Document:

EX-4.1

 Exhibit 4.1 

TO BE RECORDED AND WHEN 
 RECORDED RETURN TO: 

Hunton Andrews Kurth LLP 
 550 South Hope Street, Suite 2000 

Los Angeles, CA 90071 
 Attention: Robert M. Johnson, Esq. 

 
  

EIGHTH SUPPLEMENTAL INDENTURE 

Dated as of March 11, 2021 

SUPPLEMENT TO INDENTURE OF MORTGAGE 

Dated as of June 19, 2020 
  

 
 PACIFIC GAS
AND ELECTRIC COMPANY 
 ISSUER (MORTGAGOR) 

AND 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A. 
 TRUSTEE (MORTGAGEE) 
  

 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 ARTICLE II ESTABLISHMENT OF 1.367% FIRST MORTGAGE BONDS DUE 2023
	  	 	3	 
		
	 ARTICLE III ESTABLISHMENT OF 3.25% FIRST MORTGAGE BONDS DUE 2031
	  	 	5	 
		
	 ARTICLE IV ESTABLISHMENT OF 4.20% FIRST MORTGAGE BONDS DUE 2041
	  	 	7	 
		
	 ARTICLE V AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	9	 
		
	 ARTICLE VI COVENANTS
	  	 	9	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	9	 

  

	
	 EXHIBIT A FORM OF 1.367% FIRST MORTGAGE BOND DUE 2023

	
	 EXHIBIT B FORM OF 3.25% FIRST MORTGAGE BOND DUE 2031

	
	 EXHIBIT C FORM OF 4.20% FIRST MORTGAGE BOND DUE 2041

	
	 SCHEDULE 1 MORTGAGE INDENTURE RECORDING INFORMATION

  
 i 

 EIGHTH SUPPLEMENTAL INDENTURE, dated as of March 11, 2021 (this “Eighth
Supplemental Indenture”), by and between PACIFIC GAS AND ELECTRIC COMPANY, a California corporation (the “Company”), as Mortgagor, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking
association, as Trustee under the Mortgage Indenture (as hereinafter defined) and Mortgagee (the “Trustee”). 
 RECITALS
OF THE COMPANY 
 A. The Company and the Trustee are parties to that certain Indenture of Mortgage, dated as of June 19, 2020
(together with all indentures supplemental thereto, the “Mortgage Indenture”), providing for the issuance by the Company of Bonds (as defined in the Mortgage Indenture) from time to time. 

B. Under the Mortgage Indenture, the Company is authorized to issue unlimited series of Bonds and establish one or more series of Bonds at any
time in accordance with the provisions of the Mortgage Indenture, and the terms of such series of Bonds may be described by a supplemental indenture executed by the Company and the Trustee. 

C. Pursuant to Section 3.01 of the Mortgage Indenture, the Company and the Trustee deem it advisable to enter into this Eighth
Supplemental Indenture for the purposes of establishing the terms of three series of Bonds. 
 D. The execution and delivery of this Eighth
Supplemental Indenture has been authorized by a Board Resolution (as defined in the Mortgage Indenture). 
 E. Concurrent with the execution
hereof, the Company has caused its counsel to deliver to the Trustee an Opinion of Counsel (as defined in the Mortgage Indenture) pursuant to Section 14.03 of the Mortgage Indenture. 

F. The Company has done all things necessary to make this Eighth Supplemental Indenture a valid agreement of the Company in accordance with
its terms. 
 NOW, THEREFORE, the Company and the Trustee agree, for the benefit of each other and the equal and proportionate benefit of
all Holders of the Bonds of the series established hereby, as follows: 
 ARTICLE I 

DEFINITIONS 

Unless the context otherwise requires, capitalized terms used but not defined herein have the meaning set forth in the Mortgage Indenture.

 The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Eighth
Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

 The following additional definitions are hereby established for purposes of this Eighth
Supplemental Indenture and shall have the meanings set forth in this Eighth Supplemental Indenture only for purposes of this Eighth Supplemental Indenture: 

“2031 Par Call Date” means March 1, 2031. 

“2041 Par Call Date” means December 1, 2040. 

“Adjusted Treasury Rate” means, with respect to any Redemption Date and a series of Bonds, the rate per annum equal to the
semi-annual equivalent yield to maturity of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the
Redemption Date. The Adjusted Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

“Comparable Treasury Issue” means, with respect to any Redemption Date and a series of Bonds, the United States Treasury
security selected by the applicable Quotation Agent as having a maturity comparable to the remaining term of the applicable series of Bonds to be redeemed (assuming, for such purpose, that the 2031 Bonds matured on the 2031 Par Call Date and the
2041 Bonds matured on the 2041 Par Call Date (the “remaining term”)), that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such series of Bonds to be redeemed. 
 “Comparable Treasury Price” means, with respect
to any Redemption Date and a series of Bonds: 
  

	 	(1)	 the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest
and lowest of such Reference Treasury Dealer Quotations; or 

  

	 	(2)	 if the Quotation Agent obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all
such Reference Treasury Dealer Quotations so received. 

 “DTC” means The Depository Trust Company. 

“Original Issue Date” means March 11, 2021. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company for a series of Bonds. 

“Redemption Price” means (1) with respect to the 2023 Bonds, the price at which the 2023 Bonds may be redeemed pursuant
to Section 208(b) hereto, (2) with respect to the 2031 Bonds, the price at which the 2031 Bonds may be redeemed pursuant to Section 308(a) or Section 308(b) hereto, as applicable, and (3) with respect to the 2041 Bonds, the
price at which the 2041 Bonds may be redeemed pursuant to Section 408(a) or Section 408(b) hereto, as applicable. 

“Reference Treasury Dealer” means (1) each of BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Credit
Suisse Securities (USA) LLC, or their respective affiliates or 

  
 2 

 
successors, (2) one primary treasury dealer in certain U.S. government securities selected by MUFG Securities Americas Inc. and (3) one other primary treasury dealer in certain U.S.
government securities selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing
to the Company by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 

ARTICLE II 

ESTABLISHMENT OF 1.367% FIRST MORTGAGE BONDS DUE 2023 

SECTION 201 Establishment and Designation of the 2023 Bonds. 

Pursuant to the terms hereof and Section 3.01 and Article V of the Mortgage Indenture, the Company hereby establishes a thirty-seventh
series of Bonds designated as the “1.367% First Mortgage Bonds due 2023” (“2023 Bonds”). The 2023 Bonds may be reopened, from time to time, for issuances of additional Bonds of such series subject to the terms of Article V
of the Mortgage Indenture, and any additional Bonds issued and comprising 2023 Bonds shall have identical terms as the 2023 Bonds, except that the issue price, issue date and, in some cases, the first Interest Payment Date may differ. 

SECTION 202 Form of 2023 Bonds. 
 The
2023 Bonds shall be issued in the form of one or more Global Bonds in substantially the form set forth in Exhibit A. 
 SECTION 203 Principal Amount.

 The 2023 Bonds shall be issued in an initial aggregate principal amount of $1,500,000,000. 

SECTION 204 Interest Rate; Stated Maturity; Minimum Denominations. 

The 2023 Bonds shall bear interest at the rate of 1.367% per annum and shall have a Stated Maturity of March 10, 2023. 

The 2023 Bonds are issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

SECTION 205 No Sinking Fund. 
 No sinking
fund is provided for any of the 2023 Bonds. 

  
 3 

 SECTION 206 Paying Agent and Bond Registrar. 

The Trustee is hereby appointed as initial Paying Agent and initial Bond Registrar for the 2023 Bonds. The Place of Payment of the 2023 Bonds
shall be the Corporate Trust Office of the Trustee. 
 SECTION 207 Global Securities; Appointment of Depositary for Global Securities. 

The 2023 Bonds shall be issued in the form of one or more permanent Global Bonds as provided in Section 3.14 of the Mortgage Indenture
and deposited with, or on behalf of, the Depositary, or with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee. The Company hereby initially appoints DTC to act as the Depositary with respect
to all 2023 Bonds, and the 2023 Bonds shall initially be registered in the name of Cede & Co., as the nominee of DTC. 
 The
Company and DTC have executed a Blanket Letter of Representations, and the Trustee is hereby authorized, in connection with any successor nominee for DTC or any successor Depositary, to enter into appropriate or comparable arrangements, if
necessary, and shall have the same rights with respect to its actions thereunder as it has with respect to its actions under the Mortgage Indenture. 

None of the Company, the Trustee, any Paying Agent or any Bond Registrar will have any responsibility or liability for any aspect of
Depositary records relating to, or payments made on account of, beneficial ownership interests in a Global Bond or for maintaining, supervising or reviewing any Depositary records relating to such beneficial ownership interests, or for transfers of
beneficial interests in the 2023 Bonds or any transactions between the Depositary and beneficial owners. 
 SECTION 208 Optional Redemption. 

(a) Prior to September 10, 2021, the Company may not redeem the 2023 Bonds. 

(b) Subject to the terms and conditions of the Mortgage Indenture, the 2023 Bonds are redeemable at the option of the Company, in whole or in
part at any time on or after September 10, 2021, at a Redemption Price equal to 100% of the principal amount of the 2023 Bonds to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

(c) The Company shall calculate the Redemption Price for the redemption of any 2023 Bonds pursuant to Section 208(b), and notify the
Trustee and, on or before the applicable Redemption Date, deposit with the Trustee or Paying Agent sufficient funds to pay the applicable Redemption Price for the 2023 Bonds to be redeemed on such Redemption Date. 

(d) Notice of any redemption pursuant to Section 208(b) shall be given (i) to Holders of the 2023 Bonds in the manner set forth in
Section 6.04 of the Mortgage Indenture and by e-mail to the Depositary and (ii) to the Trustee in accordance with Section 6.02 of the Mortgage Indenture. 

  
 4 

 SECTION 209 Other Terms of the 2023 Bonds. 

The other terms of the 2023 Bonds shall be as expressly set forth herein and in Exhibit A. 

ARTICLE III 

ESTABLISHMENT OF 3.25% FIRST MORTGAGE BONDS DUE 2031 

SECTION 301 Establishment and Designation of the 2031 Bonds. 

Pursuant to the terms hereof and Section 3.01 and Article V of the Mortgage Indenture, the Company hereby establishes a thirty-eighth
series of Bonds designated as the “3.25% First Mortgage Bonds due 2031” (“2031 Bonds”). The 2031 Bonds may be reopened, from time to time, for issuances of additional Bonds of such series subject to the terms of Article V
of the Mortgage Indenture, and any additional Bonds issued and comprising 2031 Bonds shall have identical terms as the 2031 Bonds, except that the issue price, issue date and, in some cases, the first Interest Payment Date may differ. 

SECTION 302 Form of 2031 Bonds. 
 The
2031 Bonds shall be issued in the form of one or more Global Bonds in substantially the form set forth in Exhibit B. 
 SECTION 303 Principal Amount.

 The 2031 Bonds shall be issued in an initial aggregate principal amount of $450,000,000. 

SECTION 304 Interest Rate; Stated Maturity; Minimum Denominations. 

The 2031 Bonds shall bear interest at the rate of 3.25% per annum and shall have a Stated Maturity of June 1, 2031. 

The 2031 Bonds are issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

SECTION 305 No Sinking Fund. 
 No sinking
fund is provided for any of the 2031 Bonds. 
 SECTION 306 Paying Agent and Bond Registrar. 

The Trustee is hereby appointed as initial Paying Agent and initial Bond Registrar for the 2031 Bonds. The Place of Payment of the 2031 Bonds
shall be the Corporate Trust Office of the Trustee. 
 SECTION 307 Global Securities; Appointment of Depositary for Global Securities. 

The 2031 Bonds shall be issued in the form of one or more permanent Global Bonds as provided in Section 3.14 of the Mortgage Indenture
and deposited with, or on behalf of, the 

  
 5 

 
Depositary, or with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee. The Company hereby initially appoints DTC to act as the Depositary
with respect to all 2031 Bonds, and the 2031 Bonds shall initially be registered in the name of Cede & Co., as the nominee of DTC. 

The Company and DTC have executed a Blanket Letter of Representations, and the Trustee is hereby authorized, in connection with any successor
nominee for DTC or any successor Depositary, to enter into appropriate or comparable arrangements, if necessary, and shall have the same rights with respect to its actions thereunder as it has with respect to its actions under the Mortgage
Indenture. 
 None of the Company, the Trustee, any Paying Agent or any Bond Registrar will have any responsibility or liability for any
aspect of Depositary records relating to, or payments made on account of, beneficial ownership interests in a Global Bond or for maintaining, supervising or reviewing any Depositary records relating to such beneficial ownership interests, or for
transfers of beneficial interests in the 2031 Bonds or any transactions between the Depositary and beneficial owners. 
 SECTION 308 Optional
Redemption. 
 (a) Subject to the terms and conditions of the Mortgage Indenture, the 2031 Bonds are redeemable at the option of the
Company, in whole or in part at any time prior to the 2031 Par Call Date, at a Redemption Price equal to the greater of: 
 (i) 100% of the
principal amount of the 2031 Bonds to be redeemed; or 
 (ii) as determined by the Quotation Agent, the sum of the present values of the
remaining scheduled payments of principal and interest on the 2031 Bonds to be redeemed that would be due if the 2031 Bonds matured on the 2031 Par Call Date (not including any portion of payments of interest accrued as of the Redemption Date),
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Adjusted Treasury Rate plus 25
basis points, 
 plus, in either of the above cases, accrued and unpaid interest thereon to, but not including, the Redemption Date. 

(b) Subject to the terms and conditions of the Mortgage Indenture, at any time on or after the 2031 Par Call Date, the 2031 Bonds are
redeemable at the option of the Company in whole or in part, at a Redemption Price equal to 100% of the principal amount of the 2031 Bonds to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

(c) The Redemption Price shall be calculated assuming a 360-day year consisting of twelve 30-day months. 
 (d) The Company shall calculate the Redemption Price for the redemption of any 2031
Bonds pursuant to Section 308(a) or Section 308(b), and notify the Trustee and, on or before the applicable Redemption Date, deposit with the Trustee or Paying Agent sufficient funds to pay the applicable Redemption Price for the 2031
Bonds to be redeemed on such Redemption Date. 

  
 6 

 (e) Notice of any redemption pursuant to Section 308(a) or Section 308(b) shall be
given (i) to Holders of the 2031 Bonds in the manner set forth in Section 6.04 of the Mortgage Indenture and by e-mail to the Depositary and (ii) to the Trustee in accordance with
Section 6.02 of the Mortgage Indenture. 
 SECTION 309 Other Terms of the 2031 Bonds. 

The other terms of the 2031 Bonds shall be as expressly set forth herein and in Exhibit B. 

ARTICLE IV 

ESTABLISHMENT OF 4.20% FIRST MORTGAGE BONDS DUE 2041 

SECTION 401 Establishment and Designation of the 2041 Bonds. 

Pursuant to the terms hereof and Section 3.01 and Article V of the Mortgage Indenture, the Company hereby establishes a thirty-ninth
series of Bonds designated as the “4.20% First Mortgage Bonds due 2041” (“2041 Bonds”). The 2041 Bonds may be reopened, from time to time, for issuances of additional Bonds of such series subject to the terms of Article V
of the Mortgage Indenture, and any additional Bonds issued and comprising 2041 Bonds shall have identical terms as the 2041 Bonds, except that the issue price, issue date and, in some cases, the first Interest Payment Date may differ. 

SECTION 402 Form of 2041 Bonds. 
 The
2041 Bonds shall be issued in the form of one or more Global Bonds in substantially the form set forth in Exhibit C. 
 SECTION 403 Principal Amount.

 The 2041 Bonds shall be issued in an initial aggregate principal amount of $450,000,000. 

SECTION 404 Interest Rate; Stated Maturity; Minimum Denominations. 

The 2041 Bonds shall bear interest at the rate of 4.20% per annum and shall have a Stated Maturity of June 1, 2041. 

The 2041 Bonds are issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

SECTION 405 No Sinking Fund. 
 No sinking
fund is provided for any of the 2041 Bonds. 

  
 7 

 SECTION 406 Paying Agent and Bond Registrar. 

The Trustee is hereby appointed as initial Paying Agent and initial Bond Registrar for the 2041 Bonds. The Place of Payment of the 2041 Bonds
shall be the Corporate Trust Office of the Trustee. 
 SECTION 407 Global Securities; Appointment of Depositary for Global Securities. 

The 2041 Bonds shall be issued in the form of one or more permanent Global Bonds as provided in Section 3.14 of the Mortgage Indenture
and deposited with, or on behalf of, the Depositary, or with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee. The Company hereby initially appoints DTC to act as the Depositary with respect
to all 2041 Bonds, and the 2041 Bonds shall initially be registered in the name of Cede & Co., as the nominee of DTC. 
 The
Company and DTC have executed a Blanket Letter of Representations, and the Trustee is hereby authorized, in connection with any successor nominee for DTC or any successor Depositary, to enter into appropriate or comparable arrangements, if
necessary, and shall have the same rights with respect to its actions thereunder as it has with respect to its actions under the Mortgage Indenture. 

None of the Company, the Trustee, any Paying Agent or any Bond Registrar will have any responsibility or liability for any aspect of
Depositary records relating to, or payments made on account of, beneficial ownership interests in a Global Bond or for maintaining, supervising or reviewing any Depositary records relating to such beneficial ownership interests, or for transfers of
beneficial interests in the 2041 Bonds or any transactions between the Depositary and beneficial owners. 
 SECTION 408 Optional Redemption. 

(a) Subject to the terms and conditions of the Mortgage Indenture, the 2041 Bonds are redeemable at the option of the Company, in whole or in
part at any time prior to the 2041 Par Call Date, at a Redemption Price equal to the greater of: 
 (i)100% of the principal amount of the
2041 Bonds to be redeemed; or 
 (ii)as determined by the Quotation Agent, the sum of the present values of the remaining scheduled
payments of principal and interest on the 2041 Bonds to be redeemed that would be due if the 2041 Bonds matured on the 2041 Par Call Date (not including any portion of payments of interest accrued as of the Redemption Date), discounted to the
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Adjusted Treasury Rate plus 30 basis points, 

plus, in either of the above cases, accrued and unpaid interest thereon to, but not including, the Redemption Date. 

(b) Subject to the terms and conditions of the Mortgage Indenture, at any time on or after the 2041 Par Call Date, the 2041 Bonds are
redeemable at the option of the Company in 

  
 8 

 
whole or in part, at a Redemption Price equal to 100% of the principal amount of the 2041 Bonds to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption
Date. 
 (c) The Redemption Price shall be calculated assuming a 360-day year consisting of twelve 30-day months. 
 (d) The Company shall calculate the Redemption Price for the redemption of any 2041
Bonds pursuant to Section 408(a) or Section 408(b), and notify the Trustee and, on or before the applicable Redemption Date, deposit with the Trustee or Paying Agent sufficient funds to pay the applicable Redemption Price for the 2041
Bonds to be redeemed on such Redemption Date. 
 (e) Notice of any redemption pursuant to Section 408(a) or Section 408(b) shall
be given (i) to Holders of the 2041 Bonds in the manner set forth in Section 6.04 of the Mortgage Indenture and by e-mail to the Depositary and (ii) to the Trustee in accordance with
Section 6.02 of the Mortgage Indenture. 
 SECTION 409 Other Terms of the 2041 Bonds. 

The other terms of the 2041 Bonds shall be as expressly set forth herein and in Exhibit C. 

ARTICLE V 
 AMENDMENT,
SUPPLEMENT AND WAIVER 
 The Trustee and the Company may not modify, amend or supplement this Eighth Supplemental Indenture except as
set forth in Article XIV of the Mortgage Indenture as if (a) references in Article XIV to “this Indenture” and “hereto” are deemed to include the Eighth Supplemental Indenture, and (b) references to the Bonds of any
series “Outstanding under this Indenture” (or similar expressions and phrases) are deemed to refer only to the Bonds of each series established hereby and no other Bonds. 

ARTICLE VI 

COVENANTS 
 Each of
the agreements and covenants of the Company contained in Article VII of the Mortgage Indenture shall apply to the Bonds of each series established hereby as of the Original Issue Date. 

ARTICLE VII 

MISCELLANEOUS 
 SECTION 701
Concerning the Trustee. 
 The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Eighth Supplemental Indenture or the due execution hereof by the 

  
 9 

 
Company, or for or in respect of the recitals and statements contained herein, all of which recitals and statements are made solely by the Company. Except as herein otherwise provided, no duties,
responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Eighth Supplemental Indenture other than as set forth in the Mortgage Indenture; and this Eighth Supplemental Indenture is executed
and accepted on behalf of the Trustee, subject to all the terms and conditions set forth in the Mortgage Indenture, as fully to all intents as if the same were herein set forth at length. 

SECTION 702 Application of Eighth Supplemental Indenture. 

Except as provided herein, each and every term and condition contained in this Eighth Supplemental Indenture that modifies, amends or
supplements the terms and conditions of the Mortgage Indenture shall apply only to the Bonds of each series established hereby and not to any other series of Bonds established under the Mortgage Indenture. Except as specifically amended and
supplemented by, or to the extent inconsistent with, this Eighth Supplemental Indenture, the Mortgage Indenture shall remain in full force and effect and is hereby ratified and confirmed. 

SECTION 703 Headings. 
 The headings of
the several Articles of this Eighth Supplemental Indenture are inserted for convenience of reference, and shall not be deemed to be any part hereof. 

SECTION 704 Effective Date. 
 This Eighth
Supplemental Indenture shall be effective upon the execution and delivery hereof by each of the parties hereto. 
 SECTION 705 Counterparts. 

This Eighth Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts shall together constitute but
one and the same instrument. Delivery of an executed Eighth Supplemental Indenture by one party to the other may be made by facsimile, electronic mail (including any electronic signature complying with the New York Electronic Signatures and Records
Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes. 
 SECTION 706 Governing Law. 

The laws of the State of New York shall govern this Eighth Supplemental Indenture, the 2023 Bonds, the 2031 Bonds and the 2041 Bonds, without
giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

  
 10 

 SECTION 707 Severability. 

In case any provision in this Eighth Supplemental Indenture, the 2023 Bonds, the 2031 Bonds or the 2041 Bonds shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 708
Incorporation by Reference. 
 The terms of Schedule 1 attached hereto are incorporated herein and made a part hereof by this
reference. 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Eighth Supplemental Indenture to be
duly executed as of the day and year first above written. 
  

			
	PACIFIC GAS AND ELECTRIC COMPANY,
	as Issuer (Mortgagor)
		
	By:	 	 /s/ Margaret K. Becker

	Name:	 	Margaret K. Becker
	Title:	 	Senior Director and Treasurer
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee (Mortgagee)

		
	By:	 	 /s/ Nathan Turner

	Name:	 	Nathan Turner
	Title:	 	Vice President

	
	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or validity of that document.

  

			
	STATE OF CALIFORNIA	  	}
		  	}
	COUNTY OF SAN FRANCISCO	  	}

 On March 9, 2021, before me, Jolie F. Ocampo, a notary public, personally appeared Margaret K. Becker, who proved to me
on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument the person, or the
entity upon behalf of which the person acted, executed the instrument. 
 I certify under PENALTY OF PERJURY under the laws of the State of California that
the foregoing paragraph is true and correct. 
 WITNESS my hand and official seal. 

 

	
	 /s/ Jolie F. Ocampo

	Signature

 (Seal) 

	
	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or validity of that document.

  

			
	STATE OF FLORIDA	  	}
		  	}
	COUNTY OF DUVAL	  	}

 On March 9, 2021, before me, Joshua P. Kakareka, a notary public, personally appeared Nathan Turner, a Vice President of
The Bank of New York Mellon Trust Company, N.A., and who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity, and that by his/her/their signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 

WITNESS my hand and official seal. 
  

	
	 /s/ Joshua P. Kakareka

	Signature

 Joshua P. Karareka 
 Notary
Public 
 State of Florida 
 Comm#GG931852 

Expires 11/13/2023 
 (Seal) 

 EXHIBIT A 

[FORM OF 1.367% FIRST MORTGAGE BOND DUE 2023] 

[FORM OF FACE OF BOND] 
 THIS
BOND IS A GLOBAL BOND WITHIN THE MEANING OF THE MORTGAGE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE MORTGAGE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL BOND IS EXCHANGEABLE FOR BONDS
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE MORTGAGE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR BONDS IN CERTIFICATED FORM, THIS GLOBAL
BOND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE
FOLLOWING SUMMARY OF TERMS IS SUBJECT TO THE INFORMATION SET FORTH ON THE REVERSE HEREOF: 
  

					
	 PRINCIPAL AMOUNT:
 $1,500,000,000
	  	 ORIGINAL ISSUE DATE:
 March 11,
2021
	  	 INTEREST RATE:
 1.367% per annum

			
	 MATURITY DATE:
 March 10, 2023
	  	 INTEREST PAYMENT DATES:
 March 10 and
September 10 of
 each year, commencing
 September 10,
2021
	  	 THIS BOND IS A:
 ☒ Global Book-Entry
Bond
 ☐ Certificated Bond

		
	REGISTERED OWNER: Cede & Co., as nominee of The Depository Trust Company	  	

  
 A-1 

 PACIFIC GAS AND ELECTRIC COMPANY 

1.367% FIRST MORTGAGE BOND DUE 2023 

(Fixed Rate) 
  

			
	No. [●]	  	Principal Amount: $[●]
	CUSIP [●]	  	

 PACIFIC GAS AND ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the State of
California (herein called the “Company,” which term includes any successor Person pursuant to the applicable provisions of the Mortgage Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co.,
as nominee for The Depository Trust Company, or registered assigns, the Principal Amount stated above on the Maturity Date stated above, and to pay interest thereon from and including the Original Issue Date stated above or, in the case of a 1.367%
First Mortgage Bond Due 2023 issued upon the registration of transfer or exchange, from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on the Interest Payment Dates
set forth above and on the Maturity Date stated above at the rate of 1.367% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Mortgage Indenture, be paid to the Person in whose name this 1.367% First Mortgage Bond Due 2023 (this “Bond”) (or one or more Predecessor Bonds) is registered at the close of business on the Regular Record Date
for such interest, which shall be February 24 or August 27 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date; provided, however, that interest payable at the Maturity Date or on a Redemption
Date will be paid to the Person to whom principal is payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Bond (or one or more Predecessor Bonds) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, as set forth in Section 3.07 of the Mortgage Indenture,
notice whereof shall be given to Holders of Bonds of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of the Mortgage Indenture and any
securities exchange, if any, on which the Bonds of this series may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in said Mortgage Indenture. 

Payments of interest on this Bond will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for
this Bond shall be computed and paid on the basis of the 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Bond
(other than the Maturity Date) is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same
force and effect as if made on the date the payment was originally payable. If the Maturity Date falls on a day that is not a Business Day, the payment of principal, premium, if any, and interest may be made on the next succeeding Business Day, and
no interest on such payment shall accrue for the period from and after maturity. 

  
 A-2 

 Payment of principal of, premium, if any, and interest on the Bonds of this series shall be
made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on the Bonds of this series represented by a
Global Bond shall be made by wire transfer of immediately available funds to the Holder of such Global Bond, provided that, in the case of payments of principal and premium, if any, such Global Bond is first surrendered to the Paying Agent. If any
of the Bonds of this series are no longer represented by a Global Bond, (i) payments of principal, premium, if any, and interest due on the Maturity Date or on a Redemption Date of such Bonds shall be made at the office of the Paying Agent upon
surrender of such Bonds to the Paying Agent, and (ii) payments of interest shall be made, at the option of the Company, subject to such surrender where applicable, (A) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Bond Register or (B) by wire transfer to registered Holders of at least $10,000,000 in principal amount of Bonds at such place and to such account at a banking institution in the United States as such Holders may
designate in writing to the Trustee at least sixteen (16) days prior to the date for payment. 
 REFERENCE IS HEREBY MADE TO THE
FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

  
 A-3 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual or electronic signature, this Bond shall not be entitled to any benefit under the Mortgage Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: March 11, 2021 
  

					
	PACIFIC GAS AND ELECTRIC COMPANY
		
	By	 	  

		 	Name:	 	David Thomason
		 	Title:	 	 Vice President, Chief Financial Officer
 and
Controller

		
	By	 	  

		 	Name:	 	Margaret K. Becker
		 	Title:	 	Senior Director and Treasurer

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Bonds of the series designated as Bonds of the 1.367% First Mortgage Bonds due 2023 referred to in the within-mentioned
Mortgage Indenture. 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: March 11, 2021 

  
 A-5 

 [FORM OF REVERSE OF 1.367% FIRST MORTGAGE BOND DUE 2023] 

This 1.367% First Mortgage Bond due 2023 is one of a duly authorized issue of Bonds of the Company (the “Bonds”), issued and
issuable in one or more series under and equally secured by an Indenture of Mortgage, dated as of June 19, 2020 (such Mortgage Indenture as originally executed and delivered and as supplemented or amended from time to time thereafter, together
with any constituent instruments establishing the terms of particular Bonds, being herein called the “Mortgage Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Mortgage Indenture), and reference is hereby made to the Mortgage Indenture for a description of the property mortgaged, pledged and held in trust, the nature and extent
of the security and the respective rights, limitations of rights, duties and immunities of the Company, the Trustee and the Holders of Bonds thereunder and of the terms and conditions upon which Bonds are, and are to be, authenticated and delivered.
The acceptance of this Bond shall be deemed to constitute the consent and agreement by the Holder hereof to all of the terms and provisions of the Mortgage Indenture. 

The Company shall not be required to make any mandatory redemption or sinking fund payments with respect to the Bonds of this series. 

Subject to the terms and conditions of the Mortgage Indenture, the Bonds of this series are redeemable at the option of the Company
(“Optional Redemption”), in whole or in part at any time on or after September 10, 2021, at a Redemption Price equal to 100% of the principal amount of the 2023 Bonds of this series to be redeemed, plus accrued and unpaid
interest thereon to, but not including, the Redemption Date. 
 Interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to Holders of such Bonds of this series, or one or more Predecessor Bonds, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Mortgage Indenture.

 In the case of an Optional Redemption, notice of redemption will be sent not less than 10 days nor more than 60 days prior to the
Redemption Date to each Holder of Bonds of this series to be redeemed. If money sufficient to pay the Redemption Price of all Bonds of this series (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent or the
Trustee on or prior to the Redemption Date, from and after such Redemption Date such Bonds of this series or portions thereof shall cease to bear interest. The Bonds of this series in denominations larger than $2,000 in principal amount may be
redeemed in part but only in integral multiples of $1,000. 
 In the event of redemption of this Bond in part only, a new Bond or Bonds of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof. 

As provided in the Mortgage Indenture and subject to certain limitations therein set forth, this Bond or any portion of the principal amount
hereof will be deemed to have been paid for all purposes of the Mortgage Indenture and to be no longer Outstanding thereunder, and the 

  
 A-6 

 
Company’s entire indebtedness in respect thereof will be satisfied and discharged, if there has been irrevocably deposited with the Trustee or any Paying Agent (other than the Company), in
trust, money in an amount which will be sufficient and/or Eligible Obligations, the principal of and interest on which when due, without regard to any reinvestment thereof, will provide moneys which, together with money, if any, deposited with or
held by the Trustee or such Paying Agent, will be sufficient to pay when due the principal of and premium, if any, and interest on this Bond when due. 

If an Event of Default shall occur and be continuing as provided in the Mortgage Indenture, the Trustee or the Holders of not less than 25% in
aggregate principal amount of Bonds then Outstanding, considered as one class, may declare the principal amount of all Bonds then Outstanding to be due and payable immediately by notice in writing to the Company (and to the Trustee if given by
Holders); provided, however, that with respect to certain Events of Default relating to bankruptcy, insolvency and similar events, the principal amount of all Bonds then Outstanding shall be due and payable immediately without further
action by the Trustee or the Holders. 
 The Mortgage Indenture permits, with certain exceptions as therein provided, the Company and the
Trustee to enter into one or more supplemental indentures for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Mortgage Indenture with the consent of the Holders of not less than a
majority in aggregate principal amount of the Bonds at the time Outstanding, considered as one class; provided, however, that if there shall be Bonds of more than one series Outstanding under the Mortgage Indenture and if a proposed
supplemental indenture shall directly affect the rights of the Holders of Bonds of one or more, but less than all, of such series, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Bonds of all
series so directly affected, considered as one class, shall be required; and provided, further, that if the Bonds of any series shall have been issued in more than one Tranche and if a proposed supplemental indenture shall directly
affect the rights of the Holders of Bonds of one or more, but less than all, of such Tranches, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Bonds of all Tranches so directly affected, considered
as one class, shall be required; and provided, further, that the Mortgage Indenture permits the Company and the Trustee to enter into one or more supplemental indentures for certain purposes without the consent of any Holders of Bonds.
The Mortgage Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of Bonds, on behalf of the Holders of all such Bonds, to waive certain past defaults under the Mortgage Indenture and their
consequences. Any such consent or waiver by the Holder of this Bond shall be conclusive and binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Bond. 
 As provided in and subject to the provisions of
the Mortgage Indenture, the Holder of this Bond shall not have the right to institute any proceeding with respect to the Mortgage Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default, the Holders of at least 25% in aggregate principal amount of the Bonds at the time Outstanding shall have made written request to the Trustee to institute proceedings
in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have 

  
 A-7 

 
received from the Holders of at least a majority in aggregate principal amount of Bonds at the time Outstanding a direction inconsistent with such written request, and shall have failed to
institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Bond for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Mortgage Indenture and no
provision of this Bond or of the Mortgage Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Bond at the times, place and rate, and in the
coin or currency, herein prescribed. 
 As provided in the Mortgage Indenture and subject to certain limitations therein set forth, the
transfer of this Bond is registrable in the Bond Register, upon surrender of this Bond for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Bond are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee or the Bond Registrar, as the case may be, duly executed by the Holder hereof or such Holder’s attorney duly authorized in
writing, and thereupon one or more new Bonds of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Bonds of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000
in excess thereof. As provided in the Mortgage Indenture and subject to certain limitations therein set forth, Bonds of this series are exchangeable for a like aggregate principal amount of Bonds of this series and of like tenor of a different
authorized denomination, as requested by the Holders surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

The Company shall not be required to execute or to provide for the registration of the transfer of or the exchange of (A) any Bond of
this series during a period of 15 days immediately preceding the date notice is to be given identifying the serial numbers (or with respect to Global Bonds, CUSIP numbers) of the Bonds of this series called for redemption, or (B) any Bond of
this series selected for redemption in whole or in part, except the unredeemed portion of any Bond of this series being redeemed in part. 

Prior to due presentment of this Bond for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Bond is registered as the owner hereof for all purposes, whether or not this Bond is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Bond shall be governed by, and construed and enforced in accordance with, the laws of the State of New York without regard to the
principles of conflicts of laws thereunder, except to the extent that the Trust Indenture Act shall be applicable. 

  
 A-8 

 As provided in the Mortgage Indenture, no recourse shall be had for the payment of the
principal of, premium, if any, or interest with respect to this Bond, or any part thereof, or for any claim based hereon or otherwise in respect hereof, or of the indebtedness represented hereby, or upon any obligation, covenant or agreement under
the Mortgage Indenture, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or successor
corporation), whether by virtue of any constitutional provision, statute or rule of law or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Mortgage Indenture and all the Bonds are
solely corporate obligations and that any such personal liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of the Mortgage Indenture and the issuance of this Bond. 

All terms used in this Bond which are not defined herein shall have the meanings assigned to them in the Mortgage Indenture. 

  
 A-9 

 ASSIGNMENT FORM 

 

			
	To assign this Bond, fill in the form below: (I) or (we) assign and transfer this Bond to	 	  

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	  

	  

	  

	  

	  

	(Print or type assignee’s name, address and zip code)

			
		
	and irrevocably appoint	 	  

			
	to transfer this Bond on the books of the Company. The agent may substitute another to act for him.

  

			
		
	Date:	 	 

  

			
		
	 Your signature:
	 	 
	 (Sign exactly as your name appears on the face of this Bond)

	
	 Tax Identification No.:

	
	 SIGNATURE GUARANTEE:

	
	  

	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Bond Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Bond Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

  
 A-10 

 EXHIBIT B 

[FORM OF 3.25% FIRST MORTGAGE BOND DUE 2031] 

[FORM OF FACE OF BOND] 
 THIS
BOND IS A GLOBAL BOND WITHIN THE MEANING OF THE MORTGAGE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE MORTGAGE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL BOND IS EXCHANGEABLE FOR BONDS
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE MORTGAGE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR BONDS IN CERTIFICATED FORM, THIS GLOBAL
BOND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE
FOLLOWING SUMMARY OF TERMS IS SUBJECT TO THE INFORMATION SET FORTH ON THE REVERSE HEREOF: 
  

					
	 PRINCIPAL AMOUNT:
 $450,000,000
	  	 ORIGINAL ISSUE DATE:
 March 11,
2021
	  	 INTEREST RATE:
 3.25% per annum

			
	 MATURITY DATE:
 June 1, 2031
	  	 INTEREST PAYMENT DATES:
 June 1 and
December 1 of each year, commencing June 1, 2021
	  	 THIS BOND IS A:
 ☒ Global Book-Entry
Bond
 ☐ Certificated Bond

		
	 REGISTERED OWNER: Cede & Co., as nominee of The Depository Trust
Company
	  	

  
 B-1 

 PACIFIC GAS AND ELECTRIC COMPANY 

3.25% FIRST MORTGAGE BOND DUE 2031 

(Fixed Rate) 
  

			
	No. [●]	  	Principal Amount: $[●]
	CUSIP [●]	  	

 PACIFIC GAS AND ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the State of
California (herein called the “Company,” which term includes any successor Person pursuant to the applicable provisions of the Mortgage Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co.,
as nominee for The Depository Trust Company, or registered assigns, the Principal Amount stated above on the Maturity Date stated above, and to pay interest thereon from and including the Original Issue Date stated above or, in the case of a 3.25%
First Mortgage Bond Due 2031 issued upon the registration of transfer or exchange, from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on the Interest Payment Dates
set forth above and on the Maturity Date stated above at the rate of 3.25% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Mortgage Indenture, be paid to the Person in whose name this 3.25% First Mortgage Bond Due 2031 (this “Bond”) (or one or more Predecessor Bonds) is registered at the close of business on the Regular Record Date
for such interest, which shall be May 15 or November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date; provided, however, that interest payable at the Maturity Date or on a Redemption Date
will be paid to the Person to whom principal is payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name
this Bond (or one or more Predecessor Bonds) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, as set forth in Section 3.07 of the Mortgage Indenture, notice
whereof shall be given to Holders of Bonds of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of the Mortgage Indenture and any securities
exchange, if any, on which the Bonds of this series may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in said Mortgage Indenture. 

Payments of interest on this Bond will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for
this Bond shall be computed and paid on the basis of the 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Bond
(other than the Maturity Date) is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same
force and effect as if made on the date the payment was originally payable. If the Maturity Date falls on a day that is not a Business Day, the payment of principal, premium, if any, and interest may be made on the next succeeding Business Day, and
no interest on such payment shall accrue for the period from and after maturity. 

  
 B-2 

 Payment of principal of, premium, if any, and interest on the Bonds of this series shall be
made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on the Bonds of this series represented by a
Global Bond shall be made by wire transfer of immediately available funds to the Holder of such Global Bond, provided that, in the case of payments of principal and premium, if any, such Global Bond is first surrendered to the Paying Agent. If any
of the Bonds of this series are no longer represented by a Global Bond, (i) payments of principal, premium, if any, and interest due on the Maturity Date or on a Redemption Date of such Bonds shall be made at the office of the Paying Agent upon
surrender of such Bonds to the Paying Agent, and (ii) payments of interest shall be made, at the option of the Company, subject to such surrender where applicable, (A) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Bond Register or (B) by wire transfer to registered Holders of at least $10,000,000 in principal amount of Bonds at such place and to such account at a banking institution in the United States as such Holders may
designate in writing to the Trustee at least sixteen (16) days prior to the date for payment. 
 REFERENCE IS HEREBY MADE TO THE
FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

  
 B-3 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual or electronic signature, this Bond shall not be entitled to any benefit under the Mortgage Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: March 11, 2021 
  

			
	PACIFIC GAS AND ELECTRIC COMPANY
		
	By	 	  

	Name:	 	David Thomason
	Title:	 	Vice President, Chief Financial Officer and Controller
		
	By	 	  

	Name:	 	Margaret K. Becker
	Title:	 	Senior Director and Treasurer

  
 B-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Bonds of the series designated as Bonds of the 3.25% First Mortgage Bonds due 2031 referred to in the within-mentioned
Mortgage Indenture. 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	 By:
	 	  

		 	Authorized Signatory

 Dated: March 11, 2021 

  
 B-5 

 [FORM OF REVERSE OF 3.25% FIRST MORTGAGE BOND DUE 2031] 

This 3.25% First Mortgage Bond due 2031 is one of a duly authorized issue of Bonds of the Company (the “Bonds”), issued and
issuable in one or more series under and equally secured by an Indenture of Mortgage, dated as of June 19, 2020 (such Mortgage Indenture as originally executed and delivered and as supplemented or amended from time to time thereafter, together
with any constituent instruments establishing the terms of particular Bonds, being herein called the “Mortgage Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Mortgage Indenture), and reference is hereby made to the Mortgage Indenture for a description of the property mortgaged, pledged and held in trust, the nature and extent
of the security and the respective rights, limitations of rights, duties and immunities of the Company, the Trustee and the Holders of Bonds thereunder and of the terms and conditions upon which Bonds are, and are to be, authenticated and delivered.
The acceptance of this Bond shall be deemed to constitute the consent and agreement by the Holder hereof to all of the terms and provisions of the Mortgage Indenture. 

The Company shall not be required to make any mandatory redemption or sinking fund payments with respect to the Bonds of this series. 

Subject to the terms and conditions of the Mortgage Indenture, the Bonds of this series are also redeemable at the option of the Company
(“Optional Redemption”), in whole or in part (a) at any time prior to March 1, 2031 (the “Par Call Date”) at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of the Bonds of this series to be redeemed; or 

(ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the
Bonds of this series to be redeemed that would be due if the Bonds of this series matured on the Par Call Date (not including any portion of payments of interest accrued as of the Redemption Date), discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Adjusted Treasury Rate plus 25 basis points 

plus, in either of the above cases, accrued and unpaid interest thereon to, but not including, the Redemption Date; and (b) at any time on or after the
Par Call Date, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Bonds of this series to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

For purposes of determining the Redemption Price, the following terms have the following meanings: 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent
yield to maturity of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the Redemption Date. The
Adjusted Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

  
 B-6 

 “Comparable Treasury Issue” means, with respect to any Redemption Date, the
United States Treasury security selected by the applicable Quotation Agent as having a maturity comparable to the remaining term of the Bonds of this series to be redeemed (assuming, for such purpose, that the Bonds of this series matured on the Par
Call Date (the “remaining term”)), that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such
series of Bonds to be redeemed. 
 “Comparable Treasury Price” means, with respect to any Redemption Date: 

 

	 	(1)	 the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest
and lowest of such Reference Treasury Dealer Quotations; or 

  

	 	(2)	 if the Quotation Agent obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all
such Reference Treasury Dealer Quotations so received. 

 “Quotation Agent” means the Reference Treasury
Dealer appointed by the Company for the Bonds of this series. 
 “Reference Treasury Dealer” means (1) each of BNP
Paribas Securities Corp., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC, or their respective affiliates or successors, (2) one primary treasury dealer in certain U.S. government securities selected by MUFG Securities
Americas Inc. and (3) one other primary treasury dealer in certain U.S. government securities selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by that Reference Treasury Dealer at
5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 
 Interest installments whose Stated Maturity is
on or prior to such Redemption Date will be payable to Holders of such Bonds of this series, or one or more Predecessor Bonds, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the
Mortgage Indenture. 
 In the case of an Optional Redemption, notice of redemption will be sent not less than 10 days nor more than 60 days
prior to the Redemption Date to each Holder of Bonds of this series to be redeemed. If money sufficient to pay the Redemption Price of all Bonds of this series (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying
Agent or the Trustee on or prior to the Redemption Date, from and after such Redemption Date such Bonds of this series or portions thereof shall cease to bear interest. The Bonds of this series in denominations larger than $2,000 in principal amount
may be redeemed in part but only in integral multiples of $1,000. 

  
 B-7 

 In the event of redemption of this Bond in part only, a new Bond or Bonds of this series and
of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof. 
 As provided in
the Mortgage Indenture and subject to certain limitations therein set forth, this Bond or any portion of the principal amount hereof will be deemed to have been paid for all purposes of the Mortgage Indenture and to be no longer Outstanding
thereunder, and the Company’s entire indebtedness in respect thereof will be satisfied and discharged, if there has been irrevocably deposited with the Trustee or any Paying Agent (other than the Company), in trust, money in an amount which
will be sufficient and/or Eligible Obligations, the principal of and interest on which when due, without regard to any reinvestment thereof, will provide moneys which, together with money, if any, deposited with or held by the Trustee or such Paying
Agent, will be sufficient to pay when due the principal of and premium, if any, and interest on this Bond when due. 
 If an Event of
Default shall occur and be continuing as provided in the Mortgage Indenture, the Trustee or the Holders of not less than 25% in aggregate principal amount of Bonds then Outstanding, considered as one class, may declare the principal amount of all
Bonds then Outstanding to be due and payable immediately by notice in writing to the Company (and to the Trustee if given by Holders); provided, however, that with respect to certain Events of Default relating to bankruptcy, insolvency
and similar events, the principal amount of all Bonds then Outstanding shall be due and payable immediately without further action by the Trustee or the Holders. 

The Mortgage Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into one or more
supplemental indentures for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Mortgage Indenture with the consent of the Holders of not less than a majority in aggregate principal amount
of the Bonds at the time Outstanding, considered as one class; provided, however, that if there shall be Bonds of more than one series Outstanding under the Mortgage Indenture and if a proposed supplemental indenture shall directly
affect the rights of the Holders of Bonds of one or more, but less than all, of such series, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Bonds of all series so directly affected, considered as
one class, shall be required; and provided, further, that if the Bonds of any series shall have been issued in more than one Tranche and if a proposed supplemental indenture shall directly affect the rights of the Holders of Bonds of
one or more, but less than all, of such Tranches, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Bonds of all Tranches so directly affected, considered as one class, shall be required; and
provided, further, that the Mortgage Indenture permits the Company and the Trustee to enter into one or more supplemental indentures for certain purposes without the consent of any Holders of Bonds. The Mortgage Indenture also contains
provisions permitting the Holders of a majority in aggregate principal amount of Bonds, on behalf of the Holders of all such Bonds, to waive certain past defaults under the Mortgage Indenture and their consequences. Any such consent or waiver by the
Holder of this Bond shall be conclusive and binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Bond. 

  
 B-8 

 As provided in and subject to the provisions of the Mortgage Indenture, the Holder of this
Bond shall not have the right to institute any proceeding with respect to the Mortgage Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default, the Holders of at least 25% in aggregate principal amount of the Bonds at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as
Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of at least a majority in aggregate principal amount of Bonds at the time Outstanding a direction inconsistent with such written request,
and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Bond for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the
Mortgage Indenture and no provision of this Bond or of the Mortgage Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Bond at the times,
place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Mortgage Indenture and subject to certain limitations
therein set forth, the transfer of this Bond is registrable in the Bond Register, upon surrender of this Bond for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on
this Bond are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee or the Bond Registrar, as the case may be, duly executed by the Holder hereof or such Holder’s attorney
duly authorized in writing, and thereupon one or more new Bonds of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Bonds of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000
in excess thereof. As provided in the Mortgage Indenture and subject to certain limitations therein set forth, Bonds of this series are exchangeable for a like aggregate principal amount of Bonds of this series and of like tenor of a different
authorized denomination, as requested by the Holders surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

The Company shall not be required to execute or to provide for the registration of the transfer of or the exchange of (A) any Bond of
this series during a period of 15 days immediately preceding the date notice is to be given identifying the serial numbers (or with respect to Global Bonds, CUSIP numbers) of the Bonds of this series called for redemption, or (B) any Bond of
this series selected for redemption in whole or in part, except the unredeemed portion of any Bond of this series being redeemed in part. 

  
 B-9 

 Prior to due presentment of this Bond for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Bond is registered as the owner hereof for all purposes, whether or not this Bond is overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 This Bond shall be governed by, and construed and enforced in accordance with, the laws of the State
of New York without regard to the principles of conflicts of laws thereunder, except to the extent that the Trust Indenture Act shall be applicable. 

As provided in the Mortgage Indenture, no recourse shall be had for the payment of the principal of, premium, if any, or interest with respect
to this Bond, or any part thereof, or for any claim based hereon or otherwise in respect hereof, or of the indebtedness represented hereby, or upon any obligation, covenant or agreement under the Mortgage Indenture, against any incorporator,
shareholder, officer or director, as such, past, present or future, of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or successor corporation), whether by virtue of any
constitutional provision, statute or rule of law or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Mortgage Indenture and all the Bonds are solely corporate obligations and that any
such personal liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of the Mortgage Indenture and the issuance of this Bond. 

All terms used in this Bond which are not defined herein shall have the meanings assigned to them in the Mortgage Indenture. 

  
 B-10 

 ASSIGNMENT FORM 

 

			
	To assign this Bond, fill in the form below: (I) or (we) assign and transfer this Bond to	 	  

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	  

	  

	  

	  

	  

	(Print or type assignee’s name, address and zip code)

			
		
	and irrevocably appoint	 	  

	
	 to transfer this Bond on the books of the Company. The agent may substitute another to act for
him.

  

			
		
	Date:	 	 

  

			
		
	 Your signature:
	 	 
	 (Sign exactly as your name appears on the face of this Bond)

	
	 Tax Identification No.:

	
	 SIGNATURE GUARANTEE:

	
	  

	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Bond Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Bond Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

  
 B-11 

 EXHIBIT C 

[FORM OF 4.20% FIRST MORTGAGE BOND DUE 2041] 

[FORM OF FACE OF BOND] 
 THIS
BOND IS A GLOBAL BOND WITHIN THE MEANING OF THE MORTGAGE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE MORTGAGE INDENTURE) OR A NOMINEE THEREOF. THIS GLOBAL BOND IS EXCHANGEABLE FOR BONDS
REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE MORTGAGE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR BONDS IN CERTIFICATED FORM, THIS GLOBAL
BOND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE
FOLLOWING SUMMARY OF TERMS IS SUBJECT TO THE INFORMATION SET FORTH ON THE REVERSE HEREOF: 
  

					
	 PRINCIPAL AMOUNT:
 $450,000,000
	  	 ORIGINAL ISSUE DATE:
 March 11,
2021
	  	 INTEREST RATE:
 4.20% per annum

			
	 MATURITY DATE:
 June 1, 2041
	  	 INTEREST PAYMENT DATES:
 June 1 and
December 1 of each year, commencing June 1, 2021
	  	 THIS BOND IS A:
 ☒ Global Book-Entry
Bond
 ☐ Certificated Bond

		
	REGISTERED OWNER: Cede & Co., as nominee of The Depository Trust Company	  	

  
 C-1 

 PACIFIC GAS AND ELECTRIC COMPANY 

4.20% FIRST MORTGAGE BOND DUE 2041 

(Fixed Rate) 
  

			
	No. [●]	  	Principal Amount: $[●]
	CUSIP [●]	  	

 PACIFIC GAS AND ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the State of
California (herein called the “Company,” which term includes any successor Person pursuant to the applicable provisions of the Mortgage Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co.,
as nominee for The Depository Trust Company, or registered assigns, the Principal Amount stated above on the Maturity Date stated above, and to pay interest thereon from and including the Original Issue Date stated above or, in the case of a 4.20%
First Mortgage Bond Due 2041 issued upon the registration of transfer or exchange, from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on the Interest Payment Dates
set forth above and on the Maturity Date stated above at the rate of 4.20% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Mortgage Indenture, be paid to the Person in whose name this 4.20% First Mortgage Bond Due 2041 (this “Bond”) (or one or more Predecessor Bonds) is registered at the close of business on the Regular Record Date
for such interest, which shall be May 15 or November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date; provided, however, that interest payable at the Maturity Date or on a Redemption Date
will be paid to the Person to whom principal is payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name
this Bond (or one or more Predecessor Bonds) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, as set forth in Section 3.07 of the Mortgage Indenture, notice
whereof shall be given to Holders of Bonds of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of the Mortgage Indenture and any securities
exchange, if any, on which the Bonds of this series may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in said Mortgage Indenture. 

Payments of interest on this Bond will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for
this Bond shall be computed and paid on the basis of the 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Bond
(other than the Maturity Date) is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same
force and effect as if made on the date the payment was originally payable. If the Maturity Date falls on a day that is not a Business Day, the payment of principal, premium, if any, and interest may be made on the next succeeding Business Day, and
no interest on such payment shall accrue for the period from and after maturity. 

  
 C-2 

 Payment of principal of, premium, if any, and interest on the Bonds of this series shall be
made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on the Bonds of this series represented by a
Global Bond shall be made by wire transfer of immediately available funds to the Holder of such Global Bond, provided that, in the case of payments of principal and premium, if any, such Global Bond is first surrendered to the Paying Agent. If any
of the Bonds of this series are no longer represented by a Global Bond, (i) payments of principal, premium, if any, and interest due on the Maturity Date or on a Redemption Date of such Bonds shall be made at the office of the Paying Agent upon
surrender of such Bonds to the Paying Agent, and (ii) payments of interest shall be made, at the option of the Company, subject to such surrender where applicable, (A) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Bond Register or (B) by wire transfer to registered Holders of at least $10,000,000 in principal amount of Bonds at such place and to such account at a banking institution in the United States as such Holders may
designate in writing to the Trustee at least sixteen (16) days prior to the date for payment. 
 REFERENCE IS HEREBY MADE TO THE
FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

  
 C-3 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual or electronic signature, this Bond shall not be entitled to any benefit under the Mortgage Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: March 11, 2021 
  

			
	PACIFIC GAS AND ELECTRIC COMPANY
		
	By	 	  

	Name:	 	David Thomason
	Title:	 	Vice President, Chief Financial Officer and Controller
		
	By	 	  

	Name:	 	Margaret K. Becker
	Title:	 	Senior Director and Treasurer

  
 C-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Bonds of the series designated as Bonds of the 4.20% First Mortgage Bonds due 2041 referred to in the within-mentioned
Mortgage Indenture. 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	 By:
	 	  

		 	Authorized Signatory

 Dated: March 11, 2021 

  
 C-5 

 [FORM OF REVERSE OF 4.20% FIRST MORTGAGE BOND DUE 2041] 

This 4.20% First Mortgage Bond due 2041 is one of a duly authorized issue of Bonds of the Company (the “Bonds”), issued and
issuable in one or more series under and equally secured by an Indenture of Mortgage, dated as of June 19, 2020 (such Mortgage Indenture as originally executed and delivered and as supplemented or amended from time to time thereafter, together
with any constituent instruments establishing the terms of particular Bonds, being herein called the “Mortgage Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Mortgage Indenture), and reference is hereby made to the Mortgage Indenture for a description of the property mortgaged, pledged and held in trust, the nature and extent
of the security and the respective rights, limitations of rights, duties and immunities of the Company, the Trustee and the Holders of Bonds thereunder and of the terms and conditions upon which Bonds are, and are to be, authenticated and delivered.
The acceptance of this Bond shall be deemed to constitute the consent and agreement by the Holder hereof to all of the terms and provisions of the Mortgage Indenture. 

The Company shall not be required to make any mandatory redemption or sinking fund payments with respect to the Bonds of this series. 

Subject to the terms and conditions of the Mortgage Indenture, the Bonds of this series are also redeemable at the option of the Company
(“Optional Redemption”), in whole or in part (a) at any time prior to December 1, 2040 (the “Par Call Date”) at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of the Bonds of this series to be redeemed; or 

(ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the
Bonds of this series to be redeemed that would be due if the Bonds of this series matured on the Par Call Date (not including any portion of payments of interest accrued as of the Redemption Date), discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Adjusted Treasury Rate plus 30 basis points, 

plus, in either of the above cases, accrued and unpaid interest thereon to, but not including, the Redemption Date; and (b) at any time on or after the
Par Call Date, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Bonds of this series to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

For purposes of determining the Redemption Price, the following terms have the following meanings: 

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent
yield to maturity of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the Redemption Date. The
Adjusted Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

  
 C-6 

 “Comparable Treasury Issue” means, with respect to any Redemption Date, the
United States Treasury security selected by the applicable Quotation Agent as having a maturity comparable to the remaining term of the Bonds of this series to be redeemed (assuming, for such purpose, that the Bonds of this series matured on the Par
Call Date (the “remaining term”)), that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such
series of Bonds to be redeemed. 
 “Comparable Treasury Price” means, with respect to any Redemption Date: 

 

	 	(1)	 the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest
and lowest of such Reference Treasury Dealer Quotations; or 

  

	 	(2)	 if the Quotation Agent obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all
such Reference Treasury Dealer Quotations so received. 

 “Quotation Agent” means the Reference Treasury
Dealer appointed by the Company for the Bonds of this series. 
 “Reference Treasury Dealer” means (1) each of BNP
Paribas Securities Corp., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC, or their respective affiliates or successors, (2) one primary treasury dealer in certain U.S. government securities selected by MUFG Securities
Americas Inc. and (3) one other primary treasury dealer in certain U.S. government securities selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by that Reference Treasury Dealer at
5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 
 Interest installments whose Stated Maturity is
on or prior to such Redemption Date will be payable to Holders of such Bonds of this series, or one or more Predecessor Bonds, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the
Mortgage Indenture. 
 In the case of an Optional Redemption, notice of redemption will be sent not less than 10 days nor more than 60 days
prior to the Redemption Date to each Holder of Bonds of this series to be redeemed. If money sufficient to pay the Redemption Price of all Bonds of this series (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying
Agent or the Trustee on or prior to the Redemption Date, from and after such Redemption Date such Bonds of this series or portions thereof shall cease to bear interest. The Bonds of this series in denominations larger than $2,000 in principal amount
may be redeemed in part but only in integral multiples of $1,000. 

  
 C-7 

 In the event of redemption of this Bond in part only, a new Bond or Bonds of this series and
of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the surrender hereof. 
 As provided in
the Mortgage Indenture and subject to certain limitations therein set forth, this Bond or any portion of the principal amount hereof will be deemed to have been paid for all purposes of the Mortgage Indenture and to be no longer Outstanding
thereunder, and the Company’s entire indebtedness in respect thereof will be satisfied and discharged, if there has been irrevocably deposited with the Trustee or any Paying Agent (other than the Company), in trust, money in an amount which
will be sufficient and/or Eligible Obligations, the principal of and interest on which when due, without regard to any reinvestment thereof, will provide moneys which, together with money, if any, deposited with or held by the Trustee or such Paying
Agent, will be sufficient to pay when due the principal of and premium, if any, and interest on this Bond when due. 
 If an Event of
Default shall occur and be continuing as provided in the Mortgage Indenture, the Trustee or the Holders of not less than 25% in aggregate principal amount of Bonds then Outstanding, considered as one class, may declare the principal amount of all
Bonds then Outstanding to be due and payable immediately by notice in writing to the Company (and to the Trustee if given by Holders); provided, however, that with respect to certain Events of Default relating to bankruptcy, insolvency
and similar events, the principal amount of all Bonds then Outstanding shall be due and payable immediately without further action by the Trustee or the Holders. 

The Mortgage Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into one or more
supplemental indentures for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Mortgage Indenture with the consent of the Holders of not less than a majority in aggregate principal amount
of the Bonds at the time Outstanding, considered as one class; provided, however, that if there shall be Bonds of more than one series Outstanding under the Mortgage Indenture and if a proposed supplemental indenture shall directly
affect the rights of the Holders of Bonds of one or more, but less than all, of such series, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Bonds of all series so directly affected, considered as
one class, shall be required; and provided, further, that if the Bonds of any series shall have been issued in more than one Tranche and if a proposed supplemental indenture shall directly affect the rights of the Holders of Bonds of
one or more, but less than all, of such Tranches, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Bonds of all Tranches so directly affected, considered as one class, shall be required; and
provided, further, that the Mortgage Indenture permits the Company and the Trustee to enter into one or more supplemental indentures for certain purposes without the consent of any Holders of Bonds. The Mortgage Indenture also contains
provisions permitting the Holders of a majority in aggregate principal amount of Bonds, on behalf of the Holders of all such Bonds, to waive certain past defaults under the Mortgage Indenture and their consequences. Any such consent or waiver by the
Holder of this Bond shall be conclusive and binding upon such Holder and upon all future Holders of this Bond and of any Bond issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Bond. 

  
 C-8 

 As provided in and subject to the provisions of the Mortgage Indenture, the Holder of this
Bond shall not have the right to institute any proceeding with respect to the Mortgage Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default, the Holders of at least 25% in aggregate principal amount of the Bonds at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as
Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of at least a majority in aggregate principal amount of Bonds at the time Outstanding a direction inconsistent with such written request,
and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Bond for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the
Mortgage Indenture and no provision of this Bond or of the Mortgage Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Bond at the times,
place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Mortgage Indenture and subject to certain limitations
therein set forth, the transfer of this Bond is registrable in the Bond Register, upon surrender of this Bond for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on
this Bond are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee or the Bond Registrar, as the case may be, duly executed by the Holder hereof or such Holder’s attorney
duly authorized in writing, and thereupon one or more new Bonds of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Bonds of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000
in excess thereof. As provided in the Mortgage Indenture and subject to certain limitations therein set forth, Bonds of this series are exchangeable for a like aggregate principal amount of Bonds of this series and of like tenor of a different
authorized denomination, as requested by the Holders surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

The Company shall not be required to execute or to provide for the registration of the transfer of or the exchange of (A) any Bond of
this series during a period of 15 days immediately preceding the date notice is to be given identifying the serial numbers (or with respect to Global Bonds, CUSIP numbers) of the Bonds of this series called for redemption, or (B) any Bond of
this series selected for redemption in whole or in part, except the unredeemed portion of any Bond of this series being redeemed in part. 

  
 C-9 

 Prior to due presentment of this Bond for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Bond is registered as the owner hereof for all purposes, whether or not this Bond is overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 This Bond shall be governed by, and construed and enforced in accordance with, the laws of the State
of New York without regard to the principles of conflicts of laws thereunder, except to the extent that the Trust Indenture Act shall be applicable. 

As provided in the Mortgage Indenture, no recourse shall be had for the payment of the principal of, premium, if any, or interest with respect
to this Bond, or any part thereof, or for any claim based hereon or otherwise in respect hereof, or of the indebtedness represented hereby, or upon any obligation, covenant or agreement under the Mortgage Indenture, against any incorporator,
shareholder, officer or director, as such, past, present or future, of the Company or of any predecessor or successor corporation (either directly or through the Company or a predecessor or successor corporation), whether by virtue of any
constitutional provision, statute or rule of law or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that the Mortgage Indenture and all the Bonds are solely corporate obligations and that any
such personal liability is hereby expressly waived and released as a condition of, and as part of the consideration for, the execution of the Mortgage Indenture and the issuance of this Bond. 

All terms used in this Bond which are not defined herein shall have the meanings assigned to them in the Mortgage Indenture. 

  
 C-10 

 ASSIGNMENT FORM 

 

			
	To assign this Bond, fill in the form below: (I) or (we) assign and transfer this Bond to	 	  

			
	  

			
	 (Insert assignee’s soc. sec. or tax I.D. no.)
	 	
	  

 

	  

 

	  

	 (Print or type assignee’s name, address and zip code)
	 	

			
		
	and irrevocably appoint	 	  

	
	 to transfer this Bond on the books of the Company. The agent may substitute another to act for
him.

  

							
	 Date:
                    
	 		 	
		 		 	Your signature:	 	  

		 		 	 (Sign exactly as your name appears on the face of this Bond)

			
		 		 	 Tax Identification No.:

			
		 		 	 SIGNATURE GUARANTEE:

			
		 		 	  

		 		 	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Bond Registrar, which requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Bond Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934,
as amended.

  
 C11 

 SCHEDULE 1 

RECORDING INFORMATION 
 This
Schedule 1 is hereby incorporated into and made a part of the Eighth Supplemental Indenture. The Eighth Supplemental Indenture shall be recorded in the Official Records of the County (as defined above) in order to put third parties on record
notice with respect thereto. 
 The Mortgage Indenture was initially recorded in the Official Records of the County on the applicable
recording dates and at the applicable instrument numbers set forth in column A below. 
 The Memorandum of Supplemental First Mortgage
Indentures, dated as of August 12, 2020 (the “Memorandum”) was recorded in the Official Records of the County on the applicable recording dates and at the applicable instrument numbers set forth in column B below.

 Certain parcels of real property located in certain counties have been released from the lien of the Mortgage Indenture, as set forth in
the Partial Release (as defined below). To the extent applicable, the Certificate of Partial Release of Lien, dated as of December 15, 2020 (the “Partial Release”) was recorded in the Official Records of the
County on the applicable recording dates and at the applicable instrument numbers set forth in column C below. 
 The Seventh Supplemental
Indenture, dated as of November 16, 2020 (the “Seventh Supplemental Indenture”) was recorded in the Official Records of the County on the applicable recording dates and at the applicable instrument numbers set forth
in column D below. 
  

									
	 	  	 A
	  	 B
	  	 C
	  	 D

	 County
	  	 Recording Date &
Instrument Number

(Indenture of Mortgage,
dated as of June 19,

2020)
	  	 Recording Date &
Instrument Number

(Memorandum of
Supplemental First

Mortgage Indentures,
dated as of

August 12, 
2020)
	  	 Recording Date &
Instrument Number

(Certificate of Partial
Release of Lien,

dated as
of
December 15, 2020)
	  	 Recording Date

& Instrument

Number

(Seventh

Supplemental

Indenture, dated

as of November 16,

2020) 

					
	Alameda	  	 Date: 7/8/2020

Instrument: 2020159002
	  	 Date: 8/19/2020

Instrument: 2020203390
	  	—  	  	
					
	Alpine	  	 Date: 7/8/2020

Instrument: Ins.000313
	  	 Date: 8/21/2020

Instrument:
2020000409
	  	—  	  	 Date: 2/26/2021

Instrument: 2021-
000224

					
	Amador	  	 Date: 7/7/2020

Instrument: 2020-
0005302
	  	 Date: 8/19/2020

Instrument: 2020-
0006984-00
	  	—  	  	 

  
 Sch. 1-1 

									
	 	  	 A
	  	 B
	  	 C
	  	 D

	 County
	  	 Recording Date &
Instrument Number

(Indenture of Mortgage,
dated as of June 19,

2020)
	  	 Recording Date &
Instrument Number

(Memorandum of
Supplemental First

Mortgage Indentures,
dated as of

August 12, 
2020)
	  	 Recording Date &
Instrument Number

(Certificate of Partial
Release of Lien,

dated as
of
December 15, 2020)
	  	 Recording Date

& Instrument

Number

(Seventh

Supplemental

Indenture, dated

as of November 16,

2020) 

					
	Butte	  	 Date: 7/7/2020

Instrument: 2020-
0026656
	  	 Date: 8/19/2020

Instrument: 2020-
0033263
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
0008993

					
	Calaveras	  	 Date: 7/7/2020

Instrument: 2020-
008603
	  	 Date: 8/19/2020

Instrument: 2020-
011334
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
003707

					
	Colusa	  	 Date: 7/13/2020

Instrument: 2020-
0002012
	  	 Date: 8/19/2020

Instrument: 2020-
0002404
	  	—  	  	 Date: 2/25/2021

Instrument: 2021-
0000922

					
	Contra Costa	  	 Date: 7/10/2020

Instrument: 2020-
0137967-00
	  	 Date: 8/24/2020

Instrument: 2020-
0179597
	  	—  	  	 
					
	El Dorado	  	 Date: 7/7/2020

Instrument: 2020-
0033173-00
	  	 Date: 8/19/2020

Instrument: 2020-
0042892-00
	  	—  	  	 Date: 3/4/2021

Instrument: 2021-
0014976

					
	Fresno	  	 Date: 7/7/2020

Instrument: 2020-
0084490
	  	 Date: 8/20/2020

Instrument: 2020-
0108156
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
0031297

					
	Glenn	  	 Date: 7/8/2020

Instrument: 2020-2622
	  	 Date: 8/25/2020

Instrument: 2020-3320
	  	—  	  	 Date: 2/25/2021

Instrument: 2021-0901

					
	Humboldt	  	 Date: 7/14/2020

Instrument: 2020-
011590
	  	 Date: 8/24/2020

Instrument: 2020-
014544
	  	—  	  	 Date: 3/5/2021

Instrument:
2021005120

					
	Kern	  	 Date: 7/7/2020

Instrument: 220088046
	  	 Date: 8/19/2020

Instrument: 220113312
	  	 Date: 12/29/2020

Instrument: 220202055
	  	 Date: 2/24/2021

Instrument: 221034332

					
	Kings	  	 Date: 7/7/2020

Instrument: 2011843
	  	 Date: 8/21/2020

Instrument: 2015093
	  	—  	  	 Date: 2/24/2021

Instrument: 2104019

					
	Lake	  	 Date: 7/7/2020

Instrument:
2020008082
	  	 Date: 8/19/2020

Instrument:
2020010193
	  	—  	  	 Date: 2/24/2021

Instrument:
2021003293

					
	Lassen	  	 Date: 7/8/2020

Instrument: 2020-
02654
	  	 Date: 8/20/2020

Instrument: 2020-
03389
	  	—  	  	 Date: 2/25/2021

Instrument: 2021-
00982

  
 Sch. 1-2 

									
	 	  	 A
	  	 B
	  	 C
	  	 D

	 County
	  	 Recording Date &
Instrument Number

(Indenture of Mortgage,
dated as of June 19,

2020)
	  	 Recording Date &
Instrument Number

(Memorandum of
Supplemental First

Mortgage Indentures,
dated as of

August 12, 
2020)
	  	 Recording Date &
Instrument Number

(Certificate of Partial
Release of Lien,

dated as
of
December 15, 2020)
	  	 Recording Date

& Instrument

Number

(Seventh

Supplemental

Indenture, dated

as of November 16,

2020) 

					
	Madera	  	 Date: 7/7/2020

Instrument:
2020015446
	  	 Date: 8/19/2020

Instrument:
2020019584
	  	—  	  	 
					
	Marin	  	 Date: 7/7/2020

Instrument: 2020-
0028741
	  	 Date: 8/19/2020

Instrument: 2020-
0037600
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
0013112

					
	Mariposa	  	 Date: 7/7/2020

Instrument: 20202190
	  	 Date: 8/20/2020

Instrument: 20202821
	  	—  	  	 Date: 3/4/2021

Instrument: 20211080

					
	Mendocino	  	 Date: 7/7/2020

Instrument: 202007917
	  	 Date: 8/19/2020

Instrument: 2020-
10112
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
02892

					
	Merced	  	 Date: 7/7/2020

Instrument:
2020022266
	  	 Date: 8/19/2020

Instrument:
2020028493
	  	—  	  	 Date: 2/24/2021

Instrument:
2021008602

					
	Modoc	  	 Date: 7/7/2020

Instrument:
20200001804
	  	 Date: 8/19/2020

Instrument:
20200002135
	  	—  	  	 Date: 2/24/2021

Instrument:
20210000422

					
	Monterey	  	 Date: 7/7/2020

Instrument:
2020032685
	  	 Date: 8/19/2020

Instrument:
2020042185
	  	—  	  	 Date: 2/24/2021

Instrument:
2021014097

					
	Napa	  	 Date: 7/7/2020

Instrument: 2020-
0016006
	  	 Date: 8/20/2020

Instrument: 2020-
0020526
	  	—  	  	 Date: 3/4/2021

Instrument: 2021-
0008728

					
	Nevada	  	 Date: 7/7/2020

Instrument:
20200015164
	  	 Date: 8/25/2020

Instrument:
20200020840
	  	—  	  	 Date: 3/4/2021

Instrument:
20210007838

					
	Placer	  	 Date: 7/7/2020

Instrument: 2020-
0067740
	  	 Date: 8/19/2020

Instrument: 2020-
0087937-00
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
0026083-00

					
	Plumas	  	 Date: 7/9/2020

Instrument: 2020-
0003422
	  	 Date: 8/20/2020

Instrument: 2020-
0004742
	  	—  	  	 
					
	Sacramento	  	 Date: 7/7/2020

Instrument:
Ins-202007071055
	  	 Date: 8/19/2020

Instrument:
202008190892
	  	—  	  	 Date: 2/24/2021

Instrument:
202102241076

  
 Sch. 1-3 

									
	 	  	 A
	  	 B
	  	 C
	  	 D

	 County
	  	 Recording Date &
Instrument Number

(Indenture of Mortgage,
dated as of June 19,

2020)
	  	 Recording Date &
Instrument Number

(Memorandum of
Supplemental First

Mortgage Indentures,
dated as of

August 12, 
2020)
	  	 Recording Date &
Instrument Number

(Certificate of Partial
Release of Lien,

dated as
of
December 15, 2020)
	  	 Recording Date

& Instrument

Number

(Seventh

Supplemental

Indenture, dated

as of November 16,

2020) 

					
	San Benito	  	 Date: 7/7/2020

Instrument: 2020-
0007874
	  	 Date: 8/19/2020

Instrument: 2020-
0010072
	  	—  	  	 Date: 3/4/2021

Instrument: 2021-
0003400

					
	San Bernardino	  	 Date: 7/7/2020

Instrument: 2020-
0226134
	  	 Date: 8/19/2020

Instrument: 2020-
0294961
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
0087782

					
	San Francisco	  	 Date: 7/7/2020

Instrument: 2020-
K949017-00
	  	 Date: 8/19/2020

Instrument:
2020006126
	  	—  	  	 Date: 2/24/2021

Instrument:
2021036477

					
	San Joaquin	  	 Date: 7/7/2020

Instrument: 2020-
080390
	  	 Date: 8/19/2020

Instrument: 2020-
103840
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
033997

					
	San Luis Obispo	  	 Date: 7/7/2020

Instrument:
2020033897
	  	 Date: 8/19/2020

Instrument:
2020043805
	  	 Date: 3/5/2021

Instrument:
2021017044
	  	 
					
	San Mateo	  	 Date: 7/7/2020

Instrument:
2020064008
	  	 Date: 8/21/2020

Instrument: 2020-
084135
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
030961

					
	Santa Barbara	  	 Date: 7/13/2020

Instrument: 2020-
0034969
	  	 Date: 8/19/2020

Instrument: 2020-
0043690
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
0014736

					
	Santa Clara	  	 Date: 7/7/2020

Instrument: 24528422
	  	 Date: 8/19/2020

Instrument: 24580344
	  	—  	  	 Date: 2/24/2021

Instrument: 24845255

					
	Santa Cruz	  	 Date: 7/7/2020

Instrument: 2020-
0024403
	  	 Date: 8/19/2020

Instrument: 2020-
0031634
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
0011369

					
	Shasta	  	 Date: 7/7/2020

Instrument: 2020-
0021039
	  	 Date: 8/19/2020

Instrument: 2020-
0027008
	  	 Date: 12/29/2020

Instrument: 2020-
0047326
	  	 Date: 2/24/2021

Instrument: 2021-
0007584

					
	Sierra	  	 Date: 7/9/2020

Instrument:
2020171226
	  	 Date: 8/20/2020

Instrument:
2020171540
	  	—  	  	 Date: 2/25/2021

Instrument:
2020172589

					
	Solano	  	 Date: 7/7/2020

Instrument:
Ins-202000054277
	  	 Date: 8/19/2020

Instrument:
202000069597
	  	—  	  	 Date: 2/24/2021

Instrument:
202100021149

  
 Sch. 1-4 

									
	 	  	 A
	  	 B
	  	 C
	  	 D

	 County
	  	 Recording Date &
Instrument Number

(Indenture of Mortgage,
dated as of June 19,

2020)
	  	 Recording Date &
Instrument Number

(Memorandum of
Supplemental First

Mortgage Indentures,
dated as of

August 12, 
2020)
	  	 Recording Date &
Instrument Number

(Certificate of Partial
Release of Lien,

dated as
of
December 15, 2020)
	  	 Recording Date

& Instrument

Number

(Seventh

Supplemental

Indenture, dated

as of November 16,

2020) 

					
	Sonoma	  	 Date: 7/9/2020

Instrument:
2020055917
	  	 Date: 8/19/2020

Instrument:
2020070874
	  	—  	  	 Date: 2/24/2021

Instrument:
2021021837

					
	Stanislaus	  	 Date: 7/8/2020

Instrument: 2020-
0047771
	  	 Date: 8/19/2020

Instrument: 2020-
0061515-00
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
0017942-00

					
	Sutter	  	 Date: 7/8/2020

Instrument: 2020-
0009800
	  	 Date: 8/19/2020

Instrument: 2020-
0012784
	  	—  	  	 Date: 2/24/2021

Instrument:
20210003735

					
	Tehama	  	 Date: 7/7/2020

Instrument:
2020007674
	  	 Date: 8/19/2020

Instrument:
2020009820
	  	—  	  	 Date: 2/24/2021

Instrument:
2021002378

					
	Trinity	  	 Date: 7/8/2020

Instrument: 202002224
	  	 Date: 8/20/2020

Instrument: 202002748
	  	—  	  	 Date: 2/25/2021

Instrument: 202100581

					
	Tulare	  	 Date: 7/7/2020

Instrument: 2020-
0039416
	  	 Date: 8/26/2020

Instrument: 2020-
0049011
	  	—  	  	 Date: 3/2/2021

Instrument: 2021-
0015218

					
	Tuolumne	  	 Date: 7/7/2020

Instrument:
2020007628
	  	 Date: 8/19/2020

Instrument:
2020009759
	  	—  	  	 Date: 3/2/2021

Instrument:
2021003503

					
	Yolo	  	 Date: 7/8/2020

Instrument: 2020-
0020467
	  	 Date: 8/19/2020

Instrument: 2020-
0026550
	  	 	  	 
					
	Yuba	  	 Date: 7/8/2020

Instrument: 2020-
010218
	  	 Date: 8/19/2020

Instrument: 2020-
012939
	  	—  	  	 Date: 2/24/2021

Instrument: 2021-
003119

  
 Sch. 1-5Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this
 “Agreement”) is dated as of January 28, 2021, by and among Catabasis Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), and the several purchasers signatory hereto (each, including its successors and
assigns, a “Purchaser” and collectively, the “Purchasers”).

 

This Agreement is made pursuant to the Stock
Purchase Agreement, dated as of January 28, 2021, between the Company and the Purchasers (the “Purchase Agreement”).

 

NOW, THEREFORE, IN CONSIDERATION of
the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and each of the Purchasers agree as follows:

 

1.            DEFINITIONS.
Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given
such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate” means any
Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 of the Securities Act of 1933, as amended.

 

“Business Day” means
any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close; provided, however,
for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay
at home”, “shelter-in-place”, “non-essential employee” or any other similar orders
or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
funds transfer systems (including for wire transfers) of commercial banks in the State of New York are generally are open for use
by customers on such day.

 

“Closing Date” has the
meaning set forth in the Purchase Agreement.

 

“Commission” means the
United States Securities and Exchange Commission.

 

“Common Stock” means
the Company’s common stock, par value $0.001 per share, and stock of any other class of securities into which such securities
may hereafter be reclassified or changed.

 

“Effectiveness Deadline”
means, with respect to the Initial Registration Statement or the New Registration Statement, the 30th calendar day following
the Filing Deadline (or, in the event the Commission reviews and has comments to the Initial Registration Statement or the New
Registration Statement, the 60th calendar day following the Filing Deadline); provided, however,
that if the Company is notified by the Commission that the Initial Registration Statement or the New Registration Statement will
not be reviewed or is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement
shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise
required above; provided, further, that if the Effectiveness Deadline falls on a Saturday, Sunday or other
day that the Commission is closed for business, the Effectiveness Deadline shall be extended to the next Business Day on which
the Commission is open for business.

 

     

     

    

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Filing Deadline” means,
with respect to the Initial Registration Statement required to be filed pursuant to Section 2(a), the 90th calendar
day following the Closing Date, provided, however, that if the Filing Deadline falls on a Saturday, Sunday or other
day that the Commission is closed for business, the Filing Deadline shall be extended to the next Business Day on which the Commission
is open for business.

 

“Holder” or “Holders”
means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Person” means an individual
or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Principal Trading Market”
means the Trading Market on which the Common Stock is primarily listed on and quoted for trading, which, as of the Closing Date,
shall be the Nasdaq Global Market.

 

“Proceeding” means an
action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened.

 

“Pro Rata Interest” means
the number of Registrable Securities beneficially held by any given Purchaser, relative to the total number of Registrable Securities
that are the subject of this Agreement.

 

“Prospectus” means the
prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously
omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430B promulgated under
the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any
portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

 

     

     

    

 

“Registrable Securities”
means all of (i) the Shares, (ii) any Common Stock issued to a Purchaser on the date hereof pursuant to that certain
Agreement and Plan of Merger, dated as of January 28, 2021, by and among the Company, Cabo Merger Sub I, Inc., Cabo Merger
Sub II, LLC and Quellis Biosciences, Inc., and (iii) any securities issued or issuable upon any stock split, dividend
or other distribution, recapitalization or similar event with respect to the foregoing, provided, that the Holder has
completed and delivered to the Company a Selling Shareholder Questionnaire; and provided, further, that
with respect to a particular Holder, such Holder’s Shares shall cease to be Registrable Securities upon the earliest to occur
of the following: (A) a sale pursuant to a Registration Statement or Rule 144 under the Securities Act (in which case,
only such security or securities sold by the Holder shall cease to be Registrable Securities); (B) becoming eligible for resale
by the Holder under Rule 144 without the requirement for the Company to be in compliance with the current public information
required thereunder and without volume or manner-of-sale restrictions; or (C) the expiration of two years from the
Closing Date.

 

“Registration Statements”
means any one or more registration statements of the Company filed under the Securities Act that covers the resale of any of the
Registrable Securities pursuant to the provisions of this Agreement (including without limitation the Initial Registration Statement,
the New Registration Statement and any Remainder Registration Statements), amendments and supplements to such Registration Statements,
including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference
in such Registration Statements.

 

“Rule 144” means
Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Rule 415” means
Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Rule 424” means
Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“SEC Guidance” means
(i) any publicly-available written or oral guidance, comments, requirements or requests of the Commission staff; provided,
that any such oral guidance, comments, requirements or requests are reduced to writing by the Commission and (ii) the Securities
Act.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Selling Shareholder Questionnaire”
means a questionnaire in the form attached as Annex B hereto, or such other form of questionnaire as may reasonably
be adopted by the Company from time to time.

 

“Series X Preferred Shares”
means the Series X Convertible Preferred Stock, par value $0.001 per share, of the Company.

 

“Shares” means the shares
of Common Stock which may be issued upon conversion of the Series X Preferred Shares.

 

“Trading Day” means a
day on which the Principal Trading Market is open for business.

 

     

     

    

 

“Trading Market” means
any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange
(or any successors to any of the foregoing).

 

2.             REGISTRATION.

 

(a)            On
or prior to the Filing Deadline, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all of the Registrable Securities not then registered on an existing and effective Registration Statement for an offering to
be made on a continuous basis pursuant to Rule 415 or, if Rule 415 is not available for offers and sales of the Registrable
Securities, by such other means of distribution of Registrable Securities as the Holders may reasonably specify (the “Initial
Registration Statement”). The Initial Registration Statement shall be on Form S-3 (except if the Company is
then ineligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall
be on such other form available to register for resale the Registrable Securities as a secondary offering) subject to the provisions
of Section 2(d) and shall contain (except if otherwise required pursuant to written comments received from
the Commission upon a review of such Registration Statement) the “Plan of Distribution” section substantially in the
form attached hereto as Annex A (which may be modified to respond to comments, if any, provided by the Commission).
Notwithstanding the registration obligations set forth in this Section 2, in the event the Commission informs
the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale
as a secondary offering on a single registration statement, the Company agrees to promptly (i) inform each of the Holders
thereof and use its commercially reasonable efforts to file amendments to the Initial Registration Statement as required by the
Commission and/or (ii) withdraw the Initial Registration Statement and file a new registration statement (a “New
Registration Statement”), in either case covering the maximum number of Registrable Securities permitted to be registered
by the Commission, on Form S-3 or, if the Company is ineligible to register the Registrable Securities on Form S-3, such
other form available to register for resale the Registrable Securities as a secondary offering; provided, however,
that prior to filing such amendment or New Registration Statement, the Company shall be obligated to use its commercially reasonable
efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance,
including without limitation, the Securities Act Rules Compliance and Disclosure Interpretations Question 612.09. Notwithstanding
any other provision of this Agreement, if any SEC Guidance sets forth a limitation of the number of Registrable Securities permitted
to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used diligent
efforts to advocate with the Commission for the registration of all or a greater number of Registrable Securities), unless otherwise
directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to be registered on such
Registration Statement will first be reduced by Registrable Securities not acquired pursuant to the Purchase Agreement (whether
pursuant to registration rights or otherwise), and second by Registrable Securities represented by Shares (applied, in the case
that some Shares may be registered, to the Holders in accordance with their respective Pro Rata Interests, subject to a determination
by the Commission that certain Holders must be reduced first based on the number of Shares held by such Holders). In the event
the Company amends the Initial Registration Statement or files a New Registration Statement, as the case may be, under clauses
(i) or (ii) above, the Company will use its commercially reasonable efforts to file with the Commission, as promptly
as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration
statements on Form S-3 or such other form available to register for resale those Registrable Securities that were not
registered for resale on the Initial Registration Statement, as amended, or the New Registration Statement (the “Remainder
Registration Statements”).

 

     

     

    

 

(b)            The
Company shall use commercially reasonable efforts to cause each Registration Statement to be declared effective by the Commission
as soon as practicable and, with respect to the Initial Registration Statement or the New Registration Statement, as applicable,
no later than the Effectiveness Deadline (including filing with the Commission a request for acceleration of effectiveness in accordance
with Rule 461 promulgated under the Securities Act), and shall use commercially reasonable efforts to keep each Registration
Statement continuously effective under the Securities Act until the earliest of: (i) such time as all of the Registrable Securities
covered by such Registration Statement have been sold by the Holders; (ii) the date that all Registrable Securities covered
by such Registration Statement may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and
without the requirement for the Company to be in compliance with the current public information requirement under Rule 144;
or (iii) the date that is two years from the Closing Date (the “Effectiveness Period”). The Company shall
promptly notify the Holders of the effectiveness of a Registration Statement or any post-effective amendment thereto. The Company
shall file a final Prospectus with the Commission, in the manner and within the time period required by Rule 424(b) and
shall, if requested, provide the Holders with copies of the final Prospectus to be used in connection with the sale or other disposition
of the securities covered thereby. The Company shall promptly inform each Holder in writing if, at any time during the Effectiveness
Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Holder is required
to deliver a Prospectus in connection with any disposition of Registrable Securities.

 

(c)            Each
Holder agrees to furnish to the Company a completed Selling Shareholder Questionnaire not more than five Trading Days following
the date of this Agreement. Each Holder further agrees that it shall not be entitled to be named as a selling securityholder in
the Registration Statement or use the Prospectus for offers and resales of Registrable Securities at any time, unless such Holder
has returned to the Company a completed and signed Selling Shareholder Questionnaire and any further information reasonably requested
by the Company. Each Holder acknowledges and agrees that the information in the Selling Shareholder Questionnaire or request for
further information as described in this Section 2(c) will be used by the Company in the preparation of the
Registration Statement and hereby consents to the inclusion of such information in the Registration Statement.

 

(d)            In
the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the
Company shall (i) register the resale of the Registrable Securities on another appropriate form reasonably acceptable to the
Holders and (ii) undertake to register the Registrable Securities on Form S-3 promptly after such form is available, provided that
the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement
on Form S-3 covering the Registrable Securities has been declared effective by the Commission.

 

     

     

    

 

3.             REGISTRATION
PROCEDURES.

 

In connection with the Company’s registration
obligations hereunder, the Company shall:

 

(a)            Not
less than five Trading Days prior to the filing of each Registration Statement and not less than one Trading Day prior to the filing
of any related Prospectus or any amendment or supplement thereto (except for Annual Reports on Form 10-K, and Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports), (i) furnish
to each Holder copies of such Registration Statement, Prospectus or amendment or supplement thereto, as proposed to be filed, which
documents will be subject to the review of such Holder (it being acknowledged and agreed that if a Holder does not object to or
comment on the aforementioned documents within such five Trading Day or one Trading Day period, as the case may be, then the Holder
shall be deemed to have consented to and approved the use of such documents) and (ii) to the extent that such Holder is identified
in the Registration Statement as an “underwriter” (as defined under the Securities Act) use commercially reasonable
efforts to cause its officers and directors, counsel and independent registered public accountants to respond to such inquiries
as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within
the meaning of the Securities Act. The Company shall not file any Registration Statement or amendment or supplement thereto in
a form to which a Holder reasonably objects in good faith, provided that, the Company is notified of such objection in writing
within the five Trading Day or one Trading Day period described above, as applicable.

 

(b)            (i) Prepare
and file with the Commission such amendments (including post-effective amendments) and supplements, to each Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective
as to the applicable Registrable Securities for its Effectiveness Period; (ii) cause the related Prospectus to be amended
or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and, as so supplemented or amended,
to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably practicable to any comments received from the
Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible, provide
the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that
pertains to the Holders as “Selling Stockholders” but not any comments that would result in the disclosure to the Holders
of material and non-public information concerning the Company; and (iv) comply with the provisions of the Securities
Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration Statement until
such time as all of such Registrable Securities shall have been disposed of (subject to the terms of this Agreement) in accordance
with the intended methods of disposition by the Holders thereof as set forth in such Registration Statement as so amended or in
such Prospectus as so supplemented; provided, however, that each Purchaser shall be responsible for the
delivery of the Prospectus to the Persons to whom such Purchaser sells any of the Shares (including in accordance with Rule 172
under the Securities Act), and each Purchaser agrees to dispose of Registrable Securities in compliance with the “Plan of
Distribution” described in the Registration Statement and otherwise in compliance with applicable federal and state securities
laws. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement
(including pursuant to this Section 3(b)) by reason of the Company filing a report on Form 10-K, Form 10-Q or
Form 8-K or any analogous report under the Exchange Act, the Company shall have incorporated such report by reference
into such Registration Statement, if applicable, or shall file such amendments or supplements with the Commission on the same day
on which the Exchange Act report which created the requirement for the Company to amend or supplement such Registration Statement
was filed.

 

     

     

    

 

(c)            Notify
the Holders (which notice shall (x) pursuant to clauses (iii) through (vi) hereof, be accompanied by an instruction
to suspend the use of the Prospectus until the requisite changes have been made and (y) in no event contain any material,
nonpublic information relating to the Company and/or any of its subsidiaries) as promptly as reasonably practicable (and, in the
case of (i)(A) below, not less than one Trading Day prior to such filing) and (if requested by any such Person) confirm such
notice in writing no later than one Trading Day following the day: (i)(A) when a Prospectus or any Prospectus supplement or
post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company
whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on
any Registration Statement (in which case the Company shall provide to each of the Holders true and complete copies of all comments
that pertain to the Holders as a “Selling Stockholder” or to the “Plan of Distribution” and all written
responses thereto, but not information that the Company believes would constitute material and non-public information);
and (C) with respect to each Registration Statement or any post-effective amendment, when the same has become effective; (ii) of
any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration
Statement or Prospectus or for additional information that pertains to the Holders as “Selling Stockholders” or the
 “Plan of Distribution”; (iii) of the issuance by the Commission or any other federal or state governmental authority
of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or
the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to
the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction,
or the initiation or threatening of any Proceeding for such purpose; (v) of the occurrence of any event or passage of time
that makes the financial statements included or incorporated by reference in a Registration Statement ineligible for inclusion
or incorporation by reference therein or any statement made in such Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration
Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may
be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light
of the circumstances under which they were made), not misleading and (vi) of the occurrence or existence of any pending corporate
development with respect to the Company that the Company reasonably believes may be material and that, in the reasonable determination
of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or
Prospectus; provided that, any and all such information shall remain confidential to each Holder until such information
otherwise becomes public, unless disclosure by a Holder is required by law; and provided, further, that
notwithstanding each Holder’s agreement to keep such information confidential, each such Holder makes no acknowledgement
that any such information is material, non-public information.

 

     

     

    

 

(d)            Use
commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending
the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction, as soon as practicable.

 

(e)            To
the extent applicable, prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register
or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from the registration
or qualification) of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions
within the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption
therefrom) effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable
the disposition in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified,
subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service
of process in any such jurisdiction.

 

(f)            Cooperate
with such Holder to facilitate the timely preparation and delivery of certificates or book entry statements, as applicable, representing
Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates or statements
shall be free, to the extent permitted by the Purchase Agreement and under law, of all restrictive legends, and to enable such
Registrable Securities to be in such denominations and registered in such names as any such Holders may reasonably request.

 

(g)            Following
the occurrence of any event contemplated by Section 3(c), as promptly as reasonably practicable (taking into account
the Company’s good faith assessment of any adverse consequences to the Company and its shareholders of the premature disclosure
of such event), prepare a supplement or amendment, including a post-effective amendment, if applicable, to the affected Registration
Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference,
and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus, form of prospectus or supplement thereto, in light of the circumstances under
which they were made), not misleading. If the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(c) above
to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend
use of such Prospectus. The Company will use its commercially reasonable efforts to ensure that the use of the Prospectus may be
resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(g) to
suspend the availability of a Registration Statement and Prospectus. For the avoidance of doubt, any period of time for which the
availability of a Registration Statement and Prospectus are suspended pursuant to Section 2(c) shall be disregarded
when determining the time period allotted under this Section 3(g).

 

     

     

    

 

(h)            The
Company may require each selling Holder to furnish to the Company a certified statement as to (i) the number of shares of
Common Stock beneficially owned by such Holder and any Affiliate thereof, (ii) any Financial Industry Regulatory Authority
(“FINRA”) affiliations, (iii) any natural persons who have the power to vote or dispose of the Common Stock
and (iv) any other information as may be requested by the Commission, FINRA or any state securities commission.

 

(i)            The
Company shall cooperate with any registered broker through which a Holder proposes to resell its Registrable Securities in effecting
a filing with FINRA pursuant to FINRA Rule 5110 as requested by any such Holder, and following such filing the Company shall
pay the filing fee required for the first such filing within two Business Days of the request therefor.

 

4.             REGISTRATION
EXPENSES. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this
Agreement (excluding any underwriting discounts and selling commissions and all legal fees and expenses of legal counsel for any
Holder) shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement.
The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing
fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with any Trading Market
on which the Common Stock are then listed for trading, (B) with respect to compliance with applicable state securities or
Blue Sky laws (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications
or exemptions of the Registrable Securities and determination of the eligibility of the Registrable Securities for investment under
the laws of such jurisdictions as requested by the Holders) and (C) if not previously paid by the Company in connection with Section 3(i) above,
with respect to any filing that may be required to be made by any broker through which a Holder intends to make sales of Registrable
Securities with FINRA pursuant to the FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage
commission in connection with such sale), (ii) printing expenses (including, without limitation, expenses of printing certificates
for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the Holders
of a majority of the Registrable Securities included in the Registration Statement), and (iii) fees and disbursements of counsel
for the Company. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the
consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred
in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall
the Company be responsible for any underwriting, broker or similar fees or commissions of any Holder or, except to the extent provided
for in the Transaction Documents, any legal fees or other costs of the Holders.

 

     

     

    

 

5.            INDEMNIFICATION.

 

(a)            Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless each
Holder, the officers, directors, agents, partners, members, managers, stockholders, Affiliates and employees of each of them, each
Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) and the officers, directors, partners, members, managers, stockholders, agents and employees of each such controlling Person,
to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses (collectively,
 “Losses”), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material
fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus
or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law or any rule or regulation
thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent,
that (A) such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information
regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such
information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed
and approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus
or in any amendment or supplement thereto (it being understood that each Holder has approved Annex A hereto for
this purpose), (B) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(vi),
related to the use by a Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that
the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated and defined in Section 6(d) below,
to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected
or (C) to the extent that any such Losses arise out of the Purchaser’s (or any other indemnified Person’s) failure
to send or give a copy of the Prospectus or supplement (as then amended or supplemented), if required, pursuant to Rule 172
under the Securities Act (or any successor rule) to the Persons asserting an untrue statement or alleged untrue statement or alleged
untrue statement or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities
to such Person if such statement or omission was corrected in such Prospectus or supplement. The Company shall notify the Holders
promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated
by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of an Indemnified Party (as defined in Section 5(c)) and shall survive the transfer of the
Registrable Securities by the Holders.

 

     

     

    

 

(b)            Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers,
agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted
by applicable law, from and against all Losses, as incurred, arising out of or are based solely upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment
or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any
form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (i) to
the extent that such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing
to the Company by such Holder expressly for use therein, (ii) to the extent that such information relates to such Holder or
such Holder’s proposed method of distribution of Registrable Securities and was reviewed and approved in writing by such
Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto
for this purpose), such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (iii) in the case
of an occurrence of an event of the type specified in Section 3(c)(iii)-(vi), to the extent related to
the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(c). In
no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received
by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

 

(c)            Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought
(the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable
fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party
to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except
(and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject
to appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An Indemnified Party shall have the right
to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such
counsel shall be at the expense of such Indemnified Party or Indemnified Parties unless: (1) the Indemnifying Party has agreed
in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such
Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and such Indemnified Party shall have been advised by counsel that a conflict of interest exists if the same counsel were to represent
such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in
writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have
the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party); provided,
that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time
for all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without
its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified
Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such Proceeding.

 

     

     

    

 

Subject to the terms of this Agreement,
all fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with
investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section 5) shall be
paid to the Indemnified Party, as incurred, within twenty Trading Days of written notice thereof to the Indemnifying Party; provided,
that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable
to such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification hereunder).
The failure to deliver written notice to the Indemnifying Party within a reasonable time of the commencement of any such action
shall not relieve such Indemnifying Party of any liability to the Indemnified Party under this Section 5, except
to the extent that the Indemnifying Party is substantively and adversely prejudiced in its ability to defend such action.

 

(d)            Contribution.
If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified
Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in
such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with
the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative
fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action
in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material
fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The
amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in
this Agreement, any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with
any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for
in this Section 5 was available to such party in accordance with its terms.

 

The parties hereto agree that it would not
be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding the provisions of this Section 5(d), (A) no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder
from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission and (B) no contribution
will be made under circumstances where the maker of such contribution would not have been required to indemnify the Indemnified
Party under the fault standards set forth in this Section 5. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.

 

     

     

    

 

The indemnity and contribution agreements
contained in this Section 5 are in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement.

 

6.             MISCELLANEOUS.

 

(a)            Remedies.
In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder
or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement,
including recovery of damages, shall be entitled to seek specific performance of its rights under this Agreement. The Company and
each Holder agree that monetary damages may not provide adequate compensation for any losses incurred by reason of a breach by
it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

 

(b)            Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to the Registration
Statement and shall sell the Registrable Securities only in accordance with a method of distribution described in the Registration
Statement.

 

(c)            Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in Section 3(c)(iii)-(vi), such Holder will forthwith
discontinue disposition of such Registrable Securities under a Registration Statement (but not, for the avoidance of doubt, pursuant
to Rule 144 to the extent then available) until it is advised in writing (the “Advice”) by the Company
that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company will use its
commercially reasonable efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

 

(d)            No
Inconsistent Agreements. Neither the Company nor any of its subsidiaries has entered, as of the date hereof, nor shall the
Company or any of its subsidiaries, on or after the date hereof, enter into any agreement with respect to its securities, that
would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof.

 

     

     

    

 

(e)            Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
or waived unless the same shall be in writing and signed by the Company and Holders holding no less than a majority of the then
outstanding Registrable Securities, provided that any party may give a waiver as to itself. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders and
that does not directly or indirectly affect the rights of other Holders may be given by Holders of all of the Registrable Securities
to which such waiver or consent relates; provided, however, that the provisions of this sentence may not
be amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence.

 

(f)            Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as
set forth in the Purchase Agreement.

 

(g)            Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each Holder. Nothing in this Agreement, express or implied, is intended to confer
upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. The Company may not assign its rights (except
by merger or in connection with another entity acquiring all or substantially all of the Company’s assets) or obligations
hereunder without the prior written consent of all the Holders of the then outstanding Registrable Securities. Each Holder may
assign its respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement; provided in
each case that (i) the Holder agrees in writing with the transferee or assignee to assign such rights and related obligations
under this Agreement, and for the transferee or assignee to assume such obligations, and a copy of such agreement is furnished
to the Company within a reasonable time after such assignment, (ii) the Company is, within a reasonable time after such transfer
or assignment, furnished with written notice of the name and address of such transferee or assignee and the securities with respect
to which such registration rights are being transferred or assigned, (iii) at or before the time the Company received the
written notice contemplated by clause (ii) of this sentence, the transferee or assignee agrees in writing with the Company
to be bound by all of the provisions contained herein and (iv) the transferee or assignee is an “accredited investor,”
as that term is defined in Rule 501 of Regulation D.

 

(h)            Execution
and Counterparts. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed
to be an original and, all of which taken together shall constitute one and the same Agreement and shall become effective when
counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign
the same counterpart. In the event that any signature is delivered by e-mail delivery of a “.pdf” format
data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such “.pdf” signature were the original thereof.

 

     

     

    

 

(i)            Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement (whether brought against a party hereto or its respective Affiliates, employees or
agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits to the exclusive jurisdiction
of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not
personally subject to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an improper or
inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

(j)            Cumulative
Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(k)            Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their good faith reasonable
efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.

 

(l)            Headings.
The headings in this Agreement are for convenience only and shall not limit or otherwise affect the meaning hereof.

 

     

     

    

 

(m)            Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under this Agreement are several and
not joint with the obligations of any other Purchaser hereunder, and no Purchaser shall be responsible in any way for the performance
of the obligations of any other Purchaser hereunder. The decision of each Purchaser to purchase the Securities pursuant to the
Transaction Documents has been made independently of any other Purchaser. Nothing contained herein or in any other agreement or
document delivered at any closing, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute
the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement.
Each Purchaser acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment
hereunder and that no Purchaser will be acting as agent of such Purchaser in connection with monitoring its investment in the Registrable
Securities or enforcing its rights under the Transaction Documents. Each Purchaser shall be entitled to protect and enforce its
rights, including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any Proceeding for such purpose. The Company acknowledges that each of the Purchasers has
been provided with the same Registration Rights Agreement for the purpose of closing a transaction with multiple Purchasers and
not because it was required or requested to do so by any Purchaser.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	CATABASIS,
	 	 	PHARMACEUTICALS INC.
	 	 	 
	 	 	 
	 	 	By:	 /s/ Jill C. Milne
	 	 	 	Name: Jill C. Milne
	 	 	 	Title: President and Chief Executive Officer

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	NAME OF INVESTING ENTITY
 AUTHORIZED SIGNATORY
	 	 	 
	 	 	 
	 	 	By:	/s/ Benjamin Davey
	 	 	Name: Benjamin Davey
	 	 	Title: Managing Director
	 	 	 
	 	 	[***]
	 	 	 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	FAIRMOUNT HEALTHCARE FUND LP
 AUTHORIZED SIGNATORY
	 	 	 
	 	 	 
	 	 	By:	 /s/ Tomas Kiselak
	 	 	Name: Tomas Kiselak
	 	 	Title: Managing Member
	 	 	 
	 	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	FAIRMOUNT HEALTHCARE FUND II LP
 AUTHORIZED SIGNATORY
	 	 	 
	 	 	 
	 	 	By:	/s/ Tomas Kiselak
	 	 	Name: Tomas Kiselak
	 	 	Title: Managing Member
	 	 	 
	 	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	LOGOS GLOBAL MASTER FUND LP
	 	 	By: Logos GP LLC
	 	 	Its General Partner
	 	 	AUTHORIZED SIGNATORY
	 	 	 
	 	 	 
	 	 	By:	/s/ Arsani William
	 	 	Name: Arsani William
	 	 	Title: Managing Partner
	 	 	 
	 	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	RA CAPITAL HEALTHCARE FUND, L.P.
	 	 	By: RA Capital Healthcare Fund GP, LLC
	 	 	Its: General Partner
	 	 	AUTHORIZED SIGNATORY
	 	 	 
	 	 	 
	 	 	By:	/s/ Rajeev Shah
	 	 	Name: Rajeev Shah
	 	 	Title: Manager
	 	 	 
	 	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	COMMODORE CAPITAL MASTER L.P.
	 	 	 
	 	 	 
	 	 	By:	 /s/ R. Egen Atkinson, MD
	 	 	Name: R. Egen Atkinson, MD
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	SERRADO OPPORTUNITY FUND LLC
	 	 	AUTHORIZED SIGNATORY
	 	 	 
	 	 	 
	 	 	By:	/s/ Stewart J. Hen
	 	 	Name: Stewart J. Hen
	 	 	Title: Managing Member
	 	 	 
	 	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	SPHERA BIOTECH MASTER FUND, LP
	 	 	 
	 	 	 
	 	 	By:	/s/ Doroh Breen
	 	 	Name: Doroh Breen
	 	 	Title: Director of General Partner
	 	 	 
	 	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	 	CITADEL MULTI-STRATEGY EQUITIES MASTER FUND LTD.
	 	 	Citadel Advisors LLC, its portfolio manager
	 	 	 
	 	 	 
	 	 	By:	 /s/ Shellane Mulcahy
	 	 	Name: Shellane Mulcahy
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	PERCEPTIVE LIFE SCIENCES MASTER FUND, LTD.
	 	 
	 	 
	 	By: 	/s/ James Mannix
	 	Name: James Mannix
	 	Title: COO
	 	 
	 	 
	 	PERCEPTIVE XONTOGENY VENTURE FUND, LP
	 	By: Perceptive Xontogeny Venture GP LLC, its general partner
	 	 
	 	 
	 	By: 	/s/ James Mannix
	 	Name: James Mannix
	 	Title: COO
	 	 
	 	 
	 	By: 	/s/ Frederick Callori
	 	Name: Frederick Callori
	 	Title: Partner
	 	 
	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	CRMA SPV, L.P.
	 	 
	 	 
	 	By: 	/s/ Bihua Chen
	 	By: Cormorant Asset Management, LP, its Attorney-in-fact
	 	Name: Bihua Chen
	 	Title: Managing Member
	 	 
	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	CORMORANT GLOBAL HEALTHCARE MASTER FUND, LP
	 	 
	 	 
	 	By: 	/s/ Bihua Chen
	 	By: Cormorant Global Healthcare GP, LLC
	 	Name: Bihua Chen
	 	Title: Managing Member
	 	 
	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	BOXER CAPITAL, LLC
	 	 
	 	 
	 	By: 	/s/ Aaron Davis
	 	Name: Aaron Davis
	 	Title: Chief Executive Officer
	 	 
	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	MVA INVESTORS, LLC
	 	 
	 	 
	 	By: 	/s/ Aaron Davis
	 	Name: Aaron Davis
	 	Title: Chief Executive Officer
	 	 
	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	ACUTA CAPITAL FUND, LP
	 	By: Acuta Capital Partners, LLC
	 	Its: General Partner
	 	AUTHORIZED SIGNATORY
	 	 
	 	 
	 	By: 	/s/ Scott R. Smith
	 	Name: Scott R. Smith
	 	Title: Chief Operating Officer
	 	 
	 	 
	 	ACUTA OPPORTUNITY FUND, LP
	 	By: Acuta Capital Partners, LLC
	 	Its: General Partner
	 	AUTHORIZED SIGNATORY
	 	 
	 	 
	 	By: 	/s/ Scott R. Smith
	 	Name: Scott R. Smith
	 	Title: Chief Operating Officer
	 	 
	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	VENROCK HEALTHCARE CAPITAL PARTNERS EG L.P.
	 	By: VHCP Management EG, LLC, its general partner
	 	 
	 	 
	 	By: 	/s/ Nimish Shah
	 	Name: Nimish Shah
	 	Title: Authorized Signatory
	 	 
	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	VENROCK HEALTHCARE CAPITAL PARTNERS III L.P.
	 	By: VHCP Management III, LLC, its general partner
	 	By: VR Advisor, LLC, its manager
	 	 
	 	 
	 	By: 	/s/ Nimish Shah
	 	Name: Nimish Shah
	 	Title: Authorized Signatory
	 	 
	 	 
	 	VHCP CO-INVESTMENT HOLDINGS III, LLC
	 	By: VHCP Management III, LLC, its manager
	 	By: VR Advisor, LLC, its manager
	 	 
	 	 
	 	By: 	/s/ Nimish Shah
	 	Name: Nimish Shah
	 	Title: Authorized Signatory
	 	 
	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	VENROCK HEALTHCARE CAPITAL PARTNERS II L.P.
	 	By: VHCP Management II, LLC, its general partner
	 	By: VR Advisor, LLC, its manager
	 	 
	 	 
	 	By: 	/s/ Nimish Shah
	 	Name: Nimish Shah
	 	 
	 	 
	 	VHCP CO-INVESTMENT HOLDINGS II, LLC
	 	By: VHCP Management II, LLC, its manager
	 	By: VR Advisor, LLC, its manager
	 	 
	 	 
	 	By: 	/s/ Nimish Shah
	 	Name: Nimish Shah
	 	Title: Authorized Signatory
	 	 
	 	[***]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the date first written above.

 

	 	ACORN BIOVENTURES, L.P.
	 	By: Acorn Capital Advisors GP, LLC, a Delaware limited liability company
	 	Its: General Partner
	 	 
	 	 
	 	By: 	/s/ Anders Hove
	 	Name: Anders Hove
	 	Title: Member
	 	 
	 	[***]

 

     

     

    

 

ANNEX A

 

PLAN OF DISTRIBUTION

 

We are registering the shares of common
stock of Catabasis Pharmaceuticals, Inc., par value of $0.001 per share, or the Common Stock, which we refer to herein as
Shares, issued to the selling stockholders to permit the resale of these Shares by the holders of the Shares from time to time
after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the Shares.
We will, or will procure to, bear all fees and expenses incident to our obligation to register the Shares.

 

The selling stockholders may sell all or
a portion of the Shares beneficially owned by them and offered hereby from time to time directly or through one or more underwriters,
broker-dealers or agents. If the Shares are sold through underwriters or broker-dealers, the selling stockholders will be responsible
for underwriting discounts or commissions or agent’s commissions. The Shares may be sold on any national securities exchange
or quotation service on which the securities may be listed or quoted at the time of sale, in the over-the-counter market
or in transactions otherwise than on these exchanges or systems or in the over-the-counter market and in one or more
transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of
sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions. The
selling stockholders may use any one or more of the following methods when selling shares:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the
block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	settlement of short sales;

 

		·	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per
share;

 

		·	through the writing or settlement of options or other hedging transactions, whether such options are listed on an options exchange
or otherwise;

 

		·	a combination of any such methods of sale; and

 

		·	any other method permitted pursuant to applicable law.

 

     

     

    

 

The selling stockholders also may resell
all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities Act, as amended,
or the Securities Act, as permitted by that rule, or Section 4(a)(1) under the Securities Act, if available, rather than
under this prospectus, provided that they meet the criteria and conform to the requirements of those provisions.

 

Broker-dealers engaged by the selling stockholders
may arrange for other broker-dealers to participate in sales. If the selling stockholders effect such transactions by selling Shares
to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the
form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of the Shares for whom
they may act as agent or to whom they may sell as principal. Such commissions will be in amounts to be negotiated, but, except
as set forth in a supplement to this Prospectus, in the case of an agency transaction will not be in excess of a customary brokerage
commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance
with FINRA IM-2121.01.

 

In connection with sales of the Shares or
otherwise, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which
may in turn engage in short sales of the Shares in the course of hedging in positions they assume. The selling stockholders may
also sell Shares short and if such short sale shall take place after the date that this Registration Statement is declared effective
by the Commission, the selling stockholders may deliver Shares covered by this prospectus to close out short positions and to return
borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge Shares to broker-dealers
that in turn may sell such shares, to the extent permitted by applicable law. The selling stockholders may also enter into option
or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities
which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares
such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect
such transaction).

 

The selling stockholders may, from time
to time, pledge or grant a security interest in some or all of the Shares owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the Shares from time to time pursuant to this
prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act
of 1933, amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other successors in interest
as selling stockholders under this prospectus. The selling stockholders also may transfer and donate the Shares in other circumstances
in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes
of this prospectus.

 

The selling stockholders and any broker-dealer
or agents participating in the distribution of the Shares may be deemed to be “underwriters” within the meaning of
Section 2(11) of the Securities Act in connection with such sales. In such event, any commissions paid, or any discounts or
concessions allowed to, any such broker-dealer or agent and any profit on the resale of the shares purchased by them may be deemed
to be underwriting commissions or discounts under the Securities Act. Selling Stockholders who are “underwriters” within
the meaning of Section 2(11) of the Securities Act will be subject to the applicable prospectus delivery requirements of the
Securities Act including Rule 172 thereunder and may be subject to certain statutory liabilities of, including but not limited
to, Sections 11, 12 and 17 of the Securities Act and Rule 10b-5 under the Securities Exchange Act of 1934, as amended, or
the Exchange Act.

 

     

     

    

 

Each selling stockholder has informed the
Company that it is not a registered broker-dealer and does not have any written or oral agreement or understanding, directly or
indirectly, with any person to distribute the Shares. Upon the Company being notified in writing by a selling stockholder that
any material arrangement has been entered into with a broker-dealer for the sale of Common Stock through a block trade, special
offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, a supplement to this prospectus
will be filed, if required, pursuant to Rule 424(b) under the Securities Act, disclosing (i) the name of each such
selling stockholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at
which such the Shares were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where
applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated
by reference in this prospectus, and (vi) other facts material to the transaction. In no event shall any broker-dealer receive
fees, commissions and markups, which, in the aggregate, would exceed eight percent (8.0%).

 

Under the securities laws of some U.S. states,
the Shares may be sold in such states only through registered or licensed brokers or dealers. In addition, in some U.S. states
the Shares may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration
or qualification is available and is complied with.

 

There can be no assurance that any selling
stockholder will sell any or all of the Shares registered pursuant to the shelf registration statement, of which this prospectus
forms a part.

 

Each selling stockholder and any other person
participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations
thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing
of purchases and sales of any of the Shares by the selling stockholder and any other participating person. To the extent applicable,
Regulation M may also restrict the ability of any person engaged in the distribution of the Shares to engage in market-making activities
with respect to the Shares. All of the foregoing may affect the marketability of the Shares and the ability of any person or entity
to engage in market-making activities with respect to the Shares.

 

We will pay all expenses of the registration
of the Shares pursuant to the registration rights agreement, including, without limitation, Securities and Exchange Commission
filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however,
that each selling stockholder will pay all underwriting discounts and selling commissions, if any and any related legal expenses
incurred by it. We will indemnify the selling stockholders against certain liabilities, including some liabilities under the Securities
Act, in accordance with the registration rights agreement, or the selling stockholders will be entitled to contribution. We may
be indemnified by the selling stockholders against civil liabilities, including liabilities under the Securities Act, that may
arise from any written information furnished to us by the selling stockholders specifically for use in this prospectus, in accordance
with the related registration rights agreements, or we may be entitled to contribution.

 

     

     

    

 

ANNEX B

 

SELLING STOCKHOLDER NOTICE AND QUESTIONNAIRE

 

The undersigned holder of shares of the
(i) common stock, par value $0.001 per share, of Catabasis Pharmaceuticals, Inc. (the “Company”) and/or
(ii) Series X Convertible Preferred Stock, par value $0.001 per share, of the Company issued pursuant to a certain Stock
Purchase Agreement by and among the Company and the Purchasers named therein, dated as of January 28, 2021 (the “Agreement”),
understands that the Company intends to file with the Securities and Exchange Commission a registration statement on Form S-3 (the
 “Resale Registration Statement”) for the registration and the resale under Rule 415 of the Securities Act
of 1933, as amended (the “Securities Act”), of the Registrable Securities in accordance with the terms of the
Agreement. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Agreement.

 

In order to sell or otherwise dispose of
any Registrable Securities pursuant to the Resale Registration Statement, a holder of Registrable Securities generally will be
required to be named as a selling stockholder in the related prospectus or a supplement thereto (as so supplemented, the “Prospectus”),
deliver the Prospectus to purchasers of Registrable Securities (including pursuant to Rule 172 under the Securities Act) and
be bound by the provisions of the Agreement (including certain indemnification provisions, as described below). Holders must complete
and deliver this Notice and Questionnaire in order to be named as selling stockholders in the Prospectus. Holders of Registrable
Securities who do not complete, execute and return this Notice and Questionnaire within five Trading Days following the date of
the Agreement (1) may not be named as selling stockholders in the Resale Registration Statement or the Prospectus and (2) may
not use the Prospectus for resales of Registrable Securities.

 

Certain legal consequences arise from being
named as a selling stockholder in the Resale Registration Statement and the Prospectus. Holders of Registrable Securities are advised
to consult their own securities law counsel regarding the consequences of being named or not named as a selling stockholder in
the Resale Registration Statement and the Prospectus.

 

NOTICE

 

The undersigned holder (the “Selling
Stockholder”) of Registrable Securities hereby gives notice to the Company of its intention to sell or otherwise dispose
of Registrable Securities owned by it and listed below in Item (3), unless otherwise specified in Item (3), pursuant to the Resale
Registration Statement. The undersigned, by signing and returning this Notice and Questionnaire, understands and agrees that it
will be bound by the terms and conditions of this Notice and Questionnaire and the Agreement.

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is accurate and complete:

 

     

     

    

 

QUESTIONNAIRE

 

		1.	Name.

 

		(a)	Full Legal Name of Selling Stockholder: _____________________________________

 

(b)          Full
Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities Listed in Item 3 below
are held: _________________________________

 

(c)          Full
Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to
vote or dispose of the securities covered by the questionnaire): ________________________________________________________________

 

		2.	Contact Information for Notices to Selling Stockholder.

 

Address: _____________________________________________________________________________

 

Telephone: ___________________________________________________________________________

 

Fax :________________________________________________________________________________

 

Contact Person: ______________________________________________________________________

 

E-mail address of Contact Person: _________________________________________________________

 

		3.	Social Security Number or Taxpayer identification
number.

 

Social Security Number or Taxpayer identification number of
Selling Stockholder:

 

__________________________________

 

		4.	Beneficial Ownership of Registrable Securities Issuable
Pursuant to the Purchase Agreement.

 

Type and Number of Registrable Securities beneficially owned
and issued pursuant to the Agreement: __________________________________________________________________

 

		5.	Broker-Dealer Status.

 

		(a)	Are you a broker-dealer?

 

Yes
 ̈ No  ̈

 

		(b)	If “yes” to Section 4(a), did you receive
your Registrable Securities as compensation for investment banking services to the Company?

 

Yes
 ̈ No  ̈

 

     

     

    

 

Note: If no, the Commission’s staff has indicated that
you should be identified as an underwriter in the Registration Statement.

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes
 ̈ No  ̈

 

Note: If yes, provide a narrative explanation below:

 

(d)   If
you are an affiliate of a broker-dealer, do you certify that you bought the Registrable Securities in the ordinary course of business,
and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings, directly or
indirectly, with any person to distribute the Registrable Securities?

 

Yes
 ̈ No  ̈

 

Note: If no, the Commission’s staff has indicated that
you should be identified as an underwriter in the Registration Statement.

 

		6.	Beneficial Ownership of Other Securities of the Company
Owned by the Selling Stockholder.

 

Except as set forth below in this Item 6, the undersigned
is not the beneficial or registered owner of any securities of the Company other than the Registrable Securities listed above in
Item 3.

 

Type and amount of other securities beneficially owned: ______________________________

 

		7.	Relationships with the Company.

 

Except as set forth below, neither the undersigned nor any
of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the undersigned)
has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates)
during the past three years.

 

State any exceptions here: _______________________________________________________

 

		8.	Plan of Distribution.

 

The undersigned has reviewed the form of Plan of Distribution
attached as Annex A to the Registration Rights Agreement, and hereby confirms that, except as set forth below, the information
contained therein regarding the undersigned and its plan of distribution is correct and complete.

 

State any exceptions here: ________________________________________________________

 

***********

 

     

     

    

 

The Company hereby advises the undersigned that the Commission
currently takes the position that coverage of Short Sales (as defined in the Purchase Agreement) of shares of common stock “against
the box” prior to effectiveness of a resale registration statement with securities included in such registration statement
would be a violation of Section 5 of the Securities Act, as set forth in Item 239.10 of the Securities Act Rules Compliance
and Disclosure Interpretations compiled by the Office of Chief Counsel, Division of Corporate Finance.

 

The undersigned agrees to promptly notify the Company of any
inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof and prior to the effective
date of any applicable Resale Registration Statement. All notices hereunder and pursuant to the Agreement shall be made in writing,
by hand delivery, confirmed or facsimile transmission, first-class mail or air courier guaranteeing overnight delivery at the address
set forth below. In the absence of any such notification, the Company shall be entitled to continue to rely on the accuracy of
the information in this Notice and Questionnaire.

 

By signing below, the undersigned consents to the disclosure
of the information contained herein in its answers to Items (1) through (8) above and the inclusion of such information
in the Resale Registration Statement and the Prospectus. The undersigned understands that such information will be relied upon
by the Company in connection with the preparation or amendment of any such Registration Statement and the Prospectus.

 

By signing below, the undersigned acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act and the rules and regulations
thereunder, particularly Regulation M in connection with any offering of Registrable Securities pursuant to the Resale Registration
Statement. The undersigned also acknowledges that it understands that the answers to this Questionnaire are furnished for use in
connection with Registration Statements filed pursuant to the Registration Rights Agreement and any amendments or supplements thereto
filed with the Commission pursuant to the Securities Act.

 

I confirm that, to the best of my knowledge and belief, the
foregoing statements (including without limitation the answers to this Questionnaire) are correct.

 

     

     

    

 

IN WITNESS WHEREOF the undersigned, by authority duly given,
has caused this Questionnaire to be executed and delivered either in person or by its duly authorized agent.

 

	Dated:	Beneficial Owner:
	 	 	 
	 	By:	

	 	 	Name:
	 	 	Title:

 

Please scan a copy of the completed and executed notice and
questionnaire, and return to bharshbarger@catabasis.com.

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