Document:

EX-4.2

 EXHIBIT 4.2 

IMPEL NEUROPHARMA, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amended and Restated Investors’ Rights Agreement (this “Agreement”) is made as of December 4, 2018, by
and among Impel NeuroPharma, Inc., a Delaware corporation (the “Company”), the investors listed on Schedule A hereto (the “Investors” or “Holders”). 

WHEREAS, the Company, the Key Holders (as defined therein) and certain of the Investors have previously entered into that certain Amended and
Restated Investors’ Rights Agreement dated as of February 13, 2018, as amended (the “Prior Agreement”); 

WHEREAS, the Company and certain of the Investors are parties to the Series D Preferred Stock Purchase Agreement of even date herewith by and
among the Company and such Investors, as it may be amended from time to time (the “Purchase Agreement”); and 

WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to induce such Investors to invest funds in the Company
pursuant to the Purchase Agreement, the undersigned parties to the Prior Agreement hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to
receive certain information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement, in lieu of the rights created under the Prior Agreement; 

NOW, THEREFORE, the parties hereby agree as follows: 

1.    DEFINITIONS. For purposes of this Agreement: 

“Affiliate” means, with respect to any specified Person, or any other Person who or which, directly or indirectly,
controls, is controlled by, or is under common control with such Person including without limitation any general partner, managing partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing
that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For purposes of this definition, the terms “controlling,” “controlled
by,” or “under common control with” shall mean the possession, directly or indirectly, of (a) the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract, or otherwise, or (b) the power to elect or appoint at least fifty percent (50%) of the directors, managers, general partners, or persons exercising similar authority with respect to such Person. 

“Automatic Shelf Registration Statement” shall have the meaning given to that term in SEC Rule 405. 

“business day” means a weekday on which banks are open for general banking business in Seattle, Washington. 

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

 “Common Stock” means shares of the Company’s common stock, par
value $0.001 per share. 
 “Damages” means any loss, damage, or liability (joint or several) to which a party hereto
may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, or liability (or any action in respect thereof) arises out of or is based upon (a) any untrue statement or alleged
untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, and any free-writing prospectus and any
issuer information (as defined in Rule 433 of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities 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; (b) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (c) any violation or alleged violation by the
indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

“Deemed Liquidation Event” has the meaning set forth for such term in the certificate of incorporation of the Company
most recently filed with the Delaware Secretary of State that contains such a definition, whether or not the Requisite Holders (as defined in such certificate of incorporation) or holders of Series D Preferred Stock elect otherwise by written notice
sent to the Company as provided in such definition. 
 “Demand Notice” means notice sent by the Company to the
Holders specifying that a demand registration has been requested as provided in Section 3.1.1 or Section 3.1.2. 

“Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each
case, directly or indirectly), Common Stock, including options and warrants. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Excluded Registration”
means (a) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to an equity incentive, stock option, stock purchase, or similar plan; (b) a registration relating to an SEC Rule 145
transaction; (c) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (d) a registration in
which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

“Form S-1” means such form under the Securities Act as in effect
on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 
 “Form
S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits
incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

  
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 “Free Writing Prospectus” means a free-writing prospectus, as
defined in Rule 405 under the Securities Act. 
 “Fully Exercising Investor” shall have the meaning set forth in
Section 4. 
 “GAAP” means generally accepted accounting principles in the United States. 

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

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

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

 “Investor Notice” shall have the meaning set forth in Section 4. 

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

“Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at
least 3,590,664 Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof); provided, however, that (i) 3M Company
(“3M”) shall be considered a Major Investor for purposes of this Agreement for so long as 3M continues to hold at least 1,795,332 shares of Series B Preferred Stock originally purchased pursuant to that certain Series B
Preferred Stock and Warrant Purchase Agreement by and between the Company and 3M, dated September 3, 2015, (ii) Vivo Capital, LLC (“Vivo”) shall be considered a Major Investor for purposes of this Agreement for so long
as Vivo and its Affiliates continue to hold at least 3,590,664 shares of Series C-1 Preferred Stock originally purchased pursuant to the Series C Purchase Agreement, (iii) venBio Partners LLC
(“venBio”) shall be considered a Major Investor for purposes of this Agreement for so long as venBio and its Affiliates continue to hold at least 3,590,664 shares of Series C-1
Preferred Stock originally purchased pursuant to the Series C Purchase Agreement, (iv) 5AM Venture Management LLC (“5AM”) shall be considered a Major Investor for purposes of this Agreement for so long as 5AM and its
Affiliates continue to hold at least 3,590,664 shares of Series C-1 Preferred Stock originally purchased pursuant to the Series C Purchase Agreement, (v) Norwest Venture Partners XIV, LP
(“Norwest”) shall be considered a Major Investor for purposes of this Agreement for so long as Norwest and its Affiliates continue to hold at least 3,590,664 shares of Series D Preferred Stock originally purchased pursuant to
the Purchase Agreement and (vi) KKR Iris Investors LLC ( “KKR”) shall be considered a Major Investor for purposes of this Agreement for so long as KKR and its Affiliates continue to hold at least 3,590,664 shares of
Series D Preferred Stock originally purchased pursuant to the Purchase Agreement. 

  
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 “New Securities” means, collectively, equity securities of the
Company, whether or not currently authorized, Derivative Securities and any rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or
exercisable (in each case, directly or indirectly) for such equity securities; provided however, that “New Securities” shall exclude: (a) Exempted Securities (as defined in the Restated Certificate);
and (b) shares of Common Stock issued in the IPO. 
 “Offer Notice” shall have the meaning set forth in
Section 4. 
 “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 “Preferred Stock” means shares of the Company’s Series A-1 Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, Series C-3 Preferred Stock, and Series D Preferred Stock. 

“Pro Rata Amount” means, for each Major Investor, that portion of the New Securities identified in an Offer Notice
which equals the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by such Major Investor
bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). 

“Registrable Securities” means (a) the Common Stock issuable or issued upon conversion of shares of the Preferred
Stock held by the Investors and (b) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, the shares referenced in clauses (a) and (b) above; excluding in all cases, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to
Section 7.1 and excluding for purposes of Section 3 any shares for which registration rights have terminated pursuant to Section 6.2 of this Agreement. Notwithstanding the foregoing, the Company shall in no event be obligated to
register any Preferred Stock of the Company, and Holders of Registrable Securities will not be required to convert their Preferred Stock into Common Stock in order to exercise the registration rights granted hereunder, until immediately before the
closing of the offering to which the registration relates. 
 “Registrable Securities then outstanding” means the
number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible
securities that are Registrable Securities. 
 “Restated Certificate” means the Company’s Restated Certificate
of Incorporation (as may be amended from time to time). 
 “Restricted Securities” means the securities of the
Company required to bear the legend set forth in Section 3.12.2 hereof. 

  
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 “Sanctioned Person” means a Person that is (a) the subject of
Sanctions, (b) resident in, located in, or organized under the laws of a country or territory which is the subject of country- or territory-wide Sanctions (including without limitation Cuba, Iran, North Korea, Syria, or the Crimea region), or
(c) majority-owned or controlled by any of the foregoing. 
 “Sanctions” means those trade, economic and
financial sanctions laws, regulations, embargoes, and restrictive measures (in each case having the force of law) administered, enacted or enforced from time to time by the United States (including without limitation the Department of Treasury,
Office of Foreign Assets Control) and other similar governmental bodies with regulatory authority over the Company and its operations from time to time. 

“SEC” means the Securities and Exchange Commission. 

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

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

“SEC Rule 405” means Rule 405 promulgated by the SEC under the Securities Act. 

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

 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to
the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Section 3.6. 

“Selling Holder Counsel” means one counsel for the selling Holders. 

“Series A-1 Preferred Stock” means shares of the Company’s Series A-1 Preferred Stock, par value $0.001 per share. 
 “Series
A-2 Preferred Stock” means shares of the Company’s Series A-2 Preferred Stock, par value $0.001 per share. 

“Series B Preferred Stock” means shares of the Company’s Series B Preferred Stock, par value $0.001 per share.

 “Series C Purchase Agreement” means that certain Series C Preferred Stock Purchase Agreement by and among the
Company and the purchasers listed on Exhibit A thereto, dated November 16, 2016. 
 “Series
C-1 Preferred Stock” means shares of the Company’s Series C-1 Preferred Stock, par value $0.001 per share. 

“Series C-2 Preferred Stock” means shares of the Company’s Series C-2 Preferred Stock, par value $0.001 per share. 

  
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 “Series C-3 Preferred Stock”
means shares of the Company’s Series C-3 Preferred Stock, par value $0.001 per share. 

“Series D Preferred Stock” means shares of the Company’s Series D Preferred Stock, par value $0.001 per share.

 “Service Provider” means any employee, consultant, director or other service provider to the Company or any of
its wholly owned subsidiaries. 
 “Standoff Period” means the period commencing on the date of the final prospectus
relating to an underwritten public offering of the Company’s Common Stock under the Securities Act and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days). 

2.    INFORMATION AND OBSERVER RIGHTS. 

2.1    Delivery of Financial Statements. 

2.1.1    Information to be Delivered. The Company shall deliver the following to each Major Investor: 

(a)    As soon as practicable, but in any event within one hundred twenty (120) after the end of each fiscal year of
the Company, (a) a balance sheet as of the end of such year, (b) statements of income and of cash flows for such year, and (c) a statement of stockholders’ equity as of the end of such year, all of which shall be audited and
certified by independent public accountants selected by the Company. 
 (b)    As soon as practicable, but in any event
within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter, and an
unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (a) be subject to normal
year-end audit adjustments and (b) not contain all notes thereto that may be required in accordance with GAAP). 

(c)    As soon as practicable, but in any event no later than thirty (30) days before the end of each fiscal year,
an operating budget forecasting the Company’s revenues, expenses, and cash position on a month-to-month basis for the next fiscal year (collectively, the
“Budget”) and, promptly after prepared, any other budgets or revised budgets prepared by the Company. 

(d)    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, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period,
the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any.

  
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 (e)    Such other information relating to the financial condition,
business, prospects, or corporate affairs of the Company as any Major Investor (provided that the Board of Directors has not reasonably determined that such Major Investor is a competitor of the Company, provided, that none of KKR, Norwest,
Vivo, venBio or 5AM shall be considered competitors of the Company) may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 2.1.1(e) to provide information
(i) that the Company reasonably determines in good faith to be a trade secret; (ii) that constitutes confidential and proprietary information of a third party (unless covered by an enforceable confidentiality agreement to which the
representative of such Major Investor for purposes of this Section 2.1.1(e) is bound; or (iii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

2.1.2    Consolidation. 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 Section 2.1.1 shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

2.1.3    Suspension or Termination. Notwithstanding anything else in this Section 2.1 to the contrary but
subject to Section 6.1, the Company may cease providing the information set forth in this Section 2.1 during the period starting with the date sixty (60) 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 2.1 shall
be reinstated at such time as the Company is no longer actively employing its reasonable efforts to cause such registration statement to become effective. 

2.2    Inspection. The Company shall permit each Major Investor (provided that the
Board of Directors has not reasonably determined that such Major Investor is a competitor of the Company, provided, that none of KKR, Norwest, Vivo, venBio or 5AM shall be considered competitors of the Company), at such Major Investor’s
expense, and on such Major Investor’s written request, to visit and inspect the Company’s properties, examine its books of account and records, and discuss the Company’s affairs, finances and accounts with its officers during normal
business hours of the Company as may be reasonably requested by the Major Investor for the purposes of evaluating such Major Investor’s investment in the Company; provided, however, that the Company shall not
be obligated pursuant to this Section 2.2 to provide access to any information (a) that it reasonably and in good faith considers to be a trade secret, (b) that constitutes confidential and proprietary information of a third party
(unless covered by an enforceable confidentiality agreement to which the representative of such Major Investor for purposes of this Section 2.2 is bound) or (c) the disclosure of which would adversely affect the attorney-client privilege
between the Company and its counsel. 
 2.3    Observer Rights. 

2.3.1    As long as Vivo and its Affiliates continue to own beneficially at least 3,590,664 shares of the Series C-1 Preferred Stock it purchased under the Series C Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Vivo to attend all
meetings of its Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all 

  
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notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that such
representative shall agree in writing to be bound by the provisions of Section 2.4 below and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any
information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel, result in
disclosure of trade secrets or a conflict of interest, if such Investor or its representative is a competitor of the Company, or to protect confidential or proprietary information of a third party or for other similar reasons. 

2.3.2    As long as 5AM and its Affiliates continue to own beneficially at least 3,590,664 shares of the Series C-1 Preferred Stock it purchased under the Series C Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of 5AM to attend all
meetings of its Board of Directors 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 at the same time and in the same
manner as provided to such directors; provided, however, that such representative shall agree in writing to be bound by the provisions of Section 2.4 below and to act in a fiduciary manner with respect to all information so provided; and
provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the
attorney-client privilege between the Company and its counsel, result in disclosure of trade secrets or a conflict of interest, if such Investor or its representative is a competitor of the Company, or to protect confidential or proprietary
information of a third party or for other similar reasons. 
 2.3.3    As long as venBio and its Affiliates continue to
own beneficially at least 3,590,664 shares of the Series C-1 Preferred Stock it purchased under the Series C Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the
Company shall invite a representative of venBio to attend all meetings of its Board of Directors 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 at the same time and in the same manner as provided to such directors; provided, however, that such representative shall agree in writing to be bound by the provisions of Section 2.4 below and to act in a fiduciary
manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or
attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel, result in disclosure of trade secrets or a conflict of interest, if such Investor or its representative is a competitor of the
Company, or to protect confidential or proprietary information of a third party or for other similar reasons. 

2.3.4    As long as Norwest and its Affiliates continue to own beneficially at least 2,586,141 shares of the Series D
Preferred Stock it purchased under the Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of Norwest to attend all meetings of its Board of Directors

  
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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 at the same
time and in the same manner as provided to such directors; provided, however, that such representative shall agree in writing to be bound by the provisions of Section 2.4 below and to act in a fiduciary manner with respect to all information so
provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect
the attorney-client privilege between the Company and its counsel, result in disclosure of trade secrets or a conflict of interest, if such Investor or its representative is a competitor of the Company, or to protect confidential or proprietary
information of a third party or for other similar reasons. 
 2.3.5    As long as KKR and its Affiliates continue to
own beneficially at least 2,586,141 shares of the Series D Preferred Stock it purchased under the Purchase Agreement (or an equivalent amount of Common Stock issued upon conversion thereof), the Company shall invite a representative of KKR to attend
all meetings of its Board of Directors 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 at the same time and in the
same manner as provided to such directors; provided, however, that such representative shall agree in writing to be bound by the provisions of Section 2.4 below and to act in a fiduciary manner with respect to all information so provided; and
provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the
attorney-client privilege between the Company and its counsel, result in disclosure of trade secrets or a conflict of interest, if such Investor or its representative is a competitor of the Company, or to protect confidential or proprietary
information of a third party or for other similar reasons. 
 2.4    Confidentiality. Each
Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of
this Section 2 unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 2.4 by such Investor), (b) is or has been independently developed or
conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have
to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their
services in connection with monitoring its investment in the Company; (ii) to any existing Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, but only if such Investor
informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iii) as may otherwise be required by law if the Investor promptly notifies the Company of such disclosure
and takes reasonable steps to minimize the extent of any such required disclosure. 

  
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 3.    REGISTRATION RIGHTS. 

3.1    Demand Registration. 

3.1.1    Form S-1 Demand. If at any time after the earlier of
(a) five (5) years after the date of this Agreement or (b) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least twenty-five percent
(25%) of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to any Registrable Securities then outstanding (and the Registrable Securities subject
to such request have an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million), then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all
Holders other than the Initiating Holders; and (ii) use commercially reasonable efforts to as soon as practicable, and in any event within ninety (90) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in
such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Section 3.1.3 and
Section 3.3. 
 3.1.2    Form S-3 Demand. If at any time when it is
eligible to use a Form S-3 registration statement, the Company receives a request from the Holders of at least thirty-three and one-third percent (33 1/3%) of the
Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering
price, net of Selling Expenses, of at least $1 million, then the Company shall (a) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (b) use
commercially reasonable efforts to as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration
statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the
Demand Notice is given, and in each case, subject to the limitations of Section 3.1.3 and Section 3.3. 

3.1.3    Delay. Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a
registration pursuant to this Section 3.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and
its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (a) materially interfere with
a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (b) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential;
or (c) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or
effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that (i) the Company may not
invoke this right more than once in any twelve (12) month period and (ii) the Company shall not register any securities for its own account or that of any other stockholder during such ninety (90) day period other than an Excluded
Registration. 

  
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 3.1.4    Limitations. The Company shall not be obligated to
effect, or to take any action to effect, any registration pursuant to Section 3.1.1: (a) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one
hundred eighty (180) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective;
(b) after the Company has effected two registrations pursuant to Section 3.1.1; or (c) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 3.1.2. The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 3.1.2: (i) during the period
that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided, that the Company is
actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Section 3.1.2 within the twelve (12) month
period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Section 3.1.4 until such time as the applicable registration statement has been declared effective by the
SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one registration on Form S-1 or S-3, as applicable, pursuant to Section 3.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 3.1.4.  

3.2    Company Registration. If the Company proposes to register (including, for this purpose,
a registration effected by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the
Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of
Section 3.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 3.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne
by the Company in accordance with Section 3.6. 
 3.3    Underwriting Requirements. 

3.3.1    Inclusion. If, pursuant to Section 3.1, the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 3.1, and the Company shall include such information in the Demand Notice. The underwriter(s)
will be selected by the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation

  
 11 

 
in such underwriting. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Section 3.4(e)) enter into an
underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Section 3.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing
factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities
that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned or held by each Holder
or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities owned or held by the Holders to be included in such underwriting shall
not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to
any Holder to the nearest one hundred (100) shares. 
 3.3.2    Underwriter Cutback. In connection with any
offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 3.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders
accept the terms of the underwriting as agreed upon between the Company and its underwriters. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of
securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such
securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities
requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable
Securities owned or held by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters
may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (a) the number of Registrable Securities included in the offering be reduced unless all other
securities (other than securities to be sold by the Company) are first entirely excluded from the offering or (b) the number of Registrable Securities included in the offering be reduced below twenty-five percent (25%) of the total number of
securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in
such offering. For purposes of the provision in this Section 3.3.2 concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members,
stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a
single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned or held by all Persons included in such “selling
Holder,” as defined in this sentence. 

  
 12 

 3.3.3    Registration Not Effected. For purposes of
Section 3.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Section 3.3.1, fewer than fifty percent (50%) of the total number of Registrable
Securities that Holders have requested to be included in such registration statement are actually included. 

3.4    Obligations of the Company. Whenever required under this Section 3 to
effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective as promptly as practicable, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration
statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that
(i) such 120-day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling
any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to
compliance with applicable SEC rules, such 120-day period shall be extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are
sold; 
 (b)    prepare and file with the SEC such amendments and supplements to such registration statement, the
prospectus and, if required, any Free Writing Prospectus used in connection with such registration statement as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration
statement; 
 (c)    furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary
prospectus and any Free Writing Prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

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

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

  
 13 

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

(g)    provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and
provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h)    promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any
disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or
advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i)    notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration
statement has been declared effective or a supplement to any prospectus or Free-Writing Prospectus forming a part of such registration statement has been filed; 

(j)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the
Company amend or supplement such registration statement or prospectus or Free-Writing Prospectus; 
 (k)    use its
commercially reasonable efforts to obtain for the underwriters one or more “cold comfort” letters, dated the effective date of the related registration statement (and, if such registration includes an underwritten public offering, dated
the date of the closing under the underwriting agreement), signed by the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by “cold comfort” letters; 

(l)    use its commercially reasonable efforts to obtain for the underwriters on the date such securities are delivered
to the underwriters for sale pursuant to such registration a legal opinion of the Company’s outside counsel with respect to the registration statement, each amendment and supplement thereto, the prospectus included therein (including the
preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature; 

(m)    to the extent the Company is a well-known seasoned issuer (as defined in SEC Rule 405 at the time any request for
registration is submitted to the Company in accordance with Section 3.1.2, if so requested, file an Automatic Shelf Registration Statement to effect such registration; and 

  
 14 

 (n)    if at any time when the Company is required to re-evaluate its well-known seasoned issuer status for purposes of an outstanding Automatic Shelf Registration Statement used to effect a request for registration in accordance with Section 3.1.2 the Company
determines that it is not a well-known seasoned issuer and (i) the registration statement is required to be kept effective in accordance with this Agreement and (ii) the registration rights of the applicable Holders have not terminated,
use commercially reasonable efforts to promptly amend the registration statement on a form the Company is then eligible to use or file a new registration statement on such form, and keep such registration statement effective in accordance with the
requirements otherwise applicable under this Agreement. 
 3.5    Furnish Information. It
shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 3 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

3.6    Expenses of Registration. All expenses (other than Selling Expenses) incurred in
connection with registrations, filings, or qualifications pursuant to Section 3, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the
reasonable fees and disbursements of the Selling Holder Counsel, collectively not to exceed $50,000, shall be borne and paid by the Company; provided, however, that (a) the Company shall not be required to pay
for any expenses of any registration proceeding begun pursuant to Section 3.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all
selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to
one registration pursuant to Section 3.1.1 or Section 3.1.2, as the case may be, and (b) if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the
Company not known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information, then the Holders shall not be required to pay any of such expenses and shall not forfeit
their right to one registration pursuant to Section 3.1.1 or Section 3.1.2. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 3 shall be borne and paid by the Holders pro rata on the basis of
the number of Registrable Securities registered on their behalf. 
 3.7    Delay of
Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the
interpretation or implementation of this Section 3. 
 3.8    Indemnification. If any
Registrable Securities are included in a registration statement under this Section 3: 
 3.8.1    Company
Indemnification. To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each

  
 15 

 
such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or
the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or
defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 3.8.1 shall not apply to amounts paid
in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, conditioned, or delayed nor shall the Company be liable for any Damages to the extent
that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly
for use in connection with such registration. 
 3.8.2    Selling Holder Indemnification. To the extent
permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of
such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that (a) the indemnity agreement contained in this Section 3.8.2 shall
not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld, conditioned or delayed, and (b) that in no event shall
the aggregate amounts payable by any Holder by way of indemnity or contribution under Sections 3.8.2 and 3.8.4 exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of
fraud or willful misconduct by such Holder. 
 3.8.3    Procedures. Promptly after receipt by an indemnified
party under this Section 3.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be
made against any indemnifying party under this Section 3.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so
desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an
indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due 

  
 16 

 
to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party
within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 3.8, solely to the extent that such failure prejudices the indemnifying
party’s ability to defend such action. 
 3.8.4    Contribution. To provide for just and equitable
contribution to joint liability under the Securities Act in any case in which either (a) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 3.8 but it is judicially
determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Section 3.8 provides for indemnification in such case, or (b) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 3.8, then,
and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault
of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged
omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or
omission; provided, however, that: 
 (i)    in any such case, (A) no Holder
will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (B) no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and 

(ii)    in no event shall a Holder’s liability pursuant to this Section 3.8.4, when combined with the amounts
paid or payable by such Holder pursuant to Section 3.8.2, exceed the proceeds from the offering received by such Holder (net of any Selling Expenses) paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

3.8.5    Underwriting Agreement Controls. 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. 

3.8.6    Survival. Unless otherwise superseded by an underwriting agreement entered into in connection with the
underwritten public offering, the obligations of the Company and Holders under this Section 3.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 3, and otherwise shall survive the
termination of this Agreement. 

  
 17 

 3.9    Reports under the Exchange Act. With
a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a
registration on Form S-3, the Company shall: 
 (a)    use commercially
reasonable efforts to make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b)    use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to
the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the
IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form
S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any
such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies
to use such form). 
 3.10    Limitations on Subsequent Registration Rights. From and after
the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the
Company that would allow such holder or prospective holder to include such securities in any registration if such agreement (a) would allow such holder or prospective holder to include a portion of its securities in any “piggyback”
registration if such inclusion could reduce the number of Registrable Securities that selling Holders could be entitled to include in such registration under Sections 3.2 and 3.3.2 hereof or (b) would allow such holder or prospective holder to
initiate a demand for registration of any of its securities at a time earlier than the Holders of Registrable Securities can demand registration under Section 3.1 hereof. 

3.11    “Market
Stand-off” Agreement. Each Holder hereby agrees that, during the Standoff Period, such Holder will not, without the prior written
consent of the Company or the managing underwriter: 
 (a)    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 

  
 18 

 
or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock, or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common
Stock, held immediately before the effective date of the registration statement for such offering; or 

(b)    enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of such securities, whether any such transaction described in this clause (b) or clause (a) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. 

The foregoing provisions of this Section 3.11 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement. This
Section 3.11 shall be applicable to the Holders only if all officers, directors and stockholders owning more than 1% of the Company’s outstanding Common Stock are subject to the same restrictions. For purposes of this Section 3.11,
the term “Company” shall include any wholly-owned subsidiary of the Company into which the Company merges or consolidates. In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the
certificates representing the shares subject to this Section and to impose stop transfer instructions with respect to any shares of Common Stock, or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common
Stock, until the end of such period. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 3.11 and shall have the right, power, and authority to
enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this
Section 3.11 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to
such agreements, based on the number of shares subject to such agreements. 
 3.12    Restrictions on
Transfer. 
 3.12.1    Agreement Binding. The Preferred Stock and the Registrable Securities (together,
the “Stock”) shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer,
except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Stock held
by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. 

3.12.2    Legends. Each certificate or instrument representing the Stock and any other securities issued in
respect of the Stock, upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 3.12.3) be stamped or otherwise imprinted with a legend
substantially in the following form: 
 THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 

  
 19 

 
1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

 THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE
STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 3.12. 

3.12.3    Procedure. The holder of each certificate representing Restricted Securities, by acceptance thereof,
agrees to comply in all respects with the provisions of Sections 3.11 and 3.12. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the
proposed transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or
transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (a) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory
to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (b) a “no action” letter from the SEC to the effect that the proposed sale, pledge,
or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (c) any other evidence reasonably satisfactory to counsel to the Company to
the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such
Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (i) in any transaction in compliance with SEC Rule 144 or
(ii) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 3.12. Each
certificate or instrument evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 3.12.2, except that
such certificate shall not bear such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. Until the IPO, no Holder
shall transfer any Restricted Securities to any Person that is determined to be a competitor of the Company, in the good faith judgment of the Board of Directors. 

4.    RIGHTS TO FUTURE STOCK ISSUANCES. Subject to the terms and conditions of this
Section 4 and applicable securities laws, if the Company proposes to sell any New Securities, the Company shall offer to sell a portion of New Securities to each Major Investor as described in this Section 4. A Major Investor shall be
entitled to apportion the right of first refusal hereby granted to it among itself and its Affiliates in such proportions as it deems appropriate. The right of first refusal in this Section 4 shall not be applicable with respect to any Major
Investor, if at the time of such subsequent securities issuance, the Major Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) under the Securities Act. 

  
 20 

 4.1    Company Notice. The Company shall give
notice (the “Offer Notice”) to each Major Investor, stating (a) its bona fide intention to sell such New Securities, (b) the number of such New Securities to be sold and (c) the price and terms, if any, upon
which it proposes to sell such New Securities. 
 4.2    Investor Right. By written notice (the
“Investor Notice”) to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up
to such Major Investor’s Pro Rata Amount. In addition, each Major Investor that elects to purchase or acquire all of its Pro Rata Amount (each, a “Fully Exercising Investor”) may, in the Investor Notice, elect to
purchase or acquire, in addition to its Pro Rata Amount, a portion of the New Securities, if any, for which other Major Investors were entitled to subscribe but that are not subscribed for by such Major Investors. The amount of such overallotment
that each Fully Exercising Investor shall be entitled to purchase is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock then held and
any other Derivative Securities, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative
Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares A Major Investor’s election may be conditioned on the consummation of the transaction described in the Offer Notice. The closing of any sale
pursuant to this Section 4.2 shall occur on the earlier of one hundred twenty (120) days after the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Section 4.3. 

4.3    Sale of Securities. If all New Securities referred to in the Offer Notice are not elected to
be purchased or acquired as provided in Section 4.2, the Company may, during the ninety (90) day period following the expiration of the periods provided in Section 4.2, offer and sell the remaining unsubscribed portion of such New
Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such
period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major
Investors in accordance with this Section 4. 
 4.4    Alternate Procedure. Notwithstanding
any provision hereof to the contrary, in lieu of complying with the provisions of Sections 4.1 and 4.2, the Company may elect to give notice to the Major Investors within thirty (30) days after the issuance of New Securities. Such notice shall
describe the type, price, and terms of the New Securities, and the identities of the Persons to whom the New Securities were sold. Each Major Investor shall have twenty (20) days after the date the Company’s notice is given to elect, by
giving notice to the Company, to purchase up to the number of New Securities that such Major Investor would otherwise have the right to purchase pursuant to Section 4.2 above had the Company complied with the provisions of Sections 4.1 and 4.2
in connection with the issuance of such New Securities under the terms and conditions set forth in the Company’s notice pursuant to this Section 4.4. 

  
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Any Major Investors electing to purchase such New Securities shall also have rights of oversubscription to purchase New Securities that were purchasable by other Major Investors pursuant to the
foregoing sentence but were not so purchased, and such rights of oversubscription shall be apportioned in a manner consistent with the apportionment among Fully Exercising Investors described in Section 4.2. The closing of such sale shall occur
within sixty (60) days of the date notice is given to the Major Investors. 
 5.    ADDITIONAL COVENANTS.

 5.1    Employee Agreements. The Company will cause each officer or Key Employee (as
such term is defined in the Purchase Agreement) now or hereafter employed by it or by any subsidiary to enter into a customary nondisclosure and proprietary rights assignment agreement or an employment agreement containing substantially similar
terms, including in each case a one-year non-competition and non-solicitation agreement, each in a form reasonably acceptable to
Vivo and substantially in a form approved by the Board of Directors. 
 5.2    Employee Vesting.
Unless otherwise approved by the Board of Directors, including a majority of the Preferred Directors (as defined in the Restated Certificate), which such majority shall include at least one (1) Series D Preferred Director (as defined in the
Restated Certificate), all employees and consultants of the Company or its subsidiaries who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute
restricted stock or option agreements, as applicable, providing for vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or
service (or the date of grant in the case of a grant to an existing employee or consultant), and the remaining shares vesting in equal monthly installments over the following thirty-six (36) months. 

5.3    Anti-Corruption and Sanctions. 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) (a) promise, authorize or make any payment to, or otherwise contribute any
item of value to, 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, or (b) engage in any dealings or transactions with or for the benefit of any Sanctioned
Person, nor otherwise violate Sanctions. Upon request, the Company agrees to provide responsive information regarding its compliance policies and procedures and/or certifications concerning its compliance with applicable anti-corruption laws and
Sanctions; provided that nothing herein shall require the Company to provide such information if the Company determines in its sole discretion that the disclosure of such information would adversely affect the attorney-client privilege. The
Company shall promptly notify each Investor if the Company becomes aware of any allegation, voluntary disclosure, investigation, prosecution or other enforcement action related to the FCPA, any other anti-corruption law, or Sanctions. 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 implement policies and procedures satisfactory to KKR, Norwest ,Vivo and 3M that are reasonably
designed to ensure compliance with the FCPA, other applicable anti-bribery or anti-corruption laws, and Sanctions. The Company shall use its 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. 

  
 22 

 5.4    Restrictions on Publicity. 

5.4.1    The Company shall not use the name or logo of 3M or its Affiliates, or refer to 3M or its Affiliates, directly or
indirectly, in connection with 3M’s or its Affiliates’ relationship, agreements or arrangements with the Company in any advertisement, press release, professional or trade publication, or in any other manner, except (a) as may be
required by law (including, without limitation, any rule or regulation promulgated by the SEC or any other regulatory authority), (b) on a confidential basis to potential financing sources including lenders, investors, investment bankers or
acquirors but only as to the fact of 3M’s equity investment in the Company and documentation relating thereto, (c) on a confidential basis to the Company’s lawyers, contractors, accountants and other advisors who have a need to have
access and knowledge of such information, (d) with 3M’s prior written consent, which may be withheld in 3M’s sole discretion, or (e) as otherwise set forth herein. If the Company believes public disclosure of 3M’s or its
Affiliates’ relationship, agreements or arrangements with the Company is required by law, the Company shall at a reasonable time before making any such disclosure (including, without limitation, filing any document or material with the SEC, or
any other regulatory authority, which contains a reference to 3M or its Affiliates), consult with 3M regarding such disclosure, permit 3M to review such disclosure not less than ten (10) business days prior to its proposed disclosure (unless
the Company is legally obligated to make such disclosure on fewer than ten (10) business days’ notice, in which case the Company shall give 3M as much time to review such disclosure as is commercially reasonable, but in any event not less
than two (2) business days), revise such disclosure as reasonably requested by 3M, and if requested by 3M, seek confidential treatment for any portion of any agreements or documents intended to be filed with the SEC or other regulatory
authority as may be reasonably requested by 3M. 
 5.4.2    The Company shall not use the name or logo of KKR or its
Affiliates, or refer to KKR or its Affiliates, directly or indirectly, in connection with KKR’s or its Affiliates’ relationship, agreements or arrangements with the Company in any advertisement, press release, professional or trade
publication, or in any other manner, except (a) as may be required by law (including, without limitation, any rule or regulation promulgated by the SEC or any other regulatory authority), (b) on a confidential basis to potential financing
sources including lenders, investors, investment bankers or acquirors but only as to the fact of KKR’s equity investment in the Company and documentation relating thereto, (c) on a confidential basis to the Company’s lawyers,
contractors, accountants and other advisors who have a need to have access and knowledge of such information, (d) with KKR’s prior written consent, which may be withheld in KKR’s sole discretion, or (e) as otherwise set forth
herein. If the Company believes public disclosure of KKR’s or its Affiliates’ relationship, agreements or arrangements with the Company is required by law, the Company shall at a reasonable time before making any such disclosure
(including, without limitation, filing any document or material with the SEC, or any other regulatory authority, which contains a reference to KKR or its Affiliates), consult with KKR regarding such disclosure, permit KKR to review such disclosure
not less than ten (10) business days prior to its proposed disclosure (unless the Company is legally obligated to make such disclosure on fewer than ten (10) business days’ notice, in which case the Company shall

  
 23 

 
give KKR as much time to review such disclosure as is commercially reasonable, but in any event not less than two (2) business days), revise such disclosure as reasonably requested by KKR,
and if requested by KKR, seek confidential treatment for any portion of any agreements or documents intended to be filed with the SEC or other regulatory authority as may be reasonably requested by KKR. 

5.5    Board Matters. The Company shall reimburse the nonemployee directors and board
observers for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board
of Directors. 
 5.6    Qualified Small Business Stock. The Company shall use commercially
reasonable efforts to cause the shares of Series C-1 and/or Series C-2 Preferred Stock issued pursuant to the Series C Purchase Agreement, as well as any shares into
which such shares are converted, within the meaning of Section 1202(f) of the Code, to constitute “qualified small business stock” as defined in Section 1202(c) of the Code; provided, however, that such requirement shall not be
applicable if the Board of Directors determines, in its good-faith business judgment, that such qualification is inconsistent with the best interests of the Company. The Company shall submit to its stockholders (including the Investors) and to the
Internal Revenue Service any reports that may be required under Section 1202(d)(1)(C) of the Code and the regulations promulgated thereunder. In addition, within twenty (20) business days after any Investor’s written request therefor,
the Company shall, at its option, either (i) deliver to such Investor a written statement indicating whether (and what portion of) such Investor’s interest in the Company constitutes “qualified small business stock” as defined in
Section 1202(c) of the Code or (ii) deliver to such Investor such factual information in the Company’s possession as is reasonably necessary to enable such Investor to determine whether (and what portion of) such Investor’s
interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code. 

5.7     Successor Indemnification. If the Company or any of its successors or assignees
consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the
Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate
of Incorporation, or elsewhere, as the case may be. 
 5.8    Indemnification Matters. The
Company hereby acknowledges that one (1) or more of the directors nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses
and/or insurance provided by one or more of the Investors and certain of their affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its
obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be
required to advance the full amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the
extent legally permitted and as required by the 

  
 24 

 
Company’s Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have
against the Fund Indemnitors, and (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect
thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the
foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company. 

5.9     Right to Conduct Activities. The Company hereby agrees and acknowledges that KKR,
Norwest, Vivo, venBio, and 5AM (together with their respective Affiliates) are professional investment funds, and as such, invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently
conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, KKR, Norwest, Vivo, venBio, and 5AM shall not be liable to the Company for any claim arising out of, or based upon,
(i) the investment by KKR, Norwest, Vivo, venBio, and 5AM in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other representative of KKR, Norwest, Vivo, venBio, and 5AM to assist any such
competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing
shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from
any liability associated with his or her fiduciary duties to the Company. 
 5.10    Insurance.

 5.10.1    The Company shall use commercially reasonable efforts to cause its Directors and Officers liability
insurance (including employment practices coverage) with at least $2,000,000 in coverage limits to be maintained until such time as the Board (including at least one of the Norwest Designee or the KKR Designee (each as defined in that certain
Amended and Restated Voting Agreement by and among the Company and the Stockholders identified therein, dated on or around the date hereof (the “Voting Agreement”))) determines that such insurance should be discontinued. 

5.10.2    The Company shall use its commercially reasonable efforts to promptly obtain from a financially sound and
reputable insurer “key person” life insurance for key executives designated by the Board, with proceeds payable to the Company. 

5.11    Equity Incentive Plan. So long as Norwest and/or KKR is entitled to elect a director
pursuant to the Voting Agreement, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the Board, which approval must include the affirmative vote of at least one of the Norwest Designee or the
KKR Designee, increase the number of shares of Common Stock subject to issuance under any stock plan or arrangement for the benefit of Service Providers or create any new stock plan or arrangement for the benefit of Service Providers. 

  
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 6.    TERMINATION. 

6.1    Generally. The covenants set forth in Section 2.1, Section 2.2,
Section 2.3, Section 4, and Section 5 (with the exception of Section 5.7) shall terminate and be of no further force or effect upon the earliest to occur of: (a) immediately before the consummation of the Company’s
Qualified Public Offering (as defined in the Restated Certificate); (b) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act; or (c) upon a Deemed Liquidation
Event where the consideration payable to the Investors consists solely of cash and/or securities that may be immediately resold on a national securities exchange. 

6.2    Registration Rights. The right of any Holder to request registration or inclusion of
Registrable Securities in any registration pursuant to Section 3.1 or Section 3.2 shall terminate upon the earliest to occur of: (a) when all of such Holder’s Registrable Securities could be sold without any restriction on volume
or manner of sale in any three-month period under SEC Rule 144 or any successor; (b) upon a Deemed Liquidation Event where the consideration payable to the Investors consists solely of cash and/or securities that may be immediately resold on a
national securities exchange; and (c) the fifth (5th) anniversary of the IPO. 
 7.    GENERAL
PROVISIONS. 
 7.1    Successors and Assigns. The rights under this Agreement may be
assigned (but only with all related obligations) by a Holder to a transferee of Registrable Securities that (a) is an Affiliate, partner, member, limited partner, retired or former partner, retired or former member, or stockholder of a Holder
or such Holder’s Affiliate; (b) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; (c) after such transfer, holds at least
3,000,000 shares of Registrable Securities (or if the transferring Holder owns less than 3,000,000 Registrable Securities, then all Registrable Securities held by the transferring Holder); or (d) is a venture capital fund that is controlled by
or under common control with one or more general partners or managing partners or managing members of, or shares the same management company with, the Holder; provided, however, that (i) the Company is, within
a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (ii) such transferee agrees in a written
instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Section 3.11. For the purposes of determining the number of shares of Registrable Securities held by a
transferee, the holdings of a transferee (A) that is an Affiliate, limited partner, retired or former partner, member, retired or former member, or stockholder of a Holder or such Holder’s Affiliate; (B) who is a Holder’s
Immediate Family Member; or (C) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder. The terms and conditions of this
Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their
respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

  
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 7.2    Governing Law. This Agreement shall
be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. 

7.3    Counterparts; Facsimile. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed and delivered by facsimile signature and in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

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

7.5    Notices. All notices, requests, and other communications given, made or delivered
pursuant to this Agreement shall be in writing and shall be deemed effectively given, made or delivered upon the earlier of actual receipt or: (a) personal delivery to the party to be notified; (b) when sent, if sent by facsimile during
the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s 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) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of
receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or
to such address or facsimile number as subsequently modified by written notice given in accordance with this Section 7.5. If notice is given to the Company, it shall be sent to 201 Elliott Avenue West, Suite 260, Seattle, Washington 98119,
Attention: President; and a copy (which shall not constitute notice) shall also be sent to Fenwick & West, LLP, 1191 Second Avenue, 10th Floor, Seattle, Washington 98101 Attn: Alan C.
Smith. If no facsimile number is listed on Schedule A for a party (or above in the case of the Company), notices and communications given or made by facsimile shall not be deemed effectively given to such party. 

7.6    Amendments and Waivers. This Agreement may only be amended or terminated and the
observance of any term hereof may be waived (either generally or in a particular instance, and either retroactively or prospectively) only by a written instrument executed by the Company and (a) with respect to Sections 2 and 4 and any other
provision of this Agreement to the extent such provision pertains to Sections 2 or 4, the Major Investors that hold at least sixty-six and two-thirds percent (66 2/3%)
of Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, Series C-3 Preferred Stock, and Series D
Preferred Stock held by the Major Investors voting together as a single class (it being agreed that in the event the provisions of Section 4 are waived with respect to a particular transaction and certain Major Investors
purchase securities in such transaction, then the Company shall grant to all Major Investors the right to purchase the same percentage of its full pro rata share of New Securities in such offering as the highest percentage of any such purchasing
Major Investor) (for the sake of clarity, the foregoing shall not be deemed to affect the requirements contained in the 

  
 27 

 
first sentence of this Section 7.6 that certain parties hereto to consent to such amendments or waiver in order for such amendment or waiver to be effective) or (b) with respect to
Sections 3 and 5 and any other provision of this Agreement to the extent such provision pertains to Sections 3 or 5, the holders of at least sixty-six and two-thirds
percent (66 2/3%) of the Series B Preferred Stock, Series C-1 Preferred Stock, Series C-2 Preferred Stock, Series C-3 Preferred
Stock, and Series D Preferred Stock voting together as a single class; provided that (i) the Company may in its sole discretion waive compliance with Section 3.12.3 (and the Company’s failure to object promptly in writing after
notification of a proposed assignment allegedly in violation of Section 3.12.3 shall be deemed to be a waiver); (ii) Section 5.3 may not be amended or terminated or the observance of any term therein waived (either generally or in a
particular instance, and either retroactively or prospectively) without the written consent of KKR, Norwest and 3M; (iii) Section 5.4.1 may not be amended or terminated or the observance of any term therein waived (either generally or in a
particular instance, and either retroactively or prospectively) without the written consent of 3M; (iv) Section 2.3.4 and this clause (iv) of this Section 7.6 may not be amended or terminated or the observance of any term therein
waived (either generally or in a particular instance, and either retroactively or prospectively) without the written consent of Norwest; (v) Sections 2.3.5 and 5.4.2, and this clause (v) of this Section 7.6 may not be amended or
terminated or the observance of any term therein waived (either generally or in a particular instance, and either retroactively or prospectively) without the written consent of KKR; (vi) Section 5.9 and this clause (vi) of this 7.6
may not be amended or terminated or the observance of any term therein waived (either generally or in a particular instance, and either retroactively or prospectively) without the written consent of KKR, Norwest, Vivo, venBio, and 5AM;
(vii) Sections 5.10.1, 5.11 and this clause (vii) of this 7.6 may not be amended or terminated or the observance of any term therein waived (either generally or in a particular instance, and either retroactively or prospectively) without
the written consent of KKR or Norwest; and (viii) any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. The foregoing notwithstanding, the definition of “Major
Investor” in Section 1 and this Section 7.6, each as related to KKR, Norwest, 3M, Vivo, venBio, and 5AM only, may not be amended without the written consent of KKR, Norwest, 3M, Vivo, venBio, or 5AM as applicable. Any amendment,
termination, or waiver effected in accordance with this Section 7.6 shall be binding on each party hereto and all of such party’s successors and permitted assigns, regardless of whether or not any such party, successor or assignee entered
into or approved such amendment, termination, or waiver. Notwithstanding anything to the contrary in this Section 7.6, this Agreement may not be amended, modified or terminated and the observance of any term of this Agreement may not be waived
with respect to any Investor without the written consent of such Investor unless such amendment, modification, termination or waiver applies to all Investors in the same fashion. No waivers of or exceptions to any term, condition, or provision of
this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

7.7    Severability. In case any one or more of the provisions contained in this Agreement is
for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be
reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

  
 28 

 7.8    Aggregation of Stock. All shares of
Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such affiliated Persons may apportion such rights as among themselves in any
manner they deem appropriate. 
 7.9    Entire Agreement. This Agreement (including any
Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between
the parties is expressly canceled and replaced with this Agreement. 
 7.10    Delays or
Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of
such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

7.11    Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit
to the jurisdiction of the United States District Court for the District of Delaware or any Delaware state court sitting in Wilmington, Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the United States District Court for the District of Delaware or any Delaware state court sitting in Wilmington, Delaware, and
(c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that a party is not subject to the jurisdiction of the above-named courts, that its property is exempt or
immune from attachment or execution based upon judgment or order of such court(s), that any suit, action or proceeding arising out of or based upon this Agreement commenced in the United States District Court for the District of Delaware or any
Delaware state court sitting in Wilmington, Delaware is brought in an inconvenient forum, that the venue of such suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.
Should any party commence a suit, action or other proceeding arising out of or based upon this Agreement in a forum other than the United States District Court for the District of Delaware or any Delaware state court sitting in Wilmington, Delaware,
or should any party otherwise seek to transfer or dismiss such suit, action or proceeding from such court(s), that party shall indemnify and reimburse the other party for all legal costs and expenses incurred in enforcing this provision. 

7.12    Attorneys’ Fees. If any action at law or in equity is
necessary to enforce or interpret the terms of this Agreement, the non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all reasonable
attorneys’ fees. 
 7.13    Additional Investors. Notwithstanding anything to the
contrary contained herein, if the Company issues additional shares of the Company’s Series D Preferred Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any

  
 29 

 
purchaser of such shares of Series D Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and
thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in
writing to be bound by all of the obligations as an “Investor” hereunder. 
 7.14    Amendment of
Prior Agreement. Effective and contingent upon execution of this Agreement by the Company, the holders of a majority of the Registrable Securities outstanding and held by the Major Investors (as defined in the Prior Agreement) and the
holders of a majority of the Registrable Securities outstanding, upon the closing of the transactions contemplated by the Purchase Agreement, the Prior Agreement is hereby amended and restated in its entirety to read as set forth in this Agreement,
and the Company and the Investors hereby agree to be bound by the provisions hereof as of the sole agreement of the Company and the Investors with respect to the registration rights of the Company’s securities and certain other rights, as set
forth herein. The Holders that are Major Investors hereby waive any Right to Future Stock Issuances, including the related notice requirements, set forth in Section 4 of the Prior Agreement with respect to the issuance of the Series D Preferred
Stock pursuant to the Purchase Agreement. 
 [Signature Pages Follow] 

  
 30 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
 IMPEL NEUROPHARMA, INC. 

 

			
	By:	 	 /s/ Jon Congleton

	Name:	 	Jon Congleton
	Title:	 	Chief Executive Officer

  
 [SIGNATURE PAGE TO IMPEL
NEUROPHARMA, INC. AMENDED AND RESTATED INVESTORS’ 
 RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
 INVESTOR: 

NORWEST VENTURE PARTNERS XIV, LP 
  

			
	By:	 	Genesis VC Partners XIV, LLC, its General Partner
		
	By:	 	NVP Associates, LLC, its Managing Member
		
	By:	 	 /s/ Robert Mittendorff, M.D.

	Name:	 	Robert Mittendorff, M.D.

  
 [SIGNATURE PAGE TO IMPEL
NEUROPHARMA, INC. AMENDED AND RESTATED INVESTORS’ 
 RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
 INVESTOR: 

KKR IRIS INVESTORS LLC 
  

			
	By:	 	 /s/ Ali J. Satvat

	Name:	 	Ali J. Satvat
	Title:	 	Vice President

  
 [SIGNATURE PAGE TO IMPEL
NEUROPHARMA, INC. AMENDED AND RESTATED INVESTORS’ 
 RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
 INVESTOR: 

VIVO CAPITAL FUND VIII, L.P. 
  

			
	By:	 	Vivo Capital VIII, LLC
		
	By:	 	 /s/ Albert Cha

	Name:	 	Albert Cha
	Title:	 	Managing Member

 VIVO CAPITAL SURPLUS FUND VIII, L.P. 
  

			
	By:	 	Vivo Capital VIII, LLC
		
	By:	 	 /s/ Albert Cha

	Name:	 	Albert Cha
	Title:	 	Managing Member

  
 [SIGNATURE PAGE TO IMPEL
NEUROPHARMA, INC. AMENDED AND RESTATED INVESTORS’ 
 RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
 INVESTOR: 

VENBIO GLOBAL STRATEGIC FUND II, L.P. 
  

			
	By:	 	venBio Global Strategic GP II, L.P., Its General Partner
		
	By:	 	venBio Global Strategic GP II, Ltd., Its General Partner
		
	By:	 	 /s/ Aaron Royston

	Name:	 	Aaron Royston
	Title:	 	Partner

  
 [SIGNATURE PAGE TO IMPEL
NEUROPHARMA, INC. AMENDED AND RESTATED INVESTORS’ 
 RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
 INVESTOR: 

5AM VENTURES V, L.P. 
  

			
	By: 5AM Partners V, LLC
	Its General Partner
		
	By:	 	 /s/ Andy Schwab

	Name:	 	Andrew J. Schwab
	Title:	 	Managing Member

  
 [SIGNATURE PAGE TO IMPEL
NEUROPHARMA, INC. AMENDED AND RESTATED INVESTORS’ 
 RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
 INVESTOR: 

3M COMPANY 
 (ON BEHALF OF AND FOR THE 

BENEFIT OF 3M NEW VENTURES) 
  

			
	By:	 	 /s/ Henry Chang

	Name:	 	Henry Chang
	Title:	 	Vice President, 3M Connect

  
 [SIGNATURE PAGE TO IMPEL
NEUROPHARMA, INC. AMENDED AND RESTATED INVESTORS’ 
 RIGHTS AGREEMENT] 

 SCHEDULE A 

List of Investors 
  

					
	 	 	 Name and Address of Investor
	 	 
		 	 KKR Iris Investors LLC
 c/o Kohlberg Kravis
Roberts & Co. L.P.
	 	
			
		 	Norwest Venture Partners XIV, LP	 	
			
		 	Vivo Capital Fund VIII, L.P.	 	
			
		 	 Vivo Capital Surplus Fund VIII, L.P.
  

venBio Global Strategic Fund II, L.P.
  

5AM Ventures V, L.P.
	 	
			
		 	Craig Harding	 	
			
		 	Equity Trust Company FBO Rachael Amber Caska IRA	 	
			
		 	Cowles Company	 	
			
		 	Two Daughters, LLC	 	

					
	 	 	 Name and Address of Investor
	 	 
		 	 Camargo Pharmaceutical Services, LLC
  

3M Company
	 	
			
		 	Robert W. Anderson	 	
			
		 	Atlas Incentive Pool LLC	 	
			
		 	Gregg Bennett	 	
			
		 	Franklin M. Berger	 	
			
		 	Ky Calder	 	
			
		 	Guillaume Cousineau-Bouffard	 	
			
		 	Cranford Associates	 	
			
		 	Michael Crill	 	
			
		 	Geoff Dahl	 	
			
		 	Adam Coleman Davis and Diane Davis	 	
			
		 	Adam Davis	 	

					
	 	 	 Name and Address of Investor
	 	 
		 	Lindsay Eberts	 	
			
		 	Patti Paxton Eberts	 	
			
		 	Entrust Group FBO Steven Smith IRA	 	
			
		 	Entrust Group FBO Serene Xie Smith IRA	 	
			
		 	H. Perry Fell	 	
			
		 	Fenwick & West LLP	 	
			
		 	Allan Ferrin	 	
			
		 	Richard Haiduck, Trustee, The Haiduck Family Trust	 	
			
		 	Michael Han	 	
			
		 	Michael Hite	 	
			
		 	John Hoekman	 	
			
		 	IRA Resources, Inc. f/b/o Richard W. Benster	 	

					
	 	 	 Name and Address of Investor
	 	 
		 	Jacquelyn and Jeremy Jaech	 	
			
		 	Jefferson, Donald and Beverly, Community Property	 	
			
		 	S. Allan Johnson	 	
			
		 	Jennifer L. Kapela	 	
			
		 	Maltese Investments LLC (Dan Rosen)	 	
			
		 	Eric Michelman	 	
			
		 	Steven Mitchell	 	
			
		 	Tal Moore	 	
			
		 	Harvey Motulsky	 	
			
		 	David Nilssen	 	
			
		 	Norton/Motulsky Trust	 	
			
		 	Allen C. Nunnally	 	

					
	 	 	 Name and Address of Investor
	 	 
		 	Pacific Northwest Diabetes Research Institute	 	
			
		 	Lawrence Park	 	
			
		 	Roy Park	 	
			
		 	H. Stewart Parker	 	
			
		 	The Phillips Living Trust dated January 27, 2004	 	
			
		 	Paige Searle and John May	 	
			
		 	Jerry Shields	 	
			
		 	Sandeep Singhal	 	
			
		 	SMI, Inc.	 	
			
		 	Mikal Thomsen	 	
			
		 	Heinn Tomfohrde	 	

					
	 	 	 Name and Address of Investor
	 	 
		 	Chris Trudeau	 	
			
		 	Andrew Ury	 	
			
		 	Dwight S. Whiting & Mary C.Whiting	 	
			
		 	Woodinville Partners, LLC	 	
			
		 	Daniel Yang and Janene Yang	 	
			
		 	PENSCO Trust Company, LLC,
FBO Alan M. Zarky IRA	 	
			
		 	Zino Annual Angel Investor Fund-2013, LLC	 	
			
		 	Zino Annual Angel Investor Fund-2014, LLCEX-4.3

 Exhibit 4.3 

THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE
SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN
OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS. 

THIS NOTE IS SUBJECT TO THE SUBORDINATION AGREEMENT, DATED FEBRUARY [•], 2021, BY AND BETWEEN THE CREDITOR (AS DEFINED THEREIN) AND AVENUE VENTURE
OPPORTUNITIES FUND, L.P. (AS THE SAME MAY BE AMENDED, MODIFIED AND RESTATED FROM TIME TO TIME, THE “SUBORDINATION AGREEMENT”). ANY ASSIGNMENT OF THIS NOTE SHALL BE SUBJECT TO THE SUBORDINATION AGREEMENT. IN THE EVENT OF ANY INCONSISTENCY
BETWEEN THIS NOTE AND THE SUBORDINATION AGREEMENT, THE TERMS OF THE SUBORDINATION AGREEMENT SHALL CONTROL. 
 IMPEL NEUROPHARMA,
INC. 
 SUBORDINATED UNSECURED CONVERTIBLE PROMISSORY NOTE 

 

			
	$[●]	  	Made as of March [●], 2021

 For value received, Impel NeuroPharma, Inc., a Delaware corporation (the “Company”), with principal
offices at 201 Elliott Ave W Suite 260, Seattle, WA 98119, hereby promises to pay to [●] or its registered assigns (“Holder”), the principal sum of [●] Dollars ($[●]) (the “Principal
Amount”), or such lesser amount as shall then equal the outstanding Principal Amount hereunder, together with Interest (as defined below) accrued thereon (together, the “Outstanding Amount”), from the date of
this Note until the Outstanding Amount is paid (or converted, as provided in Section 5 hereof). The Outstanding Amount shall be due and payable on the earlier of (a) the tenth calendar day following the Maturity Date
(as defined below) (the “Outside Date”) and (b) when such amounts are made automatically due and payable upon or after the occurrence of an Event of Default (as defined below), by check mailed to the address of the
Holder of this Note in lawful money of the United States or, if requested by the Holder, by wire transfer of immediately available funds to an account designated by Holder, unless this Note shall have been previously converted pursuant to
Section 5 hereof. 
 The following is a statement of the rights of Holder and the terms and conditions to which this Note is
subject, and to which Holder hereof, by the acceptance of this Note, agrees: 
 1. PURCHASE AGREEMENT. This Note
is one of a series of Notes issued pursuant to that certain Note Purchase Agreement dated as of the date hereof (the “Purchase Agreement”), by and among the Company, the original Holder of this Note, and certain other
investors, and is subject to the provisions thereof. 

 2. DEFINITIONS. The following definitions shall apply for all purposes
of this Note: 
 2.1 “Affiliate” means with respect to any specified person, any other person who, directly
or indirectly, controls, is controlled by, or is under common control with such person, including, without limitation, any general partner, managing member, officer, director or trustee of such person, or any venture capital fund, any other
investment fund, or registered investment company now or hereafter existing that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such
person. 
 2.2 “Change of Control” means: (a) the consummation of the acquisition of the Company by
another entity or merger or consolidation of the Company with or into another entity by means of any transaction or series of related transactions (except a transaction or series of transactions in which the holders of capital stock of the Company
immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the capital stock of the Company or the surviving or acquiring entity); or (b) the consummation of a sale, other transfer, or exclusive
license that constitutes the effective disposition of all or substantially all of the assets of the Company, including a sale or other transfer of all or substantially all of the assets of the Company’s subsidiaries, if such assets constitute
substantially all of the assets of the Company and such subsidiaries taken as a whole, provided, that, for clarity, a license that is exclusive as to a particular territory or market shall not be a Change of Control unless such license otherwise
constitutes an effective disposition of all or substantially all of the assets of the Company. 
 2.3 “Common
Stock” means the Company’s common stock, $0.001 par value per share. 
 2.4
“Conversion Price” means: 
 (a) if the conversion is in connection with a New
Financing under Section 5.1, then the Conversion Price shall be an amount equal to the product of (i) the per share selling price of shares of that stock issued in the New Financing and (ii) 0.90; 

(b) if the conversion is in connection with a QIPO under Section 5.2, then the Conversion Price shall be an amount
equal to the product of (i) the price per share to the public of shares of Common Stock sold in the QIPO and (ii) 0.90; 
 (c) if the
conversion is in connection with a DeSPAC Transaction under Section 5.2, then the Conversion Price shall be an amount equal to the product of (i) the price per share of the shares of capital stock of the DeSPAC Entity
issued in a private placement in conjunction with the DeSPAC Transaction and (ii) 0.90; or 
 (d) if the conversion is in connection with a
Change of Control under Section 5.3 or a Maturity Date Optional Conversion under Section 5.4, then the Conversion Price shall be an amount equal to the Series D Original Issue Price. 

The Conversion Price is subject to adjustment as provided in Section 6 herein. 

2.5 “Conversion Stock” means: 

(a) if there is a conversion under Section 5.1, the type of capital stock of the Company sold in the New Financing;

 (b) if there is a conversion under Section 5.2, the Common Stock; 

(c) if there is a conversion under Section 5.3 or Section 5.4, the Series D Preferred
Stock. 

  
 2 

 The number and character of shares of Conversion Stock are subject to adjustment as provided herein and the
term “Conversion Stock” shall include stock and other securities and property at any time receivable or issuable upon conversion of this Note in accordance with its terms. 

2.6 “DeSPAC Transaction” means, with respect to the Company, an acquisition by, consolidation
amalgamation, merger, reorganization or other business combination with or into, a special purpose acquisition company (the successor public company following any such business combination, the “DeSPAC Entity”)
that is publicly listed on a nationally recognized stock exchange in the United States. 
 2.7 “Interest”
means, until the Outstanding Amount is paid or converted, each as provided herein, simple interest at a per annum rate of five percent (5.0%). 

2.8 “Maturity Date” means the earlier of: (a) December 31, 2021 and (b) a Change of Control.

 2.9 “New Financing” means any sale by the Company of a new series of Preferred Stock in one transaction or
a series of related transactions after the date of this Note. 
 2.10 “Notes” means a series of
convertible promissory notes aggregating up to $7,500,000 in original principal amount issued under the Purchase Agreement, of which this Note is one, each such note containing substantially identical terms and conditions as this Note. 

2.11 “Preferred Stock” means the Company’s preferred stock, $0.001 par value per share. 

2.12 “QIPO” has the meaning assigned to a “Qualified Public Offering” in the Company’s Amended
and Restated Certificate of Incorporation. 
 2.13 “Series D Original Issue Price” means $0.709095. 

2.14 “Series D Preferred Stock” means the Company’s Series D Preferred Stock, $0.001 par value per share.

 3. EVENTS OF DEFAULT. An “Event of Default” will occur if any of the following happens: 

(a) the Company fails to make any payment when due hereunder (taking into account all cure and extension provisions or waivers); 

(b) the Company breaches any representation, warranty or covenant to the Holder under this Note or the Purchase Agreement in any material
respect, in each case that has not been cured within 20 days of written notice by the Holder; 
 (c) the Company shall (i) become
insolvent (as such term may be defined or interpreted under any applicable statute), (ii) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or (iii) adopt a plan of liquidation; 

  
 3 

 (d) an involuntary case or other proceedings seeking liquidation, reorganization or other
relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced or proceedings for the appointment of a receiver or trustee to take possession of the
property or assets of the Company, and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement; or 

(e) the Company or any of its subsidiaries shall default in any payment of principal or interest on any indebtedness for borrowed money beyond
the period of grace, if any, provided in the instrument or agreement under which such indebtedness was created. 
 Upon the occurrence of any Event of
Default, the Outstanding Amount shall (i) in the case of any Event of Default under Section 3(c), become immediately due and payable in full without further notice or demand by Holder and (ii) in the case of any Event of Default other
than under Section 3(c), become immediately due and payable upon written notice by or on behalf of the affected Holder(s) to the Company but only if such notice is given with the prior written consent of the Majority Holders. Notwithstanding
any other provision of this Note, or of the other Financing Documents, Holder agrees that Holder will exercise Holder’s rights and remedies under this Note and the other Financing Documents only in concert with all other holders of outstanding
Notes as provided in the Financing Documents and will not take any action, including commencement or prosecution of litigation or any other proceeding to collect this Note, except as agreed by the Majority Holders.. 

4. NO PREPAYMENT; APPLICATION OF PAYMENTS. 

4.1 No Prepayment. Except with regard to the conversion of this Note under Section 5, the Company may not pay any
Balance of this Note before it becomes due without the prior written consent of the Majority Holders. 
 4.2 Notes Pari Passu;
Application of Payments. Each of the Notes shall rank equally without preference or priority of any kind over one another, and all payments and recoveries under any other Financing Document payable on account of principal and interest on the
Notes shall be paid and applied ratably and proportionately on the Outstanding Amounts of all outstanding Notes on the basis of their original principal amount. Subject to Section 5 and the foregoing provisions of this
Section, all payments will be applied first to the repayment of accrued fees and expenses under this Note, then to accrued interest until all then outstanding accrued interest has been paid in full, and then to the repayment of Principal Amounts
until all Principal Amounts have been paid in full. If after all applications of such payments have been made as provided in this Section, then the remaining amount of such payment that are in either case in excess of the aggregate Outstanding
Amounts of all outstanding Notes, shall be returned to the Company. 
 5. CONVERSION. 

5.1 Optional Conversion in the New Financing. If, at any time prior to (a) the conversion of the Notes upon a Change
of Control pursuant to Section 5.3 hereof, (c) the conversion of the Notes upon the closing of the QIPO or DeSPAC Transaction pursuant to Section 5.2 hereof, or (d) the repayment of the
Outstanding Amount following the Maturity Date, the Company proposes to undertake a New Financing, then the Company shall give the Holder notice of the New Financing not less than fifteen business days prior to the closing of the New Financing (or
first closing in a series of closings that together with any prior closings qualifies as a New Financing) (the “Closing”). Following receipt of such notice, the Holder shall have the right to convert the Outstanding Amount
into the Conversion Stock at the Conversion Price upon the Holder’s delivery to the Company of its written election not less than five 

  
 4 

 
business days prior to the Closing, and in the event the Holder elects to convert the Outstanding Amount into the Conversion Stock at the Conversion Price in a New Financing, then the Holder of
this Note shall receive all of the contractual benefits and contractual rights to which any investor in the New Financing is entitled (the “Preferred Stock Rights”) upon (i) the delivery of the original Note to the
Company and (ii) the execution and delivery to the Company at the Closing of such stock purchase agreement, investors’ rights agreement, right of first refusal and co-sale agreement, voting agreement
and/or other agreements as are entered into by the investors in the New Financing, generally with respect to such Preferred Stock Rights. 

5.2 Automatic Conversion in the QIPO or DeSPAC Transaction. If at any time prior to (a) the conversion of the Notes
upon a Change of Control pursuant to Section 5.3 hereof, (b) the closing of the New Financing (or first closing in a series of closings that together with any prior closings qualifies as a New Financing) and the
election of the Holder to convert the Outstanding Amount into the Conversion Stock at the Conversion Price in a New Financing pursuant to Section 5.1 hereof or (c) the repayment of the Outstanding Amount following the
Maturity Date or otherwise, the Company effects a QIPO or a DeSPAC Transaction, then immediately prior to the closing of the QIPO or the DeSPAC Transaction, the Outstanding Amount shall automatically convert into shares of Conversion Stock at the
applicable Conversion Price. 
 5.3 Automatic Conversion in a Change of Control. If at any time prior to (a) the
conversion of the Notes pursuant to the closing of a QIPO or DeSPAC Transaction pursuant to Section 5.2 hereof, (b) the closing of the New Financing (or first closing in a series of closings that together with any
prior closings qualifies as a New Financing) and the election of the Holder to convert the Outstanding Amount into the Conversion Stock at the Conversion Price in a New Financing pursuant to Section 5.1 hereof or
(c) the repayment of the Outstanding Amount following the Maturity Date or otherwise, there is a Change of Control, then immediately prior to the closing of the Change of Control, the Outstanding Amount shall automatically convert into shares
of Conversion Stock at the Conversion Price. 
 5.4 Optional Maturity Date Conversion. At any time after the Maturity
Date and prior to the repayment by the Company of the Outstanding Amount following the Maturity Date, the Holder shall have the right to convert the Outstanding Amount into the Conversion Stock at the Conversion Price (a “Maturity Date
Optional Conversion”) upon the Holder’s delivery to the Company of its written election to so convert, together with the original Note for cancellation. 

5.5 Voting Agreement. Each Holder hereby agrees to vote all of its shares of Preferred Stock and Common Stock then
held by such Holder in favor of any amendment to the Company’s Amended and Restated Certificate of Incorporation as may be needed to create sufficient authorized shares of Conversion Stock to accommodate a conversion contemplated by
Section 5.3 or Section 5.4. 
 5.6 Issuance of Conversion Stock. As
soon as practicable after conversion of this Note, the Company at its expense will cause to be issued in the name of and delivered to the Holder, an electronic certificate or certificates for the number of shares of Conversion Stock to which the
Holder shall be entitled upon such conversion (bearing such legends as may be required by applicable state and federal securities laws in the opinion of legal counsel of the Company, by the Company’s Charter or Bylaws, or by any
agreement between the Company and the Holder), together with any other securities and property to which the Holder is entitled upon such conversion under the terms of this Note. Such conversion shall be deemed to have been made, (a) if made
under Section 5.1 above, on the date of the Closing of the New Financing and (b) if made under Section 5.2 above, immediately prior to the closing of the QIPO or DeSPAC Transaction. No
fractional shares will be issued upon conversion of this Note. If upon any conversion of this Note, a fraction of a share would otherwise result, then in lieu of such fractional share the Company will pay the cash value of that fractional share,
calculated on the basis of the applicable Conversion Price. 

  
 5 

 5.7 Termination of Rights. All rights with respect to this Note shall
terminate upon (a) payment in full of the Outstanding Amount or (b) the issuance of shares of the Conversion Stock upon conversion of this Note, whether or not this Note has been surrendered. Notwithstanding the foregoing, Holder agrees to
surrender this Note to the Company for cancellation as soon as is possible following conversion of this Note; provided, that, any failure to surrender this Note shall have no impact on the effectiveness of a conversion pursuant to
Sections 5.1 or 5.2. The Holder shall not be entitled to receive the stock certificate representing the shares of Conversion Stock to be issued upon conversion of this Note (or any property issuable in respect thereof) until the
original of this Note is surrendered to the Company or such other documentation as reasonably may be required by the Company in the event such original has been lost or destroyed (e.g., appropriate certifications, assurances, affidavits and the
like) and the agreements referenced in this Section 5 have been executed and delivered to the Company. 

5.8 No Voting or Other Rights. Except as expressly set forth herein, this Note does not by itself entitle the Holder to
any voting rights or other rights as a stockholder of the Company. In the absence of conversion of this Note, no provisions of this Note, and no enumeration herein of the rights or privileges of the Holder, shall cause the Holder to be a stockholder
of the Company for any purpose. 
 6. ADJUSTMENT PROVISIONS. The number and character of shares of Conversion Stock
issuable upon conversion of this Note (or any shares of stock or other securities or property at the time receivable or issuable upon conversion of this Note) and the Conversion Price therefor, are subject to adjustment upon occurrence of the
following events between the date this Note is issued and the date it is converted: 
 6.1 Adjustment for Dividends
and Distributions. In case the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution payable with respect to
the capital stock that is payable in (a) securities of the Company, or (b) assets (other than cash dividends paid or payable solely out of retained earnings), then, and in each such case, the Holder, upon conversion of this Note at any
time after the consummation, effective date or record date of such event, shall receive, in addition to the shares of Conversion Stock issuable upon such exercise prior to such date, the securities or such other assets of the Company to which the
Holder would have been entitled upon such date if the Holder had converted this Note immediately prior thereto (all subject to further adjustment as provided in this Note). 

6.2 Reorganization, Consolidation, Merger Other Than Change of Control. In case of any reorganization of the Company (or
of any other corporation the stock or other securities of which are at the time receivable on the conversion of this Note), after the date this Note, or in case, after such date, the Company (or any such corporation) shall consolidate with or merge
into another corporation, in each case in a transaction that does not constitute a Change of Control (a “Non-Change of Control Reorganization”), then the obligations of this Note will
continue to apply, and the successor or purchasing corporation in such Non-Change of Control Reorganization (if other than the Company) shall duly execute and deliver to the Holder a supplement hereto
acknowledging such corporation’s obligations under this Note; and in each such case, the terms of this Note shall be applicable to the shares of stock or other securities or property receivable upon the conversion of this Note after the
consummation of such Non-Change of Control Reorganization. 
 6.3 Notice of
Adjustments. The Company shall promptly give written notice of each adjustment or readjustment in the Conversion Price or in the number of shares of Conversion Stock. The notice shall describe the adjustment or readjustment and show in
reasonable detail the facts on which the adjustment or readjustment is based. 

  
 6 

 6.4 No Change Necessary. The form of this Note need not be changed
because of any adjustment in the Conversion Price or in the number of shares of Conversion Stock issuable upon its conversion. 
 7.
PROVISIONS RELATING TO STOCKHOLDERS RIGHTS. 
 7.1 “Market
Stand-Off” Agreement. Holder hereby agrees that Holder shall be bound by the market stand-off provisions contained in
Section 3.11 of the Rights Agreement. 
 7.2 No Voting or Other Rights. This Note does not entitle Holder to any
voting rights or other rights as a stockholder of the Company, unless and until (and only to the extent that) this Note is actually converted into shares of the Company’s capital stock in accordance with its terms. In the absence of conversion
of this Note into Conversion Stock, no provisions of this Note and no enumeration herein of the rights or privileges of Holder, shall cause Holder to be a stockholder of the Company for any purpose. 

8. GENERAL PROVISIONS. 

8.1 Transfer. Neither this Note nor any rights hereunder may be assigned, conveyed or transferred, in whole or in part,
without the Company’s prior written consent, which the Company may withhold in its sole discretion; provided, that, such prior written consent shall not be required for an assignment, conveyance or transfer, in whole or in part,
to an Affiliate of Holder. Any attempted assignment or transfer in violation of the foregoing is null and void. 
 8.2
Governing Law. This Note shall be governed by and construed accordance with the internal laws of Delaware (without reference to the conflicts of law provisions thereof). 

8.3 Counterparts. This Note may be executed in two or more counterparts, each of which shall be an original, but all of
which together shall constitute one and the same instrument. 
 8.4 Headings; Interpretation. In this Note,
(a) the meaning of defined terms shall be equally applicable to both the singular and plural forms of the terms defined, (b) the captions and headings are used only for convenience and are not to be considered in construing or interpreting
this Note and (c) the words “including,” “includes” and “include” shall be deemed to be followed by the words “without limitation.” All references in this Note to sections, paragraphs, exhibits and
schedules shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits and schedules attached hereto, all of which exhibits and schedules are incorporated herein by this reference. 

8.5 Notices. Unless otherwise provided herein, any and all notices required or permitted to be given to a party pursuant
to the provisions of this Note will be in writing and will be effective and deemed to provide such party sufficient notice under this Note on the earliest of the following: (a) at the time of personal delivery, if delivery is in person;
(b) at the time of transmission by facsimile, addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice to the parties hereto), with confirmation of receipt made by printed confirmation
sheet verifying successful transmission of the facsimile; (c) one (1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the
United States, with proof of delivery from the courier requested; or (d) three (3) business days after deposit in the United States mail by certified mail (return receipt requested) for United States deliveries. All notices for delivery
outside the United States will be sent by facsimile or by express courier. Notices by facsimile 

  
 7 

 
shall be machine verified as received. All notices not delivered personally or by facsimile will be sent with postage and/or other charges prepaid and properly addressed to the party to be
notified at the address or facsimile number as set forth in the Purchase Agreement. 
 8.6 Amendments and Waivers. This
Note and all other Notes issued under the Purchase Agreement may be amended and provisions may be waived by the Majority Holders and the Company as provided in Section 7.8 of the Purchase Agreement. Any amendment or waiver effected in
accordance with Section 7.8 of the Purchase Agreement shall be binding upon each holder of any Notes at the time outstanding, each future holder of the Notes and the Company. 

8.7 Severability. If any provision of this Note is determined by any court or arbitrator of competent jurisdiction to be
invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this
Note and the remainder of this Note shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Note. Notwithstanding the forgoing, if the value of this Note
based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to substitute such
provision(s) through good faith negotiations. 
 8.8 Entire Agreement. This Note, the Purchase Agreement and the
documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter hereof and supersede any and all prior negotiations, correspondence, agreements, understandings duties, or obligations,
whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof. 
 8.9 Further
Assurances. The parties agree to execute and deliver such instruments, documents or other writings and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Note. 

8.10 Attorneys’ Fees. In the event any party is required to engage the services of any attorneys for the purpose of
enforcing this Note, or any provisions thereof, the prevailing party shall be entitled to recover its reasonable expenses and costs in enforcing this Note, including reasonable attorneys’ fees. 

8.11 Replacement of Note. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Note (and in the case of loss, theft or destruction) upon certification of loss, theft or destruction and delivery of an indemnity agreement in an amount reasonably satisfactory to the Company, or (in the case of mutilation)
upon surrender and cancellation of this Note, the Company promptly will issue in lieu thereof a new Note of like tenor. 
 8.12
Terms Binding. By acceptance of this Note, the Holder accepts and agrees to be bound by all the terms and conditions of this Note. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

  
 8 

 IN WITNESS WHEREOF, the
parties hereto have executed this SUBORDINATED UNSECURED CONVERTIBLE PROMISSORY NOTE as of the date first written above. 

 

									
	HOLDER:	 		 	COMPANY:
			
	[●]	 		 	IMPEL NEUROPHARMA, INC.
					
	By:	 	  
	 		 	By:	 	              

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

					
	Address:	 	  
	 		 	Address:	 	  

					
		 	  
	 		 		 	  

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