Document:

EX-4.2

 Exhibit 4.2 

CONFIDENTIAL 
 PELOTON
INTERACTIVE, INC. 
 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is
made and entered into as of April 5, 2019, by and among PELOTON INTERACTIVE, INC., a Delaware corporation (the “Company”), and the investors listed on Schedule A hereto, each of which is herein
referred to as an “Investor” and collectively as the “Investors”, and the holders of Common Stock (as defined below) listed on Schedule B hereto, each of which is herein referred to as a
“Common Holder” and collectively as the “Common Holders”. 
 RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s
Series A Preferred Stock, par value $0.000025 per share (the “Series A Preferred Stock”), shares of the Company’s Series B Preferred Stock, par value $0.000025 per share (the “Series B Preferred
Stock”), shares of the Company’s Series C Preferred Stock, par value $0.000025 per share (the “Series C Preferred Stock”), shares of the Company’s Series D Preferred Stock, par value $0.000025 per share (the
“Series D Preferred Stock”), shares of the Company’s Series E Preferred Stock, par value $0.000025 per share (the “Series E Preferred Stock”), and shares of the Company’s Series F Preferred Stock, par
value $0.000025 per share (the “Series F Preferred Stock,” and collectively with the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred
Stock, the “Preferred Stock”), and/or shares of Common Stock issued upon conversion thereof and possess registration rights, information rights, rights of first offer and other rights pursuant to that certain Third Amended and
Restated Investors’ Rights Agreement, dated as of August 30, 2018, by and among the Company, certain holders of the Company’s Common Stock, par value $0.000025 per share (the “Common Stock”), and such Existing
Investors, as amended (the “Prior Agreement”); 
 WHEREAS, Section 4.7 of the Prior Agreement
provides, in part, that any term of the Prior Agreement (other than Sections 2.1, 2.2, 2.12, 3.1, 3.2, 3.3, 3.4, 3.9, 3.10, 3.11, 3.12(a), 3.12(b), 3.13 and 3.15 (the “Specified Provisions”)) may be amended, terminated or waived,
with the consent of the Company and the Existing Investors holding a majority of the outstanding Registrable Securities (as such term is defined in the Prior Agreement), and the Specified Provisions may be amended, and any provision therein waived
by certain parties specified in Section 4.7 of the Prior Agreement (together, the “Required Parties”); and 

WHEREAS, CP Interactive Fitness, LP (“Catterton”) is proposing to sell certain of the shares of Series
D Preferred Stock held by it to certain persons and entities (the “New Investors”) and in connection therewith the Company, and the undersigned Common Holders and Existing Investors, who collectively represent the Required Parties,
desire to amend and restate the Prior Agreement to include the New Investors and to amend and restate the rights and obligations set forth therein, in each case as set forth below. 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Company and the Existing
Investors hereby agree that the Prior Agreement shall 

 
be superseded and replaced in its entirety by this Agreement, and the parties hereto further agree as follows: 

1. Definitions. For purposes of this Agreement: 

(a) The term “Act” means the Securities Act of 1933, as amended. 

(b) The term “Advised Investors” means each of the Fidelity Investors and the Wellington Investors. 

(c) The term “Advisory Entity” shall mean each of Baillie Gifford, Fidelity and Wellington. 

(d) The term “Affiliate” means, with respect to any Person, any Person, directly or indirectly, through one
or more intermediaries, controlling, controlled by, or under common control with, such other Person, including, without limitation, any general partner, officer, director or manager of such Person and any venture capital fund, private equity fund or
other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or is under common investment management with (including investment managers that are affiliated with one another), such
Person. 
 (e) The term “Baillie Gifford” shall mean Baillie Gifford & Co. and Baillie Gifford
Overseas Limited and any successor or affiliated investment manager or advisor to the Baillie Gifford Investors. 
 (f) The
term “Baillie Gifford Investors” means the Investors that receive, directly or indirectly, investment management or management advisory services from Baillie Gifford. 

(g) The term “BlackRock Investors” means each of BlackRock Mid-Cap
Growth Equity Portfolio, a series of BlackRock Funds and Master Large Cap Focus Growth Portfolio, a series of Master Large Cap Series LLC. 

(h) The term “Board” means the Company’s Board of Directors, as constituted from time to time. 

(i) The term “Bylaws” means the Company’s Amended and Restated Bylaws, as amended and/or restated from
time to time. 
 (j) The term “Certificate” shall mean the Company’s Fifth Amended and Restated
Certificate of Incorporation, as amended and/or restated from time to time. 
 (k) The term “Competitor”
shall have the meaning set forth in the Bylaws. 

  
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 (l) The term “Competitor Transferee” means (i) a
transferee of shares of Series D Preferred Stock pursuant to Section 10.2(b)(6) of the Bylaws that is a Competitor, (ii) a transferee of shares of Series E Preferred Stock pursuant to Section 10.2(b)(7) of the Bylaws that is a
Competitor and (iii) a transferee of shares of Series F Preferred Stock pursuant to Section 10.2(b)(8) of the Bylaws that is a Competitor; provided that no Advised Investors or Series F Advised Investors shall be deemed to be a
Competitor Transferee by way of their passive investment in a Competitor. 
 (m) The term “Fidelity” shall
mean Fidelity Management & Research Company and any successor or affiliated registered investment advisor to the Fidelity Investors. 

(n) The term “Fidelity Investors” shall mean any Investors advised or subadvised by Fidelity or one of its
Affiliates. 
 (o) The term “FINRA” means the Financial Industry Regulatory Authority. 

(p) The term “Form S-3” means such form
under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the
SEC. 
 (q) The term “Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405.

 (r) The term “GGV Investors” shall mean GGV Capital VI L.P. and GGV Capital VI Entrepreneurs Fund L.P.

 (s) The term “Holder” means any Person owning or having the right to acquire Registrable Securities or
any assignee thereof in accordance with Section 2.10 of this Agreement; provided, however, that the Common Holders shall not be deemed to be Holders for purposes of Sections 2.1, 2.3, 2.11 and 4.7. 

(t) The term “Information Rights Investor” means each Investor who holds at least 346,000 shares of Series F
Preferred Stock (or shares of Common Stock issued or issuable upon the exercise thereof). 
 (u) The term “Initial
Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock under the Act. 

(v) The term “Institutional Holder” means each of Catterton, TCV, Tiger, and True, for so long as each holds
any Registrable Securities. 
 (w) The term “1934 Act” means the Securities Exchange Act of 1934, as
amended. 
 (x) The term “Permitted Transferee” means, with respect to an Institutional Holder, an Advised
Investor or a Series F Advised Investor, a transferee permitted 

  
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pursuant to Sections 10.2(b)(2), (3), (4), (6), (7), (8), (9) or (10), in each case, so long as such transferee is not a Competitor, of the Bylaws, solely to the extent such Sections of the
Bylaws are applicable to the relevant transfer by such Institutional Holder, Advised Investor or Series F Advised Investor. For the avoidance of doubt, no Strategic Investor or Competitor Transferee shall be a Permitted Transferee. 

(y) The term “Person” shall mean any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 (z) The terms “register,” “registered,” and
“registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or
document. 
 (aa) The term “Registrable Securities” means (i) shares of Common Stock issuable or
issued upon conversion of the Preferred Stock held by the Investors, (ii) shares of Common Stock held by the Common Holders; provided, however, that such shares of Common Stock shall not be deemed Registrable Securities for the
purposes of Sections 2.1, 2.3, 2.11, 3.1, 3.2, 3.4 and 4.7 and (iii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other
distribution with respect to, or in exchange for, or in replacement of, the shares referenced in (i) and (ii) above, excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the rights under
Section 2 of this Agreement are not assigned. In addition, the number of shares of Registrable Securities outstanding shall equal the aggregate of the number of shares of Common Stock outstanding that are, and the number of shares of Common
Stock issuable pursuant to then exercisable or convertible securities that are, Registrable Securities. 
 (bb) The term
“Rule 144” shall mean Rule 144 under the Act. 
 (cc) The term “Rule 144(b)(1)(i)” shall
mean subsection (b)(1)(i) of Rule 144 under the Act as it applies to Persons who have held shares for more than one (1) year. 

(dd) The term “Rule 405” shall mean Rule 405 under the Act. 

(ee) The term “SEC” shall mean the Securities and Exchange Commission. 

(ff) The term “Series F Advised Investors” means the Baillie Gifford Investors and the BlackRock Investors.

 (gg) The term “Strategic Investor” shall mean any Special Purpose Entity (as defined in the Bylaws),
which was initially owned by a stockholder of the Company and is no longer owned solely by such stockholder or its Affiliates. 

(hh) The term “Suspension Event” means that the Board has determined in its reasonable good faith judgment
that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on the Company and its stockholders for such registration statement to be effected at such time. 

  
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 (ii) The term “Suspension Notice” means a certificate
signed by the Company’s Chief Executive Officer or Chairman of the Board notifying the Holders of a Suspension Event, which notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the
Suspension Event or its effect is continuing. 
 (jj) The term “TCV” shall mean TCV IX, L.P., TCV IX (A),
L.P., TCV IX (B), L.P., TCV Member Fund, L.P. and each of their respective Permitted Transferees. 
 (kk) The term
“Tiger” shall mean Tiger Global Private Investment Partners VII, L.P. and its Permitted Transferees. 

(ll) The term “True” shall mean, collectively, True Ventures IV, LP, True Ventures IV-A, LP and True Ventures Select I, LP and their Permitted Transferees. 
 (mm) The term
“Wellington” means Wellington Management Company LLP and any successor or affiliated registered investment advisor to the Wellington Investors. 

(nn) The term “Wellington Investors” means the Investors that are advisory or subadvisory clients of
Wellington and their Permitted Transferees that are advisory or subadvisory clients of Wellington. 
 2. Registration
Rights. The Company covenants and agrees as follows: 
 2.1 Request for Registration. 

(a) Subject to the conditions of this Section 2.1, if the Company shall receive at any time after the earlier of
(i) August 30, 2025 or (ii) six (6) months after the effective date of the Initial Offering, a written request from (a) any Institutional Holder or (b) the Holders of at least fifty percent (50%) of the Registrable
Securities then outstanding, excluding for all purposes under clause (b) any Registrable Securities held by a Strategic Investor or a Competitor Transferee (for purposes of this Section 2.1, the “Initiating Holders”), that
the Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $20,000,000, then the Company shall, within twenty (20) days of the receipt
thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 2.1, use its commercially reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable
Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the sending of the Company’s notice pursuant to this Section 2.1(a). 

(b) If 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 this Section 2.1, and the Company shall include such information in the written notice referred to in Section 2.1(a). In such event the right of any
Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s 

  
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participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating
Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for
such underwriting in accordance with Section 2.1(d). Notwithstanding any other provision of this Section 2.1, if the underwriter advises the Company that marketing factors require a limitation on the number of securities underwritten
(including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to
the Holders of such Registrable Securities pro rata based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all
other securities are first excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this
Section 2.1: 
 (i) in any particular jurisdiction in which the Company would be required to qualify to do business or
to execute a general consent to service of process in effecting such registration, unless the Company is already qualified to do business in such jurisdiction or subject to service of process in such jurisdiction and except as may be required under
the Act; 
 (ii) after the Company has effected three (3) registrations pursuant to this Section 2.1 and such
registrations have been declared or ordered effective; 
 (iii) during the period starting with the date ninety (90)
days prior to the Company’s good faith estimate of the date of the filing of and ending on a date one hundred eighty (180) days following the effective date of a Company-initiated registration
subject to Section 2.2 below; provided that the Company is actively employing in good faith its commercially reasonable efforts to cause such registration statement to become effective; 

(iv) if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 2.3 hereof; or 
 (v) if the Company shall furnish
to Holders a Suspension Notice, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided that such right and the
rights under Sections 2.3(b)(iii), 2.3(d)(i)(1), 2.3(d)(ii) and 2.4 shall be exercised by the Company not more than once in any twelve (12)-month period; provided, further, that the Company shall not register any securities for
the account of itself or any other stockholder during such ninety (90)-day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration
relating to a corporate reorganization or transaction under Rule 145 of the Act, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered). 

  
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 (d) The Institutional Holder or Holders of a majority of the Registrable
Securities, excluding for this purpose any Registrable Securities held by a Strategic Investor or a Competitor Transferee, as the case may be, initially requesting registration hereunder will have the right to select the underwriter or underwriters
in an offering under a registration pursuant to this Section 2.1, which underwriter or underwriters shall be reasonably acceptable to the Company. 

2.2 Company Registration. 

(a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration
effected by the Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than (i) a registration relating to a demand pursuant to
Section 2.1 of this Agreement or (ii) a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, or
a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder written notice of such
registration. Upon the written request of each Holder given within twenty (20) days after sending of such notice by the Company in accordance with Section 4.5 of this Agreement, the Company shall, subject to the provisions of
Section 2.2(c) of this Agreement, use its commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder requests to be registered. 

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company
in accordance with Section 2.6 hereof. 
 (c) Underwriting Requirements. In connection with any offering
involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under this Section 2.2 to include any of the Holders’ securities in such underwriting unless they accept the terms of the
underwriting as agreed upon between the Company and the underwriters selected by the Company (or by other Persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only
in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in
such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion 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, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In the event that 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 apportioned pro rata among the selling Holders based on the number of Registrable
Securities held by all selling Holders or in such other proportions as shall mutually be agreed to 

  
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by all such selling Holders. Notwithstanding the foregoing, in no event shall (i) any Registrable Securities be excluded from such offering unless all other stockholders’ securities
have been first excluded from the offering, (ii) the amount of securities of the selling Holders included in the offering be reduced below twenty percent (20%) of the total amount of securities included in such offering, unless such offering is
the Initial Offering, in which case the selling Holders may be excluded if the underwriters make the determination described above and no other stockholder’s securities are included in such offering or (iii) any securities held by a Common
Holder be included in such offering if any Registrable Securities held by any Holder other than a Common Holder (and that such Holder has requested to be registered) are excluded from such offering. For purposes of the preceding sentence concerning
apportionment, for any selling stockholder that is a Holder of Registrable Securities and that is a venture capital fund, private equity fund, partnership or corporation, the affiliated venture capital funds, private equity funds, partners, members,
retired partners and stockholders of such Holder, or the estates and family members of any such partners, members and retired partners 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 amount of Registrable Securities owned by all such related entities and individuals. 

2.3 Form S-3 Registration. In case the Company shall receive from
(a) any Institutional Holder or (b) the Holders of at least thirty percent (30%) of the Registrable Securities, excluding for all purposes under clause (b) any Registrable Securities held by a Strategic Investor or a Competitor
Transferee (for purposes of this Section 2.3, the “S-3 Initiating Holders”), a written request or requests that the Company effect a registration on
Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall: 

(a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other
Holders; and 
 (b) use its commercially reasonable efforts to effect, as soon as practicable, such registration and all
such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such
portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company; provided, however, that
the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 2.3: 

(i) if Form S-3 is not available for such offering by the Holders; 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $5,000,000; 

  
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 (iii) if the Company shall furnish to all Holders a Suspension Notice, in
which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the S-3 Initiating Holders; provided that such right
and the rights under Sections 2.1(c)(v), 2.3(d)(i)(1), 2.3(d)(ii) and 2.4 shall be exercised by the Company not more than once in any twelve (12)-month period; provided, further, that the Company shall not register any securities
for the account of itself or any other stockholder during such ninety (90)-day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a
registration relating to a corporate reorganization or transaction under Rule 145 of the Act, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being
registered); 
 (iv) if the Company has, within the twelve (12)-month period preceding the date of such request, already
effected two (2) registrations on Form S-3 pursuant to this Section 2.3; 

(v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or compliance, unless the Company is already qualified to do business in such jurisdiction or subject to service of process in such jurisdiction and except as may be
required under the Act; 
 (vi) if the Company, within thirty (30) days of receipt of the request of such S-3 Initiating Holders, gives notice of its bona fide intention to effect the filing of a registration statement with the SEC within one hundred twenty (120) days of receipt of such request (other than a
registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, or a registration in which the only Common Stock
being registered is Common Stock issuable upon conversion of debt securities that are also being registered); provided that the Company is actively employing in good faith its commercially reasonable efforts to cause such registration
statement to become effective; or 
 (vii) during the period starting with the date thirty (30) days prior to the
Company’s good faith estimate of the date of the filing of and ending on a date ninety (90) days following the effective date of a Company-initiated registration subject to Section 2.2 of this
Agreement; provided that the Company is actively employing in good faith its commercially reasonable efforts to cause such registration statement to become effective. 

(c) Following the effectiveness of the Form S-3, any Institutional Holder or any other
S-3 Initiating Holder (each, as applicable, a “Take-Down Initiating Holder” and each other such party, as applicable, a “Non-Initiating
Holder”) may at any time and from time to time initiate an offering or sale of all or part of the Registrable Securities (a “Shelf Take-Down”), subject to the limitations set forth in this Agreement, by
delivering notice of such initiation to the Company as set forth herein. If the Take-Down Initiating Holder so elects in a written request delivered to the Company (an “Underwritten Shelf Take-Down Notice”), any Shelf
Take-Down may be in the form of an underwritten public offering (an “Underwritten Shelf Take-Down”) and, in such event, the Company shall file as soon as practicable and in any event not later than ten (10)

  
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business days after the date of such request and, after such filing, use its commercially reasonable efforts to (i) effect an amendment or supplement to its registration statement for such
purpose, (ii) promptly give written notice thereof to all other Holders and (iii) include in such Underwritten Shelf Takedown all Registrable Securities with respect to which the Company has received written requests for inclusion therein
within three (3) business days after sending such written notice. The Take-Down Initiating Holder shall indicate in such Underwritten Shelf Take-Down Notice whether it intends for such Underwritten Shelf Take-Down to involve a customary
“road show” (including an “electronic road show”) or other substantial marketing effort by the underwriters (a “Marketed Underwritten Shelf Take-Down”). In the event of any Underwritten Shelf
Take-Down, the underwriter or underwriters shall be designated by Holders of a majority of the Registrable Securities held by all Holders participating in such underwriting, which underwriter or underwriters shall be reasonably acceptable to the
Company. 
 (d) Notwithstanding the foregoing, the Company shall not be obligated to: 

(i) effect any Underwritten Shelf Take-Down pursuant to Section 2.3(c): 

(A) if the Company shall furnish to all Holders included in such Underwritten Shelf Take-Down, a Suspension Notice, in which
event the Company shall have the right to defer such Underwritten Shelf Take-Down for a period of not more than ninety (90) days; provided that such right and the rights under Sections 2.1(c)(v), 2.3(b)(iii), 2.3(d)(ii) and 2.4 shall be
exercised by the Company not more than once in any twelve (12)-month period; provided, further, that the Company shall not register any offer or sell securities for the account of itself or any other stockholder during such ninety (90)-day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145
of the Act, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered); 

(B) if the aggregate gross proceeds from any particular Underwritten Shelf Take-Down are reasonably anticipated to be less
than $5,000,000; or 
 (C) if the Company has effected two (2) such Underwritten Shelf Take-Downs pursuant to
Section 2.3(c) in the preceding twelve (12) months; or 
 (ii) effect any Shelf Take -Down other than an
Underwritten Shelf Take-Down (each, a “Non-Underwritten Shelf-Take-Down”) pursuant to Section 2.3(c) if the Company shall furnish to all Holders included in such
Non-Underwritten Shelf Take-Down, a Suspension Notice, in which event the Company shall have the right to defer such Non-Underwritten Shelf Take-Down for a period of not
more than ninety (90) days; provided that such right and the rights under Sections 2.1(c)(v), 2.3(b)(iii), 2.3(d)(i)(1) and 2.4 shall be exercised by the Company not more than once in any twelve (12)-month period; provided,
further, that the Company shall not register any offer or sell securities for the account of itself or any other stockholder during such ninety (90)-day period (other than a registration relating solely
to the sale 

  
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of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, or a registration in which the only
Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered). 

(e) If the Take-Down Initiating Holder desires to effect a Shelf Take-Down that does not constitute a Marketed Underwritten
Shelf Take-Down (a “Non-Marketed Underwritten Shelf Take-Down”), the Take-Down Initiating Holder shall so indicate in a written request delivered to the Company and each
Non-Initiating Holder no later than two (2) business days prior to the expected date of such Non-Marketed Underwritten Shelf Take-Down, which request shall include (i) the total number of Registrable
Securities expected to be offered and sold in such Non-Marketed Underwritten Shelf Take-Down, (ii) the expected plan of distribution of such Non-Marketed Underwritten Shelf Take-Down and (iii) the action or actions required (including the
timing thereof) in connection with such Non-Marketed Underwritten Shelf Take-Down (including the delivery of one or more stock certificates representing shares of Registrable Securities to be sold in such Non-Marketed Underwritten Shelf Take-Down),
and, subject to the limitations set forth in Section 2.3(d) (as applicable), the Company shall file as soon as practicable after the date of such request and use commercially reasonable efforts thereafter to effect an amendment or supplement to
its registration statement for such purpose and shall include in such amendment or supplement all Registrable Securities with respect to which the Company has received a written request for inclusion therein from each
Non-Initiating Holder. 
 (f) Subject to the foregoing, the Company shall effect
such unlimited number of Shelf Take-Downs as may be requested by any Institutional Holder. The filing of the Form S-3, or any amendment or supplement thereto or replacement thereof and any registrations or
Shelf Take-Downs effected pursuant to this Section 2.3 shall not be counted as demands for registration or registrations effected pursuant to Section 2.1. Notwithstanding any other provision of this Agreement, if, in the case of an
Underwritten Shelf Take-Down, the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold that the underwriters determine in their sole discretion
is compatible with the success of the offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or
in such other proportions as shall mutually be agreed to by all such selling Holders; provided, however, that no Registrable Securities shall be excluded from such Underwritten Shelf Take-Down unless all other securities of the Company
are first excluded. 
 (g) Subject to the foregoing, the Company shall file a registration statement covering the
Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the S-3 Initiating Holders. 

2.4 Obligations of the Company. Whenever the Holders of Registrable Securities have requested that any Registrable
Securities be registered pursuant to this Agreement, the Company shall, as expeditiously as reasonably possible to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof and,
pursuant thereto: 

  
 11 

 (a) prepare and file with the SEC a registration statement with respect to
such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such
registration statement effective for a period of up to sixty (60) days or, if earlier, until the distribution contemplated in the registration statement has been completed or, in the case of a registration statement on Form S-3, until the earliest of (i) the date on which all Registrable Securities have been sold pursuant to the registration statement or have otherwise ceased to be Registrable Securities, (ii) the third (3rd) anniversary of the effective date of such registration statement or (iii) such other date determined by the holders of a majority of the Registrable Securities requesting such Form S-3; 
 (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 provisions of the Act with respect to the disposition of all securities covered by such registration statement; 

(c) furnish to the participating Holders such number of copies of a prospectus, including a preliminary prospectus and any
Free Writing Prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by such Holders; 

(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 Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or
to file a general consent to service of process in any such states or jurisdictions; 
 (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 managing underwriter of such offering; 

(f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or Free
Writing Prospectus (to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then
in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and, at the
request of any such Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) so
that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in light of the
circumstances under which they were made; 
 (g) cause all such Registrable Securities registered pursuant to this
Section 2 to be listed on a national securities exchange or trading system and on each securities 

  
 12 

 
exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(h) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP
number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (i) make
available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement, and any attorney, accountant, or other agent retained by any such seller or underwriter, all
financial and other records, pertinent corporate and business documents and properties of the Company as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees,
agents, representatives, and independent accountants to supply all such information reasonably requested by any such seller, underwriter, attorney, accountant, or agent in connection with such registration statement; 

(j) use its best efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale
(if such securities are being sold through underwriters) or the pricing or closing date of the applicable offering or sale (in the case of a non-underwritten offering), (i) a “cold comfort” and “bring-down” letter, dated as of
such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, (ii) customary
certificates executed by authorized officers of the Company as may be requested by any Holder or any underwriter of such Registrable Securities and (iii) make available to the appropriate representatives of the underwriters, if any, and any
Holder access to such information and Company personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Act; 

(k) use best efforts to obtain an opinion from the Company’s outside counsel in customary form and covering such matters
of the type customarily covered by such opinions, which opinion shall be addressed to the underwriters and the holders of such Registrable Securities; 

(l) in connection with a Marketed Underwritten Shelf Take-Down or an underwritten offering pursuant to Section 2.3(c),
use its best efforts to make available the executive officers of the Company to participate with the holders of Registrable Securities and any underwriters in any “road shows” or other marketing and selling efforts that may be reasonably
requested by the holders in connection with the methods of distribution for the Registrable Securities; 
 (m) otherwise use
its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months, beginning
with the first (1st) day of the Company’s first (1st) full fiscal quarter after the effective date of the registration statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the Act and Rule 158 thereunder; 

  
 13 

 (n) permit any holder of Registrable Securities, which holder, in its sole
and exclusive judgment, might be deemed to be an underwriter or a controlling person of the Company to participate in the preparation of such registration or comparable statement and to require the insertion therein of material, furnished to the
Company in writing, which in the reasonable judgment of such holder and its counsel should be included; 
 (o) in the event
of the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included in such registration
statement for sale in any jurisdiction, the Company will use its best efforts promptly to obtain the withdrawal of such order; and 

(p) use its best efforts to take such other steps necessary to effect the registration and sale of the Registrable Securities
contemplated hereby. 
 Notwithstanding the provisions of this Section 2, the Company shall be entitled to postpone or
suspend the filing, effectiveness or use of, or trading under, any registration statement if the Company shall determine that any such filing or the sale of any securities pursuant to such registration statement would in the good faith judgment of
the Board: 
 (i) materially impede, delay or interfere with any material pending or proposed financing, acquisition,
corporate reorganization or other similar transaction involving the Company for which the Board has authorized negotiations; 

(ii) materially and adversely impair the consummation of any pending or proposed material offering or sale of any class of
securities by the Company; or 
 (iii) require disclosure of material nonpublic information that, if disclosed at such time,
would be materially harmful to the interests of the Company and its stockholders; provided, however, that during any such period all executive officers and directors of the Company are also prohibited from selling securities of the
Company (or any security of any of the Company’s subsidiaries or affiliates); 
 provided that such right and the rights under
Sections 2.1(c)(v), 2.3(b)(iii), 2.3(d)(i)(1) and 2.3(d)(ii) shall be exercised by the Company not more than once in any twelve (12)-month period; provided, further, that the Company shall not register any securities for the account of
itself or any other stockholder during such ninety (90)-day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a
corporate reorganization or transaction under Rule 145 of the Act, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered). 

In the event of the suspension of effectiveness of any registration statement pursuant to this Section 2.4, the
applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such registration statement was suspended. 

2.5 Information from Holder. 

  
 14 

 
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 promptly furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such
Holder’s Registrable Securities. 
 2.6 Expenses of Registration. All expenses other than underwriting discounts
and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 2.1, 2.2 and 2.3 of this Agreement, including, without limitation, 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 (1) counsel for the selling Holders (not to exceed $30,000) shall be borne by the Company. Notwithstanding the foregoing, the
Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 or Section 2.3 of this Agreement if the registration request is subsequently withdrawn at the request of the Holders of a
majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration) unless, in the
case of a registration requested under Section 2.1 of this Agreement, the Holders of a majority of the Registrable Securities agree to forfeit their right to one (1) demand registration pursuant to Section 2.1 of this Agreement;
provided, however, that if at the time of such withdrawal, the Holders 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 following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Sections 2.1
of this Agreement. 
 2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. In the event 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 Holder, the
partners, members, officers, directors and stockholders of each Holder, legal counsel, accountants and investment advisers for each Holder, any underwriter (as defined in the Act) for such Holder and each Person, if any, who controls such Holder or
underwriter within the meaning of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation
promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages, or liabilities (or actions or proceedings, 

  
 15 

 
whether commenced or threatened, in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a “Violation”):
(i) any untrue or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus, final prospectus, or Free Writing Prospectus contained therein or any amendments or supplements
thereto, any issuer information (as defined in Rule 433 of the Act) filed or required to be filed pursuant to Rule 433(d) under the Act or any other document incident to such registration prepared by or on behalf of the Company or used or referred
to by the Company; (ii) the omission or alleged omission of a material fact required to be stated in such registration statement, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by
the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling Person or other
aforementioned Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; provided,
however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action 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 in any such case for any such loss, claim, damage, liability, action or proceeding to the extent that it arises out of or is based upon a Violation that
occurs in reliance upon, and in conformity with, written information furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling Person or other aforementioned Person. 

(b) To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the
Company, 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 Act, legal counsel and accountants for the Company, any underwriter, any other
Holder selling securities in such registration statement and any controlling Person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons may become
subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished
by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 2.8(b) for any legal or other expenses reasonably incurred by such Person
in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not
apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld); provided,
further, that in no event shall any indemnity under this Section 2.8(b) exceed the net proceeds from the offering received by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action or
proceeding (including any 

  
 16 

 
governmental action or proceeding) for which a party may be entitled to indemnification, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party
under this Section 2.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any
other indemnifying party similarly noticed, 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 (1) counsel) shall have the right to retain one (1) 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 proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action or proceeding, if prejudicial to its ability to defend such action or proceeding, shall relieve such indemnifying party of liability to the indemnified party under
this Section 2.8 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party will not relieve such indemnifying party of any liability that it may have to any indemnified party otherwise than under
this Section 2.8. 
 (d) If the indemnification provided for in this Section 2.8 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the
amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on
the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that (i) no contribution by
any Holder, when combined with any amounts paid by such Holder pursuant to Section 2.8(b), shall exceed the net proceeds from the offering received by such Holder and (ii) no Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; provided, further, that in no event shall a Holder’s liability pursuant to this
Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b), exceed the proceeds from the offering received by such Holder (net of any expenses paid by such Holder). The relative fault of the
indemnifying party and the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state 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. 

(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. 

  
 17 

 (f) The obligations of the Company and Holders under this Section 2.8
shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 2 and otherwise. 

2.9 Reports Under the 1934 Act. With a view to making available to the Holders the benefits of 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 agrees to:

 (a) make and keep adequate current public information available, as those terms are understood and defined in
Rule 144, at all times after the effective date of the Initial Offering; 
 (b) file with the SEC in a timely manner
all reports and other documents required of the Company under the Act and the 1934 Act; provided the Company has become subject to such reporting requirements; and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written
statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first (1st) registration
statement filed by the Company), the Act and the 1934 Act (at any time after it 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 it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and (iii) such
other information as may be reasonably requested to avail any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form. 

2.10 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to
this Section 2 may be assigned (but only with all related obligations) (a) by an Institutional Holder, an Advised Investor or a Series F Advised Investor to a Permitted Transferee and (b) by any other Holder to a transferee or
assignee of such securities that (i) is an Affiliate, subsidiary, parent, partner, limited partner, retired partner, member or stockholder of such Holder, or (ii) is such Holder’s family member or trust for the benefit of an
individual Holder or any of such Holder’s family members; provided, in each case, that: (A) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or
assignee and the securities with respect to which such registration rights are being assigned; (B) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement; and (C) such
assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act. 

2.11 Limitations on Subsequent Registration Rights. 

  
 18 

 From and after the date of this Agreement, the Company shall not, without
the prior written consent of the Holders holding a majority of the Registrable Securities then held by all Holders (excluding for purposes of this Section 2.11 any Registrable Securities held by a Strategic Investor or a Competitor Transferee)
enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include any of such securities in any registration filed under Section 2.1,
Section 2.2 or Section 2.3 of this Agreement, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will
not reduce the amount of the Registrable Securities of the Holders that are included or (b) to demand registration of their securities. 

2.12 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this
Section 2: (a) after five (5) years following the consummation of the Initial Offering, (b) as to any Holder, such earlier time after the Initial Offering at which such Holder (i) can sell all shares held by it in compliance with
Rule 144(b)(1)(i) or (ii) holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (together with any Affiliate of the Holder with whom such Holder must aggregate its
sales under Rule 144) can be sold in any three (3)-month period without registration in compliance with Rule 144 or (c) after the consummation of a Liquidation Event (as defined in the Certificate). 

3. Covenants of the Company. 

3.1 Delivery of Financial Statements. 

(a) The Company shall, upon request, deliver to (I) each Investor (or transferee of an Investor) that holds at least
1,800,000 shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization, and each Advised Investor (each, a “Major Investor”), (II) each Series F Advised Investor and
(III) each Information Rights Investor (or transferee of an Information Rights Investor): 
 (i) as soon as
practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholders’ equity as of the
end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with United States generally accepted accounting principles
(“GAAP”), and audited and certified by independent public accountants of nationally recognized standing selected by the Company; 

(ii) 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, an unaudited income statement and statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except

  
 19 

 
that such financial statements may (A) be subject to normal year-end audit adjustments and (B) not contain all notes thereto that may be required
in accordance with GAAP); and 
 (iii) with respect to Major Investors only, such other information relating to the
financial condition, business or corporate affairs of the Company as any Major Investor, other than any Major Investor which is a Strategic Investor or a Competitor Transferee may from time to time reasonably request; 

provided, however, that the Company shall not be obligated under Section 3.1 to provide information that (A) it deems
in good faith to be a trade secret or similar confidential information or (B) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

(b) 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 Section 3.1 to the contrary, the Company may cease providing the information set forth in this Section 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 Section 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. 

(c) The Company shall promptly and accurately respond, and shall use its commercially reasonable efforts to cause its transfer
agent to promptly respond, to requests for information made on behalf of any Advised Investor or Series F Advised Investor relating to (i) accounting or securities law matters required in connection with its audit or (ii) the actual
holdings of such Advised Investor or Series F Advised Investor, including in relation to the total outstanding shares; provided, however, that the Company shall not be obligated to provide any such information that could reasonably
result in a violation of applicable law or conflict with a confidentiality obligation of the Company. 
 3.2
Inspection. The Company shall permit each Major Investor, other than any Major Investor which is a Strategic Investor or a Competitor Transferee, at such Major Investor’s expense, to visit and inspect the Company’s properties, to
examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Major Investor; provided, however, that the Company
shall not be obligated pursuant to this Section 3.2 to provide access to any information that (a) it deems in good faith to be a trade secret or similar confidential information or (b) the disclosure of which would adversely affect
the attorney-client privilege between the Company and its counsel. 
 3.3 Termination of Information and Inspection
Covenants. 

  
 20 

 The covenants set forth in Sections 3.1 and 3.2 shall terminate and be
of no further force or effect upon the earlier to occur of (a) the consummation of the sale of securities pursuant to a registration statement filed by the Company under the Act in connection with the firm commitment underwritten offering of
its securities to the general public, (b) when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall first occur and (c) the consummation of a
Liquidation Event. In the event the consideration received by the Major Investors in a Liquidation Event includes securities of a private company, the Company will use all commercially reasonable efforts to ensure that the Major Investors continue
to have information rights needed to meet their obligations to report the value of such holdings to the investors in such Major Investors. 

3.4 Right of First Offer. Subject to the terms and conditions specified in this Section 3.4, the Company hereby
grants to each Major Investor a right of first offer with respect to future sales by the Company of its Shares (as defined below). For purposes of this Section 3.4, the term “Major Investor” includes any general partners and
Affiliates of a Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and Affiliates in such proportions as it deems appropriate. 

Each time the Company proposes to offer any shares of, or securities convertible into or exchangeable or exercisable for any
shares of, its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions: 

(a) The Company shall deliver a notice in accordance with Section 4.5 (“Notice”) to the Major Investors
stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered and (iii) the price and terms upon which it proposes to offer such Shares. 

(b) By written notification received by the Company within twenty (20) calendar days after the giving of Notice, each
Major Investor may elect to purchase, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals the proportion that the number of shares of Registrable Securities issued and held by such Major Investor
(assuming full conversion and exercise of all convertible and exercisable securities then outstanding) bears to the total number of shares of Common Stock of the Company then outstanding (assuming full conversion and exercise of all convertible and
exercisable securities then outstanding). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the Shares available to it (each, a “Fully
Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company,
elect to purchase or acquire, in addition to the number of Shares specified above, up to that portion of the Shares 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 of the Company issued and held by such Fully Exercising Investor (assuming full conversion and exercise of all convertible and exercisable securities then outstanding) bears to the Common Stock of the Company then
issued and held by all Fully 

  
 21 

 
Exercising Investors who wish to purchase such unsubscribed Shares (assuming full conversion and exercise of all convertible and exercisable securities then outstanding). The closing of any sale
pursuant to this Section 3.4(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of Shares pursuant to Section 3.4(c). 

(c) If all Shares that Major Investors are entitled to obtain pursuant to Section 3.4(b) of this Agreement are not
elected to be obtained as provided in Section 3.4(b) of this Agreement, the Company may, during the ninety (90)-day period following the expiration of the period provided in Section 3.4(b) of this
Agreement, offer the remaining unsubscribed portion of such Shares to any Person or Persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice. If the Company does not enter into an
agreement for the sale of the Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered
unless first reoffered to the Major Investors in accordance herewith. 
 (d) The right of first offer in this
Section 3.4 shall not be applicable to (i) the issuance or sale of shares of Common Stock (or options therefor) to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their
services pursuant to plans or agreements approved by the Board; (ii) the issuance of securities pursuant to an underwritten public offering of shares of Common Stock registered under the Act; (iii) the issuance of securities pursuant to
the conversion or exercise of convertible or exercisable securities; (iv) the issuance of securities in connection with a bona fide business acquisition by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock
or otherwise; (v) the issuance of stock, warrants or other securities or rights pursuant to any equipment leasing arrangement or debt financing arrangement, which arrangement is approved by the Board and is primarily for non-equity financing purposes; or (vi) the issuance of securities that are not offered to any existing stockholder of the Company and are issued with unanimous approval of the Board and such approval of the
Board specifically states that such securities shall not be subject to this Section 3.4. In addition to the foregoing, the right of first offer in this Section 3.4 shall not be applicable with respect to any Major Investor in any
subsequent offering of Shares if (A) at the time of such offering, the Major Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) of the Act and (B) such offering of Shares is otherwise being
offered only to accredited investors. 
 (e) The rights provided in this Section 3.4 may not be assigned or transferred
by any Major Investor; provided, however, that a Major Investor that is or is an Affiliate of a venture capital fund, private equity fund or other investment fund may assign or transfer such rights to its Affiliates. 

(f) In the event that the rights of an Advised Investor to purchase New Securities under this Section 3.4 are waived with
respect to a particular offering of New Securities without such Advised Investor’s prior written consent (a “Waived Investor”) and any Major Investor that participated in waiving such rights actually purchases New Securities in
such offering, then the Company shall grant, and hereby grants, each Waived Investor the right to purchase, in a subsequent closing of such issuance on substantially the same terms and conditions, 

  
 22 

 
the same percentage of its full pro rata share of such New Securities as the highest percentage of any such purchasing Major Investor. 

(g) The covenants set forth in this Section 3.4 shall terminate and be of no further force or effect upon the
consummation of (i) the Company’s sale of its Common Stock or other securities pursuant to Registration Statement under the Act (other than a registration statement relating either to the sale of securities to employees of the Company
pursuant to its stock option, stock purchase or similar plan or a SEC Rule 145 transaction) or (ii) a Liquidation Event. 

3.5 Proprietary Information and Inventions Agreements. The Company shall require all employees and consultants with
access to confidential information to execute and deliver a Proprietary Information and Inventions Agreement or a consulting agreement containing substantially similar proprietary rights assignment and confidentiality provisions. 

3.6 Employee Agreements. Unless approved by the Board or the Compensation Committee of the Board, all future employees
of the Company who shall purchase, or receive options to purchase, shares of Common Stock following the date hereof shall be required to execute stock purchase or option agreements providing for (a) 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 services, and the remaining shares vesting in equal monthly installments over the following thirty six (36) months
thereafter and (b) a one hundred and eighty (180)-day lockup period in connection with the Initial Public Offering. The Company shall retain a right of first refusal on transfers until the Initial Public
Offering and the right to repurchase unvested shares at the lower of cost or the fair market value of the shares at the time of such repurchase. 

3.7 Indemnification Matters; Insurance. 

(a) The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the Board 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 (i) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (ii) 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 Certificate or Bylaws of the Company (or any agreement between the Company and such
Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors and (iii) 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 

  
 23 

 
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. 

(b) The Company shall use its reasonable best efforts to maintain and renew from financially sound and reputable insurers
directors and officers insurance, having terms and policy limits as determined by the Board. 
 3.8 Confidentiality.

 (a) Each Investor agrees, severally and not jointly, to use the same degree of care, but no less than a reasonable degree
of care, as such Investor uses with respect to its own information of a similar nature for any information obtained pursuant to this Agreement or in such Investor’s capacity as a Company stockholder, including, for the avoidance of doubt, the
existence and terms of such Investor’s investment(s) in the Company, which the Company either identifies as being proprietary or confidential or that by its nature should be understood by a reasonable person to be proprietary or confidential,
and such Investor acknowledges that it will not, unless otherwise required by law or the rules of any national securities exchange, association or marketplace, disclose such information without the prior written consent of the Company except such
information that (i) was in the public domain prior to the time it was furnished to such Investor, (ii) is or becomes (through no willful improper action or inaction by such Investor) generally available to the public, (iii) was in
its possession or known by such Investor without restriction prior to receipt from the Company, (iv) was rightfully disclosed to such Investor by a third party without restriction or (v) was independently developed without any use of the
Company’s confidential information. Notwithstanding the foregoing, each Investor that is a limited partnership, limited liability company or other entity affiliated with a venture capital, private equity fund or other investment fund (including
the Advised Investors and the Series F Advised Investors) may disclose such proprietary or confidential information (A) to any former partners or members who retained an economic interest in such Investor, current or prospective partner of the
partnership or any subsequent partnership under common investment management, limited partner (and partners of such limited partner), general partner, member, management company or investment adviser of such Investor (or any employee or
representative of any of the foregoing) (each of the foregoing Persons, a “Permitted Disclosee”), (B) in connection with ordinary course fund raising and related marketing or informational or reporting activities of such Investors
or its affiliated entities regarding the general status of its investment in the Company, without disclosing specific confidential information, or (C) to legal counsel, accountants or representatives for such Investor. Furthermore, nothing
contained herein shall prevent any Investor or any Permitted Disclosee from (1) entering into any business, entering into any agreement with a third party, or investing in or engaging in investment discussions with any other company (whether or
not competitive with the Company); provided that such Investor or Permitted Disclosee does not, except as permitted in accordance with this Section 3.8, disclose or otherwise make use of any proprietary or confidential information of the
Company in connection with such activities, or (2) making any disclosures required by law, rule, regulation or court or other 

  
 24 

 
governmental order. Notwithstanding the foregoing, in the case of any Fidelity Investor, Baillie Gifford Investor or BlackRock Investor, such Fidelity Investor, Baillie Gifford Investor or
BlackRock Investor, as applicable, may identify the Company and the value of such Fidelity Investor’s, Baillie Gifford Investor’s or BlackRock Investor’s security holdings in the Company, as applicable, in accordance with applicable
investment reporting and disclosure regulations or internal policies and respond to examinations, demands, requests or reporting requirements of a regulatory authority without prior notice to or consent from the Company. For purposes of this
Section 3.8, each Investor shall remain responsible for the acts and omissions of its Permitted Disclosees as if they were the acts and omissions of the Investor. 

(b) An Investor’s obligations set forth in Section 3.8(a) shall terminate and be of no further force or effect upon
the earlier to occur of (i) the consummation of the sale of securities pursuant to a registration statement filed by the Company under the Act in connection with the firm commitment underwritten offering of its securities to the general public,
and (ii) the third (3rd) anniversary after such date that such Investor ceases to hold any securities in the Company. 

3.9 Observer Rights. 

(a) As long as the Wellington Investors own, collectively, at least 2,308,000 shares (appropriately adjusted for any stock
split, dividend, combination or other recapitalization) of Series E Preferred Stock (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite one (1) representative of the Wellington Investors,
collectively to attend all meetings of its Board in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and other materials that it provides to its directors; provided,
however, that all information so provided shall be subject to Section 3.8 hereof; provided, further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or
portion thereof if (a) access to such information or attendance at such meeting could (i) adversely affect the attorney-client privilege between the Company and its counsel or (ii) result in
disclosure of trade secrets or similar confidential information to such representative or (b) such representative is affiliated with a Competitor of the Company. For clarity, the Wellington Investors are responsible for the acts and omissions
of any such observer as their Permitted Disclosee for purposes of Section 3.8 hereof. 
 (b) As long as the Fidelity
Investors own, collectively, at least 3,464,000 shares (appropriately adjusted for any stock split, dividend, combination or other recapitalization) of Series E Preferred Stock (or an equivalent amount of Common Stock issued upon conversion
thereof), the Company shall invite one (1) representative of the Fidelity Investors, collectively to attend all meetings of its Board in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices,
minutes, consents and other materials that it provides to its directors; provided, however, that all information so provided shall be subject to Section 3.8 hereof; provided, further, that the Company reserves the
right to withhold any information and to exclude such representative from any meeting or portion thereof if (a) access to such information or attendance at such meeting could (i) adversely affect the
attorney-client 

  
 25 

 
privilege between the Company and its counsel or (ii) result in disclosure of trade secrets or similar confidential information to such representative or (b) such representative is
affiliated with a Competitor of the Company. For clarity, the Fidelity Investors are responsible for the acts and omissions of any such observer as their Permitted Disclosee for purposes of Section 3.8 hereof. 

3.10 Directed IPO Shares. If an Initial Offering is undertaken by the Company, the Company will use its commercially
reasonable efforts to cause the managing underwriter(s) of the Initial Offering to designate to TCV under a “directed share program” on the same terms being offered to the public investors in the Initial Offering the right to purchase
shares of Common Stock with an aggregate purchase price of up to $50,000,000 to be determined by TCV in its sole discretion. The shares designated by the managing underwriter(s) under the directed share program are referred to as the “directed
shares.” TCV acknowledges that, despite the Company’s use of its commercially reasonable efforts, the underwriter(s) may determine in their sole discretion that it is not advisable to designate all such shares as directed shares in the
Initial Offering, in which case the number of directed shares may be reduced or no directed shares may be designated, as applicable. To the extent that TCV is not designated the right to purchase all such directed shares in the Initial Offering by
the managing underwriter(s) in accordance with this Section 3.10, the Company shall offer to sell to TCV in a concurrent private placement transaction that is exempt from the Act, the amount of Common Stock not designated to TCV as directed
shares pursuant to this Section 3.10 on the same terms and conditions as the shares sold to the public in the Initial Offering. To the extent TCV elects to purchase any shares of Common Stock from the Company, such shares will become
Registrable Securities under this Agreement. TCV acknowledges that notwithstanding the terms of this Agreement, the designation of directed shares by the managing underwriter(s) will only be made in compliance with FINRA Rules 2010 and 5130 and
federal, state and local laws, rules and regulations. 
 3.11 Termination of Certain Covenants. The covenants set
forth in Sections 3.5, 3.6, 3.9 and 3.10 shall terminate and be of no further force or effect upon the consummation of (a) the Company’s sale of its Common Stock or other securities pursuant to Registration Statement under the Act
(other than a registration statement relating either to the sale of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or a transaction under Rule 145 of the Act) or (b) a Liquidation Event. 

3.12 Right to Conduct Activities. The Company acknowledges that the execution of this Agreement and the access to the
Company’s confidential information hereunder shall in no way be construed to prohibit or restrict the use by an Advised Investor or a Series F Advised Investor or its associated Advisory Entity or such Advisory Entity’s other investment
advisory clients of residuals resulting from access to the Company’s confidential information in connection with the maintaining, making or considering investments in public or private companies, including, without limitation, companies that
may compete either directly or indirectly with the Company, or from otherwise operating in the ordinary course of business; provided, however, that the foregoing shall not relieve any of the 

  
 26 

 
Advised Investors or any of the Series F Advised Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this
Agreement. The term “residuals” means information in non-tangible form, which may be retained solely in the unaided memories of persons who have access to confidential information. 

3.13 FCPA. The Company represents that it shall not, and shall not permit any of its subsidiaries or affiliates or any
of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to, promise, authorize or make any payment to, or otherwise contribute any item of value, directly or indirectly, to any third
party, including any Non-U.S. Official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”)), in each case, in violation of the FCPA, the U.K.
Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall, and shall cause each of its subsidiaries and affiliates to, cease all of its or their respective activities, as well as remediate
any actions taken by the Company, its subsidiaries or affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents, in violation of the FCPA, the U.K. Bribery Act, or any other
applicable anti-bribery or anti-corruption law. The Company further represents that it shall, and shall cause each of its subsidiaries and affiliates to, maintain systems of internal controls (including, but not limited to, accounting systems,
purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law. The Company shall, and shall cause any direct or indirect subsidiary or entity controlled
by it, whether now in existence or formed in the future, to comply with the FCPA. The Company shall use its reasonable best efforts to cause any direct or indirect subsidiary, whether now in existence or formed in the future, to comply in all
material respects with all applicable laws. 
 3.14 Removal of Legends. The Company shall use commercially reasonable
efforts to cause its transfer agent to reissue promptly unlegended certificates or other evidence of ownership at the request of any holder thereof if the Company has completed an Initial Offering and the holder shall have obtained an opinion of
counsel, which counsel may be counsel to the Company, reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may be lawfully disposed of without registration, qualification and legend. 

4. Miscellaneous. 

4.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure
to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

4.2 Governing Law. 

  
 27 

 
This Agreement shall be governed by and construed under the laws of the State of New York as applied to agreements among New York residents entered into and to be performed entirely within New
York. 
 4.3 Counterparts. This Agreement may be executed and delivered by facsimile or electronic signature and in
two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all
purposes. 
 4.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only
and are not to be considered in construing or interpreting this Agreement. 
 4.5 Notices. All notices and other
communications given or made pursuant hereto shall be in writing and shall be deemed effectively given upon the earlier to occur of actual receipt or: (a) upon personal delivery to the party to be notified; (b) when sent by confirmed
electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid;
or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All notices and other communications shall be sent to (i) the Company at 125 W. 25th
St., 11th Floor, New York, New York 10001, Attention: General Counsel, and a copy (which shall not constitute notice) shall also be sent to Fenwick & West LLP, 801 California Street, Mountain View, California 94041, Attention: Cynthia Hess,
Email: CHess@fenwick.com and (ii) to the other parties only at the addresses set forth on Schedule A or Schedule B, as applicable (or at such other addresses as shall be specified by notice given in accordance with this
Section 4.5). 
 4.6 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms
of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

4.7 Entire Agreement; Amendments. This Agreement (including the Exhibits hereto, if any) constitutes the full and entire
understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement (other than as specifically set forth below) 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 

  
 28 

 
and the Investors holding a majority of the Registrable Securities; provided, however, that in the event that such amendment or waiver adversely affects the obligations or rights of
the Common Holders in a different manner than the other Holders, such amendment or waiver shall also require the written consent of the Common Holders holding a majority of the shares of Common Stock then held by all Common Holders. Notwithstanding
anything herein to the contrary: 
 (a) the provisions of Section 3.4 may only be amended or waived (either generally
or in a particular instance and either retroactively or prospectively) (i) with respect to the Holders of the Series D Preferred Stock only with the written consent of the Holders of a majority of the shares of Series D Preferred Stock and
(ii) with respect the other Holders, only with the written consent of the Company and the Major Investors holding a majority of the Registrable Securities other than Series D Preferred Stock then held by all of the Major Investors; 

(b) the provisions of Section 3.1, Section 3.2 and Section 3.3 may be amended or waived (either generally or in
a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Major Investors holding a majority of the Registrable Securities then held by all of the Major Investors; provided,
however, any amendment or waiver of the provisions of Section 3.1, Section 3.2 or Section 3.3 that is adverse to the Holders of Series D Preferred Stock may be amended or waived (either generally or in a particular instance and
either retroactively or prospectively) only with the written consent of the Holders of a majority of the shares of Series D Preferred Stock; provided, further, that any amendment of Section 3.1, Section 3.2 or
Section 3.3 that adversely affects the obligations or rights of the Advised Investors will not be effective as it relates to the Advised Investors without the prior written consent of the Advised Investors holding a majority of the Registrable
Securities then held by the Advised Investors; provided, further, that any amendment of Section 3.1 or Section 3.3 that adversely affects the obligations or rights of the Series F Advised Investors will not be effective as it
relates to the Series F Advised Investors without the prior written consent of the Series F Advised Investors holding a majority of the Registrable Securities then held by the Series F Advised Investors; 

(c) any amendment or waiver to the provisions of Section 2.1, Section 2.2 or Section 2.12 that is adverse to
the Holders of Series D Preferred Stock may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Holders of a majority of the shares of Series D Preferred
Stock; 
 (d) the provisions of Section 3.9(a) and, as it relates to the Wellington Investors, Section 3.12 may be
amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Wellington Investors holding a majority of the Registrable Securities then held by the Wellington
Investors; 
 (e) the provisions of Section 3.9(b) and, as it relates to the Fidelity Investors, Section 3.12 may
be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Fidelity Investors holding a majority of the Registrable Securities then held by the Fidelity
Investors; 

  
 29 

 (f) the provisions of Section 3.10 be amended or waived (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of TCV; 

(g) any amendment of the definition of “Major Investor” that adversely affects the obligations or rights of the
Wellington Investors will not be effective as it relates to the Wellington Investors without the prior written consent of the Wellington Investors holding a majority of the Registrable Securities then held by the Wellington Investors; 

(h) any amendment of the definition of “Major Investor” that adversely affects the obligations or rights of the
Fidelity Investors will not be effective as it relates to the Fidelity Investors without the prior written consent of the Fidelity Investors holding a majority of the Registrable Securities then held by the Fidelity Investors; and 

(i) any amendment of the definition of “Major Investor” that adversely affects the obligations or rights of TCV will
not be effective as it relates to TCV without the prior written consent of TCV. 
 For purposes of the foregoing, the
issuance of additional shares of the Company’s securities is not in itself deemed to be adverse to the holders of any series of Preferred Stock. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each
holder of any Registrable Securities, each future holder of all such Registrable Securities and the Company. 
 4.8
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

4.9 Aggregation of Stock. All shares of Registrable Securities held or acquired by affiliated entities (including
affiliated venture capital funds, affiliated private equity funds or venture capital funds or private equity funds under common investment management) or Persons shall be aggregated together for the purpose of determining the availability of any
rights under this Agreement. 
 4.10 Effect on Prior Agreement. Upon the effectiveness of this Agreement, the Prior
Agreement shall be superseded and replaced in its entirety by this Agreement and shall be of no further force or effect. 

4.11 Waiver of Jury Trial. THE PARTIES EACH HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY
JURY OF ANY CLAIM, DEMAND, ACTION, OR 

  
 30 

 
CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT, IN EACH
CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES TO THIS AGREEMENT HEREBY AGREE AND CONSENT THAT, ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL
WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

4.12 Jurisdiction. The Parties submit to the jurisdiction of any state or federal court sitting in New York, New York,
in any action or proceeding arising out of or relating to this Agreement and agree that all claims in respect of the action or proceeding may be heard and determined in any such court and hereby expressly submit to the personal jurisdiction and
venue of such court for the purposes hereof and expressly waive any claim of improper venue and any claim that such courts are an inconvenient forum. 

4.13 Additional Investors. Notwithstanding Section 4.7, no consent shall be necessary to add New Investors as
signatories to this Agreement as “Investors” and to update Schedule A accordingly; provided that (a) such New Investors have purchased shares of Series D Stock from Catterton pursuant to either
(i) the Stock Transfer Agreement dated as of March 20, 2019 or (ii) the Purchase Agreement dated as of March 20, 2019 by and between Catterton and Honeycomb Ventures IV, LP, and (b) such New Investors executed an Adoption
Agreement agreeing to be bound by the terms of this Agreement as an “Investor” hereto in a form acceptable to the Company. 

(Signature Pages Follow) 

  
 31 

 CONFIDENTIAL 

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

 

			
	 COMPANY:

	
	 PELOTON INTERACTIVE, INC.

		
	 By:
	 	 /s/ John Foley

	 Name:
	 	 John Foley

	 Title:
	 	 Chief Executive Officer

		
	 Address:
	 	
	
	 125 W. 25th St., 11th Floor

	 New York, New York 10001

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

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

									
	 TCV IX, L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management IX, L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management IX, Ltd.

a Cayman Islands exempted company
	 	         
	  	 TCV IX (A), L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management IX, L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management IX, Ltd.

a Cayman Islands exempted company

					
	 By:
	 	 /s/ Frederic D. Fenton
	 		  	 By:
	  	 /s/ Frederic D. Fenton

	 Name:
	 	 Frederic D. Fenton
	 		  	 Name:
	  	 Frederic D. Fenton

	 Title:
	 	 Authorized Signatory
	 		  	 Title:
	  	 Authorized Signatory

			
	 TCV IX (B), L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management IX, L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  
	 		  	 TCV MEMBER FUND, L.P.

a Cayman Islands exempted limited partnership,

acting by its general partner
  

Technology Crossover Management IX, Ltd.

a Cayman Islands exempted company

				
	 Technology Crossover Management IX, Ltd.
	 		  	 By:
	  	 /s/ Frederic D. Fenton

	 a Cayman Islands exempted company
	 		  	 Name:
	  	 Frederic D. Fenton

		 		 		  	 Title:
	  	 Authorized Signatory

					
	 By:
	 	 /s/ Frederic D. Fenton
	 		  		  	
	 Name:
	 	 Frederic D. Fenton
	 		  		  	
	 Title:
	 	 Authorized Signatory
	 		  		  	

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

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

					
		 	 INVESTOR:

		
		 	 HADLEY HARBOR MASTER INVESTORS (CAYMAN) L.P.

		
		 	 By: Wellington Management Company LLP, as investment adviser

			
		 	 By:
	 	 /s/ Gregory S. Konzal

		 	 Name:
	 	 Gregory S. Konzal

		 	 Title:
	 	 Managing Director and Counsel

		
	 Address:
	 	 Hadley Harbor Master Investors (Cayman) L.P.

		 	 c/o Wellington Management Company LLP

		 	 Attention: Legal and Compliance Department

		 	 280 Congress Street

		 	 Boston, MA 02210

		 	 Fascimile Number: [###-###-####]

		 	 Email: [##########]

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

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

					
		 	 INVESTOR:

		
		 	 TRUE VENTURES SELECT I, LP

		
		 	 By: True Venture Partners Select I, LLC

		 	 Its: General Partner

			
		 	 By:
	 	 /s/ James G. Stewart

		 	 Name:
	 	 James G. Stewart

		 	 Title:
	 	 CFO

		
		 	 TRUE VENTURES SELECT II, LP

		
		 	 By: True Venture Partners Select II, LLC

		 	 Its: General Partner

			
		 	 By:
	 	 /s/ James G. Stewart

		 	 Name:
	 	 James G. Stewart

		 	 Title:
	 	 CFO

		
		 	 TRUE VENTURES SELECT III, LP

		
		 	 By: True Venture Partners Select III, LLC

		 	 Its: General Partner

			
		 	 By:
	 	 /s/ James G. Stewart

		 	 Name:
	 	 James G. Stewart

		 	 Title:
	 	 CFO

		
		 	 TRUE VENTURES IV, LP, for itself and as nominee for True Ventures
IV-A, LP

		
		 	 By: True Venture Partners IV, LLC

		 	 Its: General Partner

			
		 	 By:
	 	 /s/ James G. Stewart

		 	 Name:
	 	 James G. Stewart

		 	 Title:
	 	 CFO

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

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

					
		 	 INVESTOR:

		
		 	 CP INTERACTIVE FITNESS, LP

		
		 	 By: CP7 Management L.L.C.

		 	 Its: General Partner

			
		 	 By:
	 	 /s/ Marc Magliacano

		 	 Name:
	 	 Marc Magliacano

		 	 Title:
	 	 President

  
 SIGNATURE PAGE TO
FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR PELOTON INTERACTIVE, INC. 

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

			
	 INVESTOR:

	
	 TIGER GLOBAL PRIVATE INVESTMENT PARTNERS VII, L.P. 

		
	 By:
	 	 Tiger Global PIP Performance VII, L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 Tiger Global PIP Management VII, Ltd.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Steven Boyd

		 	 Steven Boyd

		 	 General Counsel

			
	
	 LFX Trust, L.L.C.

		
	 By:
	 	 /s/ Lee Fixel

	 Name:
	 	 Lee Fixel

	 Title:
	 	 Manager

			
	
	 /s/ Evan Feinberg

	 Evan Feinberg

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

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

			
		 	 COMMON HOLDER:

		
		 	 /s/ John Foley

		 	 John Foley

		
	 Address:
	 	 [##########]

		 	

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

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

			
		 	 COMMON HOLDER:

		
		 	 /s/ Hisao Kushi

		 	 Hisao Kushi

		
	 Address:
	 	 [##########]

		 	

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

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

			
		 	 COMMON HOLDER:

		
		 	 /s/ Graham Stanton

		 	 Graham Stanton

		
	 Address:
	 	
[                       
                 ]

		 	
[                       
                 ]

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

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

					
		 	 COMMON HOLDER:

		
		 	 /s/ Thomas Cortese

		 	 Thomas Cortese

		
	 Address:
	 	
[                       
                 ]

		 	
[                       
                 ]

		
		 	 THE HARBOR VIEW TRUST

		
		 	 FIRST REPUBLIC TRUST COMPANY OF DELAWARE, Administrative Trustee

			
		 	 By:
	 	 /s/ Alison G. Westbrook, JD, LL.M

		 	 Name:
	 	 Alison G. Westbrook, JD, LL.M

		 	 Title:
	 	 Managing Director, Senior Trust Officer

		
	 Address:
	 	
[                       
                 ]

		 	
[                       
                 ]

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

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

					
		 	 COMMON HOLDER:

		
		 	 /s/ Yu Feng

		 	 Yu Feng

		
		 	 YF INVESTMENTS LLC

			
		 	 By:
	 	 /s/ Yu Feng

		 	 Name:
	 	 Yu Feng

		 	 Title:
	 	 Manager

		
	 Address:
	 	
[                       
                 ]

		 	
[                       
                 ]

  

SIGNATURE PAGE TO FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 FOR
PELOTON INTERACTIVE, INC. 

 SCHEDULE A 

SCHEDULE OF INVESTORS 
  

			
	 Investor
	  	 Address

	 TCV IX,L.P.
 TCV
IX (A),L.P.
 TCV IX (B),L.P.

TCV Member Fund, L.P.
 TCV
X,L.P.
 TCV X (A),L.P.
 TCV X
(B),L.P.
 TCV X Member Fund, L.P.
	  	 [Redacted]

		
	 Atlas Private Ventures, LP
	  	
		
	 Atlas Private Holdings III, LLC
	  	
		
	 Van Tuyl Family 2012 Irrevocable Trust
	  	
		
	 Taylor Family LLC
	  	
		
	 LFP River West Investors, LLC – Series 40
	  	
		
	 Shea Ventures, LLC
	  	
		
	 Flores Assets LTD
	  	

  
 S-1 

			
	 Millpond Trust
	  	 [Redacted]

		
	 Endurance Fund LTD
	  	
		
	 LFT Partners LLC
	  	
		
	 James P Riley Jr 2002 Family GST Trust Dated March 14, 2002
	  	
		
	 Joel & Nancy Barnett JTWROS
	  	
		
	 David Fiszel
	  	
		
	 Kelekele Ventures INC #1 -
	  	
		
	 Matthew J. Shattock Revocable Trust
	  	
		
	 Reimagined Ventures LLC
	  	
		
	 Crimson Peak LLC
	  	
		
	 Jose Juan Marcos Issa
	  	
		
	 Jose Juan Marcos Gonzalez
	  	
		
	 Clark Valberg
	  	
		
	 True Ventures Select III, LP
	  	

  
 S-2 

			
	 Baillie Gifford US Growth Trust PLC
	  	 [Redacted]

		
	 The States of Jersey Public Employees Contributory Retirement Scheme
	  	
		
	 Warman Investments Pty Limited
	  	
		
	 The Board of Trustees of the Saskatchewan Healthcare Employees’ Pension Plan
	  	
		
	 Pooled Super Pty Ltd
	  	
		
	 Interventure Equity Investments Limited
	  	

  
 S-3 

			
	 Host-Plus Pty Limited
	  	 [Redacted]

		
	 BlackRock Mid-Cap Growth Equity Portfolio, a series of BlackRock Funds
	  	
		
	 Master Large Cap Focus Growth Portfolio, a series of Master Large Cap Series LLC
	  	
		
	 Pedal DF Investments, LLC
	  	
		
	 Felix P L.P.
	  	
		
	 Franklin Strategic Series—Franklin Small Cap Growth Fund
	  	
		
	 Jasmine Ventures Pte Ltd
	  	
		
	 Growth Capital Fund I, L.P.
	  	
		
	 Platform Ventures PT, LP
	  	
		
	 LB Pel 1, LLC
	  	

  
 S-4 

			
	 Amigos Peloton LLC
	  	 [Redacted]

		
	 Ed Kovary
	  	
		
	 F&W Investments LP—Series 2018
	  	
		
	 Cynthia Clarfield Hess
	  	
		
	 Brian Hicks
	  	
		
	 It’s So Easy Productions, Inc.
	  	
		
	 Mining Town, LLC
	  	
		
	 Red Hill, LLC
	  	
		
	 The Marc R. Benioff Revocable Trust U/A/D 12/3/2004
	  	
		
	 SciFi VC, LP
	  	
		
	 Barton Ventures II LLC
	  	
		
	 Rick Rieder
	  	
		
	 Warner Music Inc.
	  	

  
 S-5 

			
	 Hadley Harbor Master Investors (Cayman) L.P.
	  	 [Redacted]

		
	 Fidelity Growth Company Commingled Pool
	  	
		
	 Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund
	  	
		
	 Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund
	  	
		
	 FIAM Target Date Blue Chip Growth Commingled Pool
	  	
		
	 Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund
	  	

  
 S-6 

			
	 Fidelity Securities Fund: Fidelity Blue Chip Growth Fund
	  	 [Redacted]

		
	 Fidelity Blue Chip Growth Commingled Pool
	  	
		
	 Fidelity Puritan Trust: Fidelity Puritan Fund
	  	
		
	 Fidelity Mt. Vernon Street Trust: Fidelity New Millennium Fund
	  	
		
	 Fidelity Contrafund: Fidelity Advisor New Insights Fund
	  	
		
	 Fidelity Concord Street Trust: Fidelity Mid-Cap Stock Fund
	  	

  
 S-7 

			
		
	 Fidelity Mid-Cap Stock Commingled Pool
	  	 [Redacted]

		
	 Juniper Poolings LLC
	  	
		
	 Nathan K. and Carole L. Sleeper,

as Joint Tenants with the Right of Survivorship
	  	
		
	 Ocean Road Investment Partners LP
	  	
		
	 PM Operating Ltd
	  	
		
	 Seren Capital, Ltd.
	  	
		
	 Rajendra Singh 2008 Family Trust
	  	
		
	 Techview Investments Ltd
	  	
		
	 Larry L. & Patricia A. Van Tuyl Revocable Trust
	  	

  
 S-8 

			
	 Emilio Fernando Azcarraga Jean
	  	 [Redacted]

		
	 CHESCAPPVT LLC
	  	
		
	 QuestMark Partners IV, L.P.
	  	
		
	 Atlas Private Holdings, LLC
	  	
		
	 GGV Capital VI L.P.
	  	
		
	 GGV Capital VI Entrepreneurs Fund L.P.
	  	
		
	 CP Interactive Fitness, LP
	  	
		
	 Tiger Global Private Investment Partners VII, L.P.
	  	
		
	 Tiger Global PIP VII Holdings, L.P.
	  	
		
	 True Ventures IV, LP, for itself and as nominee
	  	
		
	 True Ventures Select I, LP
	  	
		
	 True Ventures Select II, LP
	  	
		
	 True Ventures Select III, LP
	  	
		
	 Stone Ridge Ventures LLC
	  	

  
 S-9 

			
	 KPCB Holdings, Inc., as nominee
	  	 [Redacted]

		
	 BB Investments, LLC
	  	
		
	 Go Mav, LLC
	  	
		
	 Anthony Kiedis
	  	
		
	 The Mila Kutcher / Ashton Kutcher Family Trust
	  	
		
	 Rapino Living Trust
	  	
		
	 The Hudson 2003 Trust
	  	
		
	 Mquity, LLC
	  	
		
	 Amy Schumer
	  	
		
	 Sara Zambreno
	  	
		
	 Ridgeback Capital Investments LP
	  	
		
	 Savoy Special Situations Fund, L.P.
	  	
		
	 Jet Capital Corporation
	  	

  
 S-10 

			
	 Savoy International Corporation
	  	 [Redacted]

		
	 Emily Tisch Sussman
	  	
		
	 Carolyn Tisch Blodgett
	  	
		
	 Other Stuff, LLC
	  	
		
	 Timothy Hill
	  	
		
	 Ilgaksu VCF, LLC
	  	
		
	 NBCUniversal Media, LLC
	  	
		
	 Adam Metzger
	  	
		
	 CPV Holdings, LLC
	  	
		
	 Next Play Capital I, L.P.
	  	
		
	 Alberga/Cernosia Revocable Dec. of Trust est. 10/26/2004
	  	
		
	 Amar Lalvani
	  	
		
	 Arthur Wrubel
	  	
		
	 Byron Barkley IRA
	  	
		
	 David Heller
	  	
		
	 David Heller 2004 Family Trust
	  	
		
	 David Rowland
	  	

  
 S-11 

			
	 Deborah Kotter IRA
	  	 [Redacted]

		
	 Demetrios Yatrakis
	  	
		
	 Gregory Gooch
	  	
		
	 Hamit Batubay Ozkan
	  	
		
	 Hillsden MSA
	  	
		
	 Hubert Dubrule
	  	
		
	 Hyukkee Moon
	  	
		
	 Hyun Soo Lee
	  	
		
	 Jason Illoulian
	  	
		
	 Jed M. Katz IRA
	  	
		
	 Jerram Betts
	  	
		
	 John Foley
	  	
		
	 Jonathan Hangartner
	  	
		
	 Kathryn Yatrakis
	  	
		
	 Marc A. Cohen
	  	
		
	 Marcelo Gigliani
	  	
		
	 Maywic Select Investments, LP
	  	
		
	 Michael J. Foley
	  	
		
	 Michael Levinthal IRRA
	  	
		
	 Paul Morton
	  	

  
 S-12 

			
	 Rishi K. Patel
	  	 [Redacted]

		
	 Ryan Engel
	  	
		
	 Seth Cohen
	  	
		
	 Stephen H. Houston
	  	
		
	 Steven S. Helms
	  	
		
	 The Gilbert Living Trust, U/A Dated 6/17/2008
	  	
		
	 The Mark Miller Revocable Trust
	  	
		
	 The Pleasants Trust dated

February 6, 2002 as amended and restated July 2, 2012
	  	
		
	 Tony Molchan
	  	
		
	 Wade Davis
	  	
		
	 Yon K. Choi
	  	
		
	 Ronnie Wexler
	  	
		
	 Jeffrey P. Norris
	  	
		
	 Keri Dawn & Richard Solner
	  	
		
	 Ironstate Peloton Investors LLC
	  	
		
	 Eric Zinterhofer
	  	
		
	 G&H Partners
	  	

  
 S-13 

			
	 The Erik Blachford and Maryam
	  	 [Redacted]

		
	 Evan Feinberg
	  	
		
	 MTGT Capital
	  	
		
	 Charles Tollinche
	  	
		
	 Brent Handler Revocable Trust
	  	
		
	 F. Bruce Cohen Trust Dated

March 6, 2015
	  	
		
	 Byron Barkley
	  	
		
	 Blitz Lake Peloton, LLC
	  	
		
	 Silver Bullet Entertainment LLC
	  	
		
	 George J. Maloof Jr.
	  	
		
	 Robert Camp
	  	
		
	 Howard C. Draft
	  	
		
	 Caroline D. Draft
	  	
		
	 Clifford S. Norris and Sarah E. Norris, Trustees of the Clifford S. Norris

Revocable Trust Agreement Dated

February 23, 2001
	  	
		
	 LFX Trust, L.L.C.
	  	
		
	 Kimberly A. Lee Irrevocable Trust of 2016
	  	
		
	 Lindsay Yatrakis
	  	
		
	 166 2nd LLC
	  	

  
 S-14 

			
	 Benedict Tatum Mawson
	  	 [Redacted]

		
	 Edward James Millett
	  	
		
	 Elena Jane Goulding
	  	
		
	 Dua Lipa
	  	
		
	 Dukagjin Lipa
	  	
		
	 Douglas Tannahill
	  	
		
	 Carbon Mesa Investors, L.P.
	  	

  
 S-15 

 SCHEDULE B 

SCHEDULE OF COMMON HOLDERS 

Common Holder 
 John Foley

 [Redacted] 
 [Redacted] 

Graham Stanton 
 [Redacted] 

[Redacted] 
 Hisao Kushi 

[Redacted] 
 [Redacted] 

Thomas Cortese 
 [Redacted] 

[Redacted] 
 Yu Feng 

[Redacted] 
 [Redacted] 

YF Investment LLC 
 [Redacted]

 [Redacted] 

  
 S-16EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE
COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE COMMON STOCK 

Company: PELOTON INTERACTIVE, INC. 

Number of Shares of Common Stock: 60,000 

Warrant Price: See Section 1.7 

Issue Date: June 30, 2015 

Expiration Date: June 30, 2025     See also Section 5.1(b). 

 

			
	 Credit Facility:
	  	 This Warrant to Purchase Common Stock (“Warrant”) is issued in connection with that certain Loan
and Security Agreement of even date herewith between Silicon Valley Bank and the Company (the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK
(together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and
non-assessable shares (the “Shares”) of the above-stated common stock (the “Common Stock”) of the above-named company (the “Company”) at
the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this
Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group. 
 SECTION 1. EXERCISE.

 1.1 Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part,
by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set
forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares
being purchased. 
 1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate
Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this
Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

  
 1 

									
		 		 		 	 X =
	  	 Y(A-B)/A

					
		 	 where:
	 		 		  	
					
		 		 		 	 X =
	  	 the number of Shares to be issued to the Holder;

					
		 		 		 	 Y =
	  	 the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the
Company in payment of the aggregate Warrant Price);

					
		 		 		 	 A =
	  	 the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

					
		 		 		 	 B =
	  	 the Warrant Price.

 1.3 Fair Market Value. If the Company’s Common Stock is then traded or quoted on a
nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share shall be the closing price or
last sale price of a share of Common Stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s Common Stock is not traded in a
Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

1.4 Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner
set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like
tenor representing the Shares not so acquired. 
 1.5 Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or,
in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6 Treatment of Warrant Upon Acquisition of Company. 

(a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series
of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity
(other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger,
consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other
transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. 

  
 2 

 (b) Treatment of Warrant at Acquisition. In the event of an
Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder
has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and
contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof and the
Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3
above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will automatically expire immediately prior to the consummation of such Cash/Public Acquisition. 

(c) Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or
successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of
this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

(d) As used in this Warrant, “Marketable Securities” means securities meeting all of the following
requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in
its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to
exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all
of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such
restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond 180 days from the closing of such Acquisition. 

  
 3 

 1.7 Warrant Price. The Warrant Price shall be the lesser of
(i) One Dollar ($1.00) per share or (ii) the price per share of the Company’s Common Stock obtained in connection with a valuation of its Common Stock for purposes of compliance with Section 409A of the Internal Revenue Code of
1986, as amended, conducted within ninety (90) days of the Issue Date. 
 SECTION 2. ADJUSTMENTS TO THE SHARES AND
WARRANT PRICE. 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on
the outstanding shares of the Common Stock payable in securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of
securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Common Stock by reclassification or
otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Common Stock are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2 Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of
the Common Stock are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for
the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the
provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events. 

2.3 Intentionally Omitted. 

2.4 Intentionally Omitted. 

2.5 No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to
be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by
multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.6 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Common Stock and/or number of
Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, class and/or number of Shares and facts upon which such adjustment is based. The Company
shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, class and number of Shares in effect upon the date of such adjustment. 

  
 4 

 SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder
as follows: 
 (a) All Shares which may be issued upon the exercise of this Warrant, shall, upon issuance, be duly
authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws.
The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of securities as will be sufficient to permit the exercise in full of this Warrant. 

(b) The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of
the Issue Date. 
 3.2 Notice of Certain Events. If the Company proposes at any time to: 

(a) declare any dividend or distribution upon the outstanding shares of the Company’s stock, whether in cash, property,
stock, or other securities and whether or not a regular cash dividend; 
 (b) offer for subscription or sale pro rata to all
of the holders of the outstanding shares of Common Stock any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding
shares of the Common Stock; 
 (d) effect an Acquisition or to liquidate, dissolve or wind up; or 

(e) effect an its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration
statement under the Act (the “IPO”); 
 then, in connection with each such event, the Company shall give Holder: 

(1) in the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days
prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the
Common Stock will be entitled thereto) or for determining rights to vote, if any, 
 (2) in the case of the
matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the 

  
 5 

 Class will be entitled to exchange their shares for the securities or
other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and 

(3) with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which
the Company proposes to file its registration statement in connection therewith. 
 Company will also provide information requested by
Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 

SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are
being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose
of acquiring this Warrant or the Shares. 
 4.2 Disclosure of Information. Holder is aware of the Company’s
business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying
securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the
extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves
substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has
such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with
the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D
promulgated under the Act. 

  
 6 

 4.5 The Act. Holder understands that this Warrant and the Shares
issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein.
Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such
registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 

4.6 Market Stand-off Agreement. The Holder hereby agrees that he, she or 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 Company’s IPO and ending on the date specified by the Company and the managing underwriter
(such period not to exceed one hundred eighty (l80) days) (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 for Common Stock held immediately prior to the effectiveness 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 the Common Stock, 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 Section 4.6 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an
underwriting agreement, and shall only be applicable to the Holder if all officers, directors and greater than one percent (1%) stockholders of the Company enter into similar agreements. The underwriters in connection with the IPO are intended third
party beneficiaries of this Section 4.6 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Holder further agrees to execute such agreements as may be reasonably requested by
the underwriters in the IPO that are consistent with this Section 4.6 or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop transfer instructions with respect to the Shares
of the Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. Notwithstanding the foregoing, if (i) during the last seventeen (17) days of the one hundred eighty (180)-day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (ii) prior to the expiration of the one hundred eighty (180)-day
restricted period, the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the one hundred eighty
(180)-day period, the restrictions imposed by this Section 4.6 shall continue to apply until the expiration of the eighteen (18)-day period beginning on the
issuance of the earnings release or the occurrence of the material news or material event. 
 4.7 No Voting Rights.
Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant. 

  
 7 

 SECTION 5. MISCELLANEOUS. 

5.1 Term and Automatic Conversion Upon Expiration. 

(a) Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and
from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 
 (b) Automatic
Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the
Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been
exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

5.2 Legends. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any)
shall be imprinted with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE COMMON STOCK ISSUED BY THE ISSUER TO SILICON VALLEY
BANK DATED JUNE 30, 2015, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM
SUCH REGISTRATION. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR IN ANY MANNER DISPOSED OR, EXCEPT IN COMPLIANCE WITH THE BYLAWS OF THE CORPORATION. COPIES OF THE BYLAWS OF THE CORPORATION MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION. 

5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and
the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with (i) applicable federal and state securities laws by the transferor and the
transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the 

  
 8 

 
Company), and (ii) with respects to the Shares (but not the Warrant), the Bylaws of the Company, as may be amended from time to time, including, but not limited to the restriction on
transfer set forth in Section 10.2 therein. The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided
that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of
Rule 144 promulgated under the Act. 
 5.4 Transfer Procedure. After receipt by Silicon Valley Bank of the executed
Warrant, Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set forth in
Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to (i) the provisions of Section 5.3 and (ii) with respect to the Shares (but not the Warrant),
the Bylaws of the Company, as may be amended from time to time, and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this
Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, SVB Financial Group or any subsequent Holder will give the Company notice
of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and
provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior
to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof, or any shares or other securities issued upon any conversion of any Shares
issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor. 

5.5 Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be
deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or
electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished
to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as follows until the Company receives
notice of a change of address in connection with a transfer or otherwise: 
 SVB Financial Group 

Attn: Treasury Department 

3003 Tasman Drive, HC 215 

Santa Clara, CA 95054 

  
 9 

 Telephone: [Redacted] 

Facsimile: [Redacted] 

Email address: [Redacted] 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

PELOTON INTERACTIVE, INC. 

Attn: Graham Stanton 

158 West 27th Street, 4th Floor 

New York, NY 10011 

Telephone:                   
              

Facsimile:                 
                     

Email: [Redacted] 

5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a
particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7 Attorney’s Fees. In the event of any dispute between the parties concerning the terms and provisions of this
Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together
shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment
thereto. 
 5.9 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to its principles regarding conflicts of law. 
 5.10 Headings. The headings
in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 

5.11 Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which
Silicon Valley Bank is closed. 
 [Remainder of page left blank intentionally] 

[Signature page follows] 

  
 10 

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Common
Stock to be executed by their duly authorized representatives effective as of the Issue Date written above. 
  

			
	 “COMPANY”

	
	 PELOTON INTERACTIVE, INC.

	 By:
	 	 /s/ Graham Stanton

	 Name:
	 	 Graham Stanton

	
            (Print)

	 Title: President

	
	 “HOLDER”

	
	 SILICON VALLEY BANK

		
	 By:
	 	 /s/ Daniel Caputo

	 Name:
	 	 Daniel Caputo

	
            (Print)

	 Title: Vice President

 APPENDIX 1 

NOTICE OF EXERCISE 

1. The undersigned Holder hereby exercises its right
purchase                     shares of the Common Stock of PELOTON INTERACTIVE, INC. (the “Company”) in accordance with the
attached Warrant To Purchase Common Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

	 	 ☐
	 check in the amount of
$                 payable to order of the Company enclosed herewith 

  

	 	 ☐
	 Wire transfer of immediately available funds to the Company’s account 

 

	 	 ☐
	 Cashless Exercise pursuant to Section 1.2 of the Warrant 

 

	 	 ☐
	 Other [Describe]
                                        
                                         
                                         
               

 2. Please issue
a certificate or certificates representing the Shares in the name specified below: 
  

 
 Holder’s
Name 
  
  

 
  

(Address) 
 3. By
its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section 4 of the Warrant to Purchase Common Stock as of the date hereof. 

 

	
	 HOLDER:

	
	  

	
	
By:                      
                                         
                                

	
	
Name:                      
                                         
                           

	
	
Title:                      
                                         
                             

	
	
(Date):                      
                                         
                          

 SCHEDULE 1 

Company Capitalization Table 

See attached 
 [Redacted]

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