Document:

EX-4.6

 Exhibit 4.6 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND
MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW. 
 WARRANT TO PURCHASE STOCK 

 

			
	Corporation:	  	TOAST, INC.
	Number of Shares:	  	21,450 shares (the “Initial Shares”), plus all Additional Shares which Holder is entitled to purchase pursuant to Section 1.7; provided however, the maximum aggregate number of Shares issuable hereunder
shall not exceed 71,500.
	Class of Stock:	  	Series C Preferred
	Initial Exercise Price:	  	$6.98 per share
	Issue Date:	  	December 28, 2017
	Expiration Date:	  	December 28, 2027

 THIS WARRANT CERTIFIES THAT, for good
and valuable consideration, the receipt of which is hereby acknowledged, PACIFIC WESTERN BANK or its assignee or transferee (“Holder”) is entitled to purchase
the number of fully paid and nonassessable shares of the class of securities (the “Shares”) of the corporation (the “Company”) at the initial exercise price per Share (the “Warrant
Price”) all as set forth above and as adjusted pursuant to Article 2 of this warrant, subject to the provisions and upon the terms and conditions set forth in this warrant. Reference is made to Section 5.4 of this warrant, whereby
Pacific Western Bank shall transfer this warrant to its parent company, PacWest Bancorp. 
 ARTICLE 1 

EXERCISE 
 1.1 Method
of Exercise. Holder may exercise this warrant by delivering this warrant and a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion
right set forth in Section 1.2, Holder shall also deliver to the Company a check for the aggregate Warrant Price for the Shares being purchased. 

1.2 Conversion Right. In lieu of exercising this warrant as specified in Section 1.1, Holder may from time to time convert this
warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of the Shares or other securities otherwise issuable upon exercise of this warrant minus the aggregate Warrant Price of such Shares
by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Section 1.3. 

1.3 Fair Market Value. If the Shares are traded regularly in a public market, the fair market value of the Shares shall be the closing
price of the Shares (or the closing price of the Company’s stock into which the Shares are convertible) reported for the business day immediately before Holder delivers its Notice of Exercise to the Company. If the Shares are not regularly
traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith judgment. 

 1.4 Delivery of Certificate and New Warrant. Promptly after Holder exercises or
converts this warrant, the Company shall deliver to Holder certificates for the Shares acquired and, if this warrant has not been fully exercised or converted and has not expired, a new warrant representing the Shares not so acquired. 

1.5 Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or, in the case of mutilation, on surrender and cancellation of this warrant,
the Company at its expense shall execute and deliver, in lieu of this warrant, a new warrant of like tenor. 
 1.6 Treatment of Warrant
Upon Acquisition of the Company. 
 1.6.1 “Acquisition.” For the purpose of this warrant,
“Acquisition” means (a) any sale, exclusive license, or other disposition of all or substantially all of the assets (including intellectual property) of the Company, or (b) any reorganization, consolidation, merger or sale of the
voting securities of the Company (other than a merger or consolidation effected exclusively to change the Company’s domicile) or any other transaction where the holders of the Company’s securities before the transaction beneficially own
less than fifty percent (50%) of the outstanding voting securities of the surviving entity after the transaction. 
 1.6.2
Exercise Upon Acquisition. Upon the closing of any Acquisition in which the consideration to be received by the Company’s stockholders consists of cash, marketable securities, or a combination of both cash and marketable
securities, this warrant shall be deemed to have been automatically converted pursuant to Section 1.2, and thereafter Holder shall participate in the Acquisition on the same terms as other holders of the same class of securities of the Company;
provided, however, that if the fair market value of the consideration to be paid in the Acquisition for each share of stock for which this warrant is then exercisable is equal to or less than the Warrant Price, then this warrant shall be
automatically cancelled and terminated upon the closing of such Acquisition. 
 1.6.3 Assumption of Warrant. Upon the closing of any
Acquisition not referred to in Section 1.6.2, the successor entity shall assume the obligations of this warrant, and this warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the
Shares issuable upon exercise of the unexercised portion of this warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this
warrant. 

  
 2 

 1.7 Additional Shares. In addition to the right to purchase the Initial Shares
granted to Holder on the Issue Date, (i) upon the funding of Advances in the aggregate original principal amount of Twenty Million Dollars ($20,000,000) in accordance with the Credit Agreement among the Company, the other Credit Parties from
time to time party thereto, Pacific Western Bank, as administrative agent for itself and the other Lenders, and the Lenders from time to time party thereto (as the same may from time to time be amended, modified, supplemented or restated, the
“Credit Agreement”), the Company shall be deemed to have automatically granted to Holder, the right to purchase, at an exercise price per share equal to the Warrant Price, 28,600 additional shares, and (ii) on the date a
New Revolving Lender becomes a “Lender” pursuant to the terms of Section 2.2 of the Credit Agreement, the Company shall be deemed to have automatically granted to Holder, the right to purchase, at an exercise price per share equal to
the Warrant Price, the number of additional shares equal to (x) 21,450, multiplied by (y) the New Revolving Lender’s Commitment divided by $25,000,000 (all such additional Shares being called the “Additional
Shares”). Capitalized terms used but not defined in this Section 1.7 shall have the meanings given to them in the Credit Agreement. 

ARTICLE 2 
 ADJUSTMENTS
TO THE SHARES 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on its common stock payable in
common stock, or other securities, or subdivides the outstanding common stock into a greater amount of common stock, then upon exercise of this warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind
of securities to which Holder would have been entitled had Holder owned the Shares of record as of the date the dividend or subdivision occurred. 

2.2 Reclassification, Exchange or Substitution. Upon any reclassification, exchange, substitution, or other event that results in a
change of the number and/or class of the securities issuable upon exercise or conversion of this warrant, Holder shall be entitled to receive, upon exercise or conversion of this warrant, the number and kind of securities and property that Holder
would have received for the Shares if this warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of
the Company of the same class or series as the Shares to common stock pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation (as amended and/or restated from time to time, the “Restated
Certificate”) upon the closing of a registered public offering of the Company’s common stock. The Company or its successor shall promptly issue to Holder a new warrant for such new securities or other property. The new warrant
shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities or property
issuable upon exercise of the new warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions, or other events. 

2.3 Adjustments for Combinations, Etc. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a
lesser number of shares, the Warrant Price shall be proportionately increased. If the outstanding Shares are combined or consolidated, by reclassification or otherwise, into a greater number of shares, the Warrant Price shall be proportionately
decreased. 

  
 3 

 2.4 Adjustments for Diluting Issuances. In the event of the issuance (a
“Diluting Issuance”) by the Company after the Issue Date of securities at a price per share less than the Warrant Price, then the number of shares of common stock issuable upon conversion of the Shares shall be adjusted in
accordance with those provisions of the Company’s Articles or Certificate) of Incorporation that apply to Diluting Issuances. 
 2.5
Certificate as to Adjustments. Upon each adjustment of the Warrant Price, the Company at its expense shall promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and
the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting forth the Warrant Price in effect upon the date thereof and the series of adjustments leading to such Warrant Price. 

2.6 Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of the warrant and the Number of Shares to be
issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon any exercise or conversion of the warrant, the Company shall eliminate such fractional share interest by paying Holder the amount computed by
multiplying the fractional interest by the fair market value of a full Share. 
 ARTICLE 3 

REPRESENTATIONS AND COVENANTS OF THE COMPANY AND OF HOLDER 

3.1 Representations and Warranties of the Company. The Company hereby represents and warrants to the Holder as follows: 

(a) The initial Warrant Price referenced on the first page of this warrant is not greater than the price per share at which Shares were last
sold and issued prior to the Issue Date hereof in an arm’s length transaction in which at least $500,000 of such Shares were sold. 

(b) All Shares which may be issued upon the due exercise of the purchase right represented by this warrant, and all securities, if any,
issuable upon conversion of the Shares in accordance with the Restated Certificate, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer
provided for herein or under applicable federal and state securities laws. 
 (c) The Company’s capitalization table attached to this
warrant is true and complete as of the Issue Date. 
 3.2 Notice of Certain Events. The Company shall provide Holder with not less
than ten (10) days prior written notice of, including a description of the material facts surrounding, any of the following events: (a) declaration of any dividend or distribution upon its common stock, whether in cash, property, stock, or
other securities and whether or not a regular cash dividend; (b) offering for subscription pro rata to the holders of any class or series of its stock any additional shares of stock of any class or series or other rights (other than pursuant to
contractual participation or pre-emptive rights); (c) effecting any reclassification or recapitalization of common stock; or (d) the merger or consolidation with or into any other corporation, or sale,
lease, license, or conveyance of all or substantially all of its assets, or liquidation, dissolution or winding up. 

  
 4 

 3.3 Information Rights. Prior to an initial public offering of the Company’s
common stock and provided the Holder holds this warrant and/or any of the Shares, the Company shall deliver to the Holder (a) promptly after mailing, copies of all communiques to all shareholders of the Company, (b) within one hundred
eighty (180) days after the end of each fiscal year of the Company, the annual audited financial statements of the Company certified by independent public accountants of recognized standing and (c) within forty-five (45) days after
the end of each of the first three (3) quarters of each fiscal year, the Company’s quarterly, unaudited financial statements. 

3.4 Registration Under Securities Act of 1933, as amended. The Company agrees that the Shares of common stock of the Company into which
the Shares are convertible shall have Form S-3 and “piggyback” registration rights as set forth in Sections 2.1(b) and 2.2 of the 

Amended and Restated Investors’ Rights Agreement, dated as of June 27, 2017 (as may be amended, supplemented or restated from time to time, the
“IRA”). 
 ARTICLE 4 

REPRESENTATIONS, WARRANTIES OF THE HOLDER 

The Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this warrant or the Shares. 
 4.2 Disclosure of Information. Holder is aware of the Company’s business affairs and financial
condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this warrant and its underlying securities. Holder further has
had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such
information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this warrant and its underlying securities and/or has a preexisting personal or business relationship with the
Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act. 

  
 5 

 4.5 The Act. Holder understands that this warrant and the Shares issuable upon
exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder
understands that this warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and
qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 
 4.6 Market Stand-off Agreement. The Holder agrees that the Shares shall be subject to the Market Standoff provisions in Section 2.11 of the IRA. 

4.7 No Voting Rights. Holder, as a Holder of this warrant, will not have any voting rights until the exercise of this warrant. 

4.8 Rights Agreements. Upon and as a condition to the initial exercise or conversion of this Warrant, the Holder agrees to become a
party as a “Key Holder” to (i) that certain Voting Agreement dated June 27, 2017 among the Company and the other parties named therein, as may be amended, restated and/or supplemented from time to time and (ii) that
certain Right of First Refusal and Co-Sale Agreement dated June 27, 2017 among the Company and the other parties named therein, as may be amended, restated and/or supplemented from time to time. 

ARTICLE 5 

MISCELLANEOUS 
 5.1
Term: Exercise Upon Expiration. This warrant is exercisable in whole or in part, at any time and from time to time on or before the Expiration Date set forth above. If this warrant has not been exercised or cancelled prior to the Expiration
Date, this warrant shall be deemed to have been automatically exercised on the Expiration Date by “cashless” conversion pursuant to Section 1.2. 

5.2 Legends. This warrant and the Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any)
shall be imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH APPLICABLE LAW. 
 5.3 Compliance with Securities Laws on
Transfer. This warrant and the Shares issuable upon exercise of this warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance
with applicable federal and state securities laws by the transferor and the transferee. The Company shall not require Holder to provide an opinion of counsel if the transfer is to PacWest Bancorp or any other affiliate of Holder or if there is no
material question as to the availability of current information as referenced in Rule 144(c), Holder represents that it has complied with Rule 144 (d) and (e) in reasonable detail, the selling broker represents that it has complied with Rule
144(f), and the Company is provided with a copy of Holder’s notice of proposed sale. 

  
 6 

 5.4 Transfer Procedure. After receipt by Pacific Western Bank of this warrant,
Pacific Western Bank will transfer all of this warrant to its parent company, PacWest Bancorp. By its acceptance of this warrant, PacWest Bancorp hereby makes to the Company each of the representations and warranties set forth in Section 4
hereof and agrees to be bound by all of the terms and conditions of this warrant as if the original Holder hereof. Subject to the provisions of Section 5.3, Holder may transfer all or part of this warrant or the Shares issuable upon exercise of
this warrant (or the securities issuable, directly or indirectly, upon conversion of the Shares, if any) by giving the Company notice of the portion of the warrant being transferred setting forth the name, address and taxpayer identification number
of the transferee and surrendering this warrant to the Company for reissuance to the transferee(s) (and Holder, if applicable), and provided further, that any subsequent transferee other than PacWest Bancorp shall agree in writing with the Company
to be bound by all of the terms and conditions of this warrant. No surrender or reissuance shall be required for the transfer to PacWest Bancorp or a transfer to any other affiliate of Holder. 

5.5 Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be deemed delivered and
effective when given personally or mailed by first-class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or the Holder, as the case may be, in writing by the Company or such Holder from time
to time. All notices to the Holder shall be addressed as follows: 
 PacWest Bancorp 

Attn: Warrant Administrator 
 406
Blackwell Street, Suite 240 
 Durham, NC 27701 

5.6 Amendments. This warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
 5.7 Attorneys’
Fees. In the event of any dispute between the parties concerning the terms and provisions of this warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including
reasonable attorneys’ fees. 
 5.8 Governing Law. This warrant shall be governed by and construed in accordance with the laws of
the State of New York, without giving effect to its principles regarding conflicts of law. 
 [Signature Page Follows] 

  
 7 

 IN WITNESS WHEREOF, the undersigned has executed this Warrant to Purchase Stock as of the date set forth
above. 
  

			
	TOAST, INC.
		
	By:	 	 /s/ Chris Comparato

	Name:	 	Chris Comparato
	Title:	 	Chief Executive Officer

 [Signature Page to Warrant to Purchase Stock] 

 APPENDIX 1 

NOTICE OF EXERCISE 

1. The undersigned hereby elects to purchase
                 shares of the                  stock of TOAST,
INC. pursuant to the terms of the attached warrant, and tenders herewith payment of the purchase price of such shares in full. 

1. The undersigned hereby elects to convert the attached warrant into shares in the manner specified in the warrant. This conversion is
exercised with respect to                  of the shares covered by the warrant. 

[Strike paragraph that does not apply.] 

2. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name as is
specified below: 
  

	
	
	  
 (Holder’s Name)

	
	  

 

	(Address)

 3. The undersigned represents it is acquiring the shares solely for its own account and not as a
nominee for any other party and not with a view toward the resale or distribution thereof except in compliance with applicable securities laws. 
  

	
	PACWEST BANCORP or Registered Assignee
	
	  
 (Signature)

	
	  
 (Date)EX-4.7

 Exhibit 4.7 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED (the “1933
ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO YOU THAT SUCH
REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 PLAIN ENGLISH WARRANT AGREEMENT 

This is a PLAIN ENGLISH WARRANT AGREEMENT dated January 23, 2018 by and between TOAST, INC., a Delaware corporation, and TRIPLEPOINT VENTURE
GROWTH BDC CORP., a Maryland corporation. 
 The words “We”, “Us”, or “Our” refer to the warrant holder, which is TRIPLEPOINT
VENTURE GROWTH BDC . The words “You” or “Your” refers to the issuer, which is TOAST, INC., and not to any individual. The words “the Parties” refers to both TRIPLEPOINT VENTURE GROWTH BDC CORP. and TOAST, INC. This
Plain English Warrant Agreement may be referred to as the “Warrant Agreement”. 
 The Parties have entered into a Plain English Growth Capital
Loan and Security Agreement dated as of January 23, 2018 (the “Loan Agreement”). 
 In consideration of such Loan Agreement, the Parties
agree to the following mutual agreements and conditions set forth below: 
  

					
	WARRANT INFORMATION
			
	 Effective Date
	  	 Warrant Number
	  	 Loan Facility Number

			
	February 1, 2018	  	1129-W-01	  	Part 1: 1129-GC-01
			
		  		  	Part 2: 1129-GC-02
			
		  		  	Part 3: 1129-GC-03

  

							
	 Warrant Coverage
	  	 Number of Shares
	  	 Price Per Share
	  	
Type of Stock

	 Part 1: $105,000 (0.525% of $20,000,000) on the Effective Date and up to an additional $595,000 (2.975% of $20,000,000) based
upon Advances under the Part 1 Commitment Amount
  
 Part 2:
$78,750 (0.525% of $15,000,000) on the Effective Date and up to an additional $446,250 (2.975% of $15,000,000) based upon Advances under the Part 2 Commitment Amount

 
 Part 3: Up to $1,250,000 (5.00% of $25,000,000) based upon
Advances under the Part 3 Commitment Amount
	  	 Part 1: 15,043 on the Effective Date and up to an additional 85,243 based upon Advances under the Part 1 Commitment Amount

 
 Part 2: 11,282 on the Effective Date and up to an additional
63,933 based upon Advances under the Part 2 Commitment Amount
  

Part 3: Up to 179,083 based upon Advances under the Part 3 Commitment Amount
	  	  
 $6.98
	  	  
 Series C Preferred Stock

					
	OUR CONTACT INFORMATION
			
	 Name
	  	 Address For Notices
	  	 Contact Person

			
	TriplePoint Venture Growth BDC Corp.	  	 2755 Sand Hill Road, Ste. 150

Menlo Park, CA 94025
 Tel: (650) 854-2090
 Fax: (650) 854-1850
	  	 Sajal Srivastava, President

Tel: (650) 233-2102

Fax: (650) 854-1850

email: legal@triplepointcapital.com

	
	YOUR CONTACT INFORMATION
			
	 Customer Name
	  	 Address For Notices
	  	 Contact Person

			
	 Toast, Inc.
  

-
	  	 401 Park Drive, Suite 801

Boston, MA 02215
	  	 Tim Barash, CFO

Tel: 631-320-8896

Fax: N/A
 email:
tbarash@toasttab.com

  

	1.	 WHAT YOU AGREE TO GRANT US 

Part 1: You grant to Us and We are entitled, upon the terms and subject to the conditions set forth in this Warrant Agreement, to purchase from You, at
a price per share equal to the Exercise Price, that number of fully paid and non-assessable shares of Your Warrant Stock equal to One Hundred Five Thousand and No/100 Dollars ($105,000), divided by the
Exercise Price. 
 In addition, You grant to Us and We are entitled, upon the terms and subject to the conditions set forth in this Warrant Agreement, to
purchase from You, at a price per share equal to the Exercise Price, an additional number of fully paid and non-assessable shares of Your Warrant Stock equal to two and nine hundred seventy-five thousandths
percent (2.975%) of any amounts advanced under the Part 1 Commitment Amount of the Loan Agreement, divided by the Exercise Price.  
 Part 2:
You grant to Us and We are entitled, upon the terms and subject to the conditions set forth in this Warrant Agreement, to purchase from You, at a price per share equal to the Exercise Price, that number of fully paid and non-assessable shares of Your Warrant Stock equal to Seventy-Eight Thousand Seven Hundred Fifty and No/100 Dollars ($78,750), divided by the Exercise Price. 

In addition, You grant to Us and We are entitled, upon the terms and subject to the conditions set forth in this Warrant Agreement, to purchase from You, at a
price per share equal to the Exercise Price, an additional number of fully paid and non-assessable shares of Your Warrant Stock equal to two and nine hundred seventy-five thousandths percent (2.975%) of any
amounts advanced under the Part 2 Commitment Amount of the Loan Agreement, divided by the Exercise Price.  
 Part 3: You grant to Us and We
are entitled, upon the terms and subject to the conditions set forth in this Warrant Agreement, to purchase from You, at a price per share equal to the Exercise Price, an additional number of fully paid and
non-assessable shares of Your Warrant Stock equal to five percent (5.00%) of any amounts advanced under the Part 3 Commitment Amount of the Loan Agreement, divided by the Exercise Price. 

The number of shares of Warrant Stock and the Exercise Price of such Warrant Stock are subject to adjustment as provided in Section 4 hereof. 

For purposes of this Warrant Agreement, the following capitalized terms have the meanings given below: 

“Common Stock” means Your Common Stock. 

“Exercise Price” means $6.98. 

“Warrant Stock” means Your Series C Preferred Stock. 

  
 2 

 The Parties agree that this Warrant Agreement to purchase the Warrant Stock has a fair market value equal to
$100 and that $100 of the issue price of the investment will be allocable to the Warrant Agreement and the balance shall be allocable to the Loan Agreement for income tax purposes and the original issue discount on the Loan Agreement shall be
considered to be zero. 
  

	2.	 WHEN ARE WE ENTITLED TO PURCHASE YOUR WARRANT STOCK. 

The term of this Warrant Agreement and Our right to purchase Warrant Stock will begin on the Effective Date, and shall be available for the lesser of (i) 8
years from the Effective Date or (ii) 1 year from the effective date of Your initial public offering. 
 Notwithstanding the foregoing, Our right to
purchase the Warrant Stock shall be automatically and fully exercised via the net issuance method described below (without surrender of the Warrant Agreement) immediately prior to the consummation of a Merger Event, as defined below, with a Person
that is not one of Your affiliates, in which Your common stock is exchanged for cash and/or stock that is traded on a recognized public exchange or on the NASDAQ National Market, provided that, upon consummation of the Merger Event, the
consideration payable to Us pursuant to such exercise and on account of the Warrant Stock consists of (i) cash and/or (ii) stock that is traded on a recognized public exchange or on the NASDAQ National Market and the total per share
consideration in this clause (ii) is equal to or greater than one-and-a-half (1.5) times the aggregate Exercise Price (as
adjusted). No less than five (5) business days prior to any Merger Event, You shall provide Us with written notice of the proposed Merger Event together with a copy of the executed merger agreement (or the latest version of the merger agreement
if such agreement has not yet been executed and a copy of the executed merger agreement once signed), or other definitive documentation (and all schedules and exhibits thereto) and information concerning Your expected capitalization immediately
prior to the Merger Event. Upon consummation of the Merger Event, You shall promptly provide Us with (a) a copy of any modifications or amendments to the executed merger agreement, (b) any other documents in connection therewith,
(c) updated information, if any, concerning Your capitalization immediately prior to the Merger Event, and, (d) upon request, by Us any other information reasonably necessary to an informed evaluation of Our rights under this Agreement.

 Notwithstanding anything to the contrary contained herein, if the per share value of the consideration payable to holders of the Warrant Stock upon the
consummation of a Merger Event in cash (in clause (i) above) is less than the Exercise Price (as adjusted) and We have not elected to exercise this Warrant Agreement, then this Warrant Agreement shall automatically terminate as of immediately
prior to the consummation of such Merger Event and shall be of no further force and effect unless exercised by Us in connection with such Merger Event. 
  

	3.	 HOW WE MAY PURCHASE YOUR WARRANT STOCK. 

We may exercise Our purchase rights, in whole or in part, at any time, or from time to time, prior to the expiration of the term of this Warrant Agreement, by
giving You, except as provided in the last paragraph of this Section 3, a completed and executed Notice of Exercise in the form attached as Exhibit I. Promptly upon receipt of the Notice of Exercise and in any event no later than twenty-one (21) days after you have received Our Notice of Exercise and payment of the aggregate Exercise Price for the shares purchased, You will issue to Us a certificate for the number of shares of Warrant
Stock that We have purchased and You will execute the Acknowledgment of Exercise in the form attached hereto as Exhibit II indicating the number of shares which will be available to Us for future purchases, if any. 

We may pay for the Warrant Stock by either (i) cash or check, or (ii) by the net issuance method as determined below (the “Net Issuance
Method”). If We elect the Net Issuance Method, You will issue Warrant Stock using the following formula: 
  

							
		  	X = 	 	 Y(A-B)
	  	
		 	A

			
	Where: X =	    	the number of shares of Warrant Stock to be issued to Us.
	Y =	    	the number of shares of Warrant Stock We request to be exercised under this Warrant Agreement.

	A =	    	the fair market value of one share of Warrant Stock.
	B =	    	the Exercise Price.

  
 3 

 For purposes of the above calculation, current fair market value of Warrant Stock shall mean with respect to
each share of Warrant Stock: 
 If the exercise is in connection with the initial public offering of Your Common Stock, and if Your registration
statement relating to such public offering has been declared effective by the SEC, then the fair market value per share shall be the product of (x) the initial “Price to Public” specified in the final prospectus of the offering and
(y) the number of shares of Common Stock into which each share of Warrant Stock is convertible at the time of such exercise. 
 If this Warrant
Agreement is exercised after, and not in connection with Your initial public offering, and: 
  

	•	 	 if traded on a securities exchange, the fair market value shall be the product of (x) the average of the
closing prices over a five (5) day period ending three (3) days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Warrant Stock is
convertible at the time of such exercise; or 

  

	•	 	 if actively traded
over-the-counter, the fair market value shall be the product of (x) the average of the closing bid and asked prices quoted on the NASDAQ system (or similar system)
over the five (5) day period ending three (3) days before the day the current fair market value of the securities is being determined and (y) the number of shares of Common Stock into which each share of Warrant Stock is convertible
at the time of such exercise. 

 If this Warrant Agreement is exercised prior to or after Your initial public offering, and: 

 

	•	 	 Your Common Stock is not listed on any securities exchange or quoted in the NASDAQ system or the over-the-counter market, the current fair market value of Warrant Stock shall be the product of (x) the fair market value of a share of Your Common Stock (the highest
price per share which You could obtain from a willing buyer (not a current employee or director) for shares of Common Stock sold, from authorized but unissued shares), as determined in good faith by Your Board of Directors, and (y) the number
of shares of Common Stock into which each share of Warrant Stock is convertible at the time of such exercise. Notwithstanding the foregoing, however, if You shall become subject to a merger, acquisition or other consolidation pursuant to which
holders of Warrant Stock shall be entitled to receive cash, securities or other property, then the fair market value of the Warrant Stock shall be deemed to be the value received by the holders of the Warrant Stock (on a common equivalent basis)
pursuant to such merger or acquisition or other consolidation. 

 During the term of this Warrant Agreement, You will at all times from
and after the Effective Date have authorized and reserved a sufficient number of shares of (a) Warrant Stock to provide for the exercise of our rights to purchase Warrant Stock, and (b) Common Stock to provide for the conversion of the
Warrant Stock. 
 If We elect to exercise part of the Warrant Agreement, You will promptly issue to Us an amended Warrant Agreement stating the remaining
number of shares that are available. All other terms and conditions of that amended Warrant Agreement shall be identical to those contained in this Warrant Agreement. 

If at the end of the term of this Warrant Agreement, the fair market value of one share of Warrant Stock (or other security issuable upon the exercise hereof)
as determined in accordance herewith is greater than the Exercise Price in effect on such date, then this Warrant Agreement shall automatically be deemed on and as of such date to be converted pursuant to the Net Issuance Method as to all shares of
Warrant Stock (or such other securities) for which it shall not previously have been exercised or converted, and You shall promptly deliver a certificate representing the shares of Warrant Stock (or such other securities) issued upon such conversion
to Us. 

  
 4 

	4.	 WHEN WILL THE NUMBER OF SHARES AND EXERCISE PRICE CHANGE. 

 

	•	 	 If You are Acquired. Subject to Section 2, if at any time: (i) there is a reorganization of Your
stock (other than a reclassification, exchange or subdivision of Your stock otherwise provided for in this Warrant Agreement); (ii) You merge or consolidate with or into another entity, whether or not You are the surviving entity; (iii) You
sell or convey, or grant an exclusive license with respect to, all or substantially all of Your assets to any other person; or (iv) there occurs any transaction or series of related transactions that result in the transfer of fifty percent
(50%) or more of the outstanding voting power of the capital stock of You (each of the foregoing events are referred to as a “Merger Event”), then, as a part of such Merger Event, lawful provision shall be made so that We shall thereafter
be entitled to receive, upon exercise of Our rights under this Warrant Agreement, the number of shares of preferred stock or other securities of the successor or surviving person resulting from such Merger Event, equal in value to that which would
have been issuable if We had exercised Our rights under this Warrant Agreement immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by Your Board of Directors) shall be made in the application
of the provisions of this Warrant Agreement with respect to Our rights and interest after the Merger Event so that the provisions of this Warrant Agreement (including adjustments of the Exercise Price and number of shares of Warrant Stock
purchasable) shall be applicable to the greatest extent possible. 

  

	•	 	 If You Reclassify Your Stock. If at any time You combine, reclassify, exchange or subdivide Your
securities or otherwise change any of the securities as to which purchase rights under this Warrant Agreement exist into the same or a different number of securities of any other class or classes, this Warrant Agreement will thereafter represent the
right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Warrant Agreement immediately prior to such combination,
reclassification, exchange, subdivision or other change. 

  

	•	 	 If You Subdivide or Combine Your Shares. If at any time You combine or subdivide the Warrant Stock, the
Exercise Price will be proportionately decreased in the case of a subdivision, or proportionately increased in the case of a combination. 

  

	•	 	 If You Pay Stock Dividends. If at any time You pay a dividend payable in, or make any other distribution
(except any distribution specifically provided for in the above paragraphs) of the Warrant Stock, then the Exercise Price shall be adjusted, from and after the record date of such dividend or distribution, to that price determined by multiplying the
Exercise Price in effect immediately prior to such record date by a fraction (i) the numerator of which shall be the total number of all shares of the Warrant Stock outstanding immediately prior to such dividend or distribution, and
(ii) the denominator of which shall be the total number of all shares of the Warrant Stock outstanding immediately after such dividend or distribution. We will thereafter be entitled to purchase, at the Exercise Price resulting from such
adjustment, the number of shares of Warrant Stock (calculated to the nearest whole share) obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares of Warrant Stock issuable upon the exercise
hereof immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment. 

  

	•	 	 “Pay to Play” Rights. In the event that any “pay to play” terms or conditions (i.e.
terms or conditions that require a holder of shares of Your preferred stock (the “Preferred Stock”) to purchase securities in a future round of equity financing or else lose the benefit of anti-dilution protections applicable to shares of
Preferred Stock or have such shares of Preferred Stock automatically convert into common stock or another class or series of capital stock) in Your Certificate of Incorporation are triggered in connection with any sale or issuance of securities (a
“Trigger Event”), then, in each such event the purchase rights under this Warrant Agreement shall automatically adjust to provide Us, upon the later exercise hereof, with the same securities and/or rights that We would have received had We
(x) exercised this Warrant Agreement prior to such Trigger Event, and (y) participated in the applicable equity financing in an amount sufficient to be deemed to have fully participated for purposes of such “pay to play”
provision. 

  
 5 

	•	 	 If You Change the Antidilution Rights of the Warrant Stock or Issue New Preferred or Convertible Stock.
All antidilution rights applicable to the Warrant Stock purchasable under this Warrant Agreement are as set forth in Your Certificate of Incorporation, as amended through the Effective Date. Any waiver of antidilution rights pursuant to Your
Certificate of Incorporation shall apply to the antidilution rights applicable to the Warrant Stock purchasable under this Warrant Agreement. You will promptly provide Us with any restatement, amendment, modification of or waiver of any right
applicable to the Warrant Stock under Your Certificate of Incorporation to the extent that You provide the same to all other holders of the Warrant Stock. You will provide Us with copies of notices that You send to Your stockholders with respect to
any issuance of Your stock or other equity security to occur after the Effective Date (other than issuances of stock or equity securities pursuant to customary employee stock plans), which notice shall include (a) the price at which such stock
or security is to be sold, (b) the number of shares to be issued, and (c) such other information as necessary for Us to determine if a dilutive event has occurred or will occur as a result of such issuance. 

 

	5.	 WE CAN TRANSFER THIS WARRANT AGREEMENT. 

Subject to the terms and conditions contained in Section 7, We (or any successor transferee) may transfer in whole or in part this Warrant Agreement and
all its rights. You will record the transfer on Your books when You receive Our Notice of Transfer in the form attached hereto as Exhibit III, and Our payment of all transfer taxes and other governmental charges involved in such transfer.
Notwithstanding the foregoing, We will not transfer to a direct competitor of You, as determined in good faith by Your board of directors, without Your prior written consent. 
  

	6.	 REPRESENTATIONS, WARRANTIES, AND COVENANTS FROM YOU. 

 

	•	 	 Reservation of Warrant Stock. The Warrant Stock issuable upon exercise of Our rights under this Warrant
Agreement will be duly and validly reserved and when issued in accordance with the provisions of this Warrant Agreement will be validly issued, fully paid and non-assessable, and will be free of any taxes,
liens, charges or encumbrances of any nature whatsoever; provided, however, that the Warrant Stock issuable pursuant to this Warrant Agreement may be subject to restrictions on transfer under state and/or Federal securities laws and the terms of
this Warrant Agreement. Upon Our exercise, You will issue to Us certificates for shares of Warrant Stock without charging Us any tax, or other cost incurred by You in connection with such exercise and the related issuance of shares of Warrant Stock.
You will not be required to pay any tax, which may be payable in respect of any transfer involved and the issuance and delivery of any certificate in a name other than TriplePoint Venture Growth BDC Corp. 

 

	•	 	 Due Authority. Your execution and delivery of this Warrant Agreement and the performance of Your
obligations hereunder, including the issuance to Us of the right to acquire the shares of Warrant Stock, have been duly authorized by all necessary corporate action on Your part and this Warrant Agreement is not inconsistent with Your Certificate of
Incorporation or Bylaws, do not contravene any law or governmental rule, regulation or order applicable to it, do not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, material contract or other
material instrument to which You are a party or by which You are bound, and this Warrant Agreement constitutes a legal, valid and binding agreement, enforceable in accordance with its respective terms, subject to laws of general application relating
to bankruptcy, insolvency and the relief of debtors and the rules of law or principles at equity governing specific performance, injunctive relief and other equitable remedies. 

 

	•	 	 Consents and Approvals. No consent or approval of, giving of notice to, registration with, or taking of
any other action in respect of any state, Federal or other governmental authority or agency is required with respect to execution, delivery and Your performance of Your obligations under this Warrant Agreement, except for the filing of any required
notices pursuant to Federal and state securities laws, which filings will be effective by the times required thereby. 

  

	•	 	 Issued Securities. All of Your issued and outstanding shares of Common Stock, Warrant Stock or any other
securities have been duly authorized and validly issued and are fully paid and nonassessable. All outstanding shares of Common Stock and Warrant Stock were issued in full compliance with all Federal and state securities laws. In addition as of the
Effective Date: 

 Your authorized capital consists of (A) 75,814,850 shares of Common Stock, of which 39,042,909 shares of Common Stock
are issued and outstanding, and (B) 3,614,458 shares of Series A Preferred Stock, all of which are issued and outstanding, (C) 15,307,339 shares of Series B Preferred Stock, of which 15,176,157 shares are issued and outstanding, and (D) 7,754,773
shares of Series C Preferred Stock, of which 7,328,689 shares are issued and outstanding. 

  
 6 

 You have reserved 16,980,562 shares of Common Stock for issuance under Your Stock Incentive Plan, under
which 4,148,772 options have been granted. Except as otherwise provided in this Warrant Agreement and as noted above, there are no other options, warrants, conversion privileges or other rights presently outstanding to purchase or otherwise acquire
any authorized but unissued shares of Your capital stock or other of Your securities. 
 Except as set forth in Your Investors’ Rights Agreement, a
true, correct and complete copy of which has been delivered to Us prior to the issuance of this Warrant, Your stockholders do not have preemptive rights to purchase new issuances of Your capital stock. 

 

	•	 	 Other Commitments to Register Securities. Except as set forth in this Warrant Agreement and the
Investors’ Rights Agreement, You are not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the 1933 Act any of Your presently outstanding securities or any of Your securities which may
hereafter be issued. 

  

	•	 	 Exempt Transaction. Subject to the accuracy of Our representations in Section 7 hereof, the issuance
of the Warrant Stock upon exercise of this Warrant Agreement will constitute a transaction exempt from (i) the registration requirements of Section 5 of the 1933 Act, in reliance upon Section 4(a)(2) thereof, and (ii) the
qualification requirements of the applicable state securities laws. 

  

	•	 	 Compliance with Rule 144. Subject to the terms and conditions of this Warrant Agreement, We may sell the
Warrant Stock issuable hereunder in compliance with Rule 144 promulgated by the Securities and Exchange Commission. Within ten (10) days of Our request, You agree to furnish Us, a written statement confirming Your compliance with the filing
requirements of the Securities and Exchange Commission as set forth in such Rule 144, as may be amended. 

  

	•	 	 No Impairment. You agree not to, by amendment of Your Certificate of Incorporation, by-laws or other organizational or charter documents or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or performed under this Warrant Agreement by You, but shall at all times in good faith assist in carrying out of all the provisions of this Warrant Agreement and in taking all
such action as may be necessary or appropriate to protect Our rights under this Warrant Agreement against impairment. However, You shall not be deemed to have impaired Our rights if You amend Your Certificate of Incorporation, or the holders of Your
preferred stock waive their rights thereunder, in a manner that does not (individually or when considered in the context of any other actions being taken in connection with such amendments or waivers) affect Us in a manner different from the effect
that such amendments or waivers have on the rights of other holders of the same series and class as the Warrant Stock; provided, however, that, notwithstanding the foregoing, You shall not impose any restrictions on the transferability
or alienability of the Warrant Stock other than those in effect as of the Effective Date and in this Warrant Agreement without the express written consent of Us. 

 

	7.	 OUR REPRESENTATIONS AND COVENANTS TO YOU. 

 

	•	 	 Investment Purpose. The right to acquire Warrant Stock or the Warrant Stock issuable upon exercise of Our
rights contained herein and the Common Stock issuable upon conversion will be acquired for investment purposes and not with a view to the sale or distribution of any part thereof, and We have no present intention of selling or engaging in any public
distribution of the same in violation of the 1933 Act. 

  

	•	 	 Private Issue. We understand (i) that this Warrant Agreement, the Warrant Stock issuable upon
exercise of this Warrant Agreement and the Common Stock issuable upon conversion of the Warrant Stock are not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this
Warrant Agreement will be exempt from the registration and qualifications requirements thereof, and (ii) that Your reliance on such exemption is predicated on the representations set forth in this Section 7. 

  
 7 

	•	 	 Disposition of Our Rights. In no event will We make a disposition of any of Our rights to acquire Warrant
Stock or Warrant Stock issuable upon exercise of such rights or the Common Stock issuable upon conversion of the Warrant Stock unless and until (i) We shall have notified You in writing of the proposed disposition, and (ii) the transferee
agrees to be bound in writing to the applicable terms and conditions of this Warrant Agreement, and (iii) if You request, We shall have furnished You with an opinion of counsel satisfactory to You and Your counsel to the effect that
(A) appropriate action necessary for compliance with the 1933 Act has been taken, or (B) an exemption from the registration requirements of the 1933 Act is available. Notwithstanding the foregoing, the restrictions imposed upon the
transferability of any of Our rights to acquire Warrant Stock or Warrant Stock issuable on the exercise of such rights or the Common Stock issuable upon conversion of the Warrant Stock do not apply to transfers from the beneficial owner of any of
the aforementioned securities to its nominee or from such nominee to its beneficial owner, and shall terminate as to any particular share of Warrant Stock when (1) such security shall have been effectively registered under the 1933 Act and sold
by the holder thereof in accordance with such registration or (2) such security shall have been sold without registration in compliance with Rule 144 under the 1933 Act, or (3) a letter shall have been issued to You at Our request by the
staff of the Securities and Exchange Commission or a ruling shall have been issued to You at Our request by such Commission stating that no action shall be recommended by such staff or taken by such Commission, as the case may be, if such security
is transferred without registration under the 1933 Act in accordance with the conditions set forth in such letter or ruling and such letter or ruling specifies that no subsequent restrictions on transfer are required. Whenever the restrictions
imposed hereunder shall terminate, as hereinabove provided, the holder of a share of Warrant Stock then outstanding as to which such restrictions have terminated shall be entitled to receive from You, without expense to such holder, one or more new
certificates for the Warrant or for such shares of Warrant Stock not bearing any restrictive legend referring to 1933 Act registration or exemption. 

  

	•	 	 Financial Risk. We have such knowledge and experience in financial and business matters and knowledge of
Your business affairs and financial condition as to be capable of evaluating the merits and risks of Our investment, and have the ability to bear the economic risks of Our investment. 

 

	•	 	 Risk of No Registration. We understand that if You do not register with the Securities and Exchange
Commission pursuant to Section 12 of the Securities Exchange Act of 1934 (the “1934 Act”), or file reports pursuant to Section 15(d), of the 1934 Act, or if a registration statement covering the securities under the 1933 Act is
not in effect when We desire to sell (i) the rights to purchase Warrant Stock pursuant to this Warrant Agreement, or (ii) the Warrant Stock issuable upon exercise of the right to purchase, or (iii) the Common Stock issuable upon
conversion of the Warrant Stock, We may be required to hold such securities for an indefinite period. We also understand that any sale of Our right to purchase Warrant Stock or Warrant Stock or Common Stock issuable upon conversion of the Warrant
Stock, which might be made by it in reliance upon Rule 144 under the 1933 Act may be made only in accordance with the terms and conditions of that Rule. 

  

	•	 	 Accredited Investor. We are an “accredited investor” within the meaning of the Securities and
Exchange Rule 501 of Regulation D of the 1933 Act, as presently in effect. 

  

	•	 	 Market Stand-Off. We hereby that this Warrant Agreement, the
shares of Warrant Stock, and any shares of Your Common Stock issuable or issued upon conversion thereof shall be subject to the “market stand-off” provisions set forth in Section 2.11 of the
Investors’ Rights Agreement, as if We were an “Investor” and “Holder” thereunder. We further agree, if so requested by You or any representative of Your underwriters, to enter into such underwriter’s standard form of
“lockup” or “market standoff” agreement in a form satisfactory to such underwriter. Notwithstanding the foregoing, in no event shall such “lockup” or “market standoff” agreement restrict Our ability to
exercise Our purchase rights under this Warrant Agreement, including the transfer of Common Stock to You solely to satisfy the exercise price pursuant to the Net Issuance Method. 

 

	8.	 NOTICES YOU AGREE TO PROVIDE US. 

You agree to give Us at least ten (10) days prior written notice of the following events: 

 

	•	 	 If You pay a Dividend or distribution declaration upon Your stock. 

  
 8 

	•	 	 If You offer for subscription pro-rata to the holders of the Warrant
Stock additional stock or other rights (other than pursuant to contractual participation or pre-emptive rights). 

  

	•	 	 If You consummate or sign definitive documents providing for a Merger Event. 

 

	•	 	 If You have an initial public offering. 

 

	•	 	 If You dissolve or liquidate. 

All notices in this Section must set forth details of the event, how the event adjusts either Our number of shares or Our Exercise Price and the method used
for such adjustment. 
 Timely Notice. Your failure to timely provide such notice required above shall entitle Us to retain the benefit of the
applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Us. 
  

	9.	 DOCUMENTS YOU WILL PROVIDE US. 

Upon signing this Warrant Agreement You will provide Us with: 
  

	•	 	 Executed originals of this Warrant Agreement, and all other documents and instruments that We may reasonably
require 

  

	•	 	 Secretary’s certificate of incumbency and authority 

 

	•	 	 Certified copy of resolutions of Your board of directors approving this Warrant Agreement 

 

	•	 	 Certified copy of Certificate of Incorporation and by-laws as amended
through the Effective Date 

  

	•	 	 Current Investors’ Rights Agreement 

So long as this Warrant Agreement is in effect, You shall provide Us with the following: 

 

	•	 	 Within five (5) business days after the closing of any equity financing, or extension of an existing round
of equity financing, occurring after the Effective Date, in which You issue preferred stock or other securities You will provide Us with copies of the fully executed equity financing documents, including without limitation the related stock purchase
agreement, investors rights agreement, voting agreement, amended or restated Certificates of Incorporation, current capitalization table and other related documents. Notwithstanding any term or condition in this Warrant Agreement to the contrary,
Your failure to comply with this paragraph shall not constitute a default unless You have not provided the information requested within ten (10) business days of Our request. 

 

	•	 	 Within thirty (30) days after completion You shall provide Us with any 409A Valuation Reports or other
similar reports prepared for You. Notwithstanding any term or condition in this Warrant Agreement to the contrary, Your failure to comply with this paragraph shall not constitute a default unless You have not provided the information requested
within ten (10) business days of Our request. 

  

	•	 	 After all obligations under the Loan Agreement have been finally paid in full, within forty-five (45) days
after the end of each quarter, You will provide Us with (1) an unaudited income statement, statement of cash flows, and an unaudited balance sheet prepared in accordance with GAAP accompanied by a report detailing any material contingencies,
and (2) within one hundred eighty (180) days of the end of each fiscal year end, You will provide Us with audited financial statements accompanied by an audit report and an unqualified opinion of the independent certified public
accountants. 

  

	•	 	 You shall submit to Us any other documents and other information that We may reasonably request from time to time
and are necessary to implement the provisions and purposes of this Warrant Agreement. 

  

	10.	 REGISTRATION RIGHTS UNDER THE 1933 ACT. 

The shares of Your Common Stock into which the Warrant Stock is convertible shall have Form S-3 and
“piggyback” registration rights as set forth in Sections 2.1(b) and 2.2 of the Amended and Restated Investors’ Rights Agreement, dated as of June 27, 2017 (as may be amended, supplemented or restated from time to time, the
“Investors’ Rights Agreement”). 

  
 9 

	11.	 OTHER LEGAL PROVISIONS THE PARTIES WILL ABIDE BY. 

Effective Date. This Warrant Agreement shall be construed and shall be given effect in all respects as if it had been executed and delivered by the
Parties on the date hereof. This Warrant Agreement shall be binding upon any of the successors or assigns of the Parties. 
 Attorney’s Fees. In
any litigation, arbitration or court proceeding between the Parties relating to this Warrant Agreement, the prevailing party shall be entitled to attorneys’ fees and expenses and all costs of proceedings incurred in enforcing this Warrant
Agreement. 
 Governing Law. This Warrant Agreement shall be governed by and construed for all purposes under and in accordance with the laws of the
State of California without giving effect to that body of law pertaining to conflicts of laws. 
 Consent to Jurisdiction and Venue. All judicial
proceedings arising in or under or related to this Warrant Agreement may be brought in any state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Warrant Agreement, each party hereto
generally and unconditionally: (a) consents to personal jurisdiction in San Mateo County, State of California; (b) waives any objection as to jurisdiction or venue in San Mateo County, State of California; (c) agrees not to assert any
defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Warrant Agreement. Service of process on any party hereto in any action
arising out of or relating to this Warrant Agreement shall be effective if given in accordance with the requirements for notice set forth in this Section, and shall be deemed effective and received as set forth therein. Nothing herein shall affect
the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

Mutual Waiver of Jury Trial; Judicial Reference. Because disputes arising in connection with complex financial transactions are most quickly and
economically resolved by an experienced and expert person and the Parties wish applicable state and federal laws to apply (rather than arbitration rules), the Parties desire that their disputes be resolved by a judge applying such applicable laws.
EACH OF THE PARTIES SPECIFICALLY WAIVES ANY RIGHT THEY MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY YOU AGAINST US OR OUR
ASSIGNEE OR BY US OR OUR ASSIGNEE AGAINST YOU. IN THE EVENT THAT THE FOREGOING JURY TRIAL WAIVER IS NOT ENFORCEABLE, ALL CLAIMS, INCLUDING ANY AND ALL QUESTIONS OF LAW OR FACT RELATING THERETO, SHALL, AT THE WRITTEN REQUEST OF ANY PARTY, BE
DETERMINED BY JUDICIAL REFERENCE PURSUANT TO THE CALIFORNIA CODE OF CIVIL PROCEDURE (“REFERENCE”). THE PARTIES SHALL SELECT A SINGLE NEUTRAL REFEREE, WHO SHALL BE A RETIRED STATE OR FEDERAL JUDGE. IN THE EVENT THAT THE PARTIES CANNOT AGREE
UPON A REFEREE, THE REFEREE SHALL BE APPOINTED BY THE COURT. THE REFEREE SHALL REPORT A STATEMENT OF DECISION TO THE COURT. NOTHING IN THIS SECTION SHALL LIMIT THE RIGHT OF ANY PARTY AT ANY TIME TO EXERCISE LAWFUL SELF-HELP REMEDIES, FORECLOSE
AGAINST COLLATERAL OR OBTAIN PROVISIONAL REMEDIES. THE PARTIES SHALL BEAR THE FEES AND EXPENSES OF THE REFEREE EQUALLY UNLESS THE REFEREE ORDERS OTHERWISE. THE REFEREE SHALL ALSO DETERMINE ALL ISSUES RELATING TO THE APPLICABILITY, INTERPRETATION,
AND ENFORCEABILITY OF THIS SECTION. THE PARTIES ACKNOWLEDGE THAT THE CLAIMS WILL NOT BE ADJUDICATED BY A JURY. This waiver extends to all such Claims, including Claims that involve persons other than You and Us; Claims that arise out of or are in
any way connected to the relationship between You and Us; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind, arising out of this Warrant Agreement. 

Counterparts. This Warrant Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
 Notices. Any notice required or permitted under this Warrant Agreement shall be given in writing and
shall be deemed effectively given upon the earlier of (1) actual receipt or 3 days after mailing if mailed postage prepaid by regular or airmail to Us or You or (2) one day after it is sent by overnight mail via nationally recognized
courier or (3) on the same day as sent via confirmed facsimile transmission, provided that the original is sent by personal delivery or mail by the sending party. 

  
 10 

 Remedies. In the event of any default hereunder, the
non-defaulting party may proceed to protect and enforce its rights either by suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or
an action for specific performance for any default where such party will not have an adequate remedy at law and where damages will not be readily ascertainable. Each party expressly acknowledges and agrees that there is no adequate remedy at law for
any breach of this Warrant Agreement and that in the event of any breach of this Warrant Agreement, the injured party shall be entitled to specific performance of any or all provisions hereof or an injunction prohibiting the other party from
continuing to commit any such breach of this Warrant Agreement. 
 Survival. The representations, warranties, covenants, and conditions of the
Parties contained herein or made pursuant to this Warrant Agreement shall survive the execution and delivery of this Warrant Agreement. 

Severability. In the event any one or more of the provisions of this Warrant Agreement shall for any reason be held invalid, illegal or unenforceable,
the remaining provisions of this Warrant Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the intention of
the Parties underlying the invalid, illegal or unenforceable provision. 
 Entire Agreement. This Warrant Agreement constitutes the entire agreement
between the Parties pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations and undertakings of the Parties, whether oral or written, with respect to such subject matter. 

Amendments. Any provision of this Warrant Agreement may only be amended by a written instrument signed by the Parties. 

Lost Warrants or Stock Certificates. You covenant to Us that, upon receipt of evidence reasonably satisfactory to Us of the
loss, theft, destruction or mutilation of this Warrant Agreement or any stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to You, or in the case of any such mutilation
upon surrender and cancellation of such Warrant Agreement or stock certificate, You will make and deliver a new Warrant Agreement or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant Agreement or stock
certificate. 
 Rights as Stockholders. We shall not, as a party to this Warrant Agreement, be entitled to vote or receive dividends or be deemed the
holder of Warrant Stock or any of Your other securities which may at any time be issuable upon the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon Us any of the rights of one of Your stockholders or
any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to receive dividends or subscription rights or otherwise until this Warrant Agreement is exercised and the shares purchasable
upon the exercise hereof shall have become deliverable, as provided herein. 
 Signatures. This Warrant Agreement may be executed and delivered by
facsimile or transmitted electronically in either Tagged Image Format Files (“TIFF”) or Portable Document Format (“PDF”) and, upon such delivery, the facsimile, TIFF or PDF signature, as applicable, will be deemed to have the
same effect as if the original signature had been delivered to the other party. 
 Termination of Certain Covenants. Sections 8 and 9 hereof shall
terminate and be of no further force or effect upon the earlier to occur of (a) the consummation of the sale of securities pursuant to a registration statement filed by You under the 1933 Act in connection with Your initial public offering, or
(b) when You first become subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall first occur. 

Confidentiality. We agree that the confidentiality obligations from the Loan Agreement are incorporated herein by reference and shall apply to any
information disclosed under this Warrant Agreement. The confidentiality obligations set forth therein shall survive termination of the Loan Agreement, and continue with respect any information You have disclosed hereunder until such time as this
Warrant Agreement is exercised in accordance with its terms or terminated. 

  
 11 

 Certain Agreements. In connection with, any exercise of this Warrant Agreement (or within a
reasonable time thereafter), We agree, if You so request in writing, to become a party as a “Key Holder” to, by execution and delivery to the Company of a counterpart signature page, joinder agreement, instrument of accession or similar
instrument, (i) the Amended and Restated Right of First Refusal and Co-Sale Agreement dated June 27, 2017 by and among the Company and the other parties named therein, as may be amended, restated
and/or supplemented from time to time and (ii) the Amended and Restated Voting Agreement dated June 27, 2017 by and among the Company and the other parties named therein, as may be amended, restated and/or supplemented from time to time.
In no event will our exercise of this Warrant Agreement be conditioned or delayed by the execution of any of the aforementioned documents. 

(Signature Page to Follow) 

  
 12 

 IN WITNESS WHEREOF, each of the Parties have caused this Warrant Agreement to be executed by
its officers who are duly authorized as of the Effective Date. 
  

			
	You:	 	TOAST, INC.
		
	Signature:	 	 /s/ Christopher P. Comparato

		
	Print Name:	 	 Christopher P. Comparato

		
	Title:	 	 Chief Executive Officer

		
	Us:	 	TRIPLEPOINT VENTURE GROWTH BDC CORP.
		
	Signature:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

 [SIGNATURE PAGE TO WARRANT AGREEMENT
1129-W-01] 

 IN WITNESS WHEREOF, each of the Parties have caused this Warrant Agreement to be executed by
its officers who are duly authorized as of the Effective Date. 
  

			
	You	 	TOAST, INC.
		
	Signature:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

		
	Us:	 	TRIPLEPOINT VENTURE GROWTH BDC CORP.
		
	Signature:	 	 /s/ Andrew Olson

		
	Print Name:	 	 Andrew Olson

		
	Title:	 	 CFO

 [SIGNATURE PAGE TO WARRANT AGREEMENT
1129-W-01] 

 EXHIBIT I 

NOTICE OF EXERCISE 
  

	To:	 TOAST, INC. 

  

	1.	 We hereby elect to purchase [            ]
shares of the Series C Preferred Stock of Toast, Inc., pursuant to the terms of the Plain English Warrant Agreement dated the [            ] day of
[            ], [20    ] (the “Warrant Agreement”) between You and Us, We hereby tender here payment of the purchase price for such shares
in full, together with all applicable transfer taxes, if any. 

  

	2.	 Method of Exercise (Please initial the applicable blank) 

 

	 	a.	                 The undersigned
elects to exercise the Warrant Agreement by means of a cash payment, and gives You full payment for the purchase price of the shares being purchased, together with all applicable transfer taxes, if any. 

 

	 	b.	                 The undersigned
elects to exercise the Warrant Agreement by means of the Net Issuance Method of Section 3 of the Warrant Agreement. 

  

	3.	 In exercising Our rights to purchase the Series C Preferred Stock of Toast, Inc., We hereby confirm and
acknowledge the investment representations, warranties and covenants made in Section 7 of the Warrant Agreement. 

 Please issue a
certificate or certificates representing these purchased shares of Series C Preferred Stock in Our name or in such other name as is specified below. 
  

					
	        	 	  

		 	(Name)	 	
		
		 	  

		 	(Address)	 	

					
			
	        	 	US:	 	TRIPLEPOINT VENTURE GROWTH BDC CORP.
			
		 	By:	 	  

			
		 	Title:	 	  

			
		 	Date:	 	  

  
 14 

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 

[                         
           ], hereby acknowledges receipt of the “Notice of Exercise” from TRIPLEPOINT VENTURE GROWTH BDC CORP., to purchase
[                ] shares of the Series C Preferred Stock of Toast, Inc., pursuant to the terms of the Plain English Warrant Agreement dated the
[            ] day of [                ], [20    ] (the “Warrant Agreement”)
and further acknowledges that [                ] shares remain subject to purchase under the terms of the Warrant Agreement. 

 

									
	YOU:	 		 		 	TOAST, INC.
					
		 		 		 	By:	 	  

					
		 		 		 	Title:	 	  

					
		 		 		 	Date:	 	  

  
 15 

 EXHIBIT III 

TRANSFER NOTICE 
 FOR VALUE
RECEIVED, the foregoing Warrant Agreement and all rights evidenced thereby are hereby transferred and assigned to 
  

					
	  
	  	                                      
                      
	(Please Print)	  		  	

					
			
	Whose address is	  	  
	  	                    
		
	  
	  	

  

			
	Dated:	 	  

		
	Holder’s Signature:	 	  

		
	Holder’s Address:	 	  

		
	Transferee’s Signature:	 	  

		
	Transferee’s Address:	 	  

		
	Signature Guaranteed:	 	  

 NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of the Warrant
Agreement, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant Agreement. 

  
 16

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