Document:

Exhibit 4.14

 

FORM OF DEPOSIT AGREEMENT

 

This DEPOSIT AGREEMENT (“Deposit Agreement”)
is made and entered into as of [             ], 20[  ],
by and among Select Bancorp, Inc., a North Carolina corporation, [             ],
and all holders from time to time of Receipts (as hereinafter defined) issued hereunder.

 

WITNESSETH:

 

WHEREAS, it is desired to provide, as hereinafter
set forth in this Deposit Agreement, for the deposit of shares of Preferred Stock (as hereinafter defined) with the Depositary
(as hereinafter defined) for the purposes set forth in this Deposit Agreement and for the issuance hereunder of the Receipts evidencing
Depositary Shares (as hereinafter defined), on the date hereof representing a fractional interest in the deposited Preferred Stock;
and

 

WHEREAS, the Receipts are to be substantially
in the form as set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and
omissions, as hereinafter provided in this Deposit Agreement.

 

NOW, THEREFORE, in consideration of the premises
contained herein, it is agreed by and among the parties hereto as follows:

 

ARTICLE I 

DEFINITIONS

 

The following definitions shall apply to the
respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts:

 

“Articles of Incorporation”
shall mean the Articles of Incorporation of the Company, as amended and supplemented from time to time.

 

“Articles of Amendment” shall
mean the Articles of Amendment filed by the Company with the Secretary of State of the State of North Carolina designating shares
of preferred stock of the Company as Preferred Stock.

 

“Company” shall mean Select
Bancorp, Inc., a North Carolina corporation, and its successors.

 

“Corporate Office” shall
mean the corporate office of the Depositary at which at any particular time its business in respect of matters governed by this
Deposit Agreement shall be administered, which at the date of this Deposit Agreement is located at [             ].

 

“Depositary” shall mean [             ],
and any successor as depositary hereunder.

 

“Depositary Share” shall
mean a 1/[  ] fractional interest of a share of Preferred Stock deposited with the Depositary hereunder and the same
proportionate interest in any and all other property received by the Depositary in respect of such share of Preferred Stock and
held under this Deposit Agreement, all as evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit Agreement,
each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and privileges of the Preferred Stock
represented by such Depositary Share, including the dividend and distribution, voting, redemption, conversion and liquidation rights
contained in the Articles of Amendment. 

 

“Exchange Event” shall mean
with respect to any Global Registered Receipt:

 

(1) (A) the Global Receipt Depository which
is the holder of such Global Registered Receipt or Receipts notifies the Company that it is no longer willing or able to properly
discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the
Securities Exchange Act of 1934, as amended, and (B) the Company has not appointed a qualified successor Global Receipt Depository
within ninety (90) calendar days after the Company received such notice, or

 

(2) the Company in its sole discretion notifies
the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered
Receipts shall no longer be represented by such Global Receipt or Receipts.

 

    	 	 	 

     

    

 

“Global Receipt Depository”
shall mean, with respect to any Receipt issued hereunder, The Depository Trust Company (“DTC”) or such other entity
designated as Global Receipt Depository by the Company in or pursuant to this Deposit Agreement, which Person must be, to the extent
required by any applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended.

 

“Global Registered Receipts”
shall mean a global registered Receipt registered in the name of a nominee of DTC.

 

“Letter of Representations”
shall mean any applicable agreement among the Company, the Depositary and a Global Receipt Depository with respect to such Global
Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented,
restated or otherwise modified from time to time and any successor agreement thereto.

 

“Preferred Stock” shall mean
shares of the Company’s [description of preferred stock].

 

“Receipt” shall mean a Depositary
Receipt issued hereunder to evidence one or more Depositary Shares, whether in definitive or temporary form, substantially in the
form as set forth in Exhibit A hereto.

 

“record date” shall mean
the date fixed pursuant to Section 4.04.

 

“record holder” or “holder”
as applied to a Receipt shall mean the person in whose name a Receipt is registered on the books maintained by the Depositary for
such purpose.

 

“redemption date” shall mean
the date fixed for redemption of Preferred Stock and Depositary Shares contemplated in Section 2.03.  

 

“Registrar” shall mean [             ],
or any bank or trust company appointed to register ownership and transfers of Receipts or the deposited Preferred Stock, as the
case may be, as herein provided.

 

“Securities Act” shall mean
the Securities Act of 1933, as amended.

 

“Signature Guarantee” shall
have the meaning as set forth in Section 2.04.

 

“Special Damages” shall have
the meaning as set forth in Section 5.07.

 

“Transfer Agent” shall mean
[             ], or any bank or trust company appointed to transfer
the Receipts or the deposited Preferred Stock, as the case may be, as herein provided.

 

ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK,
EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 

SECTION 2.01. Form and Transferability
of Receipts. Definitive Receipts shall be engraved or printed or lithographed with steel-engraved borders and underlying
tint and shall be substantially in the form as set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided. Pending the preparation of definitive Receipts, the Depositary, upon the
written order of the Company, delivered in compliance with Section 2.02, shall execute and deliver temporary Receipts which may
be printed, lithographed, typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu
of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing
such Receipts may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Company and
the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive Receipts,
the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at the Corporate
Office or such other offices, if any, as the Depositary may designate, without charge to the holder. Upon surrender for cancellation
of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing
the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made
at the Company’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects
be entitled to the same benefits under this Deposit Agreement, and with respect to the Preferred Stock deposited, as definitive
Receipts.

 

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Receipts shall be executed by the Depositary
by the manual or facsimile signature of a duly authorized signatory of the Depositary, provided that if a Registrar (other than
the Depositary) shall have been appointed then such Receipts shall also be countersigned by manual signature of a duly authorized
signatory of such Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on its books
each Receipt executed as provided above and delivered as hereinafter provided.

 

Except as the Depositary may otherwise determine,
Receipts shall be in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their issuance.
 

 

Receipts may be endorsed with or have incorporated
in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be
required by the Company or required to comply with any applicable law or regulation or with the rules and regulations of any securities
exchange or interdealer quotation system upon which the Preferred Stock, the Depositary Shares or the Receipts may be listed or
quoted or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts are subject, in each case, as directed by the Company.

 

Title to any Receipt (and to the Depositary
Shares evidenced by such Receipt) that is properly endorsed or accompanied by a properly executed instrument of transfer or endorsement
shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until
a Receipt shall be transferred on the books of the Registrar, the Depositary may, notwithstanding any notice to the contrary, treat
the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to dividends
or other distributions, the exercise of any redemption or voting rights or to any notice provided for in this Deposit Agreement
and for all other purposes.

 

The Receipts may be issued in the form of one
or more Global Registered Receipts, in which case, the Depositary shall, in accordance with the other provisions of this Deposit
Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts, which (i) shall represent the aggregate
number of Depositary Shares to be represented by such Receipts, (ii) shall be registered in the name of the Global Receipt Depository
therefor or its nominee.

 

Notwithstanding any other provision of this
Deposit Agreement to the contrary, unless otherwise provided in the Global Registered Receipt, a Global Registered Receipt may
only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee
of such Global Receipt Depository, or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another
nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt
Depository for such Global Registered Receipt selected or approved by the Company or to a nominee of such successor Global Receipt
Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled
to receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor
any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect
to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be
treated by the Company, the Depositary and any director, officer, employee or agent of the Company or the Depositary as the holder
of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners
of the beneficial interests in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers
among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to
such participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment
or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Company and the
Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the applicable
Global Receipt Depository.

 

    	 	3	 

     

    

 

If an Exchange Event has occurred with respect
to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Company
for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall
execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate
principal amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt.

 

Definitive registered Receipts issued in exchange
for a Global Registered Receipt pursuant to this Section shall be registered in such names and in such authorized denominations
as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct
the Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose names such Receipts are so registered.

 

Notwithstanding anything to the contrary in
this Deposit Agreement, should the Company determine that the Receipts should be issued as a Global Registered Receipt, the parties
hereto shall comply with the terms of each Letter of Representations.

 

SECTION 2.02. Deposit of Preferred Stock;
Execution and Delivery of Receipts in Respect Thereof. Concurrently with the execution of this Deposit Agreement, the Company
is delivering to the Depositary a certificate or certificates, registered in the name of the Depositary and evidencing [             ]
shares of Preferred Stock, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer
or endorsement, in form satisfactory to the Depositary, together with (i) all such certifications as may be required by the Depositary
in accordance with the provisions of this Deposit Agreement and (ii) a written letter of instruction of the Company directing the
Depositary to execute and deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts
for the Depositary Shares representing such deposited Preferred Stock. The Depositary acknowledges receipt of the deposited Preferred
Stock and related documentation and agrees to hold such deposited Preferred Stock in an account to be established by the Depositary
at the Corporate Office or at such other office as the Depositary shall determine. The Company hereby appoints the Depositary as
the Registrar and Transfer Agent for the Preferred Stock deposited hereunder and the Depositary hereby accepts such appointment
and, as such, will reflect changes in the number of shares (including any fractional shares) of deposited Preferred Stock held
by it by notation, book-entry or other appropriate method. The Depositary also acknowledges that the Company may deposit additional
shares of Preferred Stock from time to time after the date hereof.

 

If required by the Depositary, Preferred Stock
presented for deposit by the Company at any time, whether or not the register of stockholders of the Company is closed, shall also
be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, that will provide for the prompt
transfer to the Depositary or its nominee of any distribution or right to subscribe for additional Preferred Stock or to receive
other property that any person in whose name the Preferred Stock is or has been registered may thereafter receive upon or in respect
of such deposited Preferred Stock, or in lieu thereof such agreement of indemnity or other agreement as shall be satisfactory to
the Depositary.

 

Upon receipt by the Depositary of a certificate
or certificates for Preferred Stock deposited hereunder, together with the other documents specified above, and upon registering
such Preferred Stock in the name of the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement,
shall execute and deliver to, or upon the order of, the person or persons named in the written order delivered to the Depositary
referred to in the first paragraph of this Section 2.02 a Receipt or Receipts for the number of whole Depositary Shares representing
the Preferred Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary
shall execute and deliver such Receipt or Receipts at the Corporate Office, except that, at the request, risk and expense of any
person requesting such delivery, such delivery may be made at such other place as may be designated by such person.  

 

Other than in the case of splits, combinations
or other reclassifications affecting the Preferred Stock, or in the case of distributions of Preferred Stock, if any, there shall
be deposited hereunder not more than the number of shares constituting the Preferred Stock as set forth in the Articles of Amendment,
as such may be amended.

 

    	 	4	 

     

    

 

The Company shall deliver to the Depositary
from time to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations
under this Deposit Agreement.

 

SECTION 2.03. Optional Redemption of Preferred
Stock for Cash. Whenever the Company shall elect to redeem shares of deposited Preferred Stock for cash in accordance with
the provisions of the Articles of Amendment, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary
not less than 30 days’ prior written notice of the date of such proposed redemption and of the number of such shares of Preferred
Stock held by the Depositary to be redeemed and the applicable redemption price, as set forth in the Articles of Amendment, including
the amount, if any, of accrued and unpaid dividends thereon to and including the date fixed for redemption. The Depositary shall
mail, first-class postage prepaid, notice of the redemption of Preferred Stock and the proposed simultaneous redemption of the
Depositary Shares representing the Preferred Stock to be redeemed, not less than 30 nor more than 60 days prior to the date fixed
for redemption of such Preferred Stock and Depositary Shares (the “redemption date”), to the record holders of the
Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as the same appear on the records
of the Depositary; provided that if the Depositary Shares are held in the form of Global Registered Receipts through the Global
Receipt Depositary, the Company may provide such notice of redemption in any manner permitted by such Global Receipt Depositary.
No failure to give such notice or any defect thereto or in the mailing thereof shall affect the sufficiency of notice or validity
of the proceedings for redemption except as to a holder to whom notice was defective or not given. A redemption notice which has
been mailed in the manner provided herein shall be conclusively presumed to have been duly given on the date mailed whether or
not the holder received the redemption notice. The Company shall provide the Depositary with such notice, and each such notice
shall state: the redemption date; the redemption price and accrued and unpaid dividends payable on the redemption date; the number
of shares of deposited Preferred Stock and Depositary Shares to be redeemed; if fewer than all the Depositary Shares held by any
holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; the place or places where
Receipts evidencing the Depositary Shares to be redeemed are to be surrendered for payment of the redemption price and accrued
and unpaid dividends payable on the redemption date; and that from and after the redemption date dividends in respect of the Preferred
Stock represented by the Depositary Shares to be redeemed will cease to accrue. If fewer than all of the outstanding Depositary
Shares are to be redeemed, the Depositary Shares to be redeemed shall be redeemed pro rata (as nearly as may be practicable without
creating fractional Depositary Shares) or by any other equitable method determined by the Company.  

 

In the event that notice of redemption has been
made as described in the immediately preceding paragraph and the Company shall then have paid or caused to be paid in full to the
Depositary the redemption price (determined pursuant to the Articles of Amendment) of the Preferred Stock deposited with the Depositary
to be redeemed (including any accrued and unpaid dividends to and including the redemption date), the Depositary shall redeem the
number of Depositary Shares representing such Preferred Stock so called for redemption by the Company and from and after the redemption
date (unless the Company shall have failed to pay for the shares of Preferred Stock to be redeemed by it as set forth in the Company’s
notice provided for in the preceding paragraph), all dividends in respect of the shares of Preferred Stock called for redemption
shall cease to accrue, the Depositary Shares called for redemption shall be deemed no longer to be outstanding and all rights of
the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price plus all accrued and
unpaid dividends to and including the redemption date) shall, to the extent of such Depositary Shares, cease and terminate. Upon
surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer,
if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed at a redemption price of $[ ] per
Depositary Share plus all accrued and unpaid dividends to and including the redemption date. The foregoing shall be further subject
to the terms and conditions of the Articles of Amendment. In the event of any conflict between the provisions of this Deposit Agreement
and the provisions of the Articles of Amendment, the provisions of the Articles of Amendment will govern and the Company will instruct
the Depositary accordingly.

 

If fewer than all of the Depositary Shares evidenced
by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt upon its surrender to the Depositary,
together with payment of the redemption price for and all other amounts payable in respect of the Depositary Shares called for
redemption, a new Receipt evidencing such holder’s Depositary Shares evidenced by such prior Receipt that are not called
for redemption.

 

The Company acknowledges that the bank accounts
maintained by the Depositary in connection with the performance of the services described herein will be in the name of the Depositary
and that the Depositary may receive investment earnings in connection with the investment at the Depositary’s risk and for
its benefit of funds held in those accounts from time to time.

 

    	 	5	 

     

    

 

SECTION 2.04. Registration of Transfers
of Receipts. The Company hereby appoints the Depositary as the Registrar and Transfer Agent for the Receipts and the Depositary
hereby accepts such appointment and, as such, the Depositary shall register on its books from time to time transfers of Receipts
upon any surrender thereof by the holder in person or by a duly authorized attorney, agent or representative, properly endorsed
or accompanied by a properly executed instrument of transfer or endorsement and including a guarantee of the signature thereon
by a participant in a signature guarantee medallion program approved by the Securities Transfer Association (a “Signature
Guarantee”), together with evidence of the payment of any transfer taxes as may be required by applicable law. Upon such
surrender, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled
thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.

 

SECTION 2.05. Combinations and Split-ups
of Receipts. Upon surrender of a Receipt or Receipts at the Corporate Office or such other office as the Depositary may
designate for the purpose of effecting a split up or combination of Receipts, subject to the terms and conditions of this Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing
the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered.

 

SECTION 2.06. Surrender of Receipts and
Withdrawal of Preferred Stock. Any holder of a Receipt or Receipts may withdraw any or all of the whole shares of deposited
Preferred Stock represented by the Depositary Shares evidenced by such Receipt or Receipts and all money and other property, if
any, represented by such Depositary Shares by surrendering such Receipt or Receipts at the Corporate Office or at such other office
as the Depositary may designate for such withdrawals. Fractional shares of Preferred Stock may not be withdrawn by any holder.
After such surrender, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated
by such holder as hereinafter provided, the number of whole shares of such Preferred Stock and all such money and other property,
if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal, but holders of
such whole shares of Preferred Stock will not thereafter be entitled to deposit such Preferred Stock hereunder or to receive Depositary
Shares therefor. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such withdrawal shall
evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of
deposited Preferred Stock to be withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of
Preferred Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject to Section 2.04)
upon his order, a new Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery of such Preferred Stock
and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title and other
instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied
by a properly executed instrument of transfer or endorsement.

 

If the deposited Preferred Stock and the money
and other property being withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts
being surrendered for withdrawal of Preferred Stock, such holder shall execute and deliver to the Depositary a written order so
directing the Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal
of such whole shares of Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer
or endorsement in blank with a Signature Guarantee.

 

The Depositary shall deliver the whole shares
of deposited Preferred Stock and the money and other property, if any, represented by the Depositary Shares evidenced by Receipts
surrendered for withdrawal at the Corporate Office, except that, at the request, risk and expense of the holder surrendering such
Receipt or Receipts and for the account of the holder thereof, such delivery may be made at such other place as may be designated
by such holder.

 

SECTION 2.07. Limitations on Execution
and Delivery, Transfer, Split-up, Combination. As a condition precedent to the execution and delivery, transfer, split-up,
combination, surrender or exchange of any Receipt, the Depositary or the Company may require any or all of the following: (i) payment
to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the
reimbursement to it) of any tax or other governmental charge with respect thereto (including any such tax or charge with respect
to the Preferred Stock being withdrawn); (ii) the production of proof satisfactory to it as to the identity and genuineness of
any signature (or the authority of any signature), including a Signature Guarantee; and (iii) compliance with such regulations,
if any, as the Depositary or the Company may establish consistent with the provisions of this Deposit Agreement and as may be required
by any securities exchange upon which the deposited Preferred Stock, the Depositary Shares or the Receipts may be included for
quotation or listed.  

 

    	 	6	 

     

    

 

The transfer of Receipts may be refused, and
the transfer, split-up, combination, surrender, exchange or redemption of outstanding Receipts may be suspended (i) during any
period when the register of stockholders of the Company is closed or (ii) if any such action is deemed reasonably necessary or
advisable by the Depositary or the Company at any time or from time to time because of any requirement of applicable law or of
any government or governmental body or commission, or under any provision of this Deposit Agreement.

 

SECTION 2.08. Lost Receipts,
etc. In case any Receipt shall be mutilated or destroyed or lost or stolen, the Depositary in its discretion may execute
and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated Receipt or in lieu of and in substitution
for such destroyed, lost or stolen Receipt, provided that the holder thereof provides the Depositary with (i) evidence reasonably
satisfactory to the Depositary of such destruction, loss or theft of such Receipt, of the authenticity thereof and of his ownership
thereof and (ii) reasonable indemnification and the provision of an open penalty surety bond, in each case, satisfactory to the
Depositary and the Company and holding the Depositary and the Company harmless.

 

SECTION 2.09. Cancellation
and Destruction of Surrendered Receipts. All Receipts surrendered to the Depositary shall be cancelled by the Depositary.
Except as prohibited by applicable law or regulation, the Depositary is authorized to destroy such Receipts so cancelled.

 

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS
AND THE COMPANY

 

SECTION 3.01. Filing Proofs, Certificates
and Other Information. Any holder of a Receipt may be required from time to time to file such proof of residence or other
information and to execute such certificates as the Depositary or the Company may reasonably deem necessary or proper. The Depositary
or the Company may withhold or delay the delivery of any Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal
of the deposited Preferred Stock represented by the Depositary Shares evidenced by any Receipt, the distribution of any distribution
or the sale of any rights or of the proceeds thereof, until such proof or other information is filed or such certificates are executed.

 

SECTION 3.02. Payment of Fees and Expenses.
Holders of Receipts shall be obligated to make payments to the Depositary of certain fees and expenses, as provided in Section
5.08, or provide evidence reasonably satisfactory to the Depositary that such fees and expenses have been paid. Until such payment
is made, transfer of any Receipt or any withdrawal of the Preferred Stock or money or other property, if any, represented by the
Depositary Shares evidenced by such Receipt may be refused, any distribution may be withheld, and any part or all of the Preferred
Stock or other property represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder
thereof (after attempting by reasonable means to notify such holder a reasonable number of days prior to such sale). Any distribution
so withheld and the proceeds of any such sale may be applied to any payment of such fees or expenses, the holder of such Receipt
remaining liable for any deficiency.  

 

SECTION 3.03. Representations and Warranties
as to Preferred Stock. In the case of the initial deposit of the Preferred Stock hereunder, the Company shall be deemed
thereby to represent and warrant that the Preferred Stock and each certificate therefor are valid and that such deposit has been
duly authorized. The Company hereby further represents and warrants that such Preferred Stock is validly issued, fully paid and
non-assessable. Such representations and warranties shall survive the deposit of the Preferred Stock and the issuance of Receipts.

 

SECTION 3.04. Representation and Warranty
as to Receipts and Depositary Shares. The Company hereby represents and warrants that the Receipts, when issued, will evidence
legal and valid interests in the Depositary Shares and each Depositary Share will represent a legal and valid fractional interest
in a share of deposited Preferred Stock represented by such Depositary Share. Such representation and warranty shall survive the
deposit of the Preferred Stock and the issuance of Receipts evidencing the Depositary Shares.

 

    	 	7	 

     

    

 

ARTICLE IV

THE PREFERRED STOCK; NOTICES

 

SECTION 4.01. Dividends and Other Cash
Distributions. Whenever the Depositary shall receive any dividend or other cash distributions on the deposited Preferred
Stock, including any cash received upon redemption of any shares of Preferred Stock pursuant to Section 2.03, the Depositary shall,
subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such amounts
of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts
held by such holders; provided, however, that, in case the Company or the Depositary shall be required by law to withhold and shall
withhold from any cash distribution in respect of the Preferred Stock an amount on account of taxes or as otherwise required by
law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall
be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount,
however, as can be distributed without attributing to any holder of Receipts a fraction of one cent, and any balance not so distributable
shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next
sum received by the Depositary for distribution to record holders of Receipts then outstanding.

 

SECTION 4.02. Distributions Other Than
Cash. Whenever the Depositary shall receive any distribution other than cash on the deposited Preferred Stock, the Depositary
shall, subject to Section 3.02, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.04 such
amounts of the securities or other property received by it as are, as nearly as practicable, in proportion to the respective numbers
of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may deem
equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary after consultation with the
Company, such distribution cannot be made proportionately among such record holders, or if for any other reason (including any
requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation
with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method
as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private
sale) of the securities or other property thus received, or any part thereof, at such place or places and upon such terms as the
Depositary may deem proper. The net proceeds of any such sale shall, subject to Section 3.02, be distributed or made available
for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.01 in the case of
a distribution received in cash. The Depositary shall not be obligated hereunder to make any distribution of such securities to
the holders of Receipts unless the Company shall have provided to the Depositary, upon request of the Depositary, an opinion of
counsel stating that such securities have been registered under the Securities Act or do not need to be registered thereunder in
order to be freely transferable.  

 

SECTION 4.03. Subscription Rights, Preferences
or Privileges. If the Company shall at any time offer or cause to be offered with respect to the deposited Preferred Stock
any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of
any other nature, the offering of such rights, preferences or privileges shall in each such instance be communicated to the Depositary
and thereafter made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct
(including by the issue to such record holders of warrants representing such rights, preferences or privileges); provided, however,
that (a) if at the time of issue or offer of any such rights, preferences or privileges the Company determines upon advice of its
legal counsel that it is not lawful or feasible to make such rights, preferences or privileges available to the holders of Receipts
(by the issue of warrants or otherwise) or (b) if and to the extent instructed by holders of Receipts who do not desire to exercise
such rights, preferences or privileges, the Depositary shall then, if so instructed by the Company, and if applicable laws or the
terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders at public
or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject
to Section 3.01 and Section 3.02, be distributed by the Depositary to the record holders of Receipts entitled thereto as provided
by Section 4.01 in the case of a distribution received in cash. The Depositary shall not be obligated hereunder to make any distribution
of such rights, preferences or privileges, unless the Company shall have provided to the Depositary, upon request of the Depositary,
an opinion of counsel stating that such rights, preferences or privileges have been registered under the Securities Act or do not
need to be registered thereunder in order to be freely transferable.

 

    	 	8	 

     

    

 

SECTION 4.04. Notice of Distributions;
Fixing of Record Date for Holders of Receipts. Whenever any dividend or other cash distributions shall become payable,
any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect
to the deposited Preferred Stock, or whenever the Depositary shall receive notice of (i) any meeting at which holders of such Preferred
Stock are entitled to vote or of which holders of such Preferred Stock are entitled to notice or (ii) any election on the part
of the Company to redeem any shares of such Preferred Stock, the Depositary shall in each such instance fix a record date (which
shall be the same date as the record date, if any, fixed by the Company with respect to the Preferred Stock) for the determination
of the holders of Receipts (a) who shall be entitled to receive such dividend, distribution, rights, preferences or privileges
or the net proceeds of the sale thereof, (b) who shall be entitled to give instructions for the exercise of voting rights at any
such meeting or to receive notice of such meeting or (c) whose Depositary Shares are to be so redeemed.

 

SECTION 4.05. Voting Rights. Upon
receipt of notice of any meeting at which the holders of deposited Preferred Stock are entitled to vote, the Depositary shall,
as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and
which shall contain (i) such information as is contained in such notice of meeting, (ii) a statement that the holders of Receipts
at the close of business on a specified record date fixed pursuant to Section 4.04 will be entitled, subject to any applicable
provision of law, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Preferred Stock
represented by their respective Depositary Shares and (iii) a brief statement as to the manner in which such instructions may be
given. Upon the written request of a holder of a Receipt on such record date, the Depositary shall vote or cause to be voted the
amount of Preferred Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the instructions set
forth in such request. To the extent any such instructions request the voting of a fractional interest of a share of deposited
Preferred Stock, the Depositary shall aggregate such interest with all other fractional interests resulting from requests with
the same voting instructions and shall vote the number of whole votes resulting from such aggregation in accordance with the instructions
received in such requests. The Company hereby agrees to take all reasonable action that may be reasonably deemed necessary by the
Depositary in order to enable the Depositary to vote such Preferred Stock or cause such Preferred Stock to be voted. In the absence
of specific instructions from the holder of a Receipt, the Depositary will abstain from voting to the extent of the Preferred Stock
represented by the Depositary Shares evidenced by such Receipt. The Depositary shall not be required or allowed to exercise discretion
in voting any Preferred Stock represented by the Depositary Shares evidenced by such Receipt.  

 

SECTION 4.06. Changes Affecting Preferred
Stock; Reclassifications, Recapitalizations, etc. Upon any change in par or stated value, split-up, combination or any
other reclassification of Preferred Stock, or upon any recapitalization, reorganization, merger, amalgamation or consolidation
affecting the Company or to which the Company is a party, or upon the sale of all or substantially all of the Company’s assets,
the Depositary shall, upon the instructions of the Company, (i) make such adjustments in (a) the fraction of an interest represented
by one Depositary Share in one share of Preferred Stock and (b) the ratio of the redemption price per Depositary Share to the redemption
price of a share of Preferred Stock, in each case as may be required by or as is consistent with the provisions of the Articles
of Amendment to fully reflect the effects of such change in liquidation preference, split-up, combination or other reclassification
of stock, or of such recapitalization, reorganization, merger, amalgamation, consolidation, or of such sale and (ii) treat any
shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or upon
conversion of or in respect of the Preferred Stock as new deposited property under this Deposit Agreement, and Receipts then outstanding
shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange
for or upon conversion of or in respect of such Preferred Stock. In any such case the Depositary may, in its discretion, with the
approval of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to
be exchanged for new Receipts specifically describing such new deposited property. Anything to the contrary herein notwithstanding,
holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up,
combination or other reclassification of the Preferred Stock, or any such recapitalization, reorganization, merger, amalgamation
or consolidation, or any such sale of substantially all the assets of the Company to surrender such Receipts to the Depositary
with instructions to convert, exchange or surrender the Preferred Stock represented thereby only into or for, as the case may be,
the kind and amount of shares of stock and other securities and property and cash into which the deposited Preferred Stock evidenced
by such Receipts might have been converted or for which such Preferred Stock might have been exchanged or surrendered immediately
prior to the effective date of such transaction, subject to any subsequent change in par or stated value, split-up, combination
or other reclassification or any subsequent recapitalization, reorganization, merger, amalgamation or consolidation or sale of
substantially all the assets. The Company shall cause effective provision to be made in the charter of the resulting or surviving
corporation (if other than the Company) for protection of such rights as may be applicable upon exchange of the deposited Preferred
Stock for securities or property or cash of the surviving corporation in connection with the transactions set forth above. The
Company shall cause any such surviving corporation (if other than the Company) expressly to assume the obligations of the Company
hereunder.  

 

    	 	9	 

     

    

 

SECTION 4.07. Inspection of Reports.
The Depositary shall make available for inspection by holders of Receipts at the Corporate Office and at such other places as the
Depositary may from time to time deem advisable during normal business hours any reports and communications received from the Company
that are both received by the Depositary as the holder of the deposited Preferred Stock and made generally available to the holders
of the Preferred Stock. In addition, the Depositary shall transmit certain notices and reports to the holders of Receipts as provided
in Section 5.05.

 

SECTION 4.08. Lists of Receipt Holders.
Promptly upon reasonable request from time to time by the Company, the Depositary shall furnish to the Company a list, as of a
recent date specified by the Company, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts
are registered on the books of the Depositary.

 

SECTION 4.09. Withholding. Notwithstanding
any other provision of this Deposit Agreement to the contrary, in the event that the Depositary determines that any distribution
in property is subject to any tax which the Depositary is obligated by applicable law to withhold, the Depositary may dispose of
all or a portion of such property in such amounts and in such manner as the Depositary reasonably deems necessary and practicable
to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance
of any such property after deduction of such taxes to the holders of Receipts entitled thereto in proportion to the number of Depositary
Shares held by them, respectively; provided, however, that in the event the Depositary determines that such distribution of property
is subject to withholding tax only with respect to some but not all holders of Receipts, the Depositary will use its best efforts
(i) to sell only that portion of such property distributable to such holders that is required to generate sufficient proceeds to
pay such withholding tax and (ii) to effect any such sale in such a manner so as to avoid affecting the rights of any other holders
of Receipts to receive such distribution in property.

 

ARTICLE V 

THE DEPOSITARY AND THE COMPANY

 

SECTION 5.01. Maintenance of Offices,
Agencies and Transfer Books by the Registrar. The Depositary shall maintain at the Corporate Office facilities for the
execution and delivery, transfer, surrender and exchange, split-up, combination and redemption of Receipts and the withdrawal of
Preferred Stock.

 

The Depositary shall keep books at the Corporate
Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection by the record
holders of Receipts as provided by applicable law. The Depositary may close such books, at any time or from time to time, when
deemed expedient by it in connection with the performance of its duties hereunder. The Depositary may maintain such books in customary
electronic form.  

 

If the Receipts or the Depositary Shares evidenced
thereby or the Preferred Stock represented by such Depositary Shares shall be listed on the Nasdaq Global Market or any other stock
exchange, or quoted on any interdealer quotation system, the Depositary will, at the request and expense of the Company, arrange
such facilities for the delivery, transfer, surrender, redemption and exchange of such Receipts, such Depositary Shares or such
Preferred Stock as maybe required by applicable law or applicable stock exchange or quotation system regulations.

 

SECTION 5.02. Prevention or Delay in Performance
by the Depositary or the Company. Neither the Depositary nor the Company shall incur any liability to any holder of any
Receipt, if by reason of any provision of any present or future law or regulation thereunder of the United States of America or
of any other governmental authority or, in the case of the Depositary or the Registrar, by reason of any provision, present or
future, of the Articles of Incorporation or the Articles of Amendment or, by reason of any act of God or war or other circumstance
beyond the control of the relevant party, the Depositary, or the Company shall be prevented or forbidden from doing or performing
any act or thing that the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, the Registrar
or the Company incur any liability to any holder of a Receipt by reason of any nonperformance or delay, caused as aforesaid, in
the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or by reason
of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement.

 

    	 	10	 

     

    

 

SECTION 5.03. Obligations of the Depositary
and the Company. The Depositary shall at all times act in good faith and shall use its best efforts within reasonable time
limits to insure the accuracy of all services performed pursuant to this Deposit Agreement. The Company assumes no obligation and
shall not be subject to any liability under this Deposit Agreement or any Receipt to holders of Receipts other than from acts or
omissions arising out of conduct constituting bad faith, gross negligence or willful misconduct in the performance of such duties
as are specifically set forth in this Deposit Agreement.

 

The Company shall not be under any obligation
to appear in, prosecute or defend any action, suit or other proceeding with respect to the deposited Preferred Stock, Depositary
Shares or Receipts that in its reasonable opinion may involve it in expense or liability, unless indemnity reasonably satisfactory
to it against all expense and liability be furnished as often as may be required.

 

The Company shall not be liable for any action
or any failure to act by it in reliance upon the advice of legal counsel or accountants, or information provided by any holder
of a Receipt or any other person believed by it in good faith to be competent to give such advice or information. The Company may
rely and shall be protected in acting upon any written notice, request, direction or other document believed by it in good faith
to be genuine and to have been signed or presented by the proper party or parties.

 

In the event the Depositary shall receive conflicting
claims, requests or instructions from any holders of Receipts, on the one hand, and the Company, on the other hand, the Depositary
shall be entitled to act on such claims, requests or instructions received from the Company, and shall be entitled to the full
indemnification set forth in Section 5.06 hereof in connection with any action so taken.

 

The Depositary shall not be responsible for
any failure to carry out any instruction to vote any of the deposited Preferred Stock or for the manner or effect of any such vote
made, as long as any such action or non-action is in good faith and does not result from gross negligence or willful misconduct
of the Depositary. The Depositary undertakes to perform such duties and only such duties as are specifically set forth in this
Deposit Agreement, and no implied covenants, obligations or liabilities shall be read into this Deposit Agreement against the Depositary.
 

 

The Depositary, its parent, affiliate, or subsidiaries,
may own, buy, sell or deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares or
become pecuniarily interested in any transaction in which the Company or its affiliates may be interested or contract with or lend
money to or otherwise act as fully or as freely as if it were not the Depositary hereunder. If so appointed, the Depositary may
also act as transfer agent or registrar of any of the securities of the Company and its affiliates, or act in any other capacity
for the Company or its affiliates.

 

It is intended that the Depositary shall not
be deemed to be an “issuer” of the securities under the federal securities laws or applicable state securities laws,
it being expressly understood and agreed that the Depositary is acting only in a ministerial capacity as Depositary for the deposited
Preferred Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements
applicable to it under law or this Deposit Agreement in its capacity as Depositary.

 

The Depositary makes no representation and has
no responsibility as to the validity of the registration statement pursuant to which the Depositary Shares are registered under
the Securities Act, the deposited Preferred Stock, the Depositary Shares, the Receipts (except its countersignature thereon) or
any instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however,
that the Depositary is responsible for its representations in this Deposit Agreement.

 

The Company represents that it has registered
the deposited Preferred Stock and the Depositary Shares for sale in accordance with applicable securities laws.

 

SECTION 5.04. Resignation and Removal
of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by
notice of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary
and its acceptance of such appointment as hereinafter provided.

 

    	 	11	 

     

    

 

The Depositary may at any time be removed by
the Company by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided.

 

In case at any time the Depositary acting hereunder
shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as the
case may be, appoint a successor depositary, which shall be a bank or trust company having its principal office in the United States
of America and having a combined capital and surplus of at least $50,000,000. If a successor depositary shall not have been appointed
in 60 days, the resigning Depositary may, at the expense of the Company, petition a court of competent jurisdiction to appoint
a successor depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument
in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall
become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary
under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company,
shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder,
and shall duly assign, transfer and deliver all rights, title and interest in the deposited Preferred Stock and any moneys or property
held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts.
Any successor depositary shall promptly mail notice of its appointment to the record holders of Receipts.  

 

Any corporation or other legal entity into or
with which the Depositary may be merged, consolidated or converted shall be the successor of such Depositary without the execution
or filing of any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor
depositary or in the name of the successor depositary.

 

SECTION 5.05. Notices, Reports and Documents.
The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof transmit to
the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies of all notices and
reports (including financial statements) required by law, by the rules of any national securities exchange or interdealer quotation
system upon which the Preferred Stock, the Depositary Shares or the Receipts are listed or quoted or by the Articles of Incorporation
and the Articles of Amendment to be furnished by the Company to holders of the deposited Preferred Stock and, if requested by the
holder of any Receipt, a copy of this Deposit Agreement, the form of Receipt, the Articles of Amendment and the form of Preferred
Stock. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of
copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the record holders
of Receipts at the Company’s expense such other documents as may be requested by the Company.

 

SECTION 5.06. Indemnification by the Company.
The Company agrees to indemnify the Depositary against, and hold it harmless from, any claim, action, suit, penalty, liability,
costs and expenses (including reasonable attorneys’ fees) of any kind and nature whatsoever that may arise out of, or in
connection with, its acting as Depositary under this Deposit Agreement and the Receipts, except for any liability to the extent
arising out of the willful misconduct, gross negligence, or bad faith on the part of the Depositary. The obligations of the Company
set forth in this Section 5.06 shall survive any succession of any Depositary or termination of this Deposit Agreement.

 

SECTION 5.07. Damages. The Depositary
shall not be liable for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not
limited to, loss of anticipated profits (collectively, “Special Damages”), occasioned by breach of any provision of
this Deposit Agreement by the Depositary even if apprised of the possibility of such damages. The Company shall not be liable to
the Depositary for Special Damages occasioned by breach of any provision of this Deposit Agreement by the Company even if apprised
of the possibility of such damages.

 

    	 	12	 

     

    

 

SECTION 5.08. Fees, Charges and Expenses.
No charges and expenses of the Depositary hereunder shall be payable by any person, except as provided in this Section 5.08. The
Company shall pay all transfer and other taxes and governmental charges arising solely from the existence of this Deposit Agreement.
The Company shall also pay all fees and expenses of the Depositary in connection with the initial deposit of the Preferred Stock
and the initial issuance of the Depositary Shares evidenced by the Receipts, any redemption of the Preferred Stock at the option
of the Company and all withdrawals of the Preferred Stock by holders of Receipts. If a holder of Receipts requests the Depositary
to perform duties not required under this Deposit Agreement, the Depositary shall notify the holder of the expected cost of the
performance of such duties prior to the performance thereof. Upon approval of such cost by such holder, such holder will thereafter
be liable for the charges and expenses related to such performance. All other fees and expenses of the Depositary hereunder (including,
in each case, fees and expenses of counsel) incident to the performance of its obligations hereunder will be promptly paid by the
Company. The Depositary shall present its statement for fees and expenses to the Company every month or at such other intervals
as the Company and the Depositary may agree.  

 

SECTION 5.09. Additional Depositary Rights
and Duties. The Depositary shall:

 

		(a)	have
no duties or obligations other than those specifically set forth herein. The Depositary shall not be liable for any improper payment
made in accordance with the information provided by the Company;

 

		(b)	not
be obligated to take any legal action hereunder that might, in its judgment, involve any expense or liability, unless it has been
furnished with reasonable indemnity by the Company;

 

		(c)	be
able to rely on and shall be protected in acting on the written or oral instructions with respect to any matter relating to its
actions as Depositary specifically covered by this Deposit Agreement, of any officer of the Company authorized to give instructions;

 

		(d)	be
able to rely on and shall be protected in acting upon any certificate, instrument, opinion, notice, letter, or any other document
or security delivered to it and believed by it reasonably and in good faith to be genuine and to have been signed by the proper
party or parties;

 

		(e)	not
be responsible for or liable in any respect on account of the identity, authority or rights of any person executing or delivering
or purporting to execute or deliver any document or property under this Deposit Agreement, and shall have no responsibility with
respect to the use or application of any property delivered by it pursuant to the provisions hereof;

 

		(f)	be
able to consult with counsel satisfactory to it (including counsel for the Company) and the advice or opinion of such counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in
good faith and in accordance with advice or opinion of such counsel;

 

		(g)	not
be liable for anything which it may do or refrain from doing in connection with this Deposit Agreement except for its own gross
negligence, willful misconduct or bad faith;

 

		(h)	not
be bound by any notice or demand, or any waiver or modification of this Deposit Agreement or any of the terms hereof, unless evidenced
by a writing delivered to the Depositary signed by the proper authority or authorities;

 

		(i)	have
no duty to enforce any obligation of any person to make delivery, or to direct or cause any delivery to be made, or to enforce
any obligation of any person to perform any other act; and

 

		(j)	have
the right to assume, in the absence of written notice to the contrary from the proper person or persons, that a fact or an event
by reason of which an action would or might be taken by the Depositary does not exist or has not occurred without incurring liability
for any action taken or omitted, or any action suffered by the Depositary to be taken or omitted, in good faith or in the exercise
of the Depositary’s best judgment, in reliance upon such assumption.

 

    	 	13	 

     

    

 

ARTICLE VI

AMENDMENT AND TERMINATION

 

SECTION 6.01. Amendment. The form
of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary in any respect that they may deem necessary or desirable; provided, however, that no such amendment
(other than any change in the fees of the Depositary that are payable by the Company) which (i) shall materially and adversely
alter any substantial existing right of the holders of Receipts or (ii) would be materially and adversely inconsistent with the
rights granted to the holders of the Preferred Stock pursuant to the Articles of Amendment shall be effective unless such amendment
shall have been approved by the holders of Receipts evidencing at least a majority of the Depositary Shares then outstanding. In
no event shall any amendment impair the right, subject to the provisions of Section 2.06 and Section 2.07 and Article III, of any
holder of any Depositary Shares to surrender the Receipt evidencing such Depositary Shares with instructions to the Depositary
to deliver to the holder the whole shares of the deposited Preferred Stock and all money and other property if any, represented
thereby, except in order to comply with mandatory provisions of applicable law. Every holder of an outstanding Receipt at the time
any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such amendment
and to be bound by this Deposit Agreement as amended thereby.

 

SECTION 6.02. Termination. This
Deposit Agreement may be terminated by the Company upon not less than 30 days’ prior written notice to the Depositary, whereupon
the Depositary shall deliver or make available to each holder of a Receipt, upon surrender of the Receipt held by such holder,
such number of whole or fractional shares of deposited Preferred Stock as are represented by the Depositary Shares evidenced by
such Receipt, together with any other property held by the Depositary in respect of such Receipt. This Deposit Agreement will automatically
terminate if (i) all outstanding Depositary Shares shall have been (A) redeemed pursuant to Section 2.03 and/or (B) surrendered
in connection with withdrawal of Preferred Stock pursuant to Section 2.06, or (ii) there shall have been made a final distribution
in respect of the deposited Preferred Stock in connection with any liquidation, dissolution or winding up of the Company and such
distribution shall have been distributed to the holders of Receipts entitled thereto.

 

Upon the termination of this Deposit Agreement,
(i) the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary
under Section 5.06 and Section 5.08 and (ii) the Depositary shall be discharged from all obligations under this Deposit Agreement. 

 

ARTICLE VII

MISCELLANEOUS

 

SECTION 7.01. Counterparts. This
Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each
of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall
constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by facsimile
shall be effective as delivery of a manually executed counterpart of this Deposit Agreement.

 

SECTION 7.02. Exclusive Benefits of Parties.
This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall
not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

 

SECTION 7.03. Invalidity of Provisions.
In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein
shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.04. Notices. Unless
otherwise expressly provided herein, all notices, requests, demands and other communications hereunder or under the Receipts shall
be in writing, shall be delivered by hand or by First Class Mail, postage prepaid, shall be deemed given when received and shall
be addressed to the Depositary and the Company at the respective addresses listed below or to such other addresses as they shall
designate from time to time in writing, forwarded in like manner.

 

    	 	14	 

     

    

 

If to the Depositary, to:

 

[ ]

 

If to the Company, to:

 

Select Bancorp, Inc.

700 West Cumberland Street

Dunn, North Carolina 28334

Attention: [             ]

 

Any notices given to any record holder of a
Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered
or sent by First Class mail, postage prepaid, addressed to such record holder at the address of such record holder as it appears
on the books of the Depositary or, if such holder shall have filed with the Depositary in a timely manner a written request that
notices intended for such holder he mailed to some other address, at the address designated in such request.

 

SECTION 7.05. Holders of Receipts Are
Parties. The holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement amid shall be
bound by all of the terms and conditions hereof and of the Receipts by acceptance of delivery thereof.  

 

SECTION 7.06. Governing Law. This
Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed
by, and construed in accordance with, the internal laws of the State of [             ],
without regard to its conflicts of law provisions.

 

SECTION 7.07. Inspection of Deposit Agreement
and Articles of Amendment. Copies of this Deposit Agreement and the Articles of Amendment shall be filed with the Depositary
and shall be open to inspection during business hours at the Corporate Office by any holder of any Receipt.

 

SECTION 7.08. Headings. The headings
of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted
for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts.

 

IN WITNESS WHEREOF, the Company and the Depositary
have caused this Deposit Agreement to be duly executed on their behalf as of the day and year first above set forth and all holders
of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms
hereof.

 

[Signatures on following page]

 

    	 	15	 

     

    

 

	 	SELECT BANCORP, INC.

 

	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	[             ], as Depositary

 

	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature Page to Deposit Agreement]

 

    	 	 	 

     

    

 

EXHIBIT A

 

[FORM OF FACE OF RECEIPT]

DEPOSITARY SHARES

DR __________

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES EACH

REPRESENTING 1/_________ OF ONE SHARE OF

[DESCRIPTION OF PREFERRED STOCK],

OF

SELECT BANCORP, INC.

INCORPORATED UNDER THE LAWS OF THE STATE OF
NORTH CAROLINA

CUSIP _____________

SEE REVERSE FOR CERTAIN DEFINITIONS

 

[ ], as Depositary (the “Depositary”),
hereby certifies that Cede & Co. is the registered owner of ___ Depositary Shares (“Depositary Shares”),
each Depositary Share representing 1/___of one share of [Description of Preferred Stock], (the “Stock”), of
Select Bancorp, Inc., a North Carolina corporation (the “Corporation”), on deposit with the Depositary, subject
to the terms and entitled to the benefits of the Deposit Agreement dated as of ______, 20__ (the “Deposit Agreement”),
among the Corporation, the Depositary, and the holders from time to time of the Depositary Receipts. By accepting this Depositary
Receipt, the holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement.
This Depositary Receipt shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement
unless it shall have been executed by the Depositary by the manual signature of a duly authorized officer or, if executed in facsimile
by the Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized
officer thereof.

 

This Depositary Receipt
is transferable in [_______________________].

 

	 	Dated: ___, 20__ 
	 	 
	 	[             ], Depositary 

 

	 	By:	 	 
	 	 	Authorized Officer 	 

 

    	 	A-1	 

     

    

 

[FORM OF REVERSE OF RECEIPT]

SELECT BANCORP, INC.

 

SELECT BANCORP, INC. WILL FURNISH WITHOUT CHARGE
TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT ESTABLISHING
THE [DESCRIPTION OF PREFERRED STOCK] OF SELECT BANCORP, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE
FACE OF THIS RECEIPT.

 

The Corporation will furnish without charge
to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special
rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such
preferences and/or rights. Such request may be made to the Corporation.

 

EXPLANATION OF ABBREVIATIONS

 

The following abbreviations when used in the
form of ownership on the face of this certificate shall be construed as though they were written out in full according to applicable
laws or regulations. Abbreviations in addition to those appearing below may be used.

 

	Abbreviation	 	Equivalent Phrase	 	Abbreviation	 	Equivalent Phrase
	JT TEN	 	As joint tenants, with right of survivorship and not as tenants in common	 	TEN BY ENT	 	As tenants by the entireties
	 	 	 	 	 	 	 
	TEN IN COM	 	As tenants in common	 	UNIF GIFT MIN ACT	 	Uniform Gifts to Minors Act

 

	Abbreviation	 	
        Equivalent

        Word
	 	Abbreviation	 	
        Equivalent

        Word
	 	Abbreviation	 	
        Equivalent

        Word

	ADM	 	
        Administrator(s),

        Administrator
	 	EX	 	Executor(s), Executrix	 	PAR	 	Paragraph
	 	 	 	 	 	 	 	 	 	 	 
	AGMT	 	Agreement	 	FBO	 	For the benefit of	 	PL	 	Public Law
	 	 	 	 	 	 	 	 	 	 	 
	ART	 	Article	 	FDN	 	Foundation	 	TR	 	(As) trustee(s), for, or
	 	 	 	 	 	 	 	 	 	 	 
	CH	 	Chapter	 	GDN	 	Guardian(s)	 	U	 	Under
	 	 	 	 	 	 	 	 	 	 	 
	CUST	 	Custodian for	 	GDNSHP	 	Guardianship	 	UA	 	Under agreement
	 	 	 	 	 	 	 	 	 	 	 
	DEC	 	Declaration	 	MIN	 	Minor(s)	 	UW	 	Under will of, Of will of, Under Last will & testament

 

    	 	A-2	 

     

    

  

For value received, ___hereby sell(s), assign(s)
and transfer(s) unto

 

________________________

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

Depositary Shares represented by the within Receipt, and do(es)
hereby irrevocably constitute and appoint ___Attorney to transfer the said Depositary Shares on the books of the within named Depositary
with full power of substitution in the premises.

 

Dated: __________________________

 

	 	NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatsoever.

 

SIGNATURE GUARANTEED

 

NOTICE: The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.

 

    	 	A-3EX-4.1

 Exhibit 4.1 

ALLAKOS INC. 
 AMENDED
AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 November 30, 2017 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1 DEFINITIONS
	  	 	1	 
			
	 1.1
	 	Certain Definitions	  	 	1	 
		
	 SECTION 2 REGISTRATION RIGHTS
	  	 	4	 
			
	 2.1
	 	Requested Registration	  	 	4	 
	 2.2
	 	Company Registration	  	 	7	 
	 2.3
	 	Registration on Form S-3	  	 	8	 
	 2.4
	 	Expenses of Registration	  	 	9	 
	 2.5
	 	Registration Procedures	  	 	10	 
	 2.6
	 	Indemnification	  	 	11	 
	 2.7
	 	Information by Holder	  	 	13	 
	 2.8
	 	Restrictions on Transfer	  	 	13	 
	 2.9
	 	Rule 144 Reporting	  	 	15	 
	 2.10
	 	Market Stand-Off Agreement	  	 	15	 
	 2.11
	 	Delay of Registration	  	 	16	 
	 2.12
	 	Transfer or Assignment of Registration Rights	  	 	16	 
	 2.13
	 	Limitations on Subsequent Registration Rights	  	 	16	 
	 2.14
	 	Termination of Registration Rights	  	 	16	 
		
	 SECTION 3 COVENANTS OF THE COMPANY
	  	 	17	 
			
	 3.1
	 	Basic Financial Information and Inspection Rights	  	 	17	 
	 3.2
	 	Inspection	  	 	17	 
	 3.3
	 	Confidentiality	  	 	18	 
	 3.4
	 	Invention Assignment Agreements	  	 	19	 
	 3.5
	 	[RESERVED]	  	 	19	 
	 3.6
	 	[RESERVED]	  	 	19	 
	 3.7
	 	Stock Vesting; Repurchase Price	  	 	19	 
	 3.8
	 	Board Meetings; Committees	  	 	20	 
	 3.9
	 	Board Observer Rights	  	 	20	 
	 3.10
	 	Directors and Officers Insurance	  	 	21	 
	 3.11
	 	Additional Covenants of the Company	  	 	21	 
	 3.12
	 	Termination of Covenants	  	 	22	 
		
	 SECTION 4 RIGHT OF FIRST REFUSAL
	  	 	22	 
			
	 4.1
	 	Right of First Refusal to Holders	  	 	22	 
		
	 SECTION 5 MISCELLANEOUS
	  	 	24	 
			
	 5.1
	 	Amendment	  	 	24	 
	 5.2
	 	Notices, Etc	  	 	25	 
	 5.3
	 	Governing Law	  	 	25	 
	 5.4
	 	Successors and Assigns	  	 	25	 
	 5.5
	 	Entire Agreement	  	 	25	 
	 5.6
	 	Delays or Omissions	  	 	25	 
	 5.7
	 	Execution and Delivery	  	 	26	 
	 5.8
	 	Jurisdiction; Venue	  	 	26	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 5.9
	 	Jury Trial	  	 	26	 
	 5.10
	 	Further Assurances	  	 	26	 
	 5.11
	 	Termination Upon Change of Control	  	 	26	 
	 5.12
	 	Conflict	  	 	27	 
	 5.13
	 	Dispute Resolution Fees	  	 	27	 
	 5.14
	 	Counterparts	  	 	27	 
	 5.15
	 	Severability	  	 	27	 
	 5.16
	 	Counting of Time	  	 	27	 
	 5.17
	 	Titles and Subtitles	  	 	27	 
	 5.18
	 	Aggregation of Stock	  	 	27	 
	 5.19
	 	Defined Terms from Restated Certificate	  	 	27	 
	 5.20
	 	Amendment and Restatement of Prior Agreement	  	 	28	 
	 5.21
	 	Right to Conduct Activities	  	 	28	 

  
 -ii- 

 ALLAKOS INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amended and Restated Investors’ Rights Agreement (this “Agreement”) made as of November 30, 2017,
by and among Allakos Inc., a Delaware corporation (the “Company”), and the persons and entities listed on Exhibit A (each, an “Investor” and collectively, the
“Investors”). 
 RECITALS 

WHEREAS, the Company and certain of the Investors (the “Existing Investors”) are party to that certain
Investors’ Rights Agreement, dated as of December 7, 2012 (the “Prior Agreement”). 
 WHEREAS, the
undersigned Existing Investors are holders of a majority of the Registrable Securities of the Company (as defined in the Prior Agreement), and desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant
to this Agreement in lieu of the rights granted to them under the Prior Agreement. 
 WHEREAS, certain of the Investors are parties
to the Series B Preferred Stock Purchase Agreement of even date herewith, by and among the Company and the Investors listed on the Schedule of Investors thereto (the “Stock Purchase Agreement”), and it is a
condition to the Closing, as defined in the Stock Purchase Agreement, of the sale of the Series B Preferred Stock to the Investors listed on the Schedule of Investors thereto that the undersigned Investors and the Company execute and
deliver this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and other
consideration, the receipt and adequacy of which is hereby acknowledged, the undersigned Existing Investors hereby agree that the Prior Agreement shall be amended and restated in its entirety by this Agreement, and the parties hereto further agree
as follows: 
 SECTION 1 

DEFINITIONS 
 1.1
Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 
 (a)
“Affiliate” means with respect to any person, any other person which directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first person, including
without limitation, any general 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. 
 (b) “Board of Directors” means the Company’s Board of Directors. 

  
 1 

 (c) “Commission” means the Securities and Exchange Commission or any
other federal agency at the time administering the Securities Act. 
 (d) “Common Stock” means the Common Stock of
the Company. 
 (e) “Control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings correlative thereto. 

(f) “Conversion Stock” means shares of Common Stock issued upon conversion of the Preferred Stock. 

(g) “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar successor federal statute and
the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (h) “Holder” means any
Investor who holds Registrable Securities and any holder of Registrable Securities to whom the registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.12 of this Agreement. 

(i) “Indemnified Party” shall have the meaning set forth in Section 2.6(c) hereof. 

(j) “Indemnifying Party” shall have the meaning set forth in Section 2.6(c) hereof. 

(k) “Initial Public Offering” means the closing of the Company’s first firm commitment underwritten public
offering of the Company’s Common Stock registered under the Securities Act. 
 (l) “Initiating Holders” means
any Holder or Holders who in the aggregate hold not less than fifty percent (50%) of the outstanding Registrable Securities. 
 (m)
“Liquidation Event” shall have the meaning set forth in the Company’s Restated Certificate. 
 (n)
“New Securities” shall have the meaning set forth in Section 4.1(a) hereof. 
 (o) “Other Selling
Stockholders” means persons other than Holders who, by virtue of agreements with the Company, are entitled to include their Other Shares in certain registrations hereunder. 

(p) “Other Shares” means shares of Common Stock, other than Registrable Securities (as defined below), with respect to
which registration rights have been granted. 

  
 2 

 (q) “Qualified IPO” shall have the meaning set forth in the
Company’s Restated Certificate. 
 (r) “Preferred Stock” means the Series A Preferred Stock and Series B
Preferred Stock. 
 (s) “Registrable Securities” means (i) shares of Common Stock issued or issuable pursuant to
the conversion of the Preferred Stock and (ii) any Common Stock issued as a dividend or other distribution with respect to or in exchange for or in replacement of the shares referenced in (i) above; provided, however, that
Registrable Securities shall not include any shares of Common Stock described in clause (i) or (ii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or
Rule 144, or which have been sold in a private transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement. 

(t) The terms “register,” “registered” and “registration” shall refer
to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration statement.

 (u) “Registration Expenses” means all expenses incurred in effecting any registration pursuant to this Agreement,
including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements not to exceed $25,000 of one special counsel to the Holders, fees and disbursements of counsel for the Company,
blue sky fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of counsel for the Holders and the compensation of regular
employees of the Company, which shall be paid in any event by the Company. 
 (v) “Required Director Approval” means
the approval, in a duly called and held meeting, or by a unanimous written consent, or by other lawful decision or action by the Board of Directors, of at least a majority of the total number of then-serving directors. 

(w) “Restated Certificate” means the Company’s Second Amended and Restated Certificate of Incorporation, as may be
amended from time to time. 
 (x) “Restricted Securities” means any Registrable Securities required to bear the first
legend set forth in Section 2.8(b) hereof. 
 (y) “Rule 144” means
Rule 144 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(z) “Rule 145” means Rule 145 as promulgated by the Commission under the
Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

  
 3 

 (aa) “Rule 415” means Rule 415 as
promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(bb) “Securities Act” means the Securities Act of 1933, as amended, or any similar successor federal statute and the
rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (cc) “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 (other than the fees and disbursements of one special counsel to the
Holders included in Registration Expenses). 
 (dd) “Series A Director” shall have
the meaning set forth in the Company’s Restated Certificate. 
 (ee) “Series B
Director” shall have the meaning set forth in the Company’s Restated Certificate. 
 (ff)
“Series A Preferred Stock” means the shares of the Company’s Series A Preferred Stock. 

(gg) “Series B Preferred Stock” means the shares of Series B Preferred Stock
issued pursuant to the Stock Purchase Agreement. 
 (hh) “Significant Holders” shall have the meaning set forth in
Section 3.1(a) hereof. 
 (ii) “Stock Purchase Agreement” shall have the meaning set forth in the Recitals
hereof. 
 (jj) “Withdrawn Registration” means a forfeited demand registration under Section 2.1 hereof in
accordance with the terms and conditions of Section 2.4 hereof. 
 SECTION 2 

REGISTRATION RIGHTS 
 2.1
Requested Registration.
 (a) Request for Registration. Subject to the conditions set forth in this Section 2.1, if
the Company shall receive from Initiating Holders a written request signed by such Initiating Holders that the Company effect any registration with respect to all or a part of the Registrable Securities (such request shall state the number of shares
of Registrable Securities to proposed to be registered by such Initiating Holders), the Company will: 
 (i) promptly give written notice of
the proposed registration to all other Holders; and 

  
 4 

 (ii) as soon as practicable, file and use its commercially reasonable efforts to effect such
registration (including, without limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) and to permit or facilitate the
sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a
written request received by the Company within twenty (20) days after such written notice from the Company is mailed or delivered. 

(b) Limitations on Requested Registration. The Company shall not be obligated to effect, or to take any action to effect, any
such registration pursuant to this Section 2.1: 
 (i) Prior to the earlier of (A) the five (5) year anniversary of the date
of this Agreement or (B) one hundred eighty (180) days following the effective date of the first registration statement filed by the Company covering an Initial Public Offering (or the subsequent date on which all market stand-off agreements applicable to the offering have terminated); 
 (ii) If the Initiating Holders,
together with the holders of any other securities of the Company entitled to inclusion in such registration statement, propose to sell Registrable Securities and such other securities (if any) the aggregate proceeds of which (after deduction for
underwriter’s discounts and expenses related to the issuance) are less than $10,000,000; 
 (iii) In any particular jurisdiction in
which the Company would be required to execute a general consent to service of process in effecting such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required
by the Securities Act; 
 (iv) After the Company has initiated two (2) such registrations pursuant to this Section 2.1 (counting
for these purposes only (x) registrations which have been declared or ordered effective and pursuant to which securities have been sold, and (y) Withdrawn Registrations); 

(v) During the period starting with the date ninety (90) days prior to the Company’s good faith estimate of the date of filing of
and ending on a date ninety (90) days after the effective date of, a Company-initiated registration (or ending on the subsequent date on which all market stand-off agreements applicable to the offering
have terminated); provided that if such registration is an Initial Public Offering the period shall end a date one hundred eighty (180) days after the effective date of such Initial Public Offering; provided further that the
Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective, and provided further, that in the case of an Initial Public Offering, the Company delivers notice to the
Holders of its intent to file a registration statement covering an Initial Public Offering within thirty (30) days of any request for registration made pursuant to Section 2.1(a) hereof; 

  
 5 

 (vi) If the Initiating Holders propose to dispose of shares of Registrable Securities that may
be registered on Form S-3 pursuant to a request made under Section 2.3 hereof; 
 (vii) If the
Initiating Holders do not request that such offering be firmly underwritten by underwriters selected by the Initiating Holders (subject to the consent of the Company); or 

(viii) If the Company and the Initiating Holders are unable to obtain the commitment of the underwriter described in clause (b)(vii) above to
firmly underwrite the offer. 
 (c) Deferral. If (i) in the good faith judgment of the Board of Directors, the filing of a
registration statement covering the Registrable Securities would be detrimental to the Company and the Board of Directors concludes, as a result, that it is in the best interests of the Company to defer the filing of such registration statement at
such time, and (ii) the Company shall furnish to such Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors, it would be detrimental to the Company for such
registration statement to be filed in the near future and that it is, therefore, in the best interests of the Company to defer the filing of such registration statement, then (in addition to the limitations set forth in Section 2.1(b)(v)
hereof) the Company shall have the right to defer such filing for a period of not more than one hundred and twenty (120) days after receipt of the request of the Initiating Holders, and, provided further, that the Company shall not defer
its obligation in this manner more than two (2) times in any twelve-month period. 
 (d) Other Shares. The registration
statement filed pursuant to the request of the Initiating Holders may, subject to the provisions of Section 2.1(e) hereof, include Other Shares, and may include securities of the Company being sold for the account of the Company. 

(e) Underwriting. The right of any Holder to include all or any portion of its Registrable Securities in a registration pursuant
to this Section 2.1 shall be conditioned upon such Holder’s participation in an underwriting and the inclusion of such Holder’s Registrable Securities to the extent provided herein. If the Company shall request inclusion in any
registration pursuant to Section 2.1 hereof of securities being sold for its own account, or if other persons shall request inclusion in any registration pursuant to Section 2.1 hereof, the Initiating Holders shall, on behalf of all
Holders, offer to include such securities in the underwriting and such offer shall be conditioned upon the participation of the Company or such other persons in such underwriting and the inclusion of the Company’s and such person’s other
securities of the Company and their acceptance of the further applicable provisions of this Section 2 (including Section 2.10 hereof). The Company shall (together with all Holders and other persons proposing to distribute their securities
through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for such underwriting by the Company, which underwriters are reasonably acceptable to a majority-in-interest of the Initiating Holders. 

  
 6 

 Notwithstanding any other provision of this Section 2.1, if the underwriters advise the
Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, the number of Registrable Securities and Other Shares that may be so included shall be allocated as follows: (i) first, among
all Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such Holders, assuming conversion; (ii) second, to the Other Selling Stockholders;
and (iii) third, to the Company, which the Company may allocate, at its discretion, for its own account, or for the account of other holders or employees of the Company. 

If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall be excluded therefrom by written notice from the Company, the underwriter or the Initiating Holders. The securities so excluded shall also be withdrawn from registration. Any Registrable Securities or other securities excluded or
withdrawn from such underwriting shall also be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of shares to be included in such registration was previously reduced as a result of marketing factors
pursuant to this Section 2.1(e), then the Company shall then offer to all Holders and Other Selling Stockholders who have retained rights to include securities in the registration the right to include additional Registrable Securities or Other
Shares in the registration in an aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among such Holders and Other Selling Stockholders requesting additional inclusion, as set forth above. 

2.2 Company Registration.

(a) Company Registration. If the Company shall determine to register any of its securities either for its own account or the
account of a security holder or holders, other than a registration pursuant to Section 2.1 or 2.3 hereof, a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt securities, a registration
relating to a corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 

(i) promptly give written notice of the proposed registration to all Holders; and 

(ii) use its commercially reasonable efforts to include in such registration (and any related qualification under blue sky laws or other
compliance), except as set forth in Section 2.2(b) hereof, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by any Holder or Holders received by the Company
within ten (10) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 

(b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.2(a)(i) hereof. In such event, the right of any Holder to registration pursuant to this Section 2.2 shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting
shall (together with the Company, the Other Selling Stockholders and other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting
agreement in customary form with the representative of the underwriter or underwriters selected by the Company. 

  
 7 

 Notwithstanding any other provision of this Section 2.2, if the underwriters advise the
Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) exclude all Registrable Securities from, or limit the number of Registrable
Securities to be included in, the registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included in the registration and
underwriting shall be allocated, as follows: (i) first, to the Company for securities being sold for its own account, (ii) second, to the Holders requesting to include Registrable Securities in such registration statement based on the
pro rata percentage of Registrable Securities held by such Holders, assuming conversion, and (iii) third, to the Other Selling Stockholders requesting to include Other Shares in such registration statement based on pro rata
percentage of Other Shares held by such Other Selling Stockholders, assuming conversion. Notwithstanding the foregoing, no such reduction shall reduce the value of the Registrable Securities of the Holders included in such registration below
twenty five percent (25%) of the total value of securities included in such registration, unless such offering is the Company’s Initial Public Offering and such registration does not include shares of any Other Selling Stockholders (excluding
shares registered for the account of the Company), in which event any or all of the Registrable Securities of the Holders may be excluded. 

If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration. Any Registrable Securities or other securities
excluded or withdrawn from such underwriting shall be withdrawn from such registration. 
 (c) Right to Terminate Registration.
The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration.

 2.3 Registration on Form S-3.

(a) Request for Form S-3 Registration. After its initial public offering, the Company
shall use its commercially reasonable efforts to qualify for registration on Form S-3 or any comparable or successor form or forms. After the Company has qualified for the use of Form S-3, in addition to the rights contained in the foregoing provisions of Section 2 hereof and subject to the conditions set forth in this Section 2.3, if the Company shall receive from a Holder or Holders
of Registrable Securities a written request that the Company effect any registration on Form S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities (such
request shall state the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such shares by such Holder or Holders), the Company will take all such action with respect to such Registrable Securities
as required by Sections 2.1(a)(i) and (ii) hereof. 

  
 8 

 (b) Limitations on Form S-3 Registration.
The Company shall not be obligated to effect, or take any action to effect, any such registration pursuant to this Section 2.3: 
 (i)
In the circumstances described in either Sections 2.1(b)(i) hereof, 2.1(b)(iii) hereof, or 2.1(b)(v) hereof; 
 (ii) If the Holders,
together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) on Form S-3 at an
aggregate price to the public of less than $1,000,000; or 
 (iii) If, in a given twelve-month period, the Company has effected two
(2) such registrations in such period. 
 (c) Deferral. The provisions of Section 2.1(c) hereof shall apply to any
registration pursuant to this Section 2.3 
 (d) Underwriting. If the Holders of Registrable Securities requesting
registration under this Section 2.3 hereof intend to distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of Section 2.1(e) hereof shall apply to such registration. Notwithstanding
anything contained herein to the contrary, registrations effected pursuant to this Section 2.3 shall not be counted as requests for registration or registrations effected pursuant to Section 2.1 hereof. 

2.4 Expenses of Registration. All Registration Expenses incurred in connection with registrations pursuant to Sections 2.1,
2.2 and 2.3 hereof shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 2.1 and 2.3 hereof if the
registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall have withdrawn so that the minimum offering conditions set
forth in Sections 2.1 and 2.3 hereof are no longer satisfied (in which case all participating Holders shall bear such expenses pro rata among each other based on the number of Registrable Securities requested to be so registered), unless
the Holders of a majority of the Registrable Securities agree to forfeit their right to a demand registration pursuant to Section 2.1 hereof; provided, however, in the event that a withdrawal by the Holders is based upon
material adverse information relating to the Company that is different from the information known or available (upon request from the Company or otherwise) to the Holders requesting registration at the time of their request for registration under
Section 2.1 hereof, such registration shall not be treated as a counted registration for purposes of Section 2.1 hereof, even though the Holders do not bear the Registration Expenses for such registration. All Selling Expenses relating to
securities registered on behalf of the Holders shall be borne by the holders of securities included in such registration pro rata among each other on the basis of the number of Registrable Securities so registered. 

  
 9 

 2.5 Registration Procedures. In the case of each registration effected by the Company
pursuant to Section 2 hereof, the Company will keep each Holder advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will use its commercially reasonable efforts to: 

(a) Keep such registration effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution
contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the
request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form
S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be extended for up to one hundred
eighty (180) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 
 (b)
Prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration statement for the period set forth in Section 2.5(a) hereof; 

(c) Furnish such number of prospectuses, including any preliminary prospectuses, and other documents incident thereto, including any amendment
of or supplement to the prospectus, as a Holder from time to time may reasonably request; 
 (d) Register and qualify the securities covered
by such registration statement under such other securities or Blue Sky laws of such jurisdiction as shall be reasonably requested by the Holders; provided, that the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 
 (e) Notify each
seller of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in
such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the
circumstances then existing, and following such notification promptly prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of
the circumstances then existing; 

  
 10 

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

(g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities
issued by the Company are then listed; and 
 (h) In connection with any underwritten offering pursuant to a registration statement filed
pursuant to Section 2.1 hereof, enter into an underwriting agreement in form reasonably necessary to effect the offer and sale of Common Stock, provided such underwriting agreement contains reasonable and customary provisions, and
provided further, that each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

2.6 Indemnification.
 (a)
To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, Directors and partners, legal counsel and accountants and each person controlling such Holder within the meaning of Section 15 of
the Securities Act, with respect to which registration, qualification or compliance has been effected pursuant to Section 2 hereof, and each underwriter, if any, and each person who controls within the meaning of Section 15 of the
Securities Act any underwriter, against all expenses, claims, losses, damages and liabilities (or actions, proceedings or settlements in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a
material fact contained or incorporated by reference in any registration statement, any prospectus included in the registration statement, any issuer free writing prospectus (as defined in Rule 433 of the Securities Act), 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 any such registration, qualification or compliance prepared by or on behalf of
the Company or used or referred to by the Company, (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation
(or alleged violation) by the Company of the Securities Act, any state securities laws or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any offering covered
by such registration, qualification or compliance, and the Company will reimburse each such Holder, each of its officers, Directors, partners, legal counsel and accountants and each person controlling such Holder, each such underwriter and each
person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage, liability or action; provided that the Company will
not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement or omission based upon written information furnished to the Company by such Holder, any of such
Holder’s officers, Directors, partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who controls any such underwriter, and stated to be specifically for use therein; and provided,
further that, the indemnity agreement contained in this Section 2.6(a)shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company
(which consent shall not be unreasonably withheld). 

  
 11 

 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its Directors, officers, partners, legal counsel and accountants and each
underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other such Holder, and each of
their officers, Directors and partners, and each person controlling each other such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged
untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular or other document (including any related registration statement, notification, or the like) incident to any such registration,
qualification or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and such Holders,
Directors, officers, partners, legal counsel and accountants, persons, underwriters, or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or
action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in
reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; provided, however, that the obligations of such Holder hereunder shall not apply to
amounts paid in settlement of any such claims, losses, damages or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided that in
no event shall any indemnity under this Section 2.6 exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder. 

(c) Each party entitled to indemnification under this Section 2.6 (the “Indemnified Party”) shall give notice to
the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to
assume the defense of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified
Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense; and provided further that the failure of any Indemnified Party to give notice as provided
herein shall not relieve the Indemnifying Party of its obligations under this Section 2.6, to the extent such failure is not prejudicial. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of
each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect
to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with defense of
such claim and litigation resulting therefrom. 

  
 12 

 (d) If the indemnification provided for in this Section 2.6 is held by a court of competent
jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the
amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party
on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. 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 alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified
Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. No person or entity will be required under this Section 2.6(d) to contribute any amount in excess
of the net proceeds from the offering received by such person or entity, except in the case of fraud or willful misconduct by such person or entity. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11
(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

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

2.7 Information by Holder. Each Holder of Registrable Securities shall furnish to the Company such information regarding such
Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification, or compliance referred to in Section 2 hereof. 

2.8 Restrictions on Transfer.

(a) The holder of each certificate representing Registrable Securities by acceptance thereof shall comply in all respects with the provisions
of this Section 2.8. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, unless and until the transferee thereof has
agreed in writing for the benefit of the Company to take and hold such Restricted Securities subject to, and to be bound by, the terms and conditions set forth in this Agreement, including, without limitation, this Section 2.8 and
Section 2.10 hereof, and: 
 (i) There is then in effect a registration statement under the Securities Act covering such proposed
disposition and the disposition is made in accordance with the registration statement; or 

  
 13 

 (ii) The Holder shall have given prior written notice to the Company of the Holder’s
intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and the Holder shall have furnished the Company, at the Holder’s expense, with
(i) an opinion of counsel (which, for the avoidance of doubt, may include such Holder’s in-house legal counsel), reasonably satisfactory to the Company, to the effect that such disposition will not
require registration of such Restricted Securities under the Securities Act or (ii) a “no action” letter from the Commission to the effect that the transfer of such securities without registration will not result in a recommendation
by the staff of the Commission that action be taken with respect thereto, whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the Holder
to the Company. 
 (b) Each certificate representing Registrable Securities shall (unless otherwise permitted by the provisions of this
Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER
THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR AN EXEMPTION
THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN INVESTORS’ RIGHTS AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL
OFFICE OF THE COMPANY. 
 The Holders consent to the Company making a notation on its records and giving instructions to any transfer agent
of the Restricted Securities in order to implement the restrictions on transfer established in this Section 2.8. 

  
 14 

 (c) The first legend referring to federal and state securities laws identified in
Section 2.8(b) hereof stamped on a certificate evidencing the Restricted Securities and the stock transfer instructions and record notations with respect to the Restricted Securities shall be removed and the Company shall issue a certificate
without such legend to the holder of Restricted Securities if (i) those securities are registered under the Securities Act, or (ii) the holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the
effect that a sale or transfer of those securities may be made without registration or qualification. 
 2.9 Rule 144
Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company shall use its commercially
reasonable efforts to: 
 (a) Make and keep adequate current public information with respect to the Company available in accordance with
Rule 144 under the Securities Act, at all times from and after ninety (90) days following the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public;

 (b) File with the Commission 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 it has become subject to such reporting requirements; and 
 (c) So long as a Holder owns any Restricted
Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date
of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the
most recent annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities
without registration. 
 2.10 Market Stand-Off Agreement. Each Holder shall not sell or
otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any Common Stock (or other securities) of the Company held by such Holder
(other than those included in the registration) during the one hundred and eighty (180) day period following the effective date of a registration statement of the Company filed under the Securities Act for its Initial Public Offering (or such
other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not
limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), provided that all officers and Directors of the Company and all holders (other than the
Holders) of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements. The obligations described in this Section 2.10 shall not apply to (a) a registration relating solely to
employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, (b) a registration relating solely to a transaction on Form S-4 or 

  
 15 

 
similar forms that may be promulgated in the future or (c) Common Stock (or other securities) of the Company acquired in the Initial Public Offering or in open market transactions on or
after the public offering date set forth on the final prospectus used to sell shares of the Company’s Common Stock in its Initial Public Offering. The Company may impose stop-transfer instructions and may stamp each such certificate with the
second legend set forth in Section 2.8(b) hereof with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of such one hundred and eighty (180) day, or other period. Each Holder
shall execute a market standoff agreement with said underwriters in customary form consistent with the provisions of this Section 2.10. 

2.11 Delay of Registration. No Holder shall have any right to take any action to restrain, enjoin, or otherwise delay any
registration as the result of any controversy that might arise with respect to the interpretation or implementation of Section 2 hereof. 

2.12 Transfer or Assignment of Registration Rights. The rights to cause the Company to register securities granted to a Holder by
the Company under Section 2 hereof may be transferred or assigned by a Holder only to (i) a transferee or assignee of not less than 250,000 shares of Registrable Securities (as presently constituted and subject to subsequent adjustments
for stock splits, stock dividends, reverse stock splits, and the like), (ii) a constituent partner or a retired partner, or the estate of any such partner, of a Holder that is a partnership; (iii) a member or a retired member, or the
estate of any such member, of a Holder that is a limited liability company; (iv) a spouse, ex-spouse, domestic partner, lineal descendant or antecedent, brother or sister, the adopted child or adopted
grandchild, or the spouse or domestic partner of any child, adopted child, grandchild or adopted grandchild of a Holder that is an individual, or to a trust or trusts for the exclusive benefit of such Holder or Holder’s family, or (v) any
Affiliate of a Holder; provided that (x) such transfer or assignment of Registrable Securities is effected in accordance with the terms of Section 2.8 hereof, the Amended and Restated Co-Sale
Agreement of even date herewith between the Company and its stockholders party thereto, and applicable securities laws, (y) the Company is given written notice prior to said transfer or assignment, stating the name and address of the transferee
or assignee and identifying the securities with respect to which such registration rights are intended to be transferred or assigned, and (iii) the transferee or assignee of such rights assumes in writing the obligations of such Holder under
this Agreement, including without limitation the obligations set forth in Section 2.10 hereof. 
 2.13 Limitations on Subsequent
Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of Holders holding a majority of the Registrable Securities, enter into any agreement with any holder or prospective
holder of any securities of the Company giving such holder or prospective holder any registration rights the terms of which are senior to the registration rights granted to the Holders hereunder. 

2.14 Termination of Registration Rights. The right of any Holder to request registration or inclusion in any registration pursuant
to Sections 2.1, 2.2 or 2.3 hereof shall terminate on the earlier of (i) such date, on or after the closing of the Company’s first registered public offering of Common Stock, on which all shares of Registrable Securities held or
entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any ninety (90) day period and (ii) three (3) years after the closing of the Company’s Initial Public Offering. 

  
 16 

 SECTION 3 

COVENANTS OF THE COMPANY 

The Company hereby covenants and agrees, as follows: 

3.1 Basic Financial Information and Inspection Rights.

(a) Annual Financial Information. The Company will furnish the following reports to each Holder: 

(i) As soon as practicable after the end of each fiscal year of the Company, and in any event within one hundred and eighty (180) days
after the end of each fiscal year of the Company, (a) audited consolidated balance sheets and audited consolidated statements of income, stockholders’ equity and cash flows of the Company as of the end of such fiscal year, prepared in
accordance with generally accepted accounting principles consistently applied and certified by independent public accountants of regionally recognized standing selected by the Company and (b) as soon as practicable after the end of the fiscal
year of the Company, and in any event within thirty (30) days after the end of each fiscal year of the Company, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as at the end of such fiscal year, and
unaudited consolidated statements of income, stockholders’ equity and cash flows of the Company and its subsidiaries, if any, for such year, prepared in accordance with U.S. generally accepted accounting principles consistently applied; 

(b) Interim Financial Information. The Company will furnish the following reports to each Holder who at the time of such
furnishing holds Registrable Securities representing at least two and a half percent (2.5%) of the capitalization of the Company on a fully-diluted and as converted to Common Stock basis (the “Significant Holders”): 

(i) As soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and
in any event within thirty (30) days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the
end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such period, prepared in accordance with U.S. generally accepted accounting principles consistently
applied, subject to changes resulting from normal year-end audit adjustments; and 
 (ii) As soon as
practicable after the end of each calendar month, and in any event within thirty (30) days thereafter, unaudited consolidated balance sheets of the Company as of the end of each calendar month, and consolidated statements of income and cash
flow for such period. 
 3.2 Inspection. The Company shall permit each Significant Holder (except for a Significant Holder deemed
by a majority of the disinterested then-serving Directors, in good faith to be a then-current competitor of the Company), at such Holder’s expense, to visit and inspect the Company’s properties, to examine its books of account and records
and to discuss the 

  
 17 

 
Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Holder. The Company shall not be obligated to provide information to any
Holder, whether in written or other form, relating to a specified matter or document if (a) the Company receives advice from its legal counsel that there is a substantial risk that providing such specific documentation to, or discussing such
specific matter or document in the presence of, a person who is not a member of the Board of Directors, could result in the Company’s loss of attorney-client privilege with respect to such matter or documents, or (b) the Board of
Directors, by a decision in good faith by at least a majority of the disinterested then-serving Directors, after reasonable consultation as to such matter by the Chief Executive Officer with such Holder, reasonably believes that such specified
matter relates directly and substantially to any matter in which both the Company and the Holder have a material business or financial interest (as to Holder, other than solely by reason of the Holder’s interest as a stockholder of the
Company), or (c) the Board of Directors, by a decision in good faith by at least a majority of the disinterested then-serving Directors, after consultation by the Chief Executive Officer with the Company’s legal counsel, believes that such
specified matter involves confidential or sensitive information related to the business of the Company the disclosure of which by the Company to such Holder would or could be adverse to the interests of the Company and its stockholders. 

3.3 Confidentiality. Each Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to
monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential
information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 3.3 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the
Company’s confidential information as shown by the Investor’s contemporaneous records, 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 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 such
Investor’s investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser is determined, by a decision in good faith by at least a majority of the disinterested
then-serving Directors, to not be a then-current competitor of the Company, and such prospective purchaser agrees as a condition of such purchase of Registrable Securities to be bound by the provisions of this Section 3.3 hereof; (iii) to
any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor who has not been determined by the Board of Directors, as set forth under clause (ii) of this Section 3.3, to be a competitor
to the Company, provided that such Investor informs such person that such information is confidential and directs such person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that before
such required disclosure, the Investor promptly shall notify the Company in writing of the nature and timing of any such required disclosure prior to such disclosure, and shall take reasonable steps to minimize the extent of any such required
disclosure. 

  
 18 

 3.4 Invention Assignment Agreements. The Company shall require each employee of the
Company to execute a customary confidential information and invention assignment agreement as a condition of employment, and each consulting agreement by the Company shall contain customary provisions as to consultant invention assignment and
confidentiality, unless in each case otherwise approved by the Required Director Approval. 
 3.5 [RESERVED]. 

3.6 [RESERVED]. 
 3.7
Stock Vesting; Repurchase Price. Unless otherwise approved by the Required Director Approval, the exercisability schedule for options granted under the Company’s Amended and Restated 2012 Equity Incentive Plan (the
“Equity Incentive Plan”) which are not immediately exercisable shall be, or the vesting schedule for ratable lapsing of the Company’s right of repurchase of shares from the optionee or awardee thereof on termination of
services, shall be as follows, (with “vest” meaning to become exercisable, as to options that become exercisable over time, or to become no longer subject to repurchase by the Company as to immediately exercisable options, or stock
awards, in each case with a lapsing vesting right of the Company to repurchase shares thereunder on such termination): 
 (a) 25% of the
total number of shares initially under such option or award, rounded downward to the nearest whole share to account for vesting, at the rate of 1/48th per month (2.0833%), will vest on the 12-month anniversary of the vesting start (or “commencement”) date of such option or grant as approved by the Board of Directors, or Committee thereof delegated by the Board of Directors the authority to
grant stock options and awards under the Equity Incentive Plan, and 
 (b) The remaining shares under such option or award shall vest as to
2.0833% (1/48th) of the total number of shares initially under such option or award at each of the 36 monthly anniversaries occurring sequentially after such
12-month anniversary, rounded downward to the nearest whole share as to the relevant monthly anniversary as may be necessary to avoid fractional shares, for the first 35 such monthly anniversaries succeeding
such twelvemonth anniversary, and for the balance of such shares under such option at the 48th monthly anniversary of such relevant vesting start date, provided at such 12-month anniversary, and at each
succeeding monthly anniversary, such optionee still is then employed by, or is acting as a consultant to, the Company, as determined under the Equity Incentive Plan, and provided that all stock options and stock awards to full-time level of Vice
President and above that are subject to vesting will also be subject to acceleration provisions to provide for acceleration of vesting upon a termination without cause within six (6) months following a change of control transaction, as
“change of control” will be defined in the Equity Incentive Plan. 
 Except as may be otherwise approved by a Required Director
Approval, each immediately exercisable option or award granted under the Equity Incentive Plan will provide that unvested shares will be purchasable by the Company upon the optionee’s termination of service at the lower of (a) for
immediately exercisable options, the exercise price of the option, or for awards, the original purchase price of such shares, and (b) the fair market value of such shares at such termination date as is determined by the Board of Directors or a
Committee thereof. 

  
 19 

 3.8 Board Meetings; Committees. The Board of Directors shall hold at least six
(6) meetings each calendar year, unless otherwise agreed by a majority of the Board of Directors. The Company shall promptly reimburse in full each Director of the Company who is not an employee of the Company for all of his or her reasonable out-of-pocket expense incurred in attending each meeting of the Board of Directors or any committee thereof, or otherwise supporting the activities of the Company, in
accordance with the Company’s travel policy approved by the Board of Directors. Each committee of the Board of Directors shall include at least one Series A Director and, at the election of the Series B Director, the Series B Director. One
Series A Director and the Series B Director shall have the right to serve on any and all committees of the Board of Directors and each Director shall have the right to attend, as an observer, all meetings of the Company’s Scientific
Advisory Board and any other similar advisory boards. 
 3.9 Board Observer Rights. So long as Alta Partners VIII, LP or an
Affiliate thereof (“Alta”) holds at least 250,000 shares of Preferred Stock (as adjusted for stock splits, combinations, reorganizations and the like) the Company shall allow Alta to designate one (1) observer (the
“Alta Observer”) to attend all regular meetings of the Board of Directors and committees thereof in a nonvoting capacity. So long as RiverVest Venture Fund II, L.P. or an Affiliate thereof
(“RiverVest”) holds at least 250,000 shares of Preferred Stock (as adjusted for stock splits, combinations, reorganizations and the like) the Company shall allow RiverVest to designate one (1) observer (the
“RiverVest Observer”) to attend all regular meetings of the Board of Directors and committees thereof in a nonvoting capacity. So long as Roche Finance Ltd or an Affiliate thereof (“Roche”) holds at
least 250,000 shares of Preferred Stock (as adjusted for stock splits, combinations, reorganizations and the like) the Company shall allow Roche to designate one (1) observer (the “Roche Observer”) to attend all regular
meetings of the Board of Directors and committees thereof in a nonvoting capacity. In connection with the observer rights set forth in this Section 3.9, the Company shall give the Alta Observer, the RiverVest Observer and the Roche Observer
copies of all notices, minutes, consents and other materials, financial or otherwise, which the Company provides to the Board of Directors, all of which information shall be deemed by the recipient thereof to be confidential information of the
Company unless such information is otherwise confirmed in writing by the Company to such recipient to not be confidential to the Company; provided, however that the Company reserves the right to exclude the Alta Observer, and/or the RiverVest
Observer and/or the Roche Observer from access to any material or meeting or portion thereof if the Board of Directors determines (a) by a decision in good faith by at least a majority of the then-serving Directors, and upon advice from its
legal counsel, that there is a substantial risk that such individual observer’s presence during such portion of the relevant meeting could result in the Company’s loss of attorney-client privilege with respect to such matter or documents,
(b) by a decision in good faith by at least a majority of the then-serving Directors, after reasonable consultation as to such matter by the Chief Executive Officer with such observer, reasonably believes that such specified matter relates
directly and substantially to any matter in which both the Company and the observer entity have a material business or financial interest (as to such observer entity, other than solely by reason of the observer entity’s interest as a
stockholder of the Company) or such matter creates a conflict of interest for such observer entity, or (c) by a decision in good faith by at least a majority of the then-serving Directors, after consultation by the Chief Executive Officer with
the Company’s legal counsel, that such specified matter involves confidential or sensitive information related to the business of the Company the disclosure of which by the Company to such observer entity would or could be adverse to the
interests of the Company and its stockholders. 

  
 20 

 3.10 Directors and Officers Insurance. To the extent such coverage remains available
on commercially reasonable terms, the Company shall maintain from financially sound and reputable insurers, customary Directors and officers insurance covering the Directors and their affiliated funds and the officers of the Company, in the amount
of at least $2,000,000 and subject to further approval by the Board of Directors, the Company shall increase such coverage immediately prior to the Initial Public Offering to at least $5,000,000. 

3.11 Additional Covenants of the Company. The Company shall not (whether by amendment, merger or otherwise) take any of the
following actions without the Required Director Approval: 
 (a) take any action set forth in Article V, Section 6 of the Restated
Certificate; 
 (b) approve all budgets and operating plans of the Company; 

(c) approve all preclinical trial and clinical trial plans; 

(d) amend the Equity Incentive Plan or increase or decrease the authorized number of shares reserved under the Equity Incentive Plan or create,
amend or reserve any shares under all other equity incentive plans of the Company, including any change to the normal vesting schedule for stock options or stock awards as set forth in Section 3.5 hereof; 

(e) issue any securities listed in Article V, Section 4(d)(i) of the Restated Certificate; 

(f) exclude any securities from any offering by the Company which the Right of First Refusal as set forth in Section 4 hereof would apply;

 (g) license all or substantially all of the assets of the Company; 

(h) make any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation, partnership, or other entity
unless it is wholly owned by the Company; 
 (i) make any loan or advance to any person, including any employee or Director, except advances
and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan approved by the Board of Directors; 

(j) guarantee any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; 

(k) make any investment other than in accordance with the investment policy approved by the Board of Directors; 

  
 21 

 (l) make any single expenditure that is not included in the budget and is in excess of a
threshold amount determined by the Board of Directors; 
 (m) incur any aggregate indebtedness note already included in a budget that has
been approved by the Required Director Approval that is in excess of a threshold amount to be determined by the Board of Directors; 
 (n)
exceed the expenses contemplated in the budget approved by the Board of Directors for such year that is in excess of a threshold amount to be determined by the Board of Directors; 

(o) approve any material revisions to the then current business plan of the Company; 

(p) enter into or be a party to any material transaction with any Affiliate of the Company or any Director, officer or employee of the Company
or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such person; 

(q) hire, fire or change the compensation of any executive officer of the Company (vice president level and above); 

(r) change the principal business of the Company; 

(s) make any material change in the Company’s then-current line(s) of business or business model, or enter any new lines(s) of business,
or exit any then-current line of business; 
 (t) sell, transfer, license, pledge or encumber technology or intellectual property, other than
licenses granted in the ordinary course of business; 
 (u) make any material investments into, or enter into any joint venture with, or
acquire any third party or acquire all of substantially all of any third party’s assets; or 
 (v) prepare or file for an Initial Public
Offering. 
 3.12 Termination of Covenants. The covenants set forth in Section 3 hereof shall terminate and be of no further
force and effect upon the earlier of the closing of the Company’s Qualified IPO or a Liquidation Event. 
 SECTION 4 

RIGHT OF FIRST REFUSAL 

4.1 Right of First Refusal to Holders. The Company hereby grants to each Holder the right of first refusal (the “Right
of First Refusal”) to purchase its Pro Rata Share of New Securities (as defined in Section 4.1(a) hereof) which the Company may, from time to time, propose to sell and issue after the date of this Agreement. A Holder’s
“Pro Rata Share”, for purposes of this Right of First Refusal, is equal to the ratio of (i) the number of shares of 

  
 22 

 
Common Stock owned by such Holder immediately prior to the issuance of New Securities (assuming full conversion of the Preferred Stock and full conversion or exercise of all outstanding
convertible securities, rights, options and warrants held by such Holder) to (ii) the total number of shares of Common Stock outstanding immediately prior to the issuance of New Securities (assuming full conversion of the Preferred Stock and
full conversion or exercise of all outstanding convertible securities, rights, options and warrants and all securities reserved for issuance under the Company’s stock plans). This Right of First Refusal shall be subject to the following
provisions: 
 (a) “New Securities” means any capital stock (including Common Stock and/or Preferred Stock) of the
Company whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital stock, and securities of any type whatsoever that are, or may become, exercisable or convertible into capital stock; provided
that the term “New Securities” does not include (i) any securities that are not deemed to be “Additional Shares of Common” pursuant to Article V, Section 4(d)(i) of the Restated Certificate,
(ii) any shares of Series B Preferred Stock issued pursuant to the Stock Purchase Agreement (iii) or any shares excluded by the Required Director Approval. 

(b) In the event the Company proposes to undertake an issuance of New Securities, it shall give each Holder written notice of its intention,
describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each Holder shall have twenty (20) days after any such notice is mailed or delivered to agree to purchase such
Holder’s Pro Rata Share of such New Securities for the price and upon the terms specified in the notice by giving written notice to the Company, in substantially the form attached as Schedule I, and stating therein the quantity of New
Securities to be purchased. 
 (c) In the event that following the exercise of the Right of First Refusal by the Holders described in
Section 4.1(b) hereof there are any New Securities which have not been subscribed for within such ten- (10-) day period, the Company shall promptly, in writing, inform each Holder which purchases all the
shares available to it (“Fully-Exercising Holder”) of any other Holder’s failure to do likewise or that all such New Securities have been subscribed for. During the ten (10) day period commencing after receipt by
the Fully-Exercising Holder of such information, each Fully-Exercising Holder shall be entitled to subscribe for and purchase that portion of the New Securities for which Holders were entitled to subscribe but which were not subscribed for by the
Holders, which is equal to the ratio of (a) the number of shares of Common Stock owned by such Fully-Exercising Holder immediately prior to the issuance of New Securities (assuming full conversion of the Preferred Stock to Common Stock and full
conversion or exercise, as relevant, of all outstanding convertible securities, rights, options and warrants held by such Fully-Exercising Holder) to (b) the total number of shares of Common Stock owned by all such Fully-Exercising Holders
immediately prior to the issuance of New Securities (assuming full conversion of the Preferred Stock and full conversion or exercise, as relevant, of all outstanding convertible securities, rights, options and warrants held by such Fully-Exercising
Holder) who desire to purchase any or all of such unsubscribed New Securities. 

  
 23 

 (d) In the event the Holders fail to exercise fully the Right of First Refusal within said twenty
(20) day period (the “Election Period”), the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at
all, within ninety (90) days from the date of said agreement) to sell that portion of the New Securities with respect to which the Holders’ Right of First Refusal option set forth in this Section 4.1 was not exercised, at a price and
upon terms no more favorable to the purchasers thereof than specified in the Company’s notice to Holders delivered pursuant to Section 4.1(b) hereof. In the event the Company has not sold within such ninety (90) day period following
the Election Period, or such ninety (90) day period following the date of said agreement, the Company shall not thereafter issue or sell any New Securities, without first again offering such securities to the Holders in the manner provided in
this Section 4.1. 
 (e) The Right of First Refusal shall expire upon, and shall not be applicable to the Company’s Qualified IPO
or a Liquidation Event. 
 (f) Notwithstanding anything herein to the contrary, if (a) (i) any sale of the Company’s securities is
excluded from the Right of First Refusal pursuant to Section 4.1(a)(iii) or as a result of any amendment to the definition of New Securities or Article V, Section 4(d)(i) of the Restated Certificate, or (ii) the Right of First Refusal
is waived with respect to any sale of the Company’s securities pursuant to Section 5.1, and (b) any Holder purchases securities of the Company in such sale transaction (a “Participating Holder”), then each
other Holder shall have a Right of First Refusal with respect to such transaction to purchase its Pro Rata Share of such securities based on the number of shares of such securities purchased by each Participating Holder and the relative Pro Rata
Share(s) of such Participating Holder(s) as compared to such other Holder. If there is more than one Participating Holder, the Pro Rata Share of each other Holder shall be determined in accordance with the foregoing in the manner that results in the
largest number of securities purchasable by other Holders. For example, if a Participating Holder purchases 1,000 shares of New Securities in such a sale transaction, and such Participating Holder’s Pro Rata Share is ten percent (10%),
then another holder with a Pro Rata Share of five percent (5%) would have the right to purchase 500 shares of New Securities in such sale transaction. The other provisions of this Section 4 shall apply mutatis mutandis to such
transaction. 
 SECTION 5 

MISCELLANEOUS 
 5.1
Amendment. Except as expressly provided herein, neither this Agreement nor any tern’ hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by the Company and
the Holders holding a majority of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to Rule 144, and excluding, with respect to Section 2 hereof (other than Sections 2.8, 2.9 and
2.10 hereof), any of such shares held by any Holders whose rights to request registration or inclusion in any registration statement pursuant to Section 2 hereof have terminated in accordance with Section 2.14 hereof); provided,
however, that if any amendment, waiver, discharge or termination operates in a manner that treats any Holder different from other Holders, the consent of such Holder shall also be required for such amendment, waiver, discharge or
termination. Any such amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and each future holder of all such securities of Holder. Each Holder acknowledges that by the operation of
this paragraph, the 

  
 24 

 
holders of a majority of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to Rule 144, and excluding, with respect to Section 2
hereof (other than Sections 2.8, 2.9 and 2.10 hereof), any of such shares held by any Holders whose rights to request registration or inclusion in any registration statement pursuant to Section 2 hereof have terminated in accordance with
Section 2.14 hereof) will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. Notwithstanding the foregoing or anything herein to the contrary, the rights of each Holder under Section 4.1(f)
may be amended, waived, discharged or terminated, other than in connection with the termination of this Agreement as a whole, only by a written instrument signed by such Holder. 

5.2 Notices, Etc. All notices, requests, consents and other communications hereunder to any party will be deemed to be
sufficient if contained in a written instrument delivered in person, including delivery by recognized express courier such as FedEx or UPS, fees prepaid, or sent by facsimile transmission, in each case addressed as set forth below such party’s
signature below, or to such other address as may hereinafter be designated in writing by the recipient to the sender pursuant to this Section 5.2. Notices hereunder may not be sent by mail or by email All such notices, requests, consents and
other communications will be deemed to have been received in the case of personal delivery, including delivery by express courier, on the date of such delivery, or, in the case of facsimile transmission, upon transmission without notification of
failure of transmission. 
 5.3 Governing Law. This Agreement shall be governed by the laws of the State of California without
regard to choice of laws or conflict of laws provisions thereof. 
 5.4 Successors and Assigns. Except as otherwise provided
herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, and as relevant heirs, executors, and administrators, of the parties hereto. Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective successors and assigns, or as relevant, their heirs, executors and administrators, any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except
as expressly provided by this Agreement. 
 5.5 Entire Agreement. This Agreement and the exhibits hereto constitute the full and
entire understanding and agreement between the parties with regard to the subjects hereof. No party hereto shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or
covenants except as specifically set forth herein. 
 5.6 Delays or Omissions. No delay or omission to exercise any right, power,
or remedy accruing to any holder of any Registrable Securities upon any breach or default of the Company under this Agreement shall impair any such right, power, or remedy of such holder, nor shall it be construed to be a waiver of any such breach
or default, or an acquiescence therein, or of or in 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. Any
waiver, permit, consent, or approval of any kind or character on the part of any holder of any breach or default under this Agreement, or any waiver on the part of any holder of any provisions or conditions of this Agreement, must be in writing and
shall be effective only to 

  
 25 

 
the extent specifically set forth in such writing or as provided in this Agreement. All remedies, either under this Agreement or by law or otherwise afforded to any holder, shall be cumulative
and not alternative. Each Investor (i) is not a third-party beneficiary with respect to the obligations of any of the other Investors under this Agreement. Only the Company shall have the right to seek enforcement of, or remedies under, the
terms of this Agreement against any Investor breaching such terms; provided, however, that nothing contained herein shall be deemed to restrict or waive an Investor’s right to bring a derivative claim on behalf of the Company in accordance with
the laws of the State of Delaware if the Company refuses to seek enforcement of the terms of this Agreement. 
 5.7 Execution and
Delivery. A facsimile or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on
behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as
well as any facsimile or other reproduction hereof. 
 5.8 Jurisdiction; Venue. The parties consent to the exclusive jurisdiction
of, and venue in, the state courts in Santa Clara County in the State of California (or in the event of exclusive federal jurisdiction, the courts of the Northern District of California) with respect to any dispute arising out of or related to this
Agreement which is not resolved by the relevant parties thereto themselves in writing. 
 5.9 Jury Trial. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES; TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT. If the waiver of jury
trial set forth in this Section 5.9 is determined by a court of competent jurisdiction to not be enforceable, then any claim or cause of action arising out of or relating to this Agreement which is not resolved by the relevant parties thereto
themselves in writing shall be settled by judicial reference pursuant to California Code of Civil Procedure Section 638 et seq. before a referee sitting without a jury, such referee to be mutually acceptable to the parties or, if no agreement
is reached, by a referee appointed by the Presiding Judge of the California Superior Court for Santa Clara County. This Section 5.9 shall not restrict a party hereto from exercising remedies under the Uniform Commercial Code or from exercising
pre judgment remedies under applicable law. 
 5.10 Further Assurances. Each party hereto agrees to execute and deliver, by the
proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more fully effectuate this Agreement. 

5.11 Termination Upon Change of Control. Notwithstanding anything to the contrary herein, this Agreement (excluding
any then existing obligations) shall terminate upon a Liquidation Event. 

  
 26 

 5.12 Conflict. In the event of any conflict between the terms of this Agreement and
the Company’s Restated Certificate or its Bylaws, the terms of the Company’s Restated Certificate or its Bylaws, as the case may be, will control. 

5.13 Dispute Resolution Fees. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement or
the Restated Certificate, the prevailing party shall be entitled to reasonable attorneys’ fees, costs, and disbursements in addition to any other relief to which such party may be entitled. 

5.14 Counterparts. This Agreement may be executed in any number of counterparts and signatures may be delivered by hand, or by
facsimile, or by electronic mail (email) as a pdf attachment, each of which may be executed by less than all parties, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall
constitute one instrument. 
 5.15 Severability. If any provision of this Agreement or any portion thereof becomes, as a result
of a change of law, or is declared by a court of competent jurisdiction to be, illegal, unenforceable, or void, such portion of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement and the
balance of such provision, as relevant, and the remainder of this Agreement shall remain enforceable in accordance with its terms. 
 5.16
Counting of Time. Whenever days are to be counted under this Agreement, the first day will not be counted and the last day will be counted, provided that if any day on which a period specified in this Agreement would otherwise terminate
falls on a weekend or on a federal or Delaware or California State holiday, then that day shall be ignored for purposes of counting time hereunder. 

5.17 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement. 
 5.18 Aggregation of Stock. All securities held or acquired by
Affiliates of an Investor (including but not limited to: (i) a constituent partner or a retired partner of an Investor that is a partnership; (ii) a parent, subsidiary or other Affiliate of an Investor that is a corporation; (iii) an
immediate family member living in the same household, a descendant, or a trust therefor, in the case of an Investor who is an individual; (iv) a current or former member of an Investor that is a limited liability company or (v) any mutual
fund or other pooled investment vehicle now or hereafter existing that is advised or managed by the same investment adviser as, or an Affiliate of the investment adviser of, an Investor) shall be aggregated together for the purpose of determining
the availability of any rights under this Agreement which are triggered by the beneficial ownership of a threshold number of shares of the Company’s capital stock. 

5.19 Defined Terms from Restated Certificate. If a capitalized term used in this Agreement is defined by cross reference to the
Company’s Restated Certificate and as of a given point in time such term is not defined in the Restated Certificate, such capitalized term shall have the meaning given to such term in the most recent version of the Restated Certificate
preceding such point in time that contained such defined term. 

  
 27 

 5.20 Amendment and Restatement of Prior Agreement. The Prior Agreement is hereby amended
in its entirety and restated as set forth herein. All provisions of, rights granted and covenants made in the Prior Agreement are hereby waived, released and superseded in their entirety and shall have no further force or effect. 

5.21 Right to Conduct Activities. The Company acknowledges that certain Investors are in the business of venture capital investing
(“VC Investors”) and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the
Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company, and
VC Investors shall not be deemed to be a competitor of the Company due to minority investments or board designation rights in competitors, provided, however, that a representative of a VC Investor who is a member of the Board or who serves as
a Board observer of the Company may not also be a member of the Board or serve as a Board observer for a competitor of the Company. The Company hereby agrees that, to the extent permitted under applicable law, its Investors shall not be liable to
the Company for any claim arising out of, or based upon, (i) the investment by such Investors in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other representative of such Investors 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. 
 (signature pages follow) 

  
 28 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	COMPANY:
	
	ALLAKOS INC.
		
	By:	 	/s/ Robert Alexander
	Name: Robert Alexander
	Title: Chief Executive Officer
	
	Address for Notice:
	75 Shoreway Rd A
	San Carlos, CA 94070
	Attention: Chief Executive Officer

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	 NEA VENTURES 2017,

LIMITED PARTNERSHIP

		
	By:	 	/s/ Louis S. Citron
	Name: Louis S. Citron
	Title: Vice President
	
	Address for notice:
	
	NEA Ventures 2017, Limited Partnership
	 1954 Greenspring Drive, Suite 600

Timonium, MD 21093

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	NEW ENTERPRISE ASSOCIATES 16, L.P.
	By:	 	NEA Partners 16, L.P., its general partner
	By:	 	NEA 16 GP, LLC, its general partner
		
	By:	 	/s/ Louis S. Citron
	Name: Louis S. Citron
	Title: Chief Legal Counsel
	
	Address for notice:
	
	New Enterprise Associates 16, L.P.
	1954 Greenspring Drive, Suite 600
	Timonium, MD 21093

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	RIVERVEST VENTURE FUND II, L.P.
	By:	 	 RiverVest Venture Partners II, L.P., its General Partner

	By:	 	 RiverVest Venture Partners II, LLC, its sole General Partner

		
	By:	 	/s/ John P. McKearn
	John McKearn, Ph.D., Authorized Person
	
	Address for Notice:
	101 S. Hanley Road, Suite 1850
	St. Louis, Missouri 63105
	Attn: John McKearn, Ph.D.
	
	With a copy to:
	
	Gloria M. Skigen, Esq.
	Holland & Knight LLP
	263 Tresser Blvd., Suite 1400
	Stamford, Connecticut 06901

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	RIVERVEST VENTURE FUND II (OHIO), L.P.
	By:	 	 RiverVest Venture Partners II (Ohio), LLC, its General Partner

	By:	 	 RiverVest Venture Partners II, L.P., its sole member

	By: RiverVest Venture Partners II, LLC, its general partner
		
	By:	 	/s/ John P. McKearn
	 John McKearn, Ph.D., Authorized Person

	
	 Address for Notice:

	 101 S. Hanley Road, Suite 1850

	 St. Louis, Missouri 63105

	 Attn: John McKearn, Ph.D.

	
	 With a copy to:

	
	 Gloria M. Skigen, Esq.

	 Holland & Knight LLP

	 263 Tresser Blvd., Suite 1400

	 Stamford, Connecticut 06901

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	RIVERVEST VENTURE FUND III, L.P.
	By: RiverVest Venture Partners III, L.P., its General Partner
	By: RiverVest Venture Partners III, LLC, its sole General Partner
		
	By:	 	/s/ John P. McKearn
	John McKearn, Ph.D., Manager
	
	Address for Notice:
	101 S. Hanley Road, Suite 1850
	St. Louis, Missouri 63105
	Attn: John McKearn, Ph.D.
	
	With a copy to:
	
	Gloria M. Skigen, Esq.
	Holland & Knight LLP
	263 Tresser Blvd., Suite 1400
	Stamford, Connecticut 06901

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	RIVERVEST VENTURE FUND III (OHIO), L.P.
	By: RiverVest Venture Partners III (Ohio), LLC, its General Partner
	By: RiverVest Venture Partners III, L.P., its sole member
	By: RiverVest Venture Partners III, LLC, its general partner
		
	By:	 	/s/ John P. McKearn
	John McKearn, Ph.D., Member
	
	Address for Notice:
	101 S. Hanley Road, Suite 1850
	St. Louis, Missouri 63105
	Attn: John McKearn, Ph.D.
	
	With a copy to:
	
	Gloria M. Skigen, Esq.
	Holland & Knight LLP
	263 Tresser Blvd., Suite 1400
	Stamford, Connecticut 06901

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	3X5 RIVERVEST FUND II, L.P.
	By: 3x5 RiverVest Partners II, LLC, its General Partner
	By: RiverVest 3x5 Managers II, L.P., its Member
	By: RiverVest 3x5 Managers II, LLC, its General Partner
		
	By:	 	/s/ John P. McKearn
	John McKearn, Ph.D., Member
	
	Address for Notice:
	101 S. Hanley Road, Suite 1850
	St. Louis, Missouri 63105
	Attn: John McKearn, Ph.D.
	
	With a copy to:
	
	Gloria M. Skigen, Esq.
	Holland & Knight LLP
	263 Tresser Blvd., Suite 1400
	Stamford, Connecticut 06901

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	3X5 RIVERVEST FUND II-B, L.P.
	By: 3x5 RiverVest Partners II, LLC, its General Partner
	By: RiverVest 3x5 Managers II, L.P., its Member
	By: RiverVest 3x5 Managers II, LLC, its General Partner
		
	By:	 	/s/ John P. McKearn
	John McKearn, Ph.D., Member
	
	Address for Notice:
	101 S. Hanley Road, Suite 1850
	St. Louis, Missouri 63105
	Attn: John McKearn, Ph.D.
	
	With a copy to:
	
	Gloria M. Skigen, Esq.
	Holland & Knight LLP
	263 Tresser Blvd., Suite 1400
	Stamford, Connecticut 06901

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	ALTA PARTNERS VIII, LP
	By: Alta Partners Management VIII, LLC
		
	By:	 	/s/ Larry Randal
	Name: Larry Randal
	Title: CFO
	
	Address for Notice:
	Alta Partners VIII, L.P.
	One Embarcadero Center, Suite 3700
	San Francisco, California 94111
	Attn: Finance

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	ALTA PARTNERS IX, LP
	By: Alta Partners Management IX, LLC, its general partner
		
	By:	 	/s/ Larry Randal
	Name: Larry Randal
	Title: CFO
	
	Address for Notice:
	Alta Partners IX, L.P.
	One Embarcadero Center, Suite 3700
	San Francisco, California 94111
	Attn: Finance

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	ROCHE FINANCE LTD.
		
	By:	 	/s/ Carole Nuechterlein
	Name: Carole Nuechterlein
	Title: Authorized Signatory
		
	By:	 	/s/ Andreas Knierzinger
	Name: Andreas Knierzinger
	Title: Authorized Signatory
	
	Notices are to be sent to:
	Roche Finance Ltd.
	Attn: Carole Nuechterlein
	Grenzacherstrasse 122
	Basel, CH-Switzerland 4070
	
	A copy of all notices sent to Roche Finance Ltd. shall be simultaneously sent to the following:
	
	Hoffmann-LaRoche Inc.
	Attn: General Counsel
	Overlook at Great Notch
	150 Clove Road
	8th Floor – Suite 8
	Little Falls, New Jersey 07424
	Fax: 973-890-8433

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	SMALLCAP WORLD FUND, INC.
	By: Capital Research and Management Company, for and on behalf of SMALLCAP World Fund, Inc.
		
	By:	 	/s/ Walter R. Burkley
	Name: Walter R. Burkley
	Title: Authorized Signatory
	
	Address for Notice:
	SMALLCAP World Fund, Inc.
	c/o Capital Research and Management Company
	333 South Hope Street, 33rd Floor
	Los Angeles, California 90071
	Attention: Jae Won Chung
	email: jae.chung@capgroup.com
	
	with a copy, which shall not constitute notice, to:
	
	SMALLCAP World Fund, Inc.
	333 South Hope Street, 53rd Floor
	Los Angeles, California 90071
	Attention: Craig Gordon
	email: craig.gordon@capitalglobal.com

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	LIFESCI VENTURE PARTNERS I, LP
	By: LifeSci Venture GP, LLC, its General Partner
		
	By:	 	/s/ Paul Yook
	Name:
	Title:
	
	Address for Notice:
	LifeSci Venture GP, LLC
	250 West 55th Street, 16th Floor
	New York, NY 10019

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	LIFESCI VENTURE SPV IV, LLC
	By: LifeSci Venture GP, LLC, its General Partner
		
	By:	 	/s/ Paul Yook
	Name:
	Title:
	
	Address for Notice:
	LifeSci Venture GP, LLC
	250 West 55th Street, 16th Floor
	New York, NY 10019

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	SAMSARA BIOCAPITAL, L.P.
	By: Samsara BioCapital GP, LLC, General Partner
		
	By:	 	/s/ Srinivas Akkaraju
	Name:
	Title:
	
	Address for Notice:

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	ROCK SPRINGS CAPITAL MASTER FUND LP
	By: Rock Springs General Partner LLC
		
	By:	 	/s/ Mark Bussard
	Name: Mark Bussard
	Title: Managing Member
	
	Address for Notice:
	Rock Springs Capital Master Fund LP
	650 South Exeter Street, Suite 1070
	 Baltimore, MD 21202
 Attn: General
Counsel

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	CKE ASSOCIATES, LLC
		
	By:	 	/s/ Michael S. Ovitz
	Name: Michael S. Ovitz
	Title: CEO
	
	Address for Notice:

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	DAVID LAMOND
		
	By:	 	/s/ David Lamond
	
	Address for Notice:

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	REDMILE BIOPHARMA INVESTMENTS I, L.P.
		
	By:	 	/s/ Jeremy Green
	Name: Jeremy Green
	Title: Managing Member of the General Partner and the Management Company

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	REDMILE CAPITAL OFFSHORE FUND, LTD.
		
	By:	 	/s/ Jeremy Green
	Name: Jeremy Green
	Title: Managing Member of the Investment Manager

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	REDMILE CAPITAL OFFSHORE FUND II, LTD.
		
	By:	 	/s/ Jeremy Green
	Name: Jeremy Green
	Title: Managing Member of the Investment Manager

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	REDMILE CAPITAL FUND, LP
		
	By:	 	/s/ Jeremy Green
	Name: Jeremy Green
	Title: Managing Member of the General Partner and the Investment Manager

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	ROBERT SCHLEIMER
		
	By:	 	/s/ Robert Schleimer
	
	Address for Notice:
	Robert Schleimer

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	BRUCE SCOTT BOCHNER REVOCABLE TRUST
		
	By:	 	/s/ Bruce Scott Bochner
	Name: Bruce Scott Bochner
	Title: Trustee
	
	Address for Notice:
	Bruce Scott Bochner Revocable Trust

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	JACQUELINE ANN SCHAFFER-BOCHNER, TRUSTEE FOR THE JACQUELINE ANN-SCHAFFER-BOCHNER REVOCABLE TRUST
		
	By:	 	/s/ Jacqueline Ann Schaffer-Bochner
	Name: Jacqueline Ann Schaffer-Bochner
	Title: Trustee
	
	Address for Notice:
	Jacqueline Ann Schaffer-Bochner, trustee for the Jacqueline Ann Schaffer-Bochner Revocable Trust

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	EVE G. MERMEL & SCOTT J. MERMEL, TRUSTEES FOR THE EVE G. MERMEL REVOCABLE TRUST DATED 8/16/1988
		
	By:	 	/s/ Eve G. Mermel
	Name: Eve G. Mermel
	Title: Trustee
	
	Address for Notice:
	Eve G. Mermel & Scott J. Mermel, trustees for the Eve G. Mermel Revocable Trust dated 8/16/1988

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	JONATHAN ALBERT SCHLEIMER
		
	By:	 	/s/ Jonathan Albert Schleimer
	
	Address for Notice:
	Jonathan Albert Schleimer

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	ALEJANDRO DORENBAUM
		
	By:	 	/s/ Alejandro Dorenbaum
	
	Address for Notice:
	Alejandro Dorenbaum

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	BARRY BOCHNER AND LAURIE BOCHNER, TRUSTEES FOR THE BOCHNER REVOCABLE TRUST DATED 12/13/2005
		
	By:	 	/s/ Barry Bochner
	Name:
	Title:
	
	Address for Notice:
	Barry Bochner and Laurie Bochner, trustees for the Bochner Revocable Trust dated 12/13/2005

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	BEBBINGTON FAMILY TRUST DATED MAY 7TH 2003
		
	By:	 	 /s/ Chris Bebbington

	Name:
	Title:
	
	Address for Notice:
	Bebbington Family Trust

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	WS INVESTMENT COMPANY, LLC (2017A)
		
	By:	 	 /s/ James Terranova

	Name:
	Title:
	
	Address for Notice:
	WS Investment Company, LLC (2017A)
	650 Page Mill Road
	Palo Alto, CA 94304

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	PFM HEALTHCARE MASTER FUND, L.P.
	By: Partner Fund Management, L.P., its investment adviser
		
	By:	 	 /s/ Yuan DuBord

	Name: Yuan DuBord
	Title: CFO
	
	Address for Notice:
	Partner Fund Management, L.P.
	4 Embarcadero Center #3500
	San Francisco, CA 94111

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	PFM HEALTHCARE OPPORTUNITIES MASTER FUND, L.P.
	By: Partner Fund Management, L.P., its investment adviser
		
	By:	 	 /s/ Yuan DuBord

	 Name: Yuan DuBord

	 Title: CFO

	
	 Address for Notice:

	 Partner Fund Management, L.P.

	 4 Embarcadero Center #3500

	 San Francisco, CA 94111

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	PFM HEALTHCARE EMERGING GROWTH MASTER FUND, L.P.
	By: Partner Fund Management, L.P., its investment adviser
		
	By:	 	 /s/ Yuan DuBord

	Name: Yuan DuBord
	Title: CFO
	
	Address for Notice:
	Partner Fund Management, L.P.
	4 Embarcadero Center #3500
	San Francisco, CA 94111

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	PFM HEALTHCARE PRINCIPALS FUND, L.P.
	By: Partner Investment Management, L.P., its investment adviser
		
	By:	 	 /s/ Yuan DuBord

	Name: Yuan DuBord
	Title: CFO
	
	Address for Notice:
	Partner Fund Management, L.P.
	4 Embarcadero Center #3500
	San Francisco, CA 94111

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR:
	
	PARTNER INVESTMENTS, L.P.
	By: Partner Investment Management, L.P., its investment adviser
		
	By:	 	 /s/ Yuan DuBord

	Name: Yuan DuBord
	Title: CFO
	
	Address for Notice:
	Partner Fund Management, L.P.
	4 Embarcadero Center #3500
	San Francisco, CA 94111

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	 INVESTOR:

	
	 JOHN Q. ADAMS JR. AND VICKI J. ADAMS

		
	By:	 	 /s/ John Q. Adams

	 Name:

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	 INVESTOR:

	
	 DYETT FAMILY TRUST

		
	By:	 	 /s/ John Dyett

	 Name: John Dyett

	 Title: Trustee

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	 INVESTOR:

	
	ALVARO F GUILLEM AND MARY A GUILLEM TEN/COM
		
	By:	 	 /s/ Alvaro F. Guillem

	 Name: Alvaro F. Guillem

	 Title: Self

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 The parties are signing this Amended and Restated Investors’ Rights Agreement as of the date
stated in the introductory clause. 
  

			
	 INVESTOR:

	
	 BERTI PROUGH TRUST

		
	By:	 	 /s/ Stephen Prough

	 Name: Stephen Prough

	 Title: Trustee

  
 (Signature Page to
Amended and Restated Investors’ Rights Agreement) 

 SCHEDULE I 

NOTICE AND WAIVER/ELECTION OF 

RIGHT OF FIRST REFUSAL 

The undersigned Holder hereby waives or exercises, as indicated below, the undersigned Holder’s Right of First Refusal under the Amended
and Restated Investors’ Rights Agreement dated as of November 30, 2017 (the “Investors’ Rights Agreement”), by and among Allakos Inc., a Delaware corporation (the “Company”) , the undersigned Holder
or such Holder’s predecessor in interest, and other Holders: 
  

	1.	Waiver of [    ] days’ notice period in which to exercise Right of First Refusal: (please check only one below): 

The undersigned Holder: 

(    ) WAIVES in full the notice period described above. 

(    ) DOES NOT WAIVE the notice period described above. 

 

	2.	Issuance and Sale of New Securities: (please check only one below): 

 The undersigned
Holder: 
  

	 	(    )	WAIVES in full the Right of First Refusal granted to the undersigned Holder under the Amended and Restated Investors’ Rights Agreement with respect to the issuance of the New Securities. 

 

	 	(    )	ELECTS TO PARTICIPATE in such issuance by purchasing $                 (please provide amount) in New Securities proposed to
be issued by the Company representing LESS than the undersigned Holder’s pro rata portion of the aggregate of $[            ] in New Securities being offered in the financing.

  

	 	(    )	ELECTS TO PARTICIPATE in such issuance by purchasing $                 in New Securities proposed to be issued by the Company,
representing the undersigned Holder’s FULL pro rata portion of the aggregate of $[                ] in New Securities being offered in the financing.

  

	 	(    )	ELECTS TO PARTICIPATE in such issuance by purchasing the undersigned Holder’s full pro rata portion of the aggregate of
$[                ], in New Securities being offered by the Company in the financing AND, to the extent available, the greater of (x) an additional
$                 (please provide amount) or (y) the undersigned Holder’s pro rata portion of any remaining. investment amount available in the
event other Significant Holders (as defined in the Investors” Rights Agreement) do not exercise their full rights of first refusal with respect to the New Securities being offered in the financing. 

[signature page follows] 

 Date:
                         
  

			
		  	  

		  	(Print Holder name)
		
		  	  

		  	(Signature)
		
		  	  

		  	(Print name of signatory, if signing for an entity)
		
		  	  

		  	(Print title of signatory, if signing for an entity)

 This is neither a commitment to purchase nor a commitment to issue the New Securities described above. Such issuance can
only be made by way of definitive documentation related to such issuance. The Company will supply the Holder with such definitive documentation upon request or if the Holder indicates that the Holder desires to exercise the Holder’s first offer
rights under the Investors’ Rights Agreement in whole or in part. 
 [Signature Page to Notice and Waiver / Election of Right of
First Refusal] 

 EXHIBIT A 

INVESTORS 
 Series A 

Alta Partners VIII, LP 
 Roche Finance Ltd. 

RiverVest Venture Fund II, L.P. 
 RiverVest Venture Fund III,
L.P. 
 RiverVest Venture Fund II (Ohio), L.P. 
 Bruce Bochner

 Christopher Bebbington 
 Robert Schleimer 

Nenad Tomasevic 
 Esra Nutku-Bilir 

Series B 
 New Enterprise Associates 16, L.P. 

NEA Ventures 2017, Limited Partnership 
 Alta Partners IX, LP

 Alta Partners VIII, LP 
 3x5 RiverVest Fund II, L.P. 

3x5 RiverVest Fund II-B, L.P. 

RiverVest Venture Fund II (Ohio), L.P. 

 RiverVest Venture Fund II, L.P. 

RiverVest Venture Fund III (Ohio), L.P. 
 RiverVest Venture Fund
III, L.P. 
 Roche Finance Ltd 
 SMALLCAP World Fund, Inc.

 Redmile Capital Fund, LP 
 Redmile Capital Offshore Fund,
Ltd. 
 Redmile Capital Offshore Fund II, Ltd. 
 Redmile
Biopharma Investments, I, L.P. 
 PFM Healthcare Master Fund, L.P. 

PFM Healthcare Opportunities Master Fund, L.P. 
 PFM Healthcare
Emerging Growth Master Fund, L.P. 
 PFM Healthcare Principals Fund, L.P. 

Partner Investments, L.P. 
 LifeSci Venture SPV IV, LLC 

LifeSci Venture Partners I, LP 
 Samsara BioCapital, L.P. 

Rock Springs Capital Master Fund LP 
 CKE Associates, LLC 

David Lamond 
 Berti Prough Trust 

Dyett Family Trust 
 John Q. Adams Jr. and Vicki J. Adams 

 Alvaro F Guillem and Mary A Guillem Ten/Com 

Robert Schleimer 
 Bruce Scott Bochner Revocable Trust 

Jacqueline Ann Schaffer-Bochner, trustee for the Jacqueline Ann Schaffer-Bochner Revocable Trust 

Eve G. Mermel & Scott J. Mermel, trustees for the Eve G. Mermel Revocable Trust dated 8/16/1988 

Jonathan Albert Schleimer 
 Alejandro Dorenbaum 

Barry Bochner and Laurie Bochner, trustees for the Bochner Revocable Trust dated 12/13/2005 

Bebbington Family Trust Dated May 7th 2003 

WS Investment Company, LLC (2017A)

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