Document:

EX-10.16

 Exhibit 10.16 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD
LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED. 
  

			
	CONFIDENTIAL	 	EXECUTION VERSION

 LOAN AND SECURITY AGREEMENT 

This LOAN AND SECURITY AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”) dated as of August 27, 2019 (the “Closing Date”) is entered into among METACRINE, INC., a Delaware corporation (“Borrower Representative”), and each other Person party
hereto as a borrower from time to time (collectively, “Borrowers”, and each, a “Borrower”), K2 HEALTHVENTURES LLC and any other lender from time to time party hereto (collectively, “Lenders”,
and each, a “Lender”), K2 HEALTHVENTURES LLC, as administrative agent for Lenders (in such capacity, together with its successors, “Administrative Agent”), and ANKURA TRUST COMPANY, LLC, as collateral
agent for Lenders (in such capacity, together with its successors, “Collateral Trustee”). 
 AGREEMENT 

Borrower Representative, each Borrower from time to time party hereto, Administrative Agent, Collateral Trustee and Lenders hereby agree as
follows: 
 1. ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed in accordance with GAAP, and calculations and determinations shall be made
following GAAP, consistently applied. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth on Exhibit A. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning
provided by the Code to the extent such terms are defined therein. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the word “or” is not exclusive, the words
“includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. Unless otherwise specified, all references in this Agreement or any Annex or
Schedule hereto to a “Section,” “subsection,” “Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. For purposes
of the Loan Documents, whenever a representation or warranty is made to a Person’s knowledge or awareness, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible Officer of such Person. 

2. LOAN AND TERMS OF PAYMENT 

2.1 Promise to Pay. Each Borrower hereby unconditionally promises to pay each Lender, ratably, the outstanding principal amount
of all Loans, accrued and unpaid interest, fees and charges thereon and to pay all Obligations as and when due in accordance with this Agreement. 

2.2 Availability and Repayment of the Loans. 

(a) Availability. 
 (i)
Subject to the terms and conditions of this Agreement, each Lender agrees, severally and not jointly, to make to Borrowers an advance on the Closing Date in principal amount equal to its First Tranche Term Loan Commitment (the “First Tranche
Term Loans”). Lenders’ commitments to make the First Tranche Term Loans shall terminate upon the funding of the First Tranche Term Loans on the Closing Date. 

(ii) Subject to the terms and conditions of this Agreement, each Lender agrees, severally and not jointly, to make to Borrowers an advance
during the Second Tranche Availability Period in principal amount equal to its Second Tranche Term Loan Commitment (the “Second Tranche Term Loans”). Lenders’ commitments to make the Second Tranche Term Loans shall terminate
upon the earlier of (i) the end of the Second Tranche Availability Period, and (ii) the date the Second Tranche Term Loans have been funded. 

(iii) Subject to the Third Tranche Milestone and the terms and conditions of this Agreement, each Lender agrees, severally and not jointly,
to make to Borrowers an advance during the Third 

 
Tranche Availability Period in principal amount equal to its Third Tranche Term Loan Commitment (the “Third Tranche Term Loans”). Lenders’ commitment to make the Third
Tranche Term Loans shall terminate upon the earlier of (i) the end of the Third Tranche Availability Period, and (ii) the date the Third Tranche Term Loans have been funded. 

(iv) Subject to the Fourth Tranche Milestone and the terms and conditions of this Agreement, each Lender agrees, severally and not jointly,
to make to Borrowers an advance during the Fourth Tranche Availability Period in principal amount equal to its Fourth Tranche Term Loan Commitment (the “Fourth Tranche Term Loans” and together with the First Tranche Term Loans, the
Second Tranche Term Loans, and the Third Tranche Term Loans, collectively, the “Term Loans”, and each, a “Term Loan”). Lenders’ commitment to make the Fourth Tranche Term Loans shall terminate upon the earlier
of (i) the end of the Fourth Tranche Availability Period, and (ii) the date that Fourth Tranche Term Loans have been funded. 

Borrowers shall use the proceeds of the Term Loans for working capital. Once repaid, the Term Loans may not be reborrowed. 

(b) Repayment. Commencing on the Amortization Date, and continuing thereafter on the each Payment Date through the Term Loan Maturity
Date, Borrowers shall make consecutive equal monthly payments of principal and interest, which would fully amortize the principal amount of the Term Loans and accrued interest thereon by the Term Loan Maturity Date; provided, that if the
Applicable Rate is adjusted or the Amortization Date or the Term Loan Maturity Date are extended, in each case, in accordance with its terms, the amortization schedule and the required monthly installment shall be recalculated based on the adjusted
Applicable Rate and/or the remaining number of Payment Dates through the Term Loan Maturity Date, as the same may be adjusted. Any and all unpaid Obligations, including principal and accrued and unpaid interest in respect of the Term Loans, the fees
and payments due pursuant to the Fee Letter, and other fees and other sums, if any, shall be due and payable in full on the Term Loan Maturity Date. The Term Loans may only be prepaid in accordance with Sections 2.2(c) or (d). 

(c) Mandatory Prepayment Upon an Acceleration. If the Loans are accelerated following the occurrence and during the continuance of an
Event of Default, Borrowers shall immediately pay to Lenders, an amount equal to the sum of: 
 (i) all outstanding principal plus accrued
and unpaid interest thereon, plus 
 (ii) any fees or payments then due pursuant to the Fee Letter, plus 

(iii) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due
amounts. 
 (d) Permitted Prepayment of Loans. Borrowers shall have the option to prepay all, but not less than all, of the Loans,
provided Borrowers provide written notice to Administrative Agent of its election to prepay the Loans at least 30 days prior to such prepayment, and pay, on the date of such prepayment, to Lenders, ratably, an amount equal to the sum of: 

(i) all outstanding principal plus accrued and unpaid interest thereon, plus 

(ii) any fees or payments then due pursuant to the Fee Letter, plus 

(iii) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due
amounts. 
 2.3 Payment of Interest. 

(a) Interest Rate. Subject to Section 2.3(b), the outstanding principal amount of the Loans shall accrue
interest from and after its Funding Date, at the Applicable Rate, and Borrowers shall pay such interest monthly in arrears on each Payment Date commencing on September 1, 2019. 

  
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 (b) Default Rate. Immediately upon the occurrence and during the continuance of an
Event of Default, Obligations shall bear interest at a rate per annum which is 5.0% above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by Borrowers pursuant to
the Loan Documents (including, without limitation, Lender Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate
provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies pursuant to the Loan
Documents. Each Borrower agrees that interest at the Default Rate is a reasonable calculation of Lenders’ lost profits in view of the difficulties and impracticality of determining actual damages resulting from an Event of Default. 

(c) Payment; Interest Computation. Interest is payable monthly in arrears on the Payment Date of the following month and shall be
computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 3:00 p.m. Eastern Time on any day shall be deemed received at the
opening of business on the next Business Day, and (ii) the date of the making of any Loan shall be included and the date of payment shall be excluded. Changes to the Applicable Rate based on changes to the Prime Rate, shall be effective as of
the date, and to the extent, of such change. 
 (d) Maximum Interest. Notwithstanding any provision in this Agreement or any other
Loan Document, it is the parties’ intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable hereto (the
“Maximum Rate”). If a court of competent jurisdiction shall finally determine that a Borrower has actually paid to or for the benefit of Lenders an amount of interest in excess of the amount that would have been payable if all of
the Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrowers shall be applied as follows: first, to the payment of principal outstanding in respect of the Loans; second, after all
principal is repaid, to the payment of accrued interest, third, to the payment of Lender Expenses and any other Obligations; and fourth, after all Obligations are repaid, the excess (if any) shall be refunded to Borrowers or paid to whomsoever may
be legally entitled thereto; provided, that amounts payable to Lenders shall be paid ratably. 
 2.4 Fees and Charges.
Borrowers shall pay to Lenders, ratably: 
 (a) Fees. The fees as and when due in accordance with the Fee Letter; and 

(b) Expenses. All Lender Expenses (including reasonable and documented
out-of-pocket attorneys’ fees and expenses for documentation and negotiation of this Agreement and the other Loan Documents) incurred through and after the Closing
Date, when due (or, if no stated due date, within five Business Days after demand by Administrative Agent). 
 (c) Fees Fully Earned.
Unless otherwise expressly provided in this Agreement, the fees and charges specified in clause (a) above are fully-earned as of the Closing Date, and in no event shall any Borrower be entitled to any credit, rebate, refund, reduction,
proration or repayment of any fees or charges earned by each Lender pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of a Lender’s obligation to make loans and advances hereunder and
notwithstanding the required payment date for such fees or charges. Administrative Agent, on behalf of Lenders, shall be entitled to debit and deduct amounts owing by Borrowers under the clauses of this Section 2.4 pursuant
to the terms of Section 2.5(c). 
 2.5 Payments; Application of Payments; Automatic Payment
Authorization; Taxes. 
 (a) Payments. All payments to be made by Borrowers under any Loan Document, including payments of
principal and interest and all fees, charges, expenses, indemnities and reimbursements, shall be made in immediately available funds in Dollars, without setoff, recoupment or counterclaim, before 3:00 p.m. Eastern Time on the date when due. Payments
of principal and/or interest received after 3:00 p.m. Eastern Time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business
Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

  
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 (b) Application of Payments. No Borrower shall have a right to specify the order or
the loan accounts to which a Lender shall allocate or apply any payments made by a Borrower to or for the benefit of such Lender or otherwise received by such Lender under this Agreement when any such allocation or application is not expressly
specified elsewhere in this Agreement. 
 (c) Automatic Payment Authorization. Administrative Agent, on behalf of Lenders, may
initiate debit entries to any Deposit Accounts as authorized on the Automatic Payment Authorization for principal and interest payments or any other Obligations when due. These debits shall not constitute a
set-off. If the ACH payment arrangement is terminated for any reason, Borrowers shall make all payments due hereunder at the applicable address specified in Section 10, or as
otherwise notified by Administrative Agent in writing. 
 (d) Taxes. 

(i) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free and clear of and
without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (in each case, as determined in the good faith discretion of the applicable Withholding Agent) requires any withholding or deduction of any
Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in
accordance with applicable law and, if such tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that, after the making of such required withholding or deduction (including such withholdings
and deductions applicable to additional sums payable under this Section 2.5(d)), the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(ii) The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the
Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (iii) The Loan Parties shall jointly and severally
indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.5(d))
payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower Representative by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own
behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (iv) Each Lender shall severally indemnify the
Administrative Agent, within 10 days after demand therefor, for (1) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes
and without limiting the obligation of the Loan Parties to do so), (2) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2(d) relating to the maintenance of a Participant
Register and (3) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any
other source against any amount due to the Administrative Agent under this Section 2.5(d)(iv). 
 (v) As soon as
practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.5(d), such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

  
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 (vi) Status of Lenders. 

(1) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower Representative and the Administrative Agent, at the time or times reasonably requested by the Borrower Representative or the Administrative Agent, such properly completed and executed documentation reasonably requested
by the Borrower Representative or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower Representative or the
Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower Representative or the Administrative Agent as will enable the Borrower Representative or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Sections 2.5(d)(vi)(2)(a), (b) and (d) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender
to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (2) Without
limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person, 
 a) any Lender (or, if the Lender is a
disregarded entity for U.S. federal income tax purposes, the Person treated as the owner of the assets of such Lender for U.S. federal income tax purposes) that is a U.S. Person shall deliver to the Borrower Representative and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative or the Administrative Agent), executed copies of IRS
Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

b) any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower Representative and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower
Representative or the Administrative Agent), executed copies of IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI or IRS Form W-8IMY (along with any attachments required under applicable law); 

c) any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower Representative and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower
Representative or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable law, in each case, to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

d) if a payment made to a Recipient under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such
Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Recipient shall deliver to the Borrower Representative and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower Representative or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably requested by the Borrower Representative or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Recipient has complied with such Recipient’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this
Section 2.5(d)(vi)(2)(c), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

  
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 (3) On or prior to the date the Administrative Agent becomes a party to this Agreement, the
Administrative Agent shall, in the event that the Administrative Agent is a U.S. Person, deliver an executed copy of IRS Form W-9 to the Borrower Representative, and in the event the Administrative Agent is
not a U.S. Person, deliver to Borrower (i) with respect to any amounts payable on behalf of the Borrowers under any Loan Document to the Administrative Agent for its own account, an executed copy of an applicable IRS Form W-8, and (ii) with respect to any amounts payable under any Loan Document to the Administrative Agent for the account of others, an executed copy of IRS Form W-8IMY
(along with any attachments required under applicable law). 
 Each Recipient agrees that if any form or certification it previously delivered expires or
becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(vii) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section 2.5(d) (including by the payment of additional amounts pursuant to this Section 2.5(d)), it shall pay to the
indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.5(d) with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect
to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 2.5(d)(vii) (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this
Section 2.5(d)(vii), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.5(d)(vii) the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.5(d)(vii) shall not be construed to require any indemnified party to make available its Tax returns (or any
other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (viii)
Survival. Each party’s obligations under this Section 2.5(d) shall survive the resignation or replacement of Administrative Agent or Collateral Trustee or any assignment of rights by, or the replacement of, a
Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

2.6 Promissory Notes. Borrowers agree that: (a) upon written notice by or on behalf of any Lender to Borrowers that a
promissory note or other evidence of indebtedness is requested by such Lender to evidence the Loans and other Obligations owing or payable to, or to be made by, such Lender, Borrowers shall promptly (and in any event within three Business Days of
any such request) execute and deliver to such Lender an appropriate promissory note, in substantially the form attached hereto as Exhibit G; and (b) upon any Lender’s written request, and in any event within three Business Days of
any such request, the Borrowers shall execute and deliver to such Lender new notes and/or divide the notes in exchange for then existing notes in such smaller amounts or denominations as such Lender shall specify in its sole and absolute discretion;
provided, that the aggregate principal amount of such new notes shall not exceed the aggregate principal amount of the applicable Loans made by such Lender; provided, further, that such promissory notes that are to be replaced
shall then be deemed no longer outstanding hereunder and replaced by such new notes and returned to the Borrowers within a reasonable period of time after such Lender’s receipt of the replacement notes. Regardless whether or not any such
promissory notes are issued, this Agreement shall evidence the Loans and other Obligations owing or payable by Borrowers to each Lender. 

2.7 Increased Costs. If any Change in Law shall subject any Recipient to any Taxes (other than (a) Indemnified Taxes,
(b) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (c) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto, and the result of the foregoing shall be to increase the cost to such Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its

  
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obligation to make any such Loan, then upon the request of such Recipient, the Borrowers will pay to such Recipient such additional amount or amounts as will compensate such Recipient for such
additional costs incurred. A certificate of a Recipient setting forth the amount or amounts necessary to compensate such Recipient shall be conclusive absent manifest error. The Borrowers shall pay such Recipient the amount shown as due on any such
certificate within 10 days after receipt thereof. 
 3. CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Loan. Each Lender’s obligation to make the First Tranche Term Loans is subject to the
condition precedent that Lenders shall have received, in form and substance satisfactory to Administrative Agent, such documents, and completion of such other matters, as Administrative Agent may reasonably deem necessary or appropriate, including,
without limitation: 
 (a) duly executed signatures to this Agreement; 

(b) duly executed signatures to the Warrant; 

(c) duly executed signatures to the Fee Letter; 

(d) [reserved]; 
 (e) a
certificate of each Borrower, duly executed by a Responsible Officer, certifying and attaching (i) the Operating Documents, (ii) resolutions duly approved by each Borrower’s Board, (iii) any resolutions, consent or waiver duly
approved by the requisite holders of each Borrower’s Equity Interests, if applicable (or certifying that no such resolutions, consent or waiver is required), and (iv) a schedule of incumbency; 

(f) the Perfection Certificate of Borrower Representative, together with the duly executed signature thereto; 

(g) evidence satisfactory to Administrative Agent, that the insurance policies and endorsements required by
Section 6.5 are in full force and effect; 
 (h) the original stock certificates representing any Shares, if any,
together with a stock power or other appropriate instrument of transfer, duly executed by the holder of record of such Shares and in blank; 

(i) a legal opinion of counsel to Borrower Representative; and 

(j) payment of the fees then due in accordance with the Fee Letter. 

3.2 Conditions Precedent to all Loans. Each Lender’s obligations to make each Loan is subject to the
following conditions precedent: 
 (a) except for the First Tranche Term Loan made on the Closing Date, timely receipt of an executed Loan
Request by Administrative Agent; 
 (b) the representations and warranties in this Agreement and the other Loan Documents shall be true,
accurate, and complete in all material respects on the date of the Loan Request and on the Funding Date of each Loan; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects
as of such date; 
 (c) no Default or Event of Default shall have occurred and be continuing or result from the Loan; and 

  
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 (d) there has not been any event or circumstance that has had or could reasonably be
expected to have a Material Adverse Effect, as determined by Administrative Agent in Administrative Agent’s good faith discretion. 

3.3 Covenant to Deliver. 

(a) Borrowers agree to deliver each item required to be delivered under this Agreement as a condition precedent to any Loan. Borrowers
expressly agree that a Loan made prior to the receipt of any such item shall not constitute a waiver by Administrative Agent of a Borrower’s obligation to deliver such item, and the making of any Loan in the absence of a required item shall be
in Administrative Agent’s sole discretion. 
 (b) Borrower agrees to deliver the items set forth on Schedule 2 hereto within the
timeframe set forth therein (or by such other date as Administrative Agent may approve in writing), in each case, in form and substance reasonably acceptable to Administrative Agent. 

3.4 Procedures for Borrowing. To obtain a Loan (other than the First Tranche Term Loans), Borrowers shall deliver a completed
Loan Request to Administrative Agent (which may be delivered by email) no later than 3:00 p.m. Eastern Time, 10 Business Days prior to the date such Loan is requested to be made. On the Funding Date, each applicable Lender shall fund the applicable
Loan in the manner requested by the Loan Request; provided, that each of the conditions precedent to such Loan are satisfied, 

4. CREATION OF SECURITY INTEREST  

4.1 Grant of Security Interest. Each Borrower hereby grants to Collateral Trustee, for the ratable benefit of Lenders, to secure
the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Collateral Trustee, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products
thereof. If this Agreement is terminated, Collateral Trustee’s Lien in the Collateral shall continue until the Obligations (other than contingent indemnification obligations as to which no claim has been asserted or is known to exist) are
repaid in full in cash. 
 4.2 Priority of Security Interest. Each Borrower represents, warrants, and covenants that the
security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior
priority to Collateral Trustee’s Lien under this Agreement). If a Borrower shall acquire a commercial tort claim with a potential recovery in excess of $250,000, Borrowers shall promptly notify Administrative Agent in writing and deliver such
other information and documents as Administrative Agent may require to take any further action necessary or advisable to perfect Collateral Trustee’s Lien in such commercial tort claim. If a Borrower shall acquire a certificate with respect to
Shares or any instrument, such Borrower shall promptly notify Administrative Agent and deliver the same together with a stock power or instrument of transfer and any necessary endorsement, all in form satisfactory to Collateral Trustee. 

4.3 Authorization to File Financing Statements. Each Borrower hereby authorizes Collateral Trustee or its designee (or the
Administrative Agent, on behalf of the Collateral Trustee) to file at any time financing statements, continuation statements and amendments thereto with all appropriate jurisdictions to perfect or protect Collateral Trustee’s interest or rights
hereunder. 
 4.4 Pledge of Collateral. Each Borrower hereby pledges, assigns and grants to Collateral Trustee a security
interest in (i) with respect to any Subsidiary that is not an Excluded Foreign Subsidiary, all the Equity Interests in which such Borrower has any interest, including the Shares, and (ii) with respect to each Subsidiary that is a
First-Tier Foreign Subsidiary, 65% of the voting Equity Interests of such First-Tier Foreign Subsidiary and 100% of the non-voting Equity Interests of such First-Tier Foreign Subsidiary, in each case, together
with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing, as
security for the performance of the Obligations. For the avoidance of doubt, no pledge shall be required with respect to (i) any Equity Interests in any Excluded Foreign Subsidiary other than a First-Tier Foreign Subsidiary and (ii) any
asset 

  
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directly or indirectly owned by any Excluded Foreign Subsidiary. On the Closing Date or as required pursuant to Section 6.10, the certificate or certificates for such
Equity Interests, to the extent certificated, will be delivered to Collateral Trustee, accompanied by a stock power or other appropriate instrument of assignment duly executed in blank. To the extent required by the terms and conditions governing
the Equity Interests in which a Borrower has an interest, such Borrower shall cause the books of each Person whose Equity Interests are part of the Collateral and any transfer agent to reflect the pledge of the Equity Interests. Upon the occurrence
and during the continuance of an Event of Default hereunder, Collateral Trustee may effect the transfer of any securities included in the Collateral (including but not limited to the Equity Interests) into the name of Collateral Trustee and cause
new certificates representing such securities to be issued in the name of Collateral Trustee or its transferee. Each Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Administrative Agent may reasonably
request to perfect or continue the perfection of Collateral Trustee’s security interest in the Equity Interests. Unless an Event of Default shall have occurred and be continuing, each Borrower shall be entitled to exercise any voting rights
with respect to the Equity Interests in which it has an interest and to give consents, waivers and ratifications in respect thereof; provided, that no such notice shall be required if a Borrower has commenced an Insolvency Proceeding and, in
any event, no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of any of such terms. All such rights to
vote and give consents, waivers and ratifications shall terminate upon the occurrence and during the continuance of an Event of Default. 

5. REPRESENTATIONS AND WARRANTIES 

Each Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. 

(a) Each Loan Party and each of its Subsidiaries are duly existing and in good standing as a Registered Organization in their respective
jurisdictions of formation and are qualified and licensed to do business and are in good standing in any other jurisdiction in which the conduct of their respective business or ownership of property require that they be qualified except where the
failure to do so would not reasonably be expected to have a Material Adverse Effect. In connection with this Agreement, Borrower Representative has delivered to Administrative Agent a completed certificate signed by Borrower Representative entitled
“Perfection Certificate”. Except to the extent Borrower Representative has provided notice of a legal name change in accordance with Section 7.2, (i) each Loan Party’s exact legal name is that
indicated on the Perfection Certificate and on the signature page hereof; (ii) each Loan Party is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (iii) the Perfection Certificate
accurately sets forth each Loan Party’s organizational identification number or accurately states that such Loan Party has none; (iv) the Perfection Certificate accurately sets forth each Loan Party’s place of business, or, if more
than one, its chief executive office as well as such Loan Party’s mailing address (if different than its chief executive office); (v) except as set forth in the Perfection Certificate, each Loan Party (and each of its predecessors) has
not, in the past five years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (vi) all other information set forth on the Perfection Certificate pertaining
to each Loan Party and each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that each Loan Party may from time to time update certain information in the Perfection Certificate after the Closing
Date to the extent permitted by one or more specific provisions in this Agreement). 
 (b) The execution, delivery and performance by each
Loan Party of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with such Loan Party’s Operating Documents or other organizational documents, (ii) contravene, conflict with, constitute a
default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any material applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which such Loan Party or
any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental
Approvals which have already been obtained and are in full force and effect), or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement

  
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by which such Loan Party is bound. No Loan Party is in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a
Material Adverse Effect. 
 5.2 Collateral. 

(a) Each Loan Party has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien
hereunder, free and clear of any and all Liens except Permitted Liens. 
 (b) Except for the Excluded Accounts and Collateral Accounts
described in the Perfection Certificate or in a notice timely delivered pursuant to Section 6.6, no Loan Party has any Excluded Accounts or Collateral Accounts at or with any bank, broker or other financial institution, and
each Loan Party has taken such actions as are necessary to give Collateral Trustee a perfected security interest in the Collateral Accounts as required pursuant to the terms of Section 6.6(b). The Accounts are bona fide,
existing obligations of the Account Debtors. 
 (c) The Collateral is located only at the locations identified in the Perfection Certificate
and other Permitted Locations. The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate or as disclosed in writing pursuant to
Section 6.11. 
 (d) Each Loan Party is the sole owner of the Intellectual Property which it owns or purports to
own except for (i) licenses constituting “Permitted Transfers”, (ii) open-source software, (iii) over-the-counter software that is commercially
available to the public, (iv) material Intellectual Property licensed to such Loan Party and noted on the Perfection Certificate or as disclosed pursuant to Section 6.7(b), and (v) immaterial Intellectual Property
licensed to such Loan Party. Each Patent (other than patent applications) which it owns or purports to own and which is material to such Loan Party’s business is valid and enforceable, and no part of the Intellectual Property which a Loan Party
owns or purports to own and which is material to the Loan Parties’ business has been judged invalid or unenforceable, in whole or in part. To the best of each Borrower’s knowledge, no claim has been made that any part of the Intellectual
Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a Material Adverse Effect. Except as noted on the Perfection Certificate or as disclosed pursuant to
Section 6.7(b), no Loan Party is a party to, nor is it bound by, any Restricted License. No Subsidiary which is not a Loan Party owns any material Intellectual Property. It will not be necessary to use any inventions of any
of such Loan Party’s employees or consultants (or Persons it currently intends to hire) made prior to their employment by such Loan Party. Each current and prior employee, consultant or other Affiliate thereof has entered into an invention
assignment agreement or similar agreement with such Loan Party with respect to all intellectual property rights he or she owns that are related to the Loan Parties’ business. 

5.3 Accounts; Material Agreements. The Accounts are bona fide existing obligations. The property or services giving rise to such
Accounts have been delivered or rendered. No Borrower has received any notice of actual or imminent insolvency of an Account Debtor. The material licenses and agreements to which any Loan Party or any of its Subsidiaries is a party is in good
standing and in full force and effect and no Loan Party is in material breach with respect thereto. No material customer or supplier has terminated, significantly reduced or communicated its intent to do so to any Loan Party or any of its
Subsidiaries. 
 5.4 Litigation and Proceedings. Except as set forth in the Perfection Certificate or as disclosed in writing
pursuant to Section 6.2, there are no actions, suits, litigations or proceedings, at law or in equity, pending, or, to the knowledge of any Responsible Officer, threatened in writing, by or against any Loan Party or any of
its Subsidiaries, officers or directors involving more than, individually or in the aggregate for all related proceedings, $250,000 or in which any adverse decision has had or would reasonably be expected to have any Material Adverse Effect. 

5.5 Financial Statements; Financial Condition. All consolidated financial statements for the Loan Parties and each of their
Subsidiaries delivered to Administrative Agent fairly present in all material respects the consolidated financial condition and results of operations of the Loan Parties and each of their Subsidiaries as of the respective dates and for the
respective periods then ended, and there are no material liabilities (including any contingent liabilities) which are not reflected in such financial statements. There has not been any material 

  
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deterioration in the consolidated financial condition of the Loan Parties and each of its Subsidiaries or the Collateral since the date of the most recent financial statements submitted to
Administrative Agent. 
 5.6 Solvency. The fair salable value of the assets (including goodwill minus disposition costs) of
the Loan Parties and each of their Subsidiaries, on a consolidated basis, exceeds the fair value of liabilities of the Loan Parties’ and each of their Subsidiaries, on a consolidated basis; no Loan Party is left with unreasonably small capital
after the transactions in this Agreement; and each Loan Party is able to pay its debts (including trade debts) as they mature. 
 5.7
Consents; Approvals. Each Loan Party and each of its Subsidiaries have obtained all third party consents, approvals, waivers, made all declarations or filings with, given all notices to, and obtained all consents, licenses, permits or other
approvals from all Governmental Authorities that are necessary (i) to enter into the Loan Documents and consummate the transactions contemplated thereby, and (ii) to continue their respective businesses as currently conducted, except (with
respect to this clause (ii)) where failure to do so would not reasonably be expected to result in a Material Adverse Effect. 

5.8 Subsidiaries; Investments. No Loan Party has any Subsidiaries, except as noted on the Perfection Certificate or as disclosed
to Administrative Agent pursuant to Section 6.10 below. No Loan Party owns any stock, partnership, or other ownership interest or other Equity Interests except for Permitted Investments. 

5.9 Tax Returns and Payments. Each Loan Party and each of its Subsidiaries has (i) filed all tax returns and reports
required to be filed (taking into account appropriate extensions therefor), and (ii) paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by such Loan Party or such Subsidiary, as applicable, in each
case, except to the extent that (a) such taxes are being contested in good faith by appropriate proceedings diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall
have been made therefor, or (b) the failure to do so could not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect. 

5.10 Shares. Such Borrower has full power and authority to create a first lien on the Shares and no disability or contractual
obligation exists that would prohibit such Borrower from pledging the Shares pursuant to this Agreement. There are no subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or options exercisable with respect
to the Shares. The Shares have been and will be duly authorized and validly issued, and are fully paid and non-assessable. The Shares are not the subject of any present or threatened suit, action, arbitration,
administrative or other proceeding, and such Borrower knows of no reasonable grounds for the institution of any such proceedings. 

5.11 Compliance with Laws. 

(a) No Loan Party or Subsidiary of a Loan Party is an “investment company” or an “affiliated person” of, or
“promoter” or “principal underwriter” for, an “investment company”, as such terms are defined in the Investment Company Act of 1940 as amended. 

(b) No Loan Party or Subsidiary of a Loan Party is engaged, nor will it engage, principally or as one of its important activities, in the
business of extending credit for the purpose of “purchasing” or “carrying” any “margin security” as such terms are defined in Regulation U of the Federal Reserve Board as now and from time to time hereafter in effect
(such securities being referred to herein as “Margin Stock”). None of the proceeds of the Loans or other extensions of credit under this Agreement have been (or will be) used, directly or indirectly, for the purpose of purchasing or
carrying any Margin Stock, for the purpose of reducing or retiring any Indebtedness which was originally incurred to purchase or carry any Margin Stock or for any other purpose which might cause any of the Loans or other extensions of credit under
this Agreement to be considered a “purpose credit” within the meaning of Regulation T, U or X of the Federal Reserve Board. 
 (c)
No Loan Party has taken or permitted to be taken any action which might cause any Loan Document to violate any regulation of the Federal Reserve Board. Neither the making of the Loans hereunder nor Borrowers’ use of the proceeds thereof will
violate the Trading with the Enemy Act, as amended, or any of the foreign 

  
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assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. No Loan Party, nor
any of its Subsidiaries, nor any Affiliate of any Loan Party or of any Subsidiary, nor any present holder of Equity Interests of any of the foregoing (i) is a Person described or designated in the Specially Designated Nationals and Blocked
Persons List of the Office of Foreign Assets Control of the United States Department of Treasury (“OFAC”) or in Section 1 of the Anti-Terrorism Order or similar sanctions laws of any other Governmental Authority including of
any other applicable jurisdiction, (ii) is a citizen or resident of any country that is subject to embargo or trade sanctions enforced by OFAC, (iii) is, or will become, a Person whose property or interest in property is blocked or subject
to blocking pursuant to Section 1 of the Anti-Terrorism Order, or (iv) engages in any dealings or transactions, or is otherwise associated, with any such Person. 

(d) Each Loan Party and its Subsidiaries are in compliance, in all material respects, with the USA Patriot Act. No part of the proceeds from
the Loans made hereunder has been (or will be) used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an
official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

(e) No Reportable Event or Prohibited Transaction, as defined in ERISA has occurred or is reasonably expected to occur, and no Loan Party has
failed to meet the minimum funding requirements of ERISA. No Loan Party has violated any applicable environmental laws in any material respect, maintains any properties or assets which have been designated in any manner pursuant to any environmental
protection statute as a hazardous materials disposal site, or has received any notice, summons, citation or directive from the Environmental Protection Agency or any other similar Governmental Authority. 

5.12 Products. A complete and accurate list of the Products, is set forth on the Perfection Certificate, as updated from time to
time pursuant to the Compliance Certificate. The Loan Parties and each of its Subsidiaries hold all material required Governmental Approvals, a list of which is set forth on the Perfection Certificate, and all such Governmental Approvals are in full
force and effect. There are no proceedings in progress, pending or, to such Loan Party’s knowledge, threatened, that may result in revocation, cancellation, suspension, rescission or any adverse modification of any such material required
Governmental Approval nor, to the best of the knowledge, information and belief of such Loan Party, after due inquiry, are there any facts upon which proceedings could reasonably be based. Without limitation of the foregoing: 

(a) With respect to any Product being tested or manufactured, each Loan Party and each of its Subsidiary has received, and such Product is the
subject of, all Governmental Approvals needed in connection with the testing or manufacture of such Product as such testing is currently being conducted by or on behalf of a Loan Party or any of its Subsidiaries, and neither any Loan Party nor any
of its Subsidiaries has received any notice from any applicable Governmental Authority, that such Governmental Authority is conducting an investigation or review of (i) any Loan Party’s or any of its Subsidiary’s manufacturing
facilities and processes for such Product which have disclosed any material deficiencies or violations of any Requirement of Law or the Governmental Approvals related to the manufacture of such Product, or (ii) any such Governmental Approval or
that any such Governmental Approval has been revoked or withdrawn, nor has any such Governmental Authority issued any order or recommendation stating that the development, testing and/or manufacturing of such Product should cease. 

(b) With respect to any Product marketed or sold by a Loan Party or any of its Subsidiaries, such Loan Party or such Subsidiary, as
applicable, has received, and such Product is the subject of, all Governmental Approvals needed in connection with the marketing and sales of such Product as currently being marketed or sold, and no Loan Party nor any of its Subsidiary has received
any notice from any applicable Governmental Authority, that such Governmental Authority is conducting an investigation or review of any such Governmental Approval or approval or that any such Governmental Approval has been revoked or withdrawn, nor
has any such Governmental Authority issued any order or recommendation stating that such marketing or sales of such Product cease or that such Product be withdrawn from the marketplace; 

(c) There have been no adverse clinical test results in connection with a Product which have or would reasonably be expected to have a
Material Adverse Effect; and 

  
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 (d) There have been no Product recalls or voluntary Product withdrawals from any market.

 5.13 Full Disclosure. No written representation, warranty or other statement of a Loan Party or any of its Subsidiaries in
any certificate or written statement by or on behalf of a Loan Party or any of its Subsidiaries in connection with this Agreement, as of the date such representation, warranty, or other statement was made, taken together with all such written
certificates and written statements given, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading in light of the circumstances
under which they were made (it being recognized that the projections and forecasts provided by any Loan Party in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by
such projections and forecasts may differ from the projected or forecasted results). 
 6. AFFIRMATIVE COVENANTS 

Each Borrower shall, and shall cause each Loan Party to, do all of the following: 

6.1 Government Compliance. Maintain its and all its Subsidiaries’ legal existence and good standing in their respective
jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a Material Adverse Effect; comply, and cause each Subsidiary to comply, with all laws, ordinances and
regulations to which it is subject except where a failure to do so would not reasonably be expected to have a Material Adverse Effect; obtain all of the Governmental Approvals required in connection with such Loan Party’s business and for the
performance by each Loan Party of its obligations under the Loan Documents to which it is a party and the grant of a security interest in accordance therewith, and comply with all terms and conditions with respect to such Governmental Approvals.

 6.2 Financial Statements, Reports, Certificates. Provide Administrative Agent with the following: 

(a) Monthly Financial Statements. Within 30 days after the last day of each month, a company prepared consolidated balance sheet, income
statement and statement of cash flows covering the Loan Parties and each of their Subsidiaries’ operations for such month, in form reasonably acceptable to Administrative Agent, certified by a Responsible Officer as having been prepared in
accordance with GAAP, consistently applied, except for the absence of footnotes, and subject to normal year-end adjustments. 

(b) Monthly Compliance Certificate. Within 30 days after the last day of each month and together with the monthly financial statements,
a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, the Loan Parties were in full compliance with all of the terms and conditions of this Agreement, and such other information as
Administrative Agent may reasonably request. 
 (c) Annual Operating Budget and Financial Projections. Upon the earlier of (x) 60
days after the end of each fiscal year of Borrower Representative and (y) five Business Days after approval by the Borrower Representative’s Board of Directors (and, in either case, promptly and within five Business Days of any material
modification thereto), an annual operating budget, on a consolidated basis (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower Representative, together with any related business
forecasts used in the preparation thereof. 
 (d) Annual Audited Financial Statements. As soon as available, but no later than 150
days after the last day of Borrower Representative’s fiscal year, audited consolidated financial statements prepared in accordance with GAAP, consistently applied, together with an unqualified opinion on the financial statements from an
independent certified public accounting firm reasonably acceptable to Administrative Agent, together with any management letter with respect thereto. 

(e) Other Statements. Within five Business Days of delivery, copies of all statements, reports and notices generally made available to
all Borrower Representative’s Equity Interest holders or to all holders of Borrower Representative’s preferred stock or to any holders of Subordinated Debt. 

  
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 (f) SEC Filings. In the event that Borrower Representative becomes subject to the
reporting requirements under the Exchange Act, within five days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower Representative with the Securities and Exchange Commission; provided,
that such filings shall be deemed to have been delivered on the date on which Borrower Representative posts such documents on Borrower Representative’s website. 

(g) Legal Action Notice. A prompt report of any legal actions pending or threatened in writing against any Loan Party or any of its
Subsidiaries that could result in damages or costs to any Loan Party or any of its Subsidiaries, individually or in the aggregate for all related proceedings, of $250,000 or more, or of any Loan Party or any of its Subsidiaries taking or threatening
legal action against any third person with respect to a material claim, and with respect to any pending action or threatened action, promptly report any material development with respect thereto. 

(h) Valuation Reports; Capitalization Tables. A copy of each 409A valuation report as to Borrower Representative’s capital stock
that Borrower Representative receives after the Closing Date within five Business Days after approval by the Borrower Representative’s Board of Directors thereof, and an updated copy of Borrower Representative’s summary capitalization
table within five Business Days of any material modification to the aggregate fully-diluted capitalization numbers as set forth in the version most recently delivered to Administrative Agent. 

(i) Board Materials. (x) At the same time and in the same manner as it gives to the members of Borrower Representative’s
Board, copies of all materials that Borrower Representative provides to its Board in connection with meetings of Borrower Representative’s Board, including any reports with respect to Borrowers’ operations or performance; provided,
however, that Borrower Representative shall not be required to provide Administrative Agent with draft materials that are not provided to all members of Borrower Representative’s Board, and (y) promptly after such meeting, minutes
of such meetings; provided, however, the foregoing shall exclude, for the avoidance of doubt, any communications between Borrower Representative and its Board that are not provided in connection with any regularly-scheduled or special
meeting of the Borrower Representative’s Board and shall be subject to such further exclusions and redactions as necessary in order to (A) preserve the confidentiality of highly sensitive proprietary information, or (B) prevent
impairment of the attorney client privilege with respect to pending or threatened litigation. 
 (j) Intellectual Property Report.
Together with the Compliance Certificate delivered at the end of each calendar quarter, a report in form reasonably acceptable to Administrative Agent, listing any applications or registrations that any Loan Party or any of its Subsidiaries has made
or filed in respect of any Patents, Copyrights or Trademarks and the status of any outstanding applications or registrations, as well as any material change in any Loan Party or any of its Subsidiaries’ Intellectual Property. 

(k) Aging Reports; Other Reports and Information. Together with the monthly financial reports, reports as to the following, in form
acceptable to Administrative Agent: accounts receivable and accounts payable aging, and, upon at least 15 days’ prior written notice to such Loan Party, any other information related to the financial or business condition of any Loan Party as
reasonably requested by Administrative Agent. 
 (l) Bank Account Statements. Together with the monthly financial statements
delivered in accordance with subsection (a) above or within three Business Days of receipt by any Loan Party of such documentation from the applicable depository bank, a copy of the most recent account statement, with transaction detail,
for each Deposit Account or Securities Account of a Loan Party or any of its Subsidiaries, or within three Business Days, upon Administrative Agent’s request, evidence satisfactory to Administrative Agent of the balance maintained in any such
Deposit Account or Securities Account. 
 (m) Equity Financing Documents. Together with the next Compliance Certificate due after the
consummation of any preferred stock financing, a copy of the documents entered into in connection with such financing. 

  
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 (n) Product Related. Within five Business Days of receipt, copies of all material
correspondence, reports, documents and other filings with any Governmental Authority that could reasonably be expected to have a material adverse effect on any Governmental Approvals required for the manufacturing, marketing, testing or sale of
Products or which could have a Material Adverse Effect. 
 6.3 Inventory; Returns. Keep all Inventory in all material respects
in good and marketable condition, free from material defects, except for Inventory and Equipment sold in the ordinary course of business pursuant to this Agreement. Returns and allowances between a Loan Party and its Account Debtors shall follow
such Loan Party’s customary practices as they exist at the Closing Date or as is standard in the industry. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than
$250,000. 
 6.4 Taxes; Pensions. File, and cause each of its Subsidiaries to file, all required tax returns and reports and
pay, and require each of its Subsidiaries to pay, all foreign, federal, state and local Taxes owed by such Loan Party and each of its Subsidiaries, except (a) to the extent that the failure to do so could not reasonably be expected to have a
Material Adverse Effect, or (b) for deferred payment of any taxes contested pursuant to the terms of Section 5.9, and shall deliver to Administrative Agent, promptly upon demand (but in any event within 20 Business
Days), appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 

6.5 Insurance. 

(a) Keep, and cause each Subsidiary to keep, its business and the Collateral insured for risks and in amounts standard for companies in the
Loan Parties’ industry and location. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of any Loan Party, and in amounts that are reasonably satisfactory to Administrative
Agent. 
 (b) Ensure that proceeds payable under any property policy with respect to Collateral are, at Administrative Agent’s option,
payable to Collateral Trustee, for the ratable benefit of Lenders, on account of the Obligations. To that end, all property policies shall have a lender’s loss payable endorsement showing Collateral Trustee as lender loss payable, all liability
policies shall show, or have endorsements showing, Collateral Trustee as an additional insured, in each case, in form satisfactory to Collateral Trustee and as set forth on Exhibit E. 

(c) Notwithstanding the foregoing: (i) so long as no Event of Default has occurred and is continuing, (A) the Loan Parties shall
have the option of applying the proceeds of any casualty policy up to $500,000, in the aggregate per fiscal year, toward the prompt replacement or repair of destroyed or damaged property, and (B) if any destroyed or damaged property includes
any finished drug products, the Loan Parties shall have the option of applying an additional amount of the proceeds of any casualty policy up to $500,000, in the aggregate per fiscal year, toward the prompt replacement or repair of destroyed or
damaged finished drug products; provided, that in no event shall the aggregate amount of proceeds of any casualty policy in excess of $1,000,000, in the aggregate per fiscal year, be applied to the replacement or repair of destroyed or
damaged property, including any destroyed or damaged finished drug products; provided, further, that any such replaced or repaired property (x) shall be of equal or like value as the replaced or repaired Collateral and
(y) shall be deemed Collateral in which Collateral Trustee has been granted a first priority security interest; and (ii) after the occurrence and during the continuance of an Event of Default, all such proceeds shall, at the option of
Administrative Agent, be payable to Collateral Trustee, for the ratable benefit of Lenders, on account of the Obligations. 
 (d) Within
five Business Days of Administrative Agent’s request, Borrower Representative shall deliver certified copies of insurance policies and evidence of all premium payments. Each provider of any such insurance required under this
Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Collateral Trustee, that it will give Collateral Trustee 30 days’ prior written notice before
any such policy or policies shall be canceled (or 10 days’ notice for cancellation for non-payment of premiums). 

(e) If any Loan Party fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish
any required proof of payment upon Administrative Agent’s request, Collateral Trustee may make 

  
 15 

 
all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies as Collateral Trustee deems prudent or
as Administrative Agent may direct. 
 6.6 Deposit and Securities Accounts. 

(a) Maintain Collateral Accounts only at the banks and other financial institutions identified in the Perfection Certificate or as disclosed
pursuant to a notice timely delivered pursuant to subsection (b) below. Borrowers shall further maintain an ACH payment structure in favor of Administrative Agent, satisfactory to Administrative Agent. 

(b) Provide Administrative Agent 15 Business Days’ prior written notice before establishing any Collateral Account at or with any bank,
broker or other financial institution, and upon opening such account, provide Administrative Agent with a written notice identifying the name, address of each bank or other institution, the name in which the account is held, a description of the
purpose of the account, and the complete account number therefor. For each Collateral Account that any Loan Party at any time maintains, Borrowers shall cause the applicable bank, broker or financial institution at or with which any Collateral
Account is maintained to execute and deliver an Account Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Trustee’s Lien in such Collateral Account in accordance with the terms
hereunder; provided, however, that (i) for the Collateral Accounts identified in the Perfection Certificate as of the Closing Date, Borrower Representative shall deliver duly executed Account Control Agreements (in such final form
as is reasonably acceptable to Administrative Agent and Collateral Trustee) for each such Collateral Account within five Business Days following the Closing Date, and (ii) no Account Control Agreement shall be required with respect to any
Excluded Account. 
 (c) In the event that Borrowers have Account in excess of $250,000 in the aggregate with respect to which Medicare or
other similar programs of any Governmental Authority is the Account Debtor, Borrowers shall notify Administrative Agent thereof, and shall enter into an amendment to this Agreement and set up such dedicated Collateral Accounts and direct the payment
of such Accounts as Administrative Agent may direct to protect Collateral Trustee’s interests in such Accounts and the proceeds thereof. 

6.7 Intellectual Property. 

(a) Protect, defend and maintain the validity and enforceability of its Intellectual Property material to its business; promptly advise
Administrative Agent in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property material to its business; not suffer any material claim of
infringement that would reasonably be expected to have a Material Adverse Effect unless such claim is dismissed within 30 days from initiation thereof or Borrowers have demonstrated to Administrative Agent’s satisfaction that such proceedings
are without merit and adequate reserves have been taken; and not allow any Intellectual Property material to the Loan Parties’ business to be abandoned, forfeited or dedicated to the public without Administrative Agent’s written consent.

 (b) If any Loan Party (i) obtains any Patent, registered Trademark, registered Copyright, registered mask work, or any pending
application for any of the foregoing, whether as owner or licensee, or (ii) applies for any Patent or the registration of any Trademark, then Borrower Representative shall promptly provide written notice thereof to Administrative Agent and
shall execute such intellectual property security agreements and other documents and take such other actions as Administrative Agent may request to protect Collateral Trustee’s interest in such property. If a Loan Party decides to register any
Copyrights or mask works in the United States Copyright Office, Borrower Representative shall: (x) provide Administrative Agent with at least 15 days’ prior written notice of such Loan Party’s intent to register such Copyrights or
mask works together with a copy of the application it intends to file with the United States Copyright Office (excluding exhibits thereto); (y) execute an intellectual property security agreement and such other documents and take such other actions
as Administrative Agent may request to perfect and maintain a first priority perfected security interest in favor of Collateral Trustee in the Copyrights or mask works intended to be registered with the United States Copyright Office; and
(z) record such intellectual property security agreement with the United States Copyright Office contemporaneously with filing the Copyright or mask work application(s) with the United States Copyright Office. 

  
 16 

 (c) Provide written notice to Administrative Agent at least 30 days’ prior to any Loan
Party entering or becoming bound by any Restricted License (other than off the shelf software and services that are commercially available to the public), and obtain, or cause such Loan Party to obtain, the consent of, or waiver in form satisfactory
to Administrative Agent from any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Collateral Trustee to have a security interest in it that might otherwise be restricted or
prohibited by law or by the terms of any such Restricted License, and (ii) Collateral Trustee to have the ability in the event of a liquidation of any Collateral to dispose of such Restricted License together with other Collateral in accordance
with Collateral Trustee’s rights and remedies under this Agreement and the other Loan Documents. 
 6.8 Litigation
Cooperation. From the Closing Date and continuing through the termination of this Agreement, make available to Administrative Agent, Collateral Trustee and any Lender, without expense to Administrative Agent, Collateral Trustee or such Lender,
as applicable, on reasonable prior notice and at reasonable times and intervals, each Loan Party and its officers, employees and agents and each Loan Party’s books and records, subject to any applicable confidentiality obligations of each Loan
Party, to the extent that Administrative Agent, Collateral Trustee or such Lender may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Administrative Agent, Collateral Trustee or such
Lender with respect to any Collateral or relating to such Loan Party. 
 6.9 Access to Collateral; Books and Records. Allow
Administrative Agent, Collateral Trustee, or its respective agents, to inspect the Collateral and audit and copy such Loan Party’s books in accordance with Section 6.12. Such inspections or audits shall be conducted
(a) upon not less than two Business Days’ prior notice to such Loan Party (provided that no such notice shall be required if an Event of Default has occurred and is continuing) and (b) no more often than once every 12 months (unless
an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Administrative Agent shall determine is necessary). The foregoing inspections and audits shall be at Borrowers’ expense. 

6.10 Joinder of Subsidiaries. 

(a) No later than 15 days after such time as a Loan Party or any of its Subsidiaries forms any direct or indirect Subsidiary or acquires any
direct or indirect Subsidiary after the Closing Date, or at any time upon request of Administrative Agent with respect to any Subsidiary whether existing as of the Closing Date or thereafter created or acquired: (a) promptly, and in any event
within five days of creation, acquisition or request, as applicable, provide written notice to Administrative Agent together with certified copies of the Operating Documents for such Subsidiary, and (b) promptly, and in any event within 10 days
of formation or creation, or upon Administrative Agent’s request, as applicable: (i) take all such action as may be reasonably required by Administrative Agent to cause the applicable Subsidiary (other than an Excluded Foreign Subsidiary)
to either: (A) provide a joinder to this Agreement pursuant to which such Subsidiary becomes a Loan Party hereunder, or (B) guarantee the Obligations of Borrowers under the Loan Documents and grant a security interest in and to the
collateral of such Subsidiary (substantially as described on Exhibit B), in each case together with such Account Control Agreements and other documents, instruments and agreements reasonably requested by Administrative Agent, all in form and
substance satisfactory to Administrative Agent (including being sufficient to grant Collateral Trustee a first priority Lien, subject to Permitted Liens in and to the assets of such Subsidiary), and (ii) (A) with respect to any Subsidiary that
is not an Excluded Foreign Subsidiary, to pledge all of the direct or beneficial Equity Interests in such Subsidiary or (B) with respect to any Subsidiary that is a First-Tier Foreign Subsidiary, to pledge 65% of the voting Equity Interests of
such First-Tier Foreign Subsidiary and 100% of the non-voting Equity Interests of such First-Tier Foreign Subsidiary. Any document, agreement, or instrument executed or issued pursuant to this
Section 6.10 shall be a Loan Document. For the avoidance of doubt, no pledge shall be required with respect to (i) any Equity Interests in any Excluded Foreign Subsidiary other than a First-Tier Foreign Subsidiary and
(ii) any asset directly or indirectly owned by any Excluded Foreign Subsidiary. 
 (b) Borrowers shall not permit any Excluded Foreign
Subsidiaries, First-Tier Foreign Subsidiaries or any other Subsidiaries which are not Loan Parties, in the aggregate, to maintain (i) cash and other assets with an aggregate value for all such Subsidiaries in excess of 5.0% of Borrower
Representative’s consolidated assets, (ii) revenue in excess of 5.0% of Borrower Representative’s consolidated revenues for any 12-month period then ended, (iii) any Intellectual Property
which is material to the business of Borrowers as a whole, or (iv) any 

  
 17 

 
contracts which are material to the business of Borrowers as a whole, without causing one or more of such Subsidiaries to enter into a joinder or guaranty in form satisfactory to Administrative
Agent with respect to the Obligations as Administrative Agent may request within 15 days (or such other period as Administrative Agent may agree in writing), such that compliance with clauses (i) through (iv) shall be
restored. 
 6.11 Property Locations. 

(a) Provide to Administrative Agent at least 10 days’ prior written notice before adding any new offices or business or Collateral
locations, including warehouses (unless such new offices or business or Collateral locations qualify as Excluded Locations). 
 (b) With
respect to any property or assets of a Loan Party located with a third party, including a bailee, datacenter or warehouse (other than Excluded Locations), Borrowers shall use commercially reasonable efforts to cause such third party to execute and
deliver a Collateral Access Agreement for such location, including an acknowledgment from each of the third parties that it is holding or will hold such property, subject to Collateral Trustee’s security interest. 

(c) With respect to any property or assets of a Loan Party located on leased premises (other than Excluded Locations), Borrowers shall use
commercially reasonable efforts to cause such third party to execute and deliver a Collateral Access Agreement for such location. 

6.12 Management Rights. Upon reasonable advance notice, any representative of Administrative Agent shall have the right to meet
with management and officers of Borrowers to discuss such books of account and records. In addition, Administrative Agent shall be entitled to consult with and advise the management and officers of Borrowers concerning significant business issues
affecting Borrowers. Such consultations shall occur no more often than once per fiscal quarter and shall not unreasonably interfere with any Loan Party’s business operations. 

6.13 Right to Invest. 

(a) Lenders or their respective assignees or nominees shall have the right, in their sole discretion, to participate in an aggregate amount up
to $2,500,000 in any Qualified Financing consummated after the Closing Date on the same terms, conditions and pricing afforded to others participating in any such Qualified Financing. 

(b) Borrower Representative shall provide written notice to Administrative Agent at least 15 Business Days prior to the closing of each
Qualified Financing. Borrower Representative shall obtain all authorizations, exemptions or consents from any Person (for example, preemptive rights waivers) or any Governmental Authority as may be necessary to enable Borrower Representative to
perform its obligations under this Section 6.13. 
 (c) “Qualified Financing” means any offering
of common stock, convertible preferred stock or other equity securities (or instruments exercisable for, or convertible into, shares of common stock, convertible preferred stock or other equity securities) of Borrower Representative consummated
after the Closing Date for the principal purpose of raising capital. 
 (d) The right to invest described in this
Section 6.13 shall no longer be exercisable and shall become null and void upon the later to occur of (i) termination of this Agreement (as the same may be amended or amended and restated from time to time) pursuant to
its terms or (ii) the Term Loan Maturity Date, including as the Term Loan Maturity Date may be extended in accordance with the provisions of such definition. 

6.14 Further Assurances. Execute any further instruments and take further action as Administrative Agent or Collateral Trustee
reasonably request to perfect or continue Collateral Trustee’s Lien in the Collateral or to effect the purposes of this Agreement. 

  
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 7. NEGATIVE COVENANTS 

No Borrower shall, or shall cause or permit any of its Subsidiaries to, do any of the following: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”) all
or any part of its business or property, except for Permitted Transfers. 
 7.2 Changes in Business, Management, Ownership, or
Business Locations. (a) Engage in any business other than the businesses currently engaged in by such Person, as applicable, or reasonably related thereto; (b) cease doing business, or liquidate or dissolve; (c) fail to provide
notice to Administrative Agent of any Key Person departing from or ceasing to be employed by Borrower within five days after departure from Borrower Representative; (d) permit or suffer a Change in Control (except as expressly permitted in
Section 7.3); or (e) without at least 10 days’ prior written notice to Administrative Agent (i) change its jurisdiction of organization, (ii) change its organizational structure or type, (iii) change its legal name, or
(iv) change its organizational number (if any) assigned by its jurisdiction of organization. 
 7.3 Mergers or
Acquisitions. Merge or consolidate with any other Person, or acquire all or substantially all of the capital stock or property of another Person or business line of another Person (including, without limitation, by the formation of any
Subsidiary) or enter into any agreement to do any of the same; provided, that in any such merger or consolidation involving a Borrower or a Guarantor, such Borrower or Guarantor, respectively, shall be the surviving entity. 

7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, other than Permitted Indebtedness. 

7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of its property (including any Intellectual Property), or
assign or convey any right to receive income, including the sale of any Accounts, except for Permitted Liens, or otherwise permit any Collateral not to be subject to the first priority security interest granted herein, except in connection with
Permitted Liens permitted to have priority over Collateral Trustee’s Lien. 
 7.6 Maintenance of Collateral Accounts.
Maintain any Collateral Account except pursuant to the terms of Section 6.6(b). 
 7.7 Distributions;
Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any Equity Interests; provided, that (i) Borrower Representative may convert any of its convertible Equity Interests (including
warrants) into other Equity Interests issued by Borrower Representative pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) Borrower Representative may convert Subordinated Debt issued by Borrower
Representative into Equity Interests issued by Borrower Representative pursuant to the terms of such Subordinated Debt and to the extent permitted under the terms of the applicable subordination or intercreditor agreement; (iii) any Borrower or
Subsidiary thereof may pay dividends solely in Equity Interests of such Borrower or Subsidiary; (iv) Borrower Representative may make cash payments in lieu of fractional shares; (v) Borrower Representative may (A) repurchase the
Equity Interests issued by Borrower Representative pursuant to stock repurchase agreements approved by Borrower Representative’s Board and (B) purchase Equity Interests in connection with the exercise of stock options through a cashless
exercise, in each case so long as an Event of Default does not exist at the time of such repurchase or purchase, as applicable, and would not exist after giving effect to such repurchase or purchase, as applicable; provided, that the
aggregate amount of all such repurchases and purchases under this clause (v) does not exceed $250,000 per fiscal year; and (vi) Borrower Representative may repurchase the Equity Interests issued by Borrower Representative to former
employees, consultants or directors pursuant to stock repurchase agreements approved by Borrower Representative’s Board where the sole consideration for the repurchase is the cancellation of indebtedness owed by such former employees,
consultants or directors to Borrower Representative regardless of whether and Event of Default exists; provided, that the aggregate amount of all such cancelled indebtedness does not exceed $250,000 in the aggregate; or (b) directly or
indirectly make any Investment (including, without limitation, by the formation of any Subsidiary), other than Permitted Investments. Notwithstanding the foregoing, Loan Parties shall be permitted to make the repurchases, payments or distributions
expressly permitted above only if, at such time, and immediately after giving effect thereto: (i) no Default or Event of 

  
 19 

 
Default, exists or could reasonably be expected to occur, (ii) each Loan Party is solvent, and (iii) such payment or distribution is permitted under and is made in compliance with all
applicable laws. 
 7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material
transaction with any Affiliate of a Loan Party, except for (a) transactions that are in the Ordinary Course of Business and on fair and reasonable terms that are no less favorable to such Person than would be obtained in an arm’s length
transaction with a non-affiliated Person; (b) bona fide rounds of Subordinated Debt or equity financing by investors in Borrower Representative for capital raising purposes, (c) reasonable and
customary director, officer and employee compensation and other customary benefits including retirement, health, stock option and other benefit plans and indemnification arrangements approved by Borrower Representative’s Board, and
(d) distributions permitted under Section 7.7. 
 7.9 Subordinated Debt. (a) Make or permit any payment on any
Subordinated Debt, except as permitted pursuant to the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated
Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to the Obligations. 

7.10 Compliance. Become an “investment company” or a company controlled by an “investment company”, under
the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the
proceeds of any Loan for that purpose; take any action or fail to take any action (or suffer any other Person to do so), to the extent the same would cause the representations set forth in Section 5.11(c) to be untrue; fail
to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation
would reasonably be expected to have a Material Adverse Effect; withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred
compensation plan which would reasonably be expected to result in any liability of a Loan Party or any of its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

8. EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. Any Loan Party fails to pay any Obligations after such Obligations are due and payable. 

8.2 Covenant Default. 

(a) A Borrower fails or neglects to perform any obligation in Sections 3.3(b), 4.2, 6.2, 6.4, 6.5, or
6.6, or violates any covenant in Section 7; or 
 (b) A Loan Party fails or neglects to perform, keep, or
observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision,
condition, covenant or agreement that can be cured, has failed to cure the default within 15 Business Days after the occurrence thereof. 

8.3 Material Adverse Effect. An event or circumstance has occurred which would reasonably be expected to have a Material Adverse
Effect; provided, that, solely for purposes of this Section 8.3, the failure of a clinical trial in the FXR/NASH program prior to June 30, 2020 shall not, in and of itself, constitute a Material Adverse Effect.

  
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 8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any material portion of funds of a Loan Party or of any of
its Subsidiaries, or (ii) a notice of Lien or levy is filed against the any material portion of assets of any Loan Party or any of its Subsidiaries by any Governmental Authority, and the same under clauses (i) and (ii) hereof are not,
within 10 days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Loans shall made during any 10-day cure period; or

 (b) (i) Any material portion of the assets of a Loan Party or any of its Subsidiaries is attached, seized, levied on, or comes into
possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents a Loan Party or any of its Subsidiaries from conducting all or any material part of its business; 

8.5 Insolvency. (a) A Loan Party or any of its Subsidiaries, as a whole, is unable to pay its debts (including trade debts)
as they become due or otherwise becomes insolvent, the realizable value of the Loan Parties’ assets is less than the aggregate sum of its liabilities, or the Loan Parties; (b) a Loan Party or any of its Subsidiaries begins an Insolvency
Proceeding; or (c) an Insolvency Proceeding is begun against a Loan Party or any of its Subsidiaries and is not dismissed or stayed within 45 days (but no Loans shall be made while any of the conditions described in this
Section 8.5 exist and/or until any Insolvency Proceeding is dismissed). 
 8.6 Other Agreements.
There is, under any agreement to which a Loan Party or any of its Subsidiaries is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity
of any Indebtedness in an amount individually or in the aggregate in excess of $250,000 (except if such third party is restricted from accelerating the maturity of such Indebtedness, including pursuant to the terms of a subordination or similar
agreement entered into with respect to the Obligations); or (b) any breach or default by a Loan Party or a Subsidiary of such Loan Party, the result of which would have a Material Adverse Effect. 

8.7 Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the payment of money in an
amount, individually or in the aggregate, of at least $250,000 shall be rendered against a Loan Party or any of its Subsidiaries by any Governmental Authority, and the same are not, within 10 days after the entry, assessment or issuance thereof,
vacated, or after execution thereof, stayed or bonded pending appeal; provided, that no Loans will be made prior to the vacation, stay, or bonding of such fine, penalty, judgment, order or decree. 

8.8 Misrepresentations. Any Loan Party or any Person acting for such Loan Party makes any representation, warranty, or other
statement now or later in this Agreement, any Loan Document or in any writing delivered to Administrative Agent, Collateral Trustee or any Lender or to induce Administrative Agent, Collateral Trustee or any Lender to enter this Agreement or any Loan
Document, and such representation, warranty, or other statement is incorrect in any material respect when made. 
 8.9
Subordinated Debt. Any Subordination Agreement governing any Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any party thereto (other than Administrative Agent, Collateral
Trustee or any Lender) shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further obligation thereunder, or the Obligations shall for any reason not have the priority contemplated by
this Agreement. 
 8.10 Governmental Approval. Any Governmental Approval shall have been revoked, rescinded, suspended,
modified in an adverse manner or not renewed for a full term, and such revocation, rescission, suspension, modification or non-renewal has, or would have, a Material Adverse Effect. 

8.11 Guaranty. Any guaranty of any Obligations terminates or ceases for any reason to be in full force and effect. 

  
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 9. COLLATERAL TRUSTEE’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Collateral Trustee is entitled,
at the direction of Administrative Agent, subject to the terms of the Collateral Trust Agreement, without notice or demand, to do any or all of the following: 

(a) declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 occurs
all Obligations are immediately due and payable without any action by Collateral Trustee); 
 (b) stop advancing money or extending credit
for any Borrower’s benefit under this Agreement (and each Lender’s Commitment shall be deemed terminated as long as an Event of Default has occurred and is continuing); 

(c) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Administrative Agent may determine is advisable, and notify any Person owing a Borrower money of Collateral Trustee’s security interest in such funds; 

(d) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral; 
 (e) ratably apply to the Obligations any amount held by Collateral Trustee owing to or for the credit or the account of a
Borrower; 
 (f) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral;

 (g) deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Account Control
Agreement or similar agreements providing control of any Collateral; 
 (h) demand and receive possession of any Borrower’s Books; and

 (i) exercise all rights and remedies available to Collateral Trustee under the Loan Documents or at law or equity, including all remedies
provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 
 Borrowers shall assemble the Collateral if
Collateral Trustee requests and make it available as Collateral Trustee designates. Collateral Trustee may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or
compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Solely upon the occurrence and during the continuance of an Event of Default, each Borrower shall grant Collateral Trustee a license to
enter and occupy any of its premises, without charge, to exercise any of Collateral Trustee’s rights or remedies. Solely upon the occurrence and during the continuance of an Event of Default, Collateral Trustee shall be granted a non-exclusive, royalty-free license or other right to use, without charge, a Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and
advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Collateral Trustee’s exercise of its rights under this Section,
a Borrower’s rights under all licenses and all franchise agreements inure to Collateral Trustee’s benefit. If, after the acceleration of the Indebtedness, a Loan Party receives proceeds of Collateral, such Borrower shall (or shall cause
the applicable Loan Party) to deliver such proceeds to Collateral Trustee, for the ratable benefit of Lenders, to be applied to the Obligations. 

9.2 Power of Attorney. Each Borrower hereby irrevocably appoints Collateral Trustee (and any of Collateral Trustee’s
partners, managers, officers, agents or employees) as its lawful attorney-in-fact, with full power of substitution, exercisable upon the occurrence and during the
continuance of an Event of Default, to: (a) send requests for verification of Accounts or notify Account Debtors of Collateral Trustee’s security interest and Liens in 

  
 22 

 
the Collateral; (b) endorse such Borrower’s name on any checks or other forms of payment or security; (c) sign such Borrower’s name on any invoice or bill of lading for any
Account or drafts against Account Debtors schedules and assignments of Accounts, verifications of Accounts, and notices to Account Debtors; (d) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts
and on terms Administrative Agent or Collateral Trustee determine reasonable; (e) make, settle, and adjust all claims under such Borrower’s insurance policies; (f) pay, contest or settle any Lien, charge, encumbrance, security
interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; (g) transfer the Collateral into the name of Collateral Trustee or a third party as the Code
permits; and (h) dispose of the Collateral. Each Borrower further hereby appoints Collateral Trustee (and any of Collateral Trustee’s partners, managers, officers, agents or employees) as its lawful attorney-in-fact, with full power of substitution, regardless of whether or not an Event of Default has occurred or is continuing to: (i) sign such Borrower’s name on any documents and other
Security Instruments necessary to perfect or continue the perfection of, or maintain the priority of, Collateral Trustee’s security interest in the Collateral, (ii) take all such actions which such Borrower is required, but fails to do
under the covenants and provisions of the Loan Documents; (iii) take any and all such actions as Collateral Trustee may reasonably determine to be necessary or advisable for the purpose of maintaining, preserving or protecting the Collateral or
any of the rights, remedies, powers or privileges of Collateral Trustee under this Agreement or the other Loan Documents. Collateral Trustee’s foregoing appointment as each Borrower’s attorney in fact, and all of Collateral Trustee’s
rights and powers, coupled with an interest, are irrevocable until all Obligations (other than contingent indemnification obligations as to which no claim has been asserted or is known to exist) have been fully repaid, in cash, and otherwise fully
performed and all commitments to make Loans hereunder have been terminated. 
 9.3 Protective Payments. If a Borrower fails to
obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which such Borrower is obligated to pay under this Agreement or any other Loan Document or which may be
required to preserve the Collateral, Collateral Trustee may obtain such insurance or make such payment, and all amounts so paid by Collateral Trustee are Lender Expenses and immediately due and payable, bearing interest at the then highest rate
applicable to the Obligations, and secured by the Collateral. Collateral Trustee will make reasonable efforts to provide Borrower Representative with notice of Collateral Trustee obtaining such insurance at the time it is obtained or within a
reasonable time thereafter. No payments by Collateral Trustee are deemed an agreement to make similar payments in the future or Collateral Trustee’s waiver of any Event of Default. 

9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Collateral Trustee
shall have the right to apply in any order any funds in its possession, whether payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations, for the ratable benefit
of Lenders. Collateral Trustee shall pay any surplus to Borrowers by credit to the Deposit Account designated by Borrowers or as directed by a court of competent jurisdiction. Borrowers shall remain liable to Collateral Trustee and Lenders for any
deficiency. If Collateral Trustee, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Collateral Trustee may, at the direction of Administrative Agent, either reduce the
Obligations by the principal amount of the purchase price or defer the reduction of the Obligations until the actual receipt by Collateral Trustee of cash or immediately available funds therefor. 

9.5 Collateral Trustee’s Liability for Collateral. So long as Collateral Trustee complies with reasonable secured lender
practices regarding the safekeeping of the Collateral in the possession or under the control of Collateral Trustee, Collateral Trustee shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to
the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrowers bear all risk of loss, damage or destruction of the Collateral. 

9.6 No Waiver; Remedies Cumulative. Any failure by Administrative Agent, Collateral Trustee or any Lender, at any time or times,
to require strict performance by each Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Administrative Agent, Collateral Trustee or any Lender thereafter to demand strict
performance and compliance herewith or therewith. Collateral Trustee’s rights and remedies under this Agreement and the other Loan Documents are cumulative. Collateral Trustee has all rights and remedies provided under the Code, by law, or in
equity. Collateral Trustee or any Lender’s exercise of one right or remedy is not an election and shall not preclude Collateral Trustee or any Lender from exercising any other 

  
 23 

 
remedy under this Agreement or other remedy available at law or in equity, and any waiver of any Event of Default is not a continuing waiver. Any delay in exercising any remedy is not a waiver,
election, or acquiescence. 
 9.7 Demand Waiver. Each Borrower waives presentment, demand, notice of default or dishonor,
notice of payment and nonpayment, release, compromise, settlement, extension, or renewal of accounts, documents, instruments or chattel paper. 

9.8 Shares. Each Borrower recognizes that Collateral Trustee may be unable to effect a public sale of any or all the Shares, by
reason of certain prohibitions contained in federal securities laws and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to
agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Borrower acknowledges and agrees that any such private sale may result in prices and other
terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. Collateral Trustee shall be under no
obligation to delay a sale of any of the Shares for the period of time necessary to permit the issuer thereof to register such securities for public sale under federal securities laws or under applicable state securities laws, even if such issuer
would agree to do so. 
 10. NOTICES 

All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be
in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested,
with proper postage prepaid; (b) upon confirmation of receipt, when sent by electronic mail transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if
hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, or email address indicated below. Administrative Agent, Collateral Trustee, Lenders and Borrowers may change their respective mailing
or electronic mail addresses by giving the other party written notice thereof in accordance with the terms of this Section 10. 
  

			
	If to a Borrower:	  	 METACRINE, INC.
 3985 Sorrento Valley Blvd.,
Suite C
 San Diego, CA 92121
 Attention: Trisha Millican

Email: tmillican@metacrine.com

		
	 With a copy, not
 constituting notice,
to:
	  	 Cooley LLP
 4401 Eastgate Mall

San Diego, CA 92121

Attention: Karen Deschaine Anderson
 Email:
kanderson@cooley.com

  
 24 

			
	If to Collateral Trustee:	  	 ANKURA TRUST COMPANY, LLC
 140 Sherman Street,
Fourth Floor
 Fairfield, CT 06824
 Attention: Lisa Price

Email: Lisa.Price@ankura.com

		
	 If to Administrative
 Agent or Lenders:
	  	 K2 HEALTHVENTURES LLC
 885 Boylston Street, 10th Floor
 Boston, MA 02116
  

For Loan Requests, monthly reporting, Compliance Certificates and other regular reporting deliverables:

Attention: Finance
 Email: finance@k2hv.com;
anup@k2hv.com; austin@k2hv.com
  
 For all other Notices:

Attention: Legal Notices
 Email: legal@k2hv.com

 11. CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

Except as otherwise expressly provided in any of the Loan Documents, this Agreement and the other Loan Documents shall be governed by, and
construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law. Each Borrower hereby submits to the exclusive jurisdiction of the State and Federal courts in New York County, City of New York, New
York; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Collateral Trustee from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other
security for the Obligations, or to enforce a judgment or other court order in favor of Administrative Agent, Collateral Trustee or any Lender. Each Borrower expressly submits and consents in advance to such jurisdiction in any action or suit
commenced in any such court, and each Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is
deemed appropriate by such court. Each Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by
registered or certified mail addressed to such Borrower at the address set forth in, or subsequently provided by such Borrower in accordance with, Section 10 and that service so made shall be deemed completed upon the
earlier to occur of Borrowers’ actual receipt thereof or three Business Days after deposit in the U.S. mails, proper postage prepaid. Each Borrower hereby expressly waives any claim to assert that the laws of any other jurisdiction govern this
Agreement. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER
INTO THIS AGREEMENT. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR ANYWHERE ELSE, EACH BORROWER AGREES THAT IT SHALL NOT SEEK FROM ADMINISTRATIVE AGENT, COLLATERAL TRUSTEE OR ANY LENDER UNDER ANY THEORY OF LIABILITY
(INCLUDING ANY THEORY IN TORTS), ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 

This Section 11 shall survive the termination of this Agreement. 

  
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 12. GENERAL PROVISIONS 

12.1 Termination Prior to Term Loan Maturity Date; Survival; Release of Collateral. All covenants, representations and
warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than contingent indemnification obligations as to which no claim has been asserted or is known to exist and
any other obligations which, by their terms, are to survive the termination of this Agreement) have been satisfied in full, in cash and all commitments to extend credit pursuant to this Agreement have terminated (such date, the
“Discharge Date”). So long as Borrowers have satisfied the Obligations (other than contingent indemnification obligations as to which no claim has been asserted or is known to exist and any other obligations which, by their
terms, are to survive the termination of this Agreement), this Agreement and any remaining commitments to extend credit may be terminated prior to the Term Loan Maturity Date by Borrowers, by written notice of termination to Lenders. Those
obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. Promptly after the Discharge Date, Lenders shall direct Collateral
Trustee to deliver evidence of the release of Collateral. 
 12.2 Successors and Assigns. 

(a) Successors and Assigns Generally. This Agreement binds and is for the benefit of the successors and permitted assigns of each
party. No Borrower may assign this Agreement or any rights or obligations under it without Lenders’ prior written consent (which may be granted or withheld in each Lender’s discretion). Each Lender has the right, without the consent of or
notice to Borrowers, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, such Lender’s obligations, rights, and benefits under this Agreement and the other Loan Documents (other than the
Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof). 
 (b) Assignment by Lenders.
Each Lender may at any time assign to one or more eligible assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its commitment and the Loans at the time owing to it), subject to any
restrictions on such assignment set forth in the other Loan Documents. Each such Lender shall notify the Administrative Agent of such assignment and deliver to the Administrative Agent a copy of any assignment and assumption agreement entered into
in connection thereto. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices in the United States a copy of each assignment and
assumption agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(c) Certain Prohibited Assignments. Notwithstanding the foregoing, prior to the occurrence of an Event of Default that is continuing or
as required by law or any Governmental Authority having jurisdiction, Administrative Agent and each Lender shall not assign any interest in the Loan Documents to any Person who in the reasonable determination of Administrative Agent is (a) a
direct competitor of the Loan Parties, whether as an operating company or direct or indirect parent with voting control over such operating company, or (b) a distressed debt fund; provided, however, the foregoing restrictions
shall not apply in connection with any assignment or transfer of any interest in the Loan Documents to any Person in connection with any acquisition, merger or other consolidation of any Lender or Administrative Agent or the sale or other transfer
of all or a material part of the loan portfolio or assets of any Lender or Administrative Agent. 
 (d) Any Lender may at any time, without
the consent of, or notice to, Borrower Representative, Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary
benefit of, a natural Person, or Borrower Representative, Borrower or any their respective Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment 

  
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and/or the Loans owing to it); provided, that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations, and (iii) the Borrower, the Administrative Agent, and Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 12.3 with respect to any payments made by such Lender to its Participant(s). Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that affects such Participant. The Borrower agrees that each Participant shall be entitled to
the benefits of Section 2.7 and Section 2.5(d) (subject to the requirements and limitations therein, including the requirements under Section 2.5(d)(vi) (it being
understood that the documentation required under Section 2.5(d)(vi) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section; provided, that such Participant shall not be entitled to receive any greater payment under Section 2.7 or Section 2.5(d), with respect to any
participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable
participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided, that no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under
any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 
 12.3 Indemnification. Each Borrower agrees to
indemnify, defend and hold Administrative Agent, Collateral Trustee and each Lender and their respective directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Lender (each, an “Indemnified
Person”) harmless against: (i) all obligations, demands, claims, and liabilities (including such claims, costs, expenses, damages and liabilities based on liability in tort, including strict liability in tort) (collectively,
“Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Lender Expenses) in any way suffered, incurred, or paid by such
Indemnified Person as a result of, following from, consequential to, or arising from transactions among Administrative Agent, Collateral Trustee, Lenders and Borrowers (including reasonable and documented out-of-pocket attorneys’ fees and expenses), except for Claims and/or losses to the extent directly caused by such Indemnified Person’s gross negligence or willful misconduct. This
Section 12.3 shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have run. This Section 12.3 shall not apply with respect to Taxes other
than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

12.4 Borrower Liability. If any Person is joined to this Agreement as a Borrower, the following provisions shall apply: Each
Borrower hereunder shall be jointly and severally obligated to repay all Loans made hereunder, regardless of which Borrower actually receives said Loan, as if each Borrower hereunder directly received all Loans. Each Borrower waives (a) any
suretyship defenses available to it under the Code or any other applicable law, and (b) any right to require Collateral Trustee to: (i) proceed against any Borrower or any other person; (ii) proceed against or exhaust any security; or
(iii) pursue any other remedy. Collateral Trustee may exercise or not exercise any right or remedy it has against any Borrower or any security it holds (including the right to foreclose by judicial or
non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other provision of this Agreement or other related document, each Borrower irrevocably waives all rights that it may have
at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Collateral Trustee under this Agreement) to seek contribution, indemnification or any other form of reimbursement from any other Borrower, or any other

  
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Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by such Borrower with respect to the Obligations in connection with this Agreement or
otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations in connection with this Agreement or otherwise. Any
agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section shall be null and void. If any payment is made to a Borrower in contravention of this Section, such Borrower shall hold such payment in
trust for Lenders and such payment shall be promptly delivered to Collateral Trustee, for the ratable benefit of Lenders, for application to the Obligations, whether matured or unmatured. 

12.5 Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement. 

12.6 Severability of Provisions. Each provision of this Agreement is severable from every other provision in determining the
enforceability of any provision. 
 12.7 Correction of Loan Documents. Administrative Agent may correct patent errors and fill
in any blanks in the Loan Documents consistent with the agreement of the parties. 
 12.8 Amendments in Writing; Waiver;
Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be effective except, pursuant to an agreement in writing by the parties thereto, and
in case of this Agreement, pursuant to an agreement in writing entered into by Borrowers, Administrative Agent, the Required Lenders and Collateral Trustee; provided, that Collateral Trustee’s approval shall not be required for any
amendment or supplement that has the effect solely of (i) adding or maintaining Collateral, securing additional Obligations that are otherwise permitted by the terms of this Agreement to be secured by the Collateral or preserving, perfecting or
establishing the priority of the Liens thereon or the rights of Collateral Trustee therein; (ii) curing any ambiguity, defect or inconsistency; (iii) providing for the assumption of a Borrower’s or Guarantor’s Obligations under
any Loan Document in the case of a merger or consolidation or sale of all or substantially all of the assets of the Borrower or such Guarantor, as applicable; (iv) making any change that would provide any additional rights or benefits to the
Administrative Agent, any Lender or Collateral Trustee or that does not adversely affect the legal rights under this Agreement or any other Loan Document of Collateral Trustee; or (v) to the extent the Collateral Trust Agreement provides that
Collateral Trustee’s approval is not required. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence,
an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether
similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior
agreements, understandings, representations, warranties, and negotiations among the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.9 Counterparts; Electronic Execution of Documents. This Agreement and any other Loan Documents, except to the extent
otherwise required pursuant to the terms thereof, may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one
Agreement. The words “execution,” “signed,” “signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be
of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any
state law based on the Uniform Electronic Transactions Act. Delivery of an executed counterpart of a signature page of any Loan Document by electronic means including by email delivery of a “.pdf” format data file shall be effective as
delivery of an original executed counterpart of such Loan Document. 
 12.10 Confidentiality. In handling any confidential
information, Administrative Agent, Collateral Trustee and each Lender agree to exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to its Subsidiaries or
Affiliates; (b) to prospective transferees or purchasers of any interest in the Loans; (c) as required by law, regulation, subpoena, or other order and in connection 

  
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with reporting obligations applicable to Administrative Agent, Collateral Trustee or such Lender, including pursuant to the Exchange Act; (d) to Administrative Agent, Collateral Trustee or
such Lender’s regulators or as otherwise required in connection with any examination or audit; (e) as Administrative Agent, Collateral Trustee or such Lender considers appropriate in connection with the exercise of remedies with respect to
the Obligations; and (f) to third-party service providers of Administrative Agent, Collateral Trustee or such Lender so long as such service providers are bound by confidentiality terms not more permissive than the terms hereof. Confidential
information does not include information that is either: (i) in the public domain or in Administrative Agent, Collateral Trustee or any Lender’s possession when disclosed to Administrative Agent, Collateral Trustee or such Lender, as
applicable, or becomes part of the public domain (other than as a result of its disclosure by Administrative Agent, Collateral Trustee or such Lender in violation of this Agreement) after disclosure to Administrative Agent, Collateral Trustee or
such Lender, as applicable; or (ii) disclosed to Administrative Agent, Collateral Trustee or such Lender by a third party, if Administrative Agent, Collateral Trustee or such Lender, as applicable, does not know that the third party is
prohibited from disclosing the information. The provisions of this paragraph shall survive the termination of this Agreement. 

12.11 Borrower Representative. Each of the Borrowers hereby appoints Borrower Representative to act as its exclusive agent for
all purposes under the Loan Documents (including, without limitation, with respect to all matters related to the borrowing and repayment of any Loan). Each of the Borrowers acknowledges and agrees that (a) Borrower Representative may execute
such documents on behalf of any Borrower as Borrower Representative deems appropriate in its sole discretion and each Borrower shall be bound by and obligated by all of the terms of any such document executed by Borrower Representative on its
behalf, (b) any notice or other communication delivered hereunder to Borrower Representative shall be deemed to have been delivered to each Borrower and (c) Administrative Agent, Collateral Trustee and any Lender shall accept (and shall be
permitted to rely on) any document or agreement executed by Borrower Representative on behalf of Borrowers (or any of them). Borrower must act through the Borrower Representative for all purposes under this Agreement and the other Loan Documents.
Notwithstanding anything contained herein to the contrary, to the extent any provision in this Agreement requires any Borrower to interact in any manner with Administrative Agent, Collateral Trustee or any Lender, such Borrower shall do so through
Borrower Representative. 
 12.12 [Reserved]. 

12.13 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this
Agreement. 
 12.14 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have
participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.15 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.
The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.

 12.16 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits,
rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express
party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

12.17 Appointment of Collateral Trustee. Each Lender hereby appoints Collateral Trustee to act on behalf of Lenders as
collateral agent under this Agreement and the other Loan Documents, and to hold and enforce any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, all in accordance with the terms of the Collateral Trust
Agreement. The provisions of this Section 12.17 are solely for the benefit of Collateral Trustee and Lenders and no Loan Party nor any other Person shall have any rights as a third party beneficiary of any of the provisions
hereof. The Collateral Trustee may resign or be removed or replaced, and a successor Collateral Trustee may be appointed in accordance with the terms and subject to the conditions of the Collateral Trust Agreement. 

  
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 12.18 Appointment of Administrative Agent. 

(a) Each Lender hereby appoints Administrative Agent to act on behalf of Lenders as administrative agent under this Agreement and the other
Loan Documents. The provisions of this Section 12.18 are solely for the benefit of Administrative Agent and Lenders and no Loan Party nor any other Person shall have any rights as a third party beneficiary of any of the
provisions hereof. In performing its functions and duties under this Agreement, Administrative Agent does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for any Loan Party or any
other Person. Administrative Agent shall not have any duties or responsibilities except for those expressly set forth in this Agreement and the other Loan Documents, together with such powers as are reasonably related thereto. The duties of
Administrative Agent shall be mechanical and administrative in nature and Administrative Agent shall not have, or be deemed to have, by reason of this Agreement, any other Loan Document or otherwise a fiduciary relationship in respect of any Lender.

 (b) If Administrative Agent shall request instructions from Lenders with respect to any act or action (including failure to act) in
connection with this Agreement or any other Loan Document, then Administrative Agent shall be entitled to refrain from such act or taking such action unless and until it shall have received instructions from the Required Lenders, and Administrative
Agent shall incur no liability to any Person by reason of so refraining. Administrative Agent shall be fully justified in failing or refusing to take any action hereunder or under any other Loan Document for any reason. Without limiting the
foregoing, no Lender shall have any right of action whatsoever against Administrative Agent as a result of Administrative Agent’s acting or refraining from acting hereunder or under any other Loan Document in accordance with the instructions of
Lenders. 
 (c) Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder by or through any
one or more sub-agent s appointed by Administrative Agent. Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective and their respective related parties. The exculpatory provisions of this Section 12.18 shall apply to any such sub-agent and to the related
parties of such Administrative Agent and any such sub-agent. No Administrative Agent shall be responsible for the negligence or misconduct of any sub-agent except to the
extent that a court of competent jurisdiction determines in a final and non-appealable judgment that such Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 
 (d) Neither Administrative Agent nor any of its Affiliates nor any of their respective
directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or the other Loan Documents, except for damages solely caused by its or their own gross
negligence or willful misconduct as finally determined by a court of competent jurisdiction. Without limitation of the generality of the foregoing, Administrative Agent: (i) may consult with legal counsel, independent chartered accountants and
other experts and consultants selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants, experts or consultants; (ii) makes no warranty or
representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations made in or in connection with this Agreement or the other Loan Documents; (iii) shall not have any duty to ascertain or to
inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or the other Loan Documents on the part of any Loan Party or to inspect the Collateral (including the books and records) of any Loan Party;
(iv) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or the other Loan Documents or any other instrument or document furnished pursuant hereto
or thereto; and (v) shall incur no liability under or in respect of this Agreement or the other Loan Documents by acting upon any notice, consent, certificate or other instrument or writing (which may be by email, telecopy, telegram, cable or
telex) believed by it to be genuine and signed or sent by the proper party or parties. 
 (e) With respect to its Commitments and Loans
hereunder, Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any other Lender and may exercise the same as though it were not Administrative Agent; and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated, include Administrative Agent in its individual capacity (to the extent it holds any Obligations owing to Lenders or Commitments hereunder). Administrative Agent and each of its
Affiliates may lend money to, invest in, and generally engage in any kind of business with, any Loan Party, any of their Affiliates and any Person 

  
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who may do business with or own securities of any Loan Party or any such Affiliate, all as if Administrative Agent was not Administrative Agent and without any duty to account therefor to
Lenders. Administrative Agent and its Affiliates may accept fees and other consideration from any Loan Party for services in connection with this Agreement or otherwise without having to account for the same to Lenders. 

(f) Each Lender acknowledges that it has, independently and without reliance upon Administrative Agent or any other Lender, made its own
credit and financial analysis of the Loan Parties and its own decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. Each Lender acknowledges the potential conflict of interest of each other Lender as a
result of Lenders holding disproportionate interests in the Loans, and expressly consents to, and waives any claim based upon, such conflict of interest. 

(g) Each Lender agrees to indemnify Administrative Agent (to the extent not reimbursed by Loan Parties and without limiting the obligations of
Loan Parties hereunder), ratably according to its respective Pro Rata Share, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever which may be imposed on, incurred by, or asserted against Administrative Agent in any way relating to or arising out of this Agreement or any other Loan Document or any action taken or omitted by Administrative Agent in connection
therewith; provided, however, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting solely from Administrative
Agent’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. Without limiting the foregoing, each Lender agrees to reimburse Administrative Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable and documented counsel fees) incurred by Administrative Agent in connection with the preparation, execution, delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and each other Loan Document, to the extent that
Administrative Agent is not reimbursed for such expenses by the Loan Parties. 
 (h) Administrative Agent may resign at any time by giving
not less than 30 days’ prior written notice thereof to Lenders, Collateral Trustee and Borrowers. Upon any such resignation, Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall
have been so appointed by Lenders and shall have accepted such appointment within 30 days after Administrative Agent’s giving notice of resignation, then Administrative Agent may, on behalf of Lenders, appoint a successor Administrative Agent,
which shall be a Lender, if a Lender is willing to accept such appointment, or otherwise shall be a commercial bank or financial institution or a subsidiary of a commercial bank or financial institution if such commercial bank or financial
institution has combined capital of at least $300,000,000. If no successor Administrative Agent has been appointed pursuant to the foregoing, by the 30th day after the date such notice of resignation was given by the resigning Administrative Agent,
such resignation shall become effective and Lenders shall thereafter perform all the duties of Administrative Agent hereunder until such time, if any, as Lenders appoint a successor Administrative Agent as provided above. Upon the acceptance of any
appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall succeed to and become vested with all the rights, powers, privileges and duties of the resigning Administrative Agent. Upon
the earlier of the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent or the effective date of the resigning Administrative Agent’s resignation, the resigning Administrative Agent shall be
discharged from its duties and obligations under this Agreement and the other Loan Documents, except that any indemnity, expense reimbursement or other rights in favor of such resigning Administrative Agent shall continue. After any resigning
Administrative Agent’s resignation hereunder, the provisions of this Section 12.17 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement
and the other Loan Documents. Notwithstanding the foregoing, as long as K2 HealthVentures LLC is a Lender pursuant to this Agreement, K2 HealthVentures LLC shall not resign as Administrative Agent unless a successor Administrative Agent is appointed
concurrently with such resignation, which successor Administrative Agent shall have the wherewithal to perform, and shall succeed to and become vested with all the rights, powers, privileges and duties of the resigning Administrative Agent under
this Agreement and the other Loan Documents. 

  
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 (i) In addition to any rights now or hereafter granted under applicable law and not by way
of limitation of any such rights, upon the occurrence and during the continuance of any Event of Default, with the prior written consent of Administrative Agent, each Lender and each holder of any Obligation is hereby authorized at any time or from
time to time, without notice to any Loan Party or to any other Person, any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all balances held by it at any of its offices for the account of any Loan Party
or any Subsidiary of a Loan Party (regardless of whether such balances are then due to such Loan Party or such Subsidiary) and any other properties or assets any time held or owing by that Lender or that holder to or for the credit or for the
account of any Loan Party or any Subsidiary of a Loan Party against and on account of any of the Obligations which are not paid when due. Any Lender or holder of any Obligation exercising a right to set off or otherwise receiving any payment on
account of the Obligations in excess of its Pro Rata Share thereof in accordance with the terms of this Agreement relating to the priority of the repayment of the Obligations shall purchase for cash (and the other Lenders or holders shall sell) such
participations in each such other Lender’s or holder’s Pro Rata Share of the Obligations as would be necessary to cause such Lender to share the amount so set off or otherwise received with each other Lender or holder in accordance with
their respective Pro Rata Shares and in accordance with the terms of this Agreement relating to the priority of the repayment of the Obligations. Each Loan Party agrees, to the fullest extent permitted by law, that (i) any Lender or holder may
exercise its right to set off with respect to amounts in excess of its Pro Rata Share of the Obligations and may sell participations in such amount so set off to other Lenders and holders and (ii) any Lender or holders so purchasing a
participation in the Loans made or other Obligations held by other Lenders or holders may exercise all rights of set-off, bankers’ Lien, counterclaim or similar rights with respect to such participation
as fully as if such Lender or holder were a direct holder of the Loans and the other Obligations in the amount of such participation. Notwithstanding the foregoing, if all or any portion of the set-off amount
or payment otherwise received is thereafter recovered from Lender that has exercised the right of set-off, the purchase of participations by that Lender shall be rescinded and the purchase price restored
without interest. 
 (j) Nothing in this Agreement or the other Loan Documents shall be deemed to require Administrative Agent to advance
funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that the Borrowers may have against any Lender as a result of any default by such Lender hereunder. To the
extent that Administrative Agent advances funds to the Borrowers on behalf of any Lender and is not reimbursed therefor on the same Business Day as such advance is made, Administrative Agent shall be entitled to retain for its account all interest
accrued on such advance until reimbursed by the applicable Lender. 
 (k) If Administrative Agent pays an amount to a Lender under this
Agreement in the belief or expectation that a related payment has been or will be received by Administrative Agent from Borrowers and such related payment is not received thereby, then Administrative Agent will be entitled to recover such amount
from such Lender on demand without set-off, counterclaim or deduction of any kind. 
 (l) If
Administrative Agent determines at any time that any amount received thereby under this Agreement shall be returned to Borrowers or paid to any other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or
condition of this Agreement or any other Loan Document, Administrative Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender will repay to Administrative Agent on demand any portion of such amount that
Administrative Agent has distributed to such Lender, together with interest at such rate, if any, as Administrative Agent is required to pay to Borrowers or such other Person, without set-off, counterclaim or
deduction of any kind. 
 (m) Administrative Agent will use reasonable efforts to provide Lenders with any written notice of Event of
Default received by Administrative Agent from, or delivered by Administrative Agent to, any Loan Party; provided, however, that Administrative Agent shall not be liable to any Lender for any failure to do so, except to the extent that
such failure is attributable solely to Administrative Agent’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. 

(n) Anything in this Agreement or any other Loan Document to the contrary notwithstanding, each Lender hereby agrees with each other Lender
and with Administrative Agent that no Lender shall take any action to protect or enforce its rights arising out of this Agreement or any other Loan Document (including exercising any rights of set-off) without
first obtaining the prior written consent of the Required Lenders, it being the intent of Lenders 

  
 32 

 
that any such action to protect or enforce rights under this Agreement and the other Loan Documents shall be taken in concert and at the direction or with the consent of Administrative Agent at
the request of Required Lenders. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 33 

 [SIGNATURE PAGE TO LOAN AND SECURITY AGREEMENT] 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Closing Date. 

 

			
	 BORROWER REPRESENTATIVE:
  

METACRINE, INC.

		
	By	 	/s/ Patricia Millican
	Name:	 	Patricia Millican
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO LOAN AND SECURITY AGREEMENT] 

 

			
	 COLLATERAL TRUSTEE:
  

ANKURA TRUST COMPANY, LLC

		
	By	 	/s/ Lisa J. Price
	Name:	 	Lisa J. Price
	Title:	 	Managing Director

 [SIGNATURE PAGE TO LOAN AND SECURITY AGREEMENT] 

 

			
	 ADMINISTRATIVE AGENT:
  

K2 HEALTHVENTURES LLC

		
	By	 	/s/ Anup Arora
	Name:	 	Anup Arora
	Title:	 	Managing Director and Chief Information Officer
	
	 LENDER:
  

K2 HEALTHVENTURES LLC

		
	By	 	/s/ Anup Arora
	Name:	 	Anup Arora
	Title:	 	Managing Director and Chief Information Officer

 EXHIBIT A 

DEFINITIONS 
 As
used in this Agreement, the following capitalized terms have the following meanings: 
 “Account” means any
“account” as defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to a Borrower. 

“Account Control Agreement” means any control agreement entered into among the depository institution at which a Loan Party
maintains a Deposit Account or the securities intermediary or commodity intermediary at which a Loan Party maintains a Securities Account or a Commodity Account, one or more Loan Parties, and Collateral Trustee pursuant to which Collateral Trustee,
for the benefit of Lenders, obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account. 

“Account Debtor” means any “account debtor” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Administrative Agent” has the meaning set forth in the preamble. 

“Affiliate” means, with respect to any Person, each other Person that owns or controls, directly or indirectly the Person,
any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s
managers and members. 
 “Agreement” has the meaning set forth in the preamble. 

“Amortization Date” means September 1, 2021; provided, that if (i) no Event of Default has occurred and is
continuing, and (ii) Borrower Representative has provided evidence satisfactory to Administrative Agent that Borrowers have achieved the Equity Milestone, the Amortization Date shall be September 1, 2022. 

“Anti-Terrorism Order” means Executive Order No. 13,224 as of September 24, 2001, Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49,079 (2001), as amended. 

“Applicable Rate” means a variable annual rate equal to the greater of (i) the Prime Rate plus 2.00% and (ii)
7.25%. 
 “Automatic Payment Authorization” means the Automatic Payment Authorization in substantially the form of
Exhibit F. 
 “Board” means, with respect to any Person, the board of directors, board of managers, managers or
other similar bodies or authorities performing similar governing functions for such Person. 
 “Borrower” and
“Borrowers” has the meaning set forth in the preamble. 
 “Borrower Representative” has the meaning set
forth in the preamble. 
 “Borrowers’ Books” are all of each Borrower’s books and records including ledgers,
federal and state tax returns, records regarding such Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Business Day” means any day that is not a Saturday, Sunday or a day on which commercial banks in the State of New York are
required or permitted to be closed. 

  
 A-1 

 “Cash Equivalents” means (a) marketable direct obligations issued or
unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one year from the date of acquisition; (b) commercial paper maturing no more than one year after its creation and having the
highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) certificates of deposit issued by any bank with assets of at least $500,000,000 maturing no more than one year from the date of
investment therein; and (d) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Change in Control” means any of the following (or any combination of the following) whether arising from any single
transaction event or series of related transactions or events that, individually or in the aggregate, result in: (a) the holders of Borrower Representative’s Equity Interests who were holders of Equity Interest as of the Closing Date,
ceasing to own at least 51% of the Voting Stock of Borrower Representative; (b) any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Exchange Act) becoming the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of a sufficient number of Equity Interests of Borrower Representative ordinarily entitled to vote in the election of directors,
empowering such “person” or “group” to elect a majority of the members of the Board of Borrower Representative, who did not have such power before such transaction; (c) the Transfer of all or substantially all assets of
Borrowers or of a material business line of Borrowers; or (d) Borrower Representative ceasing to own and control, free and clear of any Liens (other than Permitted Liens), directly or indirectly, all of the Equity Interests in each of its
Subsidiaries, or failing to have the power to direct or cause the direction of the management and policies of each such Subsidiary. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority. 

“Claims” has the meaning set forth in Section 12.3. 

“Closing Date” has the meaning set forth in the preamble. 

“Code” means the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New
York; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article
or Division 9 shall govern; provided, further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Collateral Trustee’s Lien on
any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction
solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” means any and all properties, rights and assets of each Borrower described on
Exhibit B, and any collateral securing the Obligations pursuant to any guaranty or pursuant to any other Loan Document. 

“Collateral Access Agreement” means an agreement with respect to a Loan Party’s leased location or bailee location, in
each case in form and substance reasonably satisfactory to Administrative Agent and Collateral Trustee. 
 “Collateral
Account” means any Deposit Account, Securities Account, or Commodity Account of a Loan Party, in each case other than an Excluded Account. 

“Collateral Trust Agreement” means that certain Collateral Trust Agreement, dated as of the Closing Date, by and among
Collateral Trustee and Lenders, as amended, restated, supplemented or otherwise modified from time to time. 

  
 A-2 

 “Collateral Trustee” has the meaning set forth in the preamble of this
Agreement. 
 “Commitment” means, as to any Lender, the aggregate principal amount of Loans committed to be made by such
Lender, as set forth on Schedule 1 hereto. 
 “Commodity Account” means any “commodity account” as defined
in the Code with such additions to such term as may hereafter be made. 
 “Compliance Certificate” means that certain
certificate in the form attached hereto as Exhibit D. 
 “Connection Income Taxes” means Other
Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Contingent Obligation” means, for any Person, any direct or indirect liability, contingent or not, of that Person for
(a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with
recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity
swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices. The amount of a Contingent Obligation is the
stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the
maximum of the obligations under any guarantee or other support arrangement. 
 “Copyrights” means any and all copyright
rights, copyright applications, copyright registrations and like protections of a Person in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Default” means any circumstance, event or condition that, with the giving of any notice, the passage of time, or both, would
be an Event of Default. 
 “Default Rate” has the meaning set forth in Section 2.3(b). 

“Deposit Account” means any “deposit account” as defined in the Code with such additions to such term as may
hereafter be made, and includes any checking account, savings account or certificate of deposit. 
 “Dollars,”
“dollars” or use of the sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily
converted into lawful money of the United States. 
 “Domestic Subsidiary” means any Subsidiary organized under the
laws of the United States of America, any State thereof or the District of Columbia.  
 “Equipment” means all
“equipment” as defined in the Code with such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the
foregoing. 
 “Equity Interests” means, with respect to any Person, any of the shares of capital stock of (or other
ownership, membership or profit interests in) such Person, any of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership, membership or profit interests in) such
Person, any of the securities convertible into or exchangeable for shares of capital stock of (or other ownership, membership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such
shares (or such other interests), and any of the other ownership, membership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or 

  
 A-3 

 
nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination. 

“Equity Milestone” means that Borrower Representative shall have provided evidence satisfactory to Administrative Agent that
Borrower Representative has received net cash proceeds of at least $70,000,000 from either (a) a preferred stock financing consummated after the Closing Date on terms acceptable to Lenders, in Lenders’ sole discretion (excluding proceeds
from conversion or cancellation of outstanding Indebtedness) or (b) an underwritten initial public offering of Borrower Representative’s common stock pursuant to an effective registration statement under the Securities Act of 1933, as
amended. 
 “ERISA” means the Employee Retirement Income Security Act of 1974 and its regulations, in each case as amended.

 “Event of Default” has the meaning set forth in Section 8. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Account” means (a) any Deposit Account exclusively used for payroll, withholding tax and benefit payments to
or for the benefit of Borrower Representative’s employees; provided, that the aggregate balance therein shall not exceed an amount of such payments to be paid in the then-next payroll period, and (b) Deposit Accounts exclusively
used for cash collateral relating to letter of credit obligations and identified to Administrative Agent as such; provided, that the aggregate balance therein shall not exceed $100,000 in the aggregate at any time. 

“Excluded Foreign Subsidiary” means, with respect to any Loan Party, any Subsidiary of such Loan Party, at any date of
determination, (a) that is a “controlled foreign corporation” as defined in Section 957 of the IRC, (b) that is a direct or indirect Subsidiary of a “controlled foreign corporation” as defined in Section 957
of the IRC, or (c) substantially all of the assets of which are Equity Interests in one or more “controlled foreign corporations” as defined in Section 957 of the IRC. 

“Excluded Locations” means the following locations where Collateral may be located from time to time: (a) locations
where mobile office equipment (e.g. laptops, mobile phones and the like) may be located with employees in the Ordinary Course of Business, (b) clinical trial sites and contract research organizations, and (c) other locations where, in the
aggregate for all such locations, less than $250,000 of Collateral is located. 
 “Excluded Taxes” means any of the
following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in
each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or
Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment or (ii) such Lender changes its lending office, except in each case to the extent that amounts with respect to
such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to
comply with Section 2.5(d)(vi) and (d) any U.S. federal withholding Taxes imposed under FATCA. 
 “FATCA” means
Sections 1471 through 1474 of the IRC, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among
Governmental Authorities and implementing such Sections of the IRC. 

  
 A-4 

 “Federal Reserve Board” means the Board of Governors of the Federal Reserve
System, or any successor thereto. 
 “Fee Letter” means that certain letter agreement, dated as of the date hereof, by and
among Borrower, Administrative Agent and Lenders, as amended, modified, supplemented, extended or restated from time to time. 

“First-Tier Foreign Subsidiary” means any Excluded Foreign Subsidiary, the capital stock of which is owned directly by any
Loan Party. 
 “First Tranche Term Loan Commitment” means, as to any Lender, the aggregate principal amount of First
Tranche Term Loans committed to be made by such Lender, as set forth on Schedule 1. 
 “First Tranche Term Loans”
has the meaning set forth in Section 2.2(a). 
 “Foreign Subsidiary” means any Subsidiary that is
not a Domestic Subsidiary and any Subsidiary of a Subsidiary that is not a Domestic Subsidiary 
 “Fourth Tranche Availability
Period” means the period commencing on the Closing Date and ending on December 31, 2020. 
 “Fourth Tranche
Milestone” means that Borrower Representative shall have provided evidence satisfactory to Administrative Agent, in Administrative Agent’s reasonable discretion, that Borrower Representative has taken the following actions and/or
achieved each of the following: (a) [***]; (b) [***]. 
 “Fourth Tranche Term Loan Commitment” means, as to any Lender, the
aggregate principal amount of Fourth Tranche Term Loans committed to be made by such Lender, as set forth on Schedule 1. 

“Fourth Tranche Term Loans” has the meaning set forth in Section 2.2(a). 

“Funding Date” means any date on which a Loan is made to or for the account of a Borrower which shall be a Business Day. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of
the accounting profession, which are applicable to the circumstances as of the date of determination; provided, however, that if there occurs after the Closing Date any change in GAAP that affects in any respect the calculation of any
covenant or threshold in this Agreement, Lenders and Borrowers shall negotiate in good faith amendments to the provisions of this Agreement that relate to the calculation of such covenant or threshold with the intent of having the respective
positions of Lender and Borrowers after such change in GAAP conform as nearly as possible to their respective positions as of the Closing Date, and, until any such amendments have been agreed upon, such covenants and thresholds shall be calculated
as if no such change in GAAP has occurred. 
 “General Intangibles” means all “general intangibles” as defined in
the Code in effect on the Closing Date with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles,
contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and
business interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental Approval” means
any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority, including for the testing,
manufacturing, marketing and sales of its Product. 

  
 A-5 

 “Governmental Authority” means any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government,
any securities exchange and any self-regulatory organization. 
 “Guarantor” means any Person providing a Guaranty with
respect to the Obligations or providing collateral, security or other credit support for all or any portion of the Obligations. For the avoidance of doubt, no Excluded Foreign Subsidiary shall be a Guarantor. 

“Guaranty” means any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated,
modified or otherwise supplemented. 
 “Indebtedness” means (a) indebtedness for borrowed money or the deferred price
of property or services, (b) any reimbursement and other obligations for surety bonds and letters of credit, (c) obligations evidenced by notes, bonds, debentures or similar instruments, (d) capital lease obligations, and
(e) Contingent Obligations. 
 “Indemnified Person” has the meaning set forth in
Section 12.3. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on
or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document (other than the Warrant) and (b) to the extent not otherwise described in (a), Other Taxes (other than Taxes relating to the
Warrant). 
 “Insolvency Proceeding” means any proceeding by or against any Person under the United States Bankruptcy Code,
or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means, with respect to any Loan Party (or, as applicable, any of its Subsidiaries), all of such Loan
Party’s or Subsidiary’s right, title, and interest in and to the following: 
 (a) its Copyrights, Trademarks and
Patents; 
 (b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented
inventions, know-how, operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but
not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” means all “inventory” as defined in the Code in effect on the Closing Date with such additions to such
term as may hereafter be made. 
 “Investment” means any beneficial ownership interest in any Person (including stock,
partnership interest or other securities or Equity Interests), and any loan, advance or capital contribution to any Person, or the acquisition of all or substantially all of the assets or properties of another Person. 

“IRC” means the Internal Revenue Code of 1986, as amended 

  
 A-6 

 “Key Person” means the Chief Executive Officer, President and Chief
Financial Officer of Borrower Representative. 
 “Lender” has the meaning set forth in the preamble. 

“Lender Expenses” means all reasonable and documented audit fees and expenses, costs, and expenses (including reasonable and
documented out-of-pocket attorneys’ fees and expenses) of Administrative Agent or Lenders for preparing, amending, negotiating, administering, defending and
enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to a Loan Party, including all costs, expenses and other amounts required to be paid
by any Lender or the Administrative Agent in accordance with the Collateral Trust Agreement. 
 “Lien” means a claim,
mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” means, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other
documents related to this Agreement, the Warrant, the Collateral Trust Agreement, the Fee Letter, the Automatic Payment Authorization, the Account Control Agreements, the Collateral Access Agreements, any Subordination Agreement, any note, or notes
or guaranties executed by a Loan Party, and any other present or future agreement by a Loan Party with or for the benefit of Collateral Trustee, the Administrative Agent or any Lender in connection with this Agreement, all as amended, modified,
supplemented, extended or restated from time to time. 
 “Loan Party” or “Loan Parties” means, each
Borrower from time to time party hereto, and any Guarantor, if any. 
 “Loan Request” means a request for a Loan pursuant
to this Agreement in substantially the form attached hereto as Exhibit C. 
 “Loans” means, collectively, the Term
Loans, and any other loan from time to time made under this Agreement, and “Loan” means any of the foregoing. 

“Margin Stock” has the meaning set forth in Section 5.11(b). 

“Material Adverse Effect” means: (a) a material impairment in the perfection or priority of the Lien in the Collateral
pursuant to the Loan Documents or in the value of the Collateral; or (b) a material adverse effect upon: (i) the business, operations, properties, assets or financial condition of the Loan Parties as a whole; (ii) the prospect of
repayment of any part of the Obligations; or (iii) the ability to enforce any rights or remedies with respect to any Obligations, in each case, as determined by Administrative Agent. 

“Maximum Rate” has the meaning set forth in Section 2.3(d). 

“Obligations” means all of Borrowers’ and each other Loan Party’s obligations to pay the Loans when due, including
principal, interest, fees, Lender Expenses, the fees pursuant to the Fee Letter, and any other amounts due to be paid by a Borrower or Loan Party, and each Borrower’s and Loan Party’s obligation to perform its duties under the Loan
Documents (other than the Warrant), and any other debts, liabilities and other amounts any Borrower or Loan Party owes to any Lender at any time, whether under the Loan Documents or otherwise (but excluding obligations arising under the Warrant),
including, without limitation, interest or Lender Expenses accruing after Insolvency Proceedings begin (whether or not allowed), and any debts, liabilities, or obligations of any Borrower or Loan Party assigned to any Lender, which shall be treated
as secured or administrative expenses in the Insolvency Proceedings to the extent permitted by applicable law. Notwithstanding the foregoing, “Obligations” does not include any obligations arising under any right to invest. 

“OFAC” has the meaning set forth in Section 5.11(c). 

  
 A-7 

 “Operating Documents” means, for any Person, such Person’s formation
documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of formation, organization or incorporation on a date that is no earlier than 30 days prior to the Closing Date and, (a) if such Person
is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement or operating agreement (or similar agreement), and (c) if such Person is a partnership, its
partnership agreement (or similar agreement), each of the foregoing with all current amendments, restatements and modifications thereto. 

“Ordinary Course of Business” means, in respect of any transaction involving any Person, the ordinary course of such
Person’s business as conducted by any such Person in accordance with (a) the usual and customary customs and practices in the kind of business in which such Person is engaged, and (b) the past practice and operations of such Person,
and in each case, undertaken by such Person in good faith and not for purposes of evading any covenant or restriction in any Loan Document. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document (other than the Warrant),
except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 
 “Participant” has the
meaning set forth in Section 12.2(d). 
 “Participant Register” has the meaning set forth in
Section 12.2(d). 
 “Patents” means all patents, patent applications and like protections of a
Person including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same and all rights therein
provided by international treaties or conventions. 
 “Payment Date” means the first calendar day of each month. 

“Perfection Certificate” has the meaning set forth in Section 5.1. 

“Permitted Indebtedness” means: 

(a) each Loan Party’s Indebtedness under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Closing Date and shown on the Perfection Certificate; provided, that (i) to the
extent the amount of such type of Indebtedness is limited pursuant to a clause of this defined term, amounts existing on the Closing Date or any permitted refinancing thereof shall count towards such limit, (ii) to the extent such Indebtedness
is required to be repaid on the Closing Date, in accordance with a payoff letter delivered as a condition to closing, such Indebtedness shall not constitute Permitted Indebtedness after such repayment, and (iii) to the extent any such
Indebtedness is required to be made subject to the terms of a Subordination Agreement as of the Closing Date or thereafter, pursuant to the terms of this Agreement, such Indebtedness shall be permitted only to the extent the applicable Subordination
Agreement is in effect; 
 (c) Subordinated Debt; 

(d) unsecured Indebtedness to trade creditors incurred in the Ordinary Course of Business; 

  
 A-8 

 (e) Indebtedness for unsecured credit cards in an aggregate amount not to
exceed $250,000 outstanding at any time; 
 (f) reimbursement obligations arising from letters of credit issued by financial
institutions and incurred in the Ordinary Course of Business; provided, that the aggregate amount of such obligations shall not exceed $100,000 at any time; 

(g) Indebtedness incurred as a result of endorsing negotiable instruments received in the Ordinary Course of Business; 

(h) Indebtedness secured by Liens permitted under clause (c) of the definition of “Permitted Liens”
hereunder; 
 (i) Indebtedness not otherwise permitted pursuant to this defined term, in an aggregate amount outstanding not
to exceed $250,000; and 
 (j) extensions, refinancings, modifications, amendments and restatements of any items of Permitted
Indebtedness described in clause (b) and clauses (d) through (h) above; provided, that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon a Borrower or any of its
Subsidiaries, as the case may be. 
 “Permitted Investments” means: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Closing Date and shown on the Perfection
Certificate; 
 (b) (i) Investments consisting of Cash Equivalents, and (ii) any Investments permitted by Borrower
Representative’s investment policy, as amended from time to time; provided, that such investment policy (and any such amendment thereto) has been approved in writing by Administrative Agent; 

(c) Investments consisting of repurchases of Borrower Representative’s Equity Interests from former employees,
consultants, officers and directors of Borrower Representative to the extent permitted under Section 7.7; 

(d) Investments among Loan Parties, and Investments in Subsidiaries which are not Loan Parties in an aggregate amount per
fiscal year not to exceed $100,000; 
 (e) Investments by Borrower in any Foreign Subsidiary not to exceed each fiscal
quarter’s projected operating plan for such Foreign Subsidiary; provided, that such projected operating plan shall have been approved in writing by Administrative Agent; 

(f) Investments not to exceed $250,000 outstanding in the aggregate at any time consisting of (i) travel advances and
employee relocation loans and other employee loans and advances in the Ordinary Course of Business, and (ii) loans not involving the net transfer of cash proceeds to employees, officers or directors relating to the purchase of Equity Interests
of Borrower Representative pursuant to employee stock purchase plans or other similar agreements approved by Borrower Representative’s Board; 

(g) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or
suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the Ordinary Course of Business; 

(h) Investments consisting of Deposit Accounts in which Collateral Trustee has a perfected security interest; 

  
 A-9 

 (i) Investments not otherwise permitted pursuant to this defined term, in an
aggregate amount not to exceed $250,000 per fiscal year; and 
 (j) Investments consisting of accounts receivable of, or
prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the Ordinary Course of Business; provided, that this subsection (k) shall not apply to Investments of a Loan Party in any
Subsidiary. 
 “Permitted Liens” means: 

(a) Liens arising under this Agreement and the other Loan Documents; 

(b) Liens existing on the Closing Date and shown on the Perfection Certificate; provided, that (i) to the extent
the amount of Indebtedness secured by such type of Lien is limited pursuant to a clause of this defined term, amounts existing on the Closing Date or any permitted refinancing thereof shall count towards such limit, (ii) to the extent the
Indebtedness secured by such a Lien is required to be repaid on the Closing Date, in accordance with a payoff letter delivered as a condition to closing, such Lien shall not constitute Permitted Lien after the repayment of the associated
Indebtedness, and (iii) to the extent any such Lien is required to be made subject to the terms of a Subordination Agreement as of the Closing Date or thereafter, pursuant to the terms of this Agreement, such Lien shall be permitted only to the
extent the applicable Subordination Agreement is in effect; 
 (c) purchase money Liens (i) on Equipment acquired or
held by a Loan Party or Subsidiary thereof incurred for financing the acquisition of the Equipment, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the Equipment, in each
case, securing no more than $500,000 in the aggregate amount outstanding; 
 (d) Liens for taxes, fees, assessments or other
government charges or levies, either (i) not yet due and payable or (ii) being contested in good faith by appropriate proceedings diligently conducted and for which such Loan Party or Subsidiary maintains adequate reserves on its books;

 (e) leases or subleases of real property granted in the Ordinary Course of Business of such Person, and leases, subleases,
non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the Ordinary Course of Business of such Person; 

(f) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the Ordinary Course
of Business so long as such Liens attach only to Inventory, which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the
forfeiture or sale of the property subject thereto; 
 (g) Liens to secure payment of workers’ compensation, employment
insurance, old-age pensions, social security and other like obligations incurred in the Ordinary Course of Business (other than Liens imposed by ERISA); 

(h) deposits or pledges of cash to secure bids, tenders, contracts (other than contracts for the payment of money), leases,
surety and appeal bonds and other obligations of a like nature arising in the Ordinary Course of Business, in an aggregate amount not exceeding $250,000 at any time; 

(i) Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default; 

(j) Liens in favor of other financial institutions arising in connection with a Deposit Account or Securities Account of a Loan
Party or Subsidiary thereof held at such institutions; provided, that Collateral Trustee has a perfected security interest in such Deposit Account, or the securities maintained therein and 

  
 A-10 

 
Collateral Trustee has received an Account Control Agreement with respect thereto to the extent required pursuant to Section 6.6 of this Agreement; 

(k) licenses of Intellectual Property which constitute a Permitted Transfer; 

(l) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in clauses
(a) through (d), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; and 

(m) Liens on cash collateral maintained in a separate Collateral Account maintained exclusively for such purpose and identified
to Administrative Agent as such, securing reimbursement obligations in connection with letters of credit permitted under clause (f) of the definition of “Permitted Indebtedness”; provided, that the aggregate amount of such cash
collateral does not exceed not exceed $100,000 at any time. 
 “Permitted Locations” means, collectively, the following
locations where Collateral may be located from time to time: (a) locations identified in the Perfection Certificate, (b) locations with respect to which Borrowers have complied with the requirements of
Section 6.11, and (c) the Excluded Locations. 
 “Permitted Transfers” means 

(a) sales of Inventory by a Loan Party or any of its Subsidiaries in the Ordinary Course of Business; 

(b) non-exclusive licenses and similar arrangements for the use of Intellectual
Property of a Loan Party or any of its Subsidiaries in the Ordinary Course of Business; 
 (c) dispositions of worn-out, obsolete or surplus Equipment in the Ordinary Course of Business; 
 (d)
Transfers consisting of the granting of Permitted Liens and the making of Permitted Investments; 
 (e) the use or transfer
of money or Cash Equivalents in the Ordinary Course of Business for the payment of expenses in the Ordinary Course of Business and in a manner that is not prohibited by the Loan Documents; and 

(f) other Transfers of assets having a fair market value of not more than $100,000 per fiscal year of Borrower Representative.

 “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, company,
trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prime Rate” means, at any time, the greater of (i) the rate of interest noted in The Wall Street Journal, Money Rates
section, as the “Prime Rate”, and (ii) 5.25%. In the event that The Wall Street Journal quotes more than one rate, or a range of rates, as the Prime Rate, then the Prime Rate shall mean the average of the quoted rates. In the event that
The Wall Street Journal ceases to publish a Prime Rate, then the Prime Rate shall be the average of the three largest U.S. money center commercial banks, as determined by Lenders. 

“Pro Rata Share” means, with respect to any Lender and as of any date of determination, the percentage obtained by dividing
(i) the aggregate Commitments of such Lender by (ii) the aggregate Commitments of all Lenders; provided, that to the extent any Commitment has expired or been terminated, with respect to such

  
 A-11 

 
Commitment, the applicable outstanding balance of the Loans made pursuant to such Commitment held by such Lender and all the Lenders, respectively, shall be used in lieu of the amount of such
Commitment; provided, further, that with respect to all matters relating to a particular Loan, the Commitment or outstanding balance of the applicable Loan, shall be used in lieu of the aggregate Commitment or outstanding balance of
all Loans in the foregoing calculation. “Ratable” and related terms shall mean, determined by reference to such Lender’s Pro Rata Share. 

“Products” means any products manufactured, sold, developed, tested or marketed by a Loan Party or any of its Subsidiaries.

 “Qualified Financing” has the meaning set forth in Section 6.13(c). 

“Recipient” means (a) the Administrative Agent, (b) Collateral Trustee and (c) any Lender, as applicable. 

“Register” has the meaning set forth in Section 12.2(b). 

“Registered Organization” means any “registered organization” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Required Lenders” means, as of any date of determination, Lenders holding more than 50%
of the sum of aggregate principal amount of all Loans outstanding and the aggregate amount of all unfunded commitments to make Loans, at such date of determination. 

“Requirement of Law” means as to any Person, the organizational or governing documents of such Person, and any law (statutory
or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject. 
 “Responsible Officer” means with respect to any Person, any of the Chief Executive Officer, President or Chief
Financial Officer of such Person. Unless the context otherwise requires, each reference to a Responsible Officer herein shall be a reference to a Responsible Officer of Borrower Representative. 

“Restricted License” means any material in-bound license or other similar material
agreement (other than ordinary course customer contracts, off the shelf software licenses, licenses that are commercially available to the public, and open source licenses) to which a Loan Party or Subsidiary is a party (a) that prohibits or
otherwise restricts such Loan Party or Subsidiary from granting a security interest in its interest in such license or agreement or in any other property, or (b) for which a default under, or termination of which, could reasonably be expected
to interfere with Collateral Trustee’s right to sell any Collateral. 
 “Second Tranche Availability Period” means the
period commencing on the Closing Date and ending on March 31, 2020. 
 “Second Tranche Term Loan Commitment” means, as
to any Lender, the aggregate principal amount of Second Tranche Term Loans committed to be made by such Lender, as set forth on Schedule 1 hereto. 

“Second Tranche Term Loans” has the meaning set forth in Section 2.2(a). 

“Securities Account” means any “securities account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Security Instrument” means any security agreement, assignment, pledge agreement, financing or other
similar statement or notice, continuation statement, other agreement or instrument, or any amendment or supplement to any thereof, creating, governing or providing for, evidencing or perfecting any security interest or Lien. 

  
 A-12 

 “Shares” means all of the issued and outstanding Equity Interests owned or
held of record by a Loan Party or other Loan Party in each of its Subsidiaries. 
 “Subordinated Debt” means Indebtedness
on terms and to holders satisfactory to Administrative Agent and incurred by a Loan Party that is subordinated in writing to all of the Obligations, pursuant to a Subordination Agreement. 

“Subordination Agreement” means any subordination agreement in form and substance satisfactory to Administrative Agent
entered into from time to time with respect to Subordinated Debt. 
 “Subsidiary” means, with respect to any Person, any
corporation, partnership, limited liability company or joint venture in which (i) any general partnership interest or (ii) more than 50% of the stock, limited liability company interest, joint venture interest or other Equity Interest
which by the terms thereof has the ordinary voting power to elect the Board of that Person, at the time as of which any determination is being made, is owned or controlled by such Person, directly or indirectly. Unless the context otherwise
requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 
 “Taxes” means all
present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto. 
 “Term Loan” and “Term Loans” each, have the meaning set forth in
Section 2.2(a). 
 “Term Loan Maturity Date” means September 1, 2023; provided,
however, “Term Loan Maturity Date” shall mean September 1, 2024 if Borrowers request, and Lenders fund in full, the Fourth Tranche Term Loans. 

“Third Tranche Availability Period” means the period commencing on the Closing Date and ending on March 31, 2020. 

“Third Tranche Milestone” means that Borrower Representative shall have provided evidence satisfactory to Administrative
Agent, in Administrative Agent’s reasonable discretion, that Borrower Representative has achieved each of the following: (a) [***]; and (b) [***]. 

“Third Tranche Term Loan Commitment” means, as to any Lender, the aggregate principal amount of Third Tranche Term Loans
committed to be made by such Lender, as set forth on Schedule 1 hereto; provided, however, the Third Tranche Term Loan Commitment may be increased by up to an additional $10,000,000 to support the acquisition by Borrowers of an
additional clinical stage asset, subject in all cases to (a) Borrower Representative providing Administrative Agent with such information as it requests (including updated financial and operating plans) and (b) approval of such additional
amount by Lender’s investment committee (in its sole discretion). The amount by which the Third Tranche Term Loan Commitment is increased, if applicable, is the “Third Tranche Term Loan Incremental Commitment Amount.” 

“Third Tranche Term Loans” has the meaning set forth in Section 2.2(a). 

“Trademarks” means any trademark and servicemark rights of a Person, whether registered or not, applications to register and
registrations of the same and like protections, and the entire goodwill of the business connected with and symbolized by such trademarks. 

“Transfer” has the meaning set forth in Section 7.1. 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the IRC.

  
 A-13 

 “Voting Stock” means, with respect to any Person, all classes of Equity
Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors or managers (or Persons performing similar functions) of such Person, even though the right so to
vote has been suspended by the happening of such a contingency. 
 “Warrant” means, collectively, each Warrant to Purchase
Preferred Stock dated as of the Closing Date executed by Borrower Representative in favor of each Lender, as amended, modified, supplemented, extended or restated from time to time. 

“Withholding Agent” means any Loan Party and the Administrative Agent. 

  
 A-14 

 EXHIBIT B 

COLLATERAL DESCRIPTION 

The Collateral consists of all of each Borrower’s right, title and interest in and to the following personal property wherever located,
whether now owned or existing or hereafter acquired, created or arising: 
 All goods, Accounts (including health-care receivables),
Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles (except as noted below), commercial tort claims, documents, instruments (including any promissory notes),
chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and
financial assets, whether now owned or hereafter acquired, wherever located; and all such Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions,
attachments, accessories, accessions and improvements to and replacements, products, proceeds (both cash and non-cash) and insurance proceeds of any or all of the foregoing. 

The Collateral does not include any Intellectual Property; provided, however, the Collateral shall include all Accounts and all
proceeds of Intellectual Property; provided, further that if a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest
in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of August 27, 2019, include the Intellectual Property to the extent necessary to permit perfection of
Collateral Trustee’s security interest in such Accounts and such other property of the applicable Borrower that are proceeds of the Intellectual Property. For the avoidance of doubt, the Collateral does not include (i) more than 65% of the
voting capital stock of any First-Tier Foreign Subsidiary, (ii) any Equity Interests in any Excluded Foreign Subsidiary other than a First-Tier Excluded Foreign Subsidiary, and (iii) any asset directly or indirectly owned by any Excluded
Foreign Subsidiary. 
 Pursuant to the terms of a certain negative pledge arrangement with Collateral Trustee and Lenders,
Borrower has agreed not to encumber any of its Intellectual Property. 

 EXHIBIT C 

LOAN REQUEST 
  

			
		  	Date: [•]

 Reference is made to that certain Loan and Security Agreement, dated August [26], 2019 (as amended, restated,
supplemented or otherwise modified, from time to time, the “Agreement”), among METACRINE, INC., a Delaware corporation (“Borrower Representative”), and each other Person party thereto as a borrower from time
to time (collectively, “Borrowers”, and each, a “Borrower”), K2 HEALTHVENTURES LLC and any other lender from time to time party thereto (collectively, “Lenders”, and each, a
“Lender”), K2 HEALTHVENTURES LLC, as administrative agent for Lenders (in such capacity, and together with its successors, “Administrative Agent”), and ANKURA TRUST COMPANY, LLC, as collateral agent
for Lenders (in such capacity, together with its successors, “Collateral Trustee”). Capitalized terms have meanings as defined in the Agreement. 

Borrower Representative hereby requests a Loan in the amount of $[•] on [•] (the “Funding Date”) pursuant to the
Agreement, and authorizes Lenders to: 
 (a) Wire Funds to: 
  

			
	Bank:	 	
	Address:	 	
		
	ABA Number:	 	
	Account Number:	 	
	Account Holder:	 	

 (b) Deduct amounts from the foregoing advance to be applied to Lender Expenses and outstanding fees then due
as set forth on the attached Schedule 1. 
 Borrower Representative represents that each of the conditions precedent to the Loans set
forth in the Agreement are satisfied and shall be satisfied on the Funding Date, including but not limited to: (i) the representations and warranties set forth in the Agreement and in the other Loan Documents are and shall be true and correct
in all material respects on and as of the Funding Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case they remain true and
correct in all material respects as of such earlier date); provided, however, that such materiality qualifiers shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the
text thereof, (ii) no Default or Event of Default has occurred, and (iii) no event that has had or would reasonably be expected to have a Material Adverse Effect has occurred and is continuing. Evidence of the [Third][Fourth] Tranche
Milestone is attached hereto as Schedule 1. 
 Borrower Representative agrees to notify Lenders promptly before the Funding Date if
any of the matters which have been represented above shall not be true and correct in all material respects on the Funding Date and if Lenders have received no such notice before the Funding Date then the statements set forth above shall be deemed
to have been made and shall be deemed to be true and correct in all material respects as of the Funding Date. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO LOAN REQUEST] 

This Loan Request is hereby executed as of the date first written above. 

 

			
	BORROWER REPRESENTATIVE:
	
	METACRINE, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 SCHEDULE 1 

Evidence of [Third][Fourth] Tranche Milestone 

 EXHIBIT D 

COMPLIANCE CERTIFICATE 
  

			
	 TO:K2 HEALTHVENTURES LLC, as Administrative Agent 

FROM: [•]
	 	 Date: [•]

 Reference is made to that certain Loan and Security Agreement, dated August [26], 2019 (as amended, restated,
supplemented or otherwise modified, from time to time, the “Agreement”), METACRINE, INC., a Delaware corporation (“Borrower Representative”), and each other Person party thereto as a borrower from time to
time (collectively, “Borrowers”, and each, a “Borrower”), K2 HEALTHVENTURES LLC and any other lender from time to time party thereto (collectively, “Lenders”, and each, a
“Lender”), K2 HEALTHVENTURES LLC, as administrative agent for Lenders (in such capacity, and together with its successors, “Administrative Agent”), and ANKURA TRUST COMPANY, LLC, as collateral agent
for Lenders (in such capacity, together with its successors, “Collateral Trustee”). Capitalized terms have meanings as defined in the Agreement. 

The undersigned authorized officer of Borrower Representative, solely in his or her capacity as an officer of Borrower Representative, and not
in an individual capacity, hereby certifies in accordance with the terms of the Agreement as follows: 
 (1) Each Borrower is in
compliance for the period ending [•] with all covenants set forth in the Agreement; (2) no Event of Default has occurred and is continuing; and (3) the representations and warranties in the Agreement are true and correct in all
material respects on this date; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided,
further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date. 

The undersigned certifies that all financial statements delivered herewith are prepared in accordance with GAAP (other than, with respect to
unaudited financials for the absence of footnotes and being subject to normal year-end adjustments), consistently applied from one period to the next. Capitalized terms used but not otherwise defined herein
shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	 Required
	  	 Complies

			
	Monthly financial statements	  	Monthly, within 30 days	  	Yes No
			
	Compliance Certificate	  	Monthly, within 30 days	  	Yes No
			
	A/R and A/P Aging Reports	  	Monthly, within 30 days	  	Yes No
			
	Annual Operating Budget and Financial Projections	  	Annually, upon the earlier of (x) 60 days of fiscal year end and (y) 5 Business Days after Board’s approval of projections	  	Yes No
			
	Annual audited financial statements and any management letters	  	Annually, within 150 days of fiscal year end	  	Yes No
			
	Statements, reports and notices to stockholders	  	Within 5 Business Days of delivery	  	Yes No
			
	SEC filings	  	 Within 5 days after filing with SEC
 (or by link
to website)
	  	Yes No
			
	Legal action notices and updates	  	Promptly	  	Yes No
			
	409A valuation report	  	Within 5 Business Days after Board’s approval of 409A valuation report	  	Yes No
			
	Summary capitalization table	  	Within 5 Business Days of material change	  	Yes No
			
	Board materials	  	As and when delivered to Board	  	Yes No

					
			
	Board minutes	  	Promptly after Board meetings	  	Yes No
			
	IP report	  	Quarterly, within 30 days	  	Yes No
			
	Bank account statements (with transaction detail)	  	Together with monthly financial statements, or within 3 Business Days of a request by a Loan Party	  	Yes No
			
	Product related material correspondence, reports, documents and other filings	  	Within 5 Business Days	  	Yes No
			
	Copies of preferred stock financing documents	  	Together with Compliance Certificate due after closing of such financing	  	Yes No

  

									
	 Other Covenants
	  	 Required
	  	
            
Actual            
	 	  	Complies
	 Equipment financing Indebtedness
	  	Not to exceed $500,000 outstanding	  	$	 	 	  	Yes No
	 Unsecured credit card Indebtedness
	  	Not to exceed $250,000 outstanding at any time	  	$	 	 	  	Yes No
	 Repurchases of stock from former employees, consultants, officers and directors
	  	Not to exceed $250,000 per fiscal year	  	$	 	 	  	Yes No
	 Investments in Subsidiaries that are not Loan Parties
	  	Not to exceed $100,000 per fiscal year	  	$	 	 	  	Yes No
	 Deposits or pledges for bids, tenders, contracts, leases, surety or appeal bonds
	  	Not to exceed $250,000 at any time	  	$	 	 	  	Yes No
	 Reimbursement obligations under letters of credit
	  	Not to exceed $100,000 at any time	  	$	 	 	  	Yes No
	 Investments consisting of employee loans
	  	Not to exceed $250,000 at any time	  	$	 	 	  	Yes No
	 Other Indebtedness
	  	Not to exceed $250,000 in the aggregate	  	$	 	 	  	Yes No

 Other Matters 
  

			
	Please list any SEC filings made since the most recently delivered Compliance
Certificate:                                       
                                         
                                         
                    	  	
	 	  	
	 	  	
	 	  	
	 	  	

  

					
	Has any Borrower changed its legal name, jurisdiction of organization or chief executive office? If yes, please complete details below:	    	Yes	  	No
			
	 	    		  	

					
	Has there been any change of chief executive officer? If so, please describe appointment of any interim replacement (required within 30 days) or full-time replacement by a candidate with equivalent qualifications:	    	Yes	  	No
			
	 	    		  	
			
	Have any new Subsidiaries been formed? If yes, please provide complete schedule below.	    	Yes	  	No

  

									
	 Legal Name of
Subsidiary
	  	 Jurisdiction of
Organization
	  	 Holder of
Subsidiary Equity
Interests
	  	 Equity Interests
Certificated? (Y/N)
	  	 Jurisdiction

		  		  		  		  	
		  		  		  		  	

  

					
	Have any new Deposit Accounts or Securities Accounts been opened? If yes, please complete schedule below.	    	Yes	  	No

  

									
	 Accountholder
	  	 Deposit Account /
Intermediary
	  	 Address
	  	 Account
Number
	  	 Account Control
Agreement in
place?
(Y/N)

		  		  		  		  	
		  		  		  		  	

  

					
	Is there any new Product not previously disclosed on the Perfection Certificate or any prior Compliance Certificate? If yes, please complete details below:	    	Yes	  	No
			
	 	    		  	
			
	Has any Loan Party added any new lease location, bailee location or other location where Collateral is maintained? If yes, please describe below:	    	Yes	  	No
			
	 	    		  	
			
	Has any Loan Party entered into a Restricted License? If yes, please describe below:	    	Yes	  	No
			
	 	    		  	
			
	Do Accounts owing from Medicare or other similar programs of any Governmental Authority exceed $100,000	    	Yes	  	No

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 

——————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————————
 
  

			
	BORROWER REPRESENTATIVE:
	METACRINE, INC.

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 EXHIBIT E 

REQUIREMENTS FOR INSURANCE DOCUMENTATION 

Contact Information for Insurance Documentation: 
  

	
	 Ankura Trust Company, LLC, as Collateral Agent 

140 Sherman Street, Fourth Floor

Fairfield, CT 06824

 Document Requirements: 
  

			
	 DOCUMENT
	  	 REQUIREMENT

	1. Certificate of Liability Insurance (ACORD FORM 25)	  	 •  Ankura Trust Company, LLC and its successors and assigns, as collateral agent,
to be designated as “Additional Insured”.
 •  Ankura Trust Company,
LLC name and address to be listed as Certificate Holder.

		
	2. General Liability Endorsement (Additional Insured Endorsement)	  	 •  Ankura Trust Company, LLC and its successors and assigns, as collateral agent,
to be named in additional insured endorsement. 

		
	3. Evidence of Commercial Property Insurance (ACORD FORM 28)	  	 •  All-risk commercial property insurance
incurring all of each Borrower’s property
 •  Ankura Trust Company, LLC and its successors
and assigns, as collateral agent, to be designated as “Lender’s Loss Payable,” with Lender’s Loss Payable provision designated.

•  Ankura Trust Company, LLC name and address to be designated in Name and Address of Additional
Interest.
 •  Insured locations to include all locations of Borrowers listed in the Perfection
Certificate

		
	4. Commercial Property Endorsement (Lender’s Loss Payable Endorsement)	  	 •  Ankura Trust Company, LLC, and its successors and assigns, as collateral agent,
to be scheduled and designated as “Lender Loss Payable” by endorsement
 •  Lender loss
payable clause with stipulation that coverage will not be cancelled without a minimum of 10 days’ prior written notice for non-payment of premium, or 30 days for any other cancellation.

 EXHIBIT F 

AUTOMATIC PAYMENT AUTHORIZATION 

Effective as of August 27, 2019, METACRINE, INC., a Delaware corporation (“Borrower Representative”), hereby authorizes
K2 HEALTHVENTURES LLC (“K2”), or any affiliate acting on its behalf pursuant to the Loan Agreement and the bank or financial institution named below (“Bank”), to automatically debit through the Automatic Clearing
House (ACH) from, and initiate variable debit and/or credit entries to, the deposit, checking or savings accounts as designated below maintained in the name of a Borrower, and to cause electronic funds transfers to an account of K2 to be applied to
the payment of any and all amounts due under the Loan and Security Agreement, dated August 27, 2019 (as amended, restated, supplemented or otherwise modified, from time to time, the “Agreement”), among Borrower Representative
and each Person party thereto as a borrower from time to time (collectively, “Borrowers”, and each, a “Borrower”), K2, and any other lender from time to time party thereto (collectively, “Lenders”),
and Collateral Trustee, as collateral agent for Lenders, including without limitation, principal, interest, fees, expenses and charges (including Lender Expenses). Capitalized terms not otherwise defined herein, have the meanings given in the
Agreement. 
 This Authorization shall remain in effect until the Loan Agreement has been terminated. 

 

			
	Bank:	 	
	Address:	 	
	ABA Number:	 	
	Account Number:	 	
	Account Holder:	 	

 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO AUTOMATIC PAYMENT AUTHORIZATION] 

This Authorization is executed as of the date set forth above by the undersigned authorized representative of Borrower Representative: 

 

			
	METACRINE, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 EXHIBIT G 

FORM OF 

SECURED PROMISSORY NOTE 
  

			
	$[•]	  	[•], 20[•]

 FOR VALUE RECEIVED, the undersigned, [METACRINE, INC.], and each Person party thereto as a borrower from time
to time (collectively, “Borrowers”, and each, a “Borrower”), hereby unconditionally, jointly and severally, promise to pay to [•] (together with its successors and assigns, the “Holder”) at the
times, in the amounts and at the address set forth in the Loan and Security Agreement, dated as of August [26], 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”;
capitalized terms used herein without definition have the meanings assigned to such terms in the Loan Agreement), among Borrowers, the Holder, any other lender from time to time party thereto (collectively, “Lenders”), and
ANKURA TRUST COMPANY, LLC, a New Hampshire chartered trust company, as collateral agent for Lenders (in such capacity, “Collateral Trustee”), the lesser of (i) the principal amount of [•] Dollars
($[•]) and (ii) the aggregate outstanding principal amount of Loans made by the Holder to Borrowers according to the terms of Section 2.2 of the Loan Agreement. Borrowers further, jointly and
severally, promise to pay interest in accordance with Section 2.3 of the Loan Agreement. In no event shall interest hereunder exceed the maximum rate permitted under applicable law. All payments of principal, interest and
any other amounts due shall be made as set forth in Section 2.5 of the Loan Agreement. 
 The Obligations
evidenced by this Secured Promissory Note (as amended, restated, supplemented or otherwise modified from time to time, this “Note”) are subject to acceleration in accordance with Section 9.1 of the Loan
Agreement. Borrower hereby waives presentment, demand, notice of default or dishonor, notice of payment and nonpayment, protest and all other demands and notices in connection with the execution, delivery, acceptance, performance, default or
enforcement of this Note. 
 This Note is secured by a security interest in the Collateral granted to Collateral Trustee, for the ratable
benefit of Lenders, pursuant to certain other Loan Documents. 
 The terms of Section 11 of the Loan Agreement are
incorporated herein, mutatis mutandis. 
 For purposes of Sections 1272, 1273 and 1275 of the IRC, this Note is being issued with
“original issue discount.” Please contact Trisha Millican, Chief Financial Officer, at 3985 Sorrento Valley Blvd., Suite C, San Diego, CA 92121, or by telephone at (858) 369-7800 to obtain
information regarding the issue price, issue date, amount of original issue discount and yield to maturity. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO SECURED PROMISSORY NOTE] 

IN WITNESS WHEREOF, Borrowers have caused this Note to be duly executed and delivered on the date set forth above by the duly authorized
representative of each Borrower. 
  

			
	[METACRINE, INC.]

 
			
		
	By	 	 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

 SCHEDULE 1 

COMMITMENTS 
  

											
	 	  	FIRST
TRANCHE
TERM LOAN
COMMITMENT	  	SECOND
TRANCHE
TERM LOAN
COMMITMENT	  	THIRD
TRANCHE
TERM LOAN
COMMITMENT	  	FOURTH
TRANCHE
TERM LOAN
COMMITMENT	  	TOTAL
COMMITMENTS
	K2 HEALTHVENTURES LLC	  	$10,000,000	  	$5,000,000	  	$10,000,000*	  	$15,000,000	  	$40,000,000*

  

	*	 Subject to increase in an amount equal to the Third Tranche Term Loan Incremental Commitment Amount pursuant to
the definition of Third Tranche Term Loan Commitment. In no event shall the total commitments of Lenders under the Agreement exceed $50,000,000 in the aggregate. 

 SCHEDULE 2 

POST-CLOSING DELIVERIES 
  

	1.	 Within 30 days of the Closing Date, evidence showing the issuance of lender loss payable provisions and
endorsements, additional insured clauses and endorsements in favor of Collateral Trustee, in accordance with Section 6.5 hereof. 

  

	2.	 Within 30 days of the Closing Date, duly executed signatures to the Collateral Access Agreement(s) for such
locations as Administrative Agent may require 

  

	3.	 Within three Business Days of the Closing Date, the original signature page to the Warrant and any pledged
stock certificates or stock powers. 

  

	4.	 Within five Business Days of the Closing Date, duly executed Account Control Agreements (in such final form as
is reasonably acceptable to Administrative Agent and Collateral Trustee) for each of the Collateral Accounts identified in the Perfection Certificate as of the Closing Date. 

 Execution Version 

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT 

This FIRST AMENDMENT (this “Amendment”), dated as of March 27, 2020 (the “Effective Date”), to the Loan
and Security Agreement, dated as of August 27, 2019 (the “Loan Agreement”), is made by and among METACRINE, INC., as Borrower Representative and Borrower under the Loan Agreement, K2 HEALTHVENTURES LLC, as Lender
and Administrative Agent under the Loan Agreement, and ANKURA TRUST COMPANY, LLC, as Collateral Trustee under the Loan Agreement. 

RECITALS 
 A. The parties
to this Amendment wish to amend the Loan Agreement as provided in this Amendment. 
 B. The Loan Agreement may be amended pursuant to
Section 12.8 thereof by a written agreement entered into by Borrowers, Administrative Agent, the Required Lenders and Collateral Trustee (collectively, the “Requisite Amendment Parties”). 

C. Each of the Requisite Amendment Parties is party to this Amendment. 

AGREEMENT 
 NOW,
THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Requisite Amendment Parties agree as follows: 

1. Effectiveness. Subject to satisfaction of all of the terms and conditions set forth in this Amendment, this Amendment shall become
effective immediately as of the Effective Date. 
 2. Defined Terms. Capitalized terms used but not defined in this Amendment
(including in the preamble and the recitals above) shall have the meanings given to them in the Loan Agreement. 
 3. Amendments to the
Loan Agreement. Subject to all of the terms and conditions set forth in this Amendment, the Requisite Amendment Parties hereby agree to the following amendments to the Loan Agreement: 

(A) The definition of Second Tranche Availability Period is hereby amended and restated in its entirety to read as follows: 

““Second Tranche Availability Period” means the period commencing on the Closing Date and ending on June 30,
2020.” 
 (B) The definition of Third Tranche Availability Period is hereby amended and restated in its entirety to read as
follows: 
 ““Third Tranche Availability Period” means the period commencing on the Closing Date and ending on
June 30, 2020.” 
 4. Conditions to this Amendment. The effectiveness of this Amendment is subject to Borrower’s
satisfaction of each of the following conditions: 
 (A) the representations and warranties of Borrowers contained in the Loan Agreement and
all schedules thereto shall be true in all respects as of the Effective Date as though made on the Effective Date, except to the extent that such representations and warranties relate expressly to an earlier date; 

  
 1. 

 (B) Borrowers shall be in compliance as of the Effective Date with all of the terms and
provisions set forth in each Loan Document, and there shall be no Default or Event of Default as of the Effective Date; and 
 (C) Borrowers
shall have paid all Lender costs and expenses incurred through the Effective Date, including a non-refundable amendment fee of $25,000 and all reasonable attorneys’ fees and expenses incurred by Lender.

 5. Effect on Loan Documents; Release. 

(A) Except as specifically amended by this Amendment, all Loan Documents shall continue to be in full force and effect and are ratified and
confirmed in all respects. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Lender, Administrative Agent or Collateral Trustee under any of the Loan Documents, and it
shall not constitute a waiver of any provision of the Loan Documents. Any reference to the Loan Agreement in any other Loan Document shall be a reference to the Loan Agreement as amended by this Amendment. 

(B) In consideration of the agreements of Lenders, Administrative Agent and Collateral Trustee contained in this Amendment and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby fully, absolutely, unconditionally and irrevocably
releases, remises and forever discharges Lenders, Administrative Agent and Collateral Trustee and their respective successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors,
officers, attorneys, employees, agents and other representatives (the foregoing, collectively, the “Releasees” and each, individually, a “Releasee”), of and from all demands, actions, causes of action, suits,
covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities
whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any Borrower, or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have
against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, for or on account of, or in relation to, or in any way in
connection with the Loan Agreement, or any of the other Loan Documents or transactions thereunder or related thereto (collectively, the “Released Claims”). Borrowers understand, acknowledge and agree that the release set forth above
(the “Release”) may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of
such release. Borrowers agree that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set
forth above. 
 Borrowers acknowledge that the agreements in this Section 5(B) are intended to be in full satisfaction of all or any alleged injuries
or damages arising in connection with the Released Claims. Borrowers acknowledge that the Release constitutes a material inducement to Lenders, Administrative Agent and Collateral Trustee to enter into this Amendment and that Lenders, Administrative
Agent and Collateral Trustee would not have done so but for Lenders’, Administrative Agent’s and Collateral Trustee’s expectation that the Release is valid and enforceable in all events. 

6. Representations and Warranties. Each Borrower represents and warrants to the other parties to this Amendment as follows: 

(A) Borrower’s execution, delivery and performance of this Amendment: (i) has been duly authorized by all necessary corporate action
of Borrower; (ii) will not result in the creation or 

  
 2. 

 
imposition of any Lien upon the Collateral or the Intellectual Property (other than Permitted Liens); (iii) does not violate any provisions of Borrower’s Operating Documents or other
organizational documents, or any Requirement of Law or any order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which such Borrower or any of its Subsidiaries or any of their property or assets may be
bound or affected; and (iv) does not conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which such Borrower is bound. 

(B) This Amendment has been duly executed and delivered on Borrower’s behalf by a duly authorized officer thereof, and constitutes a
legal, valid and binding obligation of Borrower, enforceable in accordance with its terms, subject to bankruptcy, reorganization, insolvency, moratorium and other similar laws affecting the enforcement of creditors’ rights generally and the
exercise of judicial discretion in accordance with general principles of equity. 
 7. Governing Law. This Amendment shall be
governed by, and construed in accordance with, the law of the State of New York. 
 8. Counterparts; Electronic Execution. This
Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Amendment. Delivery of an executed
counterpart of a signature page of this Amendment by electronic means including by email delivery of a “.pdf” format data file shall be effective as delivery of an original executed counterpart of this Amendment. 

9. Direction to Collateral Trustee. By their execution hereof, Lender and Administrative Agent hereby direct Collateral Trustee to
execute this Amendment. 
 [Remainder of page intentionally blank] 

  
 3. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective proper and duly authorized officers as of the Effective Date. 
  

			
	 BORROWER REPRESENTATIVE:

BORROWER:

	
	METACRINE, INC.
		
	By	 	/s/ Trisha Millican 
	Name:	 	Trisha Millican
	Title:	 	Chief Financial Officer

  

			
	COLLATERAL TRUSTEE:
	
	ANKURA TRUST COMPANY, LLC
		
	By	 	/s/ Lisa J. Price 
	Name:	 	Lisa J. Price 
	Title:	 	Managing Director

  

			
	ADMINISTRATIVE AGENT:
	
	K2 HEALTHVENTURES LLC
		
	By	 	/s/ Anup Arora 
	Name:	 	Anup Arora 
	Title:	 	Managing Director & CIO

  

			
	LENDER:
	
	K2 HEALTHVENTURES LLC
		
	By	 	/s/ Anup Arora 
	Name:	 	Anup Arora
	Title:	 	Managing Director & CIO

 Signature Page to First Amendment to Loan and Security AgreementEX-10.2

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.2 

MASTER SUPPLY AGREEMENT 
 MASTER
SUPPLY AGREEMENT (the “Agreement”) dated November 1, 2019 (the “Effective Date”) between REYNOLDS CONSUMER PRODUCTS LLC, a Delaware limited liability company with its headquarters at 1900 West Field
Court, Lake Forest, IL 60045 (“Seller”), and PACTIV LLC, a Delaware limited liability company with its headquarters at 1900 West Field Court, Lake Forest, IL 60045 (“Buyer”). Seller and Buyer are referred to
individually at times as a “Party” and collectively at times as the “Parties”. 
 BACKGROUND

 A.    Seller sells various types of products used in the consumer and food service markets. 

B.    Buyer sells various types of products, including certain products of the type made by Seller, to its customers. 

C.    The Parties are entering into this Agreement to establish the terms and conditions under which Seller may agree to sell
specific products to Buyer, and Buyer may agree to purchase specific products from Seller for later resale by Buyer to its business customers. 

AGREEMENT 

1.    Term. The “Term” of this Agreement will commence on the Effective Date and will end on the
earlier of: (a) the first anniversary of the expiration date of the last Purchase Schedule (as defined in this next Section); (b) a termination date elected by a Party in a written notice delivered to the other Party any time after the
expiration of the last Purchase Schedule; or (c) a termination date elected by a Party in a written notice delivered to the other Party as provided in Subsection 11(d) of this Agreement. The rights and obligations of the Parties under
this Agreement will survive the expiration or earlier termination of this Agreement with respect to any (i) products purchased and sold under this Agreement during the Term and products sold after the Term for orders accepted during the Term;
(ii) Confidential Information (as defined in Section 10 of this Agreement) disclosed or received by a Party during the Term; (iii) breach of this Agreement by a Party; (iv) any other statement, decision, act
or omission of a Party concerning or related to this Agreement; (v) any Dispute (as defined in Section 11 of this Agreement) between the Parties concerning or related to this Agreement; (vi) products and other
materials manufactured or maintained by Seller in inventory for sale to Buyer that Buyer is obligated to purchase under a Purchase Schedule; and (vii) any provision that expressly states that it will survive the expiration or earlier
termination of this Agreement. 
 2.    Scope. This Agreement will apply to all products sold by Seller to Buyer,
and all products purchased by Buyer from Seller, during the Term unless the Parties expressly agree that this Agreement will not apply to a particular type of transaction in a separate written document signed by an officer of each Party. This
Agreement will not require Seller to sell any type or quantity of a product to Buyer, nor will this Agreement required Buyer to purchase any type or quantity of a product from Seller, except as expressly provided by the Parties in a Purchase
Schedule. The phrase “Purchase Schedule” will mean a written supplement to this Agreement signed by an officer of each Party which references this Agreement and which identities, among other terms and conditions, the specific types
and quantities of products that will be purchased and sold by the Parties on terms and conditions in the schedule, the specifications for the identified products, the duration of the commitment period during which the Parties will be obligated to
purchase and sell the identified products on the terms and conditions in the schedule, the prices of the identified products, any mechanisms for adjusting the prices of the identified products over the commitment period, and the facilities at which
the identified products will be manufactured, stored and delivered by Seller. The Parties may add terms and conditions to, and amend the terms and conditions of, this Agreement in a Purchase Schedule, but any additional and amended terms and
conditions in a Purchase Schedule supplementing and modifying this Agreement will only apply the specific products identified in that Purchase Schedule for its duration. 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 3.    Standard Operating Procedures. Over approximately the past
eight years, the Parties have been supplying select Products to one another for use in the operation of their respective businesses within the United States of America, Canada and Mexico. The Parties developed and been following certain standard
operating procedures in connecting with, among other topics, forecasting, production planning, ordering, delivering and resolving claims on the Products supplied to one another (the “Current SOPs”). The Parties will be updating
their respective business systems over the next six months, and the updates to these business systems will require the Parties to modify the Current SOPs. Once the Parties have completed the updates to the business systems and agreed on the
necessary modifications to the Current SOPs, the Parties will sign a written amendment to this Agreement appending the updated standard operating procedures (the “Updated SOPs”). Until the Parties have signed a written amendment
appending the Updated SOPs, the parties will continue to follow the Current SOPs. The Parties will comply with the applicable SOPs in connection with the purchase and sale of products identified in a Purchase Schedule. The Parties may add terms and
conditions to, and amend the terms and conditions of, the SOP in a Purchase Schedule, but any additional and amended terms and conditions in a Purchase Schedule supplementing and modifying the SOP will only apply the specific products identified in
that Purchase Schedule for its duration. 
 4.    Order and Priority of Interpretation. In the event of any
conflict, inconsistency or ambiguity between two or more provisions in this Agreement, including the provisions in its Exhibits and Purchase Schedules, the provisions in the documents will govern, supersede and control over one another in the
following order of priority: (1st) a Purchase Schedule with regards to the purchase and sale of the specific products identified in that Purchase Schedule for its duration; (2nd) the SOP; (3rd) any Exhibit to this Agreement but only with regards to specific subject matter of the Exhibit; and (4th) the main body of this Agreement prior to the signature page. 

5.    General Representations, Warranties and Covenants. A Party represents, warrant and covenants on the
Effective Date and at all times during the Term that: 
  

	 	a.	 The Party is formed, registered, licensed and operating its business in compliance with the laws of the
United States of America, its states and territories, and any districts, municipalities and other political subdivisions of the foregoing (“Applicable Laws”). 

 

	 	b.	 The Party is operating its business in compliance with a commercially reasonable code of ethics adopted
by such Party. 

  

	 	c.	 The Party may enter into and perform its obligations under this Agreement without being in conflict
with, or in breach of, any other agreement of the Party. 

  

	 	d.	 The Party is solvent, is capable of paying its debts as and when they become due and is paying its debts
as and when due. 

  

	 	e.	 The Party is not the subject of a criminal investigation nor a defendant in any criminal indictment,
petition, complaint or proceeding that carries a potential sentence involving incarceration in excess of one year for any director or executive officer of the Party involved in the alleged criminal misconduct or a fine in excess of $100,000 USD.

 A Party will promptly notify the other Party of any change in circumstance during the Term in which the Party is no longer in
compliance with the foregoing general representations, warranties and covenants. An incident of actual, alleged or suspected non-compliance by a Party with a warranty under this Section being investigated,
contested or corrected in good faith by the Party and which, regardless of outcome, will have no material adverse effect on the Party or its performance under this Agreement or on the other Party, will not be considered a breach of this clause. An
incident of actual, alleged or suspected non-compliance by a Party of this Section or any other Section of this Agreement will be grounds for the other Party to demand adequate assurances of performance as
provided by Section 2-609 of the Illinois Uniform Commercial Code. A Party will have ten (10) days to provide adequate assurances of performance to the other Party in a form acceptable to the other
Party in its good faith discretion. 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 6.    Specific Product Warranties. Seller represents and
warrants to Buyer that each product sold under this Agreement will at the time of delivery to Buyer: 
  

	 	a.	 Be in new, undamaged and unadulterated condition free of any defects in design, materials and
manufacture. Seller is not making any representation or warranty under this clause with regards to the design of a product to the extent the design constitutes, incorporates or otherwise embodies intellectual property that Buyer has represented and
warranted to Seller is owned by Buyer and which Buyer has licensed to Seller to manufacture the product for Buyer. 

  

	 	b.	 Have been manufactured and stored by Seller at a plant (and, if applicable under a Purchase Schedule, a
warehouse) of Seller approved in the applicable Purchase Schedule prior to its delivery to Buyer. 

  

	 	c.	 Has been manufactured, packaged, labelled, sold and delivered by Seller, and may be sold by Buyer in
interstate commerce, in compliance with Applicable Laws, including without limitation with food safety regulations issued by the United States Food and Drug Administration that are applicable to the product. Seller will not be in breach of this
warranty because an Applicable Law prohibits, restricts or imposes a charge on a product in a district, municipality or other political subdivision of the United States of America or its states or territories. 

 

	 	d.	 Comply with the written specifications for the product identified in the applicable Purchase Schedule.

  

	 	e.	 Be fit for the purpose of packaging, selling or use in consuming food subject to qualifications and
instructions on the use of the product in the written specifications for the product identified in the applicable Purchase Schedule. 

  

	 	f.	 Be conveyed by Seller to Buyer with good and marketable title free and clear of all liens, encumbrances
and claims arising by, through or under Seller. 

  

	 	g.	 Not infringe on any patent, trademark, copyright, trade secret or other the intellectual property of any
third-party registered or otherwise recognized and enforceable under Applicable Law. Seller is not making any representation or warranty under this clause with regards to the design of a product to the extent the design constitutes, incorporates or
otherwise embodies intellectual property that Buyer has represented and warranted to Seller is owned by Buyer and which Buyer has licensed to Seller to manufacture the product for Buyer. 

 

	 	h.	 Comply with any additional representations and warranties of Seller regarding the product in the
applicable Purchase Schedule. 

 If a Buyer receives a product that fails to conform to these representations and warranties, the sole
remedies of Buyer for the breach of warranty will be to: (1) reject and return the non-conforming product to Seller for a refund or credit, or a replacement conforming product, in the manner and time
period provided in the SOP; (2) obtain reimbursement from Seller for actual, reasonable, substantiated out-of-pocket expenses incurred by Buyer in the recovery,
return or disposal of a non-conforming product that is the subject of a mandatory product recall required under Applicable Laws or a voluntary withdrawal declared by Seller or approved by Seller (such approval
not to be unreasonably withheld, conditioned or delayed); and (3) obtain indemnification from Seller for any Indemnified Claim arising from or related to the non-conforming product as provided in
Section 7. 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 7.    Indemnification. 

 

	 	a.	 A claim that a Party (referred to at times in this Section as an “Indemnifying Party”)
is required to defend and indemnify the other Party (referred to at times in this Section as an “Indemnified Party”) under this Agreement is referred to at times in this Section as an “Indemnified Claim”. Defense
and indemnification under this Section will include, without limitation, (1) paying or reimbursing the actual, reasonable, substantiated out-of-pocket expenses
incurred in connection with the investigation, defense and settlement of any civil, criminal or administrative action, suit, arbitration, mediation, hearing, audit, investigation or other proceeding threatened or commenced against an Indemnified
Party on an Indemnified Claim (e.g., fees and expenses of attorneys, accountants, auditors, investigators, consulting experts, testifying experts and other consultants; fees and expenses of an arbitrator or mediator; filing fees and costs imposed by
any court, administrative agency or other tribunal; etc.), and (2) satisfying any judgment, award, order, lien, levy, fine, penalty or other sanction imposed against an Indemnified Party on an Indemnified Claim. 

 

	 	b.	 Seller will defend and indemnify Buyer against: (1) any third-party claim for personal injury,
damage to tangible property or other loss to the extent caused by any actual or alleged breach of this Agreement by Seller, including, without limitation, any product supplied by Seller which fails to conform to the representations and warranties in
this Agreement; (2) any third-party claim for personal injury, damage to tangible property or other loss to the extent caused by any actual or alleged negligence or other legally culpable misconduct of Seller in the design, manufacture,
storage, sale or delivery of any product sold by Seller under this Agreement or in the performance of other obligation of Seller under this Agreement; (3) any third-party claim for actual or alleged infringement of a product sold by Seller
under this Agreement or its design, manufacture, storage, packaging, sale or delivery by Seller under this Agreement or in the performance of any other obligation of Seller under this Agreement (except to the extent that the infringement is based on
intellectual property that that Buyer has represented and warranted to Seller that Buyer owns and that Buyer has licensed to Seller and that Seller has used in compliance with the license terms in supplying the product); (4) the threat or imposition
of any fine, penalty or other sanction by a governmental authority on Buyer to the extent caused by any actual or alleged violation by Seller of Applicable Law; or (5) any other matter that Seller has agreed to defend and indemnify Buyer
against under a Purchase Schedule. 

  

	 	c.	 Buyer will defend and indemnify Seller against: (1) any third-party claim for personal injury,
damage to tangible property or other loss to the extent caused by any actual or alleged breach of this Agreement by Buyer; (2) any third-party claim for personal injury, damage to tangible property or other loss to the extent caused by any
actual or alleged negligence or other legally culpable misconduct of Buyer in the purchase, storage, repackaging, resale or delivery of any product purchased from Seller under this Agreement or in the performance of other obligation of Buyer under
this Agreement; (3) any third-party claim for actual or alleged infringement of a product sold by Seller under this Agreement or its design, manufacture, storage, sale or delivery by Seller under this Agreement or in the performance of any
other obligation of Seller under this Agreement to the extent based on intellectual property that that Buyer has represented and warranted to Seller that Buyer owns and that Buyer has licensed to Seller and that Seller has used in compliance with
the license term in supplying the product; (4) the threat or imposition of any fine, penalty or other sanction by governmental authority on Seller to the extent caused by any actual or alleged violation by Buyer of Applicable Law; or
(5) any other matter that Buyer has agreed to defend and indemnify Seller against under a Purchase Schedule. 

  

	 	d.	 As a condition of receiving defense and indemnification under this Section for an Indemnified Claim, the
Indemnified Party must: 

  

	 	(1)	 notify and tender the defense of an Indemnified Claim to the Indemnifying Party promptly after the
Indemnified Party learns of the Indemnified Claim; and 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

	 	(2)	 provide information and cooperation reasonably requested by the Indemnifying Party in the investigation,
defense, settlement and satisfaction of the Indemnified Claim. An Indemnifying Party will reimburse the Indemnified Party of any reasonable, actual, substantiated
out-of-pocket expense incurred in providing the requested information or cooperation. 

 

	 	e.	 If the Indemnifying Party accepts the tender of defense of an Indemnified Claim, with or without
reservation, the Indemnifying Party will: 

  

	 	(1)	 promptly notify the Indemnified Party of the acceptance of the tender of defense of the Indemnified
Claim. 

  

	 	(2)	 control the investigation, defense, settlement and satisfaction of the Indemnified Claim, including,
without limitation, the selection of licensed, qualified and reputable attorneys and expert witnesses and all decisions over settlement and litigation strategy. The Indemnifying Party must act in good faith in exercising control over the
investigation, defense, settlement and satisfaction of the Indemnified Claim. 

  

	 	(3)	 Provide information reasonably requested by the Indemnified Party regarding the investigation, defense,
settlement and satisfaction of the Indemnified Claim 

  

	 	f.	 An Indemnifying Party, acting in good faith, may settle an Indemnified Claim for which it is responsible
under this Agreement involving infringement on the intellectual property of a third-party by: (1) obtaining a license from the third-party allowing the required use of its intellectual property; (2) modifying a product, equipment or
process in a manner which avoids infringing on the intellectual property of the third-party; or (3) voluntarily withdrawing the infringing product from the market and either refunding the amount paid by the Indemnified Party for the infringing
product or replacing the infringing product with a non-infringing product. 

  

	 	g.	 The Parties may disagree on whether a claim is an Indemnified Claim under this Agreement, which Party
should be considered the Indemnifying Party and Indemnified Party for an Indemnified Claim or whether each Party is partially liable for an Indemnified Claim and how liability for such an Indemnified Claim should be allocated between them. In these
and other circumstances in which an actual or potential conflict of interest exists or arises between the Parties with regards to an alleged or agreed upon Indemnified Claim that would preclude their joint representation by a single defense counsel,
the Parties will endeavor in good faith to attempt to resolve the conflict. If the Parties are able to resolve the actual or potential conflict of interest, the Parties will memorialize the agreed upon resolution in a written joint defense agreement
signed by officers of each Party and their joint defense counsel. If the Parties are unable to resolve the actual or potential conflict of interest, each Party may independently and separately investigate, defend, settle and satisfy the claim
subject to their right to pursue payment or reimbursement for costs incurred in doing so from the other Party as provided in this Agreement. 

8.    Insurance. During the Term of this Agreement, each Party will maintain the following minimum types and
amounts of insurance coverage during the Term of this Agreement: 
  

	 	a.	 Commercial General Liability Insurance. Occurrence based coverage with a combined single
limit of at least $10,000,000 per occurrence and in the aggregate for premises and operations; products and completed operations; contractual liability coverage for indemnities of a Party contained within this Agreement; broad form property damage
(including completed operations); explosion, collapse and underground hazards; and personal injury. Requires additional insured endorsement and waiver of subrogation endorsement. 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

	 	b.	 Automobile Liability Insurance. Occurrence based coverage with a combined single limit of
at least $10,000,000 per occurrence and in the aggregate for owned, non-owned, and hired automotive equipment of the Party. Requires additional insured endorsement and waiver of subrogation endorsement.

  

	 	c.	 Workers’ Compensation Liability Insurance. Occurrence based coverage providing
benefits in the minimal amount required by Applicable Law for workplace and work related injuries and illnesses to the employees of a Party, including, without limitation, Workers Compensation Acts of applicable U.S. States, the U.S.
Longshoremen’s and Harbor Workers Compensation Act and the U.S. Jones Act. Requires alternate employer endorsement and waiver of subrogation endorsement. 

 

	 	d.	 Employers’ Liability Insurance. Occurrence based coverage with a limit of at
least $10,000,000 per occurrence or any greater limits set by Applicable Law workplace and work related injuries and illnesses to the employees of a Party. Requires waiver of alternate employer endorsement. 

 

	 	e.	 Property Insurance. Coverage providing “all risk” property insurance at
the replacement value of the machinery, equipment, fixtures, tools, materials and other property of the Party. “All risk” coverage will include, by way of example and not limitation, loss or damage resulting from earthquakes,
floods, wind, fire or other natural or weather-related phenomenon. Requires waiver of subrogation endorsement.  

 All insurers of
a Party on such policies must have at all times an A.M. Best financial rating of at least “A-Minus VII”. An insuring Party may satisfy the required minimum amounts of insurance through a
primary policy and one or more excess policies. All insurance of an insuring Party must be “primary and non-contributory” with respect to any insurance that the other Party may maintain, but
only with respect to the negligence or other legal liability of the insuring Party. 
 An insuring Party must deliver the following written evidence of the
required insurance coverage to the other Party (Attention: Risk Management), or its designated insurance monitoring service, within ten (10) of written request and at least thirty (30) days in advance of the expiration of a then current
policy term (if a declaration or endorsement is not available from an insurer at the time requested or required, an insuring Party will provide them as soon as the declaration or endorsement is available from the insurer): 

 

	 	i.	 Certificate of insurance confirming that the required insurance coverage and minimal limits are met for the
extended, renewed or replacement policy term. 

  

	 	ii.	 Declaration pages of insurance policy (or a copy of the binder until the declaration pages are available)
confirming that the required insurance coverage and minimal limits are met for the extended, renewed or replacement policy term. 

  

	 	iii.	 Copies of additional insured endorsements required for applicable policies in the name and for the benefit of:
“[NAME OF OTHER PARTY], its parent, subsidiaries and affiliates; any lessors of the foregoing and any mortgagees, deed of trust beneficiaries and secured creditors of such lessors; and any successors and assignees of all of the
foregoing.” 

  

	 	iv.	 Copies of alternate employer endorsements and waiver of subrogation endorsements required for applicable
policies in the name and for the benefit of: ““[NAME OF OTHER PARTY], its parent, subsidiaries and affiliates; any lessors of the foregoing and any mortgagees, deed of trust beneficiaries and secured creditors of such lessors; and any
successors and assignees of all of the foregoing.” 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 A Party may maintain any level of deductible on required insurance coverage allowed by Applicable Law. A
Party may also self-insure any of the required insurance coverage, in whole or in part, if allowed by Applicable Law during any period that the Party maintains a tangible net worth in excess of $100 million USD and maintains a professionally
managed and adequately reserved for and funded self-insurance program. 
 9.    Limitations on Liability. 

 

	 	a.	 Disclaimer of Representations and Warranties. Each Party: (1) disclaims all
representations and warranties regarding its products, performance, supplied information or business, whether oral or written, express or implied, arising by operation of law or otherwise, including, without limitation, the implied warranty of
merchantability and the implied warranty of fitness for a particular purpose, other than those express representations and warranties of the Party in this Agreement; (2) acknowledges that the Party has not relied on, and will not rely on, any
representations and warranties of the other Party regarding its products, performance, supplied information or business, whether oral or written, express or implied, arising by operation of law or otherwise, other than those express representations
and warranties of the other Party in this Agreement; and (3) waives any claim that the Party may have based, in whole or in part, on any representations and warranties of the other Party regarding its products, performance, supplied information
or business, whether oral or written, express or implied, arising by operation of law or otherwise, other than those express representations and warranties of the other Party in this Agreement. Notwithstanding the foregoing, Buyer is entitled to
rely on (i) the descriptive information in transaction documents issued by either Party in the ordinary course of business during the Term identifying the ordered Products (e.g., the type and quantity of ordered products and scheduled date and
location for delivery) and (ii) FDA guaranty letters and other similar written assurances in Seller’s standard forms certifying that a product complies with Applicable Laws issued by Seller to Buyers and other U.S. customers in the
ordinance course of business during the Term. 

  

	 	b.	 Exclusion of Indirect Damages; Waiver of Claim for Insured Damage or Loss. A Party that
breaches this Agreement will only be liable to the other Party for direct damages arising from the breach. Each Party waives any right to recover consequential, incidental, indirect, exemplary, punitive or any other types of indirect damages from
the other Party for a breach of this Agreement. Notwithstanding the preceding sentences, this Subsection will not limit the liability of a Party for any amount or type of damages for: (1) the defense and indemnification of an Indemnified Claim
on which the Party is the Indemnifying Party; (2) infringement by the Party on the intellectual property of the other Party; (3) the unauthorized disclosure or use by the Party of the Confidential Information of the other Party;
(4) payment or reimbursement of any amount expressly required to be paid or reimbursed by the Party under a provision of this Agreement; or (5) the intentional misconduct of the Party in violation of Applicable Laws. 

 

	 	c.	 Force Majeure. A Party will not be considered in breach of this Agreement or liable to the
other Party for any interruption or delay in performance under this Agreement to the extent caused by an event outside of the ability of the performing Party to foresee and avoid with the exercise of commercially reasonable efforts (such an event is
referred to at times as an event of “Force Majeure”). Examples of events of Force Majeure include, without limitation: natural disasters; war; acts of terrorism; government action; accident; strikes, slowdowns and other labor
disputes; shortages in or inability to obtain material, equipment, transportation or labor; any breach, negligence, criminal misconduct or other act or omission of any third-party; fire or other insured or uninsured casualty. A Party whose
performance is interrupted or delayed by an event of Force Majeure will be excused from the interruption or delay in performance during the event of Force Majeure and for a commercially reasonable period of additional time after the event of Force
Majeure that the Party needs to recover from the event of Force Majeure and restore performance. Notwithstanding the foregoing, a Party will only be excused for an interruption or delay in performance under this Subsection for an event of Force
Majeure only if the Party (1) promptly notifies the other Party of the event of Force Majeure and provides information reasonably requested by the other Party regarding the event of Force Majeure, the efforts undertaken by the

  

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Party to foresee and avoid interruption or delay in its performance before the occurrence of the event, to mitigate interruption or delay in performance during the event, and to recover from and
restore performance following the event; and (2) the Party exercises commercially reasonable efforts to mitigate, recover from and restore performance following the event of Force Majeure. During, and while recovering from and restoring
performance following, an event of Force Majeure, Seller will act in good faith in allocating its available manufacturing capacity to supply products to Buyer under this Agreement and any products to other customers of Seller. If an event of Force
Majeure interrupts or delays Seller from supplying a product to Buyer under this Agreement in the quantities and timetable required by Buyer, Buyer may cancel any unfilled orders for the product with Seller and procure the required quantities of the
product from one or more other sources until Seller has recovered from and restored its ability to perform following the event of Force Majeure. If the interruption or delay in the supply of a product to Buyer under this Agreement caused by an event
of Force Majeure has exceeded, or is reasonably likely to exceed, thirty (30) days, Buyer may enter into longer term supply agreements or make other arrangements to procure the required quantities of the product from one or more other sources
for a duration and on terms acceptable to Buyer in its good faith discretion. In such a circumstance, Buyer will not have to resume purchasing the product from Seller under this Agreement until Seller has recovered from and restored its ability to
perform following the event of Force Majeure and the longer term agreements or other arrangements have expired or Buyer is able to end them without liability. This Subsection will not excuse nor extend a deadline by which a Party must pay an amount
owed under this Agreement or Applicable Law or by which a Party must exercise any right or remedy under this Agreement or Applicable Law. 

10.    Confidential Information and Other Intellectual Property. 

 

	 	a.	 The Parties anticipate exchanging Confidential Information (as defined in in the next Subsection) over
the Term of this Agreement for the purpose of negotiating and entering into Purchase Schedules and amendments to this Agreement, transacting business with one in accordance with this Agreement and exercising their rights and performing their
obligations under this Agreement (collectively referred to as the “Authorized Purpose”). 

  

	 	b.	 The phrase “Confidential Information” means information meeting all of the following
criteria: 

  

	 	1)	 The information is a trade secret or other non-public, proprietary
information owned by a Party or its direct and indirect subsidiaries under Applicable Law (this Party is referred to at times in this Section as the “Disclosing Party”); and 

 

	 	2)	 The other Party (referred to at times in this Section as the “Receiving Party”) requests such
information from the Disclosing Party for the Authorized Purpose during the Term (i.e., neither Party wants unsolicited Confidential Information from the other Party); and 

 

	 	3)	 The Disclosing Party discloses such requested information to the Receiving Party during the Term either
labelled as “Confidential” or words of similar intent, or describes the disclosed information in reasonable detail in a written notice to the Receiving Party delivered, either at the time of disclosure or within five (5) days of
disclosure. If a Disclosing Party neglects to label or deliver timely written notice to the Receiving Party identifying the disclosed information as confidential in nature, the disclosed information will only be treated as Confidential Information
under this Agreement if the Disclosing Party is able to demonstrate by clear and convincing evidence that the Receiving Party knew that the disclosed information was a trade secret or other non-public,
proprietary information of the Disclosing Party at the time of disclosure. 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 The criteria in Clause (2) and Clause (3) will not apply to Confidential
Information of a Disclosing Party observed or heard by a Receiving Party in a plant, warehouse, facility or system of the Disclosing Party. The existence and terms of this Agreement, and the existence, nature and extent of the business relationship
between the Parties, will be considered the Confidential Information of each Party. 
  

	 	c.	 The phrase “Confidential Information” also means the
Know-How of a Disclosing Party and its direct and indirect subsidiaries that a Receiving Party and its direct and indirect subsidiaries learned of, acquired or otherwise used prior to the Effective Date. The
phrase “Know-How” means trade secret and other confidential, proprietary information of a Party or its Affiliate concerning the manufacture, storage, packaging, marketing, sale and delivery of
its products. Examples of Know-How may be in the form of drawings, equipment specifications, formulae, formulations, guidelines, manuals, methods, plans, policies, procedures, processes, properties and
applications of raw materials and products, tools, dies and molds. A Receiving Party and its direct and indirect subsidiaries may continue to use the Know-How of the Disclosing Party and its direct and
indirect subsidiaries in the possession of the Receiving Party and its direct and indirect subsidiaries as of the Effective Date for the Authorized Purpose and in connection with the operation of the business of the Receiving Party and its direct
and indirect subsidiaries. Nothing in this Subsection or any other provisions of this Agreement will obligate a Party to disclose or license the use of its Know-How of any kind and in any form arising,
discovered, acquired or developed after the Effective Date to the other Party. 

  

	 	d.	 The phrase “Confidential Information” does not include, and there will
not be any duties of confidentiality or other restrictions under this Agreement for, the following types of information: 

  

	 	(1)	 Information which is or becomes available as part of the public domain through any means other than as a
result of a breach of this Agreement by the Receiving Party; or 

  

	 	(2)	 Information, other than Know-How received prior the Effective
Date, which is known to the Receiving Party before the disclosure of the same information by the Disclosing Party; or 

  

	 	(3)	 Information which is or becomes available to the Receiving Party from a third-party who is not under any
duty to preserve the confidentiality of such information; or 

  

	 	(4)	 Information which is furnished by the Disclosing Party to a third-party without imposing any duty on the
third-party to preserve the confidentiality of such information; or 

  

	 	(5)	 Information which is independently developed by the Receiving Party without the use of or reliance on
any trade secret or other non-public, proprietary information provided by the Disclosing Party as Confidential Information under this Agreement or under any prior agreement between the Parties; or

  

	 	(6)	 Information that ceases to be a trade secret or other
non-public, proprietary information of the Disclosing Party under applicable law through any means other than those enumerated above that does not involve nor result from a breach of this Agreement by the
Receiving Party. 

  

	 	e.	 A Party may request and disclose Confidential Information in any form or medium. Confidential
Information may include, without limitation, information concerning the assets, liabilities, financing, financial statements, ownership, goods, services, customers, suppliers, marketing, manufacturing, equipment, software, technology, supply chain,
business strategies, plans, models, policies, methods, processes, formulae, specifications, drawings, schematics, software and technical know-how of a Disclosing Party. A Receiving Party will take all
commercially reasonable actions required to safeguard the Confidential Information of a Disclosing Party in the possession of such Receiving Party against the unauthorized disclosure or use of the Confidential Information by other persons. A
Receiving Party will promptly notify the Disclosing Party if the Receiving Party learns of any unauthorized disclosure or use of the Confidential Information of the Disclosing Party by any

  

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Pursuant to 17 C.F.R. Section 200.83 
  

	 	
person. A Receiving Party will cooperate in good faith with the Disclosing Party to prevent any unauthorized disclosure or use of the Confidential Information of the Disclosing Party by any
person. 

  

	 	f.	 A Receiving Party will not disclose nor use the Confidential Information of a Disclosing Party except as
follows: 

  

	 	(1)	 A Receiving Party may disclose Confidential Information of a Disclosing Party on a “need to
know” basis to the Representatives of the Receiving Party who require such information for the Authorized Purpose and in order for the Receiving Party and its Affiliates to comply with Applicable Laws, accounting standards and securities
exchange requirements. Before making such a disclosure, the Receiving Party will advise the Representatives of the confidential nature of the information being shared and ensure that duties and restrictions are, or have been, imposed on the
Representatives receiving the Confidential Information similar to those imposed on the Receiving Party under this Agreement. A Receiving Party will be liable for any breach of this Agreement by its Representatives. An “Affiliate” of
a Party means a legal entity that owns and controls, or is owned and controlled by, or is under common ownership and control with, a Party (other than the other Party or any of its direct and indirect subsidiaries), with ownership and control of a
legal entity being determined by the ownership of the majority voting interest in the legal entity. A “Representative” means the Affiliates of a Party and the directors, officers, managers, employees, accountants, attorneys,
auditors and other agents and consultants of a Party and its Affiliates. 

  

	 	(2)	 A Receiving Party may disclose Confidential Information of a Disclosing Party to a court, governmental
entity or any other person in order for the Receiving Party and its Affiliates to comply with Applicable Laws, accounting standards and securities exchange requirements. If legally permissible and reasonably possible, a Receiving Party will notify
the Disclosing Party prior to disclosing its Confidential Information pursuant to this Section and cooperate in good faith with any lawful efforts by the Disclosing Party to avoid or limit the disclosure of its Confidential Information. A Receiving
Party will not be obligated to incur any liability, expense or risk in extending such cooperation to a Disclosing Party. Based on legal advice of its attorney, a Receiving Party may disclose the Confidential Information of the Disclosing Party by
any deadline established under an Applicable Law, accounting standard and securities exchange requirement. 

  

	 	(3)	 A Receiving Party may disclose and use the Confidential Information of a Disclosing Party to enforce or
interpret this Agreement or any other agreement with the Disclosing Party in any arbitration, court or other legal proceeding. A Receiving Party may disclose and use this Confidential Information of a Disclosing Party to defend the Receiving Party
or its Affiliates or their respective Representatives in any arbitration, court or other legal proceeding. In either circumstance, the Receiving Party will ensure that a protective order, agreement or other mechanism is in place to preserve the
confidentiality of the Confidential Information. 

  

	 	(4)	 A Receiving Party and its Representatives may disclose and use the Confidential Information for any
other purpose consented to by a Disclosing Party in a written notice signed by an officer of the Disclosing Party delivered to the Receiving Party. 

  

	 	g.	 In disclosing its Confidential Information to a Receiving Party, a Disclosing Party represents, warrants
and covenants to the Receiving Party that: 

  

	 	(1)	 The Disclosing Party owns and has the right to disclose and authorize the use of Confidential
Information as provided in this Agreement. 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

	 	(2)	 The Receiving Party and its Representatives may use the Confidential Information of the Disclosing Party
for the Authorized Purpose and other limited purposes provided in this Agreement. 

  

	 	(3)	 The Disclosing Party will indemnify, defend and hold harmless the Receiving Party and its
Representatives against any claim of a third-party that the disclosure and use of the Confidential Information of the Disclosing Party as provided in this Agreement infringes on a patent, trademark, copyright, trade secret or other intellectual
property of the third-party registered in or otherwise recognized and enforceable under Applicable Laws. 

 Except for the
limited representations and warranties in this Section, a Disclosing Party disclaims all other representations and warranties of any kind related to its Confidential Information, whether express, implied or arising by operation of law, including the
disclaimer, without limitation, of any representation and warranties concerning merchantability, fitness for a particular purpose, truth, accuracy or completeness. 
  

	 	h.	 The rights and obligations of the Parties under this Section with regards to disclosed Confidential
Information will continue: 

  

	 	(1)	 Until the earlier of (i) sixty (60) months from the date of disclosure to a Receiving Party or
(ii) the date such information ceases to be considered Confidential Information under this Agreement, for Confidential Information that is not a trade secret of a Disclosing Party under Applicable Law; and 

 

	 	(2)	 Until Confidential Information that is a trade secret of a Disclosing Party under Applicable Law ceases
to be a trade secret of the Disclosing Party under Applicable Law. 

  

	 	i.	 A Receiving Party will return or destroy all forms of Confidential Information of the Disclosing Party
in the custody of the Receiving Party and its Representatives within ten (10) days of receipt of a written request from the Disclosing Party and after the expiration or earlier termination of this Agreement. This will include, without
limitation, all copies, records, documents and other information representing, comprising, containing, referencing or created based on Confidential Information of the Disclosing Party. Notwithstanding the foregoing, a Receiving Party and its
Representatives may retain copies of Confidential Information of the Disclosing Party which (x) the Receiving Party and its Representatives are required to retain to comply with Applicable Laws, accounting standards and security exchange
requirements (but only for the duration and in the manner so required for this limited purpose); or (y) have been archived in electronic form by the Receiving Party and its Representatives and which would be unduly burdensome for the Receiving
Party and its Representatives to have to search for and delete the Confidential Information of the Disclosing Party. 

  

	 	j.	 Except for the limited right to disclose and use Confidential Information of a Disclosing Party for the
Authorized Purpose and other purposes provided in the this Section and except for any license of intellectual property granted by a Disclosing Party to the Receiving Party in a Purchase Schedule, this Agreement does not grant a Receiving Party or
its Representatives any right, title, interest or ownership in the Confidential Information of the Disclosing Party nor in any patent, trademark, copyright or other intellectual property of the Disclosing Party. As between the Parties during the
Term, to be effective, the grant of any right, title, interest and ownership in and to any Confidential Information of Party or in an patents, trademarks, copyrights and other intellectual property of the Party must be in writing and signed by the
chief executive officers of the Parties. During the Term, a Party will not develop intellectual property for, on behalf of, or in collaboration with, the other Party unless the Parties have entered into a Purchase Schedule or other separate written
agreement signed by an officer of each Party. 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 11.    Dispute Resolution. 

 

	 	a.	 Negotiation. If a Party believes that the other Party has breached this Agreement or if
there is a dispute between the Parties over the interpretation of this Agreement (a “Dispute”), the Parties will endeavor to resolve the Dispute through good faith negotiation for a period of thirty (30) days after a Party
notifies the other Party of the Dispute and before either Party requests mediation or files litigation to resolve the Dispute. 

  

	 	b.	 Mediation. If the Parties have been unable to resolve a Dispute through good faith
negotiation as provided in the prior Subsection, a Party may request that the Parties attempt to resolve the Dispute through mediation by notifying the other Party with a copy to JAMS. The Parties will attempt to select a mutually acceptable JAMS
mediator within ten (10) days of the notice requesting mediation. The mediation will be held in Lake County or Cook County, Illinois within thirty (30) days of the notice requesting mediation before a JAMS mediator and in compliance with
JAMS mediation guidelines. Each party will bear its own costs in preparing for and participating in the mediation and one-half of the fees and expenses charged by JAMS for conducting the mediation.

  

	 	c.	 Litigation. If the Parties have been unable to resolve a Dispute through mediation as
provided in the prior Subsection, a Party may file litigation against the other Party in a court of competent jurisdiction in the United States of America. With respect to litigation involving only the Parties or their Affiliates, the Parties
irrevocably consent to the exclusive personal jurisdiction and venue of the U.S. federal and Illinois state courts of competent subject matter jurisdiction located in Lake County, Illinois or Cook County, Illinois and their respective higher courts
of appeal for the limited purpose of resolving a Dispute, and the Parties waive, to the fullest extent permitted by law, any defense of inconvenient forum. The Parties waive any right to trial by jury as to any Disputes resolved through litigation.
Notwithstanding the foregoing, a Party may file litigation to resolve a Dispute without undergoing either negotiation or mediation as provided in the prior Subsections for any Dispute involving: (i) infringement on intellectual property;
(ii) the unauthorized use or disclosure of Confidential Information; or (iii) a request for a temporary restraining order, a preliminary or permanent injunction or any other type of equitable relief. 

 

	 	d.	 Remedies. Except as expressly limited in the preceding Subsections and the other
provisions in this Agreement, a Party may immediately exercise any rights and remedies available to the Party under Applicable Law upon a breach of this Agreement by the other Party. A Party will not suspend performance under or terminate this
Agreement or any accepted purchase order for a product being purchased and sold under this Agreement unless: (1) the other Party is in material breach of this Agreement and has either refused to cure the material breach or has failed to cure
the material breach within thirty (30) day of its receipt of written notice of the failure; and (2) the Parties have been unable to resolve the Dispute related to the material breach through negotiation or mediation, or the breaching Party
has refused or failed to attempt to resolve the Dispute through negotiation or mediation, as provided in this Section. Notwithstanding the foregoing, a Party may suspend performance or terminate this Agreement or any accepted purchase order for a
product being purchase and sold under this Agreement immediately on written notice to the other Party, and without providing the other Party an opportunity to cure the material breach or attempting to resolve a Dispute over the material breach by
negotiation or mediation as provided in this Section, for a material breach by the other Party involving substantial harm to the reputation, goodwill and business of the non-breaching Party that cannot
reasonably be avoided or fully redressed by providing the other Party an opportunity to cure the material breach. 

  

	 	e.	 Late Fees and Collection Costs. If Buyer fails to pay Seller an amount owed under this Agreement by the
invoice due date, then Buyer will owe Seller: (i) the delinquent amount; and (ii) a late payment fee equal to two percent (2%) of the delinquent amount for each full or partial calendar month past the invoice due date that the delinquent
amount remains unpaid. In addition, if Seller has to file 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

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litigation to collect the amount owed and Seller prevails in the litigation, Buyer will reimburse Seller for actual, reasonable, substantiated out-of-pocket expenses incurred by Seller in collecting the delinquent amount and accrued late payment fees on the delinquent amount. Under no circumstance will the late payment fee payable to Seller exceed
the amount that a creditor may lawfully impose on a debtor on a delinquent amount under Applicable Law. 

12.    Miscellaneous. 
  

	 	a.	 Entire Agreement. This Agreement, including its appended Exhibits and Purchase
Schedules entered into during the Term, constitutes the entire agreement between the Parties with respect to the sale of products by Seller to Buyer and the purchase of products by Buyer from Seller. This Agreement supersedes all prior and
simultaneous representations, discussions, negotiations, letters, proposals, agreements and understandings, whether written or oral, with respect to this subject matter. This Agreement will not be binding on either Party unless and until signed by
the chief executive officers of each Party. No handwritten or other addition, deletion or other modification to the printed portions of this Agreement will be binding upon either Party to this Agreement. 

 

	 	b.	 Amendments. A Party may not amend nor supplement the terms and conditions in this
Agreement through the inclusion of additional or different terms and conditions in any quotation, purchase order, invoice, bill of lading, letter, email or other document or communication. This Section does not prevent the reliance on the
descriptive information in transaction documents identifying the ordered Products (e.g., the type and quantity of ordered products and scheduled date and location for delivery). No amendment of this Agreement will be valid or effective unless made
in writing and signed and exchanged by the chief executive officers of the Parties. A Party may approve or reject a request for an amendment in its sole and absolute discretion. 

 

	 	c.	 Waiver. The failure of either party to insist in any one or more instances upon
strict performance of any of the provisions of this Agreement or to take advantage of any of its rights shall not operate as a continuing waiver of such rights. No right or obligation under this Agreement will be considered to have been
waived by a Party unless such waiver is in writing and is signed by an officer of the waiving Party and delivered to the other Party. No consent to or waiver of a breach by either Party will constitute a consent to, waiver of, or excuse for any
other, different, or subsequent breach by such Party. 

  

	 	d.	 Governing Law. This Agreement and all claims or causes of action arising out of or
related to this Agreement shall be governed in all respects, including as to validity, interpretation and effect, by the laws of the State of Illinois and the United States of America, without giving effect to its principles or rules of conflict of
laws. The United Nations Convention on Contracts for the International Sale of Goods will not govern or otherwise be applicable to this Agreement. 

  

	 	e.	 Severability. If any term of provision of this Agreement, or the application
thereof shall be found invalid, void or unenforceable by any government or governmental organization having jurisdiction over the subject matter, the remaining provisions, and any application thereof, shall nevertheless continue in full force and
effect. 

  

	 	f.	 Assignment. This Agreement, its rights and obligations, is not assignable or
transferable by either Party, in whole or in part, except with the prior written consent of the other Party, which consent will not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, either Party may transfer and assign
this Agreement to any of its affiliates or in connection with any merger, consolidation or sale of assets without the other Party’s prior consent provided (a) that any such assignment will not result in the assigning Party being released
or discharged from any liability under this Agreement, and (b) the purchaser/assignee will expressly assume all obligations of the assigning Party under this Agreement. The assigning Party will provide the other Party with written

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

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notice of such assignment prior to or promptly following the effective date of such assignment. A change of control shall be deemed an assignment requiring consent hereunder provided that any
transfer or assignment that results in Seller’s and Buyer’s current common parent, Reynolds Group Holdings Limited, ceasing to control either party shall not require consent of the other party. The restrictions in this Section will not
preclude a Party for authorizing an Affiliate to purchase or sell a product on behalf of a Party under this Agreement. Subject to the foregoing, all of the terms, conditions and provisions of this Agreement shall be binding upon and shall inure to
the benefit of the successors and assignees of the respective Parties. 

  

	 	g.	 Third Party Beneficiaries. Except as otherwise provided in a Purchase Schedule, there are
no intended third-party beneficiaries of this Agreement. 

  

	 	h.	 Good Faith and Cooperation. Except where this Agreement states that a Party may
expressly exercise a right or render a decision in its “sole and absolute discretion”, a Party will exercise its rights under this Agreement in its good faith business judgment. A Party will perform its obligations under this Agreement in
a commercially reasonable manner consistent with industry practices and in compliance with Applicable Law. A Party will promptly take such actions, provide such information and sign such documents as the other Party may reasonably request to obtain
the benefits and exercise the rights granted, and to perform the obligations imposed, under this Agreement. 

  

	 	i.	 Notices. Any notice required or permitted to be provided by a Party under this Agreement
will be made to the notice address of the receiving Party set forth below or to an alternate notice address later designated by the receiving Party in accordance with this Subsection. Notices will be effective upon actual receipt by the receiving
Party. An emailed notice will be effective against a receiving Party only if the Receiving Party acknowledge receipt of the emailed notice in a return notice to the notifying Party. A receiving Party agrees to acknowledge receipt of an email notice
in good faith promptly following receipt. A Party may change its address for notice by giving notice to the other party Pursuant to this Subsection. 

Address for notice to Buyer: 

Pactiv LLC 

1900 West Field Court 

Lake Forest, IL 60045 

Attn: John McGrath, Chief Executive Officer 

Email: jmcgrath@pactiv.com 

For any notice concerning default or termination, with a copy to: 

Pactiv LLC 

1900 West Field Court 

Lake Forest, IL 60045 

Attn: Steven R. Karl, General Counsel 

Email: skarl@pactiv.com 

Address for notices to Seller: 

Reynolds Consumer Products LLC 

1900 W. Field Court 

Lake Forest, IL 60045 

Attention: Lance Mitchell, Chief Executive Officer 

Email: Lance.Mitchell@@ReynoldsBrands.com 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 For any notice concerning default or termination, with a copy to: 

Reynolds Consumer Products LLC 

1900 W. Field Court 

Lake Forest, IL 60045 

Attention: David Watson, General Counsel 

Email: David.Watson@ReynoldsBrands.com 
  

	 	j.	 Independent Contractors. The relationship of the Parties established by this Agreement is
that of independent contractors, and nothing contained in this Agreement shall be construed to: (a) give either Party the power to direct and control the day-to-day
activities of the other Party, (b) establish the Parties as partners, joint ventures, co-owners or otherwise as participants in a joint or common undertaking, or (c) allow a Party to bind the other
Party in any manner or otherwise create or assume any obligation on behalf of the other Party for any purpose whatsoever. A Party will not be considered an agent of the other Party. 

 

	 	k.	 Non-Exclusive Supply Relationship. Except
as may be provided in a Purchase Schedule, the Agreement is not evidence of, nor does it create, any form of exclusive supply relationship between the Parties concerning the purchase and sale of products. Except as may be provided in a Purchase
Schedule and for the types and quantities of products in an accepted purchase order, nothing in the Agreement obligates a Party to sell or purchase any specified volume, market share or other minimum level of products during the Term.

  

	 	l.	 Construction. Unless the context otherwise requires, the following rules of
construction will be applied to in the interpretation of the Agreement: (1) Headings are for convenience only and do not affect interpretation; (2) Singular includes the plural and vice-versa; (3) Gender includes all genders;
(4) If a word or phrase is defined, its other grammatical forms have a corresponding meaning; (5) The meaning of general words is not limited by specific examples introduced by “includes”, “including” or “for
example” or similar expressions; (6) The word “person” includes an individual, corporation, company, trust, partnership, limited partnership, unincorporated body, joint venture, consortium or other legal entity; (7) A
reference in any Purchase Schedule or Exhibit to an Article, Section, Subsection or Clause is a reference to an Article, Section, Subsection or Clause in that Purchase Schedule or Exhibit unless otherwise identified; (8) Reference to a Purchase
Schedule or Exhibit is a reference to a Schedule, Exhibit described, appended or otherwise identified in this Agreement; (9) A reference to conduct includes, without limitation, an omission, statement or undertaking, whether or not in writing;
(10) A reference to a third-party is a reference to a person who is not a Party to this Agreement; (11) Where a period of time is specified for the performance of any act and dates from a given day or the day of an act or event, the period
shall be exclusive of that date; and (12) the Parties agree that the Agreement is the product of negotiation between sophisticated parties and individuals, all of whom were or have been given the opportunity to be represented by counsel, and
each of whom had an opportunity to participate in, and did participate in, negotiation of the terms hereof. Accordingly, the Parties acknowledge and agree that the Agreement is not a contract of adhesion and that ambiguities in the Agreement, if
any, shall not be construed strictly or in favor of or against either Party, but rather shall be given a fair and reasonable construction. 

  

	 	m.	 Execution. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original as against the Party whose signature appears thereon, but all of which taken together shall constitute but one and the same instrument. Acceptance of this Agreement may be made by
e-mail, mail or other commercially reasonable means showing the signatures of the chief executive officers of the Parties. 

  

 Confidential Treatment Requested by Evergreen Pactiv Group Inc. 

Pursuant to 17 C.F.R. Section 200.83 
  

 In witness whereof, Seller and Buyer have executed this Master Supply Agreement as of the Effective Date.

  

			
	REYNOLDS CONSUMER PRODUCTS LLC, as Seller
		
	By:	 	//s// Lance Mitchell
		 	Lance Mitchell
		 	Chief Executive Officer
	
	PACTIV LLC, as Buyer
		
	By:	 	//s// John McGrath
		 	John McGrath
		 	Chief Executive Officer

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