Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 
  

									
	 	 	 	  	 	  	Page	 
	 1.
	 	 Definitions
	  	 	1	 
			
	 2.
	 	 Registration Rights
	  	 	4	 
				
		 	 2.1
	  	Demand Registration	  	 	4	 
		 	 2.2
	  	Company Registration	  	 	6	 
		 	 2.3
	  	Underwriting Requirements	  	 	6	 
		 	 2.4
	  	Obligations of the Company	  	 	8	 
		 	 2.5
	  	Furnish Information	  	 	9	 
		 	 2.6
	  	Expenses of Registration	  	 	9	 
		 	 2.7
	  	Delay of Registration	  	 	10	 
		 	 2.8
	  	Indemnification	  	 	10	 
		 	 2.9
	  	Reports Under Exchange Act	  	 	12	 
		 	 2.10
	  	Limitations on Subsequent Registration Rights	  	 	13	 
		 	 2.11
	  	“Market Stand-off” Agreement	  	 	13	 
		 	 2.12
	  	Restrictions on Transfer	  	 	14	 
		 	 2.13
	  	Termination of Registration Rights	  	 	15	 
			
	 3.
	 	 Information and Inspection Rights
	  	 	16	 
				
		 	 3.1
	  	Delivery of Financial Statements	  	 	16	 
		 	 3.2
	  	Inspection	  	 	17	 
		 	 3.3
	  	Termination of Information Rights	  	 	17	 
		 	 3.4
	  	Confidentiality	  	 	18	 
			
	 4.
	 	 Rights to Future Stock Issuances
	  	 	18	 
				
		 	 4.1
	  	Right of First Offer	  	 	18	 
		 	 4.2
	  	Termination	  	 	19	 
			
	 5.
	 	 Additional Covenants
	  	 	20	 
				
		 	 5.1
	  	Insurance	  	 	20	 
		 	 5.2
	  	Employee Agreements	  	 	20	 
		 	 5.3
	  	Employee Stock	  	 	20	 
		 	 5.4
	  	Matters Requiring Investor Directors Approval	  	 	20	 
		 	 5.5
	  	Board Matters	  	 	22	 
		 	 5.6
	  	Successor Indemnification	  	 	22	 
		 	 5.7
	  	Expenses of Counsel	  	 	22	 
		 	 5.8
	  	Indemnification Matters	  	 	22	 
		 	 5.9
	  	Right to Conduct Activities	  	 	23	 
		 	 5.10
	  	Termination of Covenants	  	 	23	 

  
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	 6.
	 	 Miscellaneous
	  	 	24	 
				
		 	 6.1
	  	Successors and Assigns	  	 	24	 
		 	 6.2
	  	Governing Law	  	 	24	 
		 	 6.3
	  	Counterparts	  	 	24	 
		 	 6.4
	  	Titles and Subtitles	  	 	24	 
		 	 6.5
	  	Notices	  	 	24	 
		 	 6.6
	  	Amendments and Waivers	  	 	25	 
		 	 6.7
	  	Severability	  	 	25	 
		 	 6.8
	  	Aggregation of Stock	  	 	25	 
		 	 6.9
	  	Additional Investors	  	 	26	 
		 	 6.10
	  	Entire Agreement	  	 	26	 
		 	 6.11
	  	Dispute Resolution	  	 	26	 
		 	 6.12
	  	Delays or Omissions	  	 	27	 
		 	 6.13
	  	Acknowledgment	  	 	27	 

 Schedule A - Schedule of Investors 

  
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 INVESTORS’ RIGHTS AGREEMENT 

THIS INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 8th day of May, 2015, by and among Denali
Therapeutics Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor.” 

RECITALS 

WHEREAS, the Company and the Investors are parties to the Preferred Stock Purchase Agreement of even date herewith (the
“Purchase Agreement”); and 
 WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to
induce the Investors to invest funds in the Company pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock
issuable to the Investors, to receive certain information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement; 

NOW, THEREFORE, the parties hereby agree as follows: 

1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is
controlled by, or is under common control with such Person, including without limitation any general partner, managing member, limited partner, member, manager, employee, officer or director of such Person or any venture capital fund now or
hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For purposes of this definition, (i) the term “control” when used with respect to
any Person means the power to direct the management or policies of such Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” shall
have meanings correlative to the foregoing, and (ii) Asia Ventures III L.P., Japan Ventures I L.P. and FIL Capital Investments (Mauritius) II Limited and their Affiliates are deemed to be Affiliates of Beacon Bioventures Fund IV Limited
Partnership. For the avoidance of doubt, for purposes of this Agreement (and for no other purposes) AKDL, L.P. shall be deemed to be an Affiliate of Crestline Investors, Inc. 

1.2 “Common Stock” means shares of the Company’s common stock, par value $0.01 per share. 

 

 1.3 “Competitor” means a Person engaged, directly or indirectly (including
through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the basic discovery, research and commercialization of drugs to treat human neurological diseases,
but shall not include any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than ten percent (10)% of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a
right to designate any members of the Board of Directors of any Competitor. 
 1.4 “Damages” means any loss, damage, claim
or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of
or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the
indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.5 “Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case,
directly or indirectly), Common Stock, including options and warrants. 
 1.6 “Exchange Act” means the Securities Exchange
Act of 1934, as amended and the rules and regulations promulgated thereunder. 
 1.7 “Excluded Registration” means
(i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a
registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common
Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 
 1.8 “Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

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

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

  
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 1.11 “Holder” means any holder of Registrable Securities who is a party to this
Agreement. 
 1.12 “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.13 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement. 

1.14 “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act. 

1.15 “Key Employee” means any executive-level employee (including, division director and vice president-level positions) as
well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement). 

1.16 “Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least
10,000,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof). 

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

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

 1.19 “Preferred Stock” means, collectively, shares of the Company’s Series A Preferred Stock and Series B
Preferred Stock. 
 1.20 “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the
Preferred Stock, excluding any Common Stock issued upon conversion of the Preferred Stock pursuant to Section 5A of Part B of Article FOURTH of the Company’s Certificate of Incorporation; (ii) any Common Stock, or any Common
Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion or
exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares qualified as Registrable Securities pursuant to clause (i) or
(ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of
Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement. 

  
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 1.21 “Registrable Securities then outstanding” means the number of shares
determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are
Registrable Securities. 
 1.22 “Restricted Securities” means the securities of the Company required to be notated with the
legend set forth in Subsection 2.12(b) hereof. 
 1.23 “SEC” means the Securities and Exchange Commission.

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

1.25 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

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

1.27 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale
of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

1.28 “Series A Director” and “Series A Directors” shall have the meaning set forth in that
certain Voting Agreement dated the date hereof between the Company, the Investors and certain other parties named therein, as it shall be amended or restated from time to time. 

1.29 “Series A Preferred Stock” means, collectively, shares of the Company’s Series A-1 Preferred Stock, par value $0.01 per share, and Series A-2 Preferred Stock, par value $0.01 per share. 

1.30 “Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value
$0.01 per share. 
 2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration.
 (a)
Form S-1 Demand. If at any time after the earlier of (i) five (5) years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration
statement for the IPO, the Company receives a request from Holders of at least 

  
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fifty percent (50%) of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to Registrable
Securities having an anticipated aggregate offering price of at least $10 million, then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all
Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1
registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders,
as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(b) Form S-3 Demand. If at any time when it is eligible to use a Form
S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price of at least $5 million, then the Company shall (i) within ten
(10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given
by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified
by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

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

  
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 (d) The Company shall not be obligated to effect, or to take any action to effect, any
registration pursuant to Subsection 2.1(a), (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after
the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has
effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3
pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty
(30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing
in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period
immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the
SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such
withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d). 
 2.2 Company
Registration. If the Company proposes to register (including for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public
offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after
such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company
shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such
registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6. 

2.3 Underwriting Requirements. If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The
underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities

  
 6 

 
through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for
such underwriting. Notwithstanding any other provision of this Subsection 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten,
then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such
Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling
Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. 

(b) In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2,
the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such
quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such
offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the
offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than
all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable
to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the
Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall the number of Registrable Securities included in the offering be
reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that
is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners,
members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon
the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

  
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 (c) For purposes of Subsection 2.1, a registration shall not be counted as
“effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in
such registration statement are actually included. 
 2.4 Obligations of the Company. Whenever required under this
Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement
effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty
(120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration,
and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one
hundred twenty (120) day period shall be extended for up to one hundred eighty (180) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

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

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

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

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 

  
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 (f) use its commercially reasonable efforts to cause all such Registrable Securities covered by
such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

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

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

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

2.6 Expenses of Registration. All expenses (other than Selling Expenses incurred in connection with registrations, filings, or
qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and
disbursements of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration
proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to 

  
 9 

 
be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless
the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such
withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness
after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to
Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each selling
Holder, and the managers, partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if
any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal
or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company
be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or
other aforementioned Person expressly for use in connection with such registration. 
 (b) To the extent permitted by law, each selling
Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the
Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other

  
 10 

 
Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information
furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred
thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b)
shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event
shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder),
except in the case of fraud or willful misconduct by such Holder. 
 (c) Promptly after receipt by an indemnified party under this
Subsection 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against
any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires,
participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all
other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by
the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially
prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection
2.8. 
 (d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either:
(i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such
case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such 

  
 11 

 
proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted
in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering
price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or
payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

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

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

  
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 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon
request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement
filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such
securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to
use such form). 
 2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company
shall not, without the prior written consent of the Holders of at least fifty percent (50%) of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would
(i) provide to such holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the opportunity to include in
the registration and offering all shares of Registrable Securities that they wish to so include; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder.

 2.11 “Market Stand-off” Agreement. Each Holder hereby agrees
that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its Common Stock for its IPO or any other
equity securities under the Securities Act on a registration statement on Form S-1 or Form S-3 filed within two (2) years after the closing of the Company’s
IPO, and ending on the date specified by the Company and the managing underwriter (such period not to exceed (x) one hundred eighty (180) days in the case of the IPO, or (y) ninety (90) days in the case of a registration other than
the IPO, or such other period in each case as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and
opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option
or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or
exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise.
The foregoing provisions of this Subsection 2.11 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or
one or more of the Immediate Family Members of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions 

  
 13 

 
set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to
the same restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to
conversion into Common Stock of all outstanding Preferred Stock) are subject to the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are
consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to
all Holders subject to such agreements, based on the number of shares subject to such agreements. 
 2.12 Restrictions on
Transfer. The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such
sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or
transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. 

(b) Each certificate, instrument, or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities, and
(iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the
provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 
 THE SECURITIES REPRESENTED HEREBY
HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS
DELIVERY REQUIREMENTS OF SAID ACT. 
 THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT
BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

  
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 The Holders consent to the Company making a notation in its records and giving instructions to
any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall
give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without
registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or
transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the
terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such
Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book
entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that
such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the
Securities Act. 
 2.13 Termination of Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 
 (a) the
closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation; 
 (b) such time as
Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; and 

(c) the fifth anniversary of the IPO. 

  
 15 

 3. Information and Inspection Rights.

3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor: 

(a) as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the
prior year and as included in the Budget (as defined in Subsection 3.1(d)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources and applications of funds for such year, and
(iii) a statement of stockholders’ equity as of the end of such year, all such financial statements, if requested by the holders of at least fifty percent (50%) of the Registrable Securities, shall be audited and certified by independent
public accountants selected by the Company and approved by the Board of Directors (including a majority of the Series A Directors); 

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of
each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with
GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c) as soon as practicable, but in any event within forty-five (45) days after the end of each fiscal quarter of the Company, an up-to-date capitalization table including, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable
for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable
thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the
Company, and certified by the chief financial officer or chief executive officer of the Company as being true, complete, and correct; 
 (d)
as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board of Directors and prepared on
a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 

(e) in connection with the delivery of the Budget required to be delivered pursuant to Section 3.1(d) above, a schedule setting forth an
estimate of the aggregate number of equity awards expected to granted by the Company in such fiscal year; and 

  
 16 

 (f) such other information relating to the financial condition, business, prospects, or
corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information (i) that the
Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely
affect the attorney-client privilege between the Company and its counsel. 
 If, for any period, the Company has any subsidiary whose
accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such
consolidated subsidiaries. 
 Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing
the information set forth in this Subsection 3.1 during the period starting with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must
do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer
actively employing its commercially reasonable efforts to cause such registration statement to become effective. 
 3.2
Inspection. The Company shall permit each Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs,
finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection
3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the
disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. In addition, at least annually, the management of the Company shall meet in person with AKDL, L.P. to present an update on the
Company’s business, strategic plans, business development opportunities, intellectual property and other material developments. 
 3.3
Termination of Information Rights. The covenants set forth in Subsection 3.1 and Subsection 3.2 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company
first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever
event occurs first. 

  
 17 

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

4. Rights to Future Stock Issuances.

4.1 Right of First Offer.

(a) Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company proposes to offer or sell
any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among itself and
its Affiliates as long as any such Affiliate agrees to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the
Investors and the other parties named therein, as an “Investor” under each such agreement. 
 (b) The Company shall give
notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon
which it proposes to offer such New Securities. 
 (c) By notification to the Company within twenty (20) days after the Offer Notice is
given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major
Investor (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total
Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day period, the Company shall

  
 18 

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

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

  
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 5. Additional Covenants.

5.1 Insurance. The Company shall use its commercially reasonable efforts to obtain, within ninety (90) days of the date
hereof, from financially sound and reputable insurers Directors and Officers liability insurance, in an amount and on terms and conditions satisfactory to the Board of Directors, and will use commercially reasonable efforts to cause such insurance
policy to be maintained until such time as the Board of Directors determines that such insurance should be discontinued. The policy shall not be cancelable by the Company without prior approval by the Board of Directors including a majority of the
Series A Directors. Notwithstanding any other provision of this Section 5.1 to the contrary, for so long as a Series A Director is serving on the Board of Directors, the Company shall not cease to maintain a
Directors and Officers liability insurance policy in an amount of at least $3 million unless approved by a majority of the Series A Directors, and the Company shall annually, within one hundred twenty (120) days after the end of each
fiscal year of the Company, deliver to the Investors a certification that such a Directors and Officers liability insurance policy remains in effect. 

5.2 Employee Agreements. The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or
engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement in a form approved by the Board
of Directors; and (ii) each Key Employee to enter into a non-solicitation agreement in substantially the form approved by the Board of Directors. In addition, the Company shall not amend, modify,
terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of a majority of the Series A Directors. 

5.3 Employee Stock. Unless otherwise approved by the Board of Directors, including a majority the Series A Directors, all
future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as
applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares
vesting in equal monthly or quarterly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to
that in Subsection 2.11. In addition, unless otherwise approved by the Board of Directors, including a majority of the Series A Directors, the Company shall retain a “right of first refusal” on employee transfers until the
Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. 

5.4 Matters Requiring Investor Directors Approval. So long as the holders of Series A Preferred Stock are entitled to elect
one or more Series A Directors, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board of Directors, which approval must include the affirmative vote of a majority of the
Series A Directors: 

  
 20 

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

(d) make any investment inconsistent with any investment policy approved by the Board of Directors; 

(e) incur any aggregate indebtedness that is not already included in a budget approved by the Board of Directors, other than trade credit
incurred in the ordinary course of business; 
 (f) otherwise enter into or be a party to any transaction with any director, officer, or
employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person; 

(g) hire, terminate, or change the compensation of the executive officers, including approving any option grants or stock awards to executive
officers; 
 (h) change the principal business of the Company, enter new lines of business, or exit the current line of business; 

(i) sell, assign, license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary
course of business; 
 (j) enter into any corporate strategic relationship involving the payment, contribution, or assignment by the Company
or to the Company of money or assets exceeding $10,000; or 
 (k) increase the size of the Board of Directors above ten (10) members.

  
 21 

 5.5 Board Matters. Unless otherwise determined by the vote of a majority of the
directors then in office, the Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the nonemployee directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors or with respect to the business of the Company. Each
Board committee that the Board chooses to establish shall include at least one of the Series A Directors. 
 5.6 Successor
Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent
necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such
transaction, whether such obligations are contained in the Company’s By-laws, its Certificate of Incorporation, or elsewhere, as the case may be. 

5.7 Expenses of Counsel. In the event of a transaction which is a Sale of the Company (as defined in the Voting Agreement of even
date herewith among the Investors and the Company), the reasonable fees and disbursements, not to exceed $75,000, of one counsel for the Investors (“Investor Counsel”), in their capacities as stockholders, shall be borne and paid by
the Company. At the outset of considering a transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor Counsel (and such counsel’s clients) and shall share the
confidential information (including, without limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other compensation
agreements and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of the Company. The Company shall be obligated to share (and cause the Company’s counsel
and investment bankers to share) such materials when distributed to the Company’s executives and/or any one or more of the other parties to such transaction(s). In the event that Investor Counsel deems it appropriate, in its reasonable
discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney client privilege, the Company shall, and shall direct its
counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel. In the event that one or more of the other party or parties to such transactions require the
clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share whatever information can be shared without entry into such agreement and shall,
at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the clients of Investor Counsel. 

5.8 Indemnification Matters. The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the
Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and certain of their affiliates
(collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort 

  
 22 

 
(i.e., its obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or
liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines
and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the Company’s Certificate of Incorporation or By-laws of the Company (or any
agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all
claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with
respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to
all of the rights of recovery of such Fund Director against the Company. 
 5.9 Right to Conduct Activities. The Company hereby
agrees and acknowledges that certain of the Major Investors and certain of their respective Affiliates are professional venture capital investment funds (collectively, the “Funds”), and as such invest in numerous portfolio
companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as may be conducted in the future). The parties agree that no Fund or any Fund Affiliate investment fund or any of their Affiliates, or
any of their or their Affiliates’ partners, officers or representatives which manage or advise any such investment funds shall be considered a Competitor of the Company as a result of such investment, management or advisory activities for
purposes of this Agreement and the Company agrees that, to the extent permitted under applicable law, neither the Funds nor their Affiliates shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by a
Fund or any of their Affiliates in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other representative of a Fund or Fund Affiliate to assist any such competitive company, whether or not such action was
taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Funds from
liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary
duties to the Company. 
 5.10 Termination of Covenants. The covenants set forth in this Section 5, except for Subsections
5.6 through 5.9, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of
the Exchange Act or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

  
 23 

 6. Miscellaneous.

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

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

6.3 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly
delivered and be valid and effective for all purposes. 
 6.4 Titles and Subtitles. The titles and subtitles used in this
Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. 
 6.5 Notices. All
notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if
sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying
next-day delivery, with written verification of receipt. All communications shall be 

  
 24 

 
sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief
Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy shall
also be sent to Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, MA 02109, Attn: Steven D. Singer, Esq. 
 6.6
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the
written consent of the Company and the holders of a majority of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure
to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving
party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor
without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a
particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such
transaction). The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver
effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one
or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 
 6.7
Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any
other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

6.8 Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

  
 25 

 6.9 Additional Investors. Notwithstanding anything to the contrary contained herein,
if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such shares of Preferred Stock may become a party to this Agreement by
executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this
Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. In addition, Schedule A hereto may be amended by
the Company from time to time in accordance with the Purchase Agreement to add information regarding additional Investors (as defined in the Purchase Agreement) without the consent of the other parties hereto. 

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

6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts
of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action
or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a
defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or
proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE
OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT
RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH
OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

  
 26 

 The prevailing party shall be entitled to reasonable attorney’s fees, costs, and necessary
disbursements in addition to any other relief to which such party may be entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the District of Delaware or any
court of the State of Delaware having subject matter jurisdiction. 
 6.12 Delays or Omissions. No delay or omission to exercise
any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be
construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore
or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

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

[Remainder of Page Intentionally Left Blank] 

  
 27 

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

  

			
	DENALI THERAPEUTICS INC.
	
	By: /s/ Ryan
Watts                                        
        
	      Name: Ryan Watts
	      Title: Interim President and Acting CEO

 SIGNATURE PAGE TO INVESTORS’
RIGHTS AGREEMENT 

 
	
	ARCH VENTURE FUND VIII, L.P.
	
	By: ARCH Venture Partners VIII, L.P., its General Partner
	
	By: ARCH Venture Partners VIII, LLC, its General Partner
	
	By: /s/ Robert
Nelsen                                        
    
	Name: Robert Nelsen
	Title: Managing Director

 SIGNATURE PAGE TO INVESTORS’
RIGHTS AGREEMENT 

 
	
	
	BEACON BIOVENTURES FUND IV LIMITED PARTNERSHIP
	
	By: Beacon Bioventures Advisors Fund IV Limited Partnership, its General Partner
	
	By: Impresa Holdings LLC, its General Partner
	
	By: Impresa Management LLC, its Managing Member
	
	By: /s/ Mary Bevelock Pendergast                            
	Name: Mary Bevelock Pendergast
	Title: Vice President

 SIGNATURE PAGE TO INVESTORS’
RIGHTS AGREEMENT 
  

 
	
	AKDL, L.P.
	
	By: Crestline SI (GP), L.P.,
	its General Partner
	
	By: Crestline Investors, Inc.,
	its General Partner
	
	By: /s/ John S.
Cochran                                        

	Name: John S. Cochran
	Title: Vice-President

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	NEURO LINE PARTNERS, L.P.
	
	By: Bratton Capital Management, L.P.,
	      its General Partner
	
	By: Bratton Capital, Inc.,
	      its General Partner
	
	By: /s/ John S.
Cochran                                        

	Name: John S. Cochran
	Title: Vice President

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	Flagship Ventures Fund V, L.P.
	
	By its General Partner
	Flagship Ventures Fund V General Partner LLC
	
	By: /s/ Noubar B. Afeyan, Ph.D                            
	Noubar B. Afeyan, Ph.D
	Its Manager

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Ge Li, Ph.D.

	Ge Li, Ph.D.

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Boris Nikolic

	Boris Nikolic

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	ABeeC, LLC
	
	By: The Anne Wojcicki Revocable Trust dated 9/2/09
	
	Its: Member
	
	By: /s/ Anne
Wojcicki                                        
        
	By: Anne Wojcicki
	Its: Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	SYMMETRY GROUP LTD
	
	By:/s/ Joseph
Cosmai                                        

	Name: Joseph Cosmai
	Title: Vice President & Treasurer

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	EXPLORE HOLDINGS LLC
	
	By: /s/ Paul
Dauber                                        
    
	Name: Paul Dauber
	Title: Manager

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Vicki Sato

	Vicki Sato

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	FORESITE CAPITAL FUND II, L.P.
	
	By Foresite Capital Management II, LLC
	Its: General Partner
	
	By: /s/ Dennis D.
Ryan                                         
   
	Name: Dennis D. Ryan
	Title: Chief Financial Officer

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Hans Bishop

	Hans Bishop

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	THE FLATLEY FAMILY TRUST
	
	By: /s/ Jay
Flatley                                        
            
	Name: Jay Flatley
	Title: Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	GYENES & CO., INC. RETIREMENT PLAN
	
	By: /s/ Andrew
Gyenes                                        
    
	Name: Andrew Gyenes
	Title: Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Akira Matsuno

	Akira Matsuno

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Matthew S. McIlwain

	Matthew S. McIlwain

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Russell Okung

	Russell Okung

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	PARTNERS INNOVATION FUND, LLC
	
	By: /s/ Julius
Knowles                                        
    
	Name: Julius Knowles
	Title: Partner

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Marc Tessier-Lavigne, Ph.D.

	Marc Tessier-Lavigne, Ph.D.

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	THATCHSTONE, LLC
	
	By: /s/ Robert L.
Carson                                        
    
	Name: Robert L. Carson
	Title: Manager

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	ATWOOD-EDMINSTER TRUST DTD 4/2/00
	
	By: /s/ Brian
Atwood                                        
    
	Name: Brian Atwood
	Title: Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	RBC CAPITAL MARKETS LLC CUST FBO KEITH LEONARD ROTH IRA
		
	By:	 	 /s/ Keith R. Leonard, Jr.

	Name:	 	Keith R. Leonard, Jr.
	Title:	 	

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Greg Gottesman

	Greg Gottesman

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Yi Shi

	Yi Shi

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Peter Pereira Gray

	Peter Pereira Gray

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	1999 FARAH HYDER CHAMPSI REVOCABLE
	TRUST
		
	By:	 	 /s/ Farah Champsi

	Name:	 	Farah Champsi
	Title:	 	Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	DAVID SCHNELL TRUST DTD 5/26/00
		
	By:	 	 /s/ David Schnell

	Name:	 	David Schnell
	Title:	 	Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ John Hair III

	John Hair III

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Steve Harr

	Steve Harr

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	VCVC IV LLC
	
	By: VCVC Management IV LLC, Its Manager
	
	By: Cougar Investment Holdings LLC, Its Manager
		
	By:	 	 /s/ Susan Drake

	Name:	 	Susan Drake
	Title:	 	Vice President

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
			
	GOOGLE VENTURES 2015, L.P.
	
	By: Google Ventures 2015 GP, L.L.C., its General
	Partner
		
	By:	 	 /s/ Jennifer L. Kercher

	Name: Jennifer L. Kercher
	Title: Authorized Signatory

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	TLS BETA PTE LTD.
	
	By: /s/ Fidah
Alsagoff                                        
    
	Name: Fidah Alsagoff
	Title: Authorized Signatory

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	DAVID P. SCHENKEIN 2004 REVOCABLE TRUST
	
	By: /s/ David P.
Schenkein                                    
	Name: David P. Schenkein
	Title: Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	AMY P. SCHENKEIN 2004 REVOCABLE TRUST
	
	By: /s/ Amy P.
Schenkein                                    
	Name: Amy P. Schenkein
	Title: Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Bobby Wagner

	Bobby Wagner

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	THE BART C. WARNER REVOCABLE TRUST
	
	By: /s/ Bart C.
Warner                                        
    
	Name: Bart C. Warner
	Title: Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	THE ELIZABETH A. WARNER REVOCABLE
	TRUST
	
	By: /s/ Elizabeth A.
Warner                                
	Name: Elizabeth A. Warner
	Title: Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	THE J.W. FAMILY GENERATION SKIPPING
	TRUST
	
	By: /s/ James N.
Warner                                        

	Name: James N. Warner
	Title: Trustee

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 
	
	 /s/ Olaf Schuth

	Olaf Schuth

  

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 SCHEDULE A 

Investors 
 ARCH Venture Fund VIII, L.P.

 AKDL, L.P. 
 Beacon Bioventures Fund IV Limited Partnership

 Flagship Ventures Fund V, L.P. 
 Neuro Line Partners, L.P.

 SCHEDULE A 

Investors after giving effect to the First Additional Closing on May 22, 2015 and Second 

Additional Closing on July 22, 2015 

ARCH Venture Fund VIII, L.P. 
 AKDL, L.P. 

Beacon Bioventures Fund IV Limited Partnership 
 Flagship
Ventures Fund V, L.P. 
 Neuro Line Partners, L.P. 
 Ge Li,
Ph.D. 
 Boris Nikolic 
 ABeeC LLC 

Symmetry Group Ltd 
 Explore Holdings, LLC 

Vicki L. Sato 
 Foresite Capital Fund II, L.P. 

Hans Bishop 
 The Flatley Family Trust 

Gyenes & Co., Inc. Retirement Plan 
 Akira Matsuno 

 Matthew S McIlwain 

Russell Okung 
 PARTNERS INNOVATION FUND, LLC 

Marc Tessier-Lavigne, Ph.D. 
 ThatchStone, LLC 

Atwood-Edminster Trust dtd 4/2/00 
 RBC Capital Markets LLC Cust
FBO Keith Leonard Roth IRA 
 Gregory Gottesman 
 Yi Shi 

Peter Pereira Gray 
 1999 Farah Hyder Champsi Revocable Trust

 David Schnell Trust dtd 5/26/00 
 John Hair III 

Steven Harr 
 VCVC IV LLC 

Google Ventures 2015, L.P. 
 TLS Beta Pte Ltd 

David P. Schenkein 2004 Revocable Trust 
 Amy P. Schenkein 2004
Revocable Trust 
 Bobby Wagner 
 The Bart C. Warner Revocable
Trust 
 The Elizabeth A. Warner Revocable Trust 
 The J.W.
Family Generation Skipping Trust 
 Olaf Schuth 

 DENALI THERAPEUTICS INC. 

AMENDMENT NO.1 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

This Amendment No. 1 to the Investors’ Rights Agreement (the “Amendment No. 1”) is made as of
June 4, 2015, by and between Denali Therapeutics Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A to the Investors’ Rights Agreement dated as of May 8, 2015 (the
“Agreement”). Capitalized terms used herein and not otherwise defined shall have the meaning assigned to such term in the Agreement. 

RECITALS 

WHEREAS, the Investors hold shares of the Company’s Preferred Stock and/or shares of Common Stock issued upon conversion thereof
and possess registration rights and other rights pursuant to the Agreement; and 
 WHEREAS, in order to induce the stockholders of
Incro Inc. (“Incro”) (the “Incro Stockholders”) to approve that certain Merger Agreement by and between the Company and Incro] (the “Incro Merger Agreement”), the Company and the Investors have
agreed to amend the Agreement so that the Incro Stockholders shall have the registration rights afforded to holders of the Company’s Preferred Stock under Section 2.2 of the Agreement in connection with the shares of Common Stock such
Incro Stockholders receive pursuant to the Merger Agreement; and 
 WHEREAS, the Company and the Investors desire that the shares of
common stock issued to the stockholders of Incro to be subject to Section 2.11; and 
 WHEREAS, Section 6.6 of the
Agreement provides that any term of the Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) with the written consent of the
Company and the holders of a majority of the Registrable Securities then outstanding; 
 WHEREAS, the Investors executing this
Amendment are holders of at least a majority of the currently-outstanding Registrable Securities (as defined in the Agreement); and 

NOW, THEREFORE, the Company and the Investors hereby agree as follows: 

1. Amendment to Section 1.20. Section 1.20 of the Agreement shall be amended and restated in its entirety as
follows: 
 “1.20 “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the
Preferred Stock, excluding any Common Stock issued upon conversion of the Preferred Stock pursuant to Section 5A of Part B of Article FOURTH of the Company’s Certificate of Incorporation; (ii) any Common Stock, or any Common
Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any 

 
other securities of the Company, acquired by the Investors after the date hereof; (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or
other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares qualified as Registrable Securities pursuant to clause (i) or (ii) above; and (iv) solely with
respect to Section 2.2, any Common Stock issued to the Incro Stockholders pursuant to the Incro Merger Agreement; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under
this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Agreement. 

2. Amendment to Section 1. New Sections 1.31 and 1.32 shall be added to the Agreement as follows: 

“1.30 “Incro Merger Agreement” shall mean the Merger Agreement dated as of June 4, 2015 by and between the Company
and Incro Inc., as such may be amended and restated from time to time in accordance with its terms.” 
 “1.31 “Incro
Stockholders” shall mean those certain stockholders of Incro Inc. (“Incro”), whose shares of Incro’s capital stock shall be exchanged for shares of the Company’s Common Stock pursuant to, or as a consequence of,
the Incro Merger Agreement. 
 3. Statement of Intentions. It is the intent of the Company, the Incro Stockholders and the Investors
that the Incro Stockholders be afforded piggy-back registration rights under Section 2.2 of the Agreement, as amended by this Amendment No. 1, to the same extent as the Holders and that pursuant to this Amendment No. 1, the Incro
Stockholders shall be deemed added as a party to the Agreement, as amended by this Amendment No.1, but solely with respect to the provisions in Sections 2.2, 2.3(b), 2.4, 2.5, 2.6, 2.7, 2.8, 2.11, 2.13 and Section 6 thereof (and associated
definitions) and shall be deemed a “Holder” for all purposes of those provisions. 
 4. Joinder. Each Incro
Stockholder shall become a party to the Agreement, as amended by this Amendment No. 1, by executing and delivering a counterpart signature page to the Agreement in substantially the form attached hereto as Exhibit A.
No further action or consent by the Investors shall be required for such joinder to this Agreement by such Incro Stockholders. In addition, a new Schedule B shall be added to the Agreement to add information regarding the
identities and address information of each Incro Stockholder without the need for further action or consent by the Investors. 

  
 2 

 5. Miscellaneous. 

5.1 Governing Law. This Amendment No. 1 shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to its principles of conflicts of laws. 
 5.2 Counterparts. This Amendment No. 1 may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Amendment No. 1 may also be executed and delivered by facsimile signature and in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 5.3 Titles and
Subtitles. The titles and subtitles used in this Amendment No. 1 are used for convenience only and are not to be considered in construing or interpreting this Amendment No. 1. 

5.4 Amendments and Waivers. This Amendment No. 1 shall be effective upon execution by the Company, the stockholders of Incro and
the holders of a majority of Registrable Securities. Upon this Amendment No. 1 becoming effective in accordance with the foregoing, this Amendment No. 1 shall be binding on all parties to the Agreement, even if they do not execute this
Amendment No. 1. The Company shall give prompt written notice of this Amendment No. 1 to any party to the Agreement that did not consent in writing to this Amendment No. 1. 

5.5 Severability. The invalidity of unenforceability of any provision hereof shall in no way affect the validity or enforceability of
any other provision. 
 5.6 No Further Changes Effected by this Amendment. Except as set forth in this Amendment No.1, the Agreement,
as amended by this Amended No. 1, remains unmodified and in full force and effect. 
 [Remainder of Page Intentionally Left Blank] 

  
 3 

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

  

	
	COMPANY
	
	DENALI THERAPEUTICS INC.
	
	 /s/ Ryan Watts

	Ryan Watts
	Interim President and Acting CEO

 [SIGNATURE PAGE TO AMENDMENT
NO. 1 TO THE INVESTORS’ RIGHTS AGREEMENT] 

 
			
	INVESTORS:
	
	ARCH VENTURE FUND VIII, L.P.
	
	By: ARCH Venture Partners VIII, L.P., its General Partner
	
	By: ARCH Venture Partners VIII, LLC, its General Partner
		
	By:	 	 /s/ Robert Nelsen

	Name: Robert Nelsen
	Title: Managing Director

 SIGNATURE PAGE TO AMENDMENT
NO. 1 TO THE 
 INVESTORS’ RIGHTS
AGREEMENT 

 
	
	BEACON BIOVENTURES FUND IV LIMITED PARTNERSHIP
	
	By: Beacon Bioventures Advisors Fund IV Limited Partnership, its General Partner
	
	By: Impresa Holdings LLC, its General Partner
	
	By: Impresa Management LLC, its Managing Member
	
	By: /s/ Mary Bevelock Pendergast                        
	Name: Mary Bevelock Pendergast
	Title: Vice President

 SIGNATURE PAGE TO AMENDMENT
NO. 1 TO THE 
 INVESTORS’ RIGHTS
AGREEMENT 

 
			
	AKDL, L.P.
		
	By:	 	Crestline SI (GP), L.P.,
		 	its General Partner
		
	By:	 	Crestline Investors, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John S. Cochran

	Name: John S. Cochran
	Title: Vice-President

 SIGNATURE PAGE TO AMENDMENT
NO. 1 TO THE 
 INVESTORS’ RIGHTS
AGREEMENT 

 
			
	NEURO LINE PARTNERS, L.P.
		
	By:	 	Bratton Capital Management, L.P.,
		 	its General Partner
		
	By:	 	Bratton Capital, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John S. Cochran

	Name: John S. Cochran
	Title:. Vice-President

 SIGNATURE PAGE TO AMENDMENT
NO. 1 TO THE 
 INVESTORS’ RIGHTS
AGREEMENT 

 Exhibit A 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

			
		  	Name: Gregory D. Cuny
		
	Dated: as of June 3, 2015	  	
		
		  	        By: /s/ Gregory D.
Cuny                        
		  	        Name: Gregory D. Cuny
		  	        Title:

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	  

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of
                    , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Gregory D. Cuny
				
	Dated: as of             , 2015	 		 		 	
			
		 		 	      By:
                                         
                                       
		 		 	      Name: Gregory D. Cuny
		 		 	      Title:	 	
		 		 	      Record Address:
                                         
                  
		 		 	                                
                                         
                   

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	 /s/ Ryan Watts

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Alexei Degterev
				
	Dated: as of June 1, 2015	 		 		 	
			
		 		 	      By: /s/ Alexei
Degterev                                        
    
		 		 	      Name: Alexei Degterev
		 		 	      Title: Associate Professor

AGREED TO AND ACCEPTED BY: 
 DENALI THERAPEUTICS INC. 

 

			
	By:	 	  

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Alexei Degterev
				
	Dated: as of             , 2015	 		 		 	
			
		 		 	      By:
                                         
                                       
		 		 	      Name: Alexei Degterev
		 		 	      Title:	 	
		 		 	      Record Address:
                                         
                  
		 		 	                                
                                         
                   

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	 /s/ Ryan Watts

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Lawrence C. Fritz
				
	Dated: as of May 30, 2015	 		 		 	
			
		 		 	      By: /s/ Lawrence C. Fritz
                                         
   
		 		 	      Name: Lawrence C. Fritz
		 		 	      Title:	 	

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	  

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Lawrence C. Fritz
				
	Dated: as of             , 2015	 		 		 	
			
		 		 	      By:
                                         
                                       
		 		 	      Name: Lawrence C. Fritz
		 		 	      Title:	 	
		 		 	      Record Address:
                                         
                  
		 		 	                                
                                         
                   

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	 /s/ Ryan Watts

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Dawei Ma 
				
	Dated: as of June 1, 2015	 		 		 	
			
		 		 	      By: /s/ Dawei Ma
                                         
   
		 		 	      Name: Dawei Ma
		 		 	      Title:

 AGREED TO AND ACCEPTED
BY: 
 DENALI THERAPEUTICS INC. 
  

			
	By:	 	  

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Dawei Ma
				
	Dated: as of             , 2015	 		 		 	
			
		 		 	      By:
                                         
                                       
		 		 	      Name: Dawei Ma
		 		 	      Title:	 	
		 		 	      Record Address:
                                         
                  
		 		 	                                
                                         
                   

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	 /s/ Ryan Watts

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 
 to

 Investors’ Rights Agreement 

By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound by that certain
Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder” thereunder, solely
with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this signature page to be
attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: President and Fellows of Harvard College 
				
	Dated: as of June 2, 2015	 		 		 	
			
		 		 	      By: /s/ Isaac T. Kohlberg
                                         
   
		 		 	      Name: Isaac T. Kohlberg
		 		 	       Title: Senior Associate Provost, Chief

                Technology Development
Officer

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	  

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: President and Fellows of Harvard College
				
	Dated: as of             , 2015	 		 		 	
			
		 		 	      By:
                                         
                                       
		 		 	      Name:
		 		 	      Title:	 	
		 		 	      Record Address:
                                         
                  
		 		 	                                
                                         
                   

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	 /s/ Ryan Watts

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: The Brigham & Women’s Hospital, Inc. 
				
	Dated: as of June 3, 2015	 		 		 	
			
		 		 	      By: /s/ Philip R. Licari
                                         
   
		 		 	      Name: Philip R. Licari
		 		 	       Title: Managing Director of Operations |

                Innovation Partners
HealthCare

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	  

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of                 , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: The Brigham & Women’s Hospital, Inc.
				
	Dated: as of             , 2015	 		 		 	
			
		 		 	      By:
                                         
                                       
		 		 	      Name:
		 		 	      Title:	 	
		 		 	      Record Address:
                                         
                  
		 		 	                                
                                         
                   

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	 /s/ Ryan Watts

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of             , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Trustees of Boston University
				
	Dated: as of 6/3/, 2015	 		 		 	
		 		 	      By:	 	 /s/ Martin J. Howard

		 		 	      Name: Martin J. Howard
		 		 	      Title: Treasurer

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	  

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of             , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Trustees of Boston University
				
	Dated: as of             , 2015	 		 		 	
			
		 		 	      By:
                                         
                                       
		 		 	      Name:
		 		 	      Title:	 	
		 		 	      Record Address:
                                         
                  
		 		 	                                
                                         
                   

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	 /s/ Ryan Watts

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of             , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Tufts University
				
	Dated: as of June 3, 2015	 		 		 	
		 		 	      By:	 	 /s/ Erik Halvorsen

		 		 	      Name: Erik Halvorsen
		 		 	      Title: Sr. Director, TTIC

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	  

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of             , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Tufts University
				
	Dated: as of             , 2015	 		 		 	
			
		 		 	      By:
                                         
                                       
		 		 	      Name:
		 		 	      Title:	 	
		 		 	      Record Address:
                                         
                  
		 		 	                                
                                         
                   

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	 /s/ Ryan Watts

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of             , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Junying Yuan
				
	Dated: as of May 30, 2015	 		 		 	
		 		 	      By:	 	 /s/ Junying Yuan

		 		 	      Name: Junying Yuan
		 		 	      Title:

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	  

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of             , 2015 

 DENALI THERAPEUTICS INC. 

Counterpart Signature Page 

to 
 Investors’ Rights
Agreement 
 By executing and delivering this signature page, the undersigned hereby joins in, becomes a party to and agrees to be bound
by that certain Investors’ Rights Agreement, dated as of May 8, 2015, by and among the Company and each of the investors listed on Schedule A thereto (the “Investors’ Rights Agreement”) as a “Holder”
thereunder, solely with respect to Sections 2.2 and 2.11 (and associated definitions). 
 The undersigned hereby authorizes this
signature page to be attached to the Investors’ Rights Agreement or counterparts thereof. 
  

							
		 		 	Name: Junying Yuan
				
	Dated: as of             , 2015	 		 		 	
			
		 		 	      By:
                                         
                                       
		 		 	      Name:
		 		 	      Title:	 	
		 		 	      Record Address:
                                         
                  
		 		 	                                
                                         
                   

 AGREED TO AND ACCEPTED BY: 

DENALI THERAPEUTICS INC. 
  

			
	By:	 	 /s/ Ryan Watts

		 	Name: Ryan Watts
		 	Title: Interim President and Acting CEO

 Dated: as of             , 2015 

 DENALI THERAPEUTICS INC. 

INVESTORS’ RIGHTS AGREEMENT 

SCHEDULE B 

Name and Address 

Gregory D. Cuny 
 Alexei Degterev 

Lawrence C. Fritz 
 Dawei Ma 

Junying Yuan 
 President and Fellows of Harvard College 

The Brigham and Women’s Hospital, Inc. 
 Trustees of Boston
University 
 Tufts University 
 University of Houston System

  

 DENALI THERAPEUTICS INC. 

AMENDMENT NO. 2 TO 

INVESTORS’ RIGHTS AGREEMENT 

This Amendment No. 2 to Investors’ Rights Agreement (the “Amendment No. 2”) dated July 22,
2015, amends that certain Investor Rights Agreement dated May 8, 2015, as amended by an Amendment No. 1 to Investors’ Rights Agreement dated as of June 4, 2015, by and between Denali Therapeutics Inc., a Delaware corporation (the
“Company”) and the other signatories thereto (the “Agreement”). Capitalized terms used herein and not otherwise defined shall have the meaning assigned to such term in the Agreement. 

RECITALS 

WHEREAS, the Company and the Investors desire that Section 1.16 be amended to reduce the number of Registrable Securities (as
defined in the Agreement) required to be a Major Investor (as defined in the Agreement); and 
 WHEREAS, Section 6.6 of the
Agreement provides that any term of the Agreement may be amended and the observance of any term of the Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) with the written consent of the
Company and the holders of a majority of the Registrable Securities then outstanding; 
 WHEREAS, the Investors executing this
Amendment No. 2 are holders of at least a majority of the currently-outstanding Registrable Securities (as defined in the Agreement); and 

NOW, THEREFORE, the Company and the undersigned Investors hereby agree as follows: 

1. Amendment to Section 1.16. Section 1.16 of the Agreement shall be amended and restated in its entirety as
follows: 
 “1.16 “Major Investor” means any Investor that, individually or together with such Investor’s
Affiliates, holds at least 2,000,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof).” 

2. Amendment to Section 5.4(k). Section 5.4(k) of the Agreement shall be amended and restated in its entirety as
follows: 
 “(k) increase the size of the Board of Directors above eleven (11) members.” 

 

 3. Amendment to Section 6.6. Section 6.6 of the Agreement shall be
amended and restated in its entirety as follows: 
 “6.6 Amendments and Waivers. Any term of this Agreement may be amended and
the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable
Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment
allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided, further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party;
provided, further, that no Major Investor that purchases any New Securities pursuant to Section 4 may consent to any waiver of the provisions of Section 4 with respect to the issuance of such New Securities. Notwithstanding the foregoing,
this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors
in the same fashion. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver
effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one
or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.” 

4. Miscellaneous. 
 4.1
Governing Law. This Amendment No. 2 shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its principles of conflicts of laws. 

4.2 Counterparts. This Amendment No. 2 may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. This Amendment No. 2 may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
 4.3 Titles and Subtitles. The titles and subtitles used in this Amendment
No. 2 are used for convenience only and are not to be considered in construing or interpreting this Amendment No. 2. 

  
 2 

 4.4 Amendments and Waivers. This Amendment No. 2 shall be effective upon execution by
the Company and the holders of a majority of the currently-outstanding Registrable Securities. Upon this Amendment No. 2 becoming effective in accordance with the foregoing, this Amendment No. 2 shall be binding on all parties to the
Agreement, even if they do not execute this Amendment No. 2. The Company shall give prompt written notice of this Amendment No. 2 to any party to the Agreement that did not consent in writing to this Amendment No. 2. 

4.5 Severability. The invalidity of unenforceability of any provision hereof shall in no way affect the validity or enforceability of
any other provision. 
 4.6 No Further Changes Effected by this Amendment No. 2. Except as set forth in this
Amendment No. 2, the Agreement remains unmodified and in full force and effect. 
 [Remainder of Page Intentionally Left Blank] 

 

  
 3 

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

  

			
	COMPANY
	
	DENALI THERAPEUTICS INC.
		
	By:	 	 /s/ Ryan Watts

		 	Ryan Watts
		 	Interim President and Acting CEO

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	ARCH VENTURE FUND VIII, L.P.
	
	 By: ARCH Venture Partners VIII, L.P., its

General Partner

	
	 By: ARCH Venture Partners VIII, LLC, its

General Partner

		
	By:	 	 /s/ Keith Crandell

	Name:	 	Keith Crandell
	Title:	 	Managing Director

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
			
	 BEACON BIOVENTURES FUND IV
 LIMITED
PARTNERSHIP

	
	 By: Beacon Bioventures Advisors Fund IV

Limited Partnership, its General Partner

	
	By: Impresa Holdings LLC, its General Partner
	
	By: Impresa Management LLC, its Managing Member
		
	By:	 	 /s/ Mary Bevelock Pendergast

	Name:	 	Mary Bevelock Pendergast
	Title:	 	Vice President

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
			
	AKDL, L.P.
		
	By:	 	Crestline SI (GP), L.P.,
		 	its General Partner
		
	By:	 	Crestline Investors, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John S. Cochran

	Name:	 	John S. Cochran
	Title:	 	Vice-President

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
			
	NEURO LINE PARTNERS, L.P.
		
	By:	 	Bratton Capital Management, L.P.,
		 	its General Partner
		
	By:	 	Bratton Capital, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John S. Cochran

	Name:	 	John S. Cochran
	Title:	 	Vice-President

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
			
	FLAGSHIP VENTURES FUND V, L.P.
		
	By:	 	 Flagship Ventures Fund V General
 Partner LLC,
its General Partner

  

			
	By:	 	 /s/ Noubar B. Afeyan

	Name:	 	Noubar B. Afeyan, Ph.D.
	Title:	 	Its Manager

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
	
	       /s/ Ge Li, Ph.D.

	Ge Li, Ph.D.

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
			
	EXPLORE HOLDINGS LLC
		
	By:	 	 /s/ Paul Dauber

	Name:	 	Paul Dauber
	Title:	 	Manager

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
	
	 /s/ Marc Tessier-Lavigne

	Marc Tessier-Lavigne, Ph.D.

 SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 DENALI THERAPEUTICS INC. 

AMENDMENT NO. 3 TO 

INVESTORS’ RIGHTS AGREEMENT 

This Amendment No. 3 to Investors’ Rights Agreement (the “Amendment No. 3”) dated June 22,
2016, amends that certain Investors’ Rights Agreement dated May 8, 2015, as amended on June 4, 2015 and July 22, 2015, by and between Denali Therapeutics Inc., a Delaware corporation (the “Company”), and the
Investors party thereto (the “Agreement”). Capitalized terms used herein and not otherwise defined shall have the meaning assigned to such term in the Agreement. 

RECITALS 

WHEREAS, the Company and the Investors are entering into an amendment to the Preferred Stock Purchase Agreement, dated as of
May 8, 2015, as amended, to permit the sale of shares of Series B-1 Preferred Stock and Series B-2 Preferred Stock of the Company, and desire that such shares be
covered by the Agreement; and 
 WHEREAS, Section 6.6 of the Agreement provides that any term of the Agreement may be amended
with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding; 
 NOW,
THEREFORE, the Company and the undersigned Investors, comprising holders of a majority of the Registrable Securities currently outstanding, hereby agree as follows: 

1. Amendment. Section 1.30 of the Agreement shall be amended and restated in its entirety as follows: 

“1.30 “Series B Preferred Stock” means, collectively, shares of the Company’s Series
B-1 Preferred Stock, par value $0.01 per share, and Series B-2 Preferred Stock, par value $0.01 per share.” 

2. Miscellaneous. 
 2.1
Governing Law. This Amendment No. 3 shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its principles of conflicts of laws. 

2.2 Counterparts. This Amendment No. 3 may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. This Amendment No. 3 may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 
 2.3 Titles and Subtitles. The titles and subtitles used in this Amendment
No. 3 are used for convenience only and are not to be considered in construing or interpreting this Amendment No. 3. 

 2.4 Amendments and Waivers. This Amendment No. 3 shall be effective upon execution by
the Company and the holders of a majority of the currently-outstanding Registrable Securities. Upon this Amendment No. 3 becoming effective in accordance with the foregoing, this Amendment No. 3 shall be binding on all parties to the
Agreement, even if they do not execute this Amendment No. 3. The Company shall give prompt written notice of this Amendment No. 3 to any party to the Agreement that did not consent in writing to this Amendment No. 3. 

2.5 Severability. The invalidity of unenforceability of any provision hereof shall in no way affect the validity or enforceability of
any other provision. 
 2.6 No Further Changes Effected by this Amendment No. 3. Except as set forth in this
Amendment No. 3, the Agreement remains unmodified and in full force and effect. 
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 3 as of the date first
above written. 
  

			
	COMPANY
	
	DENALI THERAPEUTICS INC.
		
	By:	 	 /s/ Ryan Watts

		 	Ryan Watts
		 	President and CEO

 SIGNATURE PAGE TO AMENDMENT NO. 3 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	ARCH VENTURE FUND VIII, L.P.
	
	By: ARCH Venture Partners VIII, L.P., its General Partner
	
	By: ARCH Venture Partners VIII, LLC, its General Partner
		
	By:	 	 /s/ Mark McDonnell

	Name:	 	Mark McDonnell
	Title:	 	Managing Director

 SIGNATURE PAGE TO AMENDMENT NO. 3 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
			
	AKDL, L.P.
		
	By:	 	Crestline SI (GP), L.P.,
		 	its General Partner
		
	By:	 	Crestline Investors, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John S. Cochran

	Name:	 	John S. Cochran
	Title:	 	Vice President

 SIGNATURE PAGE TO AMENDMENT NO. 3 TO THE 

INVESTORS’ RIGHTS AGREEMENT 

 
			
	NEURO LINE PARTNERS, L.P.
		
	By:	 	Bratton Capital Management, L.P.,
		 	its General Partner
		
	By:	 	Bratton Capital, Inc.,
		 	its General Partner
		
	By:	 	 /s/ John S. Cochran

	Name:	 	John S. Cochran
	Title:	 	Vice President

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
			
	F-PRIME CAPITAL PARTNERS HEALTHCARE FUND IV LP
	
	 By: F-Prime Capital Partners Healthcare Advisors

Fund IV LP, its General Partner

	
	By: Impresa Holdings LLC, its General Partner
	
	By: Impresa Management LLC, its Managing Member
		
	By:	 	 /s/ Mary Bevelock Pendergast

	Name:	 	Mary Bevelock Pendergast
	Title:	 	Vice President

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
			
	ASIA VENTURES III L.P.
	
	By: Asia Partners III, L.P., its General Partner
	
	By: FIL Capital Management Ltd., as General Partner
		
	By:	 	 /s/ Allan Pelvang

	Name:	 	Allan Pelvang
	Title:	 	Director

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
			
	JAPAN VENTURES I L.P.
	
	By: Japan Partners I L.P., its General Partner
	
	By: FIL Capital Management, its General Partner
		
	By:	 	 /s/ Andrew Knights

	Name:	 	Andrew Knights
	Title:	 	Director

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
			
	FIL CAPITAL INVESTMENTS (MAURITIUS) II LIMITED
		
	By:	 	 /s/ Rooksana Shahabally-Coowar

	Name:	 	Rooksana Shahabally-Coowar
	Title:	 	Director

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

  

	
	INVESTORS:
	
	 Flagship Ventures Fund V, L.P.
 by Flagship
Ventures Fund V General Partner LLC

	 its General Partner

	Printed Name of Stockholder
	
	 /s/ Douglas Cole

	Signature
	
	 Douglas Cole

	Printed Name of Signatory
	
	 Manager

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
			
	VCVC IV LLC
	By: VCVC Management IV LLC, its Manager
	By: Cougar Investment Holdings LLC, Its Manager

 
			
		
	By:	 	 /s/ Barbara J. Bennett

	Name:	 	Barbara J. Bennett
	Title:	 	Vice President

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 1999 Farah Hyder Champsi Revocable Trust

	Printed Name of Stockholder
	
	 /s/ Farah Champsi

	Signature
	
	 Farah Champsi

	Printed Name of Signatory
	
	 Trustee

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 ABeeC, LLC

	Printed Name of Stockholder
	
	 /s/ Rebecca Maguire

	Signature
	
	 Rebecca Maguire

	Printed Name of Signatory
	
	 Officer

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Atwood-Edminster Trust DTD 4/2/00

	Printed Name of Stockholder
	
	 /s/ Brian Atwood

	Signature
	
	 Brian Atwood

	Printed Name of Signatory
	
	 Trustee

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Bart C. Warner Revocable Trust

	Printed Name of Stockholder
	
	 /s/ Bart C. Warner

	Signature
	
	 Bart C. Warner

	Printed Name of Signatory
	
	 Trustee

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Hans Bishop

	Printed Name of Stockholder
	
	 /s/ Hans Bishop

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 EcoR1 Capital Fund, LP

	Printed Name of Stockholder
	
	 /s/ Oleg Nodelman

	Signature
	
	 Oleg Nodelman

	Printed Name of Signatory
	
	 Manager, EcoR1 Capital LLC, as GP

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 EcoR1 Capital Fund Qualified, LP

	Printed Name of Stockholder
	
	 /s/ Oleg Nodelman

	Signature
	
	 Oleg Nodelman

	Printed Name of Signatory
	
	 Manager, EcoR1 Capital LLC, as GP

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Elizabeth A. Warner Revocable Trust

	Printed Name of Stockholder
	
	 /s/ Elizabeth A. Warner

	Signature
	
	 Elizabeth A. Warner

	Printed Name of Signatory
	
	 Trustee

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Explore Holdings LLC

	Printed Name of Stockholder
	
	 /s/ Paul Dauber

	Signature
	
	 Paul Dauber

	Printed Name of Signatory
	
	 Manager

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Foresite Capital Fund II, L.P.

	Printed Name of Stockholder
	
	 /s/ Dennis D. Ryan

	Signature
	
	Dennis D. Ryan, CFO of
	 Foresite Capital Management II, LLC

	Printed Name of Signatory
	
	 General Partner

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Greg Gottesman

	Printed Name of Stockholder
	
	 /s/ Greg Gottesman

	Signature
	
	 Greg Gottesman

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Peter John Pereira Gray

	Printed Name of Stockholder
	
	 /s/ Peter John Pereira Gray

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	GV 2015, L.P.
	 By: GV 2015 GP, L.L.C., its General Partner

	Printed Name of Stockholder
	
	 /s/ Jennifer L. Kercher

	Signature
	
	 Jennifer L. Kercher

	Printed Name of Signatory
	
	 Authorized Signatory

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 John Hair III

	Printed Name of Stockholder
	
	 /s/ John Hair III

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Steve Harr

	Printed Name of Stockholder
	
	 /s/ Steve Harr

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Ge Li, Ph.D.

	Printed Name of Stockholder
	
	 /s/ Ge Li, Ph.D.

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Akira Matsuno

	Printed Name of Stockholder
	
	 /s/ Akira Matsuno

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Matthew S. McIlwain

	Printed Name of Stockholder
	
	 /s/ Matthew S. McIlwain

	Signature
	
	 Matthew S. McIlwain

	Printed Name of Signatory
	
	 Partner

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Russell Okung

	Printed Name of Stockholder
	
	 /s/ Russell Okung

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Partners Innovation Fund

	Printed Name of Stockholder
	
	 /s/ J. Knowles

	Signature
	
	 Julius Knowles

	Printed Name of Signatory
	
	 Partner

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	RBC Capital Markets, LLC Cust
	 FBO Keith Leonard Roth IRA

	Printed Name of Stockholder
	
	 /s/ Keith R. Leonard, Jr.

	Signature
	
	 Keith R. Leonard, Jr.

	Printed Name of Signatory
	
	 Account Owner

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 David Schenkein

	Printed Name of Stockholder
	
	 /s/ David Schenkein

	Signature
	  

	Printed Name of Signatory
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 David Schnell

	Printed Name of Stockholder
	
	 /s/ David Schnell

	Signature
	
	 David Schnell

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Alexander Schuth

	Printed Name of Stockholder
	
	 /s/ Alexander Schuth

	Signature
	
	 Alexander Schuth

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Olaf Schuth

	Printed Name of Stockholder
	
	 /s/ Olaf Schuth

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Yi Shi

	Printed Name of Stockholder
	
	 /s/ Yi Shi

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Symmetry Group Ltd.

	Printed Name of Stockholder
	
	 /s/ Joseph Cosmai

	Signature
	
	 Joseph Cosmai

	Printed Name of Signatory
	
	 Vice President & Treasurer

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Marc Tessier-Lavigne

	Printed Name of Stockholder
	
	 /s/ Marc Tessier-Lavigne

	Signature
	
	  

	Printed Name of Signatory
	
	  

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 The Flatley Family Trust

	Printed Name of Stockholder
	
	 /s/ Jay Flatley

	Signature
	
	 Jay Flatley

	Printed Name of Signatory
	
	 Trustee

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 The JW Family Gen. Skipping Trust

	Printed Name of Stockholder
	
	 /s/ James N. Warner

	Signature
	
	 James N. Warner

	Printed Name of Signatory
	
	 Trustee

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 TLS Beta Pte Ltd

	Printed Name of Stockholder
	
	 /s/ Christina Choo

	Signature
	
	 Christina Choo

	Printed Name of Signatory
	
	 Authorised Signatory

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENT 

 
	
	INVESTORS:
	
	 Bobby J. Wagner

	Printed Name of Stockholder
	
	 /s/ Bobby J. Wagner

	Signature
	
	 Bobby J. Wagner

	Printed Name of Signatory
	
	 Self

	Title of Signatory

  
 SIGNATURE PAGE TO
AMENDMENT NO. 3 TO THE 
 INVESTORS’ RIGHTS AGREEMENTEX-10.2

 Exhibit 10.2 

2015 STOCK INCENTIVE PLAN 

OF 
 DENALI THERAPEUTICS
INC. 
 (as amended through December 13, 2016) 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	 1.
	 	Purpose	  	 	1	 
			
	 2.
	 	Eligibility	  	 	1	 
			
	 3.
	 	Administration and Delegation	  	 	1	 
				
		 	(a)	 	Administration by the Board	  	 	1	 
		 	(b)	 	Appointment of Committees	  	 	2	 
			
	 4.
	 	Stock Available for Awards	  	 	2	 
				
		 	(a)	 	Number of Shares	  	 	2	 
		 	(b)	 	Substitute Awards	  	 	2	 
			
	 5.
	 	Stock Options	  	 	2	 
				
		 	(a)	 	General	  	 	2	 
		 	(b)	 	Incentive Stock Options	  	 	2	 
		 	(c)	 	Exercise Price	  	 	3	 
		 	(d)	 	Duration of Options	  	 	3	 
		 	(e)	 	Exercise of Options	  	 	3	 
		 	(f)	 	Payment Upon Exercise	  	 	4	 
			
	 6.
	 	Stock Appreciation Rights	  	 	5	 
				
		 	(a)	 	General	  	 	5	 
		 	(b)	 	Measurement Price	  	 	5	 
		 	(c)	 	Duration of SARs	  	 	5	 
		 	(d)	 	Exercise of SARs	  	 	5	 
			
	 7.
	 	Restricted Stock; Restricted Stock Units	  	 	5	 
				
		 	(a)	 	General	  	 	5	 
		 	(b)	 	Terms and Conditions for All Restricted Stock Awards	  	 	5	 
		 	(c)	 	Additional Provisions Relating to Restricted Stock	  	 	5	 
		 	(d)	 	Additional Provisions Relating to Restricted Stock Units	  	 	6	 
			
	 8.
	 	Other Stock-Based Awards	  	 	6	 
				
		 	(a)	 	General	  	 	6	 
		 	(b)	 	Terms and Conditions	  	 	6	 
		 	(c)	 	Additional Limitations for Other Stock-Based Awards	  	 	7	 
			
	 9.
	 	Adjustments for Changes in Common Stock and Certain Other Events	  	 	7	 
				
		 	(a)	 	Changes in Capitalization	  	 	7	 
		 	(b)	 	Reorganization Events	  	 	7	 
		 	(c)	 	Additional Restriction Regarding Recapitalizations, Stock Splits, Etc	  	 	9	 
			
	 10.
	 	General Provisions Applicable to Awards	  	 	9	 

  
 i 

									
				
		 	(a)	  	Transferability of Awards	  	 	9	 
		 	(b)	  	Documentation	  	 	10	 
		 	(c)	  	Board Discretion	  	 	10	 
		 	(d)	  	Termination of Status	  	 	10	 
		 	(e)	  	Withholding	  	 	10	 
		 	(f)	  	Amendment of Award	  	 	10	 
		 	(g)	  	Conditions on Delivery of Stock	  	 	11	 
		 	(h)	  	Acceleration	  	 	11	 
		 	(i)	  	Additional Limitations on Timing of Awards	  	 	11	 
			
	 11.
	 	Miscellaneous	  	 	11	 
				
		 	(a)	  	No Right To Employment or Other Status	  	 	11	 
		 	(b)	  	No Rights As Stockholder	  	 	11	 
		 	(c)	  	Effective Date and Term of Plan	  	 	11	 
		 	(d)	  	Amendment of Plan	  	 	12	 
		 	(e)	  	Authorization of Sub-Plans (including Grants to non-U.S. Employees).	  	 	12	 
		 	(f)	  	Compliance with Section 409A of the Code	  	 	12	 
		 	(g)	  	Limitations on Liability	  	 	12	 
		 	(h)	  	Governing Law	  	 	13	 

  
 ii 

 2015 STOCK INCENTIVE PLAN 

OF 
 DENALI THERAPEUTICS
INC. 
 (as amended through December 13, 2016) 
  

	1.	Purpose 

 The purpose of this 2015 Stock Incentive Plan (the “Plan”) of
Denali Therapeutics Inc., a Delaware corporation (the “Company”), is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate persons who are expected to
make important contributions to the Company and by providing such persons with equity ownership opportunities and performance-based incentives that are intended to better align the interests of such persons with those of the Company’s
stockholders. Except where the context otherwise requires, the term “Company” shall include any of the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Internal
Revenue Code of 1986, as amended, and any regulations thereunder (the “Code”) and any other business venture (including, without limitation, joint venture or limited liability company) in which the Company has a controlling
interest, as determined by the Board of Directors of the Company (the “Board”); provided, however, that such other business ventures shall be limited to entities that, where required by Section 409A of the Code,
are eligible issuers of service recipient stock (as defined in Treas. Reg. Section 1.409A-1(b)(5)(iii)(E), or applicable successor regulation). 
  

	2.	Eligibility 

 All of the Company’s employees, officers and directors, as well as
consultants and advisors to the Company (as such terms consultants and advisors are defined and interpreted for purposes of Rule 701 under the Securities Act of 1933, as amended (the “Securities Act”) (or any successor rule)) are
eligible to be granted Awards under the Plan. Each person who is granted an Award under the Plan is deemed a “Participant.” “Award” means Options (as defined in Section 5), SARs (as defined in Section 6),
Restricted Stock (as defined in Section 7), Restricted Stock Units (as defined in Section 7) and Other Stock-Based Awards (as defined in Section 8). 
  

	3.	Administration and Delegation 

 (a) Administration by the Board. The Plan
will be administered by the Board. The Board shall have authority to grant Awards and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Board may construe and
interpret the terms of the Plan and any Award agreements entered into under the Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem
expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the Board shall be made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any
interest in the Plan or in any Award. 

  
 1 

 (b) Appointment of Committees. To the extent permitted by applicable law, the Board
may delegate any or all of its powers under the Plan to one or more committees or subcommittees of the Board (each, a “Committee”). All references in the Plan to the “Board” shall mean the Board or a Committee of
the Board to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee. 
  

	4.	Stock Available for Awards 

 (a) Number of Shares. Subject to adjustment under
Section 9, Awards may be made under the Plan for up to 33,300,000 shares of common stock, $0.01 par value per share, of the Company (the “Common Stock”), any or all of which Awards may be in the form of Incentive Stock Options
(as defined in Section 5(b)). If any Award expires or is terminated, surrendered or canceled without having been fully exercised, is forfeited in whole or in part (including as the result of shares of Common Stock subject to such Award being
repurchased by the Company at the original issuance price pursuant to a contractual repurchase right), or results in any Common Stock not being issued, the unused Common Stock covered by such Award shall again be available for the grant of Awards
under the Plan. Further, shares of Common Stock tendered to the Company by a Participant to exercise an Award or to satisfy tax withholding obligations arising with respect to an Award shall be added to the number of shares of Common Stock available
for the grant of Awards under the Plan. However, in the case of Incentive Stock Options, the two immediately preceding sentences shall be subject to any limitations under the Code. Shares issued under the Plan may consist in whole or in part of
authorized but unissued shares or treasury shares. 
 (b) Substitute Awards. In connection with a merger or consolidation of an
entity with the Company or the acquisition by the Company of property or stock of an entity, the Board may grant Awards in substitution for any options or other stock or stock-based awards granted by such entity or an affiliate thereof. Substitute
Awards may be granted on such terms as the Board deems appropriate in the circumstances, notwithstanding any limitations on Awards contained in the Plan. Substitute Awards shall not count against the overall share limit set forth in
Section 4(a), except as may be required by reason of Section 422 and related provisions of the Code. 
  

	5.	Stock Options 

 (a) General. The Board may grant options to purchase Common Stock (each,
an “Option”) and determine the number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including conditions
relating to applicable federal or state securities laws, as it considers necessary or advisable. 
 (b) Incentive Stock Options. An
Option that the Board intends to be an “incentive stock option” as defined in Section 422 of the Code (an “Incentive Stock Option”) shall only be granted to employees of Denali Therapeutics Inc., any of Denali
Therapeutics Inc.’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Code, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code, and
shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. An Option that is not intended to be an Incentive Stock Option shall be designated a “Nonstatutory 

  
 2 

 
Stock Option.” The Company shall have no liability to a Participant, or any other party, if an Option (or any part thereof) that is intended to be an Incentive Stock Option is not an
Incentive Stock Option or if the Company converts an Incentive Stock Option to a Nonstatutory Stock Option. 
 (c) Exercise Price.
The Board shall establish the exercise price of each Option and specify the exercise price in the applicable Option agreement. The exercise price shall be not less than 100% of the fair market value per share of Common Stock, as determined by (or in
a manner approved by) the Board (“Fair Market Value”), on the date the Option is granted. “Fair Market Value” of a share of Common Stock for purposes of the Plan will be determined as follows: 

(1) if the Common Stock is not publicly traded, the Board will determine the Fair Market Value for purposes of the Plan using any measure of
value it determines to be appropriate (including, as it considers appropriate, relying on appraisals) in a manner consistent with the valuation principles under Code Section 409A, except as the Board may expressly determine otherwise; 

(2) if the Common Stock trades on a national securities exchange, the closing sale price (for the primary trading session) on the date of
grant; or 
 (3) if the Common Stock does not trade on any such exchange, the average of the closing bid and asked prices as reported by an
authorized OTCBB market data vendor as listed on the OTCBB website (otcbb.com) on the date of grant. 
 For any date that is not a trading
day, the Fair Market Value of a share of Common Stock for such date will be determined by using the closing sale price or average of the bid and asked prices, as appropriate, for the immediately preceding trading day and with the timing in the
formulas above adjusted accordingly. The Board can substitute a particular time of day or other measure of “closing sale price” or “bid and asked prices” if appropriate because of exchange or market procedures or can, in its sole
discretion, use weighted averages either on a daily basis or such longer period as complies with Code Section 409A. 
 The Board has
sole discretion to determine the Fair Market Value for purposes of the Plan, and all Awards are conditioned on the participants’ agreement that the Administrator’s determination is conclusive and binding even though others might make a
different determination. 
 (d) Duration of Options. Each Option shall be exercisable at such times and subject to such terms and
conditions as the Board may specify in the applicable option agreement; provided, however, that no Option will be granted with a term in excess of 10 years. 

(e) Exercise of Options.

(1) Options may be exercised by delivery to the Company of a notice of exercise in a form of notice (which may be electronic) approved by the
Company, together with payment in full (in a manner specified in Section 5(f)) of the exercise price for the number of shares for which the Option is exercised. Shares of Common Stock subject to the Option will be delivered by the Company as
soon as practicable following exercise. 

  
 3 

 (2) Unless a Participant’s employment is terminated for cause (as defined by applicable law,
the terms of the Plan or option grant or a contract of employment), in the event of termination of employment of such Participant, such Participant shall have the right to exercise an Option, to the extent that such Participant is entitled to
exercise such Option on the date employment terminated, until the earlier of: (i) at least six (6) months from the date of termination, if termination was caused by such Participant’s death or disability, (ii) at least thirty
(30) days from the date of termination, if termination was caused other than by such Participant’s death or disability and (iii) the Option expiration date. 

(f) Payment Upon Exercise. Common Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows:

 (1) in cash or by check, payable to the order of the Company; 

(2) when the Common Stock is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), except as
may otherwise be provided in the applicable Option agreement or approved by the Board, in its sole discretion, by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company
sufficient funds to pay the exercise price and any required tax withholding or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company
cash or a check sufficient to pay the exercise price and any required tax withholding; 
 (3) when the Common Stock is registered under the
Exchange Act and to the extent provided for in the applicable Option agreement or approved by the Board, in its sole discretion, by delivery (either by actual delivery or attestation) of shares of Common Stock owned by the Participant valued at
their Fair Market Value, provided (i) such method of payment is then permitted under applicable law, (ii) such Common Stock, if acquired directly from the Company, was owned by the Participant for such minimum period of time, if
any, as may be established by the Board in its discretion and (iii) such Common Stock is not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements; 

(4) to the extent provided for in the applicable Nonstatutory Stock Option agreement or approved by the Board in its sole discretion, by
delivery of a notice of “net exercise” to the Company, as a result of which the Participant would pay the exercise price for the portion of the Option being exercised by cancelling a portion of the Option for such number of shares as is
equal to the exercise price divided by the excess of the Fair Market Value on the date of exercise over the Option exercise price per share. 

(5) to the extent permitted by applicable law and provided for in the applicable Option agreement or approved by the Board, in its sole
discretion, by (i) delivery of a promissory note of the Participant to the Company on terms determined by the Board, or (ii) payment of such other lawful consideration as the Board may determine; or 

(6) by any combination of the above permitted forms of payment. 

  
 4 

	6.	Stock Appreciation Rights 

 (a) General. The Board may grant Awards consisting of
stock appreciation rights (“SARs”) entitling the holder, upon exercise, to receive an amount of Common Stock or cash or a combination thereof (such form to be determined by the Board) determined by reference to appreciation, from
and after the date of grant, in the Fair Market Value of a share of Common Stock over the measurement price established pursuant to Section 6(b). The date as of which such appreciation is determined shall be the exercise date. 

(b) Measurement Price. The Board shall establish the measurement price of each SAR and specify it in the applicable SAR agreement. The
measurement price shall not be less than 100% of the Fair Market Value on the date the SAR is granted. 
 (c) Duration of SARs. Each
SAR shall be exercisable at such times and subject to such terms and conditions as the Board may specify in the applicable SAR agreement; provided, however, that no SAR will be granted with a term in excess of 10 years. 

(d) Exercise of SARs. SARs may be exercised by delivery to the Company of a notice of exercise in a form (which may be electronic)
approved by the Company, together with any other documents required by the Board. 
  

	7.	Restricted Stock; Restricted Stock Units 

 (a) General. The Board may grant Awards
entitling recipients to acquire shares of Common Stock (“Restricted Stock”), subject to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price (or to require
forfeiture of such shares if issued at no cost) from the recipient in the event that conditions specified by the Board in the applicable Award are not satisfied prior to the end of the applicable restriction period or periods established by the
Board for such Award. The Board may also grant Awards entitling the recipient to receive shares of Common Stock or cash to be delivered at the time such Award vests (“Restricted Stock Units”) (Restricted Stock and Restricted Stock
Units are each referred to herein as a “Restricted Stock Award”). 
 (b) Terms and Conditions for All Restricted Stock
Awards. The Board shall determine the terms and conditions of a Restricted Stock Award, including the conditions for vesting and repurchase (or forfeiture) and the issue price, if any. 

(c) Additional Provisions Relating to Restricted Stock.

(1) Dividends. Unless otherwise provided in the applicable Award agreement, any dividends (whether paid in cash, stock or property)
declared and paid by the Company with respect to shares of Restricted Stock (“Accrued Dividends”) shall be paid to the Participant only if and when such shares become free from the restrictions on transferability and forfeitability
that apply to such shares. Each payment of Accrued Dividends will be made no later than the end of the calendar year in which the dividends are paid to stockholders of that class of stock or, if later, the 15th day of the third month following the
lapsing of the restrictions on transferability and the forfeitability provisions applicable to the underlying shares of Restricted Stock. 

  
 5 

 (2) Stock Certificates. The Company may require that any stock certificates issued in
respect of shares of Restricted Stock, as well as dividends or distributions paid on such Restricted Stock, shall be deposited in escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). At the
expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or if the Participant has died, to Participant’s Designated Beneficiary.
“Designated Beneficiary” means (i) the beneficiary designated, in a manner determined by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or
(ii) in the absence of an effective designation by a Participant, “Designated Beneficiary” the Participant’s estate. 

(d) Additional Provisions Relating to Restricted Stock Units.

(1) Settlement. Upon the vesting of and/or lapsing of any other restrictions (i.e., settlement) with respect to each Restricted Stock
Unit, the Participant shall be entitled to receive from the Company one share of Common Stock or (if so provided in the applicable Award agreement) an amount of cash equal to the Fair Market Value of one share of Common Stock. The Board may, in its
discretion, provide that settlement of Restricted Stock Units shall be deferred, on a mandatory basis or at the election of the Participant in a manner that complies with Section 409A of the Code. 

(2) Voting Rights. A Participant shall have no voting rights with respect to any Restricted Stock Units. 

(3) Dividend Equivalents. The Award agreement for Restricted Stock Units may provide Participants with the right to receive an amount
equal to any dividends or other distributions declared and paid on an equal number of outstanding shares of Common Stock (“Dividend Equivalents”). Dividend Equivalents may be paid currently or credited to an account for the
Participants, may be settled in cash and/or shares of Common Stock and may be subject to the same restrictions on transfer and forfeitability as the Restricted Stock Units with respect to which paid, in each case to the extent provided in the
applicable Award agreement. 
  

	8.	Other Stock-Based Awards 

 (a) General. Other Awards of shares of Common Stock,
and other Awards that are valued in whole or in part by reference to, or are otherwise based on, shares of Common Stock or other property, may be granted hereunder to Participants (“Other Stock-Based-Awards”). Such Other Stock-Based
Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan or as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock-Based Awards may be paid in shares of Common
Stock or cash, as the Board shall determine. 
 (b) Terms and Conditions. Subject to the provisions of the Plan, the Board shall
determine the terms and conditions of each Other Stock-Based Award, including any purchase price applicable thereto. 

  
 6 

 (c) Additional Limitations for Other Stock-Based Awards. The terms of all Awards granted
to a Participant under this Section 8 shall comply, to the extent applicable, with Sections 260.140.42, 260.140.45 and 260.140.46 of the California Code of Regulations. 
  

	9.	Adjustments for Changes in Common Stock and Certain Other Events 

 (a) Changes in
Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or
distribution to holders of Common Stock other than an ordinary cash dividend, (i) the number and class of securities available under the Plan, (ii) the number and class of securities and exercise price per share of each outstanding Option,
(iii) the share and per-share provisions and the measurement price of each outstanding SAR, (iv) the number of shares subject to and the repurchase price per share subject to each outstanding Restricted Stock Award and (v) the share
and per-share-related provisions and the purchase price, if any, of each outstanding Other Stock-Based Award, shall be equitably adjusted by the Company (or substituted Awards may be made, if applicable) in the manner determined by the Board.
Without limiting the generality of the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend and the exercise price of and the number of shares subject to an outstanding Option are adjusted as of the
date of the distribution of the dividend (rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date and the distribution date for such stock dividend shall be entitled to receive, on the
distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding as of the close of business on the record date for such stock
dividend. 
 (b) Reorganization Events.

(1) Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation of the Company with or into
another entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or is cancelled, (b) any transfer or disposition of all of the Common Stock of
the Company for cash, securities or other property pursuant to a share exchange or other transaction or (c) any liquidation or dissolution of the Company. 

(2) Consequences of a Reorganization Event on Awards Other than Restricted Stock. 

(i) In connection with a Reorganization Event, the Board may take any one or more of the following actions as to all or any (or any portion
of) outstanding Awards other than Restricted Stock on such terms as the Board determines (except to the extent specifically provided otherwise in an applicable Award agreement or another agreement between the Company and the Participant):
(i) provide that such Awards shall be assumed, or substantially equivalent Awards shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to a Participant, provide that all of
the Participant’s unexercised Awards will terminate immediately prior to the consummation of such Reorganization Event unless exercised by the Participant (to the extent then exercisable) within a specified period following the date of such

  
 7 

 
notice, (iii) provide that outstanding Awards shall become exercisable, realizable, or deliverable, or restrictions applicable to an Award shall lapse, in whole or in part prior to or upon
such Reorganization Event, (iv) in the event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment for each share surrendered in the Reorganization Event (the
“Acquisition Price”), make or provide for a cash payment to Participants with respect to each Award held by a Participant equal to (A) the number of shares of Common Stock subject to the vested portion of the Award (after
giving effect to any acceleration of vesting that occurs upon or immediately prior to such Reorganization Event) multiplied by (B) the excess, if any, of (I) the Acquisition Price over (II) the exercise, measurement or purchase price of
such Award and any applicable tax withholdings, in exchange for the termination of such Award, (v) provide that, in connection with a liquidation or dissolution of the Company, Awards shall convert into the right to receive liquidation proceeds
(if applicable, net of the exercise, measurement or purchase price thereof and any applicable tax withholdings) and (vi) any combination of the foregoing. In taking any of the actions permitted under this Section 9(b)(2), the Board shall
not be obligated by the Plan to treat all Awards, all Awards held by a Participant, or all Awards of the same type, identically. 
 (ii)
Notwithstanding the terms of Section 9(b)(2)(i), in the case of outstanding Restricted Stock Units that are subject to Section 409A of the Code: (i) if the applicable Restricted Stock Unit agreement provides that the Restricted Stock
Units shall be settled upon a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i), and the Reorganization Event constitutes such a “change in control event”, then no assumption or
substitution shall be permitted pursuant to Section 9(b)(2)(i)(i) and the Restricted Stock Units shall instead be settled in accordance with the terms of the applicable Restricted Stock Unit agreement; and (ii) the Board may only undertake
the actions set forth in clauses (iii), (iv) or (v) of Section 9(b)(2)(i) if the Reorganization Event constitutes a “change in control event” as defined under Treasury Regulation Section 1.409A-3(i)(5)(i) and such
action is permitted or required by Section 409A of the Code; if the Reorganization Event is not a “change in control event” as so defined or such action is not permitted or required by Section 409A of the Code, and the acquiring
or succeeding corporation does not assume or substitute the Restricted Stock Units pursuant to clause (i) of Section 9(b)(2)(i), then the unvested Restricted Stock Units shall terminate immediately prior to the consummation of the
Reorganization Event without any payment in exchange therefor. 
 (iii) For purposes of Section 9(b)(2)(i)(i), an Award (other than
Restricted Stock) shall be considered assumed if, following consummation of the Reorganization Event, such Award confers the right to purchase or receive pursuant to the terms of such Award, for each share of Common Stock subject to the Award
immediately prior to the consummation of the Reorganization Event, the consideration (whether cash, securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each share of Common Stock held
immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided,
however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or
succeeding corporation, provide for the consideration to be received upon the exercise or settlement of the Award to consist solely of such number of shares of common stock of the acquiring or 

  
 8 

 
succeeding corporation (or an affiliate thereof) that the Board determined to be equivalent in value (as of the date of such determination or another date specified by the Board) to the per share
consideration received by holders of outstanding shares of Common Stock as a result of the Reorganization Event. 
 (3) Consequences of a
Reorganization Event on Restricted Stock. Upon the occurrence of a Reorganization Event other than a liquidation or dissolution of the Company, the repurchase and other rights of the Company with respect to outstanding Restricted Stock shall
inure to the benefit of the Company’s successor and shall, unless the Board determines otherwise, apply to the cash, securities or other property which the Common Stock was converted into or exchanged for pursuant to such Reorganization Event
in the same manner and to the same extent as they applied to such Restricted Stock; provided, however, that the Board may provide for termination or deemed satisfaction of such repurchase or other rights under the instrument evidencing any
Restricted Stock or any other agreement between a Participant and the Company, either initially or by amendment. Upon the occurrence of a Reorganization Event involving the liquidation or dissolution of the Company, except to the extent specifically
provided to the contrary in the instrument evidencing any Restricted Stock or any other agreement between a Participant and the Company, all restrictions and conditions on all Restricted Stock then outstanding shall automatically be deemed
terminated or satisfied. 
 (c) Additional Restriction Regarding Recapitalizations, Stock Splits, Etc. For purposes of this
Section 9, in the event of a stock split, reverse stock split, stock dividend, recapitalization, combination, reclassification or other distribution of the Company’s securities underlying the Award without the receipt of consideration by
the Company, the number of securities purchasable, and in the case of Options, the exercise price of such Options, must be proportionately adjusted. 
  

	10.	General Provisions Applicable to Awards.

 (a) Transferability of Awards. Awards
(or any interest in an Award, including, prior to exercise, any interest in shares of Common Stock issuable upon exercise of an Option or SAR) shall not be sold, assigned, transferred (including by establishing any short position, put equivalent
position (as defined in Rule 16a-1 issued under the Exchange Act) or call equivalent position (as defined in Rule 16a-1 issued under the Exchange Act)), pledged, hypothecated or otherwise encumbered by the person to whom they are granted, either
voluntarily or by operation of law, and, during the life of the Participant, shall be exercisable only by the Participant; except that Awards, other than Awards subject to Section 409A of the Code, may be transferred to family members (as
defined in Rule 701(c)(3) under the Securities Act) through gifts or (other than Incentive Stock Options) domestic relations orders or to an executor or guardian upon the death of the Participant. The Company shall not be required to recognize any
such permitted transfer until such time as such permitted transferee shall deliver to the Company a written instrument, as a condition to such transfer, in form and substance satisfactory to the Company confirming that such transferee shall be bound
by all of the terms and conditions of the Award. References to a Participant, to the extent relevant in the context, shall include references to authorized transferees. For the avoidance of doubt, nothing contained in this Section 10(a) shall
be deemed to restrict a transfer to the Company. 

  
 9 

 (b) Documentation. Each Award shall be evidenced in such form (written, electronic or
otherwise) as the Board shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 
 (c)
Board Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other Award. The terms of each Award need not be identical, and the Board need not treat Participants uniformly.

 (d) Termination of Status. The Board shall determine the effect on an Award of the disability, death, termination or other
cessation of employment, authorized leave of absence or other change in the employment or other status of a Participant and the extent to which, and the period during which, the Participant, or the Participant’s legal representative,
conservator, guardian or Designated Beneficiary, may exercise rights under the Award. 
 (e) Withholding. The Participant must
satisfy all applicable federal, state, and local or other income and employment tax withholding obligations before the Company will deliver stock certificates or otherwise recognize ownership of Common Stock under an Award. The Company may decide to
satisfy the withholding obligations through additional withholding on salary or wages. If the Company elects not to or cannot withhold from other compensation, the Participant must pay the Company the full amount, if any, required for withholding or
have a broker tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before the Company will issue any shares on exercise, vesting or release from forfeiture of an Award or at the same time as
payment of the exercise or purchase price unless the Company determines otherwise. If provided for in an Award or approved by the Board in its sole discretion, a Participant may satisfy such tax obligations in whole or in part by delivery (either by
actual delivery or attestation) of shares of Common Stock, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value; provided, however, except as otherwise provided by the Board, that the total tax
withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll
taxes, that are applicable to such supplemental taxable income). Shares used to satisfy tax withholding requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. 

(f) Amendment of Award.

(1) The Board may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of the
same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option. The Participant’s consent to such action shall be required unless (i) the Board determines
that the action, taking into account any related action, does not materially and adversely affect the Participant’s rights under the Plan or (ii) the change is permitted under Section 9. 

(2) The Board may, without stockholder approval, amend any outstanding Award granted under the Plan to provide an exercise price per share
that is lower than the then-current exercise price per share of such outstanding Award. The Board may also, without stockholder 

  
 10 

 
approval, cancel any outstanding award (whether or not granted under the Plan) and grant in substitution therefor new Awards under the Plan covering the same or a different number of shares of
Common Stock and having an exercise price per share lower than the then-current exercise price per share of the cancelled award. 
 (g)
Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove restrictions from shares previously issued or delivered under the Plan until (i) all conditions of
the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including any
applicable securities laws and regulations and any applicable stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements as the Company may
consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 
 (h) Acceleration. The Board may at
any time provide that any Award shall become immediately exercisable in whole or in part, free of some or all restrictions or conditions, or otherwise realizable in whole or in part, as the case may be. 

(i) Additional Limitations on Timing of Awards. No Award granted to a Participant shall become exercisable, vested or realizable, as
applicable to such Award, unless the Plan has been approved by the holders of a majority of the Company’s outstanding voting securities by the later of (i) within twelve (12) months before or after the date the Plan was adopted by the
Board, or (ii) prior to or within twelve (12) months of the granting of any Award to a Participant. 
  

	11.	Miscellaneous.

 (a) No Right To Employment or Other Status. No person shall have
any claim or right to be granted an Award by virtue of the adoption of the Plan, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the Company. The Company
expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan, except as expressly provided in the applicable Award. 

(b) No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have
any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the record holder of such shares. 

(c) Effective Date and Term of Plan. The Plan shall become effective on the date on which it is adopted by the Board. No Awards shall
be granted under the Plan after the expiration of 10 years from the earlier of (i) the date on which the Plan was adopted by the Board or (ii) the date the Plan was approved by the Company’s stockholders, but Awards previously granted
may extend beyond that date. 

  
 11 

 (d) Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion
thereof at any time; provided that if at any time the approval of the Company’s stockholders is required as to any modification or amendment under Section 422 of the Code or any successor provision with respect to Incentive Stock Options,
the Board may not effect such modification or amendment without such approval. Unless otherwise specified in the amendment, any amendment to the Plan adopted in accordance with this Section 11(d) shall apply to, and be binding on the holders
of, all Awards outstanding under the Plan at the time the amendment is adopted, provided the Board determines that such amendment, taking into account any related action, does not materially and adversely affect the rights of Participants under the
Plan. 
 (e) Authorization of Sub-Plans (including Grants to non-U.S. Employees).The Board may from time to time establish one or
more sub-plans under the Plan for purposes of satisfying applicable securities, tax or other laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements to the Plan containing (i) such limitations on the
Board’s discretion under the Plan as the Board deems necessary or desirable or (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All supplements adopted by
the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any jurisdiction
which is not the subject of such supplement. 
 (f) Compliance with Section 409A of the Code. Except as provided in individual
Award agreements initially or by amendment, if and to the extent (i) any portion of any payment, compensation or other benefit provided to a Participant pursuant to the Plan in connection with Participant’s employment termination
constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code and (ii) the Participant is a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code, in each case as determined
by the Company in accordance with its procedures, by which determinations the Participant (through accepting the Award) agrees that the Participant is bound, such portion of the payment, compensation or other benefit shall not be paid before the day
that is six months plus one day after the date of “separation from service” (as determined under Section 409A of the Code) (the “New Payment Date”), except as Section 409A of the Code may then permit. The
aggregate of any payments that otherwise would have been paid to the Participant during the period between the date of separation from service and the New Payment Date shall be paid to the Participant in a lump sum on such New Payment Date, and any
remaining payments will be paid on their original schedule. 
 The Company makes no representations or warranty and shall have no liability to the
Participant or any other person if any provisions of or payments, compensation or other benefits under the Plan are determined to constitute nonqualified deferred compensation subject to Section 409A of the Code but do not to satisfy the
conditions of that section. 
 (g) Limitations on Liability. Notwithstanding any other provisions of the Plan, no individual acting
as a director, officer, other employee, or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection with the Plan, nor will
such individual be personally liable with respect to the Plan because of any contract or other instrument such individual executes in 

  
 12 

 
such individual’s capacity as a director, officer, other employee, or agent of the Company. The Company will indemnify and hold harmless each director, officer, other employee, or agent of
the Company to whom any duty or power relating to the administration or interpretation of the Plan has been or will be delegated, against any cost or expense (including attorneys’ fees) or liability (including any sum paid in settlement of a
claim with the Board’s approval) arising out of any act or omission to act concerning the Plan unless arising out of such person’s own fraud or bad faith. 

(h) Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with the
laws of the State of Delaware, excluding choice-of-law principles of the law of such state that would require the application of the laws of a jurisdiction other than the State of Delaware. 

* * * * 

  
 13 

 DENALI THERAPEUTICS INC. 

INCENTIVE STOCK OPTION AGREEMENT 

GRANTED UNDER 2015 STOCK INCENTIVE PLAN 

1. Grant of Option. 
 This Incentive Stock
Option Agreement (the “Agreement”) evidences the grant by Denali Therapeutics Inc., a Delaware corporation (the “Company”), on
[                            , 20        ] (the “Grant
Date”) to [                            ], an employee of the Company (the
“Participant”), of an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2015 Stock Incentive Plan (the “Plan”), a total of
[                        ] shares (the “Shares”) of common stock, $0.01 par value per share, of the Company
(“Common Stock”) at $[                        ] per Share. Unless earlier terminated, this option shall
expire at 5:00 p.m., Eastern time, on [                        , 20        ] [date
is ten years minus one day from grant date] (the “Final Exercise Date”). 
 It is intended that the option evidenced by
this Agreement shall be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the
context, the term “Participant”, as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms. 

2. Vesting Schedule. 
 This option will
become exercisable (“vest”) as to 25% of the original number of Shares on the first anniversary of the Vesting Commencement Date (as defined below) and as to an additional 2.0833% of the original number of Shares at the end of each
successive month following the first anniversary of the Vesting Commencement Date until the fourth anniversary of the Vesting Commencement Date. On the fourth anniversary of the Vesting Commencement Date, this option will be exercisable as to
all Shares. For purposes of this Agreement, “Vesting Commencement Date” shall mean
[                            ]. 

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it
shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan. 

3. Exercise of Option. 
 (a) Form of
Exercise. Each election to exercise this option shall be accompanied by a completed Notice of Stock Option Exercise in the form attached hereto as Exhibit A, signed by the Participant, and received by the Company at its principal office,
accompanied by this Agreement, and payment in full in the manner provided in the Plan. The Participant may purchase less than the number of Shares covered hereby, provided that no partial exercise of this option may be for any fractional share or
for fewer than ten whole shares. 

  
 14 

 (b) Continuous Relationship with the Company Required. Except as otherwise provided in
this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee or officer of, or consultant or advisor to, the Company or any
parent or subsidiary of the Company as defined in Section 424(e) or (f) of the Code (an “Eligible Participant”). 

(c) Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except
as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be
exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the
non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this
option shall terminate immediately upon such violation. 
 (d) Exercise Period Upon Death or Disability. If the Participant dies or
becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in
paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided
that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final
Exercise Date. 
 (e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s employment is terminated by
the Company for Cause (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such termination of employment. If, prior to the Final Exercise Date, the Participant is given notice by the Company
of the termination of his or her employment by the Company for Cause, and the effective date of such employment termination is subsequent to the date of delivery of such notice, the right to exercise this option shall be suspended from the time of
the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant’s employment shall not be terminated for Cause as provided in such notice or (ii) the effective date of such
termination of employment (in which case the right to exercise this option shall, pursuant to the preceding sentence, terminate upon the effective date of such termination of employment). If the Participant is party to an employment or severance
agreement with the Company that contains a definition of “cause” for termination of employment, “Cause” shall have the meaning ascribed to such term in such agreement. Otherwise, “Cause” shall mean willful misconduct by
the Participant or willful failure by the Participant to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar agreement between the Participant and the Company), as determined by the Company, which determination shall be conclusive. The Participant’s employment shall be considered to
have been terminated for Cause if the Company determines, within 30 days after the Participant’s resignation, that termination for Cause was warranted. 

  
 15 

 4. Company Right of First Refusal. 

(a) Notice of Proposed Transfer. If the Participant proposes to sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by
operation of law or otherwise (collectively, “transfer”) any Shares acquired upon exercise of this option, then the Participant shall first give written notice of the proposed transfer (the “Transfer Notice”) to the
Company. The Transfer Notice shall name the proposed transferee and state the number of such Shares the Participant proposes to transfer (the “Offered Shares”), the price per share and all other material terms and conditions of the
transfer. 
 (b) Company Right to Purchase. For 30 days following its receipt of such Transfer Notice, the Company shall have the
option to purchase all or part of the Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Company elects to purchase all or part of the Offered Shares, it shall give written notice of such election to
the Participant within such 30-day period. Within 10 days after his or her receipt of such notice, the Participant shall tender to the Company at its principal offices the certificate or certificates
representing the Offered Shares to be purchased by the Company, duly endorsed in blank by the Participant or with duly endorsed stock powers attached thereto, all in a form suitable for transfer of the Offered Shares to the Company. Promptly
following receipt of such certificate or certificates, the Company shall deliver or mail to the Participant a check in payment of the purchase price for such Offered Shares; provided that if the terms of payment set forth in the
Transfer Notice were other than cash against delivery, the Company may pay for the Offered Shares on the same terms and conditions as were set forth in the Transfer Notice; and provided further that any delay in making such payment
shall not invalidate the Company’s exercise of its option to purchase the Offered Shares. 
 (c) Shares Not Purchased By Company.
If the Company does not elect to acquire all of the Offered Shares, the Participant may, within the 30-day period following the expiration of the option granted to the Company under subsection (b) above,
transfer the Offered Shares which the Company has not elected to acquire to the proposed transferee, provided that such transfer shall not be on terms and conditions more favorable to the transferee than those contained in the Transfer
Notice. Notwithstanding any of the above, all Offered Shares transferred pursuant to this Section 4 shall remain subject to the right of first refusal set forth in this Section 4 and such transferee shall, as a condition to such transfer,
deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Section 4. 

(d) Consequences of Non-Delivery. After the time at which the Offered Shares are required to be
delivered to the Company for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant on account of such Offered Shares or permit the Participant to exercise any of the privileges or
rights of a stockholder with respect to such Offered Shares, but shall, insofar as permitted by law, treat the Company as the owner of such Offered Shares. 

  
 16 

 (e) Exempt Transactions. The following transactions shall be exempt from the provisions of
this Section 4: 
 (1) any transfer of Shares to or for the benefit of any spouse, child or grandchild of the Participant, or to a trust
for their benefit; 
 (2) any transfer pursuant to an effective registration statement filed by the Company under the Securities Act of 1933,
as amended (the “Securities Act”); and 
 (3) the sale of all or substantially all of the outstanding shares of capital
stock of the Company (including pursuant to a merger or consolidation); 
 provided, however, that in the case of a transfer pursuant to
clause (1) above, such Shares shall remain subject to the right of first refusal set forth in this Section 4. 
 (f) Assignment
of Company Right. The Company may assign its rights to purchase Offered Shares in any particular transaction under this Section 4 to one or more persons or entities. 

(g) Termination. The provisions of this Section 4 shall terminate upon the earlier of the following events: 

(1) the closing of the sale of shares of Common Stock in an underwritten public offering pursuant to an effective registration statement filed
by the Company under the Securities Act; or 
 (2) the sale of all or substantially all of the outstanding shares of capital stock, assets or
business of the Company, by merger, consolidation, sale of assets or otherwise (other than a merger or consolidation in which all or substantially all of the individuals and entities who were beneficial owners of the Company’s voting securities
immediately prior to such transaction beneficially own, directly or indirectly, more than 75% (determined on an as-converted basis) of the outstanding securities entitled to vote generally in the election of
directors of the resulting, surviving or acquiring corporation in such transaction). 
 (h) No Obligation to Recognize Invalid
Transfer. The Company shall not be required (1) to transfer on its books any of the Shares which shall have been sold or transferred in violation of any of the provisions set forth in this Section 4, or (2) to treat as owner of
such Shares or to pay dividends to any transferee to whom any such Shares shall have been so sold or transferred. 
 (i) Legends. The
certificate representing Shares shall bear a legend substantially in the following form (in addition to, or in combination with, any legend required by applicable federal and state securities laws and agreements relating to the transfer of the
Company securities): 
 “The shares represented by this certificate are subject to a right of first refusal in favor of the Company, as
provided in a certain stock option agreement with the Company.” 

  
 17 

 5. Agreement in Connection with Initial Public Offering. 

The Participant agrees, in connection with the initial underwritten public offering of the Common Stock pursuant to a registration statement under the
Securities Act, (i) not to (a) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or
otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any other securities of the Company or (b) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of
ownership of shares of Common Stock or other securities of the Company, whether any transaction described in clause (a) or (b) is to be settled by delivery of securities, in cash or otherwise, during the period beginning on the date of the
filing of such registration statement with the Securities and Exchange Commission and ending 180 days after the date of the final prospectus relating to the offering (plus up to an additional 34 days to the extent requested by the managing
underwriters for such offering in order to address NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4) or any similar successor provision), and (ii) to execute any agreement reflecting clause (i) above as may be requested by the Company or the
managing underwriters at the time of such offering. The Company may impose stop-transfer instructions with respect to the shares of Common Stock or other securities subject to the foregoing restriction until the end of the “lock-up” period. 
 6. Tax Matters. 

(a) Withholding. No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company,
or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 

(b) Disqualifying Disposition. If the Participant disposes of Shares acquired upon exercise of this option within two years from the
Grant Date or one year after such Shares were acquired pursuant to exercise of this option, the Participant shall notify the Company in writing of such disposition. 

7. Transfer Restrictions. 
 (a) This
option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this
option shall be exercisable only by the Participant.  
 (b) The Participant agrees that
he or she will not transfer any Shares issued pursuant to the exercise of this option unless the transferee, as a condition to such transfer, delivers to the Company a written instrument confirming that such transferee shall be bound by all of the
terms and conditions of Section 4 and Section 5; provided that such a written confirmation shall not be required with respect to (1) Section 4 after such provision has terminated in accordance with Section 4(g) or
(2) Section 5 after the completion of the lock-up period in connection with the Company’s initial underwritten public offering. 

  
 18 

 8. Provisions of the Plan. 

This option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is
furnished to the Participant with this option. 
 [Remainder of Page Intentionally Left Blank] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written. The Participant hereby accepts the foregoing option and agrees to the terms and conditions thereof. The Participant hereby acknowledges receipt of a copy of the Company’s 2015 Stock Incentive Plan. 

 

			
	COMPANY:
	
	DENALI THERAPEUTICS INC.

 
			
		
	By:	 	  

 
					
		 	Name:	 	  

		 	Title:	 	  

 
					
	
	PARTICIPANT:

 
					
		
	By:	 	  

		 	[Name]

 
							
				
	Address:	 	[	 	  
	 	]
		 	[	 	  
	 	]

 
			
	
	SPOUSAL CONSENT: 1

 
			
		
	By:	 	  

 
					
		 	Name:	 	  

 

							
				
	Address:	 	[	 	  
	 	]
		 	[	 	  
	 	]

  

 

	1 	If the Participant resides in a community property state, it is desirable to have the Participant’s spouse also accept the option. The following are community property states: Arizona, California, Idaho, Louisiana,
Nevada, New Mexico, Texas, and Washington. Although Wisconsin is not formally a community property state, it has laws governing the division of marital property similar to community property states and it may be desirable to have a Wisconsin
Participant’s spouse accept the option. 

 SIGNATURE PAGE TO INCENTIVE STOCK OPTION AGREEMENT 

  
 20 

 EXHIBIT A 

NOTICE OF STOCK OPTION EXERCISE 

[DATE]1 

Denali Therapeutics Inc. 
 [Address] 

[Address] 
 Attention: Treasurer 

Dear Sir or Madam: 
 I am the holder of an
Incentive Stock Option granted to me under the Denali Therapeutics Inc. (the “Company”) 2015 Stock Incentive Plan on
[                    ]2 for the purchase of
[                    ]3 shares of Common Stock of the Company at a purchase price of
$[                    ]4 per share. 

I hereby exercise my option to purchase
[                    ]5 shares of Common Stock (the “Shares”), for which I have
enclosed [                    ]6 in the amount of
[                    ]7. Please register my stock certificate as follows: 

 

							
		 	Name(s):	 	  8
	 	
				
		 		 	  
	 	
				
		 	Address:	 	  
	 	
				
		 		 	  
	 	

 I represent, warrant and covenant as follows: 

 
  

 

	1 	Enter date of exercise. 

	2 	Enter the date of grant. 

	3 	Enter the total number of shares of Common Stock for which the option was granted. 

	4 	Enter the option exercise price per share of Common Stock. 

	5 	Enter the number of shares of Common Stock to be purchased upon exercise of all or part of the option. 

	6 	Enter “cash”, “personal check” or if permitted by the option or Plan, “stock certificates No. XXXX and XXXX”. 

	7 	Enter the dollar amount (price per share of Common Stock times the number of shares of Common Stock to be purchased), or the number of shares tendered. Fair market value of shares tendered, together with cash or check,
must cover the purchase price of the shares issued upon exercise. 

	8 	Enter name(s) to appear on stock certificate in one of the following formats: (a) your name only (i.e., John Doe); (b) your name and other name (i.e., John Doe and Jane Doe, Joint Tenants with Right to
Survivorship); or for Nonstatutory Stock Options only, (c) a child’s name, with you as custodian (i.e. Jane Doe, Custodian for Tommy Doe). Note: There may be income and/or gift tax consequences for registering shares in a child’s
name. 

  
 21 

 1. I am purchasing the Shares for my own account for investment only, and not with a view to, or for sale in
connection with, any distribution of the Shares in violation of the Securities Act of 1933 (the “Securities Act”), or any rule or regulation under the Securities Act. 

2. I have had such opportunity as I have deemed adequate to obtain from representatives of the Company such information as is necessary to permit me to
evaluate the merits and risks of my investment in the Company. 
 3. I have sufficient experience in business, financial and investment matters to be able to
evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 4. I can afford a
complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period. 
 5. I understand that
(i) the Shares have not been registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities Act, (ii) the Shares cannot be sold, transferred or otherwise disposed of unless
they are subsequently registered under the Securities Act or an exemption from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will not be available for at least one year and even then will not
be available unless a public market then exists for the Common Stock, adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied with; and (iv) there is now no
registration statement on file with the Securities and Exchange Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act. 

 

	
	 Very truly yours,

	
	  

	 [Name]

  
 22 

 DENALI THERAPEUTICS INC. 

NONSTATUTORY STOCK OPTION AGREEMENT 

GRANTED UNDER 2015 STOCK INCENTIVE PLAN 

1. Grant of Option. 
 This Nonstatutory
Stock Option Agreement (the “Agreement”) evidences the grant by Denali Therapeutics Inc., a Delaware corporation (the “Company”), on [            
    , 20    ] (the “Grant Date”) to [                    ], an employee, consultant or
director of the Company (the “Participant”), of an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2015 Stock Incentive Plan (the “Plan”), a total of
[                    ] shares (the “Shares”) of common stock, $0.01 par value per share, of the Company (“Common
Stock”) at $[                    ] per Share. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on
[                         , 20    ] [date is ten years minus one day from grant date] (the “Final
Exercise Date”). 
 It is intended that the option evidenced by this Agreement shall not be an incentive stock option as defined in
Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this
option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms. 
 2. Vesting Schedule. 

This option will become exercisable (“vest”) as to 25% of the original number of Shares on the first anniversary of the
Vesting Commencement Date (as defined below) and as to an additional 2.0833% of the original number of Shares at the end of each successive month following the first anniversary of the Vesting Commencement Date until the fourth
anniversary of the Vesting Commencement Date. On the fourth anniversary of the Vesting Commencement Date, this option will be exercisable as to all Shares. For purposes of this Agreement, “Vesting Commencement Date” shall mean
[                                        ]. 

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it
shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan. 

3. Exercise of Option. 
 (a) Form of
Exercise. Each election to exercise this option shall be accompanied by a completed Notice of Stock Option Exercise in the form attached hereto as Exhibit A, signed by the Participant, and received by the Company at its principal office,
accompanied by this Agreement, and payment in full in the manner provided in the Plan. The Participant may purchase less than the number of Shares covered hereby, provided that no partial exercise of this option may be for any fractional share or
for fewer than ten whole shares. 

  
 23 

 (b) Continuous Relationship with the Company Required. Except as otherwise provided in
this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the
Company or any other entity the employees, officers, directors, consultants, or advisors of which are eligible to receive option grants under the Plan (an “Eligible Participant”). 

(c) Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except
as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable
only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the
non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this
option shall terminate immediately upon such violation. 
 (d) Exercise Period Upon Death or Disability. If the Participant dies or
becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in
paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided
that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final
Exercise Date. 
 (e) Termination for Cause. If, prior to the Final Exercise Date, the Participant’s employment or other
relationship with the Company is terminated by the Company for Cause (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such termination of employment or other relationship. If, prior to the
Final Exercise Date, the Participant is given notice by the Company of the termination of his or her employment or other relationship by the Company for Cause, and the effective date of such employment or other termination is subsequent to the date
of the delivery of such notice, the right to exercise this option shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that the Participant’s employment
or other relationship shall not be terminated for Cause as provided in such notice or (ii) the effective date of such termination of employment or other relationship (in which case the right to exercise this option shall, pursuant to the
preceding sentence, terminate immediately upon the effective date of such termination of employment or other relationship). If the Participant is party to an employment, consulting or severance agreement with the Company that contains a definition
of “cause” for termination of employment or other relationship, “Cause” shall have the meaning ascribed to such term in such agreement. Otherwise, “Cause” shall mean willful misconduct by the Participant or willful
failure by the Participant to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure,
non-competition or other similar agreement between the Participant and the Company), as determined by the Company, which determination shall be conclusive. The Participant’s employment or other
relationship shall be considered to have been terminated for “Cause” if the Company determines, within 30 days after the Participant’s resignation, that termination for Cause was warranted. 

  
 24 

 4. Company Right of First Refusal. 

(a) Notice of Proposed Transfer. If the Participant proposes to sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by
operation of law or otherwise (collectively, “transfer”) any Shares acquired upon exercise of this option, then the Participant shall first give written notice of the proposed transfer (the “Transfer Notice”) to the
Company. The Transfer Notice shall name the proposed transferee and state the number of such Shares the Participant proposes to transfer (the “Offered Shares”), the price per share and all other material terms and conditions of the
transfer. 
 (b) Company Right to Purchase. For 30 days following its receipt of such Transfer Notice, the Company shall have the
option to purchase all or part of the Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Company elects to purchase all or part of the Offered Shares, it shall give written notice of such election to
the Participant within such 30-day period. Within 10 days after his or her receipt of such notice, the Participant shall tender to the Company at its principal offices the certificate or certificates
representing the Offered Shares to be purchased by the Company, duly endorsed in blank by the Participant or with duly endorsed stock powers attached thereto, all in a form suitable for transfer of the Offered Shares to the Company. Promptly
following receipt of such certificate or certificates, the Company shall deliver or mail to the Participant a check in payment of the purchase price for such Offered Shares; provided that if the terms of payment set forth in the
Transfer Notice were other than cash against delivery, the Company may pay for the Offered Shares on the same terms and conditions as were set forth in the Transfer Notice; and provided further that any delay in making such payment
shall not invalidate the Company’s exercise of its option to purchase the Offered Shares. 
 (c) Shares Not Purchased By Company.
If the Company does not elect to acquire all of the Offered Shares, the Participant may, within the 30-day period following the expiration of the option granted to the Company under subsection (b) above,
transfer the Offered Shares which the Company has not elected to acquire to the proposed transferee, provided that such transfer shall not be on terms and conditions more favorable to the transferee than those contained in the Transfer
Notice. Notwithstanding any of the above, all Offered Shares transferred pursuant to this Section 4 shall remain subject to the right of first refusal set forth in this Section 4 and such transferee shall, as a condition to such transfer,
deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Section 4. 

(d) Consequences of Non-Delivery. After the time at which the Offered Shares are required to be
delivered to the Company for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant on account of such Offered Shares or permit the Participant to exercise any of the privileges or
rights of a stockholder with respect to such Offered Shares, but shall, insofar as permitted by law, treat the Company as the owner of such Offered Shares. 

  
 25 

 (e) Exempt Transactions. The following transactions shall be exempt from the provisions of
this Section 4: 
 (1) any transfer of Shares to or for the benefit of any spouse, child or grandchild of the Participant, or to a trust
for their benefit; 
 (2) any transfer pursuant to an effective registration statement filed by the Company under the Securities Act of 1933,
as amended (the “Securities Act”); and 
 (3) the sale of all or substantially all of the outstanding shares of capital
stock of the Company (including pursuant to a merger or consolidation); 
 provided, however, that in the case of a transfer pursuant to
clause (1) above, such Shares shall remain subject to the right of first refusal set forth in this Section 4. 
 (f) Assignment
of Company Right. The Company may assign its rights to purchase Offered Shares in any particular transaction under this Section 4 to one or more persons or entities. 

(g) Termination. The provisions of this Section 4 shall terminate upon the earlier of the following events: 

(1) the closing of the sale of shares of Common Stock in an underwritten public offering pursuant to an effective registration statement filed
by the Company under the Securities Act; or 
 (2) the sale of all or substantially all of the outstanding shares of capital stock, assets or
business of the Company, by merger, consolidation, sale of assets or otherwise (other than a merger or consolidation in which all or substantially all of the individuals and entities who were beneficial owners of the Company’s voting securities
immediately prior to such transaction beneficially own, directly or indirectly, more than 75% (determined on an as-converted basis) of the outstanding securities entitled to vote generally in the election of
directors of the resulting, surviving or acquiring corporation in such transaction). 
 (h) No Obligation to Recognize Invalid
Transfer. The Company shall not be required (1) to transfer on its books any of the Shares which shall have been sold or transferred in violation of any of the provisions set forth in this Section 4, or (2) to treat as owner of
such Shares or to pay dividends to any transferee to whom any such Shares shall have been so sold or transferred. 
 (i) Legends. The
certificate representing Shares shall bear a legend substantially in the following form (in addition to, or in combination with, any legend required by applicable federal and state securities laws and agreements relating to the transfer of the
Company securities): 
 “The shares represented by this certificate are subject to a right of first refusal in favor of the Company, as
provided in a certain stock option agreement with the Company.” 

  
 26 

 5. Agreement in Connection with Initial Public Offering. 

The Participant agrees, in connection with the initial underwritten public offering of the Common Stock pursuant to a registration statement
under the Securities Act, (i) not to (a) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any other securities of the Company or (b) enter into any swap or other agreement that transfers, in whole or in part, any of the economic
consequences of ownership of shares of Common Stock or other securities of the Company, whether any transaction described in clause (a) or (b) is to be settled by delivery of securities, in cash or otherwise, during the period beginning on the
date of the filing of such registration statement with the Securities and Exchange Commission and ending 180 days after the date of the final prospectus relating to the offering (plus up to an additional 34 days to the extent requested by the
managing underwriters for such offering in order to address NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4) or any similar successor provision), and (ii) to execute any agreement reflecting clause (i) above as may be requested by the Company
or the managing underwriters at the time of such offering. The Company may impose stop-transfer instructions with respect to the shares of Common Stock or other securities subject to the foregoing restriction until the end of the “lock-up” period. 
 6. Withholding. 

No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision
satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 
 7.
Transfer Restrictions. 
 (a) This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant,
either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant.
 
 (b) The Participant agrees that he or she will not transfer any Shares issued pursuant to the exercise of this option unless the
transferee, as a condition to such transfer, delivers to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of Section 4 and Section 5; provided that such a written
confirmation shall not be required with respect to (1) Section 4 after such provision has terminated in accordance with Section 4(g) or (2) Section 5 after the completion of the
lock-up period in connection with the Company’s initial underwritten public offering. 

  
 27 

 8. Provisions of the Plan. 

This option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is
furnished to the Participant with this option. 
 [Remainder of Page Intentionally Left Blank] 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
above written. The Participant hereby accepts the foregoing option and agrees to the terms and conditions thereof. The Participant hereby acknowledges receipt of a copy of the Company’s 2015 Stock Incentive Plan. 

 

			
	COMPANY:
	
	DENALI THERAPEUTICS INC.

 
			
		
	By:	 	  

 
					
		 	Name:	 	  

		 	Title:	 	  

	
	PARTICIPANT:
		
	By:	 	  

		 	[Name]

 
							
				
	Address:	 	[	 	  
	 	]
		 	[	 	  
	 	]

 
					
	
	SPOUSAL CONSENT: 1
		
	By:	 	  

		 	Name:	 	  

 
							
				
	Address:	 	[	 	  
	 	]
		 	[	 	  
	 	]

  

 

	1 	If the Participant resides in a community property state, it is desirable to have the Participant’s spouse also accept the option. The following are community property states: Arizona, California, Idaho, Louisiana,
Nevada, New Mexico, Texas, and Washington. Although Wisconsin is not formally a community property state, it has laws governing the division of marital property similar to community property states and it may be desirable to have a Wisconsin
Participant’s spouse accept the option. 

 SIGNATURE PAGE TO NONSTATUTORY STOCK OPTION AGREEMENT 

  
 29 

 EXHIBIT A 

NOTICE OF STOCK OPTION EXERCISE 

[DATE]1 

Denali Therapeutics Inc. 
 [Address] 

[Address] 
 Attention: Treasurer 

Dear Sir or Madam: 
 I am the holder of a
Nonstatutory Stock Option granted to me under the Denali Therapeutics Inc. (the “Company”) 2015 Stock Incentive Plan on
[                    ]2 for the purchase of
[                    ]3 shares of Common Stock of the Company at a purchase price of
$[                    ]4 per share. 

I hereby exercise my option to purchase
[                    ]5 shares of Common Stock (the “Shares”), for which I have
enclosed [                    ]6 in the amount of
[                    ]7. Please register my stock certificate as follows: 

Name(s):
                                        
            8 

                       
                              

Address:
                                        
             

                       
                              

 

	1 	Enter date of exercise. 

	2 	Enter the date of grant. 

	3 	Enter the total number of shares of Common Stock for which the option was granted. 

	4 	Enter the option exercise price per share of Common Stock. 

	5 	Enter the number of shares of Common Stock to be purchased upon exercise of all or part of the option. 

	6 	Enter “cash”, “personal check” or if permitted by the option or Plan, “stock certificates No. XXXX and XXXX”. 

	7 	Enter the dollar amount (price per share of Common Stock times the number of shares of Common Stock to be purchased), or the number of shares tendered. Fair market value of shares tendered, together with cash or check,
must cover the purchase price of the shares issued upon exercise. 

	8 	Enter name(s) to appear on stock certificate in one of the following formats: (a) your name only (i.e., John Doe); (b) your name and other name (i.e., John Doe and Jane Doe, Joint Tenants with Right to
Survivorship); or for Nonstatutory Stock Options only, (c) a child’s name, with you as custodian (i.e. Jane Doe, Custodian for Tommy Doe). Note: There may be income and/or gift tax consequences for registering shares in a child’s
name. 

  
 30 

 I represent, warrant and covenant as follows: 

1. I am purchasing the Shares for my own account for investment only, and not with a view to, or for sale in connection with, any distribution of the Shares in
violation of the Securities Act of 1933 (the “Securities Act”), or any rule or regulation under the Securities Act. 
 2. I have had such
opportunity as I have deemed adequate to obtain from representatives of the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company. 

3. I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase of the Shares and to
make an informed investment decision with respect to such purchase. 
 4. I can afford a complete loss of the value of the Shares and am able to bear the
economic risk of holding such Shares for an indefinite period. 
 5. I understand that (i) the Shares have not been registered under the Securities Act
and are “restricted securities” within the meaning of Rule 144 under the Securities Act, (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an
exemption from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will not be available for at least one year and even then will not be available unless a public market then exists for the Common
Stock, adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration statement on file with the Securities and Exchange
Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act. 
  

	
	Very truly yours,
	
	      

	[Name]

  
 31 

 DENALI THERAPEUTICS INC. 

RESTRICTED STOCK AGREEMENT 

GRANTED UNDER 2015 STOCK INCENTIVE PLAN 

This Restricted Stock Agreement (the “Agreement”) is made this [     ] day of
[                     ], 20[     ] between Denali Therapeutics Inc., a Delaware corporation (the “Company”), and
[                         ] (the “Participant”). 

For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 

1. Purchase of Shares. 

The Company shall issue and sell to the Participant, and the Participant shall purchase from the Company, subject to the terms and conditions
set forth in this Agreement and in the Company’s 2015 Stock Incentive Plan (the “Plan”), [                    ] shares (the
“Shares”) of common stock, $0.01 par value, of the Company (“Common Stock”), at a purchase price of $[            ] per share. The aggregate purchase price
for the Shares shall be paid by the Participant by check payable to the order of the Company or such other method as may be acceptable to the Company. Upon receipt by the Company of payment for the Shares, the Company shall issue to the Participant
one or more certificates in the name of the Participant for that number of Shares purchased by the Participant. The Participant agrees that the Shares shall be subject to the purchase options set forth in Sections 3 and 6 of this Agreement and the
restrictions on transfer set forth in Section 5 of this Agreement. 
 2. Certain Definitions. 

(a) “Service” shall mean employment by or the provision of services to the Company or a parent or subsidiary thereof as an
advisor, officer, consultant or member of the Board of Directors. 
 (b) “Vesting Commencement Date” shall mean
[                    ] 
 3. Purchase
Option. 
 (a) In the event that the Participant ceases to provide Service for any reason or no reason, with or without cause, prior to
the fourth (4th) anniversary of the Vesting Commencement Date, the Company shall have the right and option (the “Purchase Option”) to purchase from the Participant, for a sum of
$0.01 per share (the “Option Price”), some or all of the Shares as set forth herein. 
 (b) All of the Shares shall
initially be subject to the Purchase Option. The Participant shall acquire a vested interest in, and the Company’s Purchase Option shall accordingly lapse with respect to, (i) twenty-five percent (25%) of the Shares upon Participant’s
completion of one (1) year of Service measured from the Vesting Commencement Date and (ii) the balance of the Shares in a series of successive equal monthly installments of 1/36th of the remaining Shares upon Participant’s completion
of each additional month of Service over the thirty-six (36)-month period measured from the first anniversary of the Vesting Commencement Date. 

 

  
 32 

 4. Exercise of Purchase Option and Closing. 

(a) The Company may exercise the Purchase Option by delivering or mailing to the Participant (or the Participant’s estate), within 180
days after the termination of the Service of the Participant, a written notice of exercise of the Purchase Option. Such notice shall specify the number of Shares to be purchased. If and to the extent the Purchase Option is not so exercised by the
giving of such a notice within such 180-day period, the Purchase Option shall automatically expire and terminate effective upon the expiration of such180-day period.

 (b) Within ten (10) days after delivery to the Participant of the Company’s notice of the exercise of the Purchase Option
pursuant to subsection (a) above, the Participant (or the Participant’s estate) shall, pursuant to the provisions of the Joint Escrow Instructions referred to in Section 8 below, tender to the Company at its principal offices the
certificate or certificates representing the Shares that the Company has elected to purchase in accordance with the terms of this Agreement, duly endorsed in blank or with duly endorsed stock powers attached thereto, all in form suitable for the
transfer of such Shares to the Company. Promptly following its receipt of such certificate or certificates, the Company shall pay to the Participant the aggregate Option Price for such Shares (provided that any delay in making such payment shall not
invalidate the Company’s exercise of the Purchase Option with respect to such Shares). 
 (c) After the time at which any Shares are
required to be delivered to the Company for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant on account of such Shares or permit the Participant to exercise any of the
privileges or rights of a stockholder with respect to such Shares, but shall, in so far as permitted by law, treat the Company as the owner of such Shares. 

(d) The Option Price may be payable, at the option of the Company, in cancellation of all or a portion of any outstanding indebtedness of the
Participant to the Company or in cash (by check) or both. 
 (e) The Company shall not purchase any fraction of a Share upon exercise of the
Purchase Option, and any fraction of a Share resulting from a computation made pursuant to Section 3 of this Agreement shall be rounded to the nearest whole Share (with any one-half Share being rounded
upward). 
 (f) The Company may assign its Purchase Option to one or more persons or entities. 

5. Restrictions on Transfer. 

(a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any Shares, or any interest therein, that are subject to the Purchase Option, except that the Participant may transfer such Shares (i) to or for the benefit of any spouse, children, parents, uncles,
aunts, siblings, grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives,
provided that such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in this Section 5, the Purchase Option and the right of first refusal set forth in Section 6) and
such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all
or substantially all of the shares of capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan, the securities or other property received by the Participant in connection with
such transaction shall remain subject to this Agreement. 

  
 33 

 (b) The Participant shall not transfer any Shares, or any interest therein, that are no longer
subject to the Purchase Option, except in accordance with Section 6 below. 
 6. Right of First Refusal. 

(a) If the Participant proposes to transfer any Shares that are no longer subject to the Purchase Option (either because they are free from the
Purchase Option pursuant to Section 3 or because the Purchase Option expired unexercised pursuant to Section 4), then the Participant shall first give written notice of the proposed transfer (the “Transfer Notice”) to the
Company. The Transfer Notice shall name the proposed transferee and state the number of such Shares the Participant proposes to transfer (the “Offered Shares”), the price per share and all other material terms and conditions of the
transfer. 
 (b) For 30 days following its receipt of such Transfer Notice, the Company shall have the option to purchase all or part of the
Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Company elects to purchase all or part of the Offered Shares, it shall give written notice of such election to the Participant within such 30-day period. Within 10 days after the Participant’s receipt of such notice, the Participant shall tender to the Company at its principal offices the certificate or certificates representing the Offered Shares
to be purchased by the Company, duly endorsed in blank by the Participant or with duly endorsed stock powers attached thereto, all in a form suitable for transfer of the Offered Shares to the Company. Promptly following receipt of such certificate
or certificates, the Company shall deliver or mail to the Participant a check in payment of the purchase price for such Offered Shares; provided that if the terms of payment set forth in the Transfer Notice were other than cash against
delivery, the Company may pay for the Offered Shares on the same terms and conditions as were set forth in the Transfer Notice; and provided further that any delay in making such payment shall not invalidate the Company’s exercise
of its option to purchase the Offered Shares. 
 (c) If the Company does not elect to acquire all of the Offered Shares, the Participant may,
within the 30-day period following the expiration of the option granted to the Company under subsection (b) above, transfer the Offered Shares which the Company has not elected to acquire to the proposed
transferee, provided that such transfer shall not be on terms and conditions more favorable to the transferee than those contained in the Transfer Notice. Notwithstanding any of the above, all Offered Shares transferred pursuant to
this Section 6 shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in Section 5 and the right of first refusal set forth in this Section 6) and such transferee shall, as a
condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement. 

(d) After the time at which the Offered Shares are required to be delivered to the Company for transfer to the Company pursuant to subsection
(b) above, the Company shall not pay any dividend to the Participant on account of such Offered Shares or permit the Participant to exercise any of the privileges or rights of a stockholder with respect to such Offered Shares, but shall,
insofar as permitted by law, treat the Company as the owner of such Offered Shares. 

  
 34 

 (e) The following transactions shall be exempt from the provisions of this Section 6: 

(1) a transfer of Shares to or for the benefit of any Approved Relatives, or to a trust established solely for the benefit of the Participant
and/or Approved Relatives; 
 (2) any transfer pursuant to an effective registration statement filed by the Company under the Securities Act
of 1933, as amended (the “Securities Act”); and 
 (3) the sale of all or substantially all of the outstanding shares of
capital stock of the Company (including pursuant to a merger or consolidation); 
 provided, however, that in the case of a transfer pursuant to
clause (1) above, such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in Section 5 and the right of first refusal set forth in this Section 6) and such transferee
shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement. 

(f) The Company may assign its rights to purchase Offered Shares in any particular transaction under this Section 6 to one or more persons
or entities. 
 (g) The provisions of this Section 6 shall terminate upon the earlier of the following events: 

(1) the closing of the sale of shares of Common Stock in an underwritten public offering pursuant to an effective registration statement filed
by the Company under the Securities Act; or 
 (2) a Change in Control. 

(h) The Company shall not be required (1) to transfer on its books any of the Shares which shall have been sold or transferred in
violation of any of the provisions set forth in this Agreement, or (2) to treat as owner of such Shares or to pay dividends to any transferee to whom any such Shares shall have been so sold or transferred. 

7. Agreement in Connection with Initial Public Offering. 

The Participant agrees, in connection with the initial underwritten public offering of the Common Stock pursuant to a registration statement
under the Securities Act, (i) not to (a) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock or (b) enter into any swap or other agreement that
transfers, in whole or in part, any of the economic consequences of ownership of shares of Common Stock, whether any transaction described in clause (a) or (b) is to be settled by delivery of shares of Common Stock or other securities, in cash
or otherwise, during the period beginning on the date of the filing of such registration statement with the Securities and Exchange Commission and ending 180 days from the date of the final prospectus relating to the offering (plus up to an
additional 34 days to the extent requested by the managing underwriters for such offering in order to address NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4) or any similar successor provision), and (ii) to execute any agreement reflecting clause
(i) above as may be requested by the Company or the managing underwriters at the time of such offering. The Company may impose stop-transfer instructions with respect to the shares of Common Stock or other securities subject to the foregoing
restriction until the end of the “lock-up” period. 

  
 35 

 8. Escrow. 

The Participant shall, upon the execution of this Agreement, execute Joint Escrow Instructions in the form attached to this Agreement as
Exhibit A. The Joint Escrow Instructions shall be delivered to the Secretary of the Company, as escrow agent thereunder. The Participant shall deliver to such escrow agent a stock assignment duly endorsed in blank, in the form attached to
this Agreement as Exhibit B, and hereby instructs the Company to deliver to such escrow agent, on behalf of the Participant, the certificate(s) evidencing the Shares issued hereunder. Such materials shall be held by such escrow agent pursuant
to the terms of such Joint Escrow Instructions. 
 9. Restrictive Legends. 

All certificates representing Shares shall have affixed thereto legends in substantially the following form, in addition to any other legends
that may be required under federal or state securities laws: 
 “The shares of stock represented by this certificate are subject to
restrictions on transfer and an option to purchase set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or such owner’s predecessor in interest), and such Agreement is available for
inspection without charge at the office of the Secretary of the corporation.” 
 “The shares represented by this certificate have
not been registered under the Securities Act of 1933, as amended, and may not be sold, transferred or otherwise disposed of in the absence of an effective registration statement under such Act or an opinion of counsel satisfactory to the corporation
to the effect that such registration is not required.” 
 10. Provisions of the Plan. 

This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement. 

11. Investment Representations. 

The Participant represents, warrants and covenants as follows: 

(a) The Participant is purchasing the Shares for Participant’s own account for investment only, and not with a view to, or for sale in
connection with, any distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act. 

(b) The Participant has had such opportunity as Participant has deemed adequate to obtain from representatives of the Company such information
as is necessary to permit him to evaluate the merits and risks of Participant’s investment in the Company. 

  
 36 

 (c) The Participant has sufficient experience in business, financial and investment matters to be
able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 

(d) The Participant can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an
indefinite period. 
 (e) The Participant understands that (i) the Shares have not been registered under the Securities Act and are
“restricted securities” within the meaning of Rule 144 under the Securities Act; (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption
from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will not be available for at least one year and even then will not be available unless a public market then exists for the Common Stock,
adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration statement on file with the Securities and Exchange Commission with
respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act. 

12. Withholding Taxes; Section 83(b) Election. 

(a) The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Participant
any federal, state or local taxes of any kind required by law to be withheld with respect to the purchase of the Shares by the Participant or the lapse of the Purchase Option. 

(b) The Participant has reviewed with the Participant’s own tax advisors the federal, state, local and foreign tax consequences of this
investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that the Participant
(and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. The Participant understands that it may be beneficial in many
circumstances to elect to be taxed at the time the Shares are granted by the Company rather than when and as the Company’s Purchase Option expires by filing an election under Section 83(b) of the Internal Revenue Code of 1986 with the I.E.
within 30 days from the date of grant by the Company. 
 THE PARTICIPANT ACKNOWLEDGES THAT IT IS SOLELY THE PARTICIPANT’S
RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE PARTICIPANT’S BEHALF. 

13. Miscellaneous. 
 (a)
No Rights to Employment. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 3 hereof is earned only by the Participant’s continuous Service (not through the act of being hired or purchasing
the Shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or
consultant for the vesting period, for any period, or at all. 

  
 37 

 (b) Severability. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 

(c) Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any
particular instance, by the Board of Directors of the Company. 
 (d) Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the Company and the Participant and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Sections 5 and 6 of this Agreement. 

(e) Notice. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five
days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or her or its respective signature to this Agreement, or at such other
address or addresses as either party shall designate to the other in accordance with this Section 13(e). 
 (f) Pronouns.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 

(g) Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties, and supersedes all prior
agreements and understandings, relating to the subject matter of this Agreement. 
 (h) Amendment. This Agreement may be amended or
modified only by a written instrument executed by both the Company and the Participant. 
 (i) Governing Law. This Agreement shall be
construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflict of law principles. 

(j) Participant’s Acknowledgments. The Participant acknowledges that he or she: (i) has read this Agreement; (ii) has
been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences of this
Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Wilmer ale is acting as counsel to the Company in connection with the transactions contemplated by the Agreement,
and is not acting as counsel for the Participant. 
 [Remainder of Page Intentionally Left Blank] 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have executed the Restricted Stock Agreement as of the
date and year first above written. The Participant hereby agrees to the terms and conditions thereof. The Participant hereby acknowledges receipt of a copy of the Company’s 2015 Stock Incentive Plan. 

 

			
	COMPANY:
	
	DENALI THERAPEUTICS INC.

 
			
		
	By:	 	  

 
					
		 	Name:	 	  

		 	Title:	 	  

 
							
				
	Address:	 	[	 	  
	 	]
		 	[	 	  
	 	]

 
			
	
	PARTICIPANT:

 
			
		
	By:	 	  

 
					
		 	Name:	 	  

		 	Title:	 	  

 
							
				
	Address:	 	[	 	  
	 	]
		 	[	 	  
	 	]

 
			
	
	SPOUSAL CONSENT:

 
			
		
	By:	 	  

 
					
		 	Name:	 	  

		 	Title:	 	  

 
							
				
	Address:	 	[	 	  
	 	]
		 	[	 	  
	 	]

 SIGNATURE PAGE TO RESTRICTED STOCK AGREEMENT 

GRANTED UNDER STOCK INCENTIVE PLAN 

  
 39 

 EXHIBIT A 

JOINT ESCROW INSTRUCTIONS 

  
 40 

 DENALI THERAPEUTICS INC. 

JOINT ESCROW INSTRUCTIONS 

[_______________, 20__] 
 Denali Therapeutics
Inc. 
 [Address] 
 [Address] 

Attention: Secretary 
 Dear Secretary: 

As Escrow Agent for Denali Therapeutics Inc., a Delaware corporation (the “Company”), and its successors in interest under the
Restricted Stock Agreement (the “Agreement”) of even date herewith, to which a copy of these Joint Escrow Instructions is attached, and the undersigned person (“Holder”), you are hereby authorized and directed to
hold the documents delivered to you pursuant to the terms of the Agreement in accordance with the following instructions: 
 1.
Appointment. Holder irrevocably authorizes the Company to deposit with you any certificates evidencing Shares (as defined in the Agreement) to be held by you hereunder and any additions and substitutions to said Shares. For purposes of these
Joint Escrow Instructions, “Shares” shall be deemed to include any additional or substitute property. Holder does hereby irrevocably constitute and appoint you as his or her attorney-in-fact and agent for the term of this escrow to execute with respect to such Shares all documents necessary or appropriate to make such Shares negotiable and to complete any transaction herein
contemplated. Subject to the provisions of this Section 1 and the terms of the Agreement, Holder shall exercise all rights and privileges of a stockholder of the Company while the Shares are held by you. 

2. Closing of Purchase. 

(a) Upon any purchase by the Company of the Shares pursuant to the Agreement, the Company shall give to Holder and you a written notice
specifying the number of Shares to be purchased, the purchase price for the Shares, as determined pursuant to the Agreement, and the time for a closing hereunder (the “Closing”) at the principal office of the Company. Holder and the
Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 

(b) Al the Closing, you are directed (i) to date the stock assignment form or forms necessary for the transfer of the Shares, (ii) to
fill in on such form or forms the number of Shares being transferred, and (iii) to deliver the same, together with the certificate or certificates evidencing the Shares to be transferred, to the Company against the simultaneous delivery to you
of the purchase price for the Shares being purchased pursuant to the Agreement. 
 3. Withdrawal. The Holder shall have the right to
withdraw from this escrow any Shares as to which the Purchase Option (as defined in the Agreement) has terminated or expired. 

  
 41 

 4. Duties of Escrow Agent. 

(a) Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto. 

(b) You shall be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected in
relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties. You shall not be personally liable for any act you may do or omit to do hereunder as
Escrow Agent or as attorney-in-fact of Holder while acting in good faith and in the exercise of your own good judgment, and any act done or omitted by you pursuant to
the advice of your own attorneys shall be conclusive evidence of such good faith. 
 (c) You are hereby expressly authorized to disregard any
and all warnings given by any of the parties hereto or by any other person or entity, excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and obey orders, judgments or decrees of any court. If you
are uncertain of any actions to be taken or instructions to be followed, you may refuse to act in the absence of an order, judgment or decrees of a court. In case you obey or comply with any such order, judgment or decree of any court, you shall not
be liable to any of the parties hereto or to any other person or entity, by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been
entered without jurisdiction. 
 (d) You shall not be liable in any respect on account of the identity, authority or rights of the parties
executing or delivering or purporting to execute or deliver the Agreement or any documents or papers deposited or called for hereunder. 

(e) You shall be entitled to employ such legal counsel and other experts as you may deem necessary properly to advise you in connection with
your obligations hereunder and may rely upon the advice of such counsel. 
 (f) Your rights and responsibilities as Escrow Agent hereunder
shall terminate if (i) you cease to be Secretary of the Company or (ii) you resign by written notice to each party. In the event of a termination under clause (i), your successor as Secretary shall become Escrow Agent hereunder; in the
event of a termination under clause (ii), the Company shall appoint a successor Escrow Agent hereunder. 
 (g) If you reasonably require
other or further instruments in connection with these Joint Escrow Instructions or obligations in respect hereto, the necessary parties hereto shall join in furnishing such instruments. 

(h) It is understood and agreed that if you believe a dispute has arisen with respect to the delivery and/or ownership or right of possession
of the securities held by you hereunder, you are authorized and directed to retain in your possession without liability to anyone all or any part of said securities until such dispute shall have been settled either by mutual written agreement of the
parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or defend any such
proceedings. 

  
 42 

 (i) These Joint Escrow Instructions set forth your sole duties with respect to any and all
matters pertinent hereto and no implied duties or obligations shall be read into these Joint Escrow Instructions against you. 
 (j) The
Company shall indemnify you and hold you harmless against any and all damages, losses, liabilities, costs, and expenses, including attorneys’ fees and disbursements, (including without limitation the fees of counsel retained pursuant to
Section 4(e) above, for anything done or omitted to be done by you as Escrow Agent in connection with this Agreement or the performance of your duties hereunder, except such as shall result from your gross negligence or willful misconduct. 

5. Notice. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
delivery or upon deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to each of the other parties thereunto entitled at the following addresses, or at such other addresses as a party may
designate by ten days’ advance written notice to each of the other parties hereto 
  

									
		 	COMPANY:	  	Notices to the Company shall be sent to the address set forth in the salutation hereto, Attn: President	  	
				
		 	HOLDER:	  	Notices to Holder shall be sent to the address set forth below Holder’s signature below.	  	
				
		 	ESCROW AGENT:	  	Notices to the Escrow Agent shall be sent to the address set forth in the salutation hereto.	  	

 6. Miscellaneous 

(a) By signing these Joint Escrow Instructions, you become a party hereto only for the purpose of said Joint Escrow Instructions, and you do
not become a party to the Agreement. 
 (b) This instrument shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 [Remainder of Page Intentionally Left Blank] 

  
 43 

 IN WITNESS WHEREOF, the parties hereto have executed these Joint Escrow Instructions as of the
day and year first above written. 
  

					
	Very truly yours,
	
	COMPANY:
	
	DENALI THERAPEUTICS INC.

 
					
		
	By:	 	

 
					
		 	Name:	 	  

		 	Title:	 	  

	
	HOLDER
		
	By:	 	
		 	Name:	 	  

 
							
				
	Address:	 	[	 	  
	 	]
		 	[	 	  
	 	]

 
					
	
	ESCROW AGENT:
		
	By:	 	  

		 	Name:	 	  

		 	Title: Secretary

 SIGNATURE PAGE TO JOINT ESCROW INSTRUCTIONS 

  
 44 

 EXHIBIT B 

STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 

 
  
  

 
 SIGNATURE PAGE TO JOINT ESCROW INSTRUCTIONS 

  
 45 

 STOCK ASSIGNMENT SEPARATE FROM
CERTIFICATE 
 FOR VALUE RECEIVED, I hereby sell, assign and transfer unto
                                         
            (                ) shares of Common Stock, $0.01 par value per share, of Denali Therapeutics Inc. (the
“Corporation”) standing in my name on the books of the Corporation represented by Certificate(s) Number                     
herewith, and do hereby irrevocably constitute and appoint Wilmer Cutler Pickering Hale and Dorr LLP attorney to transfer the said stock on the books of the Corporation with full power of substitution in the premises. 

Dated:                         
                                

 

	
	PARTICIPANT:
	  

	[Name]
	  

	Name of Spouse (if any):

 Instructions to Participant: Please do not fill in any blanks other than the signature line(s). The
purpose of the Stock Assignment Separate from Certificate is to enable the Company to acquire the Shares upon exercise of its Right of First Refusal and/or Purchase Option without requiring additional signatures on the part of the Participant or
Participant’s spouse, if any. The signature(s) to this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration, enlargement, or any change whatever. 

SIGNATURE PAGE TO JOINT ESCROW INSTRUCTIONS 

  
 46 

 NOTICE ON 83(B) ELECTIONS 

IF YOU WISH TO MAKE A SECTION 83(B) ELECTION, THE FILING OF SUCH ELECTION IS YOUR RESPONSIBILITY. 

THE FORM FOR MAKING THIS SECTION 83(B) ELECTION IS ATTACHED TO THIS AGREEMENT. YOU MUST FILE THIS FORM WITHIN 30 DAYS OF THE GRANT DATE. 

YOU (AND NOT THE COMPANY, ANY OF ITS AGENTS OR ANY OTHER PERSON) SHALL BE SOLELY RESPONSIBLE FOR FILING SUCH FORM WITH THE IRS, EVEN IF YOU REQUEST THE
COMPANY, ITS AGENTS OR ANY OTHER PERSON TO MAKE THIS FILING ON YOUR BEHALF AND EVEN IF THE COMPANY, ANY OF ITS AGENTS OR ANY OTHER PERSON HAS PREVIOUSLY MADE THIS FILING ON YOUR BEHALF. 

The 83(b) election should be filed by mailing a signed election form by certified mail, return receipt requested to the IRS Service Center where you file your
tax returns. See www.irs.gov. 
 SIGNATURE PAGE TO JOINT ESCROW INSTRUCTIONS 

  
 47 

 SECTION 83(B) ELECTION 

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to the property
described below and supplies the following information in accordance with Treas. Reg.§ 1.83-2: 
  

	 	1.	The name, address, and taxpayer identification number of the undersigned are: 

 Name] 

[Address] 
 [City, State Zip] 

Taxpayer Identification Number:
                                        

  

	 	2.	The property with respect to which this election is being made is [                ] shares of common stock, $0.01 par value per share, of
Denali Therapeutics Inc., a Delaware corporation (the “Company”). 

  

	 	3.	The date on which the property was transferred or the date on which the restrictions on such property were imposed, whichever is later, is
                                    , 20[    ]
and the taxable year for which this election is being made is the calendar year 20[    ]. 

  

	 	4.	The property is subject to vesting provisions and may be forfeited under the terms of a stock restriction agreement executed between the undersigned and the Company. 

 

	 	5.	The fair market value of the property at the time of the transfer or the date on which the restrictions on such property were imposed, whichever is later, (determined without regard to any lapse restriction, as defined
in Treas. Reg.§ 1.83-3(i)) is $[                    ], equal to a fair market value of
$[                            ] per share. 

 

	 	6.	The amount paid for the property by the undersigned is
$[                            ]19 20 equal to a purchase price of $[                    ] per share. 

 

	 	7.	This statement is executed on                         ,20[    ]

 In accordance with Treas. Reg.§ 1.83-2(d) & (e)(7), a copy of this statement has been
furnished to the Company. 
  

	19 	If restrictions are being added to previously unrestricted stock, the following language is to be used:
“[                            ] shares of the Company, having a fair market price of
$[                            ],” 

	20 	If the shares were issued in exchange for an assignment of intellectual property rights, the following language is to be used: “Intellectual Property having a fair market value of
$[                            ],” 

  
 48 

					
	  
	 		 	  

	Signature of Taxpayer	 		 	Signature of Spouse (if any)

 SIGNATURE PAGE TO JOINT ESCROW INSTRUCTIONS 

  
 49 

 SECTION 83(B) ELECTION 

BACKGROUND INFORMATION 

Section 83(b) of the Internal Revenue Code permits persons who receive restricted property, such as restricted stock, in connection with
the performance of services to include the value of such property in their gross income for the year the property is received. Such persons who purchase stock of the company subject to a stock restriction agreement providing for the vesting of such
stock over a period of time are entitled to make this election. Any person who makes a timely Section 83(b) election will recognize compensation income on the date of grant (the date listed in item 3 of the election form) equal to the
difference, if any, between the fair market value of the stock and the amount paid for the stock. A person who pays taxes in connection with an election and subsequently forfeits the stock, however, will not receive a refund or other tax benefit for
the taxes previously paid. 
 Any person who does not make the election will be required to include the value of the stock in gross income
in the year in which the stock vests. In particular, when the stock vests, the person will recognize compensation income in an amount equal to the difference between the fair market value of the stock on the vesting date and the amount paid for the
stock. As a result, if the value of the stock increases, a person who does not make a timely Section 83(b) election will have compensation income at the time each installment of stock vests. 

Each person should consult with his or her tax or legal advisor regarding the advisability and timing of filing the election. The original,
signed and dated Section 83(b) election must be filed within 30 days of the grant date but may be filed prior to the grant date. The election should be filed by certified mail, return receipt requested, with the Internal
Revenue Service at the service center where the electing person ordinarily files his or her annual tax return. A copy of the Section 83(b) election, as filed, must be returned to the company. A copy of the Section 83(b) election must also
be included with the person’s federal income tax return for the year of grant (each person should check with his or her tax preparer regarding this and any state, local, foreign or other filing requirements). 

Please also note that the certified mailing receipt for the Section 83(b) election should be retained. This receipt is essential if
the Internal Revenue Service does not receive the Section 83(b) election and challenges the election. 
 SIGNATURE PAGE TO JOINT
ESCROW INSTRUCTIONS 

  
 50

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