Document:

ex_132760.htm

Exhibit 4.1

 

EXECUTION VERSION

 

 

 

 

 

 

 

 

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

BY AND AMONG

 

SEACOR MARINE HOLDINGS INC.,

 

MCCALL PROPERTIES, LLC

 

AND

 

THE MEMBERS OF THE SELLERS LISTED HEREIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

	Article I DEFINITIONS
	 	 	 
	Section 1.01	Definitions	1
	 	 	 
	Section 1.02 	Registrable Securities	2
	 	 	 
	Article II REGISTRATION RIGHTS
	 	 	 
	Section 2.01	Mandatory Registration	3
	 	 	 
	Section 2.02	Failure to File or Become Effective; Liquidated Damages	3
	 	 	 
	Section 2.03	Blackout and Delay Rights	4
	 	 	 
	Section 2.04	Sale Procedures	5
	 	 	 
	Section 2.05 	Obligations of the Holders	7
	 	 	 
	Section 2.06	Expenses	7
	 	 	 
	Section 2.07	Indemnification	8
	 	 	 
	Section 2.08	Rule 144 Reporting	9
	 	 	 
	Section 2.09 	Transfer or Assignment of Registration Rights	10
	 
	Article III MISCELLANEOUS
	 
	Section 3.01	Communications	10
	 	 	 
	Section 3.02	Successor and Assigns	11
	 	 	 
	Section 3.03	Assignment of Rights	11
	 	 	 
	Section 3.04	Recapitalization, Exchanges, Etc. Affecting the Shares	11
	 	 	 
	Section 3.05	Aggregation of Registrable Securities	11
	 	 	 
	Section 3.06 	Specific Performance	11
	 	 	 
	Section 3.07 	Counterparts	11
	 	 	 
	Section 3.08	Headings	11
	 	 	 
	Section 3.09	Governing Law	12
	 	 	 
	Section 3.10 	Severability of Provisions	12

 

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	Section 3.11	Entire Agreement	12
	 	 	 
	Section 3.12	Amendment	12
	 	 	 
	Section 3.13	No Presumption	12
	 	 	 
	Section 3.14	Obligations Limited to Parties to Agreement	12
	 	 	 
	Section 3.15	Independent Nature of Holder’s Obligations	13
	 	 	 
	Section 3.16 	Interpretation	13

 

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REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of January 9, 2019, by and among SEACOR Marine Holdings Inc., a Delaware corporation (the “Company”), McCall Properties, L.L.C., a Louisiana limited liability company (“McCall Properties”) and each of the members of McCall Marine Transportation, L.L.C., a Louisiana limited liability company, N.F. McCall Offshore, L.L.C., a Louisiana limited liability company, and Carlene McCall, L.L.C., a Louisiana limited liability company listed on the signature page hereto (the “Members”).

 

WHEREAS, this Agreement is made in connection with the issuance and sale of shares of common stock, par value $0.01 per share, of the Company (“Common Stock”) as consideration for the purchase of vessels pursuant to the Asset Purchase Agreements (as hereinafter defined); and

 

WHEREAS, the Company has agreed to provide the registration and other rights set forth in this Agreement for the benefit of McCall Properties and the Members pursuant to the Asset Purchase Agreements.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows:

 

Article I

DEFINITIONS

 

Section 1.01     Definitions. The terms set forth below are used herein as so defined:

 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

 

“Agreement” has the meaning specified therefor in the introductory paragraph of this Agreement.

 

“Asset Purchase Agreements” means that certain (i) Asset Purchase Agreement, dated as of the date hereof, by and among the Company, SEACOR Offshore McCall LLC and McCall Marine Transportation, L.L.C., (ii) Asset Purchase Agreement, dated as of the date hereof, by and among the Company, SEACOR Paula McCall LLC and N.F. McCall Offshore, L.L.C. and (iii) Asset Purchase Agreement, dated as of the date hereof, by and among the Company, SEACOR Offshore McCall LLC and Carlene McCall, L.L.C.

 

“Business Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions in the State of New York are authorized or required to be closed by law or governmental action.

 

“Commission” means the U.S. Securities and Exchange Commission.

 

“Common Stock Price” means the volume weighted average closing price per share of the Common Stock (as reported by Bloomberg L.P. (or if not available via Bloomberg L.P. another mutually agreed upon source)) for the 30 trading days immediately preceding the date on which the determination is made.

 

 

 

 

“Common Stock” has the meaning specified therefor in the introductory paragraph of this Agreement.

 

“Company” has the meaning specified therefor in the introductory paragraph to this Agreement.

 

“Consideration Shares” means the Common Stock acquired pursuant to the Asset Purchase Agreements.

 

“Effectiveness Deadline” has the meaning specified therefor in Section 2.02(b) of this Agreement.

 

“Effectiveness Period” has the meaning specified therefor in Section 2.01 of this Agreement.

 

“Holder” means the record holder of any Registrable Securities, which include, as of the date of this agreement, the Members and McCall Properties.

 

“Liquidated Damages” has the meaning specified therefor in Section 2.02(a) of this Agreement.

 

“Liquidated Damages Multiplier” means the product obtained by multiplying (x) the Common Stock Price by (y) the number of Registrable Securities held by a Holder that may not be disposed of without restriction and without the need for current public information pursuant to any section of Rule 144 (or any successor rule or regulation to Rule 144 then in force) under the Securities Act of 1933, as amended (the “Securities Act”).

 

“Mandatory Shelf Filing Date” has the meaning specified therefore in Section 2.01 of this Agreement.

 

“McCall Properties” has the meaning specified therefor in the introductory paragraph of this Agreement.

 

“Members” has the meaning specified therefor in the introductory paragraph of this Agreement.

 

“Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization, association, government agency or political subdivision thereof or other entity.

 

“Seller” and “Sellers” have the meanings specified therefor in the introductory paragraph of this Agreement.

 

“Registrable Securities” means, except as otherwise set forth in Section 1.02, the Consideration Shares (including any type of interest issued to the Holder as a result of Section 3.04).

 

“Registration Expenses” has the meaning specified therefor in Section 2.06(b) of this Agreement.

 

“Registration Statement” has the meaning specified therefor in Section 2.01 of this Agreement.

 

“Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement.

 

Section 1.02     Registrable Securities. Any Registrable Security will cease to be a Registrable Security (a) when a registration statement covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) when such Registrable Security has been disposed of pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act; (c) when such Registrable Security is held by the Company or one of its subsidiaries or Affiliates; (d) when such Registrable Security has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.09 hereof or (e) when such Registrable Security becomes eligible for resale without restriction and without the need for current public information pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act, if the Holder of such Registrable Security is not an affiliate (as defined in Rule 144(a)(1)) of the Company.

 

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Article II

REGISTRATION RIGHTS

 

Section 2.01     Mandatory Registration. No later than February 25, 2019 (such date, the “Mandatory Shelf Filing Date”), the Company shall prepare and use its commercially reasonable efforts to file a registration statement with the Commission on Form S-3 under the Securities Act providing for registration and resale, on a continuous or delayed basis and from time to time pursuant to Rule 415 under the Securities Act, of all of the Registrable Securities then outstanding; provided, however, that if the Company is not eligible to file and use a Form S-3 to register resales by the Holders by the Mandatory Shelf Filing Date it shall prepare and use its commercially reasonable efforts to file such form of registration statement as is then available to permit resales by the Holders on a continuous or delayed basis (including a Form S-1); provided, further, that if the Company has filed the registration statement on a form other than Form S-3 and subsequently becomes eligible to use Form S-3 or any equivalent or successor form or forms, the Company may elect, in its sole discretion, to (i) file a post-effective amendment to the registration statement converting such registration statement to a registration statement on Form S-3 or any equivalent or successor form or forms or (ii) withdraw such registration statement and file a registration statement on Form S-3 or any equivalent or successor form or forms, (the registration statement on such form, as amended or supplemented, the “Registration Statement”). The Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective under the Securities Act by the Commission as soon as reasonably practicable after the Mandatory Shelf Filing Date. The Company shall use its commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act until the earlier of (A) the date when all of the Registrable Securities covered by such Registration Statement have been sold, and (B) the date on which all of the Consideration Shares cease to be Registrable Securities hereunder (such period, the “Effectiveness Period”). The Registration Statement when effective (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained in such Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following the date that the Registration Statement becomes effective, but in any event within two (2) Business Days of such date, the Company shall provide the Holders with written notice of the effectiveness of the Registration Statement.

 

Section 2.02     Failure to File or Become Effective; Liquidated Damages.

 

(a)      If the Company has not filed the Registration Statement with the Commission on or prior to the applicable Mandatory Shelf Filing Date, then each Holder shall be entitled to a payment (with respect to each Registrable Security held by the Holder), as liquidated damages and not as a penalty, in an amount equal to 0.25% of the Liquidated Damages Multiplier of such Holder for the first 30-day period and (ii) an additional 0.25% of the Liquidated Damages Multiplier of such Holder with respect to each subsequent 30-day period, up to a maximum amount of 1.00% of the Liquidated Damages Multiplier of such Holder (the “Liquidated Damages”), which shall accrue daily until such date that the Company has filed the Registration Statement with the Commission. To the extent that during any 30-day period a Holder is no longer entitled to receive Liquidated Damages, the Company shall only be required to pay the Liquidated Damages that have accrued to such date.

 

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(b)     If the Registration Statement is not declared effective by the Commission on or before the earlier of (i) if the Registration Statement is subject to review by the Commission, ninety (90) days following the date on which the Company has filed its proxy statement for its 2019 Annual Meeting of Shareholders, and (ii) if the Registration Statement is not subject to review by the Commission, ten (10) days following the date of it files its proxy statement for its 2019 Annual Meeting of Shareholders (such earlier date, the “Effectiveness Deadline”), then each Holder shall be entitled to a payment (with respect to each Registrable Security held by the Holder), as liquidated damages and not as a penalty, of Liquidated Damages of such Holder, which shall accrue daily until such date that the Registration Statement is declared effective by the Commission.

 

(c)     The Liquidated Damages shall be paid to each Holder in cash within ten (10) Business Days following the last day of 30-day period that the Holders are entitled to such Liquidated Damages. Any payments made pursuant to this Section 2.02 shall constitute the Holders’ exclusive remedy for such events. Any Liquidated Damages due under this Section 2.02 shall be paid to the Holders in immediately available funds. The obligation to pay the Liquidated Damages to a Holder pursuant to this Section 2.02 shall cease at such time as the Registrable Securities become eligible for resale by such Holder under Rule 144 of the Securities Act without regard to any volume or manner of sale restrictions.

 

Section 2.03     Blackout and Delay Rights. Notwithstanding anything to the contrary contained herein:

 

(a)     the Company shall not be required to (i) file a Registration Statement (or any amendment thereto) or, (ii) if a Registration Statement has been filed but not declared effective by the Commission, request effectiveness of such Registration Statement, for a period of up to 60 days, if the Company in its sole discretion determines (A) in good faith that a postponement is in the best interest of the Company and its stockholders generally due to a pending transaction involving the Company (including a pending securities offering by the Company, or any proposed financing, acquisition, merger, tender offer, business combination, corporate reorganization, consolidation or other significant transaction involving the Company), (B) such registration would render the Company unable to comply with applicable securities laws, (C) such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential, or (D) audited financial statements as of a date other than the fiscal year end of the Company would be required to be prepared; provided, however, that in no event shall any such period exceed an aggregate of 90 days in any 365-day period; and

 

(b)     the Company may, upon written notice to any Selling Holder whose Registrable Securities are included in the Registration Statement or other registration statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus which is a part of the Registration Statement or other registration statement (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Registration Statement or other registration statement contemplated by this Agreement but may settle any previously made sales of Registrable Securities) if (i) the Company determines that it would be required to make disclosure of material information in the Registration Statement that the Company has a bona fide business purpose for preserving as confidential, (ii) the Company has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of the Company, would adversely affect the Company or (iii) the Company determines that it is required to amend or supplement the affected Registration Statement or the related prospectus so that such Registration Statement or prospectus does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the prospectus in light of the circumstances under which they were made, not misleading (an “Allowed Delay”); provided, however, in no event shall the Selling Holders be suspended from selling Registrable Securities pursuant to the Registration Statement or other registration statement for a period that exceeds an aggregate of 90 days in any 180-day period. Upon disclosure of such information or the termination of the condition described above, the Company shall provide prompt notice to the Selling Holders whose Registrable Securities are included in the Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement.

 

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Section 2.04     Sale Procedures. In connection with its obligations under this Article II, the Company will, as expeditiously as possible:

 

(a)     prepare and file with the Commission such amendments and supplements to the Registration Statement and the prospectus used in connection therewith as may be necessary to keep the Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by the Registration Statement;

 

(b)     make available to each Selling Holder (i) as far in advance as reasonably practicable before filing the Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits but excluding each document incorporated by reference), and provide each such Selling Holder the opportunity to reasonably object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing the Registration Statement or such other registration statement or supplement or amendment thereto, and (ii) such number of copies of the Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement;

 

(c)     if applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by the Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders shall reasonably request in writing by the time the Registration Statement is declared effective by the Commission; provided, however, that the Company will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify, take any action that would subject itself to general taxation in any jurisdiction where it would not otherwise be so subject or to take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject;

 

(d)     promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act in connection with a resale of Registrable Securities, of (i) the filing of the Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) the receipt of any written or verbal comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to the Registration Statement or any other registration statement or any prospectus or prospectus supplement thereto;

 

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(e)     immediately notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in the Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Company agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto;

 

(f)     upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to the Registration Statement;

 

(g)     otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;

 

(h)     cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which similar securities issued by the Company are then listed;

 

(i)     use its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders to consummate the disposition of such Registrable Securities;

 

(j)     provide a transfer agent and registrar for all Registrable Securities covered by such registration statement not later than the effective date of such registration statement;

 

(k)     if requested by a Selling Holder, (i) incorporate in a prospectus supplement or post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor, information regarding the underwriters, and any other terms of the offering of the Registrable Securities to be sold in such offering and (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and

 

(l)     if requested by a Selling Holder, enter into a customary underwriting agreement relating to the sale and distribution of Registrable Securities.

 

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The Company will not name a Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Registration Statement without such Holder’s consent. If the staff of the Commission requires the Company to name any Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act, and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included on the Registration Statement and the Company shall have no further obligations hereunder with respect to Registrable Securities held by such Holder or be required to pay any Liquidated Damages to the Holder.

 

Each Selling Holder, upon receipt of notice from the Company of the happening of any event of the kind described in subsection (e) of this Section 2.04 or the exercise of its rights pursuant to Section 2.03, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subsection (e) of this Section 2.04 or until it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Company, such Selling Holder will deliver to the Company (at the Company’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice.

 

Section 2.05     Obligations of the Holders.

 

(a)     Each Holder shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least ten (10) Business Days prior to the first anticipated filing date of any Registration Statement, the Company shall notify each Holder of the information the Company requires from such Holder if such Holder elects to have any of the Registrable Securities included in such Registration Statement. A Holder shall provide such information to the Company at least five (5) Business Days prior to the first anticipated filing date of such Registration Statement if such Holder elects to have any of the Registrable Securities included in such Registration Statement.

 

(b)     Each Holer, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of a Registration Statement hereunder, unless such Holder has notified the Company in writing of its election to exclude all of its Registrable Securities from such Registration Statement.

 

(c)     Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to any Registration Statement.

 

Section 2.06     Expenses.

 

(a)     The Company will pay all reasonable Registration Expenses as determined in good faith. In addition, except as otherwise provided in Section 2.07 hereof, the Company shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder.

 

(b)     Certain Definitions. “Registration Expenses” means all expenses incident to the Company’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on the Registration Statement pursuant to Section 2.01, and the disposition of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and fees associated with the New York Stock Exchange, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word processing, duplicating and printing expenses, any transfer taxes and the fees and disbursements of counsel and independent public accountants for the Company, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance.

 

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Section 2.07     Indemnification.

 

(a)     Indemnification by the Company. In the event of any registration of any securities of the Company under the Securities Act pursuant to this Agreement, the Company will, and hereby does, indemnify and hold harmless the seller of any Registrable Securities covered by such registration statement, its directors and officers, each other Person who participates in the offering or sale of such securities and each other Person, if any, who controls such seller, within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which such seller or any such director or officer or controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto (in all cases, including documents incorporated by reference), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse such seller and each such director, officer, and controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding; provided that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with information regarding such seller furnished by such seller (or any representative of such seller) to the Company in writing or electronically specifically stating that it is for use in the preparation thereof. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such seller or any such director, officer or controlling person and shall survive the transfer of such securities by such seller.

 

(b)     Indemnification by the Sellers. The Company may require, as a condition to including any Registrable Securities in any registration statement filed pursuant to Section 2.01 above, that the Company shall have received an undertaking satisfactory to it from the prospective seller of such securities, to indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 2.07(a) above) the Company, each director of the Company, each officer of the Company and each other Person, if any, who controls the Company within the meaning of the Securities Act, with respect to any statement or alleged statement in or omission or alleged omission from such registration statement, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with information regarding such seller furnished by such seller (or any representative of such seller) to the Company in writing or electronically specifically stating that it is for use in the preparation of such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement. The maximum liability of each seller for any such indemnification shall not exceed the amount of proceeds actually received by such seller from the sale of his/its Registrable Securities. Such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling Person and shall survive the transfer of such securities by such seller.

 

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(c)     Notices of Claims, etc. Promptly after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to in Section 2.07(a) or (b) above, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under Section 2.07(a) or (b) above, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof. No indemnifying party shall, without the consent of the indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. No indemnified party shall settle any claim for which indemnity maybe sought under this Agreement without the consent of the indemnifying party.

 

(d)     Other Indemnification. Indemnification similar to that specified in Sections 2.07(a), (b) and (c) above (with appropriate modifications) shall be given by the Company and each seller of Registrable Securities with respect to any required registration or other qualification of securities under any Federal or state law or regulation of any governmental authority other than the Securities Act.

 

(e)     Indemnification Payments. The indemnification required by this Section 2.07 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred.

 

Section 2.08     Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to:

 

(a)     make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times from and after the date hereof;

 

(b)     file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all times from and after the date hereof;

 

(c)     furnish at the Company’s expense legal opinions or instruction letters regarding the removal of restrictive legends in connection with a sale under Rule 144; and

 

(d)     so long as a Holder owns any Registrable Securities, furnish, unless otherwise available via EDGAR, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration.

 

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Section 2.09     Transfer or Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities granted to the Holders by the Company under this Article II may be transferred or assigned by any Holder to one or more transferees or assignees of Registrable Securities; provided, however, that (a) unless the transferee or assignee is an Affiliate of, and after such transfer or assignment continues to be an Affiliate of, such Holder, the amount of Registrable Securities transferred or assigned to such transferee or assignee shall represent at least $100,000 of Registrable Securities (based on the Common Stock Price), (b) the Company is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned, and (c) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of such Holder under this Agreement.

 

Article III

MISCELLANEOUS

 

Section 3.01     Communications. All notices and other communications provided for or permitted hereunder shall be made in writing by electronic mail, courier service or personal delivery:

 

(a)     if to a Seller, Member or McCall Properties:

 

H. Alan McCall

c/o Stockwell Law Firm

P.O. Box 2900

Lake Charles, LA 70602

Email: hamccall@ssvcs.com

 

with a copy to:

 

Jones Walker LLP

201 St. Charles Avenue

New Orleans, LA 70005

Attention: Britton Seal

Email: bseal@joneswalker.com

 

(b)     if to a transferee of a Seller, Member or McCall Properties, to such Person at the address provided pursuant to Section 2.09 above; and

 

(c)     if to the Company:

 

SEACOR Marine Holdings Inc.

7910 Main Street, 2nd Floor

Houma, Louisiana 70360

Attention: General Counsel

Email:aeverett@seacormarine.com

 

10

 

 

with a copy to:

 

Milbank, Tweed, Hadley & McCloy LLP

28 Liberty Street

New York, New York 10005-1413

Attention: David Zeltner

Email: dzeltner@milbank.com

 

and

 

Milbank, Tweed, Hadley & McCloy LLP

28 Liberty Street

New York, New York 10005-1413

Attention: Brett D. Nadritch

Email: bnadritch@milbank.com

 

All such notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged, if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent by courier service or any other means.

 

Section 3.02     Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein.

 

Section 3.03     Assignment of Rights. All or any portion of the rights and obligations of any Holder under this Agreement may be transferred or assigned by such Holder only in accordance with Section 2.09 hereof.

 

Section 3.04     Recapitalization, Exchanges, Etc. Affecting the Shares. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all shares of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, share splits, recapitalizations, pro rata distributions of shares and the like occurring after the date of this Agreement.

 

Section 3.05     Aggregation of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights and applicability of any obligations under this Agreement.

 

Section 3.06     Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have.

 

Section 3.07     Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement.

 

Section 3.08      Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

11

 

 

Section 3.09     Governing Law. THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS AGREEMENT OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT (INCLUDING ANY CLAIM OR CAUSE OF ACTION BASED UPON, ARISING OUT OF OR RELATED TO ANY REPRESENTATION OR WARRANTY MADE IN OR IN CONNECTION WITH THIS AGREEMENT), WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. ANY ACTION AGAINST ANY PARTY RELATING TO THE FOREGOING SHALL BE BROUGHT IN ANY FEDERAL OR STATE COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE STATE OF NEW YORK, AND THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED WITHIN THE STATE OF NEW YORK OVER ANY SUCH ACTION. THE PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH DISPUTE BROUGHT IN SUCH COURT OR ANY DEFENSE OF INCONVENIENT FORUM FOR THE MAINTENANCE OF SUCH DISPUTE. EACH OF THE PARTIES HERETO AGREES THAT A JUDGMENT IN ANY SUCH DISPUTE MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section 3.10     Severability of Provisions. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction.

 

Section 3.11     Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by the Company set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

Section 3.12     Amendment. This Agreement may be amended only by means of a written amendment signed by the Company and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder.

 

Section 3.13     No Presumption. If any claim is made by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel.

 

Section 3.14     Obligations Limited to Parties to Agreement. Each of the Parties hereto covenants, agrees and acknowledges that no Person other than the Holders and the Company shall have any obligation hereunder and that, notwithstanding that one or more of the Holders may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Holders or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Holders or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Holders under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each case for any transferee or assignee of a Holder hereunder.

 

12

 

 

Section 3.15      Independent Nature of Holder’s Obligations. The obligations of each Holder under this Agreement are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under this Agreement. Nothing contained herein, and no action taken by any Holder pursuant thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose.

 

Section 3.16     Interpretation. Article and Section references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever any determination, consent or approval is to be made or given by a Seller under this Agreement, such action shall be in such Seller’s sole discretion unless otherwise specified.

 

[Signature pages to follow]

 

13

 

 

IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first above written.

 

	
			 

				
			 SEACOR Marine Holdings Inc.

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			     /s/ John Gellert

				
			 

			
	
			 

				
			Name:  John Gellert

				
			 

			
	
			 

				
			Title:  President and Chief Executive Officer

				
			 

			

 

[Signature Page to Registration Rights Agreement]

 

 

	
			 

				
			 McCall Properties, L.L.C. 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	 	 	 	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			     /s/ Joseph K McCall

				
			 

			
	
			 

				
			Name:  Joseph K McCall

				
			 

			
	 	Title:  Manager	 
	 	 	 
	 	 	 
	 	 	 
	 	 McCall Family Holding Company, L.L.C. 	 
	 	 	 
	 	 	 
	 	 	 
	
			 

				
			By:

				
			     /s/ Joseph K McCall

				
			 

			
	 	Name:  Joseph K McCall	 
	 	Title:  Manager	 
	 	 	 
	 	 	 
	 	 	 
	 	 D&V Henry Family, L.L.C.	 
	 	 	 
	 	 	 
	 	 	 
	 	By:	     /s/ VidaLee Henry	 
	 	Name:  VidaLee Henry	 
	 	Title:  Manager/Member	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 Irish Bend, L.L.C.	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	     /s/ Kevin Tibbs	 
	 	Name:  Kevin Tibbs	 
	 	Title:  Managing Member	 
	 	 	 
	 	 	 
	 	 	 
	 	 DJR Holding, LLC	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	      /s/ Stephanie Richard 	 
	 	Name:  Stephanie Richard	 
	 	Title:  Manager	 

 

[Signature Page to Registration Rights Agreement]EX-4.1

 Exhibit 4.1 

SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of February 21, 2018, by
and among Kaleido Biosciences, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto (each, an “Investor,” and together with any subsequent investors, or transferees,
who become parties hereto as “Investors” pursuant to Subsection 6.9, the “Investors”). 
 WHEREAS, certain
of the Investors (the “Existing Investors”) possess registration rights, information rights, rights of first offer, and other rights pursuant to an Amended and Restated Investors’ Rights Agreement, dated as of February 16,
2017, between the Company and the Existing Investors (the “Prior Agreement”);  
 WHEREAS, the Existing
Investors desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and  

WHEREAS, concurrently with the execution of this Agreement, the Company and certain of the Investors are entering into a Series C
Preferred Stock Purchase Agreement of even date herewith (as the same may be amended and/or restated from time to time, the “Purchase Agreement”), pursuant to which such Investors have agreed to purchase shares of Series C Preferred
Stock (as defined below). 
 NOW, THEREFORE, the Company and the Existing Investors hereby agree to amend and restate the Prior
Agreement in its entirety as set forth herein, and all of the parties hereto further agree as follows: 
 1. Definitions. For purposes
of this Agreement: 
 1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital or other investment fund now or
hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company or investment advisor with, such Person. 

1.2 “Common Stock” means shares of the Company’s common stock, par value $0.001 per share. 

1.3 “Damages” means any loss, damage, claim, or liability (joint or several) to which a party hereto may become subject under
the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim, or liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a
material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the
Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

 1.4 “Derivative Securities” means any securities or rights convertible
into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 
 1.5
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

1.6 “Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a
subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be
required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are
also being registered. 
 1.7 “Form S-1” means such form under the Securities Act as
in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 
 1.8
“Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation
of substantial information by reference to other documents filed by the Company with the SEC. 
 1.9 “GAAP” means generally
accepted accounting principles in the United States. 
 1.10 “Holder” means any holder of Registrable Securities who is a
party to this Agreement. 
 1.11 “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law, including adoptive relationships, of a natural person
referred to herein. 
 1.12 “Initiating Holders” means, collectively, Holders who properly initiate a registration request
under this Agreement. 
 1.13 “IPO” means the Company’s first underwritten public offering of its Common Stock under
the Securities Act. 
 1.14 “Lead Preferred Director” means the director of the Company that the holders of record of the
Series A Preferred Stock are entitled to elect as a separate class pursuant to the Certificate of Incorporation. 

  
 2 

 1.15 “Major Investor” means any Investor that, individually or together
with such Investor’s Affiliates, holds at least 500,000 shares of Series C Preferred Stock (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof) or, after
the IPO, at least 500,000 Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof). 

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

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

 1.18 “Preferred Director” means any director of the Company that the holders of record of the Preferred Stock are
entitled to elect as a separate class pursuant to the Company’s Certificate of Incorporation. 
 1.19 “Preferred Stock”
means shares of Series A Preferred Stock, Series A-1 Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock. 

1.20 “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock;
(ii) the Common Stock held by Flagship VentureLabs V LLC and Flagship VentureLabs IV LLC as of the date hereof; (iii) 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, held by the Investors or acquired by the Investors after the date hereof; and (iv) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued
as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clause (i), (ii) and (iii) above; excluding in all cases, however, any Registrable Securities sold by a
Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to
Subsection 2.13 of this Agreement. 
 1.21 “Registrable Securities then outstanding” means the number of shares
determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are
Registrable Securities. 
 1.22 “Restricted Securities” means the securities of the Company required to bear the legend set
forth in Subsection 2.12(b) hereof. 
 1.23 “SEC” means the Securities and Exchange Commission. 

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

  
 3 

 1.25 “SEC Rule 145” means Rule 145 promulgated by the SEC under the
Securities Act. 
 1.26 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 1.27 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer
taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

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

1.29 “Series A-1 Preferred Stock” means shares of the Company’s Series A-1 Preferred Stock, par value $0.001 per share. 
 1.30 “Series B Preferred Stock” means
shares of the Company’s Series B Preferred Stock, par value $0.001 per share. 
 1.31 “Series C Preferred Stock” means
shares of the Company’s Series C Preferred Stock, par value $0.001 per share. 
 2. Registration Rights. The Company covenants
and agrees as follows: 
 2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) five (5) years after the date
of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that the
Company file a Form S-1 registration statement for which the anticipated aggregate offering price would exceed $10,000,000, then the Company shall (i) within ten (10) days after the date such request
is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the
Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable
Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the
limitations of Subsection 2.1(c) and Subsection 2.3. 
 (b) Form S-3 Demand. If
at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least thirty percent (30%) of the Registrable Securities then outstanding that the
Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price of at least $5,000,000, 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 

  
 4 

 the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five
(45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in
such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsection 2.1(c) and
Subsection 2.3. 
 (c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration
pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its
stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a
significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential;
or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or
effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than
once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such ninety (90) day period other than an Excluded
Registration. 
 (d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Subsection 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a
Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two registrations
pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made
pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the Company’s
good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable
efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such
request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC and the offering of the Registrable
Securities registered under such registration statement has been closed, unless the Initiating Holders (i) withdraw their request for such registration other than due to the Initiating Holders having learned of a material adverse change in the
condition, business, or prospects of the Company from that known to the Initiating Holders at the time of their request for registration, (ii) elect not to pay the registration expenses therefor, and (iii) forfeit their right to one demand
registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d).     

  
 5 

 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
or the IPO), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the
provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such
withdrawn registration shall be borne by the Company in accordance with Subsection 2.6. 
 2.3 Underwriting
Requirements.     
 (a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The
underwriter(s) will be selected by a majority in interest of the Initiating Holders, subject only to the reasonable approval of the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other
provision of this Subsection 2.3, if the 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. 

  
 6 

 (b) In connection with any offering involving an underwriting of shares of the
Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon
between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable
Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the
offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success
of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among
the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation
of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable
Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, and (ii) the number of Registrable Securities included in the offering
be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the 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
Section 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Section 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 

  
 7 

 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, if necessary, to keep the
registration statement effective until all such Registrable Securities are sold; 
 (b) prepare and file with the SEC such amendments
and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such
registration statement; 
 (c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary
prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such
other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to
file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such
Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then
listed; 
 (g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide
a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h) promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant
to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and
cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify
the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

  
 8 

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

(j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any registration
statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act. 
 2.5 Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings or
qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel
for the selling Holders selected by the Holders of a majority of the Registrable Securities to be registered (“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 which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities
agree to forfeit their right to one registration pursuant to Subsection 2.1(a) or Subsection 2.1(b), as the case may be; 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) or Subsection 2.1(b). 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. 

  
 9 

 2.8 Indemnification. If any Registrable Securities are included in a registration
statement under this Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each selling
Holder and the partners, members, officers, directors and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who
controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person or other aforementioned Person any legal or other
expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this
Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be
liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person or
other aforementioned Person expressly for use in connection with such registration. 
 (b) To the extent permitted by law, each selling
Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the
Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement and any controlling Person of any such underwriter or other Holder,
against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly
for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim
or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if
such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or
contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any
governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying
party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which 

  
 10 

 notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be
paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under
this Subsection 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have
to any indemnified party otherwise than under this Subsection 2.8. 
 (d) To provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a
final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this
Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in
each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each
of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability or expense, as well as to reflect any other relevant equitable considerations.
The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material
fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however,
that, in any such case, (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no
Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided
further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering
received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

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

  
 11 

 (f) Unless otherwise superseded by an underwriting agreement entered into in connection
with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and
otherwise shall survive the termination of this Agreement. 
 2.9 Reports Under Exchange Act. With a view to making available to the
Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a) make and keep available adequate current public information, as those terms
are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 
 (c)
furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any
time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or
that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and
such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without
registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior
written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that (i) would provide to such holder the right to
include securities in any registration on other than a subordinate basis after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include or (ii) allow such
holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in
accordance with Subsection 6.9. 

  
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 2.11 “Market Stand off” Agreement. Each Holder hereby agrees that it will
not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the managing underwriter (such period not to
exceed one hundred eighty (180) days plus such additional period up to eighteen (18) additional days as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other
distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i)
lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares
of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock 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, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement for such IPO and
shall be applicable to the Holders only if all officers and directors of the Company and holders of at least five percent (5%) of the outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding shares of
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. 
 2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred in violation of this Agreement,
and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure
compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities
subject to the provisions and upon the conditions specified in this Agreement. 
 (b) Each certificate, instrument or book entry
representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization,
merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be stamped or otherwise imprinted with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED 

  
 13 

 UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND
THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in
its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
Section 2. Before any proposed sale, pledge or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to
the Company of such Holder’s intention to effect such sale, pledge or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge or transfer in sufficient detail and, if reasonably requested by the
Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the
proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge or transfer of such Restricted Securities without registration
will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge or transfer of the
Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge or transfer such Restricted Securities in accordance with the terms of the
notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144 or (y) in any transaction in which such Holder distributes
Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument or book entry evidencing the
Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate, instrument or book
entry shall not bear such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. Once the Restricted Securities are
eligible for transfer pursuant to SEC Rule 144, the Holder shall have the right to request that the Company remove the applicable restrictive legend set forth in Subsection 2.12(b), and the Company agrees to promptly comply with such request
to remove such legend. 

  
 14 

 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) immediately before the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation;

 (b) such time after the IPO 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-month period without registration; and 
 (c) the fifth (5th) anniversary of the
IPO. 
 3. Information and Observer Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor, provided that the Board of
Directors has not reasonably determined that such Major Investor is (or, in the case of a Major Investor that is an individual, is employed by or serves as a consultant to) a competitor of the Company: 

(a) as soon as practicable, but in any event within one hundred eighty (180) days after the end of each fiscal year of the Company,
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the
prior year and as included in the Budget (as defined in Subsection 3.1(e)) 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, and
(iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public accountants selected by the Company and approved by the Board of Directors, including the Lead
Preferred Director; 
 (b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first
three (3) quarters of each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter, and 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 may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in
accordance with GAAP); 
 (c) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first
three (3) quarters of each fiscal year of the Company, a statement showing the 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 any Major Investor to calculate its percentage equity ownership in the Company, and certified by the chief financial officer or chief executive
officer of the Company as being true, complete and correct; 

  
 15 

 (d) as soon as practicable, but in any event within thirty (30) days of the end of
each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all prepared in accordance with GAAP (except that such
financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(e) as soon as practicable, but in any event within thirty (30) days of the beginning of each fiscal year, a budget and business plan for
the such fiscal year (collectively, the “Budget”), approved by the Board of Directors and prepared on a quarterly basis, including balance sheets, income statements, and statements of cash flow for such quarters and, promptly after
prepared, any other budgets or revised budgets prepared by the Company; and 
 (f) such other information relating to the financial
condition, business, prospects or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1(f) to
provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or (ii) the
disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 
 If, for any period, the
Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial
statements of the Company and all such consolidated subsidiaries.     
 Notwithstanding anything else in this
Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of
filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1
shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective. 

3.2 Inspection. The Company shall permit each Major Investor (provided that the Board of Directors has not reasonably determined that
such Major Investor is, in the case of a Major Investor that is an individual, is employed by or serves as a consultant to, a competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s properties;
examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided,
however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in 

  
 16 

 good faith considers to be a trade secret or confidential information (unless covered by an enforceable
confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

3.3 Termination of Information Rights. The covenants set forth in Subsection 3.1 and Subsection 3.2 shall terminate and be of no
further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) immediately
before a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

3.4 Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge or use for any
purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless
such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.4 by such Investor), (b) is or has been independently developed or conceived by such Investor
without use of the Company’s confidential information, or (c) is or has been made known or disclosed to such Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company;
provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its
investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.4; (iii) to any existing or
prospective Affiliate, partner, member, stockholder or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to
maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that such Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any
such required disclosure. 
 4. Rights to Future Stock Issuances.     

4.1 Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the
Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it among itself and its
Affiliates in such proportions as it deems appropriate. 
 (a) The Company shall give notice (the “Offer Notice”) to each
Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

  
 17 

 (b) By notification to the Company within twenty (20) days after the Offer Notice is
given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held, or issuable
(directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by such Major Investor bears to the total Common Stock of the Company then outstanding (assuming full
conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all
the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully
Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were
not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative
Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then
held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given
and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 
 (c) If all New Securities referred to in the Offer
Notice are not elected to be purchased or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the
remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for
the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered
unless first reoffered to the Major Investors in accordance with this Subsection 4.1. 
 (d) The right of first offer in this
Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Company’s Certificate of Incorporation), or (ii) shares of Series C Preferred Stock issued pursuant to the Purchase Agreement at any Closing
(as defined in the Purchase Agreement) following the Initial Closing (as defined in the Purchase Agreement). 
 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 15(d) of the Exchange Act, or (iii) immediately before a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

  
 18 

 5. Additional Covenants.     

5.1 Insurance. The Company shall use its commercially reasonable efforts to maintain in effect, from financially sound and reputable
insurers, Directors and Officers liability insurance, and, unless the requirement is waived by the Board of Directors, including the Lead Preferred Director, term “key person” insurance on the Chief Executive Officer, each in an amount and
on terms and conditions satisfactory to the Board of Directors, and will use commercially reasonable efforts to cause such insurance policies to be maintained until such time as the Board of Directors determines that such insurance should be
discontinued. The key person policy shall name the Company as loss payee, and neither policy shall be cancelable by the Company without prior approval by the Board of Directors, including the Lead Preferred Director.     

5.2 Employee Agreements. The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged by
the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement and (ii) each employee to enter into a
one (1) year non-competition and non-solicitation agreement, each in a form acceptable to the Investors holding a majority of the Registrable Securities. In
addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements, or any restricted stock agreement between the Company and any employee, without the consent of the
Board of Directors, including the Lead Preferred Director. 
 5.3 Employee Stock. Unless otherwise approved by the Board of Directors,
including the Lead Preferred Director, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute
restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued
employment or service, and the remaining shares vesting in equal quarterly installments over the following thirty-six (36) months, and (ii) a market stand-off
provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved by the Board of Directors, including the Lead Preferred Director, the Company shall retain a “right of first refusal” on employee
transfers until the IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. 

5.4 Qualified Small Business Stock. The Company shall use commercially reasonable efforts to cause the shares of Preferred Stock issued
on or prior to June 28, 2017 (the date of the last closing held under that certain Series B Preferred Stock Purchase Agreement, dated as of February 17, 2017, by and among the Company and the other parties thereto), as well as any shares
into which such shares are converted, within the meaning of Section 1202(f) of the Internal Revenue Code (the “Code”), to constitute “qualified small business stock” as defined in Section 1202(c) of the Code;
provided, however, that such requirement shall not be applicable if the Board of Directors of the Company determines, in its good-faith business judgment, that such qualification is inconsistent with the best interests of the Company.
The Company shall submit to its stockholders (including the Investors) and to the Internal Revenue Service any reports that 

  
 19 

 may be required under Section 1202(d)(1)(C) of the Code and the regulations promulgated thereunder. In
addition, within twenty (20) business days after any Investor’s written request therefor, the Company shall, at its option, either (i) deliver to such Investor a written statement indicating whether (and what portion of) such
Investor’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code or (ii) deliver to such Investor such factual information in the Company’s possession as is
reasonably necessary to enable such Investor to determine whether (and what portion of) such Investor’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code. 

5.5 Matters Requiring Investor Director Approval. So long as the holders of Preferred Stock are entitled to elect a Preferred Director,
the Company hereby covenants and agrees with the Investors that it shall not, nor shall it permit any subsidiary to, without approval of the Board of Directors, which approval must include the affirmative vote of the Lead Preferred Director: 

(a) make any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation, partnership, or other entity
unless it is wholly owned by the Company; 
 (b) make any loan or advance to any Person, including, without limitation, any employee or
director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan approved by the Board of Directors, including the Lead Preferred Director;

 (c) guarantee, directly or indirectly, any indebtedness except for trade accounts of the Company or any subsidiary arising in the
ordinary course of business; 
 (d) make any investment inconsistent with any investment policy approved by the Board of Directors; 

(e) incur any aggregate indebtedness in excess of $100,000 that is not already included in a budget approved by the Board of Directors, other
than trade credit incurred in the ordinary course of business; 
 (f) otherwise enter into or be a party to any transaction with any
director, officer, or employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, except for transactions contemplated by this
Agreement and the Purchase Agreement, transactions resulting in payments to or by the Company in an aggregate amount less than $60,000 per year, or transactions made in the ordinary course of business and pursuant to reasonable requirements of the
Company’s business and upon fair and reasonable terms that are approved by a majority of the Board of Directors; 
 (g) hire,
terminate, or change the compensation of the executive officers, including approving any option grants or stock awards to executive officers; 

(h) change the principal business of the Company, enter new lines of business, or exit the current line of business; 

  
 20 

 (i) sell, assign, license, pledge, or encumber material technology or intellectual
property, other than licenses granted in the ordinary course of business; 
 (j) increase the shares of Common Stock reserved for issuance
under the Company’s 2015 Stock Incentive Plan, as amended, or adopt any other equity incentive plan; or 
 (k) enter into any
corporate strategic relationship involving the payment, contribution, or assignment by the Company or to the Company of money or assets.     

5.6 Board Matters. The Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule, unless otherwise
agreed by a majority of the Board of Directors, including the Lead Preferred Director. The Company shall reimburse the nonemployee directors for all reasonable
out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors. The Company
will maintain an audit committee and compensation committee of the Board of Directors, with each consisting solely of non-management directors. Each non-employee
director shall be entitled in such person’s discretion to be a member of any Board committee. Each committee of the Board of Directors shall include at least one Preferred Director. 

5.7 Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person
and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with
respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s By-laws, its Certificate of
Incorporation, or elsewhere, as the case may be. 
 5.8 Expenses of Counsel. In the event of a transaction which is a Sale of the
Company (as defined in the Voting Agreement of even date herewith among the Investors and the Company, as the same may be amended and/or restated from time to time), the reasonable fees and disbursements of one counsel for the Major Investors
(“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 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 non-competition, 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 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 

  
 21 

 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 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
clients of Investor Counsel. 
 5.9 Indemnification Matters. The Company hereby acknowledges that one (1) or more of the
directors nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors 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 Company’s Certificate
of Incorporation or By-laws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights 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. 

5.10 Right to Conduct Activities. The Company acknowledges that certain of the Investors are in the business of venture capital
investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in this
Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company. The Company hereby agrees and
acknowledges that such Investors (together with their affiliates) invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be conducted). The
Company hereby agrees that, to the extent permitted under applicable law, such Investors shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by such Investors in any entity competitive with the
Company, or (ii) actions taken by any partner, officer or other representative of such Investors to assist any such competitive company, whether or not such action was taken as a member of the board of directors 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 (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s
confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

  
 22 

 5.11 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 (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 Investor if the Company becomes aware of any Enforcement Action (as defined in the Purchase Agreement). 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. 
 5.12
Termination of Covenants. The covenants set forth in this Section 5, except for Subsection 5.7 and Subsection 5.9, 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) immediately before a Deemed Liquidation Event, as such term is defined in the
Company’s Certificate of Incorporation, whichever event occurs first. 
 6. Miscellaneous.     

6.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a
transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or
(iii) after such transfer, holds at least 100,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company
is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in
a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the 

  
 23 

 purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of
a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall
be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single
attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure
to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2 Governing Law. This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in
accordance with the internal laws of the Commonwealth of Massachusetts, without regard to conflict of law principles that would result in the application of any law other than the law of the Commonwealth of Massachusetts. 

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

6.4 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. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the
recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt.
All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the Company at 18 Crosby Dr., Bedford, MA, 01730, ATTN: Chief Executive Officer, in the case of the Company, or to such
email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy (which shall not constitute notice) shall also be given to Kingsley
Taft, Esq., Goodwin Procter LLP, 100 Northern Avenue, Boston, Massachusetts 02210, (617) 523-1231 (fax), ktaft@goodwinprocter.com. 

  
 24 

 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 Registrable Securities
then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in
violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the
foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to
all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms,
notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party
hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 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. 
 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 Affiliated persons may apportion such rights as among themselves in any
manner they deem appropriate. 
 6.9 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company
issues additional shares of Preferred Stock on or after the date hereof, 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 an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in
writing to be bound by all of the obligations as an “Investor” hereunder, and the Company may amend Schedule A to add such additional purchaser as an Investor without requiring the consent of any other party hereto. 

6.10 Entire Agreement. This Agreement (including any Schedules and/or Exhibits hereto) constitutes the full and entire understanding and
agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled.     

  
 25 

 6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally
submit to the jurisdiction of the state courts of the Commonwealth of Massachusetts and to the jurisdiction of the United States District Court for the District of Massachusetts 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 state courts of the Commonwealth of Massachusetts or the United States District Court for the
District of Massachusetts, 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.     
 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. 
 6.14 Further Assurances. At any time or from time to
time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably
request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 

  
 26 

 6.15 Acknowledgment. The Company acknowledges that each Investor is in the business
of venture capital investing and therefore reviews 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 any Investor from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company. 

6.16 Prior Agreement Superseded. Pursuant to Section 6.6 of the Prior Agreement, the undersigned parties who are parties to such
Prior Agreement hereby amend and restate the Prior Agreement to read in its entirety as set forth in this Agreement, all with the intent and effect that the Prior Agreement shall hereby be terminated and entirely replaced and superseded by this
Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 27 

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

			
	KALEIDO BIOSCIENCES, INC.
		
	By:	 	/s/ Michael Bonney
		 	Michael Bonney
		 	Chief Executive Officer

 SIGNATURE PAGE TO SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

					
	INVESTOR:
	
	FLAGSHIP VENTURES FUND 2007, L.P.
	
	 by its General Partner
 Flagship
Ventures Fund 2007 General Partner LLC

			
	        	 	By:	 	/s/ Noubar B. Afeyan
		 		 	Noubar B. Afeyan, Ph.D.
		 		 	Its Manager

  

					
	FLAGSHIP VENTURES FUND IV, L.P.
	
	 by its General Partner
 Flagship
Ventures Fund IV General Partner LLC

			
	        	 	By:	 	/s/ Noubar B. Afeyan
		 		 	Noubar B. Afeyan, Ph.D.
		 		 	Its Manager

  

					
	FLAGSHIP VENTURES FUND V, L.P.
	
	NUTRITIONAL HEALTH DISRUPTIVE INNOVATION FUND, L.P.
	
	NUTRITIONAL HEALTH SIDE FUND, L.P.
	
	 Each by its General Partner

Flagship Ventures Fund V General Partner LLC

			
	        	 	By:	 	/s/ Noubar B. Afeyan
		 		 	Noubar B. Afeyan, Ph.D.
		 		 	Its Manager

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

					
	INVESTOR:
	
	FLAGSHIP VENTURELABS IV LLC
	
	 By: Flagship Ventures Fund IV, L.P., its Manager and
Class A Member

 
 By: Flagship Ventures Fund IV General Partner LLC, its General Partner

			
	        	 	By:	 	/s/ Noubar B. Afeyan
		 		 	Noubar B. Afeyan, Ph.D.
		 		 	Its Manager

  

					
	FLAGSHIP VENTURELABS V LLC
	
	 By: Flagship Ventures Fund V, L.P., its Manager and

Class A Member
  

By: Flagship Ventures Fund V General Partner LLC, its General Partner

			
	        	 	By:	 	/s/ Noubar B. Afeyan
		 		 	Noubar B. Afeyan, Ph.D.
		 		 	Its Manager

  

			
	Flagship Ventures Opportunities Fund I, L.P.
	
	 By its General Partner
 Flagship
Ventures Opportunities Fund I General Partner LLC

		
	By:	 	/s/ Noubar B. Afeyan
	Noubar B. Afeyan, Ph.D.
	Its Manager

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
		 	INVESTORS:
	
	SMRS-TOPE LLC
		
		 	 By: HVST-TOPE LLC,
 Its Managing Member

 
 By: HarbourVest Partners L.P.

Its Manager
  

By: HarbourVest Partners, LLC
 Its General Partner

		
	By:	 	/s/ Ian C. Lane
		 	Name: Ian C. Lane
		 	Title: Managing Director

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

					
	INVESTOR:
	
	PROSPECTOR K, LLC
			
	        	 	By:	 	/s/ John D. Gillespie
		 		 	 John D. Gillespie
 Its Managing
Member

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTOR:
	
	ALEXANDRIA VENTURE INVESTMENTS, LLC,
a Delaware limited liability company
		
	By:	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.,
a Maryland corporation, managing member
		
	By:	 	/s/ Aaron Jacobson
		 	 Name: Aaron Jacobson
 Title: VP - Corporate
Counsel

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

THE TRUSTEES OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK 
  

			
		
	By:	 	/s/ Timothy Donohue
		 	Name: Timothy Donohue,
		 	 Title: Chief Investment Officer

Columbia Investment Management Company, L.L.C.

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTOR:
	
	OT MICROBIOME FUND II, LLC
		
	By:	 	/s/ Nichola Eliovits
		 	Name: Nichola Eliovits
		 	Title: Manager

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTOR:
	
	ZOLA FINANCE, INC.
		
	By:	 	/s/ Minerva Acosta/Elvia Acosta
		 	Name: Minerva Acosta/Elvia Acosta
		 	Title: Directors

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTOR:
	
	/s/ Michael W. Bonney
	Michael W. Bonney

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTOR:
	
	/s/ Geoffrey von Maltzahn
	Geoffrey von Maltzahn

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTOR:
	
	/s/ Anthony Quinn
	Anthony Quinn

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTOR:
	
	/s/ Alexander Ward Phillips
	Alexander Ward Phillips
	
	/s/ Anne Leigh Phillips
	Anne Leigh Phillips

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTOR:
	
	UPRISING INVESTORS FUND I, L.P.,
	
	By: Uprising Investors (GP1), LLC
	
	Its: General Partner
		
	By:	 	/s/ Saad Khan
		 	Name: Saad Khan

  
 SIGNATURE PAGE TO
SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 JOINDER AGREEMENT 
  

	1.	 As a result of execution of this Joinder Agreement (this “Agreement”), the undersigned, is
hereby joined to, and bound by the terms and conditions of, the following agreements in the capacities set forth below effective as of June 8, 2018: 

  

	 	(a)	 That certain Series C Preferred Stock Purchase Agreement, dated February 21, 2018, by and among Kaleido
Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated or otherwise modified from time to time (the “Purchase Agreement”), as a “Purchaser”
(as such term is defined in the Purchase Agreement). 

  

	 	(b)	 That certain Second Amended and Restated Right of First Refusal and
Co-Sale Agreement, dated February 21, 2018, by and among the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same may be amended, restated or otherwise
modified from time to time (the “ROFR”) as an “Investor” (as such term is defined in the ROFR). 

  

	 	(c)	 That certain Second Amended and Restated Investor Rights Agreement, dated as of February 21, 2018, by and
among the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “IRA”), as an
“Investor” (as such term is defined in the IRA). 

  

	 	(d)	 That certain Second Amended and Restated Voting Agreement, dated as of February 21, 2018, by and among the
Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “VA”), as an “Investor” (as
such term is defined in the VA). 

  

	2.	 The undersigned hereby authorizes this Joinder Agreement and Counterpart Signature Page to be attached to the
Purchase Agreement, the ROFR, the IRA and the VA. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first written
above. 
  

			
	PLATINUM FALCON B 2018 RSC LIMITED
		
	By:	 	/s/ Humaid Bin Butti Bin Humaid Bin Bishr AlMarri
	Name:	 	Humaid Bin Butti Bin Humaid Bin Bishr AlMarri
	Title:	 	Authorised Signatory

  

			
		
	By:	 	/s/ Mohamed Fahed Mohamed Abdulla AlMazrouei
	Name:	 	Mohamed Fahed Mohamed Abdulla AlMazrouei
	Title:	 	Authorised Signatory
	
	Address:
	
	 Office 3530, 35th Floor,
 A1 Marqam
Tower
 Abu Dhabi Global Market Square
 A1 Maryah Island, Abu
Dhabi, UAE

 JOINDER AGREEMENT 
  

	1.	 As a result of execution of this Joinder Agreement (this “Agreement”), the undersigned, is
hereby joined to, and bound by the terms and conditions of, the following agreements in the capacities set forth below effective as of June 8th, 2018: 

 

	 	(a)	 That certain Series C Preferred Stock Purchase Agreement, dated February 21, 2018, by and among Kaleido
Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated or otherwise modified from time to time (the “Purchase Agreement”), as a “Purchaser”
(as such term is defined in the Purchase Agreement). 

  

	 	(b)	 That certain Second Amended and Restated Right of First Refusal and Co-Sale Agreement, dated February 21, 2018,
by and among the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same may be amended, restated or otherwise modified from time to time (the “ROFR”) as an “Investor” (as such
term is defined in the ROFR). 

  

	 	(c)	 That certain Second Amended and Restated Investor Rights Agreement, dated as of February 21, 2018, by and among
the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “IRA”), as an “Investor”
(as such term is defined in the IRA). 

  

	 	(d)	 That certain Second Amended and Restated Voting Agreement, dated as of February 21, 2018, by and among the
Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “VA”), as an “Investor” (as
such term is defined in the VA). 

  

	2.	 The undersigned hereby authorizes this Joinder Agreement and Counterpart Signature Page to be attached to the
Purchase Agreement, the ROFR, the IRA and the VA. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 I hereby certify that, to the best of my knowledge and belief, my responses in this Questionnaire are
complete and accurate in every material respect. In addition, I hereby agree that I will notify the Compliance Officer immediately upon becoming aware that any answer I have given in this Questionnaire is not, or is no longer, complete and accurate
in every material respect. 
 Dated: 07/06/2018 
  

	
	 /s/ Paul Andrew Baudet

	(signature)
	
	PAUL ANDREW BAUDET
	(printed or typed name)

 JOINDER AGREEMENT 
  

	1.	 As a result of execution of this Joinder Agreement (this “Agreement”), the undersigned, is
hereby joined to, and bound by the terms and conditions of, the following agreements in the capacities set forth below effective as of June 8, 2018: 

  

	 	(a)	 That certain Series C Preferred Stock Purchase Agreement, dated February 21, 2018, by and among Kaleido
Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated or otherwise modified from time to time (the “Purchase Agreement”), as a “Purchaser”
(as such term is defined in the Purchase Agreement). 

  

	 	(b)	 That certain Second Amended and Restated Right of First Refusal and Co-Sale Agreement, dated February 21, 2018,
by and among the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same may be amended, restated or otherwise modified from time to time (the “ROFR”’) as an “Investor” (as
such term is defined in the ROFR). 

  

	 	(c)	 That certain Second Amended and Restated Investor Rights Agreement, dated as of February 21, 2018, by and among
the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “IRA”), as an “Investor”
(as such term is defined in the IRA). 

  

	 	(d)	 That certain Second Amended and Restated Voting Agreement, dated as of February 21, 2018, by and among the
Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “VA”), as an “Investor” (as
such term is defined in the VA). 

  

	2.	 The undersigned hereby authorizes this Joinder Agreement and Counterpart Signature Page to be attached to the
Purchase Agreement, the ROFR, the IRA and the VA. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first written
above. 
  

			
	ROCK SPRINGS CAPITAL MASTER FUND LP
	
	By: Rock Springs General Partner LLC
		
	By:	 	 /s/ Mark Bussard

	Name:	 	Mark Bussard
	Title:	 	Managing Member
	
	Address:
	
	 Rock Springs Capital
 650 S. Exeter
St. Suite 1070
 Baltimore, MD 21202

 JOINDER AGREEMENT 
  

	1.	 As a result of execution of this Joinder Agreement (this “Agreement”), the undersigned, is
hereby joined to, and bound by the terms and conditions of, the following agreements in the capacities set forth below effective as of June 8, 2018: 

  

	 	(a)	 That certain Series C Preferred Stock Purchase Agreement, dated February 21, 2018, by and among Kaleido
Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated or otherwise modified from time to time (the “Purchase Agreement”), as a “Purchaser”
(as such term is defined in the Purchase Agreement). 

  

	 	(b)	 That certain Second Amended and Restated Right of First Refusal and
Co-Sale Agreement, dated February 21, 2018, by and among the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same may be amended, restated or otherwise
modified from time to time (the “ROFR”) as an “Investor” (as such term is defined in the ROFR). 

  

	 	(c)	 That certain Second Amended and Restated Investor Rights Agreement, dated as of February 21, 2018, by and
among the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “IRA”), as an
“Investor” (as such term is defined in the IRA). 

  

	 	(d)	 That certain Second Amended and Restated Voting Agreement, dated as of February 21, 2018, by and among the
Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “VA”), as an “Investor” (as
such term is defined in the VA). 

  

	2.	 The undersigned hereby authorizes this Joinder Agreement and Counterpart Signature Page to be attached to the
Purchase Agreement, the ROFR, the IRA and the VA. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first written
above. 
  

			
	DAVID FRIEND REVOCABLE TRUST
		
	By	 	/s/ David Friend
	Name:	 	David Friend
	Title:	 	Mr
		
	Address:	 	40 Commonwealth Ave
		 	Boston, MA 02116

 JOINDER AGREEMENT 
  

	1.	 As a result of execution of this Joinder Agreement (this “Agreement”), the undersigned, is
hereby joined to, and bound by the terms and conditions of, the following agreements in the capacities set forth below effective as of June 8, 2018: 

  

	 	(a)	 That certain Series C Preferred Stock Purchase Agreement, dated February 21, 2018, by and among Kaleido
Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated or otherwise modified from time to time (the “Purchase Agreement”), as a “Purchaser”
(as such term is defined in the Purchase Agreement). 

  

	 	(b)	 That certain Second Amended and Restated Right of First Refusal and Co-Sale Agreement, dated February 21, 2018,
by and among the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same may be amended, restated or otherwise modified from time to time (the “ROFR”) as an “Investor” (as such
term is defined in the ROFR). 

  

	 	(c)	 That certain Second Amended and Restated Investor Rights Agreement, dated as of February 21, 2018, by and among
the Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “IRA”), as an “Investor”
(as such term is defined in the IRA). 

  

	 	(d)	 That certain Second Amended and Restated Voting Agreement, dated as of February 21, 2018, by and among the
Kaleido Biosciences, Inc. and the other persons listed on the signature pages thereto, as the same has been amended and may be amended, restated, or otherwise modified from time to time (the “VA”), as an “Investor” (as
such term is defined in the VA). 

  

	2.	 The undersigned hereby authorizes this Joinder Agreement and Counterpart Signature Page to be attached to the
Purchase Agreement, the ROFR, the IRA and the VA. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first written
above. 
  

	
	
	/s/ Dr. Ronald I Dozoretz
	Dr. Ronald I Dozoretz

  

			
		
	Address:	 	 240 Corporate Blvd
 Suite 110

		 	Norfolk, VA 23502

 SCHEDULE A 

Investors 
  

	
	 Investor

	Flagship Ventures Fund 2007, LP
	
	55 Cambridge Parkway, Suite 800E
	Cambridge, MA 02142
	T: 617.868.1888
	Fax: 617.868.1115
	E-mail: legalnotices@flagshippioneering.com.
	
	Flagship Ventures Fund IV, LP
	
	55 Cambridge Parkway, Suite 800E
	Cambridge, MA 02142
	T: 617.868.1888
	Fax: 617.868.1115
	E-mail: legalnotices@flagshippioneering.com.
	
	Flagship Ventures Fund V, LP
	
	55 Cambridge Parkway, Suite 800E
	Cambridge, MA 02142
	T: 617.868.1888
	Fax: 617.868.1115
	E-mail: legalnotices@flagshippioneering.com.
	
	Nutritional Health Disruptive Innovation Fund, LP
	
	55 Cambridge Parkway, Suite 800E
	Cambridge, MA 02142
	T: 617.868.1888
	Fax: 617.868.1115
	E-mail: legalnotices@flagshippioneering.com.
	
	Nutritional Health Side Fund, L.P.
	
	55 Cambridge Parkway, Suite 800E
	Cambridge, MA 02142
	T: 617.868.1888
	Fax: 617.868.1115
	E-mail: legalnotices@flagshippioneering.com.

  
 52 

	
	Flagship Ventures Opportunities Fund I, L.P.
	55 Cambridge Parkway, Suite 800E
	Cambridge, MA 02142
	T: 617.868.1888
	Fax: 617.868.1115
	E-mail: legalnotices@flagshippioneering.com.
	
	Flagship Venturelabs IV LLC
	
	55 Cambridge Parkway, Suite 800E
	Cambridge, MA 02142
	T: 617.868.1888
	Fax: 617.868.1115
	E-mail: legalnotices@flagshippioneering.com.
	
	Flagship Venturelabs V LLC
	
	55 Cambridge Parkway, Suite 800E
	Cambridge, MA 02142
	T: 617.868.1888
	Fax: 617.868.1115
	E-mail: legalnotices@flagshippioneering.com.
	
	Geoffrey von Maltzahn
	
	 c/o Flagship Ventures
 55 Cambridge Parkway,
Suite 800E

	Cambridge, MA 02142
	T: 617.868.1888
	Fax: 617.868.1115
	E-mail: legalnotices@flagshippioneering.com.
	
	BMV Direct CO LP
	
	Address:
	 101 Main Street
 16th Floor

	Cambridge, MA 02142
	T:
	F:

  
 53 

			
	OT Microbiome Fund I, LLC
	PO Box 171305
	Salt Lake City, UT 84117
	T:	  	
	F:	  	
	
	OT Microbiome Fund II, LLC
	PO Box 171305
	Salt Lake City, UT 84117
	T:	  	
	F:	  	
	
	Alexandria Equities, LLC
	
	Address: 385 E. Colorado Blvd.
	Suite 299
	Pasadena, CA 91101
	T: 626.578.0777
	F: 626.657.2694
	
	VentureCraft Two PTE. LTD.,
	
	Address: 4 Robinson Road
	#07-03 House of Eden
	Singapore 048543
	T:    +65 6536 3609	  	
	F:    +65 6536 1513	  	
	
	Uprising Investors Fund I, L.P.
	
	c/o Uprising Ventures
	580 California St, Suite 2040
	San Francisco, CA 94104
	T:	  	
	F:	  	
	
	Uprising Opportunity Fund I, L.P.
	
	c/o Uprising Ventures
	580 California St, Suite 2040
	San Francisco, CA 94104
	T:	  	
	F:	  	

  
 54 

	
	Occam Global LLC
	
	80 Broad Street
	Suite 701
	New York, NY 10004
	T: 646 350-1945
	
	Alexander Ward Phillips and Anne Leigh Phillips
	
	12339 Cypress Island Way
	Wellington, FL 33414
	
	T:
	F:
	aphillips1980@gmail.com
	
	Neal Rajdev
	
	42 Mt. Vernon Street #5C
	Boston, MA, 02108
	T: 415-944-9740
	Rajdev@gmail.com
	
	Thomas G. Schlaff Revocable Living Trust Dated July 8, 1993
	
	9321 Huron Rapids Dr.
	Whitmore Lake, MI. 48189
	T: (734) 323-6016
	Email: tschlaff@umich.edu
	
	David P. Perry 2015 Trust
	
	David Perry
	C/O Blouin & Co.
	PO Box 600157
	Newton, MA 02460
	T: (617) 332-4040
	F: (617) 332-4041

  
 55 

	
	Aberdare Management
	
	235 Montgomery Street
	Suite 1230
	San Francisco, CA 94104
	T: (415) 392-7442
	F: (415) 392-4264
	
	David Rees
	
	 Crets de Champel 38
 1206 Geneva

	Switzerland
	T: +41 79 6587878
	
	Anthony Quinn
	
	21 Fort Hill Avenue
	Gloucester MA 01930
	 T: 650-353-1304

agquinn94@gmail.com

	
	Michael W. Bonney
	
	Address: 536 Commercial Street
	Boston, MA 02109
	E-mail: Michael.Bonney@kaleido.com
	
	Dikigoros Holdings LLC
	
	c/o Latham & Watkins LLP
	 Attention: Peter N. Handrinos
 200 Clarendon
Street, 27th Floor

	Boston, MA 02116
	Email: peter.handrinos@lw.com
	Fax: 617-948-6061
	
	VP Company Investments 2016, LLC
	
	c/o Latham & Watkins LLP
	 Attention: CFO
 555 West Fifth Street, Suite
800

	Los Angeles, CA 90013-1021
	Email: investment.adminstration@lw.com
	Fax: 213-891-7123

  
 56 

	
	Fidelity Mt. Vernon Street Trust: Fidelity Series Growth
	Company Fund
	
	State Street Bank & Trust
	PO Box 5756
	Boston, Massachusetts 02206
	Attn: WAVELENGTH + CO Fidelity Mt. Vernon
	Street Trust: Fidelity Series Growth Company Fund
	Email: SSBCORPACTIONS@StateStreet.com
	Fax number: 617-988-9110
	
	Fidelity Growth Company Commingled Pool
	By: Fidelity Management Trust Company, as Trustee
	
	 Mag & Co.
 c/o Brown Brothers
Harriman & Co.

	 Attn: Corporate Actions /Vault
 140
Broadway

	New York, NY 10005
	BBH.Fidelity.CA.Notifications@BBH.com
	
	Fidelity Mt. Vernon Street Trust: Fidelity Growth
	Company Fund
	
	BNY Mellon
	 Attn: Stacey Wolfe
 525 William Penn Place Rm
0400

	Pittsburgh, PA 15259 Email:
	FidelityCorporateEvents@bnymellon.com
	Fax number: 412-236-1012

  
 57 

	
	Artal International, SCA
	
	 Artal International S.C.A.
 44, Rue de la
Vallée

	L-2661 Luxembourg
	Attn : Anne Goffard
	
	With copies to:
	
	 The Invus Group LLC
 750 Lexington
Avenue

	New York, NY 10022
	Attn: Philippe J. Amouyal
	
	 Platinum Falcon B 2018 RSC Ltd.
 c/o Office
3523,
 35th Floor,

	Al Marqam Tower
	Abu Dhabi Global Market Square
	Al Maryah Island,
	Abu Dhabi
	UAE
	
	Tenacity Holdings Limited
	
	Po Box 36
	Sommerville House
	Phillips Street
	St. Helier
	Jersey, Channel Islands
	JE4 9NU
	
	Hans P. Utsch
	
	Rock Springs Capital LP
	
	650 S. Exeter St., Suite 1070
	Baltimore, MD 21202
	
	Dr. Ronald I Dozoretz
	
	David Friend Revocable Trust
	
	40 Commonwealth Avenue
	Boston, MA 02116

  
 58

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