, as amended or otherwise modified and in effect as of the date hereof,
as well as written summaries setting forth the terms and conditions of any oral Material Contracts, have been Made Available to the Investors. 

b. Except as set forth on Schedule 5.8(b), since the date of the Latest Balance Sheet, neither the Company nor Castle Creek OpCo has
(i) declared or paid any dividends, or authorized or made any distribution, upon or with respect to any class or series of its capital stock or Equity Interests, (ii) incurred any Debt individually in excess of $25,000 or in excess of
$50,000 in the aggregate, (iii) made any loans or advances to any Person, other than ordinary advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of its inventory
in the ordinary course of business. For the purposes of this Section 5.8(b), all Debt, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same Person (including Persons
the Company or Castle Creek OpCo has reason to believe are affiliated with each other) shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such subsection. 

c. Neither the Company nor Castle Creek OpCo is a guarantor or indemnitor of any Debt of any other Person. 

5.9 Employment Claims. Except as set forth on Schedule 5.9, no Person has asserted or, to the Knowledge of the Company,
threatened to assert any grievance, complaint or charge against the Company or Castle Creek OpCo (or any director, manager, officer or employee of the Company or Castle Creek OpCo acting in their respective capacity as such), arising out of any
statute, ordinance or regulation relating to discrimination in employment, retaliation, employment practices or any other condition of employment (including the Fair Labor Standards Act, Title VII of the Civil Rights Act of 1964, as amended, the
Occupational Safety and Health Act, the Age Discrimination in Employment Act of 1967 or the Americans With Disabilities Act). Each of the Company and Castle Creek OpCo is in compliance in all material respects with all applicable Laws respecting
employment and employment practices, terms and conditions of employment (including termination of employment), wages, hours of work, occupational safety and health and worker classification and labor practices. Neither the Company nor Castle Creek
OpCo has received any written notice that any Key Employee or group of the Company’s or Castle Creek OpCo’s employees, and, to the Knowledge of the Company, no Key Employee or group of the 

  
 18 

 
Company’s or Castle Creek OpCo’s employees has any, plans to terminate employment with the Company or Castle Creek OpCo or otherwise is likely to become unavailable, and neither the
Company nor Castle Creek OpCo has a present intention to terminate the employment of any of the foregoing. To the Knowledge of the Company, none of the employees of the Company or Castle Creek OpCo is subject to any noncompete, nondisclosure,
confidentiality, employment, consulting or similar contracts in conflict with the present business activities of the Company or Castle Creek OpCo, none of such employees’ activities with the Company or Castle Creek OpCo is in violation of any
such contracts and neither the Company nor Castle Creek OpCo has received any written notice alleging that any violation of any such contracts has occurred. 

5.10 Permits. Each of the Company and Castle Creek OpCo has all Permits (including all such franchises and Governmental Orders required
by the FDA and any other federal, state or foreign agencies or bodies engaged in the regulation of pharmaceuticals or biohazardous materials (together with the FDA, the “Regulating Authority”)), necessary to conduct the Business as
presently conducted and, except for such foreign and U.S. federal and state regulatory approvals that may be required to be obtained as a condition to the marketing and sale of the Company’s or Castle Creek OpCo’s products, as presently
proposed to be conducted. All of such Permits are valid, in force and in good standing. There is no default on the part of the Company or Castle Creek OpCo or, to the Knowledge of the Company, any other party under any of such Permits. Neither the
Company nor Castle Creek OpCo has received any written notice with respect to (i) any actual or alleged violation of, or failure to comply with, any term or requirement of any such Permit or (ii) any threatened, pending or possible
sanction, revocation, withdrawal, termination, rescission, suspension, cancellation, modification, corrective action or limitation of, or with respect to, any such Permit. 

5.11 Regulatory Status. 

a. Schedule 5.11(a) sets forth a complete and correct list of all Registrations. The Registrations are in full force and effect and have
been duly and validly issued. 
 b. Each of the Company and Castle Creek OpCo is, and has been since the applicable dates of issuance, in
compliance in all material respects with all of the Registrations listed on Schedule 5.11(a). 
 c. The Registration files of each of
the Company and Castle Creek OpCo have been maintained in accordance with reasonable industry standards. Each of the Company and Castle Creek OpCo has in its possession or control, or has access to, copies of all the material documentation filed in
connection with filings made by the Company or Castle Creek OpCo for each Registration, including the complete regulatory chronology for each Registration (if applicable). 

5.12 Personal Property. Except as set forth on Schedule 5.12, the Company or Castle Creek OpCo currently owns good title to,
holds pursuant to valid and enforceable leases or has the right to use all assets (tangible or intangible) that are owned, held or used by the Company or Castle Creek OpCo and that are material to the Business as presently conducted and as presently
proposed to be conducted, free and clear of all Liens (other than Permitted Liens). 

  
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 5.13 Litigation. Except as set forth on Schedule 5.13, during the past three
(3) years from the date hereof, there have not been any (a) Actions pending or, to the Knowledge of the Company, threatened against the Company, Castle Creek OpCo or the Business, or, to the Knowledge of the Company, any of the current or
former directors, managers, officers or employees of the Company or Castle Creek OpCo with respect to their service as a director, manager, officer or employee of the Company or Castle Creek OpCo, at law or in equity, or before or by any
Governmental Authority or (b) Governmental Orders imposed on or, to the Knowledge of the Company, threatened against the Company, Castle Creek OpCo or the Business. There is no Action, suit, proceeding or investigation by the Company or Castle
Creek OpCo pending or which the Company or Castle Creek OpCo intends to initiate. 
 5.14 Compliance with Laws. Except as set forth on
Schedule 5.14, each of the Company and Castle Creek OpCo is, and at all times has been, in compliance, in all material respects, with all applicable Laws (including, to the extent applicable, GDPR). Neither the Company nor Castle Creek OpCo
has received any written notice from any Governmental Authority of any, and to the Knowledge of the Company, there is no, pending or threatened, Action involving the Company, Castle Creek OpCo or the Business with respect to any Laws. 

5.15 FCPA. None of the Company, Castle Creek OpCo or any of their respective directors, managers, officers or employees has made,
directly or indirectly, any payment or promise to pay, or gift or promise to give, or authorized such a promise or gift, of any money or anything of value, directly or indirectly, to (a) any foreign official (as such term is defined in the U.S.
Foreign Corrupt Practices Act (the “FCPA”)) for the purpose of influencing any official act or decision of such official or of inducing him or her to use his or her influence to affect any act or decision of a Governmental Authority
or (b) any foreign political party or official thereof or candidate for foreign political office for the purpose of influencing any official act or decision of such party, official or candidate or of inducing such party, official or candidate
to use his, her or its influence to affect any act or decision of a foreign Governmental Authority (together, “Anti-Bribery Laws”), in the case of both (a) and (b) above, in order to assist the Company, Castle Creek OpCo or any
of their respective Affiliates to obtain or retain business for, or direct business to, the Company, Castle Creek OpCo or any of their respective Affiliates, as applicable. None of the Company, Castle Creek OpCo or, to the Knowledge of the Company,
any of their respective Affiliates, directors, managers, officers or employees has made any bribe, rebate, illegal payoff, influence payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any Law, rule
or regulation. 
 5.16 OFAC. None of the Company, Castle Creek OpCo or, to the Knowledge of the Company, any director, manager,
officer, agent, employee or Person acting on behalf of the Company, Castle Creek OpCo or the Business is subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”),
and neither the Company nor Castle Creek OpCo intends to directly or indirectly use the proceeds from the sale of the Notes, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person,
towards any sales or operations in any country sanctioned by OFAC or for the purpose of financing the activities of any Person that, to the Knowledge of the Company, is subject to any U.S. sanctions administered by OFAC. 

  
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 5.17 Anti-Money Laundering Laws. Each of the Company, Castle Creek OpCo and the
Business is in compliance with all applicable anti-money laundering Laws, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable Governmental Authority
(collectively, “Anti-Money Laundering Laws”), and no Action, suit, proceeding, investigation or enforcement by or before any Governmental Authority, involving the Company, Castle Creek OpCo or the Business with respect to the
Anti-Money Laundering Laws is pending or, to the Knowledge of the Company, threatened. 
 5.18 Environmental and Safety Laws. Except
as set forth on Schedule 5.18, (a) each of the Company, Castle Creek OpCo and the Business is and has always been in compliance in all material respects with all Environmental Laws; (b) there has been no illegal release or threatened
release by the Company or Castle Creek OpCo, or with respect to the Business, of any pollutant, contaminant or toxic or hazardous material, substance or waste, or petroleum or any fraction thereof (each a “Hazardous Substance”), on,
upon, into or from any site currently or, to the Knowledge of the Company, heretofore, owned, leased or otherwise used by the Company or Castle Creek OpCo or used in connection with the Business; (c) there have been no Hazardous Substances
generated by the Company or Castle Creek OpCo, or in connection with the Business, that have been disposed of or come to rest at any site that has been included in any published U.S. federal, state or local “superfund” site list or any
other similar list of hazardous or toxic waste sites published by any Governmental Authority in the United States; and (d) to the Knowledge of the Company, there are no underground storage tanks located on, no polychlorinated biphenyls
(“PCBs”) or PCBs-containing equipment used or stored by the Company or Castle Creek OpCo on, and no hazardous waste as defined by the Resource Conservation and Recovery Act, as amended, stored by the Company or Castle Creek OpCo on,
any site owned or operated by the Company or Castle Creek OpCo or used in connection with the Business, except for the storage of hazardous waste in compliance with Environmental Laws. Each of the Company and Castle Creek OpCo has Made Available to
the Investors true and complete copies of all material environmental records, reports, notifications, certificates of need, Permits, pending Permit applications, correspondence, engineering studies and environmental studies or assessments in their
possession. 
 5.19 FDA and Regulatory Matters. None of the Company, Castle Creek OpCo or, to the Knowledge of the Company, any
officer, employee or agent of the Company or Castle Creek OpCo has been convicted of any crime or engaged in any conduct that has previously caused or would reasonably be expected to result in (A) disqualification or debarment by the FDA under
21 U.S.C. Sections 335(a) or (b), or any similar law, rule or regulation of any other governmental entity, or (B) exclusion under 42 U.S.C. Section 1320a-7 or any similar law, rule or regulation of
any governmental entity. 
 5.20 Employees and Benefits. 

a. Schedule 5.20(a) sets forth a list of all employment agreements to which the Company or Castle Creek OpCo is a party as of the date
hereof. 
 b. Schedule 5.20(b) lists all material Employee Benefit Plans. 

  
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 c. Each Employee Benefit Plan (i) complies in all material respects in form and in
operation with all applicable requirements of ERISA, the Code or any other applicable Laws, and has been operated in all material respects in accordance with its terms, and (ii) that is intended to be qualified under Section 401(a) of the
Code has received, or is entitled to the benefits of, a determination or opinion letter from the Internal Revenue Service that the written form of such Employee Benefit Plan is so qualified. 

d. None of the Company, Castle Creek OpCo or any ERISA Affiliate has at any time participated in or made contributions to, or had any other
liability with respect to, an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is (i) a “multiemployer plan” (as defined in Section 3(37) or 4001 of ERISA), (ii) a “multiple employer
plan” (within the meaning of Section 413(i) of the Code), (iii) a “multiple employer welfare arrangement” (within the meaning of Section 3(40) of ERISA), (iv) subject to Section 302 or Title IV of ERISA or
Section 412 of the Code or (v) a plan that provides medical or other welfare benefits with respect to current or former employees beyond their termination of employment (other than coverage mandated by applicable Laws). 

e. There are no Actions pending or, to the Knowledge of the Company, threatened with respect to any Employee Benefit Plan (other than routine
claims for benefits). 
 f. Except as set forth on Schedule 5.20(f), neither the Company nor Castle Creek OpCo is, or will be, as a
result of any transaction contemplated by this Agreement, obligated to pay separation, severance, termination or similar benefits, nor will any such transaction accelerate the time of payment or vesting, or increase the amount, of any benefit or
other compensation due to any individual whether under an Employee Benefit Plan or otherwise. 
 g. Neither the Company nor Castle Creek OpCo
has any liability under Section 406 of ERISA, Section 502 of ERISA or Section 4975 of the Code. 
 5.21 Employee
Agreements. Each current and former employee, consultant and officer of the Company or Castle Creek OpCo has executed an agreement with the Company or Castle Creek OpCo regarding confidentiality and proprietary information and assignment of
Intellectual Property, substantially in the form or forms Made Available to the Investors (the “Confidential Information Agreements”). No current or former Key Employee has excluded works, inventions or any Intellectual Property
from any applicable provisions pursuant to such person’s respective Confidential Information Agreement. Except as set forth on Schedule 5.21, each current and former Key Employee has executed a
non-competition and non-solicitation agreement substantially in the form or forms Made Available to the Investors. Except as set forth in Schedule 5.21, to the
Knowledge of the Company, no Key Employee is in default or violation of any agreement covered by this Section 5.21. To the Knowledge of the Company, no officer or employee of the Company or Castle Creek OpCo is in default
or violation of any confidential information and invention assignment agreement or any prior employee contract or proprietary information agreement with any Person. 

  
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 5.22 Labor Relations. Neither the Company nor Castle Creek OpCo is party to any labor
contract, collective bargaining agreement, Contract, letter of understanding or any other arrangement, formal or informal, with any labor union or organization that obligates the Company or Castle Creek OpCo to recognize a union as the bargaining
representative of any of its employees or to compensate its employees at prevailing rates or union scale. There is no pending or, to the Knowledge of the Company, threatened labor dispute, labor organizing activities, demand for labor recognition or
certification, work stoppage, unfair labor practice charge, strike, administrative or court proceeding or order between or with respect to the Company or Castle Creek OpCo and any of their respective present or former employee(s). Except as set
forth on Schedule 5.22, there is no pending or, to the Knowledge of the Company, threatened Action between the Company or Castle Creek OpCo, on the one hand, and any of their respective present or former employee(s), on the other hand. Except
as provided in Schedule 5.22, no current employee of the Company or Castle Creek OpCo is employed on other than an “at will” basis. Except as set forth in Schedule 5.22 or as required by Law, upon termination of the
employment of any such employees, no severance or other payments will become due. Except as set forth in Schedule 5.22, neither the Company nor Castle Creek OpCo has a policy, practice, plan or program of paying severance pay or any form of
severance compensation in connection with the termination of employment services. 
 5.23 Insurance. A complete and accurate list of
all insurance policies maintained by the Company or Castle Creek OpCo or of any Person (other than the Company or Castle Creek OpCo) for the benefit of the Company, Castle Creek OpCo or the Business is set forth on Schedule 5.23. Premiums due
for such policies have been paid in full, and neither the Company nor Castle Creek OpCo is in material default or breach with respect to any material provision contained in any such insurance policies, nor has the Company or Castle Creek OpCo failed
to give any notice or to present any claim thereunder in due and timely fashion. To the Knowledge of the Company, no event or condition has happened or presently exists with respect to any insurer that constitutes a material default or material
breach or, after notice or lapse of time, or both, would constitute a material default or breach by such insurer under any of the insurance policies set forth on Schedule 5.23. 

5.24 Conflicts of Interest. Except as set forth on Schedule 5.24, to the Knowledge of the Company, none of the following is a
supplier of goods or services to, or a purchaser of goods or services from, the Company, Castle Creek OpCo or the Business, or directly or indirectly controls, or is an owner, manager, director, officer or employee of, any Person that is a
competitor to the Business or a supplier of goods or services to, or a purchaser of goods or services from, the Company, Castle Creek OpCo or the Business: (a) any director, manager or officer of the Company or Castle Creek OpCo; (b) any
entity under common control with the Company or Castle Creek OpCo; or (c) any Affiliate of any of the foregoing. Except as set forth on Schedule 5.24, to the Knowledge of the Company, no stockholder of the Company or director, manager or
officer of the Company or Castle Creek OpCo, or any Affiliate of the foregoing, (i) is party to any Contract with the Company or Castle Creek OpCo (excluding the organizational and governing documents of the Company and Castle Creek OpCo and
the Transaction Documents) or has any material interest in any property (whether real, personal or mixed and whether tangible or intangible) used by the Company, Castle Creek OpCo or the Business; or (ii) owns (of record or as a beneficial
owner) an Equity Interest or any other financial or profit interest in any entity that has a material financial interest in any transaction with the Company or Castle Creek OpCo. 

  
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 5.25 Intellectual Property. 

a. Schedule 5.25(a) sets forth, for the Intellectual Property owned by the Company or Castle Creek OpCo, a complete and accurate list of
all U.S., state and foreign (i) Patents issued or applied for, (ii) Trademark registrations and applications for registration (including Internet domain name registrations) and material unregistered or not applied for Trademarks, and
(iii) registered Copyrights and material unregistered Copyrights (“Listed IP”), including, in each case, as applicable, the date of registration or application and name of registration body where the applicable registration or
application was made. All Listed IP is recorded in the name of the Company or Castle Creek OpCo, as applicable, free and clear of all Liens (except Permitted Liens). All renewal and maintenance filings and fees in respect of the Listed IP (if
applicable) have been duly made and paid, and all registrations and applications therefor are valid and in full force. No Person has challenged, or threatened to challenge, in writing to the Company, the validity of any Listed IP or the rights of
the Company in or to any of the Listed IP, including through any opposition, nullity proceeding or interference. 
 b. Schedule
5.25(b) sets forth all material Software that is owned by the Company or Castle Creek OpCo (excluding computer programs generally available to the public or businesses, which have been licensed to the Company or Castle Creek OpCo solely in
object code form for its internal use, without any right to modify, (i) pursuant to end-user, object code “click-wrap” or “shrink-wrap” agreements, (ii) which constitute the terms
of use or service for any website or (iii) for a one-time or annual fee of $25,000 or less, and not including any support, maintenance, implementation or training fees that may be charged in connection
with the applicable license) (collectively, “Owned Software”). 
 c. (i) To the Knowledge of the Company, the conduct of the
Company and the operation of the Business has not infringed, misappropriated, diluted or otherwise violated, and does not infringe, misappropriate, dilute or otherwise violate, any Patent or Trademark rights of any Person, (ii) the conduct of
the Company or Castle Creek OpCo and the operation of the Business has not infringed, misappropriated, diluted or otherwise violated, and does not infringe, misappropriate, dilute or otherwise violate, any Intellectual Property rights (other than
Patent and Trademark rights) of any Person and (iii) there are no Actions pending or, to the Knowledge of the Company, threatened by any Person alleging any such infringement, misappropriation, dilution or violation. 

d. Except as set forth on Schedule 5.25(d), (i) either the Company or Castle Creek OpCo owns and possesses all right, title and interest
in and to, or has a license to use, all of the Intellectual Property that is owned, held or used by the Company or Castle Creek OpCo in connection with the operation of the Business as presently conducted, (ii) no claim by any Person contesting
the validity, enforceability, use or ownership of any Company Intellectual Property has been made against the Company or Castle Creek OpCo or, to the Knowledge of the Company, is threatened, (iii) the loss or expiration of the Company’s or
Castle Creek OpCo’s rights in any material Company Intellectual Property or related group of the Company Intellectual Property is not pending or, to the Knowledge of the Company, threatened and (iv) neither the Company nor Castle Creek
OpCo has issued any notices of any infringement or misappropriation by any Person with respect to the Company Intellectual Property. 
 e. No
Owned Software contains “open source,” “copyleft” or “community source” Software in a manner which, pursuant to the licenses therefor or as a result of using such code, requires the Company or Castle Creek OpCo to
provide any source code for the Owned Software (other than the source code for such “open source,” “copyleft” or “community source” Software) to any Person. 

  
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 5.26 Tests and Preclinical Studies. Except as set forth on Schedule 5.26, the
tests and preclinical studies, if any, conducted by or on behalf of the Company or Castle Creek OpCo are being conducted or have been conducted in all material respects in accordance with experimental protocols, procedures and controls pursuant to
accepted professional and scientific standards for products or product candidates comparable to those being developed by the Company and Castle Creek OpCo and all applicable laws and regulations. The descriptions of, protocols for and data and other
results of, any such studies and/or tests that have been furnished or Made Available to the Investors were accurate and complete in all material respects as of the date thereof. To the Knowledge of the Company, there are no studies or tests the
results of which reasonably call into question the results of the studies or tests conducted by or on behalf of the Company or Castle Creek OpCo, and neither the Company nor Castle Creek OpCo has received any written notices or correspondence from
the FDA, any Regulating Authority or any foreign governmental entity exercising comparable authority, or any institutional review board or comparable authority, requiring the termination, suspension or material modification of any studies or tests
conducted by or on behalf of the Company or Castle Creek OpCo. 
 5.27 Tax Returns; Taxes. Except as set forth on Schedule
5.27: 
 a. Each of the Company, Castle Creek OpCo and each of their respective Subsidiaries has timely filed (taking into account any
valid and effective extensions thereof) all income Tax Returns and all other material Tax Returns required to be filed by it, and all such Tax Returns are true, correct and complete in all material respects. 

b. Each of the Company, Castle Creek OpCo and each other Subsidiary of the Company has timely paid and discharged all material Taxes due and
owing (whether or not shown on any Tax Return), and each of the Company, Castle Creek OpCo and each other Subsidiary of the Company has withheld, collected and paid over to the appropriate Tax authorities or is properly holding for such payment all
material Taxes required by applicable Law to be withheld or collected by the Company, Castle Creek OpCo or such Subsidiary, as the case may be, including any material Taxes required to be withheld, collected and/or paid over from amounts paid or
owed to any employees, independent contractors, equity holders, creditors or other third parties. Each of the Company, Castle Creek OpCo and each other Subsidiary of the Company has made adequate reserves in accordance with GAAP for any Taxes not
yet due and owing. 
 c. No Tax audits or administrative or judicial Tax proceedings are pending, being conducted or, to the Knowledge of the
Company, have been threatened with respect to the Company, Castle Creek OpCo or any other Subsidiary of the Company. No deficiency for any Taxes has been assessed in writing by a Governmental Authority against the Company, Castle Creek OpCo or any
other Subsidiary of the Company, which deficiency has not been settled and paid in full. Neither the Company, Castle Creek OpCo nor any other Subsidiary of the Company has received from any Governmental Authority (including from jurisdictions where
the Company or Castle Creek OpCo does not file Tax Returns) any (i) written notice indicating an intent to open an audit or other review related to Tax matters or (ii) written notice of deficiency or proposed adjustment for any amount of
Tax. No waiver of, or agreement to extend, any statute of limitations period in respect of any Tax or Tax Return of the Company, Castle Creek OpCo or any other Subsidiary of the Company has been provided or otherwise agreed to or effectuated that
has not as of yet expired. 

  
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 d. There are no Liens for Taxes (other than Permitted Liens) on any properties or assets of
the Company, Castle Creek OpCo, any other Subsidiary of the Company or the Business. 
 e. There are no Tax sharing, allocation,
indemnification or similar Contracts (other than any such Contract entered into in the ordinary course of the Business that may contain a Tax sharing, allocation, indemnification or a similar provision that, in the context of such Contract, is not
material) under which the Company, Castle Creek OpCo or any other Subsidiary of the Company would reasonably be expected to be liable for any Taxes of any Person, and neither the Company, Castle Creek OpCo nor any other Subsidiary of the Company is
liable for any material Taxes of any other Person as a transferee or successor, by operation of Law or by terms of Contract (except, in the case of a Contract, as otherwise expressly contemplated in this Section 5.27(e)).

 f. The Taxes of Castle Creek OpCo that have accrued in accordance with GAAP but that have not yet been paid (i) did not, as of the
date of the Latest Balance Sheet, materially exceed the reserve for Taxes (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the face of the Latest Balance Sheet (rather than
any notes thereto) and (ii) are not reasonably expected to materially exceed that reserve as adjusted for the passage of time through the date hereof. 

g. The Company has never been (and has no reason to believe that it will be) a “United States real property holding corporation”
within the meaning of Code Section 897(c)(2) during the applicable period specified in Code Section 897(c)(1)(A)(ii). 
 5.28
Additional Agreements. Other than as set forth on Schedule 5.28, neither the Company nor Castle Creek OpCo has entered, or intends to enter, into any Contract with any Investor with respect to the transactions contemplated by the
Transaction Documents other than as specified herein or in one of the other Transaction Documents. For the avoidance of doubt, each Investor has the same rights with respect to the purchase of the Notes as each of the other Investors, other than as
explicitly set forth herein or in another Transaction Document. 
 5.29 83(b) Elections. To the Knowledge of the Company, all
elections and notices under Section 83(b) of the Code have been timely filed by all individuals who have purchased any Common Units of Castle Creek OpCo subject to a right of repurchase in favor of Castle Creek OpCo. 

5.30 Shell Company. Neither the Company nor Castle Creek OpCo is, or has ever been, an issuer identified in Rule 144(i)(1) promulgated
under the Securities Act. 

  
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 5.31 Investment Company Act. Neither the Company nor Castle Creek OpCo is an
investment company within the meaning of the Investment Company Act of 1940, as amended (the “Investment Company Act”). 

5.32 Brokers’ or Finders’ Fees. Except as set forth on Schedule 5.32, neither the Company nor Castle Creek OpCo has
employed, or is liable for the payment of any fee to, any agent, finder, broker, consultant or similar Person in connection with the transactions contemplated under the Transaction Documents. 

5.33 Real Property. Neither the Company nor Castle Creek OpCo owns or previously owned, any real property. Schedule 5.33 contains
a true and complete list, by street address or other location information, of: (a) all real property currently leased or subleased by the Company or Castle Creek OpCo (collectively, the “Leased Properties”) and (b) with
respect to the Leased Properties, all leases, subleases, licenses, estoppel certificates and other agreements (and any and all amendments, modifications or supplements thereto) for or related to the use and occupancy by the Company or Castle Creek
OpCo of the Leased Properties (together with all modifications, amendments and supplements thereto, collectively, the “Real Property Leases”). No Person who is a counterparty to any Real Property Lease is an Affiliate of the Company
or Castle Creek OpCo. The Leased Properties constitute all of the real estate used or occupied by the Company or Castle Creek OpCo, and no other real estate is necessary for the conduct of, or in connection with, the Business. 

5.34 Data Privacy. In connection with the Company’s and Castle Creek OpCo’s collection, storage, transfer (including any
transfer across national borders) and/or use of any personally identifiable information from any individuals (collectively, “Personal Information”), each of the Company and Castle Creek OpCo is and has been in compliance in all
material respects with all applicable Laws, the Company’s and Castle Creek OpCo’s privacy policies and the requirement of any Contract or codes of conduct to which the Company or Castle Creek OpCo (as applicable) is bound. Each of the
Company and Castle Creek OpCo is and has been in compliance in all material respects with (and, to the Knowledge of the Company, neither the Company nor Castle Creek OpCo has suffered any data loss, theft or breach in violation of) all Laws relating
to data loss, data theft and breach of security notification obligations. 
 5.35 Disclosure. Each of the Company and Castle Creek
OpCo has Made Available to the Investors all information reasonably available to the Company and Castle Creek OpCo that the Investors have requested of the Company in writing for the purpose of deciding whether to acquire the Notes, including
certain of the Company’s projections describing its proposed business plan, if any (the “Business Plan”). The Business Plan was prepared in good faith; however, the Company does not warrant that it or any of its Subsidiaries
will achieve any results projected in the Business Plan. Assuming the accuracy of the Investors’ representations regarding their sophistication with respect to investments in companies similar to the Company, no representation or warranty of
the Company contained in the Transaction Documents and the exhibits attached hereto and thereto, as qualified by the Disclosure Schedules, or in any certificate furnished or to be furnished to the Investors at the Closing (when read together),
contains any untrue statement of a material fact or, to the Knowledge of the Company, omits to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances under which they
were made. It is understood that this representation is qualified by the fact that the Company has not delivered to the Investors, and has not been requested to deliver, a private placement or similar memorandum or any written disclosure of the
types of information customarily furnished to purchasers of securities. 

  
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 Section 6. Representations and Warranties of the Investors. At the Closing, each
Investor represents and warrants to the Company that: 
 6.1 Authority; Execution and Validity. 

a. Such Investor has the requisite power and authority to execute and deliver the Transaction Documents and to perform its obligations
thereunder. The execution and delivery by such Investor of the Transaction Documents, and its performance thereunder, have been duly authorized by all necessary corporate, limited liability company or other similar action on the part of such
Investor, and no other corporate, limited liability company or other similar proceedings or actions by such Investor are necessary to authorize and consummate the Transaction Documents or the transactions contemplated thereby. 

b. Each of the Transaction Documents (assuming the valid execution and delivery thereof by the Company) constitutes a legal, valid and binding
agreement of such Investor enforceable against such Investor in accordance with its terms, subject to the General Enforceability Exceptions. 

6.2 Securities Laws Representations and Warranties. In connection with the issuance and purchase of a Note by each Investor, each
Investor hereby represents and warrants to the Company and agrees as follows: 
 a. Such Investor is purchasing the Note (including the
shares of Preferred Stock or Common Stock, as applicable, issuable upon conversion of such Note) for its own account for investment only, and not with a view to the resale or distribution thereof. 

b. Such Investor has had such opportunity as it has deemed adequate to ask questions of the Company and its representatives and to otherwise
obtain from the Company such information regarding the aforementioned investment in the Company, and such Investor has received answers satisfactory from the Company and its representatives with respect thereto, along with copies of all information
from the Company and its representatives that such Investor deems necessary to permit it to evaluate the merits of such investment in the Company. 

c. Such Investor is an “accredited investor” as that term is defined in Rule 501 promulgated under the Securities Act. 

d. Such Investor has such knowledge, sophistication and experience in business and financial matters as to be capable of evaluating the merits,
risks and other considerations relating to (i) the acquisition and ownership of the Note to be purchased by such Investor hereunder (including the shares of Preferred Stock or Common Stock, as applicable, issuable upon conversion of such Note).
Such Investor has consulted with its own advisors with respect to the aforementioned investment in the Company, and such Investor understands that the Note hereunder (including the shares of Preferred Stock or Common Stock, as applicable, issuable
upon conversion of such Note) is speculative and involve a high degree of risk, and such Investor can afford a complete loss of the value of its Note (including the shares of Preferred Stock or Common Stock, as applicable, issuable upon conversion
of such Note) and is able to bear the economic risk of holding the same for an indefinite period. 

  
 28 

 e. Such Investor understands that the Note (including the shares of Preferred Stock or
Common Stock, as applicable, issuable upon conversion of such Note) have not been registered under the Securities Act, or the securities or similar Laws of any jurisdiction, and is offered in reliance on exemptions therefrom, which reliance depends
upon, among other things, the bona fide nature of such Investor’s investment intent and the truth and accuracy of such Investor’s representations as expressed herein and in the other Transaction Documents. 

f. Such Investor understands and agrees that (i) there are substantial restrictions on the transferability of the shares of Preferred
Stock or Common Stock, as applicable, issuable upon conversion of such Note, (ii) except as set forth in the Investors’ Rights Agreement, it has no rights to require its Equity Interests to be registered under the Securities Act or the
securities laws of any jurisdiction, (iii) there currently is no, and there may never be any, public market for the Note (including the shares of Preferred Stock or Common Stock, as applicable, issuable upon conversion of such Note), (iv) it
may not be possible for such Investor to liquidate its investment in the Company and (v) such Investor may have to hold its Note (including the shares of Preferred Stock or Common Stock, as applicable, issuable upon conversion of such Note) and
bear the economic risk of its investment therein indefinitely. 
 6.3 Foreign Investors. If such Investor is not a United States
person (as defined by Rule 902(k) under the Securities Act), such Investor hereby represents that it has satisfied itself as to the full observance of the Laws of its jurisdiction in connection with any invitation to subscribe for its respective
Note (including the shares of Preferred Stock or Common Stock, as applicable, issuable upon conversion of such Note) or any use of this Agreement, including (i) the Laws within its jurisdiction for the purchase of the Note (including the shares
of Preferred Stock or Common Stock, as applicable, issuable upon conversion of such Note), (ii) any foreign exchange restrictions applicable to such purchase and (iii) any governmental or other consents that may need to be obtained, if any,
that may be relevant to the purchase, holding, redemption, sale or transfer of the Note (including the shares of Preferred Stock or Common Stock, as applicable, issuable upon conversion of such Note). If such Investor is not a United States person
(as defined by Rule 902(k) under the Securities Act), such Investor’s subscription and payment for, and such Investor’s beneficial ownership of, the Note (including the shares of Preferred Stock or Common Stock, as applicable, issuable
upon conversion of such Note) will not violate any applicable securities or other Laws of such Investor’s jurisdiction. 
 6.4
Brokers’ or Finders’ Fees. Such Investor has not employed, and is not liable for the payment of any fee to, any agent, finder, broker, consultant or similar Person in connection with the transactions contemplated under this
Agreement or any other Transaction Documents. 
 Section 7. Miscellaneous. 

7.1 Survival of Warranties. The representations and warranties of the Company and the Investors contained in or made pursuant to this
Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Investors or the Company. 

  
 29 

 7.2 Public Announcements. Unless otherwise required by Law, (a) none of the
Company, Castle Creek OpCo or any of their respective Affiliates shall make, or cause to be made, any press release or public announcement in respect of this Agreement, the other Transaction Documents or the transactions contemplated hereby or
thereby, or otherwise communicate with any news media, without obtaining and complying with the prior written consent of the Investors, and each of the Company and Castle Creek OpCo shall direct its directors, managers, officers, stockholders and
employees not to make any such press release, public announcement or communication and (b) neither the Investors nor any of their respective Affiliates shall make, or cause to be made, any press release or public announcement in respect of this
Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby, or otherwise communicate with any news media, without obtaining and complying with the prior written consent of the Company, except in the case of any
Investor that is a registered investment company within the meaning of the Investment Company Act, consistent with its required investment reporting practices, and each Investor shall direct its respective directors, managers, officers, limited
partners, agents and employees not to make any such press release, public announcement or communication. 
 7.3 No Promotion. The
Company agrees that it will not, and shall cause each of its Subsidiaries to not, without the prior written consent of the applicable Investor, use in advertising, or otherwise use publicly, the name of such Investor or any Affiliate thereof, or any
partner or employee of such Investor or any Affiliate thereof, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by such Investor or any Affiliate thereof. In addition to
Section 7.2, the Company further agrees that it shall obtain the written consent of the applicable Investor prior to the Company’s issuance of any public statement detailing the purchase of Preferred Stock by such
Investor pursuant to this Agreement. 
 7.4 Fees and Expenses. Each party hereto shall bear its own costs and expenses in connection
with the negotiation, documentation and consummation of the transactions contemplated by this Agreement, including all legal, accounting, financial advisory, consulting and all other fees and expenses of third parties, whether or not the
transactions contemplated by this Agreement are consummated. 
 7.5 No Third-Party Beneficiaries. This Agreement shall be binding upon
and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy
of any nature whatsoever for any specified period, under or by reason of this Agreement. 
 7.6 Representation. Each party hereto
acknowledges that (a) Fenwick & West LLP has acted solely on behalf of Fidelity and the Fidelity Investors, and (b) Vedder Price P.C. has acted solely on behalf of Valor, in connection with the negotiation, preparation and
documentation of this Agreement and the other Transaction Documents and that neither Fenwick & West LLP nor Vedder represented or advised any other persons or parties in connection therewith or with any related matters. 

  
 30 

 7.7 Successors and Assigns. This Agreement shall be binding upon, and inure to the
benefit of, (i) the Company and the Investors (ii) each other person who shall become a registered holder named in the Note transferred to such holder by an Investor or its permitted transferees, and (iii) their respective legal
representatives, successors and permitted assigns. The terms of this Agreement and the Notes shall be binding upon and enforceable by the successors and permitted assigns of the Company and the Investors. The Company shall maintain at its office
located in the United States a register (the “Register”) for the recordation of (and in which the Company shall record) (i) the name and address of each Investor, and the commitments of, and principal amounts (and stated
interest) of the obligations owing to, such Investor pursuant to the terms hereof from time to time and (ii) any transfers of any Note. The entries in the Register shall be conclusive and binding for all purposes, absent manifest
error. The Register shall be available for inspection by each Investor or its assignees at any reasonable time and from time to time upon reasonable prior notice. The obligations of the Company under the Notes are registered obligations
and the rights, titles and interests of the applicable Investor and its assignees in and to such obligations shall be transferable only upon notation of such transfer in the Register. This Section 7.8 shall be
construed so that such obligations are at all times maintained in “registered from” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code and any related regulations (and any other relevant or
successor provisions of the Internal Revenue Code or such regulations). 
 7.8 Entire Agreement. The Transaction Documents among the
Company and the Investors constitute the entire agreement of the parties hereto and thereto with respect to the financing transactions contemplated hereby and supersede all prior negotiations, commitments, agreements and understandings, both written
and oral, among them with respect to the subject matter hereof and thereof. 
 7.9 Notices. All notices required or permitted
hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed electronic mail or confirmed facsimile if sent during normal business hours of the
recipient, or if not, then on the next Business Day; or (iii) one (1) Business Day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications to the
Company shall be sent to: 
 Castle Creek Biosciences, Inc. 

330 N. Wabash, Suite 3500 

Chicago, IL 60611 
 Attn: Chief
Executive Officer 

  
 31 

 with a copy (which shall not constitute notice) to: 

Katten Muchin Rosenman LLP 
 2121
North Pearl St., Suite 1100 
 Dallas, TX 75201 

Attn: P. Gregory Hidalgo 
 Email:
greg.hidalgo@katten.com 
 All communications to the Investors shall be sent to each Investor’s address as set forth beneath its name on
Schedule 1 hereto, 
 with a copy (which shall not constitute notice) to the following: 

Fenwick & West LLP 
 555
California Street, 12th Floor 
 San Francisco, CA 94104 

Attn: Michael Brown, Esq. 
 Email:
mbrown@fenwick.com 
 Vedder Price P.C. 

222 North LaSalle Street 

Chicago, IL 60601 
 Attn: Michael
A. Nemeroff, Esq. 
 Email: mnemeroff@vedderprice.com 

or at such other address as the relevant recipient may designate pursuant to the provisions of this Section 7.9. 

7.10 Amendments; Waivers. This Agreement may not be amended, supplemented or altered, and no provision hereof may be waived, and no
consent contemplated hereby may be given, except in a writing signed by the Company and the Majority Holders (as defined in the Note). 

7.11 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

7.12 Governing Law; Dispute Resolution. 

7.13 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable
to contracts made and performed in such state without giving effect to the choice of law principles of such state that would require or permit the application of the laws of another jurisdiction. The parties hereto (a) hereby irrevocably and
unconditionally submit to the jurisdiction of the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware, or if the 

  
 32 

 
Delaware Court of Chancery declines to accept jurisdiction over a particular action or proceeding, any federal court within the State of Delaware for the purpose of any suit, Action or other
proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, Action or other proceeding arising out of or based upon this Agreement except in the Delaware Court of Chancery and any state appellate court therefrom
within the State of Delaware, or if the Delaware Court of Chancery declines to accept jurisdiction over a particular action or proceeding, any federal court within the State of Delaware and (c) hereby waive, and agree not to assert, by way of
motion, as a defense or otherwise, in any such suit, Action or proceeding, any claim that any such party is not subject personally to the jurisdiction of the above-named courts, that any such party’s property is exempt or immune from attachment
or execution, that such suit, Action or proceeding is brought in an inconvenient forum, that the venue of such suit, Action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

7.14 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THE OTHER TRANSACTION
DOCUMENTS. EACH OF THE PARTIES HERETO HEREBY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (II) ACKNOWLEDGES AND AGREES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 7.14. 
 7.15 Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement and
the other Transaction Documents. In the event that an ambiguity or question of intent or interpretation arises, this Agreement and the other Transaction Documents will be construed as if drafted jointly by such parties, and no presumption or burden
of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement or any other Transaction Document. 

7.16 Disclosure Generally. All schedules attached hereto are incorporated herein and expressly made a part of this Agreement as though
completely set forth herein. All references to this Agreement herein or in any of the schedules shall be deemed to refer to this entire Agreement, including all schedules. Except as otherwise provided in the Company Disclosure Schedules, all
capitalized terms therein shall have the meanings assigned to them in this Agreement. Matters reflected in the Company Disclosure Schedules are not necessarily limited to matters required by this Agreement to be disclosed. Except where required by a
particular representation or warranty in this Agreement, (a) no disclosure made in the Company Disclosure Schedules shall constitute an admission or determination that any fact or matter so disclosed is material, has a Material Adverse Effect,
meets a dollar or other threshold set forth in this Agreement or would otherwise be required to be disclosed, and (b) no Person shall use the fact of the setting of an amount or the 

  
 33 

 
inclusion of such facts or matters in any dispute or controversy as to whether any obligation, amount, fact or matter is or is not material, has a Material Adverse Effect or meets any other
threshold for purposes of this Agreement. Any reference to a section or subsection in the Company Disclosure Schedules refers to that section or subsection of this Agreement, unless the context requires otherwise; provided, however, that a
particular matter disclosed in any section or subsection of the Company Disclosure Schedules that is reasonably apparent from a facial reading of such disclosure to qualify another section or subsection of this Agreement shall also be deemed to
qualify such other section or subsection of this Agreement. No disclosure in the Company Disclosure Schedules relating to any possible breach or violation of any agreement, Law or regulation shall be construed as an admission or indication against
interest to a third party that any such breach or violation exists or has actually occurred. 
 7.17 Massachusetts Business Trust. A
copy of the Agreement and Declaration of Trust of each Fidelity Investor, or any Affiliate thereof, is on file with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given that this Agreement is executed on behalf of
the trustees of each such Investor or any Affiliate thereof as trustees and not individually and that the obligations of this Agreement are not binding on any of the trustees, officers or stockholders of such Investor or any Affiliate thereof
individually but are binding only upon such Investor or any Affiliate thereof and its assets and property. 
 7.18 Severability. If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as
possible in an acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated to the greatest extent possible. 

[Signature Pages Follows.] 
  

  
 34 

 IN WITNESS WHEREOF, the undersigned have executed this Convertible Note Purchase Agreement
as of the day and year first written above. 
  

			
	COMPANY:
	
	CASTLE CREEK BIOSCIENCES, INC.
		
	By:	 	 /s/ Patrick J. Morris

		 	Name:
		 	Title:

 Address: 
 Castle Creek
Biosciences, Inc. 
 330 N. Wabash, Suite 3500 
 Chicago, IL
60611 
 Attn: Chief Executive Officer 
 with a copy (which
shall not constitute notice) to: 
 Katten Muchin Rosenman LLP 

2121 North Pearl St., Suite 1100 
 Dallas, TX 75201 

Attn: P. Gregory Hidalgo 
 Email: greg.hidalgo@katten.com 

			
	INVESTOR:
	
	Marshman Fund Trust II U/A/D 5/1/08
		
	By:	 	 /s/ Matthew Gaines

		 	Name:
		 	Title:

	
	INVESTOR:
	
	 /s/ Gregory K. Jones

	Gregory K. Jones

			
	INVESTOR:
	
	Valor R&D Series LLC - Series FO
		
	By:	 	 /s/ Antonio J. Gracias

		 	Name:
		 	Title:

			
	INVESTOR:
	
	Valor CCP Holdings, LLC
		
	By:	 	 /s/ Antonio J. Gracias

		 	Name:
		 	Title:

 INVESTOR: 

Fidelity Select Portfolios: Pharmaceuticals Portfolio 
 Fidelity
Mt. Vernon Street Trust: Fidelity Series Growth Company Fund 
 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund 

Fidelity Growth Company Commingled Pool 
 Fidelity Mt. Vernon
Street Trust: Fidelity Growth Company K6 Fund 
 Fidelity Securities Fund: Fidelity Blue Chip Growth Fund 

Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund. 
  

			
	By:	 	 /s/ Chris Maher

		 	Name:
		 	Title:

	
	INVESTOR:
	
	/s/ Jeffrey Kindler
	Jeffrey Kindler

			
	INVESTOR:
	
	Highland Equities L.P.
		
	By:	 	/s/ Gidon Cohen
		 	Name:
		 	Title:

			
	INVESTOR:
	
	Ott Lane Investments, LLC
		
	By:	 	/s/ Edward W. Landon
		 	Name:
		 	Title:

			
	INVESTOR:
	
	Star Investment Series LLC – Series 88
		
	By:	 	/s/ James Star
		 	Name:
		 	Title:

			
	INVESTOR:
	
	LMC Holdings, LLC
		
	By:	 	/s/ Matthew J. Gantz
		 	Name:
		 	Title:

			
	INVESTOR:
	
	Patrick J. Morris Revocable Trust U/A/D 3/11/11
		
	By:	 	/s/ Patrick J. Morris
		 	Name:
		 	Title:

	
	INVESTOR:
	
	/s/ Darien Parhad
	Darien Parhad

	
	INVESTOR:
	
	/s/ Stephen P. Wanaski
	Stephen P. Wanaski

			
	INVESTOR:
	
	Babar Ghias Living Trust Dated 8/7/2017
		
	By:	 	/s/ Babar Ghias
		 	Name:
		 	Title:

	
	INVESTOR:
	
	/s/ Jeanine M. Swalec
	Jeanine M. Swalec

	
	INVESTOR:
	
	/s/ Timothy M. Cunniff
	Timothy M. Cunniff

	
	INVESTOR:
	
	/s/ Andrew T. Serafin
	Andrew Serafin

	
	INVESTOR:
	
	/s/ Spiro Katerinis
	Spiro Katerinis

	
	INVESTOR:
	
	/s/ Gregory MacMichael
	Gregory MacMichael

	
	INVESTOR:
	
	/s/ Matthew J. Gantz
	Matthew J. Gantz

	
	INVESTOR:
	
	/s/ Andrea C. Kistner
	Andrea C. Kistner

 INVESTOR: 

Jeffrey Gordon Hesselberg and Jean Marie Clegg-Hesselberg Living Trust, dated September 4, 2015 

 

			
	By:	 	/s/ Jeffrey Gordon Hesselberg
		 	Name:
		 	Title:

	
	INVESTOR:
	
	/s/ Brad Middlekauff
	W. Bradford Middlekauff

	
	INVESTOR:
	
	/s/ John Maslowski
	John Maslowski

	
	INVESTOR:
	
	/s/ Pamela A. Larsen
	Pamela A. Larsen

			
	INVESTOR:
	
	CK Jimenez Family, LLC
		
	By:	 	/s/ Kerensa Jimenez
		 	Name:
		 	Title:

			
	INVESTOR:
	
	Labrador Capital, LLC
		
	By:	 	/s/ Ken Serota
		 	Name:
		 	Title:

			
	INVESTOR:
	
	Litani Ventures, LLC
		
	By:	 	/s/ Peter Rahal
		 	Name:
		 	Title:

			
	INVESTOR:
	
	Acadia Woods Partners, LLC
		
	By:	 	/s/ Jeffrey Samberg
		 	Name:
		 	Title:

	
	INVESTOR:
	
	/s/ Michael K. Burns
	 /s/ Caroline G. Burns

	Michael K. Burns and Caroline G. Burns

 Schedule of Investors 

					
	 Investor (with Notice address)
	  	Principal Amount	 
	 Marshman Fund Trust II U/A/D 5/1/08

Address:
	  	$	5,378,000.00	 
	 Gregory K. Jones

Address:
	  	$	600,000.00	 
	 Valor R&D Series LLC - Series FO

Address:
	  	$	2,655,000.00	 
	 Valor CCP Holdings, LLC

Address:
	  	$	3,158,000.00	 
	 Fidelity Securities Fund: Fidelity Blue Chip Growth Fund

Address:
	  	$	916,700.00	 
	 Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund

Address:
	  	$	110,200.00	 
	 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund

Address:
	  	$	1,087,100.00	 
	 Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund

Address:
	  	$	242,100.00	 
	 Fidelity Growth Company Commingled Pool

Address:
	  	$	1,148,100.00	 
	 Fidelity Mt. Vernon Street Trust : Fidelity Growth Company K6 Fund

Address:
	  	$	215,100.00	 
	 Fidelity Select Portfolios: Pharmaceuticals Portfolio

Mag & Co.

Address:
	  	$	14,700.00	 
	 Jeffrey Kindler

Address:
	  	$	 500,000.00	 
	 Highland Equities L.P.

Address:
	  	$	1,000,000.00	 
	 Ott Lane Investments, LLC

Address:
	  	$	3,000,000.00	 
	 Star Investment Series LLC – Series 88

Address:
	  	$	 850,000.00	 
	 LMC Holdings, LLC

Address:
	  	$	 100,000.00	 
	 Patrick J. Morris Revocable Trust U/A/D 3/11/11

Address:
	  	$	 100,000.00	 
	 Darien Parhad

Address:
	  	$	 50,000.00	 
	 Stephen P. Wanaski

Address:
	  	$	 25,000.00	 
	 Babar Ghias Living Trust Dated 8/7/2017

Address:
	  	$	 100,000.00	 

					
	 Jeanine M. Swalec

Address:
	  	$	 50,000.00	 
	 Timothy M. Cunniff Revocable Trust U/A/D 12/14/15

Address:
	  	$	 50,000.00	 
	 Andrew T. Serafin Revocable Trust U/A/D February 9, 2011

Address:
	  	$	 25,000.00	 
	 Spiro Katerinis

Address:
	  	$	 50,000.00	 
	 Gregory MacMichael

Address:
	  	$	 100,000.00	 
	 Matthew J. Gantz

Address:
	  	$	 75,000.00	 
	 Andrea C. Kistner

Address:
	  	$	 50,000.00	 
	 Jeffrey Gordon Hesselberg and Jean Marie Clegg-Hesselberg Living Trust, dated September 4,
2015
 Address:
	  	$	 100,000.00	 
	 W. Bradford Middlekauff

Address:
	  	$	 100,000.00	 
	 John Maslowski

Address:
	  	$	 50,000.00	 
	 Pamela A. Larsen

Address:
	  	$	 25,000.00	 
	 CK Jimenez Family, LLC

Address:
	  	$	 25,000.00	 
	 Labrador Capital, LLC

Address:
	  	$	 300,000.00	 
	 Litani Ventures, LLC

Address:
	  	$	 500,000.00	 
	 Acadia Woods Partners, LLC

Address:
	  	$	2,000,000.00	 
	 Michael K. Burns and Caroline G. Burns

Address:
	  	$	 250,000.00	 

 Schedule 2 

Wire Instructions 
 Castle Creek
Biosciences, Inc. – Inbound Wire Instructions 
 Bank Name: 

Bank Address: 
 ABA/Routing
Number:
 Account Number: 

Account Name: 
 Account Address:

 For verbal confirmation, please contact: 

Andrea Kistner 
 akistner@castlecreekbio.com 

973-647-2775 

 Exhibit A 

The Note 
 See attached.

 Exhibit B 

Disclosure Schedule 
 See
attached.

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