Document:

Exhibit 10.24

 

[English Translation]

 

PAYMENT ARRANGEMENT AGREEMENT

 

THIS PAYMENT ARRANGEMENT AGREEMENT (this “Agreement”) is made and entered into in Shanghai, the People’s Republic of China on January 29, 2018 by and among:

 

(1)                       HU Guozhi (胡国志), a Chinese citizen with the ID No. XXXX;

 

(2)                       Smart Changing Inc, a company incorporated under the laws of the British Virgin Islands, with the registered office located at XXXX;

 

(3)                       CHEN Gang (陈刚), a Chinese citizen with the ID No. XXXX;

 

(4)                       Da Cong Limited, a company incorporated under the laws of the British Virgin Islands, with the registered office located at *;

 

(5)                       CHEN Guohe (陈国和), a Chinese citizen with the ID No. XXXX;

 

(6)                       Guohe Limited, a company incorporated under the laws of the British Virgin Islands, with the registered office located at XXXX;

 

(7)                       FENG Juan (冯娟), a Chinese citizen with the ID No. XXXX;

 

(8)                       Shanghai De Hui Jing He Equity Investment Fund I Center, L.P. (上海德晖景和一期股权投资基金中心(有限合伙)), a limited partnership established under the laws of the People’s Republic of China, with the registered office located at Room 105, 1st Floor, Building 1, 999 Fuhai Road, Jiading District, Shanghai (“De Hui”);

 

(9)                       GENG Xiaofei (耿晓菲), a Chinese citizen with the ID No. XXXX;

 

(10)                WANG Dongdong (王冬栋), a Chinese citizen with the ID No. XXXX;

 

(11)                WU Junbao (吴俊保), a Chinese citizen with the ID No. XXXX;

 

(12)                LI Ye (李晔), a Chinese citizen with the ID No.XXXX;

 

(13)                BIAN Jin (卞进), a Chinese citizen with the ID No. XXXX;

 

(14)                OneSmart International Education Group Limited 精銳國際教育集團有限公司, a company incorporated under the laws of the Cayman Islands with the registered number 320611 and registered office located at Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands (the “Cayman Company.”);

 

(15)                Shanghai OneSmart Education and Training Co., Ltd. (上海精锐教育培训有限公司), a limited company incorporated under the laws of the People’s Republic of China with the registered office located at West Area, 8th Floor,

 

 

579 Zhang Yang Road, China (Shanghai) Free Trade Zone (“OneSmart”);

 

(16)                Shanghai Jing Xue Rui Information Technology Co, Ltd. (上海精学锐信息科技有限公司), a limited company incorporated under the laws of the People’s Republic of China with the registered office located at Room B180, 1st Floor, Building 2, 2250 Pudong South Road, China (Shanghai) Free Trade Zone (“Jing Xue Rui”);

 

(17)                Shanghai Jing Yu Investment Co., Ltd. (上海精育投资有限公司), a limited company incorporated under the laws of the People’s Republic of China with the registered office located at Room 906, 9th Floor, No. 1, Branch 128 Lane 66, Ye Jia Zhai South Road, Putuo District, Shanghai (“Jing Yu”);

 

(18)              Shanghai Xi Zhi Enterprise Management Co., Ltd. (上海熙智企业管理有限公司), a limited company incorporated under the laws of the People’s Republic of China with the registered office located at Room 2637, 2nd Floor, 3 Xuanhua Road, Changning District, Shanghai (“Xi Zhi”); and

 

(19)        Shanghai Rui Si Science and Technology Information Consulting Co., Ltd. (上海锐思科技信息咨询有限公司), a limited company incorporated under the laws of the People’s Republic of China (“Rui Si”).

 

Each of the parties to this Agreement is referred to herein individually as a “Party” and collectively as the “Parties”.

 

RECITALS

 

(A)                     The Parties, other than Rui Si and Xi Zhi, and other relevant parties entered into a restructuring agreement on April 21, 2017, which was amended and supplemented by a supplemental agreement to the restructuring agreement entered into by the Parties and other relevant parties on October 31, 2017 (the restructuring agreement amended and supplemented by the supplemental agreement to the restructuring agreement, the “Restructuring Agreement”); unless otherwise agreed in this Agreement, the terms used in this Agreement shall have the same meanings given to them in the Restructuring Agreement.

 

(B)                     The Parties intend to enter into this Agreement to confirm the specific payment arrangement for the transactions under the Restructuring Agreement, and to further clarify the relevant legal relations.

 

NOW, THEREFORE, the Parties hereby agree as follows:

 

1.                  ONSHORE PAYMENT ARRANGEMENT

 

1.1                     The Parties hereby agree as follows:

 

1.1.1                    Equity Transfer of Jing Yu

 

OneSmart shall pay RMB2,000,000 to De Hui pursuant to Section 2.9.6(1)

 

2

 

of the Restructuring Agreement.

 

1.1.2                    Jing Yu Loan

 

(1)             OneSmart shall provide a loan of RMB53,838,104.62 to Jing Yu (“Jing Yu Loan”) free of interest; and

 

(2)             Jing Yu shall pay RMB53,838,104.62 to De Hui pursuant to Section 2.9.6(2) of the Restructuring Agreement.

 

1.1.3                    Third Equity Transfer of OneSmart

 

(1)             OneSmart shall provide a loan of RMB1,344,248,826.16 to Jing Xue Rui (“Jing Xue Rui Loan I”) free of interest;

 

(2)             Jing Xue Rui shall provide a loan of RMB1,344,248,826.16 to Xi Zhi (“Xi Zhi Loan I”) with the interest specified in the Loan Agreement (as defined below);

 

(3)             Xi Zhi shall pay each transferor below (the “Transferor(s)”) the transfer price of the Third Equity Transfer of OneSmart pursuant to Section 2.9.1 of the Restructuring Agreement with the funds from Xi Zhi Loan I, and Xi Zhi is entitled to withhold relevant tax and transaction fees and pay the remaining balance to each Transferor below. For the avoidance of doubt, even if otherwise agreed in the Restructuring Agreement, each Transferor agrees to bear the tax for the Third Equity Transfer, including the individual income tax of such Transferor and the stamp tax of Xi Zhi and such Transferor:

 

Currency: RMB

 

	
Transferor
    	
 
    	
Transferee
    	
 
    	
Equity Transfer
   Price
    	
 
    	
Income Tax To
   Be Borne by
   the Transferor
    	
 
    	
Stamp Tax
   of the
   Transferor
   To Be
   Borne by
   the
   Transferor
    	
 
    	
Stamp Tax
   of Xi Zhi
   To Be
   Borne by
   the
   Transferor
    	
 
    	
Transaction
   Fees To Be
   Borne by
   the
   Transferor
    	
 
    	
Balance
    	
 
    
	
GENG Xiaofei
    	
 
    	
Xi Zhi
    	
 
    	
426,414,003.72
    	
 
    	
9,918,800.74
    	
 
    	
213,207.01
    	
 
    	
213,207.00
    	
 
    	
249,193.71
    	
 
    	
415,819,595.26
    	
 
    
	
WANG Dongdong
    	
 
    	
Xi Zhi
    	
 
    	
137,045,998.81
    	
 
    	
3,185,199.76
    	
 
    	
68,523.00
    	
 
    	
68,523.00
    	
 
    	
80,088.84
    	
 
    	
133,643,664.21
    	
 
    
	
WU Junbao
    	
 
    	
Xi Zhi
    	
 
    	
137,045,998.81
    	
 
    	
3,185,199.76
    	
 
    	
68,523.00
    	
 
    	
68,523.00
    	
 
    	
80,088.84
    	
 
    	
133,643,664.21
    	
 
    
	
LI Ye
    	
 
    	
Xi Zhi
    	
 
    	
30,450,340.10
    	
 
    	
706,068.02
    	
 
    	
15,225.17
    	
 
    	
15,225.17
    	
 
    	
17,794.99
    	
 
    	
29,696,026.75
    	
 
    
	
BIAN Jin
    	
 
    	
Xi Zhi
    	
 
    	
30,450,340.10
    	
 
    	
706,068.02
    	
 
    	
15,225.17
    	
 
    	
15,225.17
    	
 
    	
17,794.99
    	
 
    	
29,696,026.75
    	
 
    
	
CHEN Guohe
    	
 
    	
Xi Zhi
    	
 
    	
141,938,580.09
    	
 
    	
10,050,970.82
    	
 
    	
70,969.29
    	
 
    	
70,969.29
    	
 
    	
81,591.40
    	
 
    	
131,664,079.29
    	
 
    
	
CHEN Gang
    	
 
    	
Xi Zhi
    	
 
    	
311,486,244.13
    	
 
    	
22,057,013.83
    	
 
    	
155,743.12
    	
 
    	
155,743.12
    	
 
    	
179,053.50
    	
 
    	
288,938,690.56
    	
 
    
	
HU Guozhi
    	
 
    	
Xi Zhi
    	
 
    	
115,612,866.52
    	
 
    	
22,728,864.30
    	
 
    	
57,806.44
    	
 
    	
57,806.43
    	
 
    	
66,458.43
    	
 
    	
92,701,930.92
    	
 
    
	
FENG Juan
    	
 
    	
Xi Zhi
    	
 
    	
13,804,453.88
    	
 
    	
977,518.58
    	
 
    	
6,902.23
    	
 
    	
6,902.22
    	
 
    	
7,935.30
    	
 
    	
12,805,195.55
    	
 
    
	
Total
    	
 
    	
1,344,248,826.16
    	
 
    	
73,515,703.83
    	
 
    	
672,124.43
    	
 
    	
672,124.40
    	
 
    	
780,000.00
    	
 
    	
1,268,608,873.50
    	
 
    

 

3

 

(4)             Upon the satisfaction of all the following conditions, Xi Zhi shall pay each Transferor the amount equivalent to the total tax of such Transferor in the Third Equity Transfer (as listed in the table below) with the funds from Xi Zhi Loan I: (a) each Transferor has, on its own, completed the tax declaration and paid in full all the taxes of the Third Equity Transfer including the income tax and stamp tax; (b) the tax bureau in receipt of the tax has provided the corresponding tax clearance certificate specifying the taxpayer and the withholding agent accurately, and each Transferor has provided the copy of such tax clearance certificate to OneSmart; and (c) the tax bureau directly supervising OneSmart or the tax bureau at a higher level has issued the confirmation letter as Schedule III sealed by the relevant tax bureau, and each Transferor has provided the original of such confirmation letter to OneSmart.

 

	
Transferor
    	
 
    	
Transferee
    	
 
    	
Amount of Income
   Tax
    	
 
    	
Amount of
   Stamp Tax
    	
 
    	
Total Amount of
   Tax of Transferor
    	
 
    
	
GENG Xiaofei
    	
 
    	
Xi Zhi
    	
 
    	
9,918,800.74
    	
 
    	
213,207.01
    	
 
    	
10,132,007.75
    	
 
    
	
WANG Dongdong
    	
 
    	
Xi Zhi
    	
 
    	
3,185,199.76
    	
 
    	
68,523.00
    	
 
    	
3,253,722.76
    	
 
    
	
WU Junbao
    	
 
    	
Xi Zhi
    	
 
    	
3,185,199.76
    	
 
    	
68,523.00
    	
 
    	
3,253,722.76
    	
 
    
	
LI Ye
    	
 
    	
Xi Zhi
    	
 
    	
706,068.02
    	
 
    	
15,225.17
    	
 
    	
721,293.19
    	
 
    
	
BIAN Jin
    	
 
    	
Xi Zhi
    	
 
    	
706,068.02
    	
 
    	
15,225.17
    	
 
    	
721,293.19
    	
 
    
	
CHEN Guohe
    	
 
    	
Xi Zhi
    	
 
    	
10,050,970.82
    	
 
    	
70,969.29
    	
 
    	
10,121,940.11
    	
 
    
	
CHEN Gang
    	
 
    	
Xi Zhi
    	
 
    	
22,057,013.83
    	
 
    	
155,743.12
    	
 
    	
22,212,756.95
    	
 
    
	
HU Guozhi
    	
 
    	
Xi Zhi
    	
 
    	
22,728,864.30
    	
 
    	
57,806.44
    	
 
    	
22,786,670.74
    	
 
    
	
FENG Juan
    	
 
    	
Xi Zhi
    	
 
    	
977,518.58
    	
 
    	
6,902.23
    	
 
    	
984,420.81
    	
 
    
	
Total
    	
 
    	
73,515,703.83
    	
 
    	
672,124.43
    	
 
    	
74,187,828.26
    	
 
    

 

 

4

 

For the avoidance of doubt, in the event that the Transferors have not completed the three conditions set forth in this section within 60 days after the completion of the registration with respect to the change related to the Third Equity Transfer with the industrial and commercial administration, Xi Zhi is entitled to withhold and remit the tax payments with the temporary withholding tax, and not to pay the Transferors the amount of the temporary withholding tax according to this section.

 

(5)             Xi Zhi shall pay, or designate OneSmart to pay, the transaction fees which should be borne by the Transferors and the stamp tax which should be borne by Xi Zhi related to the Third Equity Transfer with the funds from Xi Zhi Loan I. In the event that Xi Zhi designates OneSmart to pay such transaction fees and stamp tax, OneSmart shall deduct such transaction fees and stamp tax from Jing Xue Rui Loan I and provide the remaining balance to Jing Xue Rui, and Jing Xue Rui shall deduct the amount equal to such transaction fees and stamp tax from Xi Zhi Loan I and provide the remaining balance to Xi Zhi; however, such deductions shall not influence the actual amount of Jing Xue Rui Loan I and Xi Zhi Loan I.

 

(6)             The Parties confirm that, the amount of tax which should be borne by each Transferor as listed above is the estimated amount to the information of the Parties (the “Estimated Tax Amount”). If the amount of the actual tax payable exceeds the Estimated Tax Amount, each Transferor shall bear the excess amount and indemnify Xi Zhi, OneSmart or their affiliates the cost, reasonable expenses (including reasonable legal fees), damages, claims, loss, liabilities (including liabilities in accounting books) and penalties arising from such actual tax amount excess, respectively.

 

1.1.4                    Equity Transfer of Rui Si

 

(1)             OneSmart shall provide a loan of RMB2,660,000 to Jing Xue Rui (“Jing Xue Rui Loan II”) free of interest;

 

(2)             Jing Xue Rui shall provide a loan of RMB2,660,000 to Xi Zhi (“Xi Zhi Loan II”) with the interest specified in the Loan Agreement (as defined below);

 

(3)             Xi Zhi shall pay RMB2,660,000 to De Hui with the funds from Xi Zhi Loan II pursuant to Section 2.9.6(5) of the Restructuring

 

5

 

Agreement.

 

1.1.5                    Rui Si Loan

 

(1)             OneSmart shall provide a loan of RMB10,000,000 to Rui Si (“Rui Si Loan”) free of interest; and

 

(2)             Rui Si shall pay RMB10,000,000 to De Hui pursuant to Section 2.9.6(6) of the Restructuring Agreement.

 

1.2                     For the purpose of the transactions under Section 1.1, each payee listed in the second column of Schedule I of this Agreement respectively designates the corresponding beneficiary account listed in the third column of Schedule I (collectively, the “Onshore Beneficiary Accounts”) to receive the relevant funds listed in the fourth column of Schedule I.

 

1.3                     Upon the date on which OneSmart makes the payments to each Onshore Beneficiary Account in accordance with Section 1.2,

 

1.3.1                    OneSmart shall be deemed to: (a) have paid to De Hui the transfer price of RMB1,200,000 for the transfer of equity interest in Jing Yu under Section 2.3.1 of the Restructuring Agreement in accordance with Section 1.1.1 of this Agreement, (b) have paid to Zhang Xi 50% of the transfer price, i.e. RMB800,000, for the transfer of equity interest in Jing Yu under Section 2.3.1 of the Restructuring Agreement in accordance with Section 1.1.1 of this Agreement, and (c) have repaid the debt of RMB800,000 Zhang Xi owes to De Hui under Section 2.3.3 of the Restructuring Agreement. For the avoidance of doubt, upon the date on which the payment under Section 1.3 of this Agreement is made, the payment obligations to De Hui under Section 2.9.6(1) of the Restructuring Agreement shall be deemed to have been fully discharged;

 

1.3.2                    OneSmart shall be deemed to have provided Jing Yu Loan (RMB53,838,104.62) to Jing Yu pursuant to Section 1.1.2(1) of this Agreement;

 

1.3.3                    Jing Yu shall be deemed to have repaid the debts to De Hui under Section 1.1.2(2) pursuant to Section 1.1.2(2) of this Agreement. For the avoidance of doubt, upon the date on which the payment under Section 1.3 is made, the obligations of repayment of debts/payment to De Hui under Section 2.9.6(2) of the Restructuring Agreement shall be deemed to have been fully performed;

 

1.3.4                    OneSmart shall be deemed to have provided Jing Xue Rui Loan I

 

6

 

(RMB1,344,248,826.16) to Jing Xue Rui pursuant to Section 1.1.3(1) of this Agreement;

 

1.3.5                    Jing Xue Rui shall be deemed to have provided Xi Zhi Loan I (RMB1,344,248,826.16) to Xi Zhi pursuant to Section 1.1.3(2) of this Agreement;

 

1.3.6                    Xi Zhi shall be deemed to have paid the transfer price for the Third Equity Transfer of OneSmart to each Transferor in accordance with Section 1.1.3(3) of this Agreement. For the avoidance of doubt, upon the date on which the payment under Section 1.3 of this Agreement is made, the transfer price for the Third Equity Transfer of OneSmart payable to each Transferor under Section 2.9.6(3) of the Restructuring Agreement shall be deemed to have been fully paid; however, this provision shall not affect the payment by Xi Zhi of temporary withholding tax to each Transferor after satisfaction of the payment conditions under Section 1.1.3(4) of this Agreement;

 

1.3.7                    OneSmart shall be deemed to have provided Jing Xue Rui Loan II (RMB2,660,000) to Jing Xue Rui pursuant to Section 1.1.4(1) of this Agreement;

 

1.3.8                    Jing Xue Rui shall be deemed to have provided Xi Zhi Loan II (RMB2,660,000) to Xi Zhi pursuant to Section 1.1.4(2);

 

1.3.9                    Xi Zhi shall be deemed to have paid to De Hui the transfer price of RMB2,660,000 for the transfer of equity interest in Rui Si under Section 2.3.1 of the Restructuring Agreement in accordance with Section 1.1.4(3) of this Agreement. For the avoidance of doubt, upon the date on which the payment under Section 1.3 is made, the transfer price for the transfer of equity interest in Rui Si payable to De Hui under Section 2.9.6(5) of the Restructuring Agreement shall be deemed to have been fully paid;

 

1.3.10             OneSmart shall be deemed to have provided Rui Si Loan (RMB10,000,000) to Rui Si pursuant to Section 1.1.5(1) of the Agreement;

 

1.3.11             Rui Si shall be deemed to have repaid the debts (RMB10,000,000) to De Hui under Section 1.1.5(2) pursuant to Section 1.1.5(2) of the Agreement. For the avoidance of doubt, upon the date on which the payment under Section 1.3 of the Agreement is made, the obligations of repayment of debts/payment to De Hui under Section 2.9.6(6) of the

 

7

 

Restructuring Agreement shall be deemed to have been fully performed.

 

1.4                     Xi Zhi hereby confirms that Xi Zhi has assumed the rights and obligation of some of the borrowers under the loan agreement (the “Loan Agreement”) among the VIE agreements executed by Jing Xue Rui and relevant parties on September 17, 2017 (and such arrangement has been recognized by Jing Xue Rui). The Parties recognize that the ultimate purpose of Xi Zhi Loan I (RMB1,344,248,826.16) and Xi Zhi Loan II (RMB2,660,000) provided by Jing Xue Rui to Xi Zhi is to promote the development of OneSmart and its related parties, which shall be deemed as loans provided by Jing Xue Rui to Xi Zhi pursuant to the Loan Agreement regardless of any provisions contained in the Loan Agreement.

 

2.                  OFFSHORE PAYMENT ARRANGEMENT

 

2.1                     Redemption Transaction

 

The Cayman Company shall pay the redemption price of the redemption transaction to each of the redeemed parties listed below in accordance with Section 2.1.1 of the Restructuring Agreement, and the Cayman Company shall pay to each redeemed party listed below the balance of the redemption price deductible of relevant tax and transaction fees.

 

Currency: USD

 

	
Redeemed Party
    	
 
    	
Redeeming
   Party
    	
 
    	
Redemption
   Price
    	
 
    	
Tax
    	
 
    	
Transaction
   Fees
    	
 
    	
Balance
    	
 
    
	
Smart Changing Inc.
    	
 
    	
the Cayman Company
    	
 
    	
13,028,070.26
    	
 
    	
573,587.19
    	
 
    	
314,968.20
    	
 
    	
12,139,514.87
    	
 
    
	
Da Cong Limited
    	
 
    	
the Cayman Company
    	
 
    	
30,855,065.02
    	
 
    	
1,357,137.70
    	
 
    	
744,815.25
    	
 
    	
28,753,112.07
    	
 
    
	
Guohe Limited
    	
 
    	
the Cayman Company
    	
 
    	
15,994,636.67
    	
 
    	
704,209.07
    	
 
    	
386,683.02
    	
 
    	
14,903,744.58
    	
 
    
	
Total
    	
 
    	
59,877,771.95
    	
 
    	
2,634,933.96
    	
 
    	
1,446,466.47
    	
 
    	
55,796,371.52
    	
 
    

 

2.2                     For the purpose of the transactions under Section 2.1 of this Agreement, each payee listed in the second column of Schedule II of this Agreement has

 

8

 

respectively designated the corresponding beneficiary account listed in the third column of Schedule II or any other accounts given to the Cayman Company by written notice (collectively, the “Offshore Beneficiary Accounts”) to receive the  relevant funds listed in the fourth column of Schedule II. If the Offshore Beneficiary Account of any redeemed Party could not receive funds because such account has not been activated, then the Cayman Company shall have the right to pay to other redeemed parties the relevant funds and pay the relevant funds to such redeemed party promptly after receiving a separate notice from such redeemed party.

 

2.3                     Upon the date on which the Cayman Company makes the payments to each Offshore Beneficiary Account in accordance with Section 2.2, the Cayman Company shall be deemed to have paid all redemption prices to each redeemed party in accordance with Section 2.1 of this Agreement and Section 2.9.6 of the Restructuring Agreement.

 

3.                  MISCELLANEOUS

 

3.1                     Unless otherwise agreed among the relevant parties, the timing of payment of the funds in this Agreement shall be subject to the provisions of the Restructuring Agreement. Upon the date of the payment under Section 1.3, all the payment obligations of the relevant parties to the payees listed in the second column of Schedule I shall be deemed to have been fully discharged. Upon the date of the payment under Section 2.3 of this Agreement, all the payment obligations of the relevant party to the redeemed parties under the Restructuring Agreement shall be deemed to have been fully discharged.

 

3.2                     This Agreement may be executed in multiple counterparts, each of which shall take effect after being signed by each party or its authorized representative. Each counterpart shall have equal legal effect.

 

3.3                     The entry into, effectiveness, interpretation and performance of this Agreement shall be governed by the laws of the People’s Republic of China. Any dispute arising out of and in connection with this Agreement shall be settled by the Parties through consultations and shall, in the absence of an agreement being reached by the Parties within thirty (30) days from its occurrence, be submitted by any Party to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with the then effective arbitration rules of CIETAC. The place of arbitration shall be Beijing and the language for arbitration shall be Chinese. The arbitral award shall be final and binding on the Parties to this Agreement.

 

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9

 

	
[SIGNATURE PAGE]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
HU   Guozhi (胡国志)
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Hu Guozhi
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Smart Changing Inc.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Hu Guozhi
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

	
[SIGNATURE PAGE]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
CHEN   Gang (陈刚)
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Chen Gang
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Da Cong Limited
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Chen Gang
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

[SIGNATURE PAGE]

 

 

	
CHEN   Guohe (陈国和)
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Chen Guohe
    	
 
    
			

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

	
[SIGNATURE PAGE]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
BIAN   Jin (卞进)
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Bian Jin
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Guohe Limited
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Bian Jin
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Shanghai De Hui Jing He Equity Investment Fund I   Center, L.P. (上海德晖景和一期股权投资基金中心(有限合伙))
    
	
 
    	
 
    
	
By:
    	
/s/ Bian Jin
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

[SIGNATURE PAGE]

 

 

	
FENG   Juan (冯娟)
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Feng Juan
    	
 
    
			

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

[SIGNATURE PAGE]

 

 

	
GENG   Xiaofei (耿晓菲)
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Geng Xiaofei
    	
 
    
			

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

[SIGNATURE PAGE]

 

 

	
WANG   Dongdong (王冬栋)
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Wang Dongdong
    	
 
    
			

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

[SIGNATURE PAGE]

 

 

	
WU   Junbao (吴俊保)
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Wu Junbao
    	
 
    
			

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

[SIGNATURE PAGE]

 

 

	
LI   Ye (李晔)
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Li Ye
    	
 
    
			

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

	
[SIGNATURE PAGE]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
OneSmart International Education Group Limited 精銳國際教育集團有限公司
    
	
 
    	
 
    
	
By:
    	
/s/ Zhang Xi
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Shanghai OneSmart   Education and Training Co., Ltd. (上海精锐教育培训有限公司)
    
	
 
    	
 
    
	
By:
    	
 /s/ Zhang   Xi
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Shanghai Xi Zhi Enterprise Management Co., Ltd. (上海熙智企业管理有限公司)
    
	
 
    	
 
    
	
By:
    	
 /s/ Zhang   Xi
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

	
[SIGNATURE PAGE]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Shanghai Jing Xue Rui Information Technology Co, Ltd.   (上海精学锐信息科技有限公司)
    
	
 
    	
 
    
	
By:
    	
/s/ Meng Xiaoqiang
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    
			

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

	
[SIGNATURE PAGE]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Shanghai Jing Yu Investment Co., Ltd. (上海精育投资有限公司)
    
	
 
    	
 
    
	
By:
    	
/s/ Zhang Xi
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    
			

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

	
[SIGNATURE PAGE]
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Shanghai Rui Si Science and Technology   Information Consulting Co., Ltd. (上海锐思科技信息咨询有限公司)
    
	
 
    	
 
    
	
By:
    	
/s/ Shi Wei
    	
 
    
	
 
    	
 
    
	
Name:
    	
 
    
	
 
    	
 
    
	
Title:
    	
 
    
			

 

SIGNATURE PAGE OF PAYMENT ARRANGEMENT AGREEMENT

 

 

Schedule I: Onshore Payment Arrangement

 

	
Payer
    	
 
    	
Payee
    	
 
    	
Beneficiary Account
    	
 
    	
Amount
    	
 
    
	
OneSmart
    	
 
    	
De Hui
    	
 
    	
XXXX
    	
 
    	
68,498,104.62
    	
 
    
	
OneSmart
    	
 
    	
GENG Xiaofei
    	
 
    	
XXXX
    	
 
    	
415,819,595.26
    	
 
    
	
OneSmart
    	
 
    	
WANG Dongdong
    	
 
    	
XXXX
    	
 
    	
133,643,664.21
    	
 
    
	
OneSmart
    	
 
    	
WU Junbao
    	
 
    	
XXXX
    	
 
    	
133,643,664.21
    	
 
    
	
OneSmart
    	
 
    	
LI Ye
    	
 
    	
XXXX
    	
 
    	
29,696,026.75
    	
 
    
	
OneSmart
    	
 
    	
BIAN Jin
    	
 
    	
XXXX
    	
 
    	
29,696,026.75
    	
 
    
	
OneSmart
    	
 
    	
CHEN Guohe
    	
 
    	
XXXX
    	
 
    	
131,664,079.29
    	
 
    
	
OneSmart
    	
 
    	
CHEN Gang
    	
 
    	
XXXX
    	
 
    	
288,938,690.56
    	
 
    
	
OneSmart
    	
 
    	
HU Guozhi
    	
 
    	
XXXX
    	
 
    	
92,701,930.92
    	
 
    
	
OneSmart
    	
 
    	
FENG Juan
    	
 
    	
XXXX
    	
 
    	
12,805,195.55
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Total:
    	
 
    	
1,337,106,978.12
    	
 
    

 

Schedule I

 

 

Schedule II: Offshoare Payment Arrangement

 

	
Payer
    	
 
    	
Payee
    	
 
    	
Beneficiary Account
    	
 
    	
Amount (USD)
    	
 
    
	
the Cayman   Company
    	
 
    	
Smart Changing Inc.
    	
 
    	
XXXX
    	
 
    	
12,139,514.87
    	
 
    
	
the Cayman   Company
    	
 
    	
Da Cong Limited
    	
 
    	
XXXX
    	
 
    	
28,753,112.07
    	
 
    
	
the Cayman   Company
    	
 
    	
Guohe Limited
    	
 
    	
XXXX
    	
 
    	
14,903,744.58
    	
 
    

 

Schedule II

 

 

Schedule III: Form of Confirmation Letter

 

Confirmation Letter

 

The individual shareholders of Shanghai OneSmart Education and Training Co., Ltd.: GENG Xiaofei, WANG Dongdong, WU Junbao, LI Ye, BIAN Jin, ZHENG Lina, CHEN Guohe, CHEN Gang, HU Guozhi and FENG Juan (the “Individual Shareholder(s)”) entered into equity transfer agreements respectively on December 6, 2017, transferring the equity interest in Shanghai OneSmart Education and Training Co., Ltd. held by each of them to Shanghai Xi Zhi Enterprise Management Co., Ltd. (with the specific transfer price set forth in the attachments of the equity transfer agreements, this “Equity Transfer”), and the Individual Shareholders paid their individual income tax on their own in accordance with the regulations on        , 2018 (with the tax payment certificates attached).

 

Now we (i.e. the competent tax bureau of Shanghai OneSmart Education and Training Co., Ltd.) hereby verify and confirm that:

 

The individual income tax of each of the individual transferors in this Equity Transfer (i.e. the Individual Shareholders) has been declared and paid by the individual transferors on their own in accordance with the regulations, and Shanghai Xi Zhi Enterprise Management Co., Ltd. will no longer bear the obligation to withhold and remit the individual income tax of the individual transferors in this Equity Transfer.

 

18th Tax Office, Shanghai Pudong New Area Tax Bureau

         , 2018

 

Schedule IIIEX-4.2

 Exhibit 4.2 

AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

Page 

									
	1.	 	Definitions	  	 	1	 
			
	2.	 	Registration Rights	  	 	5	 
		 	2.1	  	Demand Registration	  	 	5	 
		 	2.2	  	Company Registration	  	 	6	 
		 	2.3	  	Underwriting Requirements	  	 	6	 
		 	2.4	  	Obligations of the Company	  	 	7	 
		 	2.5	  	Furnish Information	  	 	9	 
		 	2.6	  	Expenses of Registration	  	 	9	 
		 	2.7	  	Delay of Registration	  	 	9	 
		 	2.8	  	Indemnification	  	 	9	 
		 	2.9	  	Reports Under Exchange Act	  	 	11	 
		 	2.10	  	Limitations on Subsequent Registration Rights	  	 	11	 
		 	2.11	  	“Market Stand-off” Agreement	  	 	12	 
		 	2.12	  	Restrictions on Transfer	  	 	12	 
		 	2.13	  	Termination of Registration Rights	  	 	13	 
			
	3.	 	Information and Inspection Rights	  	 	14	 
		 	3.1	  	Delivery of Financial Statements	  	 	14	 
		 	3.2	  	Inspection	  	 	15	 
		 	3.3	  	Termination of Information Rights	  	 	16	 
		 	3.4	  	Confidentiality	  	 	16	 
			
	4.	 	Rights to Future Stock Issuances	  	 	16	 
		 	4.1	  	Right of First Offer	  	 	16	 
		 	4.2	  	Termination	  	 	17	 
			
	5.	 	Additional Covenants	  	 	18	 
		 	5.1	  	Insurance	  	 	18	 
		 	5.2	  	Employee Agreements	  	 	18	 
		 	5.3	  	Employee Stock	  	 	18	 
		 	5.4	  	Matters Requiring Investor Directors Approval	  	 	18	 
		 	5.5	  	Board Matters	  	 	19	 
		 	5.6	  	Successor Indemnification	  	 	19	 
		 	5.7	  	Expenses of Counsel	  	 	19	 
		 	5.8	  	Indemnification Matters	  	 	20	 
		 	5.9	  	Right to Conduct Activities	  	 	20	 
		 	5.10	  	Termination of Covenants	  	 	21	 
			
	6.	 	Miscellaneous	  	 	21	 
		 	6.1	  	Successors and Assigns	  	 	21	 
		 	6.2	  	Governing Law	  	 	21	 
		 	6.3	  	Counterparts	  	 	21	 
		 	6.4	  	Titles and Subtitles	  	 	21	 
		 	6.5	  	Notices	  	 	22	 
		 	6.6	  	Amendments and Waivers	  	 	22	 
		 	6.7	  	Severability	  	 	22	 

									
		 	6.8	  	Aggregation of Stock	  	 	22	 
		 	6.9	  	Entire Agreement	  	 	22	 
		 	6.10	  	Dispute Resolution	  	 	23	 
		 	6.11	  	Delays or Omissions	  	 	23	 
		 	6.12	  	Acknowledgment	  	 	23	 

  

					
	Schedule A	  	-  	  	Schedule of Investors

  

 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 10th day of June, 2015, by and among Unum Therapeutics, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is
referred to in this Agreement as an “Investor”. 
 RECITALS 

WHEREAS, the Company and certain of the Investors are parties to an Investors’ Rights Agreement, dated as of October 3, 2014
(the “Prior Agreement”); 
 WHEREAS, the Company and certain of the Investors are parties to the Series B Preferred
Stock Purchase Agreement of even date herewith (the “Purchase Agreement”); and 
 WHEREAS, in order to induce the
Company to enter into the Purchase Agreement and to induce the Investors to invest funds in the Company pursuant to the Purchase Agreement, the undersigned, constituting the required votes pursuant to Section 6.8 of the Prior Agreement, desire
to amend and restate the Prior Agreement, and hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to receive certain information from the
Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement. 

NOW, THEREFORE, the parties hereby agree as follows: 

1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly,
controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, limited partner, member, employee, officer or director of such Person or any venture capital fund now or
hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For purposes of this definition, the term “control” when used with respect to any Person
means the power to direct the management or policies of such Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” shall have
meanings correlative to the foregoing. Notwithstanding the foregoing, (i) each Wellington Investor shall be deemed to be an “Affiliate” of each other Wellington Investor, and (ii) an entity that is an Affiliate of a Wellington
Investor shall not be deemed to be an Affiliate of any other Wellington Investor unless such entity is a Wellington Investor (and, for the avoidance of doubt, an Affiliate of such entity shall not be deemed an Affiliate of any Wellington Investor
solely by virtue of being an Affiliate of such entity). 
 1.2 “Common Stock” means shares of the
Company’s common stock, par value $0.001 per share. 
 1.3 “Competitor” means a Person actively
engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the Subject Business, but shall not include any
financial investment firm or collective investment vehicle or any Person with an 

 
investment division that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right
to designate any members of the Board of Directors of any Competitor; provided that for purposes of determining whether a Person is a Competitor, if such Person (or its Affiliate) enters into an arrangement with a third party actively engaged in the
Subject Business (in addition to and separate from the business to which such arrangement relates), such activity by such third party in the Subject Business shall be disregarded if such arrangement will not result in active engagement by such
Person (or such Affiliate) in the Subject Business or exchange of confidential or proprietary information related thereto. 

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

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

1.7 “Excluded Registration” means (i) a registration relating to the sale of securities to employees of
the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information
as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities
that are also being registered. 
 1.8 “Form S-1” means such
form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

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

1.10 “GAAP” means generally accepted accounting principles in the United States. 

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

  
 -2- 

 1.12 “Immediate Family Member” means a child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.13 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this
Agreement. 
 1.14 “Investor Directors” mean, collectively, the Series A Directors and the Series B
Director. 
 1.15 “IPO” means the Company’s first underwritten public offering of its Common Stock
under the Securities Act. 
 1.16 “Key Employee” means any executive-level employee (including, division
director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement). 

1.17 “Major Investor” means any Investor that, individually or together with such Investor’s Affiliates,
holds at least 520,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof). 

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

1.19 “Person” means any individual, corporation, partnership, trust, limited liability company, association or
other entity. 
 1.20 “Preferred Stock” means, collectively, the Series A Preferred Stock and the Series B
Preferred Stock. 
 1.21 “Registrable Securities” means (i) the Common Stock issuable or issued
upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the
date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement
of, the shares qualified as Registrable Securities pursuant to clause (i) or (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement
are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement. 

1.22 “Registrable Securities then outstanding” means the number of shares determined by adding the
number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable
Securities. 

  
 -3- 

 1.23 “Restricted Securities” means the securities of the Company
required to be notated with the legend set forth in Subsection 2.12(b) hereof. 
 1.24 “Right of First Refusal
and Co-Sale Agreement” means the Amended and Restated Right of First Refusal and Co-Sale Agreement among the Company, the Investors, and certain other
stockholders of the Company, dated on or about the date hereof, as may be amended and/or restated from time to time. 
 1.25
“SEC” means the Securities and Exchange Commission. 
 1.26 “SEC Rule 144” means Rule 144
promulgated by the SEC under the Securities Act. 
 1.27 “SEC Rule 145” means Rule 145 promulgated by the
SEC under the Securities Act. 
 1.28 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 1.29 “Selling Expenses” means all underwriting discounts,
selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company
as provided in Subsection 2.6. 
 1.30 “Series A Director” means any director
of the Company that the holders of record of the Series A Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation. 

1.31 “Series B Director” means any director of the Company that the holders of record of the Series B
Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation. 
 1.32 “Series
A Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.001 per share. 

1.33 “Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.001
per share. 
 1.34 “Subject Business” means the research, development or commercialization of cellular
immunotherapies for cancer. 
 1.35 “Voting Agreement” means the Amended and Restated Voting Agreement among
the Company, the Investors, and certain other stockholders of the Company, dated on or about the date hereof, as may be amended and/or restated from time to time. 

1.36 “Wellington” means Wellington Management Company LLP and any successor or affiliated investment advisor
or subadvisor thereof to the Wellington Investors. 
 1.37 “Wellington Investors” means Investors, or
permitted transferees of Registrable Securities held by Wellington Investors, that are advisory or subadvisory clients of Wellington. 

  
 -4- 

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

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) three (3) years after the
date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of (i) if prior to the IPO, at least two-thirds and (ii) if after the IPO, at least thirty percent (30%), of the Registrable Securities then outstanding that the Company file a Form S-1 registration
statement with respect to Registrable Securities with an aggregate offering price of at least $10 million, then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the
“Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections
2.1(c) and 2.3. 
 (b) Form S-3 Demand. If at any time when it is eligible to use
a Form S-3 registration statement, the Company receives a request from Holders of at least fifteen percent (15%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price of at least $5 million, then the Company shall (i) within ten
(10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given
by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified
by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection
2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company
unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be
tolled correspondingly, for a period of not more than sixty (60) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month
period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such sixty (60) day period other than an Excluded Registration. 

(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a), (i)
during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration,
provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to 

  
 -5- 

 
become effective; (ii) after the Company has effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of
Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after
the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has
effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection
2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit
their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d). 

2.2 Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give
each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all
of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective
date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with
Subsection 2.6. 
 2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if
the managing underwriter advises the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that
otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as
nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities
held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. 

  
 -6- 

 (b) In connection with any offering involving an underwriting of shares of the Company’s
capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the
Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities,
requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the
Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If
the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders
in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in
accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of
Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the
offering be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination
described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability
company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any
trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable
Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 
 (c) For purposes of
Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of
Registrable Securities that Holders have requested to be included in such registration statement are actually included. 
 2.4 Obligations
of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period
of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of
Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be
extended for up to one hundred eighty (180) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

  
 -7- 

 (b) prepare and file with the SEC such amendments and supplements to such registration
statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

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

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for
all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make available for
inspection by the selling Holders, any underwriters participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all
financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

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

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

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

2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one
counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such
expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to
Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the
Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit
their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the
basis of the number of Registrable Securities registered on their behalf. 
 2.7 Delay of Registration. No Holder shall have any right
to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If any Registrable Securities are included in a registration statement under this Section 2: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the
meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in
connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply
to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that
they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use
in connection with such registration. 

  
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 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and
accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each
case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such
registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages
may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is
effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under
Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

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

(d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate
losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in
connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue 

  
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statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of
the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d),
when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful
misconduct or fraud by such Holder. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.

 2.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 

(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after
the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially reasonable efforts to file with
the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

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

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior
written consent of the Holders of at least two-thirds of the Registrable Securities then outstanding (the “Requisite Vote”), enter into any agreement with any holder or prospective holder of
any securities of the Company that would (i) provide to such holder the 

  
 -11- 

 
right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the
opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such
holder or prospective holder. 
 2.11 “Market Stand-off” Agreement. Each Holder
hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its Common Stock for its IPO and
ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days or such other period (not to exceed an additional eighteen (18) days) as may be requested by the Company or
an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule
2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or
warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before
the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether
any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall not apply to the sale of
any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or one or more of the Immediate Family Members of the Holder, provided that the
trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers
and directors and all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock) are subject to the same
restrictions. The restrictions set forth in this Subsection 2.11 shall not apply with respect to any shares of the Company’s capital stock purchased by the Holder in the IPO or on the public market following the effectiveness of the
registration statement related to the IPO. The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with
this Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders
subject to such agreements, based on the number of shares subject to such agreements. 
 2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 

  
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 (b) Each certificate, instrument, or book entry representing (i) the Preferred Stock,
(ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event,
shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

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

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

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

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

  
 -13- 

 (a) the closing of a Deemed Liquidation Event, as such term is defined in the Company’s
Certificate of Incorporation; 
 (b) such time as Rule 144 or another similar exemption under the Securities Act is available for the sale
of all of such Holder’s shares without limitation during a three-month period without registration; and 
 (c) the fifth
anniversary of the IPO. 
 3. Information and Inspection Rights. 

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor, provided that the Board of Directors has
not reasonably determined that such Major Investor is a Competitor of the Company: 
 (a) as soon as practicable, but in any event within
one hundred twenty (120) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual
amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in Subsection 3.1(e)) for such year, with an explanation of any material differences between such amounts
and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements to be audited and certified by independent public accountants
selected by the Company and approved by the Board of Directors (including a majority of the Investor Directors); 
 (b) as soon as
practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for
such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c) as soon as practicable, but in any event within forty-five (45) days after the end of each fiscal quarter of the Company an up-to-date capitalization table including, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable
for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable
thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the
Company, and certified by the chief financial officer or chief executive officer of the Company as being true, complete, and correct; 
 (d)
as soon as practicable, but in any event within thirty (30) days of the end of each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of
the end of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that
may be required in accordance with GAAP); 

  
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 (e) as soon as practicable, but in any event thirty (30) days before the end of each fiscal
year, a budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board of Directors and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for
such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 
 (f) such other information
relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this
Subsection 3.1 to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the
Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

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

Notwithstanding anything else in this Subsection 3.1 to the contrary, if the Board of Directors of the Company has reasonably
determined that a Major Investor is a Competitor of the Company, (i) the Company shall not be obligated to deliver to such Major Investor information that in the reasonable determination of the Board of Directors of the Company is deemed
competitively sensitive and (ii) the Company shall continue to provide to such Major Investor the information set forth in this Subsection 3.1 that has not been deemed competitively sensitive; provided that such Major Investor
shall have agreed in writing that such information shall not be shared with, disclosed to or used by anyone outside of such Major Investor’s venture investment business division other than in confidence with such division’s legal counsel,
accountants, and insurance providers and their respective advisors solely in connection with (x) financial transactions between such Major Investor and Company and (y) reporting required by a governmental authority or by order of a court
of competent jurisdiction. 
 Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing
the information set forth in this Subsection 3.1 during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must
do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer
actively employing its commercially reasonable efforts to cause such registration statement to become effective. 
 3.2 Inspection.
The Company shall permit each Major Investor (provided that the Board of Directors has not reasonably determined that such Major Investor is a Competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s
properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor;
provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information
(unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

  
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 3.3 Termination of Information Rights. The covenants set forth in Subsection 3.1
and Subsection 3.2 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or
15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, provided that in connection with any such Deemed Liquidation Event, the Holders receive only cash
or marketable securities as consideration for Registrable Securities owned by such Holder, whichever event occurs first. 
 3.4
Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the
Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a
result of a breach of this Subsection 3.4 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or
disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its
attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such
Investor, if such prospective purchaser is not, in the reasonable judgment of the Board of Directors, a competitor of the Company and agrees to be bound by the provisions of this Subsection 3.4; (iii) to any Affiliate, partner (or
partner of a partner), member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to
maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such
required disclosure. For purposes of clarity and notwithstanding anything to the contrary set forth herein, the treatment of any confidential information shared by the Company directly with a division of Sanofi S.A. which confidential information is
not (x) required to be shared by the terms of this Agreement or any other Transaction Agreement or (y) shared expressly in connection with this Agreement or any other Transaction Agreement, shall be governed by the terms of an agreement,
if any, entered into between the Company and such division regarding the treatment of such confidential information. 
 4. Rights to
Future Stock Issuances. 
 4.1 Right of First Offer. 

(a) Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company proposes to offer or sell
any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among itself and
its Affiliates as long as any such Affiliate agrees to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the
Investors and the other parties named therein, as an “Investor” under each such agreement. For purposes of clarity and notwithstanding anything to the contrary set forth herein, the determination that an Investor is a Competitor
shall not diminish or abrogate a Major Investor’s rights of first refusal as provided in this Section 4. 
 (b) The Company
shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if
any, upon which it proposes to offer such New Securities. 

  
 -16- 

 (c) By notification to the Company within twenty (20) days after the Offer Notice is given,
each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor
(including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock
of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major
Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the
Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors
were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of
Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock
and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(c) shall occur within the later of ninety
(90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(d). 

(d) If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(c),
the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(c), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not
less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated
within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this Subsection
4.1. 
 (e) The right of first offer in this Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined
in the Company’s Certificate of Incorporation); and (ii) shares of Common Stock issued in the IPO. 
 (f) Notwithstanding any
provision hereof to the contrary, in lieu of complying with the provisions of this Subsection 4.1, the Company may elect to give notice to the Major Investors within thirty (30) days after the issuance of New Securities. Such notice
shall describe the type, price, and terms of the New Securities. Each Major Investor shall have twenty (20) days from the date notice is given to elect to purchase up to the number of New Securities that would, if purchased by such Major
Investor, maintain such Major Investor’s percentage-ownership position, calculated as set forth in Subsection 4.1(c) before giving effect to the issuance of such New Securities. The closing of such sale shall occur within sixty
(60) days of the date notice is given to the Major Investors. 
 4.2 Termination. The covenants set forth in Subsection
4.1 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the
Exchange Act or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

  
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 5. Additional Covenants. 

5.1 Insurance. The Company shall use its commercially reasonable efforts to obtain, within ninety (90) days of the date hereof,
from financially sound and reputable insurers Directors and Officers liability insurance and term “key-person” insurance on Charles Wilson, each in an amount and on terms and conditions satisfactory
to the Board of Directors, and will use commercially reasonable efforts to cause such insurance policies to be maintained until such time as the Board of Directors determines that such insurance should be discontinued. The key-person policy shall name the Company as loss payee, and neither policy shall be cancelable by the Company without prior approval by the Board of Directors including a majority of the Investor Directors.
Notwithstanding any other provision of this Section 5.1 to the contrary, for so long as an Investor Director is serving on the Board of Directors, the Company shall not cease to maintain a Directors and Officers liability insurance
policy in an amount of at least $2 million unless approved by the Investor Directors, and the Company shall annually, within one hundred twenty (120) days after the end of each fiscal year of the Company, deliver to each Investor
designating an Investor Director, a certification that such a Directors and Officers liability insurance policy remains in effect. 
 5.2
Employee Agreements. The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information
and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement in a form approved by the Board of Directors; and (ii) each Key Employee to enter into a one (1) year noncompetition and nonsolicitation
agreement in a form approved by the Board of Directors. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the
Company and any employee, without the approval of the Board of Directors including at least a majority of the Investor Directors. 
 5.3
Employee Stock. Unless otherwise approved by the Board of Directors, including a majority of the Investor Directors, all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of
the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent
(25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months,
and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise approved by the Board of Directors, including at least a majority of the
Investor Directors, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of
restricted stock. 
 5.4 Matters Requiring Investor Directors Approval. So long as the holders of Preferred Stock are entitled to
elect one or more Investor Directors, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, which approval must include the affirmative vote of at least a majority of the
Investor Directors: 
 (a) make, or permit any subsidiary to make, any loan or advance to, or own any stock or other securities of, any
subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company; 
 (b) make, or permit any
subsidiary to make, any loan or advance to any Person, including, without limitation, any employee or director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an
employee stock or option plan approved by the Board of Directors; 

  
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 (c) guarantee, directly or indirectly, or permit any subsidiary to guarantee, directly or
indirectly, any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; 
 (d)
make any investment inconsistent with any investment policy approved by the Board of Directors; 
 (e) incur any aggregate indebtedness that
is not already included in a budget approved by the Board of Directors, other than trade credit incurred in the ordinary course of business; 

(f) otherwise enter into or be a party to any transaction with any director, officer, or employee of the Company or any “associate”
(as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person; 
 (g) hire,
terminate, or change the compensation of the executive officers, including approving any option grants or stock awards to executive officers; 

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

(i) sell, assign, license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary
course of business; or 
 (j) enter into any corporate strategic relationship involving the payment, contribution, or assignment by the
Company or to the Company of money or assets exceeding $150,000. 
 5.5 Board Matters. Unless otherwise determined by the vote of a
majority of the directors then in office, the Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the nonemployee directors and each Observer (as defined in the Voting Agreement)
for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of
Directors. Each Investor Director shall be entitled in such director’s discretion to be a member of any Board committee. 
 5.6
Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent
necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such
transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be. 

5.7 Expenses of Counsel. In the event of a transaction which is a Sale of the Company (as defined in the Voting Agreement), the
reasonable fees and disbursements, not to exceed $75,000, of one counsel for the Investors (“Investor Counsel”), in their capacities as stockholders, shall be borne and paid by the Company. At the outset of considering a transaction
which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor Counsel (and such counsel’s clients) and shall share the confidential information (including, without limitation, the
initial and all subsequent drafts of memoranda of understanding, letters of intent and other 

  
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transaction documents and related noncompete, employment, consulting and other compensation agreements and plans) pertaining to and memorializing any of the transactions which, individually or
when aggregated with others would constitute the Sale of the Company. The Company shall be obligated to share (and cause the Company’s counsel and investment bankers to share) such materials when distributed to the Company’s executives
and/or any one or more of the other parties to such transaction(s). In the event that Investor Counsel deems it appropriate, in its reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the
parties to protect their communications and other reviewed materials under the attorney client privilege, the Company shall, and shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and
substance reasonably acceptable to Investor Counsel. In the event that one or more of the other party or parties to such transactions require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in
order to receive such information, then the Company shall share whatever information can be shared without entry into such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to
negotiate and enter into the appropriate agreement(s) without undue burden to the clients of Investor Counsel. 
 5.8 Indemnification
Matters. The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement
of expenses and/or insurance provided by one or more of the Investors and certain of their affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort
(i.e., its obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b)
that it shall be required to advance the full amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund
Director to the extent legally permitted and as required by the Company’s Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may
have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in
respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall
affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company. 

5.9 Right to Conduct Activities. The Company hereby agrees and acknowledges that each of Beacon Bioventures Fund IV Limited Partnership,
Atlas Venture Fund IX, L.P., New Leaf Ventures III, L.P., Novo A/S, New Emerging Medical Opportunities Fund II, L.P., Branum, LLC and the Wellington Investors and certain of their Affiliates are professional venture capital investment funds
(collectively, the “Funds”), and as such invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as may be conducted in the future). The
parties agree that no Fund or any Fund Affiliate investment fund or any of their Affiliates or any of their or their Affiliates partners, officers or representatives which manage or advise any such investment funds shall be considered a Competitor
of the Company as a result of such investment, management or advisory activities for purposes of this Agreement (including for purposes of Sections 1.3, 3.1 and 3.2 hereof) and the Company agrees that, to the extent permitted
under applicable law, neither the Funds nor their Affiliates shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by a Fund or any of their Affiliates in any entity competitive with the Company, or
(ii) actions taken by any partner, officer or other representative of a Fund or Fund Affiliate to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such

  
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competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Funds from
liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary
duties to the Company. 
 5.10 Termination of Covenants. The covenants set forth in this Section 5, except for
Subsections 5.6 through 5.9, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of
Section 12(g) or 15(d) of the Exchange Act or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

6. Miscellaneous. 
 6.1
Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a
Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 500,000 shares of Registrable Securities (subject
to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of
the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the
terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an
Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with
those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single
attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure
to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2 Governing Law. This Agreement shall be governed by the internal law of the State of Delaware. 

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

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

  
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 6.5 Notices. All notices and other communications given or made pursuant to this Agreement
shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal
business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or
(iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All
communications shall be sent to the respective parties only at their addresses and with such copies as are set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the
case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. 

6.6 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the Requisite Vote; provided that the Company may in its sole discretion waive compliance with
Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided
further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of
any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions
of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with
the Company, purchase securities in such transaction); provided, that any amendment of Subsections 2.8(b) and (d) to provide for joint or uncapped liability shall not apply to any Investor without the written consent of such
Investor. The definitions of “Affiliate,” “Wellington” and “Wellington Investor,” Subsections 2.11, 3.1, 3.2, 3.3 and this 6.6 shall not be amended, waived or terminated as to
Wellington or a Wellington Investor without the written consent of such party. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment,
termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to
any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

6.7 Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid,
legal, and enforceable to the maximum extent permitted by law. 
 6.8 Aggregation of Stock. All shares of Registrable Securities held
or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.

 6.9 Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding
and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. The Prior Agreement is superseded by this
Agreement and is otherwise of no further force or effect. 

  
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 6.10 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally
submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby
waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY
DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 The prevailing party shall be entitled
to reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in
the U.S. District Court for the District of Delaware or any court of the State of Delaware having subject matter jurisdiction. 
 6.11
Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of
such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

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

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investor’s Rights
Agreement as of the date first written above. 
 SIGNATURE PAGE TO AMENDED
AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 SCHEDULE A 

Investors

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