Document:

EX-10.12

 Exhibit 10.12 

 

	 	[***]	 Certain information in this document has been omitted from this exhibit because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  

 
  

OPTION AGREEMENT 
 by and
among 
 LEO PHARMA A/S 

LEO SPINY MERGER SUB, INC. 

AND 
 PELLEPHARM, INC.

 Dated as of November 19, 2018 
  

 
  

 Confidential 

Table of Contents 
  

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INTERPRETATIONS
	  	 	1	 
			
	 1.1
	 	 Defined Terms
	  	 	1	 
			
	 1.2
	 	 Interpretation Provisions
	  	 	10	 
		
	 ARTICLE 2 OPTION TO ACQUIRE THE COMPANY; DELIVERIES
	  	 	11	 
			
	 2.1
	 	 Option to Acquire the Company
	  	 	11	 
			
	 2.2
	 	 Consideration for the Option and Equity Investment
	  	 	12	 
			
	 2.3
	 	 Optionee’s Deliveries
	  	 	12	 
			
	 2.4
	 	 The Company’s Deliveries
	  	 	13	 
			
	 2.5
	 	 Additional Exclusivity Payment
	  	 	13	 
			
	 2.6
	 	 Actions Upon Exercise of the Option
	  	 	15	 
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	15	 
			
	 3.1
	 	 Corporate Existence and Power
	  	 	16	 
			
	 3.2
	 	 Corporate Authorization
	  	 	16	 
			
	 3.3
	 	 Capitalization
	  	 	17	 
			
	 3.4
	 	 Non-Contravention
	  	 	18	 
			
	 3.5
	 	 Governmental Authorizations
	  	 	18	 
			
	 3.6
	 	 Financial Statements
	  	 	18	 
			
	 3.7
	 	 Absence of Certain Changes
	  	 	19	 
			
	 3.8
	 	 No Undisclosed Liabilities
	  	 	20	 
			
	 3.9
	 	 Compliance with Applicable Laws
	  	 	20	 
			
	 3.10
	 	 Intellectual Property
	  	 	21	 
			
	 3.11
	 	 Licenses and Permits
	  	 	23	 
			
	 3.12
	 	 Finders’ Fees
	  	 	24	 
			
	 3.13
	 	 Non-Reliance
	  	 	24	 
			
	 3.14
	 	 [***] Agreement
	  	 	24	 
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE
	  	 	24	 
			
	 4.1
	 	 Corporate Existence and Power
	  	 	24	 
			
	 4.2
	 	 Corporate Authorization
	  	 	24	 
			
	 4.3
	 	 Governmental Authorization
	  	 	24	 
			
	 4.4
	 	 Non-contravention
	  	 	25	 
			
	 4.5
	 	 Finders’ Fees
	  	 	25	 
			
	 4.6
	 	 Sufficiency of Funds
	  	 	25	 
			
	 4.7
	 	 Exclusivity of Representations; Non-Reliance
	  	 	25	 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

							
	 ARTICLE 5 COVENANTS
	  	 	26	 
			
	 5.1
	 	 Merger Agreement, Disclosure Schedules
	  	 	26	 
			
	 5.2
	 	 Access by the Optionee; Deliveries by the Company
	  	 	26	 
			
	 5.3
	 	 Employees
	  	 	28	 
			
	 5.4
	 	 Consents of Third Parties; Governmental Approvals
	  	 	28	 
			
	 5.5
	 	 Conduct of Business by the Company
	  	 	28	 
			
	 5.6
	 	 Stockholder Consent; Support Agreements
	  	 	30	 
			
	 5.7
	 	 Use of Exclusivity Payment, Additional Exclusivity Payment and other proceeds
	  	 	30	 
			
	 5.8
	 	 Acquisition Proposals
	  	 	30	 
			
	 5.9
	 	 Non-Solicitation
	  	 	31	 
			
	 5.10
	 	 Takeover Statutes
	  	 	31	 
			
	 5.11
	 	 Support Agreements; Common Stock Voting
	  	 	31	 
			
	 5.12
	 	 Budget; Additional Funding
	  	 	31	 
			
	 5.13
	 	 Joint Development Committee
	  	 	32	 
			
	 5.14
	 	 Key Representatives
	  	 	33	 
			
	 5.15
	 	 SVB Term Sheet
	  	 	34	 
		
	 ARTICLE 6 INDEMNIFICATION
	  	 	34	 
			
	 6.1
	 	 Survival of Representations
	  	 	34	 
			
	 6.2
	 	 Indemnification
	  	 	34	 
			
	 6.3
	 	 Procedures of Claims
	  	 	35	 
			
	 6.4
	 	 No Incidental, Consequential or Punitive Damages/Determination of Damages
	  	 	37	 
			
	 6.5
	 	 Exclusive Remedy
	  	 	37	 
		
	 ARTICLE 7 TERMINATION
	  	 	37	 
			
	 7.1
	 	 Termination Rights
	  	 	37	 
			
	 7.2
	 	 Effect of Termination
	  	 	38	 
		
	 ARTICLE 8 GENERAL PROVISIONS
	  	 	38	 
			
	 8.1
	 	 Assignment, Successors and No Third-Party Rights
	  	 	38	 
			
	 8.2
	 	 Notices
	  	 	39	 
			
	 8.3
	 	 Choice of Law
	  	 	39	 
			
	 8.4
	 	 Entire Agreement; Amendments and Waivers
	  	 	40	 
			
	 8.5
	 	 Counterparts
	  	 	40	 
			
	 8.6
	 	 Invalidity
	  	 	40	 

  
 - ii - 

							
	 8.7
	 	 Expenses
	  	 	40	 
			
	 8.8
	 	 Attorney Fees
	  	 	40	 
			
	 8.9
	 	 Service of Process; Consent to Jurisdiction; Waiver of Jury Trial
	  	 	40	 
			
	 8.10
	 	 Specific Performance
	  	 	41	 
			
	 8.11
	 	 Confidentiality
	  	 	41	 
			
	 8.12
	 	 Public Announcement
	  	 	41	 
			
	 8.13
	 	 Certain Tax Matters
	  	 	42	 

  
 - iii - 

 Confidential 

EXHIBITS 
  

			
	 Exhibit A -
	 	 Form of Merger Agreement

		
	 Exhibit B -
	 	 Form of Support Agreement

		
	 Exhibit C -
	 	 Form of Optionee Secretary’s Certificate

		
	 Exhibit D -
	 	 Form of Company Secretary’s Certificate

		
	 Exhibit E -
	 	 Form of Equity Investment Documents

		
	 Exhibit F -
	 	 Budget

		
	 Exhibit G -
	 	 Form of Research and Technical Development Plan

		
	 Exhibit H -
	 	 SVB Term Sheet

		
	 Schedule 1.1 -
	 	 SVB Top Line Data Requirement

		
	 Schedule 5.12 -
	 	 Optionee Loan Terms

 OPTION AGREEMENT 

This Option Agreement (this “Agreement”), is entered into as of November 19, 2018 (the “Agreement
Date”), by and among LEO Pharma A/S, a company organized under the laws of the Kingdom of Denmark (the “Optionee”), LEO Spiny Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and
PellePharm, Inc., a Delaware corporation (the “Company”). 
 WHEREAS, upon the terms and subject to the conditions
contained herein, the Company has agreed to grant to the Optionee during the period beginning on the Agreement Date and ending on the Option Exercise Termination Date (unless terminated prior to the Option Exercise Termination Date in accordance
with the terms of this Agreement) an exclusive option to acquire the Company pursuant to a merger (the “Merger”) of Merger Sub with and into the Company, with the Company continuing as the surviving corporation, all pursuant to the terms
and conditions of this Agreement, the Merger Agreement, and the DGCL; 
 WHEREAS, the Company’s board of directors (“Company
Board of Directors”) has determined that the Option and the Merger are each in the best interest of the Company and its Stockholders and has approved and declared advisable this Agreement, the Merger Agreement and the Merger (to the
extent the Option is exercised on the terms hereof) and the other transactions contemplated hereby and thereby; and 
 WHEREAS, in
accordance with the terms hereof, certain Stockholders representing at least the Required Stockholder Approval (as defined below in Section 1.1), shall enter into a stockholders’ agreement with the Company, which includes an irrevocable
proxy in favor of the Company, in the form attached hereto as Exhibit B (each, a “Support Agreement”) pursuant to which, among other things, each such Stockholder will (a) agree to vote its shares of Capital Stock
in favor of the adoption of the Merger Agreement, thereby approving the Merger and the other transactions contemplated thereby and (b) appoint the Company as its proxy to vote its shares of Capital Stock in favor of the adoption of the Merger
Agreement, thereby approving the Merger and the other transactions contemplated thereby. 
 NOW, THEREFORE, in consideration of the
foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS AND
INTERPRETATIONS 
 1.1    Defined Terms. As used herein, the terms below shall have the following meanings. 

“Acquisition Proposal” means any offer or proposal (other than the Merger contemplated by the Merger
Agreement) relating to any of the following: (a) the sale, license or other disposition of all or a material portion of the Business or assets of the Company, (b) other than in accordance with Section 5.12, the issuance, disposition
or acquisition of (i) any Capital Stock (other than in connection with the exercise of any Equity Incentive Options), (ii) any subscription, option, call, warrant, preemptive right, right of first refusal or any other right (whether or not
exercisable) to acquire any Capital Stock (other than the grant of Equity 

 
Incentive Options in the ordinary course of business consistent with past practices), or (iii) any security, instrument or obligation that is or may become convertible into or exchangeable
for any Capital Stock or (c) any merger, consolidation, business combination, reorganization, liquidation, recapitalization, share exchange or similar transaction involving the Company. 

“Action” means any action, claim, suit, litigation, proceeding, arbitration, or investigation pending
before or brought by a Governmental Entity or arbitral body. 
 “Additional Exclusivity Payment” has
the meaning specified in Section 2.5. 
 “Additional Exclusivity Payment Milestone” means the
initial dosing of [***] patients in the Phase III Trial within [***] after the initial dosing of the first patient in the Phase III Trial by the Company. 

“Affiliate” of a Person means any other Person which, directly or indirectly, controls, is controlled
by, or is under common control with, such Person. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as used with respect to any Person, means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning set forth in the Preamble. 

“Agreement Date” has the meaning set forth in the Preamble. 

“Ancillary Documents” has the meaning specified in Section 3.2(a). 

“Assets” means the right, title and interest of the Company and/or any of its Subsidiaries in
properties, assets and rights of any kind, whether tangible or intangible, real or personal. 
 “Balance
Sheet” means the unaudited balance sheet of the Company as of September 30, 2018 and the footnotes thereto. 

“Balance Sheet Date” means September 30, 2018. 

“Bringdown Budget” has the meaning specified in Section 2.5. 

“Bringdown Certificate” has the meaning specified in Section 2.5. 

“Budget” has the meaning specified in Section 5.12(a) and as set out in Exhibit F. 

“Business” means the development, manufacture and Commercialization of the Company Product and/or such
other business and operations conducted by the Company. 
 “Business Day” means any day other than a
Saturday, Sunday, or other day on which banks in California, Delaware or Denmark are required by applicable Laws to be closed. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 2 - 

 “Capital Stock” means the Common Stock, the Preferred
Stock and any other classes and series of capital stock of the Company authorized under the Company Certificate of Incorporation. 

“Certificate of Merger” means a certificate of merger in substantially the form attached to the Merger
Agreement. 
 “Clinical Study” means one or more of the following as each may be amended,
supplemented, or modified, (i) the Phase III Trial, (ii) the HF-BCC Phase II Trial, and (ii) any clinical trial, research study in human subjects and/or clinical work sponsored by or performed
by or on behalf of the Company in order to seek or support FDA approval of any FDA Application of patidegib topical gel for the treatment of Gorlin Syndrome and/or HF-BCC. 

“Closing” has the meaning specified in the Merger Agreement. 

“CMS” means the United States Centers for Medicare and Medicaid Services or any successor agency
thereto. 
 “Commercialization” means any and all activities related to the commercial exploitation of
the Company Product, including (a) commercial product packaging, branding, pricing, reimbursement and market access, scientific pre-launch communication, marketing, advertising, sales promotion and
presentation at expert meetings of the Company Product including any clinical data in relation hereto, (b) importing the Company Product into a country or other jurisdiction and exporting the Company Product from a country or other jurisdiction
and (c) distributing or selling, or offering to distribute or sell, the Company Product. 
 “Commercially Reasonable
Efforts” [***]. 
 “Common Stock” means the common stock, $0.0001 par value
per share, of the Company. 
 “Company” has the meaning specified in the Preamble. 

“Company Board of Directors” has the meaning specified in the Preamble. 

“Company Certificate of Incorporation” means the Certificate of Incorporation of the Company, as
amended. 
 “Company Disclosure Schedule” has the meaning specified in the Merger Agreement. 

“Company Indemnified Parties” has the meaning specified in Section 6.2(b). 

“Company IP” means all Intellectual Property Rights and Intellectual Property owned by or exclusively
licensed to the Company. 
 “Company Merger Representations” means the representations and warranties
set forth in Article 3 of the Merger Agreement. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 3 - 

 “Company Product” means the product candidate that the
Company is developing as of the Agreement Date known as patidegib in a topical gel formulation which is subject to IND #[***]. 

“Company Secretary’s Certificate” has the meaning specified in Section 2.4(a)(iv). 

“Company Securities” has the meaning specified in Section 3.3(b). 

“Confidentiality Agreement” means that certain Confidentiality Agreement, dated as of February 23,
2015, by and between the Company and the Optionee, as amended. 
 “Consents” means any and all Permits
and any and all notices to, consents, approvals, clearances, ratifications, permissions, authorizations or waivers from third Persons, including from any Governmental Entity. 

“Contracts” mean all agreements, contracts, subcontracts, leases (whether for real or personal
property), purchase orders, covenants not to compete, employment agreements, confidentiality agreements, licenses, instruments, notes, options and warranties to which the Company or any of its Subsidiaries is a party or by which the Company or any
of its Subsidiaries or any of the Assets are bound, whether written or oral. 
 “Court Order” means
any judgment, decision, decree, consent decree, injunction, ruling or order of any Governmental Entity that is binding on any Person or its property under applicable Laws. 

“Damages” has the meaning specified in Section 6.2(a). 

“Data Monitoring Committee” means the data monitoring committee established by the Company for purposes
of the Phase III Trial. 
 “DGCL” means the General Corporation Law of the State of Delaware, as
amended. 
 “Employees” mean all Persons employed by the Company on a full or part-time basis, whether
on active status or on leaves of absence. 
 “Equity Incentive Option Plan” means the Company’s
2014 Equity Incentive Plan and 2016 Equity Incentive Plan, each as amended from time to time, and any other plan for the issuance of equity compensation awards to purchase or receive Common Stock of the Company. 

“Equity Incentive Optionholders” means, collectively, the holders of Equity Incentive Options. 

“Equity Incentive Options” means options or other equity compensation awards to purchase or receive
shares of Common Stock issued or issuable by the Company pursuant to the Equity Incentive Option Plan. 
 “Equity
Investment” means the investment by the Optionee contemplated by the Equity Investment Documents. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 4 - 

 “Equity Investment Documents” means the Common Stock
Purchase Agreement, the Amended and Restated Investors’ Rights Agreement, the Amended and Restated Right of First Refusal and Co-Sale Agreement and the Amended and Restated Voting Agreement, each dated as
of even date herewith by and among the Company, the Optionee and the other parties thereto, and attached hereto as Exhibit E. 

“Exercise Withdrawal Notice” has the meaning specified in Section 2.6. 

“Exclusivity Payment” has the meaning specified in Section 2.2. 

“FDA” means the United States Food and Drug Administration or any successor agency thereto. 

“FDA Act” means the Federal Food, Drug, and Cosmetic Act, 21 U.S.C. § 301 et seq. 

“FDA Application” means a new drug application as described in Code of Federal Regulations Title 21 (21
C.F.R.) § 314.50, submitted to the FDA under Section 505(b) of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. § 355(b)) for approval to commercialize a drug product in the United States. 

“Financial Statements” has the meaning specified in Section 3.6. 

“Fraud” means any intentional misrepresentation, deceit or concealment of a material fact with the
intention of depriving a Person of property or legal rights to the extent such intentional misrepresentation, deceit or concealment caused such Person, in justifiable reliance upon such intentional misrepresentation, deceit of concealment, to take
or refrain from taking an action. 
 “GAAP” means generally accepted accounting principles as applied
consistently in the U.S. 
 “Gorlin Syndrome” means Gorlin syndrome, also known as basal cell
carcinoma nevoid syndrome, a rare autosomal dominant heritable disease characterized by numerous phenotypic abnormalities, most prominent among which is the development of numerous basal cell carcinomas over a lifetime. 

“Governmental Entities” mean all agencies, authorities, bodies, boards, commissions, courts,
instrumentalities, legislatures and offices of competent jurisdiction of any government, quasi-governmental unit or political subdivision, whether U.S. or foreign, federal, state, county, district, municipality, city or otherwise, including, as
applicable, the FDA, CMS, and any Notified Body. 
 “HF-BCC”
means [***]. 
 “HF-BCC Phase II Trial” means [***].

 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 5 - 

 “IND” means an Investigational New Drug application
(as defined in 21 C.F.R. § 312.3) filed or to be filed with the FDA. 
 “Indemnified Party” has
the meaning specified in Section 6.2(b). 
 “Indemnifying Party” has the meaning specified in
Section 6.3(a). 
 “Initial Merger Agreement Company Disclosure Schedule” has the meaning
specified in Section 2.4(a)(ii). 
 “Intellectual Property” means and includes algorithms, APIs,
apparatus, diagrams, inventions (whether or not patentable), invention disclosures, trade secrets, know-how, logos, trademarks, service marks and other brand elements (including brand names, product names,
logos, and slogans), methods, network configurations and architectures, processes, proprietary information, protocols, schematics, specifications, technical data, software code (in any form, including source code and executable or object code), mask
works, subroutines, techniques, user interfaces, URLs, domain names, web sites, works of authorship, documentation (including instruction manuals, samples, studies, and summaries), databases and data collections, any other forms of technology, and
any goodwill associated with or symbolized by any of the foregoing, in each case whether or not embodied in any tangible form and including all tangible embodiments of any of the foregoing. 

“Intellectual Property Rights” means and includes all past, present, and future rights of the following
types, which may exist or be created under the Laws of any jurisdiction worldwide: (a) rights associated with works of authorship, including exclusive exploitation rights, copyrights, design rights, and moral rights; (b) trademark, trade
name, service name, trade dress and service mark rights and similar rights and any goodwill associated with or symbolized by any of the foregoing; (c) trade secret rights; (d) patents and industrial property rights; (e) other
proprietary rights in Intellectual Property of every kind and nature; and (f) rights in or relating to registrations, renewals, extensions, combinations, reexaminations, provisionals, continuations, continuations
in-part, divisions, and reissues of, and applications for, any of the rights referred to in clauses “(a)” through “(e)” above. 

“Interim Analysis” means the Required Top Line Data corresponding to a potential six (6) month
analysis of new surgically eligible tumor development in all vehicle-treated vs. all patidegib topical gel-treated subjects, as defined in the Phase III Protocol [***] and Statistical Analysis Plan. 

“Joint Development Committee” or “JDC” means the joint development
committee established by Section 5.13. 
 “Key Representative” has the meaning
specified in Section 5.14. 
 “Knowledge” means, when used with respect to the Company, the
actual knowledge of any officer of the Company, Ervin Epstein or Jean Tang, in each case after due inquiry of their respective direct reports. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 6 - 

 “Laws” means any federal, state, local, municipal,
foreign or other law, statute, constitution, ordinance, code, edict, decree, Court Order, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by any Governmental Entity. 

“Lien” means any mortgage, lien, claim, pledge, charge, assessment, lease, levy, community property
interest, condition, equitable interest, right-of-way, easement, encroachment, security interest, preemptive right, right of first refusal or similar restriction or
right, option, judgment, title defect or encumbrance of any kind. 
 “Material Adverse Effect” means
any change event, circumstance, development occurrence or effect that individually or taken together with any other change event, circumstance, development occurrence or effect is, or would reasonably be expected to be, materially adverse to the
Business, operations, condition (financial or otherwise), assets, or results of operations of the Company, taken as a whole; provided, however, that none of the following shall be deemed, either alone or in combination, to constitute, and no change,
event, circumstance, development, occurrence or effect arising from or attributable or relating to any of the following shall be taken into account in determining whether there has been a Material Adverse Effect: (a) the public announcement or
pendency of this Agreement, the Merger Agreement or any of the transactions contemplated herein, including the impact thereof on the relationships of the Company with suppliers, consultants, employees or independent contractors or other third
parties with whom the Company has any relationship, (b) [***] (c) the taking of any action required by this Agreement, or otherwise taken with the written consent of Optionee, (d) any breach by Optionee or Merger Sub of this Agreement, the
Merger Agreement or the Confidentiality Agreement, (e) [***] or (f) [***] or (g) [***]. 
 “Merger”
has the meaning specified in the Preamble. 
 “Merger Agreement” means the Agreement and Plan
of Merger among the Company, the Optionee, Merger Sub, and the other parties named therein in the form attached hereto as Exhibit A. 

“Merger Agreement Effective Date” has the meaning specified in Section 2.6. 

“Merger Sub” has the meaning specified in the Preamble. 

“Missed Milestone Funding” has the meaning specified in Section 2.5. 

“Notified Body” means the BSI Group (and any successor thereto) and such other applicable European Union
notified bodies, which are reasonably acceptable to the Optionee. 
 “Option” has the meaning
specified in Section 2.1. 
 “Option Agreement Bringdown Disclosure Schedule” means the
disclosure schedule delivered in connection with the Bringdown Certificate regarding this Agreement that has been provided by the Company to the Optionee. The Option Agreement Bringdown Disclosure Schedule shall include section headings
corresponding to the numbered and lettered sections and subsections contained in this Article 3, and the disclosures in any section or subsection of the 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 7 - 

 
Option Agreement Bringdown Disclosure Schedule shall qualify other sections and subsections in this Article 3 only to the extent it is reasonably apparent from a reading of the disclosure that
such a disclosure is applicable to such other sections and subsections. 
 “Option Agreement Disclosure
Schedule” means the disclosure schedule dated the Agreement Date regarding this Agreement that has been provided by the Company to the Optionee. 

“Option Agreement Term” means the period from the Agreement Date until the termination of this Agreement
in accordance with Article 7. 
 “Option Exercise Date” has the meaning specified in Section 2.1.

 “Option Exercise Notice” has the meaning specified in Section 2.1. 

“Option Exercise Period” has the meaning specified in Section 2.1. 

“Option Exercise Termination Date” means the earlier of (i) [***] (ii) [***] and (iii) [***];
provided, that in no event, shall the Option Exercise Termination Date be extended beyond July 30, 2021. 
 “Option
Trigger Company Disclosure Schedule” means the Company Disclosure Schedule as part of the Option Trigger Information. 

“Option Trigger Information” means: (a) (i) [***] or (ii) [***] and (b) the Option Trigger Company
Disclosure Schedule. 
 “Optionee” has the meaning specified in the Preamble. 

“Optionee Indemnified Parties” has the meaning specified in Section 6.2(a). 

“Organizational Documents” means the Company Certificate of Incorporation and the Bylaws of the Company,
as amended. 
 “Person” means any person or entity, whether an individual, trustee, corporation,
limited liability company, general partnership, limited partnership, trust, unincorporated organization, business association, firm, joint venture, or Governmental Entity. 

“Phase III Trial” means a Clinical Study that meets the criteria for Phase III clinical trial of the
Company’s topical patidegib product for the treatment of Gorlin Syndrome as set forth in 21 C.F.R. 312.21. 
 “Preferred
Stock” means the Series A Preferred Stock, the Series B Preferred Stock, the Series B-2 Preferred Stock, the Series C Preferred Stock. 

“Press Release” has the meaning specified in Section 8.12. 

“Proposed Financing” means any debt or equity financing proposed by the Company in accordance with
Section 5.12(b). 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 8 - 

 “Proposed Financing Notice” means written notice from
the Company setting forth the terms and conditions of a Proposed Financing. 
 “Prospective Investor”
means any Person from whom the Company proposes to obtain a Proposed Financing. 
 “Representatives”
of any Person means any officer, director, principal, attorney, accountant, agent, independent contractor, employee or other representative of such Person. 

“Registered IP” means all Intellectual Property Rights that are registered, filed, or issued under the
authority of any Governmental Entity, including all patents, registered copyrights, registered trademarks, registered databases, and domain names, and all applications for any of the foregoing. 

“Required Stockholder Approval” means that approval of Stockholders which, beneficially and of record,
own (a) [***] of the votes represented by all outstanding shares of Common Stock voting as a separate class, (b) [***] of the shares of the outstanding Capital Stock, voting together as a single class on an as-converted-to-common-stock basis and (c) at least [***] of the shares of the outstanding Preferred Stock, which shall include at least [***] of the outstanding
shares of Series A Preferred Stock, Series B Preferred Stock, Series B-2 Preferred Stock and Series C Preferred Stock voting as a separate series on an as-converted-to-common-stock basis. 
 “Required
Top Line Data” means top line data of the type described on Schedule 1.1 consistent with the Phase III Protocol [***] and Statistical Analysis Plan. 

“Research and Technical Development Plan” has the meaning specified in Section 5.13 and as set out
in Exhibit G. 
 “Right of First Refusal” means the right, but not the obligation, of the
Optionee to finance all (but not less than all) of a Proposed Financing in accordance with Section 5.12(b), on the terms and conditions specified in the Proposed Financing Notice. 

“Series A Preferred Stock” means the Series A Preferred Stock of the Company, par value $0.0001. 

“Series B Preferred Stock” means the Series B Preferred Stock of the Company, par value $0.0001. 

“Series B-2 Preferred Stock” means the Series B-2 Preferred Stock of the Company, par value $0.0001. 
 “Series C Preferred
Stock” means the Series C Preferred Stock of the Company, par value $0.0001. 
 “Shortfall
Payment” has the meaning specified in Section 2.5. 
 “Stockholders’”
means, collectively, the holders of Capital Stock. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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 “Subsidiary” means, with respect to any Person, any
entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at any time directly or indirectly owned by such Person. 

“Support Agreement” has the meaning specified in the Preamble. 

“Survival Period” has the meaning specified in Section 6.1. “SIB” means Silicon Valley
Bank. 
 “SVB or Optionee Loan” means a loan provided by SVB or Optionee in accordance with
Section 5.15. 
 “Takeover Statute” means a “fair price,”
“moratorium,” “control share acquisition” or other similar antitakeover statute or regulation enacted under applicable Laws. 

“Tax” means any and all taxes, including any income, alternative or
add-on minimum, gross income, gross receipts, sales, use, ad valorem, value added, transfer, franchise, profits, license, registration, recording, documentary, conveyancing, gains, withholding, payroll,
employment, excise, severance, stamp, occupation, premium, property, environmental or windfall profit, custom duty, escheat or other tax or other like assessment or charge, together with any interest, penalty, addition to tax or additional amount
imposed by any Governmental Entity. 
 1.2    Interpretation Provisions. 

(a)    The words “hereof,” “herein” and “hereunder” and words of similar import when used in
this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. The meaning of defined terms shall be
equally applicable to the singular and plural forms of the defined terms. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning. The terms “include” and “including” and
variations thereof, are not limiting but rather shall be deemed to be followed by the words “without limitation.” 

(b)    Unless the context otherwise requires, references herein (i) to statutes shall include all regulations promulgated
thereunder and references to statutes or regulations shall be construed as including all statutory and regulatory provisions consolidating, amending or replacing the statute or regulation and (ii) to a contract, agreement, instrument or other
document means such contract, agreement, instrument, or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement. References to “dollars” or
“$” are to U.S. dollars. References to “U.S.” are to the United States of America. All accounting terms defined in Section 1.1, and those accounting terms used in this Agreement not defined in Section 1.1, except
as otherwise expressly provided herein, shall have the meanings customarily given thereto in accordance with GAAP. All references to the Company shall include successors of such Person. 

  
 - 10 - 

 (c)    The captions and headings of this Agreement are for convenience
of reference only and shall not affect the construction or interpretation of this Agreement. 
 (d)    Whenever the
context requires: the singular shall include the plural, and vice versa; the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter genders; and the neuter gender shall include the
masculine and feminine genders. 
 (e)    The parties participated jointly in the negotiation and drafting of this
Agreement and the language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent. If an ambiguity or question of intent or interpretation arises, then this Agreement will accordingly be
construed as drafted jointly by the parties to this Agreement, and no presumption or burden of proof will arise favoring or disfavoring any party to this Agreement by virtue of the authorship of any of the provisions of this Agreement. No prior
draft of this Agreement nor any course of performance or course of dealing shall be used in the interpretation or construction of this Agreement. No parol evidence shall be introduced in the construction or interpretation of this Agreement unless
the ambiguity or uncertainty in issue is plainly discernable from a reading of this Agreement without consideration of any extrinsic evidence. Although the same or similar subject matters may be addressed in different provisions of this Agreement,
the Parties intend that, except as reasonably apparent on the face of the Agreement or as expressly provided in this Agreement, each such provision shall be read separately, be given independent significance and not be construed as limiting any
other provision of this Agreement (whether or not more general or more specific in scope, substance or content). The doctrine of election of remedies shall not apply in constructing or interpreting the remedies provisions of this Agreement or the
equitable power of a court considering this Agreement or the transactions contemplated hereby. 
 (f)    The Schedules
and Exhibits to this Agreement are a material part hereof and shall be treated as if fully incorporated into the body of this Agreement. Any capitalized terms used in any Schedule or Exhibit but not otherwise defined therein, shall have the meaning
as defined in this Agreement. 
 (g)    The use of the word “or” shall not be exclusive. 

(h)    The word “will” shall be construed to have the same meaning and effect as the word “shall”.

 (i)    The word “party” shall, unless the context otherwise requires, be construed to mean a party to this
Agreement. Any reference to a party to this Agreement or any other agreement or document contemplated hereby shall include such party’s successors and permitted assigns. 

ARTICLE 2 
 OPTION TO ACQUIRE THE
COMPANY; DELIVERIES 
 2.1    Option to Acquire the Company. At any time after the payment of the Exclusivity Payment
and through and including the Option Exercise Termination Date (the “Option Exercise Period”), the Optionee shall have an exclusive irrevocable option (the 

  
 - 11 - 

 
“Option”), but not the obligation, exercisable in the Optionee’s sole discretion, to elect to require the Company to effect the Merger, on the terms and subject to
the conditions set forth in the Merger Agreement. The Optionee shall exercise the Option, if at all, by giving written notice to the Company of the exercise of the Option (an “Option Exercise Notice”) on or prior to the
Option Exercise Termination Date (the date such notice is delivered, the “Option Exercise Date”). 

2.2    Consideration for the Option and Equity Investment. 

(a)    Promptly after receipt by the Optionee of copies of Support Agreements (including irrevocable proxies) duly executed
by the Company and the Stockholders of the Company representing at least the Required Stockholder Approval, the Optionee shall pay and deliver the following to the Company: 

(i)    as part of the consideration for the Option and the covenants of the Company under this Agreement [***] (the
“Exclusivity Payment First Installment”) by wire transfer of immediately available funds to an account previously specified in writing by the Company; and 

(ii)    as an Equity Investment in consideration for Common Stock pursuant to the Equity Investment Documents [***] by
wire transfer of immediately available funds to an account previously specified in writing by the Company. 
 (b)    On
January 4, 2019, the Optionee shall pay to the Company [***] (the “Exclusivity Payment Second Installment” and, together with the Exclusivity Payment First Installment, the “Exclusivity Payment”)
by wire transfer of immediately available funds to an account previously specified in writing by the Company. 

2.3    Optionee’s Deliveries. Concurrently with the execution and delivery of this Agreement, the Optionee is
delivering to the Company all of the following: 
 (a)    the Merger Agreement, duly executed by the Optionee and Merger
Sub, provided, however, that the Merger Agreement will not be effective until the Merger Agreement Effective Date; 

(b)    the Equity Investment Documents, duly executed by Optionee; and 

(c)    a certificate of the secretary or an assistant secretary of Optionee, dated the Agreement Date, in the form
attached hereto as Exhibit C, as to: (i) the resolutions of the Optionee’s of directors authorizing the execution, delivery and performance of this Agreement, the Merger Agreement (provided, however, that the Merger Agreement will
not be effective until the Merger Agreement Effective Date), and the transactions contemplated hereby and thereby; and (ii) the incumbency and signatures of the officers of the Optionee executing this Agreement, the Merger Agreement, and
any agreements and other documents contemplated hereby being executed and delivered on the Agreement Date (the “Optionee Secretary’s Certificate”). 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 12 - 

 2.4    The Company’s Deliveries. 

(a)    Concurrently with the execution and delivery of this Agreement, the Company is delivering to the Optionee all of the
following: 
 (i)    the Merger Agreement, duly executed by the Company, provided, however, that the Merger Agreement
shall not be effective until the Merger Agreement Effective Date; 
 (ii)    disclosure schedules to the Company Merger
Representations dated as of the Agreement Date (the “Initial Merger Agreement Company Disclosure Schedule”); 

(iii)    the Equity Investment Documents, duly executed by the Company; 

(iv)    a certificate of the secretary or an assistant secretary of the Company, dated the Agreement Date, in the form
attached hereto as Exhibit D, as to: (i) the Organizational Documents in effect as of the Agreement Date; (ii) the resolutions of the Company Board of Directors authorizing the execution, delivery and performance of this Agreement,
the Merger Agreement (provided, however, that the Merger Agreement will not be effective until the Merger Agreement Effective Date), and the transactions contemplated hereby and thereby; and (iii) the incumbency and signatures of the
officers of the Company executing this Agreement, the Merger Agreement, and any agreements and other documents contemplated hereby being executed and delivered on the Agreement Date (the “Company Secretary’s
Certificate’”); and 
 (v)    a certificate of good standing of the Company issued as of a recent
date by the Secretary of State of the State of Delaware. 
 (b)    No later than 23:59 PT on the day following the
Agreement Date, the Company shall deliver to the Optionee Support Agreements (including irrevocable proxies) duly executed by the Company and the Stockholders of the Company representing at least the Required Stockholder Approval. 

2.5    Additional Exclusivity Payment. 

(a)    At any time prior to Optionee delivering an Option Exercise Notice during the Option Exercise Period, upon
(i) achievement of the Additional Exclusivity Payment Milestone, (ii) delivery by the Company to the Optionee of the Option Agreement Bringdown Disclosure Schedule (iii) delivery by the Company to the Optionee of the
then most current budget of the Company as approved by the Company’s Board of Directors (the “Bringdown Budget”) and (iv) delivery by the Company to the Optionee of a certificate (the “Bringdown
Certificate”) executed by an officer of the Company, dated as of such date, confirming that: 
 (x)    the
representations and warranties in Section 3.1, 3.2, 3.3, 3.4, 3.5 are true and correct as of the date of achievement of the Additional Exclusivity Payment Milestone, except as could reasonably be expected to, individually or in the aggregate,
prevent the Company from consummating the transactions contemplated hereby or materially interfere 

  
 - 13 - 

 
with the rights of the Parties hereunder (disregarding for such purpose (i) any information previously disclosed in the Option Agreement Disclosure Schedule and (ii) facts or events
that arose since the Agreement Date in the ordinary course of business of the Company not in violation of any obligation of the Company under this Agreement); 

(y)    the representations and warranties in Section 3.7, 3.8 are true and correct as of the date of achievement of
the Additional Exclusivity Payment Milestone, except for any inaccuracies that, individually or in the aggregate, could reasonably be expected to result in liabilities of the Company in excess of [***] (disregarding for such purpose (i) any
information previously disclosed in the Option Agreement Disclosure Schedule and (ii) facts or events that arose since the Agreement Date in the ordinary course of business of the Company not in violation of any obligation of the Company under
this Agreement); and 
 (z)    the representations and warranties in Section 3.6, 3.9. 3.10, 3.11 and 3.13 are
true and correct as of the date of achievement of the Additional Exclusivity Payment Milestone, in all material respects (disregarding for such purpose (i) any information previously disclosed in the Option Agreement Disclosure Schedule and
(ii) facts or events that arose since the Agreement Date in the ordinary course of business of the Company not in violation of any obligation of the Company under this Agreement); 

the Optionee shall make the following payments to the Company by wire transfer of immediately available funds to an account specified by the Company: 

(1)    no later than [***] after the fulfillment by the Company of all the conditions set forth in subsection
(i) through (iv) above, an amount in cash equal to (A) the actual cash expenditures of the Company from the beginning of the fiscal year in which such payment is to be made through the payment date, plus (B) the expected cash expenditures
of the Company for the remainder of the year in which the payment is to be made (based on the Bringdown Budget), minus (C) if such payment is to be made in 2019, the amount of the Exclusivity Payment Second Installment (such amount
payable hereunder, the “Additional Exclusivity Payment First Installment”); provided that in no event shall the Additional Exclusivity Payment First Installment exceed [***]; 

(2)    at any time after the payment of the Additional Exclusivity Payment First Installment and before the end of the
fiscal year during which such payment is made, if the Company has less cash and cash equivalents available on its balance sheet than the cash necessary to fund ongoing operations of the Company for another thirty (30) days in accordance with
then most current Bringdown Budget and such cash and cash equivalents are not reasonably expected to be sufficient to fund the Company’s operations through the payment due pursuant to paragraph (3) below (based on the good faith
reasonable determination of the Company), the Optionee will be required to make an additional payment in cash equal to the amount necessary to fund the Company’s operations through the payment due pursuant to paragraph (3) below
(the “Shortfall Payment”); provided that in no event shall the aggregate amount Additional Exclusivity Payment First Installment and the Shortfall Payment exceed [***]. 

(3)    on the third Business Day of the year immediately following the year in which the Additional Exclusivity Payment
First Installment is made, an amount in cash equal to (A) [***] if any (the “Additional Exclusivity Payment Second Installment” and, together with the Additional Exclusivity Payment First Installment and the Shortfall
Payment, the “Additional Exclusivity Payment”). 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 14 - 

 (b)    If the Company fails to fulfill all the conditions set forth in
subsections (i) through (iv) of Section 2.5(a) above, the Optionee may still continue to fund the operations of the Company from time to time in an amount up to [***] in the aggregate (the “Missed Milestone
Funding”), subject to the right of the Company to terminate this Agreement if the conditions set forth in Section 7.1(a)(iv) are triggered. 

2.6    Actions Upon Exercise of the Option. Not later than [***] Business Days following the Option Exercise Date,
(i) the Company may deliver to the Optionee, an updated Company Disclosure Schedule as of the date of such delivery (the “Revised Option Trigger Company Disclosure Schedule”), or (ii) to the extent the
Company delivered the Option Trigger Information prior to such Option Exercise Date, written confirmation that the Company has no further updates to the Option Trigger Company Disclosure Schedule. In the event that the Company elects to deliver a
Revised Option Trigger Company Disclosure Schedule and the Optionee is not satisfied with such Revised Option Trigger Company Disclosure Schedule, the Optionee may, in its sole discretion, on or prior to the [***] Business Day following the date of
receipt by the Optionee of the Revised Option Trigger Company Disclosure Schedule, withdraw its exercise of the Option by delivering a written notice (the “Exercise Withdrawal Notice”) to the Company stating that the Optionee
withdraws its exercise of the Option. If the Optionee delivers the Exercise Withdrawal Notice in accordance with this Section 2.6, the Option shall be deemed not to have been exercised by the Optionee. The “Merger Agreement
Effective Date” shall be (i) if the Company delivers a Revised Option Trigger Company Disclosure Schedule and the Optionee does not deliver an Exercise Withdrawal Notice in accordance with this
Section 2.6, the date which is the [***] Business Day following receipt by the Optionee of the Revised Option Trigger Company Disclosure Schedule, or (ii) if the Company delivers written confirmation that the Company has no
further updates to the Option Trigger Company Disclosure Schedule, the date which is the [***] Business Day following delivery of such written confirmation. Notwithstanding the foregoing, the Optionee may, in its sole discretion, by written notice
to the Company, elect an earlier Merger Agreement Effective Date. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

As an inducement to the Optionee and Merger Sub to enter into this Agreement, the Company hereby makes, as of the Agreement Date, the
following representations and warranties to the Optionee, except as otherwise set forth in the Option Agreement Disclosure Schedule. The Option Agreement Disclosure Schedule shall include section headings corresponding to the numbered and lettered
sections and subsections contained in this Article 3, and the disclosures in any section or subsection of the Option Agreement Disclosure Schedule shall qualify other sections and subsections in this Article 3 only to the extent it is reasonably
apparent from a reading of the disclosure that such a disclosure is applicable to such other sections and subsections. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 15 - 

 3.1    Corporate Existence and Power. 

(a)    The Company is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
formation and has all requisite powers and all Permits required to carry on its Business as now conducted, to own or use the properties and assets that it purports to own or use and to perform all its obligations under all Material Contracts (as
defined in the Merger Agreement). The Company is duly qualified to do business as a foreign corporation or other entity and is in good standing in each jurisdiction where such qualification is necessary. 

(b)    The Company does not own or control, directly or indirectly, any interest in any corporation, partnership, limited
liability company, association or other business entity. The Company is not a participant in any joint venture, partnership or similar arrangement. The Company has not agreed or is obligated to, directly or indirectly, make any future investment in
or capital contribution or advance to any Person. No insolvency or similar proceedings have been initiated or applied for with respect to the Company and no reasons exist why such proceedings would need to be initiated, including the Company being
over-indebted or unable to pay its debts as they become due, and no such inability to pay debts is imminent. 

(c)    As of the date hereof, the Company has made available to the Optionee accurate and complete copies of: (i) the
certificate of incorporation and bylaws, including all amendments thereto, of the Company; (ii) the stock records of the Company; and (iii) the minutes and other records of the meetings and other proceedings (including any
actions taken by written consent or otherwise without a meeting) of the Stockholders, the Company Board of Directors and all committees thereof. There has not been any violation of any of the provisions of the certificate of incorporation or bylaws,
including all amendments thereto, of the Company, and the Company has not taken any action that is inconsistent with any resolution adopted by the Stockholders, the Company Board of Directors or any committee thereof. 

3.2    Corporate Authorization. 

(a)    The Company has the absolute and unrestricted right, power and authority to enter into and to perform its
obligations under this Agreement, the Merger Agreement and all other agreements and instruments to be executed and delivered in connection herewith (the “Ancillary Documents”); and the execution, delivery and performance by
the Company of this Agreement and the Ancillary Documents have been duly authorized by all necessary action on the part of the Company and the Company Board of Directors. This Agreement has been duly executed and delivered by the Company and,
assuming due authorization, execution and delivery of this Agreement by the other parties, constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to
(i) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies. 

(b)    At a meeting duly called and held, the Company Board of Directors has unanimously (i) determined that this
Agreement, the Merger Agreement and the transactions contemplated hereby and thereby are fair to, advisable and in the best interests of the Stockholders, (ii) approved and adopted this Agreement, the Merger Agreement and the
transactions contemplated hereby and thereby and (iii) resolved to recommend adoption of this Agreement, the Merger Agreement and approval of the Merger and the other transactions contemplated hereby and thereby by the Stockholders. 

  
 - 16 - 

 (c)    The Required Stockholder Approval is the only vote of the holders
of Capital Stock necessary to adopt this Agreement and thereby approve the Merger and the other transactions contemplated hereby. 

3.3    Capitalization. 

(a)    As of the date hereof, the authorized capital stock of the Company consists of [***] shares of Common Stock and
[***] shares of Preferred Stock, of which [***] is designated as Series A Preferred Stock, [***] is designated as Series B Preferred Stock, [***] is designated as Series B-2 Preferred Stock and [***] is
designated as Series C Preferred Stock. As of the date of this Agreement, there are outstanding [***] shares of Common Stock, [***] shares of Series A Preferred Stock, [***] shares of Series B Preferred Stock, [***] shares of Series B-2 Preferred Stock and [***] shares of Series C Preferred Stock. As of the date hereof, there are outstanding Equity Incentive Options to purchase an aggregate of [***] shares of Common Stock (of which Equity
Incentive Options to purchase an aggregate of [***] shares of Common Stock are exercisable). 
 (b)    As of the date
hereof, the Company has reserved [***] shares of Common Stock for issuance pursuant the Company’s Equity Incentive Option Plan. The Company has furnished to the Optionee complete and accurate copies of the Company’s Equity Incentive Plan.
All shares of Capital Stock that may be issued pursuant to the exercise of the Equity Incentive Options outstanding under the Equity Incentive Plan and all shares of Capital Stock that will be issued to the Optionee as part of the Company’s
Equity Investment, are, or when issued will be, duly authorized and validly issued and are, or when issued will be, fully paid, nonassessable and free of preemptive rights. As of the date hereof, there are no outstanding shares of Capital Stock that
remain subject to vesting or forfeiture restrictions. 
 (c)    Except as set forth in this Section 3.3 and for
changes since the date hereof resulting from the exercise of Equity Incentive Options outstanding on such date, there are no outstanding (i) shares of Capital Stock or voting securities of the Company, (ii) securities of the
Company convertible into or exchangeable for shares of capital stock or voting securities of the Company or (iii) options, warrants, calls, subscriptions, rights of conversion or other rights, agreements, arrangements or commitments of
any kind or character to acquire from the Company, or other obligation of the Company to issue, deliver or sell, or cause to be issued, delivered or sold, or reserved for issuance any capital stock, voting securities or securities convertible into
or exchangeable for capital stock or voting securities of the Company (the items in clauses (i), (ii) and (iii) being referred to collectively as the “Company Securities”). 

(d)    As of the date hereof, there are (i) no Contracts, rights, arrangements or commitments of any kind or
character, whether written or oral, relating to the Capital Stock to which the Company is a party, or by which it is bound, obligating the Company to repurchase, redeem or otherwise acquire any issued and outstanding shares of Capital Stock,
(ii) no outstanding or authorized stock appreciation, phantom stock, profit participation, or other similar rights with respect to the Company and (iii) no voting trusts, stockholder agreements, proxies or other agreements or
understandings in effect to which the Company is a party with respect to the governance of the Company or the voting or transfer of any shares of Capital Stock. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 17 - 

 (e)    All outstanding shares of Capital Stock have been duly authorized
and are validly issued, fully paid, non-assessable and free of preemptive rights, and have been issued and granted in compliance with (i) all applicable securities laws and other applicable Laws and (ii) all requirements set forth
in applicable Contracts. 
 3.4    Non-Contravention. The execution, delivery and performance by the Company of
this Agreement and the consummation of the Merger and the other transactions contemplated hereby and thereby do not and will not (a) contravene, conflict with, or result in any violation or breach of any provision of the certificate of
incorporation or bylaws of the Company, (b) assuming compliance with the matters referred to in Section 3.5, contravene, conflict with or result in a violation or breach of any provision of any applicable Laws, (c) assuming compliance
with the matters referred to in Section 3.5, require any Consent or other action by any Person under, result in a breach of, constitute a default, or an event that, with or without notice or lapse of time or both, would result in a breach of, or
constitute a default under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which the Company is entitled under any provision of any Contract binding upon the
Company, or any license, franchise, permit, certificate, approval or other similar authorization affecting, or relating in any way to, the Business or assets of the Company or (d) result in the creation or imposition of any Lien on any asset of the
Company. 
 3.5    Governmental Authorizations. The execution, delivery and performance by the Company of this
Agreement, the Merger Agreement and the consummation of the Merger and the other transactions contemplated hereby and thereby require no action by or in respect of, or filing with, any Governmental Entity other than (i) the filing of the
Certificate of Merger with the Secretary of State of the State of Delaware, (ii) the notification filing to be made under the HSR Act and the expiration or termination of the waiting period thereunder and (iii) compliance
with any applicable requirements of the Securities Act of 1933, the Securities Exchange Act of 1934 and any other applicable U.S. state or federal securities laws. 

3.6    Financial Statements. 

(a)    The Company has delivered to Optionee the Company’s audited balance sheets as of December 31, 2016 and
2017 and the related audited statements of income, stockholders’ equity and cash flows for each of the years ended December 31, 2016 and 2017, and the Balance Sheet as of September 30, 2018 and the related unaudited
interim statements of income, stockholders’ equity and cash flows for the three-months ended September 30, 2018 (collectively, the “Financial Statements”). 

(b)    The Financial Statements (i) have been prepared from the books and records of the Company,
(ii) complied as to form in all material respects with applicable accounting requirements with respect thereto as of their respective dates, (iii) have been prepared in accordance with GAAP applied on a consistent basis
throughout the periods indicated and consistent with each other (subject, in the case of unaudited interim period financial statements, to the absence of notes and normal year-end audit adjustments) and (iv) fairly present, in

  
 - 18 - 

 
accordance with GAAP, the financial condition of the Company at the dates therein indicated and the results of operations and cash flows of the Company for the periods therein specified (subject,
in the case of unaudited interim period financial statements, to the absence of notes and normal year-end audit adjustments, none of which individually or in the aggregate will be material in amount). 

3.7    Absence of Certain Changes. Since the Balance Sheet Date the Business has been conducted in the ordinary
course consistent with past practices and there has not been: 
 (a)    any event, occurrence, development or state of
circumstances or facts that has had or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; 

(b)    any damage, destruction or other casualty loss (whether or not covered by insurance) affecting the Business or
assets of the Company; 
 (c)    any amendment of Organizational Documents or equivalent constituent documents (whether
by merger, consolidation or otherwise) of the Company; 
 (d)    any splitting, combination or reclassification of any
shares of Capital Stock or declaration, setting aside or payment of any dividend or other distribution or capital return (whether in cash, stock or property or any combination thereof) in respect of any Company Securities, or redemption, repurchase
or other acquisition or offer to redeem, repurchase, or otherwise acquire any Company Securities; 
 (e)    any
issuance, grant, delivery or sale, or authorization of the issuance, grant, delivery or sale of, any shares of any Company Securities, other than the issuance of any shares of Common Stock upon the exercise of Equity Incentive Options in accordance
with the terms of those Equity Incentive Options; 
 (f)    any capital expenditures, or the incurrence of any
obligation or liability in respect thereof, by the Company in excess of [***]; 
 (g)    any acquisition (by merger,
consolidation, acquisition of stock or assets or otherwise), directly or indirectly, by the Company of any assets, securities, properties, interests or businesses; 

(h)    except for this Agreement and the Merger Agreement, any adoption of any plan of merger, consolidation,
reorganization, liquidation or dissolution or filing of a petition in bankruptcy under any applicable Law, or consent to the filing of any such petition; 

(i)    any sale, lease, assignment or other transfer, or creation or incurrence of any Lien on, any assets, securities,
properties, interests or businesses of the Company, other than sales of products or services in the ordinary course of business consistent with past practice; 

(j)    any making by the Company of any loans, advances or capital contributions to, or investments in, any other Person;

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

- 19 - 

 (k)    any creation, incurrence, guarantee or assumption by the Company
of any Indebtedness; or 
 (l)    any entry into any Contract that limits or otherwise restricts in any respect the
Company or any of its Affiliates or any successor thereto, or that would reasonably be expected to, after the Agreement Date, limit or restrict in any respect the Company, the Merger Sub or any of their respective Affiliates, from exercising the
Option. 
 3.8    No Undisclosed Liabilities. The Company has no liabilities, obligations or commitments
whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise (collectively, “Liabilities”), other than: 

(a)    Liabilities that are adequately reflected or reserved against in the Balance Sheet; 

(b)    Liabilities that have been incurred by the Company since the Balance Sheet Date in the ordinary course of business
consistent with past practice and which are not, individually or in the aggregate, material in amount; 

(c)    Liabilities under the Material Contracts (as defined in the Merger Agreement), to the extent the nature and
magnitude of such Liabilities can be specifically ascertained by reference to the text of such Contracts; and 

(d)    Liabilities arising under this Agreement. 

3.9    Compliance with Applicable Laws. 

(a)    The Company is, and has at all times during the past five (5) years been, in material compliance with, and to
the knowledge of the Company, the Company is not, and at no time has been, under investigation with respect to or threatened to be charged with or given notice of any violation of, applicable Law. During the past five (5) years, the Company has
not received any written notice from any Governmental Entity to the effect that the Company is not in compliance with any applicable Law. 

(b)    The Company has and, to the knowledge of the Company, no agent, employee or other Person associated with or acting
on behalf of the Company has, directly or indirectly: 
 (i)    made any unlawful contributions, gifts, or incurred any
entertainment or other unlawful expenses relating to political activity and related in any way to the Company’s business; 

(ii)    made any unlawful payment to any foreign or domestic government official or employee, foreign or domestic
political parties or campaigns, official of any public international organization, or official of any state-owned enterprise; 

(iii)    violated any provision of the Foreign Corrupt Practices Act of 1977, United Kingdom Bribery Act of 2010 or any
other applicable anti-corruption statute; or 

  
 - 20 - 

 (iv)    made any bribe, payoff, influence payment, kickback or other
similar unlawful payment. 
 (c)    The Company is, and has at all times during the past five (5) years been, in
compliance in all material respects with applicable provisions of the FDA Act and the regulations promulgated thereunder. During the past five (5) years, the Company has not received any FDA Form 483 or other notice of inspectional
observations, warning letters, untitled letters, or other written notice from the FDA or other Governmental Entity alleging or asserting material noncompliance with the FDA Laws. 

(d)    (i) The clinical, preclinical, and other studies and tests conducted by or on behalf of or sponsored by the Company
were, and if still pending are, being conducted in accordance in all material respects with standard medical and scientific research procedures and all applicable FDA Laws; and (ii) no investigational new drug application filed by or on behalf
of the Company with the FDA has been terminated or suspended by the FDA, and neither the FDA nor any other Governmental Entity has commenced any action to place a clinical hold order on, or otherwise terminate or suspend, any proposed or ongoing
clinical investigation conducted or proposed to be conducted by or on behalf of the Company. 
 (e)    The Company has
made available to the Optionee all material documentation and records related to all clinical, preclinical, and other studies and tests conducted by or on behalf of or sponsored by the Company that the Company is required to maintain pursuant to FDA
Laws (collectively, the “Clinical Trial Records”). To the Company’s knowledge, the Clinical Trial Records are accurate in all material respects and do not contain any untrue statement of a material fact. The
Clinical Trial Records contain all information that is required pursuant to applicable Law. 
 3.10    Intellectual
Property. 
 (a)    Section 3.10(a) of the Option Agreement Disclosure Schedule sets forth a complete and accurate
list as of the Agreement Date of (i) each item of Registered IP in which the Company has an ownership interest of any nature (whether exclusively, jointly with another Person, or otherwise), (ii) the jurisdiction in which such item of Registered IP
has been registered or filed and the applicable application, registration, or serial or other similar identification number, (iii) any other Person that has an ownership interest in such item of Registered IP and the nature of such ownership
interest, and (iv) all unregistered trademarks used in connection with any Company Product and any product or service currently under development by the Company. The Company has made available to Optionee complete and accurate copies of all
applications, correspondence, and other material documents related to each such item of Registered IP. 
 (b)    To the
knowledge of the Company, all Company IP is valid, subsisting, and enforceable. All filings, payments and other actions required to be made or taken to obtain, perfect or maintain in full force and effect each item of Company IP that is Registered
IP have been made or taken by the applicable deadline and otherwise in accordance with all applicable Laws. Except as set forth in Section 3.14(b) of the Option Agreement Disclosure Schedules, during the past [***] no application for, or
registration with respect to, any Registered IP that is Company IP has been abandoned, allowed to lapse, or, except in the course of normal patent prosecution, rejected. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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 (c)    No interference, opposition, reissue, reexamination, or other
proceeding of any nature is, or during the past [***] has been, pending or threatened in which the scope, validity, or enforceability of any Company IP is being, has been, or could reasonably be expected to be contested or challenged and, to the
knowledge of the Company, there is no basis for a claim that any Company IP is invalid or unenforceable. 
 (d)    The
Company is not bound by, and no Company IP is subject to, any Contract containing any covenant or other provision that in any way limits or restricts the ability of the Company to use, assert, enforce, or otherwise exploit any Company IP anywhere in
the world. The Company has not transferred ownership of (whether a whole or partial interest), or granted any exclusive right to use, any Company IP to any Person. 

(e)    The Company exclusively owns all right, title, and interest to and in (or has an exclusive license to) the Company
IP free and clear of any Liens (other than licenses granted pursuant to the Contracts listed in Section 3.10(e) of the Option Agreement Disclosure Schedule). The Company IP constitute all the Intellectual Property and Intellectual Property
Rights used in the conduct of the Business. No Person who has licensed Intellectual Property or Intellectual Property Rights to the Company has ownership rights or license rights to derivative works or improvements made by or on behalf of the
Company related to such Intellectual Property or Intellectual Property Rights. 
 (f)    Each Person who is or was an
employee, officer, director or contractor of the Company and who is or was engaged by the Company or its agent to design, create or otherwise develop any Intellectual Property or Intellectual Property Rights has signed an enforceable agreement
containing an assignment to the Company of all such Intellectual Property and Intellectual Property Rights. At no time during the conception, reduction to practice, creation or development of any Company IP was any developer, inventor or other
contributor to such Company IP (i) operating under any grants from any Governmental Entity or agency or private source, performing research sponsored by any Governmental Entity or agency or private source, except as set forth in
Section 3.14(f) of the Option Agreement Disclosure Schedule, or (ii) subject to any employment agreement or invention assignment or nondisclosure agreement or other obligation with any third party that could adversely affect
the Company’s rights in such Company IP. No current or former stockholder, officer, director, or employee of the Company has any claim, right (whether or not currently exercisable), or interest to or in any Intellectual Property or Intellectual
Property Rights used by the Company. No employee of the Company is (i) bound by or otherwise subject to any Contract restricting him or her from performing his or her duties for the Company or (ii) in breach of any Contract with any
former employer or other Person, in each case, concerning Intellectual Property, Intellectual Property Rights or confidentiality. 

(g)    No Person has infringed, misappropriated, or otherwise violated, or is currently infringing, misappropriating, or
otherwise violating, any Company IP. Section 3.10(g) of the Option Agreement Disclosure Schedule sets forth an accurate and complete list, as of the Agreement Date, and the Company has made available to the Optionee a complete and accurate

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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copy of, each letter or other written or electronic communication, correspondence or other communication (in writing or otherwise) that has been sent or otherwise delivered or communicated to the
Company or any representative of the Company regarding any actual, alleged, or suspected infringement or misappropriation of any Company IP, and provides a brief description of the current status of the matter referred to in such letter,
communication, or correspondence. 
 (h)    To the knowledge of the Company, the Company has not infringed,
misappropriated, or otherwise violated, and is not currently infringing, misappropriating, or otherwise violating, any Intellectual Property Right of any other Person. No infringement, misappropriation, or similar claim or Proceeding is pending or
threatened against the Company or, to the knowledge of the Company, against any Person who may be entitled to be indemnified or reimbursed by the Company with respect to such claim or Proceeding. The Company has not received any notice or other
communication (in writing or otherwise) relating to any actual, alleged, or suspected infringement, misappropriation, or violation of any Intellectual Property Right of another Person, including any notice or communication inviting the Company to
take a license under any Intellectual Property Right. 
 (i)    Neither the execution, delivery, or performance of this
Agreement, nor the consummation of any of the transactions or agreements contemplated by this Agreement, will, with or without notice or the lapse of time, result in, or give any other Person the right or option to cause or declare, (i) a loss
of, or Lien on, any Company IP, (ii) a breach of, termination of, or acceleration or modification of any right or obligation under any Contract listed or required to be listed in Section 3.09(a)(i) or
Section 3.09(a)(ii) of the Company Disclosure Schedule, (iii) the release, disclosure, or delivery of any Company IP by or to any escrow agent or other Person, (iv) the grant, assignment, or transfer to any other Person of
any license or other right or interest under, to, or in any Intellectual Property or Intellectual Property Right, including any such grant, assignment or transfer by Optionee or its Affiliates, or (v) any Company IP becoming subject to any
restriction with respect to its use or operation in any line of business or market or with any Person or in any area. 

3.11    Licenses and Permits. The Company has, and at all times has had, all licenses, permits, qualifications,
accreditations, approvals and authorizations of any Governmental Entity (collectively, the “Permits”), and has made all necessary filings required under applicable Law, necessary to service the Company’s accounts in
accordance with applicable Laws and otherwise to conduct the Business. The Company is in compliance with each such Permit. During the past five (5) years, the Company has not received any written notice or other written communication regarding
any actual or possible violation of or failure to comply with any term or requirement of any Permit or any actual or possible revocation, withdrawal, suspension, cancellation, termination or modification of any Permit. Section 3.11 of
the Option Agreement Disclosure Schedule sets forth (a) an accurate and complete list of all Permits issued to the Company and (b) an accurate and complete list of all permits for which the Company has applied or has taken the steps
necessary to secure or maintain or that the Company otherwise intends to obtain. Each such Permit has been validly issued or obtained and is, and after the consummation of the transactions contemplated by this Agreement will be, in full force and
effect. 

  
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 3.12    Finders’ Fees. Except for [***], no investment
banker, broker, finder or other intermediary that has been retained by or is authorized to act on behalf of the Company who may be entitled to any fee or commission from the Company or any of its Affiliates in connection with the transactions
contemplated by this Agreement. 
 3.13    Non-Reliance. Except for the representations and warranties set forth
in Article 4 or in any certificate, instrument or other document, in each case delivered pursuant to this Agreement, the Company acknowledges and agrees that (a) none of the Optionee, Merger Sub or any Person acting on behalf of the Optionee or
Merger Sub has made or is making any express or implied representation or warranty with respect to the Optionee or Merger Sub, including any Affiliate, business, operation, condition (financial or otherwise) or any other aspect thereof, or with
respect to any other information provided to the Company, including the Affiliates or Representatives of the Company, (b) any other representations or warranties are expressly disclaimed by the Optionee and Merger Sub, (c) the Company, including any
Person acting on behalf of the Company, is not entitled to rely on any such representation or warranty, if made, and (d) the Company, including any Person acting on behalf of the Company, has not, is not and will not rely on any such representation
or warranty, if made. 
 3.14    [***] Agreement. Between the date hereof and the Closing Date, no payment shall
be due to [***]. 
 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF THE OPTIONEE 

As an inducement to the Company to enter into this Agreement, the Optionee hereby makes, as of the Agreement Date, the following
representations and warranties to the Company. 
 4.1    Corporate Existence and Power. Each of the Optionee and
Merger Sub is a corporation duly incorporated, validly existing and in good standing under the Laws of its jurisdiction of incorporation. Since the date of its incorporation, Merger Sub has not engaged in any activities other than in connection with
or as contemplated by this Agreement. 
 4.2    Corporate Authorization. Each of the Optionee and Merger Sub has
the absolute and unrestricted right, power and authority to enter into and to perform its obligations under this Agreement and the Merger Agreement; and the execution, delivery and performance by each of the Optionee and Merger Sub of this Agreement
and the Merger Agreement have been duly authorized by all necessary action on the part of the Optionee and Merger Sub, as applicable. This Agreement constitutes the legal, valid and binding obligation of the Optionee and Merger Sub, enforceable
against the Optionee and Merger Sub in accordance with its terms, subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors and (b) rules of law governing specific performance, injunctive relief and
other equitable remedies. 
 4.3    Governmental Authorization. The execution, delivery and performance by the
Optionee and Merger Sub of this Agreement, the Merger Agreement and the consummation by the Optionee and Merger Sub of the transactions contemplated hereby and thereby require no action by or in respect of, or filing with, any Governmental Entity,
other than (a) the filing of the 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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Certificate of Merger with the Secretary of State of the State of Delaware, (b) the notification filing to be made under the HSR Act and the expiration or termination of the waiting period
thereunder, (c) compliance with any applicable requirements of the Securities Act of 1933, the Securities Exchange Act of 1934 and any other applicable U.S. state or federal securities laws and (d) any actions or filings the
absence of which would not be reasonably expected to materially impair the ability of the Optionee and Merger Sub to consummate the transactions contemplated by this Agreement. 

4.4    Non-contravention. The execution, delivery and performance by the Optionee and Merger Sub of this Agreement
and the Merger Agreement and the consummation by the Optionee and Merger Sub of the transactions contemplated hereby and thereby do not and will not (a) contravene, conflict with, or result in any violation or breach of any provision of the
certificate of incorporation or bylaws of the Optionee or Merger Sub or (b) assuming compliance with the matters referred to in Section 4.3, contravene, conflict with or result in a violation or breach of any provision of any
material applicable Law. 
 4.5    Finders’ Fees. There is no investment banker, broker, finder or other
intermediary that has been retained by or is authorized to act on behalf of the Optionee or Merger Sub who might be entitled to any fee or commission from the Optionee or the Company or any of their respective Affiliates in connection with the
transactions contemplated by this Agreement. 
 4.6    Sufficiency of Funds. The Optionee has, and in the future
will continue to have, sufficient cash on hand or other sources of immediately available funds to enable it to make payment on a timely basis of the Exclusivity Payment, Additional Exclusivity Payment, Closing Merger Consideration (as defined in the
Merger Agreement), the Milestone Payments (as defined in the Merger Agreement), and all amounts required to be paid pursuant to the terms of this Agreement and the Merger Agreement. 

4.7    Exclusivity of Representations; Non-Reliance. Except for the representations and warranties set forth in
Article 3, and in case of the exercise of the Option the representations and warranties made by the Company in the event of a Merger as set forth in the Merger Agreement, or in any certificate, instrument or other document delivered pursuant to this
Agreement, the Optionee and Merger Sub acknowledge and agree that (a) neither the Company nor any other Person acting on behalf of the Company has made or is making any express or implied representation or warranty with respect to the Company,
including any Affiliate, business, operation, condition (financial or otherwise) or any other aspect thereof, or with respect to any other information provided to the Optionee or Merger Sub or any of their Affiliates or Representatives, (b) any
other representations or warranties are expressly disclaimed by the Company, (c) the Optionee, Merger Sub, and any Person acting on behalf of the Optionee or Merger Sub, are not entitled to rely on any such representation or warranty, if made, and
(d) the Optionee, Merger Sub, and any Person acting on behalf of the Optionee or Merger Sub, have not, are not and will not rely on any such representation or warranty, if made. 

  
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 ARTICLE 5 

COVENANTS 

5.1    Merger Agreement, Disclosure Schedules. 

(i)    The Company acknowledges and agrees that the Company has prepared and delivered to the Optionee the Initial Merger
Agreement Company Disclosure Schedule in order to provide the Optionee information that would be required to be disclosed in order to make the Company Merger Representations true and correct as if the Company Merger Representations were made as of
the Agreement Date. The parties agree that the Initial Merger Agreement Company Disclosure Schedule are for informational purposes only, and shall not qualify the Company Merger Representations, which shall only be qualified by the Revised Option
Trigger Company Disclosure Schedule or, if no such Revised Option Trigger Company Disclosure Schedule is delivered, the Option Trigger Company Disclosure Schedule. 

(ii)    The Company represents and warrants to the Optionee that (a) the Company has prepared the Initial Merger
Agreement Company Disclosure Schedule in good faith, and (b) the Company shall prepare the Option Trigger Company Disclosure Schedule in good faith. 

(iii)    None of the representations or warranties in the Merger Agreement, and the Initial Merger Agreement Company
Disclosure Schedule shall constitute a representation or warranty of the Company or the basis for any Liability of the Company to the Optionee or Merger Sub except as otherwise specifically provided in the Merger Agreement. 

5.2    Access by the Optionee; Deliveries by the Company. 

(a)    Access. During the Option Agreement Term, the Company shall, and shall cause the Company’s
Representatives to, afford the Optionee and its Representatives reasonable access upon reasonable notice and at reasonable times to its Business for the purpose of inspecting the same, and to its officers, Employees and Representatives, properties,
books and records, Contracts and other Assets, including any and all records pertaining to the Clinical Studies, and shall furnish to the Optionee and its Representatives, upon reasonable notice and in a timely manner, all material financial,
operating and other data and information as the Optionee or its Representatives may reasonably request. 

(b)    Deliveries. Without limiting the requirements of Section 5.2(a) hereof, during the Option Agreement
Term, the Company shall deliver to the Optionee: 
 (i)    on or prior to [***] following the end of each calendar
quarter during the Option Exercise Period, all reports regarding the Clinical Study received by the Company during such calendar quarter; 

(ii)    on or prior to [***] following the end of each calendar quarter during the Option Exercise Period, a
certification from the Company’s Chief Executive Officer that all clinical study reports provided to the Optionee during such quarter in accordance with Section 5.2(b)(i) have been generated, to the Company’s knowledge, in compliance
in all material respects with the protocols established for the applicable Clinical Study, and that, for each patient who signs an informed consent in connection with any Clinical Study, all such clinical study reports have been given to the
Optionee in the form provided to the Company; 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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 (iii)    within [***] of submission, copies of any material information
or materials related to the Company Product that have been submitted to any Governmental Entity; 
 (iv)    within
[***] of such communications, copies of all material written communications and written summaries of all material oral communications related to the Company Product, from or with any Governmental Entity; 

(v)    within [***] of such inspection, notice of any inspections by any Governmental Entity related to the Company
Product or otherwise to the Business; 
 (vi)    within [***] of receipt, copies of any inspectional notices or other
written observations received with respect to inspections by any Governmental Entity related to the Company Product or otherwise to the Business during such quarter; 

(vii)    as soon as reasonably practicable after request, such additional information as the Optionee may reasonably
request from time to time with respect to the Clinical Study and the status of the Company Product’s development, clinical studies or trials, marketing authorizations or clearances, manufacturing and/or Commercialization, and other material
regulatory submissions; provided that the Company shall not be obligated to deliver copies of any records or other documents that would be unreasonably burdensome to deliver so long as the Company makes them reasonably available for inspection
pursuant to Section 5.2(a); 
 (viii)    within [***] after the end of the fiscal year of the Company, a
consolidated income statement for such fiscal year, a consolidated balance sheet of the Company and statement of stockholder’s equity as of the end of such year, a consolidated statement of cash flows for such year, such year-end financial reports to be in reasonable detail, and audited and certified by an independent public accounting firm of nationally or regionally recognized standing selected by the Company and reasonably
acceptable to the Optionee and [***] after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited consolidated profit or loss statement, a consolidated statement of cash flows for such fiscal quarter
and an unaudited consolidated balance sheet as of the end of such fiscal quarter; and 
 (ix)    in the time frame set
forth therein, any other document, statement or information required to be provided to holders of any series of Preferred Stock pursuant to the Organizational Documents or other agreements between the Company and such holders in effect as of the
Agreement Date and/or at any time during the Option Agreement Term, whether or not the right to receive such document, statement or information has been waived or amended by such holders. 

Without limiting the foregoing, the Optionee shall have the right to review and provide comments (but shall not have any decision making
authority) with respect to the Company’s clinical, regulatory, manufacturing and reimbursement strategies and submissions to Governmental Entities, including submissions for any Intellectual Property Rights or other clinical study pursuant to a
new drug application under the FDA Act or any similar foreign Law. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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 Without limiting the foregoing, the financial statements to be delivered by the Company
pursuant to Section 5.2(b)(ix) shall be prepared from the books and records of the Company and its Subsidiaries and shall each be prepared in accordance with GAAP applied on a consistent basis throughout the periods indicated except the
unaudited consolidated financial statements need not include footnotes as required by GAAP. Unaudited consolidated financial statements shall be certified as compliant with Section 5.2(b)(ix) by the Company’s Chief Financial Officer at the
time of delivery to the Optionee or, if the Company does not have a Chief Financial Officer as of such time, by any duly authorized officer of the Company. 

5.3    Employees. On and after the Optionee’s payment of the Additional Exclusivity Payment and at any time
thereafter during the Option Agreement Term, the Company shall afford the Optionee reasonable and customary access to the Employees and independent consultants of the Company and its Subsidiaries for purposes of discussing the terms of potential
employment or potential engagement with the Company and/or the Optionee following the Closing; provided, that the Optionee shall not seek access to the Employees and independent consultants of the Company and its Subsidiaries without the prior
written consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed). Without limiting the foregoing, at any time after the Option Exercise Date, the Optionee shall have the right, at its discretion, to make
offers of employment or engagement to such Employees and independent consultants of the Company and its Subsidiaries, any such offer to be effective as of the Closing, and such Employees and independent consultants of the Company and its
Subsidiaries will be permitted by the Company and its Subsidiaries to accept such offers subject to the Closing. 

5.4    Consents of Third Parties; Governmental Approvals. After the Option Exercise Date and during the Option
Agreement Term, upon request of the Optionee, the Company will use Commercially Reasonable Efforts to obtain such Consents from Governmental Entities and third parties which the Optionee and the Company agree to obtain prior to Closing in connection
with the consummation of the transactions provided for herein and in the Merger Agreement; provided that the agreement of the Company with respect to any such Consent shall not be unreasonably withheld, conditioned or delayed. The Optionee agrees
that it shall reimburse the Company for any out-of-pocket expenses reasonably incurred by the Company in obtaining such Consents during the Option Agreement Term if the
Merger Agreement Effective Date does not occur subject to the Optionee’s receipt of reasonable supporting documentation of such expenses. 

5.5    Conduct of Business by the Company. 

(a)    During the Option Agreement Term, Company shall (i) conduct its Business in the ordinary course and in
accordance with applicable Laws, (ii) comply with the terms of the Organizational Documents (including with respect to any amendment, restatement or waiver thereof) and (iii) use Commercially Reasonable Efforts to complete the HF-BCC Phase II Trial and the Phase III Trial. 
 . 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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 (b)    Without limiting the generality of Section 5.5(a) and except
as expressly contemplated by this Agreement or pursuant to the prior written consent of the Optionee, during the Option Agreement Term, the Company shall not: 

(i)    initiate or make any changes to the activities of the Company and its Business in the form of (A) entering
new business and/or product areas, and (B) exiting one or more business and/or product areas in which the Company has business as of the Agreement Date; 

(ii)    make any amendment to the Organizational Documents so as to alter or change the powers, preferences or rights of
shares of Capital Stock held by the Optionee so as to affect such shares adversely relative to the powers, preferences or rights of shares of Capital Stock of the same class or series held by holders of Capital Stock other than the Optionee; 

(iii)    fail to maintain, or allow to lapse, or abandon, including by failure to pay the required fees in any
jurisdiction, any Intellectual Property Rights used in or otherwise material to the Business, other than in the ordinary course consistent with past practices regarding Intellectual Property Rights that are not material to the conduct of the
Business; 
 (iv)    sell, lease, license or otherwise transfer, or create, incur, assume or suffer to exist any Lien
(other than Permitted Liens (as defined in the Merger Agreement)) on, any of the material assets, Intellectual Property, securities, properties, interests or businesses of the Company, other than sales and licenses of the Company Product in the
ordinary course of business consistent with past practice; 
 (v)    (A) issue, transfer, deliver, sell, pledge or
otherwise encumber any of the Company’s assets, shares of any Capital Stock, Equity Incentive Options, or other Company Securities, other than an issuance of (x) Equity Incentive Options granted to employees or other service providers of
the Company in the ordinary course of business consistent with past practice, (y) any shares of Common Stock upon the exercise of Equity Incentive Options, (z) any shares of Capital Stock issued in accordance with Section 5.12, or
(B) amend any term of any Company Security (whether by merger, consolidation or otherwise) outstanding as of the date of this Agreement; 

(vi)    give notice of or propose any resolution to wind up or dissolve the Company, file or make any petition,
application or notice for the appointment or intended appointment of an administrator or liquidator or provisional liquidator or invite any person to appoint a receiver, administrative receiver or administrator in respect of the whole or any part of
the business or assets of the Company; 
 (vii)    present a petition or convene a meeting for the Company’s
bankruptcy, winding-up, recovery or similar proceedings (including a general agreement with any creditors); 

(viii)    propose or make any arrangement or compromise with, or assign for the benefit of, its creditors generally, or
enter into any agreement for or in connection with the scheduling, restructuring or re-adjustment of any material part of its Indebtedness by reason of, or with a view to avoiding, financial difficulties; 

(ix)    declare, set aside or pay any dividend or other distribution (whether in cash, stock, debt or property or any
combination thereof) in respect of any Company Securities, or redeem, repurchase or otherwise acquire or offer to redeem, repurchase, or otherwise acquire any Company Securities; 

  
 - 29 - 

 (x)    take any action intended to obstruct or restrict the
Optionee’s exercise of the Option or the Merger; 
 (xi)    make any loans, advances or capital contributions to,
or investments in, any other Person, other than to the extent provided for in the Budget; 
 (xii)    enter into any
transactions with any Related Person (as defined in the Merger Agreement); or 
 (xiii)    enter into any agreement to
do any of the things described in the preceding clauses (i) through (xvi). 
 Notwithstanding anything to the contrary in this Section 5.5, the
Company shall be permitted to adopt a carveout bonus plan for the benefit of its employees, provided that any payments under such plan shall be deducted from the Merger Consideration (as defined in the Merger Agreement) as Company Transaction
Expenses (as defined in the Merger Agreement). 
 5.6    Stockholder Consent; Support Agreements. 

(a)    During the Option Agreement Term, the Company shall use Commercially Reasonable Efforts to obtain, and shall deliver
to the Optionee upon receipt, the consent of Stockholders as of the Agreement Date who did not execute a Support Agreement in connection with Section2.4(b), including the irrevocable proxy in favor of the Optionee; provided, however, that, to the
extent the Company uses such Commercially Reasonable Efforts, the failure to obtain such consent shall not constitute a breach of this Agreement or the Merger Agreement, as applicable, and further provided that the Company shall have no obligation
to offer or pay any consideration to any such Stockholder. 
 (b)    Following the Agreement Date, the Company shall
only be entitled to exercise and accept a transfer of Capital Stock from an existing Stockholder to a third party, if such third party executes the Support Agreement and provides consent to the Merger authorizing the execution, delivery and
performance of the Merger Agreement (provided, however, that the Merger Agreement will not be effective until the Merger Agreement Effective Date), and the transactions contemplated hereby and thereby. 

5.7    Use of Exclusivity Payment, Additional Exclusivity Payment and other proceeds. During the Option Agreement
Term, the Company shall use the proceeds of the Exclusivity Payment, the Additional Exclusivity Payment, and the SVB or Optionee Loan to fund the Company’s activities as set out in the Budget and [***]. 

5.8    Acquisition Proposals. During [***] the Company shall not, nor shall it permit or cause any of its
Affiliates, or any officer, director, Employee, investment banker or other Representative of the Company or any of its Subsidiaries to, [***]. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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 5.9    Non-Solicitation. Subject to Section 5.2,
during the Option Agreement Term and for a period of [***] each party hereto agrees that it shall not, and shall cause its controlled Affiliates not to, directly or indirectly, solicit to employ any employee of any other party or its controlled
Affiliates employed by such party or its controlled Affiliates as of the Agreement Date or any time during the Option Agreement Term and for a [***] provided, however, that the parties hereto and their respective controlled Affiliates may engage in
general solicitations for employees in the ordinary course of business and consistent with past practice so long as such solicitations are not directed towards employees of any other party or such party’s controlled Affiliates. 

5.10    Takeover Statutes. During the Option Agreement Term, if any Takeover Statute is or may become applicable to
the transactions contemplated by this Agreement or the Merger Agreement, the Company Board of Directors will grant such approvals and take such actions as are necessary so that the transactions contemplated hereby or thereby may be consummated as
promptly as practicable on the terms contemplated by this Agreement and the Merger Agreement and otherwise act to eliminate the effects of any Takeover Statute on any of the transactions contemplated hereby and thereby. 

5.11    Support Agreements; Common Stock Voting. The Company shall use best efforts to enforce each of the Support
Agreements delivered by certain holders of Capital Stock, including through the exercise of the proxy to vote such holders shares of Capital Stock. The Optionee shall vote its shares of Common Stock in favor of the Merger Agreement, the Merger and
the other transactions contemplated hereby and thereby. 
 5.12    Budget; Additional Funding. 

(a)    During the Option Agreement Term, the Company shall use Commercially Reasonable Efforts to operate the Business in
accordance with the budget attached hereto as Exhibit F (the “Budget”). The parties acknowledge that the SVB or Optionee Loan together with the Exclusivity Payment, the Additional Exclusivity Payment and the Missed
Milestone Funding (as applicable) (the “Existing Funding”) may be insufficient to fund the Company through the Closing. If the Company reasonably determines that it needs additional funding through Closing, the Company may
deliver notice to the Optionee setting forth the Company’s good faith estimate of its cash needs from the date thereof through the anticipated date of Closing (the “Additional Funding Notice”) and, within [***] of the
Additional Funding Notice, the Optionee shall (i) provide a loan to the Company in the amount requested by the Company (not to exceed [***] on the same terms as those set forth in the SVB Term Sheet, as modified by Schedule 5.12 and, to
the extent not in conflict with the SVB Term Sheet, otherwise on terms consistent with the then market terms for such loans (the “Optionee Loan”), (ii) enter into a form of “deep” subordination agreement (including,
for the avoidance of doubt, if required by SVB, complete payment and lien subordination in favor of SVB) satisfactory to SVB in its sole discretion and (iii) otherwise cooperate with any reasonable requests of SVB in connection with such
loan. 
 (b)    If the Company reasonably determines that it needs additional funding pursuant to Section 5.12(a)
in excess of [***] the Company may seek to obtain additional debt or equity financing from any Person; provided, that the Company hereby grants to the Optionee a Right of First Refusal to finance all (but not less than all) of the Proposed Financing
on the same 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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terms and conditions as those offered to the Prospective Investor(s). In such event, the Company shall deliver a Proposed Financing Notice to the Optionee not later than [***] days prior to the
consummation of such Proposed Financing. Such Proposed Financing Notice shall contain the material terms and conditions of the Proposed Financing, the identity of the Prospective Investor(s) and the anticipated date of the Proposed Financing. To
exercise the Optionee’s Right of First Refusal the Optionee must deliver a notice of such exercise to the Company within [***] after delivery of the Proposed Financing Notice. The closing of the financing by the Optionee shall take place, and
all payments from the Optionee shall have been made to the Company, by the anticipated date of the Proposed Financing pursuant to the Proposed Financing Notice. 

(c)    If [***] then the Optionee may elect to provide further funding to the Company on the first day of each month
following [***] in an amount equal to the projected expenditures of the Company for each such month as set forth in the Company’s budget in effect at such time. Any funding pursuant to this Section 5.12(c) shall not be treated as a
deduction to the consideration due to the equityholders of the Company under the Merger Agreement. 
 5.13    Joint
Development Committee. 
 (a)    Formation. Promptly after the Agreement Date, the Company and Optionee will
form a Joint Development Committee, comprised of three (3) representatives of the Company and three (3) representatives of the Optionee. The purpose of the JDC will be to oversee the conduct of a research and technical development
plan (the “Research and Technical Development Plan”), approve updates to such plan, and coordinate the parties’ activities in connection with their performance under such plan. The initial Research and
Technical Development Plan is attached hereto as Exhibit G. The Optionee agrees that it shall not have the right to nominate representatives of the Company to the JDC notwithstanding its ownership interest in the Company. One representative
of the Company will be selected to act as the chairperson of the JDC. 
 (b)    Meetings. The JDC will meet at
least once per each calendar quarter during the term of the Research and Technical Development Plan. Such meetings may be conducted by videoconference, teleconference or in person, as agreed by the Company and Optionee. The JDC will agree upon the
time and location of the meetings. The chairperson, or his or her designee, will circulate an agenda for each meeting approximately one week before the date scheduled for the meeting, and will include all matters requested to be included on such
agenda by Company or Optionee. The chairperson, or his or her designee, will take complete and accurate minutes of all discussions occurring at the JDC meetings and all matters decided upon at the meetings except that matters reflecting legal advice
of counsel will not be included in such minutes. A copy of the draft minutes of each meeting will be provided to each of the Company and Optionee by the chairperson, or his or her designee, after each meeting. The JDC members shall review and
comment on such minutes. Final drafts of the minutes of each JDC meeting shall be provided to each party within forty-five (45) days after each meeting, and subject to formal approval at the next JDC meeting. Any member of the JDC may issue a
proxy to designate a substitute to attend any JDC meeting and vote on his behalf with prior written notice to the other members of the JDC. Each of the Company and Optionee is responsible for its travel costs and expenses incurred by its respective
Representatives associated with attending JDC meetings. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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 (c)    Functions and Powers. The responsibilities of the JDC will
be as follows: 
 (i)    facilitating communication between the parties with respect to the development of the Company
Product, any Clinical Study and the activities performed under the Research and Technical Development Plan; 

(ii)    establishing and revising the Research and Technical Development Plan’s objectives, goals and schedules, and
reviewing and approving amendments to the Research and Technical Development Plan; 
 (iii)    monitoring, discussing
and overseeing the progress of the development of the Company Product, any Clinical Study, each party’s progress with respect to the activities allocated to such party under the Research and Technical Development Plan; 

(iv)    monitoring, discussing and overseeing the Commercialization of the Company Product; and 

(v)    carrying out the other duties and responsibilities allocated to it in this Agreement. 

(d)    Decisions. Decisions of the JDC shall be made by a simple majority, with each member of the JDC having one
(1) vote in all decisions. In the event that the JDC is unable to reach a decision on a matter that is within its decision-making authority [***]; provided, that [***]. Notwithstanding the foregoing, [***]. 

(e)    Authority of JDC. The Company agrees to be bound by any valid resolution of the JDC pursuant to Section 5.13
and the Company undertakes to use reasonable best efforts to comply with, and to observe and perform any and all valid resolutions of the JDC. 

(f)    Limitations on JDC. The JDC shall not have any authority other than that expressly set forth above and,
specifically, shall have no authority: (x) to amend or interpret this Agreement or the Merger Agreement, (y) determine whether or not a party has met its diligence or other obligations under this Agreement, or (z) to determine whether or not a
breach of this Agreement has occurred. 
 (g)    Termination. The JDC shall disband upon completion by both
parties of all their obligations under the Rese arch and Technical Development Plan, and upon termination of this Agreement. 

5.14    Key Representatives. Promptly after the Agreement Date, each party shall appoint an individual who shall be
a Representative of such party having appropriate qualification and experience to act as the key Representative for such party (the “Key Representative”). Each Key Representative shall be responsible for coordinating and
managing processes and interfacing between the parties on a day-to-day basis throughout the Option Agreement Term. The Key Representative will ensure communication to the JDC of all relevant 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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matters related to the Research and Technical Development Plan. Each Key Representative shall be permitted to attend meetings of the JDC as appropriate and as a non-voting participant. The Key
Representative shall be the primary contact for the parties regarding the activities contemplated by this Agreement and shall facilitate all such activities hereunder. Each party may replace its Key Representative with an alternative representative
at any time with prior written notice to the other party. Any Key Representative may designate a substitute to temporarily perform the functions of that Key Representative. Each party shall bear the costs of its Key Representative. 

5.15    SVB Term Sheet. The Company and Optionee shall each use Commercially Reasonable Efforts to cooperate with
SVB to consummate the financing contemplated by, and in accordance with, the term sheet attached hereto as Exhibit H (the “SVB Term Sheet”). The Optionee shall use Commercially Reasonable Efforts to provide
credit support (i.e., a guaranty or a letter of credit) to SVB on the terms set forth in the SVB Term Sheet. To the extent SVB does not provide a loan to the Company within thirty (30) days after the funding date contemplated by the SVB Term
Sheet for any reason, the Optionee shall, within thirty (30) days after such contemplated SVB funding date, provide a loan to the Company on the same terms and conditions as those set forth on the SVB Term Sheet and, to the extent not in
conflict with the SVB Term Sheet, otherwise on terms consistent with current market terms for such loans; provided, however that such loan from the Optionee shall be unsecured. 

ARTICLE 6 
 INDEMNIFICATION 

6.1    Survival of Representations. The representations and warranties made by the Company and the Optionee in this
Agreement shall survive until the earlier of (a) the termination of this Agreement in accordance with its terms and (b) the Merger Agreement Effective Date (the “Survival Period”). The termination of the
representations and warranties provided herein shall not affect the rights of a party in respect of any claim made in accordance with Sections 6.3(a) or 6.3(b) by such party in a writing received by the other party prior to the
expiration of the Survival Period. All of the covenants, agreements, undertakings and obligations of the parties contained in this Agreement shall survive until fully performed or fulfilled, unless waived in writing. The Optionee Indemnified Parties
will not have the right to make any claim pursuant to this Article 6 on or after the Merger Agreement Effective Date. 

6.2    Indemnification. 

(a)    Indemnification of the Optionee Indemnified Persons. Subject in all cases to the limitations on
indemnification in this Article 6, after the Agreement Date, Company agrees to indemnify and hold harmless the Optionee, its Affiliates, and each of their respective officers, directors, employees, equityholders and agents (the “Optionee
Indemnified Parties”) from and against any and all damages, claims, losses, injuries, charges, costs, Liabilities or expenses, interests, penalties and expenses of any Action (including reasonable attorneys’ fees and expenses) or
remedial action, and including amounts actually paid or incurred in the absence of third party claims (collectively “Damages”) which any of the Optionee Indemnified Parties may sustain, or to which any of the Optionee
Indemnified Parties may be subjected, that arise out of or result from: 
 (i)    a breach or inaccuracy of any
representation or warranty of the Company set forth in Article 3 of this Agreement, the Company Secretary’s Certificate or the Bringdown Certificate; or 

  
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 (ii)    a breach of any covenant on the part of the Company set forth
in this Agreement. 
 (b)    Set-Off. In the event Optionee or the Merger Sub is entitled, pursuant to a final
and nonappealable Court Order, to be indemnified by the Company pursuant to Section 6.2(b), the Optionee and/or the Merger Sub, as the case may be, are entitled to, at their sole discretion, to set-off any such indemnification amount against
(and thereby reducing) the Additional Exclusivity Payment, the Closing Merger Consideration (as defined in the Merger Agreement) and/or the Milestone Payments (as defined in the Merger Agreement). 

(c)    Indemnification of Company Indemnified Persons. Subject in all cases to the limitations on indemnification
in this Article 6, after the Agreement Date, the Optionee agrees to indemnify and hold harmless the Company, its Affiliates, and each of their respective officers, directors, employees, Stockholders and agents (the “Company Indemnified
Parties” and together with the Optionee Indemnified Parties, each an “Indemnified Party” and collectively the “Indemnified Parties”) from and against any and
all Damages, which any of the Company Indemnified Parties may sustain, or to which any of the Company Indemnified Parties may be subjected, that arise out of or result from: 

(i)    a breach or inaccuracy of any representation or warranty of the Optionee set forth in Article 4 of this Agreement;
or 
 (ii)    a breach of any covenant on the part of the Optionee set forth in this Agreement. 

6.3    Procedures of Claims. 

(a)    Defense of Third Party Claims. In the case of any claim for indemnification arising from a claim of a third
party (including any Governmental Entity), an Indemnified Party must give prompt written notice after the Indemnified Party’s receipt of notice of such claim to the other party (the “Indemnifying Party”) of any claim of
which such Indemnified Party has knowledge and as to which it reasonably believes it is entitled to indemnification hereunder. Notwithstanding anything to the contrary herein, it shall be reasonable for an Indemnified Party to provide such written
notice upon receipt of a third party claim that could reasonably be expected to give rise to Damages even if no Damages with respect to such claim have been suffered as of the date of such notice and, upon giving of such notice hereunder, such
notice shall be deemed properly given for all purposes of this Agreement. The written notice shall state in reasonable date the nature and basis of such claims and the dollar amount of such claim, to the extent known. The failure to give such notice
will not, however, relieve any Indemnifying Party of its indemnification obligations except to the extent that an Indemnifying Party is actually harmed thereby. The Indemnifying Party will have the right to defend and to direct the defense against
any such claim in its name and at its expense with counsel selected by the Indemnifying Party (that shall be reasonably acceptable to the 

  
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Indemnified Party) unless there is a conflict of interest between the Indemnified Party and the Indemnifying Party in the conduct of such defense if the Indemnifying Party (i) demonstrates
to the Indemnified Party, in writing, such Indemnifying Party’s financial ability to provide full indemnification to the Indemnified Party with respect to such matter, and (ii) demonstrates that, after giving effect to the application of
the limitations in this Article 6, the Indemnifying Party is reasonably likely to be responsible for a greater portion of the Damages than the Indemnified Party (and with respect to such portion, agrees in writing that such claim is indemnifiable
hereunder, subject to the limitations and provisions set forth in this Article 6). If the Indemnifying Party assumes the defense of a third party claim it shall be conclusively established for purposes of this Agreement that the claims made in such
third party claim are within the scope of and subject to indemnification. In addition, the Indemnifying Party shall not be entitled to assume control of such defense if (i) the third party claim relates to or arises in connection with
any criminal proceeding against the Indemnified Party; (ii) the third party claim seeks an injunction or other similar form of equitable relief against the Indemnified Party as its principal claim for relief; or (iii) the
Indemnifying Party failed or is failing to vigorously prosecute or defend such third party claim. If the Indemnifying Party is entitled to compromise or defend such claim, it will notify the Indemnified Party of its intent to use Commercially
Reasonable Efforts to do so, and the Indemnified Party must, at the request and expense of the Indemnifying Party, cooperate in the defense of such claim. If the Indemnifying Party elects, in a writing delivered to the Indemnified Party, not to
compromise or defend such claim, the Indemnified Party may pay, compromise or defend such claim. Notwithstanding anything to the contrary contained herein, the Indemnifying Party will have no indemnification obligations with respect to any claim
which has been or will be settled by the Indemnified Party without the prior written consent of the Indemnifying Party (such consent not to be unreasonably withheld, conditioned or delayed). The Indemnifying Party’s right to direct the defense
will include the right to compromise or enter into an agreement settling any claim by a third party only with the consent of the Indemnified Party (such consent not to be unreasonably withheld, conditioned or delayed), unless the Indemnified Party
receives a full release with respect to such claim and the sole relief in such settlement is that monetary damages are paid in full by the Indemnifying Party. The Indemnified Party will have the right to participate in the Indemnifying Party’s
defense of any claim with counsel selected by it subject to the Indemnifying Party’s right to direct the defense. The fees and disbursements of such counsel will be at the expense of the Indemnified Party (unless the Indemnified Party’s
counsel shall have advised the Indemnified Party in writing, with a copy delivered to the Indemnifying Party, that there is a conflict of interest that could make it inappropriate under applicable standards of professional conduct for the
Indemnifying Party and the Indemnified Party to have common counsel). An Indemnifying Party who is not permitted to direct the defense hereof will have the right to participate in the Indemnified Party’s defense of any claim with one
(1) counsel selected by it subject to the Indemnified Party’s right to direct the defense. The fees and disbursements of such counsel will be at the expense of the Indemnifying Party. 

(b)    Non-Third Party Claims. Any claim which does not result from a third party claim will be asserted by a
written notice from the Indemnified Party to the Indemnifying Party. The Indemnifying Party will have a period of [***] after receipt of such notice within which to respond thereto. If the Indemnifying Party does not respond within [***] the
recipient will be deemed to have accepted responsibility for the Damages set forth in such notice and will have no further right to contest the validity of any claim (or the amount of such claim) set forth

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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in such notice. If the Indemnifying Party responds within [***] after the receipt of the notice and rejects such claim in whole or in part, the Indemnified Party will be free to pursue such
remedies as may be available to it under contract or applicable Law, subject to the terms of this Agreement. 

6.4    No Incidental, Consequential or Punitive Damages/Determination of Damages. Damages to be paid pursuant to
this Article 6 shall not include incidental, consequential or punitive damages except to the extent such damages are actually paid to a third party. All Damages sought by any party pursuant to this Article 6 shall be (i) net of any insurance
proceeds actually received by such Person with respect to such claim (net of any deductible amounts, costs of collection and increased premiums) and (ii) paid regardless of any investigation at any time made by or on behalf of any party
hereto or of any information any party may have in respect thereof. 
 6.5    Exclusive Remedy. Except as
provided in Section 8.10 in this Agreement, the rights and remedies of the parties under this Article 6 are exclusive and in lieu of any and all other rights and remedies which the parties may have under or related to this Agreement, other than
those which are as a result of Fraud, and each party expressly waives any and all other rights or causes of action it or its Affiliates, employees, officers, directors, equityholders, Stockholders, representatives, agents, or Equity Incentive
Optionholders, may have against the other party now or in the future under any Law with respect to the subject matter hereof. 
 ARTICLE 7

 TERMINATION 

7.1    Termination Rights. 

(a)    Notwithstanding anything in this Agreement to the contrary, this Agreement may be terminated at any time prior to
the Option Exercise Termination Date: 
 (i)    by the written agreement of the Optionee and the Company; 

(ii)    by the Optionee by delivery of written notice to the Company at least sixty (60) days prior to the
termination date; 
 (iii)    by the Company if the Exclusivity Payment First Installment is not paid by the Optionee
within 24 hours of receipt by the Optionee of the Support Agreements as set forth in Section 2.4(b) hereof; 

(iv)    by the Company if (x) the Company fails to fulfill the conditions set forth in Section 2.5(a)(i) through (iv),
(y) the Company has less cash and cash equivalents available on its balance sheet than the cash necessary to fund ongoing operations of the Company for another sixty (60) days in accordance with the Budget and (z) the Optionee fails to make a
necessary Missed Milestone Funding payment to continue and fund the operations of the Company; provided, however, that the Company cannot terminate this Agreement under this Section 7.1(a)(iv) if (1) the Company is then in material breach of its
obligations hereunder or (2) the Optionee has paid the full Missed Milestone Funding amount despite the fact that the Company failed to fulfill the conditions set forth in Section 2.5(a)(i) through (iv); 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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 (v)    by the Company if the Additional Exclusivity Payment First
Installment is not paid by the Optionee within ten (10) Business Days after fulfillment by the Company of the conditions set forth in Section 2.5(a)(i) through (iv), or either the Shortfall Payment or Additional Exclusivity Payment
Second Installment are not paid by the Optionee within ten (10) Business Days of the date such payment is due; 

(vi)    by the Company if the Optionee fails to fund the Optionee Loan in accordance with Section 5.12(a); provided,
that the Optionee shall have a ten (10) Business Day period to cure such failure to fund following delivery of notice by the Company of such failure to fund; and (vii) by either the Company or Optionee, if the Company fails to obtain, and
deliver to Optionee Support Agreements (including irrevocable proxies) duly executed by the Company and the Stockholders of the Company representing at least the Required Stockholder Approval, by 23:59 PT on the day following the Agreement Date.

 (b)    Unless earlier terminated in accordance with Section 7.1(a), this Agreement shall terminate automatically
and without further notice on (i) the Merger Agreement Effective Date or (ii) the Option Exercise Termination Date if the Optionee does not exercise the Option on or prior to the Option Exercise Termination Date. 

7.2    Effect of Termination. In the event that this Agreement shall be terminated pursuant to this Article 7, all
further obligations of the parties under this Agreement (other than under Article 6 through Article 8) shall be terminated without further Liability of any party to the other; provided, however, that none of the Company, the Optionee or Merger Sub
shall be relieved of any obligation to indemnify the other party under Article 6 or of any Liability arising as a result of Fraud by such party of any provision of this Agreement prior to the date of such termination, provided further, that all
obligations under Article 6 shall be terminated as of the Merger Agreement Effective Date. In the event this Agreement is terminated for any reason other than the occurrence of the Merger Agreement Effective Date, then notwithstanding anything
herein or in the Merger Agreement to the contrary, the Merger Agreement shall, without further notice, be null and void, ab initio. 

ARTICLE 8 
 GENERAL PROVISIONS 

8.1    Assignment, Successors and No Third-Party Rights. No party hereto may assign any of its rights or delegate
any of its obligations under this Agreement without the prior written consent of the other parties; provided that, the Optionee and Merger Sub shall each be permitted to assign its respective rights, interests and obligations (in whole or in part)
to any of the Optionee’s controlled Affiliates without obtaining any consent from the Company. Any purported assignment or delegation, except as expressly permitted pursuant to this Section 8.1, shall be void and without effect. Subject to the
foregoing, this Agreement will apply to, be binding in all respects upon and inure to the benefit of the successors and permitted assigns of the parties. Nothing expressed or referred to in this Agreement will be construed to give any Person other
than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement, except such rights as shall inure to a successor or permitted assignee pursuant to this
Section 8.1. 

  
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 8.2    Notices. Unless otherwise expressly provided herein, any
notice, request, instruction or other document to be given hereunder by any party hereto to another party hereto shall be in writing and shall be deemed to have been duly given (a) when delivered, if delivered by hand, (b) one (1)
Business Day after being sent, if sent by overnight delivery via a national courier service, (c) when transmitted and receipt is confirmed, if sent via facsimile with confirmation of receipt, or (d) three (3) Business Days after mailing, if mailed
by registered or certified mail (return receipt requested), to the parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 8.2): 

If to the Optionee or Merger Sub, to: 

LEO Pharma A/S 
 Industriparken
55, 2750 Ballerup 
 Denmark 

Attention: General Counsel 

Email: [***] 
 with a copy to
(which shall not constitute notice): 
 Winston & Strawn LLP 

200 Park Avenue 
 New York, NY
10166 
 Attention: Uri Doron 

Email: [***] 
 if to the Company,
to: 
 PellePharm, Inc. 
 101
Mission Street 
 Suite 2050 

San Francisco, CA 94105 

Attention: Sanuj Ravindran 

Email: [***] 
 with a copy to
(which shall not constitute notice): 
 Latham & Watkins LLP 

505 Montgomery Street 
 Suite 2000

 San Francisco, CA 94111 

Attention: Alan C. Mendelson; Luke J. Bergstrom 

Email: [***] 

8.3    Choice of Law. This Agreement shall be construed, interpreted and the rights of the parties determined in
accordance with the Laws of the State of Delaware, without giving effect to any choice of Law provision or rule that would cause the application of the Laws of any jurisdiction other than the State of Delaware. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

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 8.4    Entire Agreement; Amendments and Waivers. This Agreement,
together with all Exhibits and Schedules hereto, and the Confidentiality Agreement, constitute the entire agreement among the parties pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and
discussions, whether oral or written, of the parties. No supplement, modification or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any of the provisions of this Agreement shall be
deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 

8.5    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument, and shall become binding when one or more counterparts have been signed by each of the parties hereto and delivered to the other party. Delivery of an electronically
executed counterpart of a signature page to this Agreement shall be as effective as delivery of a manually executed counterpart of this Agreement. 

8.6    Invalidity. In the event that any one or more of the provisions contained in this Agreement or in any other
instrument referred to herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any other such
instrument. 
 8.7    Expenses. Except as expressly stated herein, each party to this Agreement shall bear and
pay all fees, costs and expenses (including legal fees and accounting fees) that have been incurred or that are incurred by such party in connection with the transactions contemplated by this Agreement. 

8.8    Attorney Fees. If any party to this Agreement brings an Action to enforce its rights under this Agreement in
accordance with the provisions hereof, the prevailing party shall be entitled to recover its actual out-of-pocket costs and expenses, including reasonable attorneys’ fees reasonably incurred in connection
with such Action, including any appeal of such Action. 
 8.9    Service of Process; Consent to Jurisdiction; Waiver
of Jury Trial. 
 (a)    SERVICE OF PROCESS. EACH OF THE PARTIES HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF
ANY PROCESS, PLEADING, NOTICES OR OTHER PAPERS BY THE MAILING OF COPIES THEREOF BY REGISTERED, CERTIFIED OR FIRST CLASS MAIL, POSTAGE PREPAID, TO SUCH PARTY AT SUCH PARTY’S ADDRESS SET FORTH HEREIN, OR BY ANY OTHER METHOD PROVIDED OR PERMITTED
UNDER DELAWARE LAW. 
 (b)    CONSENT AND JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY
(I) AGREES THAT ANY SUIT, ACTION OR OTHER LEGAL PROCEEDING ARISING OUT OF THIS AGREEMENT MAY BE BROUGHT IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE OR, IF SUCH COURT DOES NOT HAVE JURISDICTION OR WILL NOT ACCEPT
JURISDICTION, IN ANY COURT OF GENERAL JURISDICTION IN 

  
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DELAWARE; (II) CONSENTS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING; AND (III) WAIVES ANY OBJECTION WHICH SUCH PARTY MAY HAVE TO THE LAYING OF VENUE OF ANY
SUCH SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (c)    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION OR AGREEMENT CONTEMPLATED HEREBY OR THE ACTIONS OF ANY PARTY HERETO IN THE
NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 
 8.10    Specific Performance. The parties
hereto agree that irreparable damage would occur to the other party in the event of a party’s breach or threatened breach of any covenant, obligation or other provision of this Agreement or the Merger Agreement, including the performance of the
obligations set forth in Article 2 of this Agreement. Each party hereto hereby agrees that, in the event of any breach of threatened breach by the other party of any covenant, obligation or other provisions of this Agreement or the Merger Agreement,
the other party shall be entitled (in addition to any other remedy that may be available to them, including monetary damages) to obtain (a) a decree or order of specific performance or mandamus to enforce the observance and performance of such
covenant, obligation or other provision, and (b) an injunction restraining such breach or threatened breach. The parties agree that no party shall be required to obtain, furnish or post any bond or similar instrument in connection with
or as a condition to obtaining any remedy referred to in this Section 8.10, and the parties irrevocably waive any right they may have to require the obtaining, furnishing or posting of any such bond or similar instrument. 

8.11    Confidentiality. Subject to Section 8.12, the Optionee, Merger Sub and the Company each agrees that
all documents, materials and other information which it shall have obtained regarding the other party during the course of the negotiations leading to the execution of this Agreement (whether obtained before or after the Agreement Date), the
investigation provided for herein and the preparation of this Agreement and other related documents, and all documents, materials and other information which it shall obtain regarding the other party during the Option Exercise Period shall be held
in confidence pursuant to the Confidentiality Agreement. 
 8.12    Public Announcement. Each party shall be
permitted to issue a public announcement, news release, statement, publication or presentation (a “Press Release”) relating to the existence of this Agreement, the subject matter hereof, or any party’s performance
hereunder, provided, that (i) the Company shall not be permitted to issue a Press Release prior to the issuance of a Press Release by the Optionee, (ii) the disclosing party gives the other party notice and a reasonable opportunity
to comment on the Press Release and (iii) the parties agree to cooperate in determining the scope of the Press Release. Each party shall be permitted to make public statements and disclosures consistent with the content and scope of
prior public statements and disclosures made in compliance with this Section 8.12. 

  
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 8.13    Certain Tax Matters. It is acknowledged and agreed that,
for income tax purposes, the Exclusivity Payment and, if paid, the Additional Exclusivity Payment, represent payments made by the Optionee directly to the Company. The parties hereto shall prepare and file (and cause their Affiliates to prepare and
file) all tax returns and reports consistently with the preceding sentence. Notwithstanding anything to the contrary in Section 6.3(a), the Optionee shall not be permitted to control any third party claim relating to taxes of the Company
pursuant to this Agreement. 
 * * * * * * 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first written above. 
  

			
	LEO PHARMA A/S
		
	By:	 	 /s/ Gitte Abbo

	Name:	 	Gitte Abbo
	Title:	 	CEO
		
	By:	 	 /s/ Anders Kronborg

	Name:	 	Anders Kronborg
	Title:	 	CFO

  
 Option Agreement –
Signature Page 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first written above. 
  

			
	LEO SPINY MERGER SUB, INC.
		
	By:	 	 /s/ Chris Posner

	Name:	 	Chris Posner
	Title:	 	Chief Executive Officer and Treasurer

  
 [Option Agreement –
Signature Page] 

 IN WITNESS WHEREOF, each party hereto has executed this Agreement as of the day and year
first written above. 
  

			
	PELLEPHARM, INC.
		
	By:	 	 /s/ Sanuj Ravindran

	Name:	 	Sanuj Ravindran, M.D.
	Title:	 	President and Chief Executive Officer

 
			
		
	Address:    	 	 101 Mission Street, Suite 2050
 San
Francisco, CA 94105

  
 [Option Agreement –
Signature Page] 

 Exhibit A 

Form of Merger Agreement 

 Execution Version 

 

	 	[***]	 Certain information in this document has been omitted from this exhibit because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

 AMENDMENT TO 

OPTION AGREEMENT 
 THIS
AMENDMENT TO OPTION AGREEMENT (this “Amendment”) is made and entered into as of this 13th day of March, 2019, by and among LEO Pharma A/S, a company organized under the laws of the
Kingdom of Denmark (“Optionee”), LEO Spiny Merger Sub, a Delaware corporation (“Merger Sub”), and PellePharm, Inc., a Delaware corporation (“Company”). Optionee, Merger Sub and Company are each
referred to herein as a “Party” and collectively as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Option Agreement (as defined
below). 
 WHEREAS, the Parties are each party to that certain Option Agreement, dated as of November 19, 2018 (the
“Option Agreement”); 
 WHEREAS, Section 1.2(f) of the Option Agreement provides that the Exhibits to the
Option Agreement are a material part thereof and shall be treated as if fully incorporated into the body of the Option Agreement; 

WHEREAS, pursuant to Section 8.4 of the Option Agreement, no supplement, modification or waiver of the Option Agreement
shall be binding unless executed in writing by the party to be bound thereby; and 
 WHEREAS, the Parties wish to amend and modify
the Option Agreement and the Merger Agreement as outlined herein. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto hereby agree and amend the Option Agreement as follows: 

1.    Conduct of the Company. The last sentence of Section 5.5 of the Option Agreement is hereby amended and
restated in its entirety to read as follows: 
 Notwithstanding anything to the contrary in this Section 5.5, the
Company shall be permitted to adopt a carveout bonus plan that provides for aggregate payments of up to [***] for the benefit of its employees in connection with the consummation of the transactions contemplated by the Merger Agreement, provided
that [***]% of the payments under such plan and [***] (as defined in the Merger Agreement) related to such [***]% payments shall be [***] (as defined in the Merger Agreement) as [***] (as defined in the Merger Agreement) and the remainder of such
payments and [***] shall not constitute [***] and shall not be [***]. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 

 2.    Agreement of Merger. Exhibit A of the Option
Agreement is hereby amended as set forth on Attachment A hereto and, as so modified, shall constitute the Merger Agreement for all purposes under the Option Agreement. 

3.    Conflicting Terms; Limitation of Amendment. In the event of any conflict or inconsistency between the
terms of this Amendment and the Option Agreement, the terms of this Amendment shall control. Except as otherwise set forth herein, all terms and provisions of the Option Agreement shall remain in full force and effect. The Option Agreement, as
referenced in any other document that the Parties have executed, means the Option Agreement, as amended by this Amendment. 

4.    Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to principles of conflicts of laws that would require the application of the laws of any other jurisdiction. 

5.    Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Amendment shall become effective when each Party shall have received a counterpart hereof signed by the other Party. Until and unless each
Party has received a counterpart hereof signed by the other Party hereto, this Amendment shall have no effect, and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other
communication). The exchange of a fully executed Amendment (in counterparts or otherwise) by electronic transmission in .PDF format or by facsimile shall be sufficient to bind the Parties to the terms and conditions of this Amendment. 

*** 

  
 2 

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

			
	LEO PHARMA A/S
		
	By:	 	 /s/ Anders Kronborg

		 	Name: Anders Kronborg
		 	Title:   CFO
		
	By:	 	 /s/ Gitte Abbo

		 	Name: Gitte Abbo
		 	Title:   CEO
	
	LEO SPINY MERGER SUB, INC.
		
	By:	 	 /s/ Chris Posner

		 	Name: Chris Posner
		 	Title:   CEO and Treasurer
	
	PELLEPHARM, INC.
		
	By:	 	 /s/ Sanuj Ravindran

		 	Name: Sanuj Ravindran
		 	Title:   President and CEO

  
 [Signature Page to
Amendment to the Option Agreement] 

 Attachment A 

First Amendment to Agreement of Merger 

 Execution Version 

FIRST AMENDMENT TO 

AGREEMENT OF MERGER 

THIS FIRST AMENDMENT TO AGREEMENT OF MERGER (this “Amendment”) is made and entered into as of this 13th day of March, 2019, by and among LEO Pharma A/S, a company organized under the laws of the Kingdom of Denmark (“Optionee”), LEO Spiny Merger Sub, a Delaware corporation
(“Merger Sub”), PellePharm, Inc., a Delaware corporation (“Company”), and Fortis Advisors LLC, a Delaware limited liability company (“Fortis”). Optionee, Merger Sub, the Company and Fortis are each
referred to herein as a “Party” and collectively as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Merger Agreement (as defined
below). 
 WHEREAS, the Parties are each party to that certain Agreement of Merger, dated as of November 19, 2018 (the
“Merger Agreement”); 
 WHEREAS, pursuant to Section 11.04 of the Merger Agreement, a provision of the Merger
Agreement may be amended prior to the Effective Time only if such amendment is in writing and is signed by each party to the Merger Agreement; and 

WHEREAS, the Parties wish to amend and modify the Merger Agreement in certain respects; 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally
bound hereby, the parties hereto hereby agree and amend the Merger Agreement as follows: 
 1.    Conduct of the
Company. 
 (a)    The paragraph immediately following Section 5.01(b)(xviii) of the Merger Agreement is
hereby amended and restated to read as follows (deleted wording is shown in bold and strikethrough and inserted wording is shown in bold and underlined): 

“Notwithstanding anything to the contrary in this Section 5.01, the Company shall be permitted to grant units
to Company employees under the Carveout Plan in accordance with its terms, provided that the aggregate amount payable to Company employees under the Carveout Plan shall not exceed [***] adopt a carveout bonus plan for the benefit
of its employees prior to the Closing, provided that payments under such plan shall be deducted from the Merger Consideration as Company Transaction Expenses.” 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 

 2.    Company Transaction Expenses. The definition of
“Company Transaction Expenses” in Section 1.1 of the Merger Agreement is hereby amended and restated to read as follows (inserted wording is shown in bold and underlined): 

“Company Transaction Expenses” means (a) any fees and disbursements incurred by or on behalf of the
Company and payable to any financial advisor (including the Company Financial Advisor), investment banker, broker or finder in connection with the transactions contemplated by this Agreement, (b) the fees and disbursements payable to legal
counsel, consultants or accountants of the Company that are payable by the Company in connection with the transactions contemplated by this Agreement, (c) any bonuses, incentive compensation, or other change-in-control payments to be paid or payable to any director, officer or employee of the Company at the Closing (without any further condition) in connection with the Merger or any of the other
transactions contemplated by this Agreement, and all employer Taxes related thereto, (d) the employer portion of any payroll Taxes imposed with respect to the payment of the Option Consideration, and (e) all other miscellaneous out-of-pocket expenses or costs, in each case, incurred by the Company in connection with the transactions contemplated by this Agreement. [***].” 

3.    Contemplated Carveout Plan. A new definition of “Carveout Plan” shall be added to
Section 1.1 of the Merger Agreement and shall read as follows: 
 “Carveout Plan” shall mean the
Company’s Management Carveout Plan.” 
 4.    Employee Matters. Section 6.04 of the Merger
Agreement is hereby amended and restated to add the following Section 6.04(e), which in its entirety will read as follows: 

“(e) Promptly after the Effective Time, Parent shall cause the Surviving Corporation to make all payments due under the
Carveout Plan, which obligation shall include providing any necessary funds to complete such payment obligations.” 

5.    Conflicting Terms; Limitation of Amendment. In the event of any conflict or inconsistency between the
terms of this Amendment and the Merger Agreement, the terms of this Amendment shall control. Except as otherwise set forth herein, all terms and provisions of the Merger Agreement shall remain in full force and effect. The Merger Agreement, as
referenced in any other document that the Parties have executed, means the Merger Agreement, as amended by this Amendment. 

6.    Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the
State of Delaware (including in respect of the statute of limitations or other limitations period applicable to any claim, controversy or dispute hereunder), without giving effect to principles of conflicts of laws that would require the application
of the laws of any other jurisdiction. 
 7.    Counterparts. This Amendment may be signed in any number
of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Amendment shall become effective when each Party shall have received a counterpart hereof signed by
the other Party. Until and unless each Party has received a counterpart hereof signed by the other Party hereto, this Amendment shall have no 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

8 

 
effect, and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). The exchange of a fully executed Amendment (in
counterparts or otherwise) by electronic transmission in .PDF format or by facsimile shall be sufficient to bind the Parties to the terms and conditions of this Amendment. 

*** 

  
 7 

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

			
	LEO PHARMA A/S
		
	By:	 	
                     
                                         
      

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	LEO SPINY MERGER SUB, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	PELLEPHARM, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	FORTIS ADVISORS LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
First Amendment to the Agreement of Merger] 

 Confidential 

 

	 	[***]	 Certain information in this document has been omitted from this exhibit because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

 AGREEMENT OF MERGER 

BY AND AMONG 
 LEO
PHARMA A/S, 
 LEO SPINY MERGER SUB, INC., 

PELLEPHARM, INC., 
 AND

 FORTIS ADVISORS LLC, 

AS THE EQUITYHOLDER REPRESENTATIVE 

NOVEMBER 19, 2018 

 TABLE OF CONTENTS 

 

							
	 Article I DEFINITIONS
	  	 	2	 
			
	 Section 1.01
	 	 Definitions
	  	 	2	 
	 Section 1.02
	 	 Interpretative Provisions
	  	 	18	 
	 Section 1.03
	 	 Effectiveness of Agreement
	  	 	19	 
		
	 Article II DESCRIPTION OF THE TRANSACTION
	  	 	19	 
			
	 Section 2.01
	 	 Closing
	  	 	19	 
	 Section 2.02
	 	 The Merger; Effect of the Merger; Effective Time
	  	 	20	 
	 Section 2.03
	 	 Certificate of Incorporation and Bylaws; Directors and Officers
	  	 	20	 
	 Section 2.04
	 	 Conversion of Shares
	  	 	20	 
	 Section 2.05
	 	 Treatment of Company Options
	  	 	21	 
	 Section 2.06
	 	 Treatment of Company Warrants
	  	 	22	 
	 Section 2.07
	 	 Closing of the Company’s Transfer Books; Exchange of Certificates; Payment of Merger
Consideration and Escrow Fund
	  	 	22	 
	 Section 2.08
	 	 Milestone Payments
	  	 	26	 
	 Section 2.09
	 	 Set-Off Right
	  	 	28	 
	 Section 2.10
	 	 Right of First Negotiation
	  	 	29	 
	 Section 2.11
	 	 Withholding Rights
	  	 	30	 
	 Section 2.12
	 	 Dissenting Shares
	  	 	30	 
	 Section 2.13
	 	 Further Action
	  	 	31	 
		
	 Article III REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	31	 
			
	 Section 3.01
	 	 Corporate Existence and Power
	  	 	31	 
	 Section 3.02
	 	 Corporate Authorization
	  	 	32	 
	 Section 3.03
	 	 Governmental Authorization
	  	 	32	 
	 Section 3.04
	 	 Non-contravention
	  	 	33	 
	 Section 3.05
	 	 Capitalization
	  	 	33	 
	 Section 3.06
	 	 Financial Statements
	  	 	34	 
	 Section 3.07
	 	 Absence of Certain Changes
	  	 	34	 
	 Section 3.08
	 	 No Undisclosed Liabilities
	  	 	36	 
	 Section 3.09
	 	 Material Contracts
	  	 	37	 
	 Section 3.10
	 	 Compliance with Applicable Laws
	  	 	39	 
	 Section 3.11
	 	 Litigation
	  	 	40	 
	 Section 3.12
	 	 Real Property
	  	 	40	 
	 Section 3.13
	 	 Properties
	  	 	41	 
	 Section 3.14
	 	 Intellectual Property
	  	 	41	 
	 Section 3.15
	 	 Privacy
	  	 	43	 
	 Section 3.16
	 	 Insurance Coverage
	  	 	44	 
	 Section 3.17
	 	 Licenses and Permits
	  	 	45	 
	 Section 3.18
	 	 Tax Matters
	  	 	45	 
	 Section 3.19
	 	 Employees and Employee Benefit Plans
	  	 	47	 
	 Section 3.20
	 	 Environmental Matters
	  	 	50	 
	 Section 3.21
	 	 Affiliate Transactions
	  	 	50	 
	 Section 3.22
	 	 Books and Records
	  	 	51	 
	 Section 3.23
	 	 Finders’ Fees
	  	 	51	 
	 Section 3.24
	 	 Exclusivity of Representations; Non-Reliance
	  	 	51	 

  
 i 

							
	 Article IV REPRESENTATIONS AND WARRANTIES OF PARENT
	  	 	52	 
			
	 Section 4.01
	 	 Corporate Existence and Power
	  	 	52	 
	 Section 4.02
	 	 Corporate Authorization
	  	 	52	 
	 Section 4.03
	 	 Governmental Authorization
	  	 	52	 
	 Section 4.04
	 	 Non-contravention
	  	 	52	 
	 Section 4.05
	 	 Finders’ Fees
	  	 	52	 
	 Section 4.06
	 	 Sufficiency of Funds
	  	 	52	 
	 Section 4.07
	 	 Exclusivity of Representations; Non-Reliance
	  	 	53	 
		
	 Article V COVENANTS OF THE COMPANY
	  	 	53	 
			
	 Section 5.01
	 	 Conduct of the Company
	  	 	53	 
	 Section 5.02
	 	 Stockholder Approval
	  	 	55	 
	 Section 5.03
	 	 No Solicitation
	  	 	56	 
	 Section 5.04
	 	 Access to Information
	  	 	56	 
	 Section 5.05
	 	 280G Matters
	  	 	56	 
	 Section 5.06
	 	 Consideration Spreadsheet; Payoff Letters and Invoices
	  	 	57	 
		
	 Article VI ADDITIONAL COVENANTS OF THE PARTIES
	  	 	57	 
			
	 Section 6.01
	 	 Efforts
	  	 	57	 
	 Section 6.02
	 	 Confidentiality; Public Announcements
	  	 	59	 
	 Section 6.03
	 	 Indemnification of Officers and Directors
	  	 	59	 
	 Section 6.04
	 	 Employee Matters
	  	 	60	 
	 Section 6.05
	 	 Notices of Certain Events
	  	 	61	 
	 Section 6.06
	 	 Provision Respecting Legal Representation; Attorney-Client Privilege
	  	 	61	 
		
	 Article VII TAX MATTERS
	  	 	62	 
			
	 Section 7.01
	 	 FIRPTA
	  	 	62	 
	 Section 7.02
	 	 Characterization of Payments
	  	 	63	 
	 Section 7.03
	 	 Transfer Taxes
	  	 	63	 
	 Section 7.04
	 	 Tax Returns
	  	 	63	 
	 Section 7.05
	 	 Apportionment of Taxes
	  	 	63	 
	 Section 7.06
	 	 Tax Contests
	  	 	64	 
	 Section 7.07
	 	 Cooperation
	  	 	64	 
	 Section 7.08
	 	 Tax Refunds
	  	 	64	 
	 Section 7.09
	 	 Certain Conduct
	  	 	64	 
		
	 Article VIII CONDITIONS TO THE MERGER
	  	 	65	 
			
	 Section 8.01
	 	 Conditions to the Obligations of Each Party
	  	 	65	 
	 Section 8.02
	 	 Conditions to the Obligations of Parent and Merger Sub
	  	 	65	 
	 Section 8.03
	 	 Conditions to the Obligations of the Company
	  	 	67	 
		
	 Article IX TERMINATION
	  	 	68	 
			
	 Section 9.01
	 	 Termination
	  	 	68	 
	 Section 9.02
	 	 Effect of Termination
	  	 	69	 

  
 ii 

							
	 Article X INDEMNIFICATION
	  	 	69	 
			
	 Section 10.01
	 	 Survival of Representations, Etc.
	  	 	69	 
	 Section 10.02
	 	 Indemnification
	  	 	70	 
	 Section 10.03
	 	 Limitations
	  	 	71	 
	 Section 10.04
	 	 Claims and Procedures
	  	 	72	 
	 Section 10.05
	 	 Defense of Third-Party Claims
	  	 	73	 
	 Section 10.06
	 	 No Contribution
	  	 	74	 
	 Section 10.07
	 	 Exercise of Remedies by Indemnitees Other Than Parent
	  	 	75	 
		
	 Article XI MISCELLANEOUS
	  	 	75	 
			
	 Section 11.01
	 	 Equityholder Representative
	  	 	75	 
	 Section 11.02
	 	 Notices
	  	 	77	 
	 Section 11.03
	 	 Remedies Cumulative; Specific Performance
	  	 	79	 
	 Section 11.04
	 	 Entire Agreement; Severability; Amendments and Waivers
	  	 	79	 
	 Section 11.05
	 	 Expenses
	  	 	79	 
	 Section 11.06
	 	 Binding Effect; Benefit; Assignment
	  	 	80	 
	 Section 11.07
	 	 Governing Law
	  	 	80	 
	 Section 11.08
	 	 Jurisdiction
	  	 	80	 
	 Section 11.09
	 	 Waiver of Jury Trial
	  	 	80	 
	 Section 11.10
	 	 Counterparts; Effectiveness
	  	 	80	 

  
 iii 

			
	 Exhibit A
	 	 Persons to Execute Non-Competition Agreements

	 Exhibit B
	 	 Material Terms of Non-Competition
Agreement

	 Exhibit C
	 	 Form of Certificate of Merger

	 Exhibit D
	 	 Amended and Restated Certificate of Incorporation

	 Exhibit E
	 	 Form of Escrow Agreement

	 Company Disclosure Schedule

	 Schedule 1.1 – Permitted Recipients

  
 iv 

 AGREEMENT OF MERGER 

THIS AGREEMENT OF MERGER (this “Agreement”), dated as of November 19, 2018, is entered into by and among LEO Pharma A/S,
a company organized under the laws of the Kingdom of Denmark (“Parent”), LEO Spiny Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), PellePharm, Inc., a Delaware
corporation (the “Company”), and Fortis Advisors LLC, a Delaware limited liability company, as the Equityholder Representative (together with Parent, Merger Sub and the Company, the “Parties”). 

RECITALS 
 WHEREAS, Parent,
Merger Sub and the Company have agreed to enter into this Agreement, provided that no provision of this Agreement (other than Article 11 (excluding Section 11.01) and Section 9.01(g)) shall be effective until the Merger Agreement Effective
Date. 
 WHEREAS, Parent, Merger Sub and the Company intend to effect a merger of Merger Sub with and into the Company (the
“Merger”) upon the terms and subject to the conditions of this Agreement and in accordance with the General Corporation Law of the State of Delaware (the “DGCL”) and the California Corporations Code (the
“CCC”). Effective as of immediately following consummation of the Merger, Merger Sub will cease to exist, and the Company will continue as a wholly owned subsidiary of Parent. 

WHEREAS, this Agreement has been approved by all necessary corporate action of Parent and by the board of directors of the Company (the
“Company Board of Directors”) and the board of directors of Merger Sub (the “Merger Sub Board of Directors”). 

WHEREAS, on the Merger Agreement Effective Date, and as a condition and inducement to the Equityholders’, the Company’s and
Parent’s willingness to enter into this Agreement, certain individuals identified on Exhibit A shall enter into non-competition agreements on the material terms set forth in
Exhibit B (the “Non-Competition Agreements”); provided, however, that if any individual listed on Exhibit A is no longer an employee,
officer or director of the Company on the Merger Agreement Effective Date, such individual shall be deemed to be removed from Exhibit A. 

WHEREAS, in accordance with the terms of the Purchase Option Agreement, certain holders of Company Capital Stock shall enter into a
stockholders’ agreement with the Company, which includes an irrevocable proxy in favor of the Company (each, a “Support Agreement”), pursuant to which, among other things, each such holder will (a) agree to vote its shares
of Company Capital Stock in favor of the adoption of this Agreement, thereby approving the Merger and the other transactions contemplated hereby and (b) appoint the Company as its proxy to vote its shares of Company Capital Stock in favor of
the adoption of this Agreement, thereby approving the Merger and the other transactions contemplated hereby. 

 AGREEMENT 

NOW, THEREFORE, intending to be legally bound, the Parties hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01    Definitions. 

(a)    As used in this Agreement, the following terms have the following meanings: 

“280G Approval” means the stockholder vote required pursuant to Section 5.05, solicited in
conformity with Section 280G(b)(5)(B) of the Code, with respect to any payments and/or benefits that were subject to such stockholder vote. 

“Acquisition of a Competing Product” means an acquisition or in-licensing by Parent
or any of its Subsidiaries of a Competing Product or the rights to exploit a Competing Product; provided, that the acquisition of a Competing Product or the rights to exploit a Competing Product as part of the acquisition by Parent or any of
its Affiliates of another business of which the Competing Product accounts for less than [***] of the revenue or the value of the assets shall not be deemed an Acquisition of a Competing Product if such acquired Competing Products or the rights to
exploit a Competing Product are sold, transferred or otherwise divested to a non-Affiliate of the Parent within [***] of the completion of the acquisition of such business. 

“Acquisition Proposal” means, other than the Merger, any offer, proposal or inquiry relating to, or any Person’s
indication of interest in, (a) the sale, license or other disposition of all or a material portion of the business or assets of the Company, (b) the issuance, disposition or acquisition of (i) any capital stock or other equity
security of the Company (other than in connection with the exercise of any Company Option outstanding on the date hereof), (ii) any subscription, option, call, warrant, preemptive right, right of first refusal or any other right (whether or not
exercisable) to acquire any capital stock or other equity security of the Company (other than the grant of Company Options to newly hired employees of the Company in the ordinary course of business consistent with past practices, or (iii) any
security, instrument or obligation that is or may become convertible into or exchangeable for any capital stock or other equity security of the Company or (c) any merger, consolidation, business combination, reorganization, liquidation,
recapitalization, share exchange or similar transaction involving the Company. 
 “Affiliate” means, with respect to any
Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. For purposes of this definition, “control,” when used with respect to any specified person, means the power to direct or
cause the direction of the management and policies of such Person, directly or indirectly, whether through ownership of voting securities or by contract or otherwise, and the terms “controlling” and “controlled by” have
correlative meanings to the foregoing. 
 “Aggregate Exercise Price” means the aggregate dollar amount of the exercise
prices of all In-Money Options (whether vested or unvested) and Company Warrants as of immediately prior to the Effective Time. 

“Aggregate Closing Merger Consideration” means a dollar amount equal to the sum of (a) the Aggregate Exercise Price
plus (b) the Closing Merger Consideration. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 2 

 “Aggregate Series A Preferred Share Preference” means a dollar amount,
rounded to the nearest cent, equal to the product of (a) the Series A Preferred Per Share Preference, multiplied by (b) the total number of shares of Series A Preferred Stock that are issued and outstanding immediately prior to the
Effective Time. 
 “Aggregate Series B/B-2 Preferred Share Preference” means a
dollar amount, rounded to the nearest cent, equal to the product of (a) the Series B/B-2 Preferred Per Share Preference, multiplied by (b) the sum of (i) the total number of shares of
Series B Preferred Stock that are issued and outstanding immediately prior to the Effective Time plus (ii) the total number of shares of Series B-2 Preferred Stock that are issued and outstanding
immediately prior to the Effective Time. 
 “Aggregate Series C Preferred Share Preference” means a dollar amount, rounded
to the nearest cent, equal to the product of (a) the Series C Preferred Per Share Preference, multiplied by (b) the total number of shares of Series C Preferred Stock that are issued and outstanding immediately prior to the
Effective Time. 
 “Aggregate New Series Preferred Share Preference” means a dollar amount, rounded to the nearest cent,
equal to the product of (a) the New Series Preferred Per Share Preference, multiplied by (b) the total number of shares of New Series Preferred Stock that are issued and outstanding immediately prior to the Effective Time. 

“Antitrust Laws” means the Hart-Scott-Rodino Act, the Sherman Act, the Clayton Act, the Federal Trade Commission Act and any
other applicable federal, state or foreign law, regulation or decree designed to prohibit, restrict or regulate actions for the purpose or effect of monopolization or restraint of trade. 

“Applicable Law” means, with respect to any Person, any federal, state, local, municipal, foreign or other law, constitution,
treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person,
unless expressly specified otherwise. 
 “Business” means the business and operations of the Company, as conducted on the
Merger Agreement Effective Date. 
 “Business Day” means a day, other than a Saturday, Sunday or other day on which
commercial banks in New York, New York or Copenhagen, Denmark are authorized or required by Applicable Law to close. 
 “Change of
Control” means: (a) the direct or indirect acquisition of the Surviving Corporation by means of any transaction or series of related transactions following which Parent and its wholly-owned Subsidiaries are the beneficial owners of
less than 50% of the outstanding equity interests of the Surviving Corporation entitled to (x) vote with respect to the election of directors (or similar managers) or (y) the right to receive the proceeds upon any sale, liquidation or
dissolution of the Surviving Corporation and (b) a sale, transfer, or other disposition (including an Exclusive License), in a single transaction or series of related transactions (including the sale of any Subsidiary of Parent that directly or
indirectly owns right, title or 

  
 3 

 
interest in Company Products or Company IP material to the conduct of the Business), of the Surviving Corporation’s right, title and interest in the Company Products or any of the Company IP
that is material to the conduct of the Business with respect to the Company Products (other than any transaction or series of related transactions in which Parent and its wholly-owned Subsidiaries continue to beneficially own, directly or
indirectly, at least 50% of the outstanding equity interests of the transferee or licensee entitled to (i) vote with respect to the election of directors (or similar managers) and (ii) receive the proceeds upon any sale, liquidation or
dissolution of the transferee or licensee). 
 “[***] Matter” means any allegation that [***] (a) [***] (b) [***] (c) [***]
or (d)[***]. 
 “Closing Indebtedness” means (i) all Indebtedness of the Company, plus (ii) any accounts payable
and other short term liabilities that are not included in the definition of Indebtedness in excess of [***] that are outstanding for more than 90 days past the date of invoice, in each case as of 12:01 a.m. Pacific Time on the Closing Date. 

“Closing Merger Consideration” means a dollar amount, rounded to the nearest whole cent, equal to (a) [***], minus
(b) the sum of (i) the amount of Company Transaction Expenses that have not been paid as of 12:01 a.m. Pacific Time on the Closing Date, plus (ii) Closing Indebtedness, plus (iii) the amounts, if any, paid or
payable by the Company to [***] pursuant to Sections 2.3.2 and 6 of the License Agreement, dated June 28, 2013, by and between the Company and [***]that are not accounted for in the Budget (as defined in the Purchase Option Agreement) and are
due and payable by the Company prior to the Closing Date. 
 “Code” means the Internal Revenue Code of 1986. 

“Common Merger Consideration” means a dollar amount equal to the difference of (a) the Aggregate Closing Merger
Consideration minus (b) the sum of (i) the Aggregate Series A Preferred Share Preference, (ii) the Aggregate Series B/B-2 Preferred Share Preference, (iii) the Aggregate Series C
Preferred Share Preference and (iv) the Aggregate New Series Preferred Share Preference (if any). 
 “Common Per Share
Amount” means a dollar amount equal to the quotient of (a) the sum of (i) the Common Merger Consideration and (ii) the Contingent Merger Consideration divided by (b) the Fully Diluted Common Number, rounded to
five decimal places. 
 “Company Capital Stock” means collectively, the Company Common Stock and the Company Preferred
Stock. 
 “Company Common Stock” means the common stock, par value $0.0001, of the Company. 

“Company Disclosure Schedule” means the disclosure schedule dated the Final Schedule Date regarding this Agreement provided
by the Company to Parent. 
 “Company Equity Incentive Plans” means the Company’s 2014 Equity Incentive Plan and 2016
Equity Incentive Plan, and any other plan for the issuance of equity compensation awards to purchase or receive Company Common Stock adopted after the date of this Agreement, each as amended from time to time. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 4 

 “Company Financial Advisor” means Rothschild Global Advisory. 

“Company IP” means all Intellectual Property Rights and Intellectual Property owned by or exclusively licensed to the
Company. 
 “Company Option” means any option or other right to purchase shares of Company Common Stock that was granted by
the Company, other than the Company Warrant. 
 “Company Optionholder” means a holder of a Company Option. 

“Company Preferred Stock” means the preferred stock, par value $0.0001, of the Company. 

“Company Product” means: (a) any product or product candidate that is being researched, tested, developed,
commercialized, manufactured, sold or distributed by the Company, and any product or product candidate with respect to which the Company has royalty rights, in each case as of the Closing Date; and (b) any product or product candidate that, in
each case, is (i) not within the scope of the foregoing clause (a) and (ii) incorporates, or is covered or claimed by, any of the Company IP, or any improvements thereto. 

“Company Stockholder” means any holder of Company Capital Stock (other than Dissenting Stockholders). 

“Company Transaction Expenses” means (a) any fees and disbursements incurred by or on behalf of the Company and payable
to any financial advisor (including the Company Financial Advisor), investment banker, broker or finder in connection with the transactions contemplated by this Agreement, (b) the fees and disbursements payable to legal counsel, consultants or
accountants of the Company that are payable by the Company in connection with the transactions contemplated by this Agreement, (c) any bonuses, incentive compensation, or other
change-in-control payments to be paid or payable to any director, officer or employee of the Company at the Closing (without any further condition) in connection with
the Merger or any of the other transactions contemplated by this Agreement, and all employer Taxes related thereto, (d) the employer portion of any payroll Taxes imposed with respect to the payment of the Option Consideration, and (e) all
other miscellaneous out-of-pocket expenses or costs, in each case, incurred by the Company in connection with the transactions contemplated by this Agreement. 

“Company Warrant” means (a) that certain Warrant to Purchase Company Common Stock by and between the Company and Silicon
Valley Bank, dated as of March 29, 2018 and (b) any additional Warrant to Purchase Company Common Stock issued by Company to Silicon Valley Bank in connection with the SVB Loan (as defined in the Purchase Option Agreement). 

“Company Warrantholder” means Silicon Valley Bank. 

“Competing Product” means any pharmaceutical or biological product which [***] 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 5 

 “Consent” means any approval, consent or ratification. 

“Contingent Merger Consideration” means, collectively, the Milestone Payments, payable to the Equityholders, if at all,
following the Effective Time pursuant to and in accordance with Section 2.08. 
 “Contract” means
any legally binding contract, agreement, indenture, note, bond, loan, license, instrument, lease, commitment, plan or other arrangement, whether oral or written. 

“Current Balance Sheet Date” means the date of the balance sheet included in the Current Monthly Financial Statements. 

“Current Financial Statements” means, collectively, the Current Monthly Financial Statements and the audited or reviewed, as
available, financial statements of the Company as of the two most recent fiscal years and the related audited consolidated statements of income, changes in stockholders’ equity and cash flows for such fiscal years. 

“Current Monthly Financial Statements” means the most recent month-end unaudited
balance sheet of the Company and the related unaudited statements of income, changes in stockholders’ equity and cash flows for the fiscal year in which such month occurs. 

“Damages” means all losses, damages, penalties, fines, costs or expenses (including reasonable attorney’s fees and
expenses and reasonable expenses of other professionals); provided, that “Damages” shall not include punitive damages, unless such damages are actually awarded to a Governmental Authority or other third party. 

“Dissenting Stockholder” means any Person who objects to the Merger and complies with the provisions of the DGCL or the CCC
concerning the rights of holders of Company Capital Stock to dissent from the Merger and demand appraisal of and payment for, or repurchase of, as applicable, their shares of Company Capital Stock. 

“Environmental Laws” means any Applicable Law, and any governmental order or binding agreement with any Governmental
Authority: (a) relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety, or the environment (including ambient air, soil, surface water or groundwater, or
subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal or
remediation of any Hazardous Substances. The term “Environmental Law” includes, without limitation, the following (including their implementing regulations and any state analogs): the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976, as amended by the
Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control Act of
1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.; the Clean
Air Act of 1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and the Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq. 

  
 6 

 “Environmental Permits” means all permits, licenses, franchises,
certificates, approvals and other similar authorizations of Governmental Authorities relating to or required by Environmental Laws and affecting, or relating in any way to, the business of the Company as currently conducted. 

“Equityholder” means a Company Stockholder, Company Warrantholder or Company Optionholder, as the case may be. 

“Equityholder Expense Fund” means an amount in cash to be determined by the Company, in its sole discretion, prior to the
Closing Date. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” of any entity means any other entity which, together with such entity, would be treated as a single
employer under Section 414 of the Code. 
 “Estimated Closing Merger Consideration” means a dollar amount, rounded to
the nearest whole cent, equal to (a) [***], minus (b) the sum of (i) the amount of Estimated Company Transaction Expenses that have not been paid as of 12:01 a.m. Pacific Time on the Closing Date, plus (ii) the Estimated
Closing Indebtedness, plus (iii) the amounts, if any, paid or payable by the Company to [***] pursuant to Sections 2.3.2 and 6 of the License Agreement, dated June 28, 2013, by and between the Company and [***]that are not accounted
for in the Budget (as defined in the Purchase Option Agreement) and are due and payable by the Company prior to the Closing Date. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Exclusive License” means any single transaction or series of related transactions that grants an exclusive license, or
option for an exclusive license, to the Company IP (or has the effect of granting an exclusive license or option to the Company IP). 

“FDA” means the United States Food and Drug Administration. 

“Final Schedule Date” means the date on which the Final Merger Agreement Company Disclosure Schedule are delivered, as
required by Section 2.6(b) of the Purchase Option Agreement, or, if the Final Merger Agreement Company Disclosure Schedule are not delivered pursuant to Section 2.6(b) of the Purchase Option Agreement, the Merger Agreement Effective Date.

 “FIRPTA Certificate” means a statement and accompanying IRS notice, issued pursuant to Treasury Regulation Sections 1.897-2(h) and 1.1445-2(c)(3)(i), in form and substance reasonably satisfactory to Parent, certifying that the stock of the Company is not a United States real property
interest within the meaning of Section 897 of the Code. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 7 

 “First Commercial Sale” means, with respect to any Company Product, the
first sale for end use or consumption of such Company Product in a country after Marketing Authorization of such Company Product in such country within the approved indication, excluding, however, any sale or other distribution for use in a clinical
trial or provided as samples, but including any Company Product that is sold as part of a named patient use program (or similar program where a Company Product can be sold in a country prior to Marketing Authorization being obtained for such Company
Product in such country. 
 “Fraud” means an actual fraud with respect to the representations and warranties made pursuant
to Article III (as modified by the Company Disclosure Schedule), as applicable, which involves a knowing and intentional misrepresentation of a fact material to the transactions contemplated by this Agreement, with the
express intent of inducing Parent or Merger Sub to enter into this Agreement and upon which Parent or Merger Sub has relied to its detriment (as opposed to any fraud claim based on constructive knowledge, negligent misrepresentation or a similar
theory) under applicable tort laws. 
 “Fully Diluted Common Number” means the sum of (a) the total number of shares
of Company Common Stock that are issued and outstanding immediately prior to the Effective Time, (b) the total number of shares of Company Common Stock that are issuable upon the conversion in full of all shares of Company Preferred Stock
issued and outstanding immediately prior to the Effective Time, and (c) the total number of shares of Company Common Stock that are issuable upon the conversion or exercise in full of all convertible securities, options, warrants or other
rights to acquire Company Capital Stock that are outstanding immediately prior to the Effective Time (whether vested or unvested). 

“Fundamental Representations” shall mean the representations and warranties contained in
Sections 3.01, 3.02, 3.03, 3.04, 3.05, and 3.23. 
 “GAAP”
means generally accepted accounting principles in the United States. 
 “Generally Available Software” means non-customized software that (a) is licensed to the Company solely in executable or object code form pursuant to a nonexclusive, internal use software license, (b) is not incorporated into, or used
directly in the development, manufacturing, or distribution of any of the Company’s products or services and (c) is generally available on standard terms for either (i) annual payments by the Company of [***] or less or
(ii) aggregate payments by the Company of [***] or less. 
 “Gorlin Syndrome” means Gorlin syndrome, also known as
nevoid basal cell carcinoma syndrome, a rare autosomal dominant heritable disease characterized by numerous phenotypic abnormalities, most prominent among which is the development of numerous basal cell carcinomas over a lifetime. 

“Governmental Authority” means any: (a) nation, state, commonwealth, province, territory, county, municipality, district
or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; or (c) governmental or quasi-governmental authority of any nature (including any governmental division, department, agency, commission,
instrumentality, official, organization, unit, body or Person and any court or other tribunal and including any arbitrator and arbitration panel). 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 8 

 “Governmental Order” means any order, writ, judgment, injunction, decree,
stipulation, determination or award entered by or with any Governmental Authority. 
 [***] 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976. 

“Hazardous Substances” means any pollutant, contaminant, waste or chemical or any toxic, radioactive, ignitable, corrosive,
reactive or otherwise hazardous substance, waste or material, or any substance, waste or material having any constituent elements displaying any of the foregoing characteristics, including petroleum, its derivatives, byproducts and other
hydrocarbons, and any substance, waste or material regulated under any Environmental Law. 

“In-Money Option” means any Company Option other than an Out-of-Money Option. 
 “Indebtedness” means any
liability of a Person for any amount owed (including (a) unpaid interest, (b) premiums thereon, (c) any prepayment penalties, breakage costs, fees, expenses or similar charges arising as a result of the discharge of any such liability
and (d) any payments or premiums, penalties, related expenses, commitment and other fees, sale or liquidity participation amounts, reimbursements, indemnities and other amounts attributable to, or which arise as a result of, a change of control
of such Person or any Affiliate of such Person) in respect of (i) borrowed money, (ii) capitalized lease obligations, (iii) obligations for the reimbursement of any obligor for amounts drawn on any letter of credit, banker’s
acceptance or similar transaction, (iv) obligations for the deferred purchase price of property or services (other than current liabilities for such property or services incurred in the ordinary course of business, (v) any accrued and
unused vacation, accrued and unpaid bonuses and commissions, and any other bonus or commission payments related to the pre-Closing period (irrespective of whether accrued), and all employer Taxes related
thereto, and (vi) any liability of the type described in clauses “(i)” through “(v)” guaranteed by such Person, that is recourse to such Person or any of its assets or that is otherwise its legal liability or that is secured
in whole or in part by the assets of such Person. 
 “Indemnified Taxes” (and the correlative meaning “Indemnified
Tax”) means, without duplication, in each case, whether imposed, assessed, due or otherwise payable directly or as a successor or transferee under applicable Law, (a) all Taxes of the Company for any
Pre-Closing Tax Period (or portion of any Straddle Period ending on the Closing Date); and (b) all Taxes that the Company is liable for (including pursuant to Treasury Regulation Section 1.1502-6 or any similar provision of state, local, or non-U.S. Laws) as a result of being a member of an affiliated group prior to the Closing. Notwithstanding
the foregoing, Indemnified Taxes shall not include, and the Equityholders shall not be responsible for and shall have no obligation to indemnify the Parent Indemnified Parties against, income Taxes attributable to the receipt of payments under the
Purchase Option Agreement (except to the extent such income Taxes are for a Pre-Closing Tax Period and are attributable to an ownership change under Section 382 of the Code which change was not disclosed
to Parent on or before the date hereof and which change occurred prior 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 9 

 
to the date of the Purchase Option Agreement, with the amount of income Taxes so attributable being determined on a with and without basis), any Taxes attributable to any transaction after the
Closing, any Taxes arising as a result of Parent’s breach of its covenants in Article VII or any Taxes taken into account in Closing Indebtedness or Company Transaction Expenses as finally determined pursuant to Section 2.07. 

“Indemnity Escrow Fund” means an amount in cash calculated by multiplying (a) the Closing Merger Consideration by (b)
[***]. 
 “[***] License Agreement” means that certain License Agreement by and between the Company and [***] dated as of
June 28, 2013. 
 “Intellectual Property” means and includes algorithms, APIs, apparatus, diagrams, inventions
(whether or not patentable), invention disclosures, trade secrets, know-how, logos, trademarks, service marks and other brand elements (including brand names, product names, logos, and slogans), methods,
network configurations and architectures, processes, proprietary information, protocols, schematics, specifications, technical data, software code (in any form, including source code and executable or object code), mask works, subroutines,
techniques, user interfaces, URLs, domain names, web sites, works of authorship, documentation (including instruction manuals, samples, studies, and summaries), databases and data collections, any other forms of technology, and any goodwill
associated with or symbolized by any of the foregoing, in each case whether or not embodied in any tangible form and including all tangible embodiments of any of the foregoing. 

“Intellectual Property Rights” means and includes all past, present, and future rights of the following types, which may
exist or be created under the laws of any jurisdiction worldwide: (a) rights associated with works of authorship, including exclusive exploitation rights, copyrights, design rights, and moral rights; (b) trademark, trade name, service
name, trade dress and service mark rights and similar rights and any goodwill associated with or symbolized by any of the foregoing; (c) trade secret rights; (d) patents and industrial property rights; (e) other proprietary rights in
Intellectual Property of every kind and nature; and (f) rights in or relating to registrations, renewals, extensions, combinations, reexaminations, provisionals, continuations,
continuations-in-part, divisions, and reissues of, and applications for, any of the rights referred to in clauses “(a)” through “(e)” above. 

“IRS” means the United States Internal Revenue Service. 

“IT Assets” means software, systems, servers, computers, hardware, firmware, middleware, networks, data communications lines,
routers, hubs, switches and all other information technology equipment, and all associated documentation, in each case, used or held for use in the operation of the Business. 

“Knowledge” means, when used with respect to the Company, the actual knowledge of any officer of the Company, Ervin Epstein,
or Jean Tang, in each case after due inquiry of their respective direct reports. 
 “Lien” means, with respect to any
property or asset, any mortgage, lien, pledge, charge, security interest, encumbrance or other adverse claim of any kind in respect of such property or 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 10 

 
asset. For purposes of this Agreement, a Person shall be deemed to own subject to a Lien any property or asset that it has acquired or holds subject to the interest of a vendor or lessor under
any conditional sale agreement, capital lease or other title retention agreement relating to such property or asset. 
 “Marketing
Authorization” means obtaining any and all approvals (including without limitation NDA, supplements, amendments, and pre- and post-approvals, where applicable), permits, licenses, registrations or
authorizations of the applicable Governmental Authorities (including, without limitation, the FDA in the US) that are necessary for the manufacture, distribution, use or sale of a Company Product in the jurisdiction where such activities are to be
carried out. 
 “Material Adverse Effect” means any change event, circumstance, development occurrence or effect that
individually or taken together with any other change event, circumstance, development occurrence or effect is, or would reasonably be expected to be, materially adverse to the business, operations, condition (financial or otherwise), assets, or
results of operations of the Company, taken as a whole; provided, however, that none of the following shall be deemed, either alone or in combination, to constitute, and no change, event, circumstance, development, occurrence or effect
arising from or attributable or relating to any of the following shall be taken into account in determining whether there has been a Material Adverse Effect: (a) the public announcement or pendency of this Agreement or any of the transactions
contemplated herein, including the impact thereof on the relationships of the Company with suppliers, consultants, employees or independent contractors or other third parties with whom the Company has any relationship, (b) [***] (c) the taking of
any action required by this Agreement, or otherwise taken with the written consent of Parent, (d) any breach by Parent or Merger Sub of this Agreement or the Confidentiality Agreement, (e) [***] or (f) [***] or (g) [***]. 

“Merger Agreement Effective Date” has the meaning set forth in the Purchase Option Agreement. 

“Merger Consideration” means (a) the Closing Merger Consideration, plus (b) the Contingent Merger
Consideration. 
 “NDA” means a new drug application as described in Code of Federal Regulations Title 21 (21 C.F.R.)
§ 314.50, submitted to the FDA under Section 505(b) of the Federal Food, Drug, and Cosmetic Act (21 U.S.C. § 355(b)) for approval to commercialize a drug product in the United States. 

“Net Sales” [***]. 

“New Series Preferred Per Share Amount” means an amount of cash, without interest, equal to the sum of (a) the New
Series Preferred Per Share Preference plus (b) the Common Per Share Amount, rounded to five decimal places. 
 “New
Series Preferred Per Share Preference” means a dollar amount equal to the per share original issue price (as adjusted for stock splits, stock dividends, reclassifications and the like) of such shares of New Series Preferred Stock pursuant
to the certificate of incorporation of the Company as in effect on the Merger Agreement Effective Date. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 11 

 “New Series Preferred Stock” means any new series of Company Preferred
Stock created after the date hereof, and which series has any shares issued and outstanding as of the Merger Agreement Effective Date. 

“Out-of-Money Options” means Company Options
having an exercise price in excess of the Common Per Share Amount, calculated for this purpose as if all Company Options were included in the definition of Fully Diluted Common Number. 

“Permitted Recipients” means the Persons identified on Schedule 1.1 hereto. 

“Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or
organization, including a Governmental Authority. 
 “Personal Information” means, in addition to any definition provided
by the Company for any similar term (e.g., “personally identifiable information” or “PII”) in any privacy notice or other public-facing statement by the Company, all information regarding or capable of being associated with an
individual consumer or device, including: (a) information that identifies, could be used to identify or is otherwise identifiable with an individual, including name, physical address, telephone number, email address, financial account number,
government-issued identifier (including Social Security number and driver’s license number), medical, health or insurance information (including any information collected during clinical trials), gender, date of birth, educational or employment
information, religious or political views or affiliations, marital or other status, photograph, face geometry, or biometric information, and any other data used or intended to be used to identify, contact or precisely locate an individual;
(b) any data regarding an individual’s activities online or on a mobile or other application (e.g., searches conducted, web pages or content visited or viewed); (c) Internet Protocol addresses or other persistent identifiers; and
(d) any information that can be used to contact an individual and (e) protected health information. Personal Information may relate to any individual, including a current, prospective or former customer, employee or vendor of any Person.
Personal Information includes such information in any form, including paper, electronic and other forms. 
 “Post-Closing Tax
Period” means any taxable period that begins on or after the day immediately following the Closing Date. 
 “Pre-Closing Tax Period” means any taxable period that ends on or before the Closing Date. 

“Privacy and Security Requirements” means (a) all Applicable Laws or Governmental Orders relating to the Processing of
Personal Information; (b) all Applicable Laws related to breach notification; (c) all Applicable Laws governing the treatment of Personal Information gathered in connection with clinical trials; (d) all applicable Privacy Contracts;
and (e) all applicable Privacy Policies. 
 “Privacy Contracts” means all Contracts between the Company and any Person
that are applicable to the Processing of Personal Information. 

  
 12 

 “Privacy Policies” means all written policies applicable to the Company
relating to the Processing of Personal Information, including without limitation all website and mobile application privacy policies and all written policies and procedures required by Applicable Laws governing the Processing of Personal Information
gathered in connection with clinical trials, to the extent applicable to the Company. 
 “Pro Rata Share” means, with
respect to an Equityholder as of any date of determination, a fraction, (a) the numerator of which is the sum of the value of (i) the Closing Merger Consideration and (ii) the Contingent Merger Consideration payable to such holder
pursuant to this Agreement as of the date of determination and (b) the denominator of which is the sum of the value of (i) the Closing Merger Consideration and (ii) the Contingent Merger Consideration payable to all Equityholders
pursuant to this Agreement as of the date of determination (in each case without taking into account the deduction of any portion of the Equityholder Expense Fund to be delivered to the Equityholder Representative or any portion of the Indemnity
Escrow Fund to be deposited with the Escrow Agent, in each case, on behalf of such Persons pursuant to this Agreement). 

“Proceeding” means any charge, dispute, action, suit, litigation, arbitration, civil, criminal, administrative, or appellate
proceeding or hearing commenced, brought, conducted or heard by or before, or otherwise involving, any court or other Governmental Authority. 

“Process” or “Processing” means the creation, collection, use (including, without limitation, for the
purposes of sending telephone calls, text messages and emails), storage, maintenance, processing, distribution, transfer, transmission, receipt, access, disposal or disclosure or other activity regarding data (whether electronically or in any other
form or medium). 
 “Purchase Option” means the exclusive option granted by the Company to Parent pursuant to the Purchase
Option Agreement. 
 “Purchase Option Agreement” means the Option Agreement, dated as of the date hereof, by and among
Company, Parent and Merger Sub. 
 “Registered IP” means all Intellectual Property Rights that are registered, filed, or
issued under the authority of any Governmental Authority, including all patents, registered copyrights, registered trademarks, registered databases, and domain names, and all applications for any of the foregoing. 

“Regulatory Milestones” means Milestone Events (ii) and (iii) of Section 2.08(a). 

“Representatives” means a Person’s officers, directors, employees, agents, attorneys, accountants, advisors, lenders and
other authorized representatives. 
 “Requisite Stockholder Approval” means with respect to this Agreement (a) [***] of the
votes represented by all outstanding shares of Company Common Stock voting as a separate class, (b) [***] of the shares of the outstanding Company Capital Stock, voting together as a single class on an as-converted-to-common-stock basis and (c) at least [***]% of the shares of the outstanding Company Preferred Stock, which shall include at least[***] of the
outstanding shares of Series A Preferred Stock, Series B Preferred Stock, Series B-2 Preferred Stock and Series C Preferred Stock voting as separate series on an as-converted-to-common-stock basis. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 13 

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

“Securities Act” means the Securities Act of 1933. 

“Security Breach” means security breach of Personal Information under Applicable Law. 

“Security Incident” means any attempted or successful unauthorized access, use, disclosure, modification, or destruction of
information or interference with system operations of IT assets that results in unauthorized access to Personal Information. 

“Series A Preferred Per Share Amount” means an amount of cash, without interest, equal to the sum of (a) the Series A
Preferred Per Share Preference plus (b) the Common Per Share Amount, rounded to five decimal places. 
 “Series A
Preferred Per Share Preference” means a dollar amount equal to $0.84 per share of Series A Preferred Stock. 
 “Series A
Preferred Stock” means the Series A Preferred Stock of the Company, par value $0.0001. 
 “Series B Preferred Per Share
Amount” means an amount of cash, without interest, equal to the sum of (a) the Series B/B-2 Preferred Per Share Preference plus (b) the Common Per Share Amount, rounded to five
decimal places. 
 “Series B/B-2 Preferred Per Share Preference” means a dollar
amount equal to $1.17 per share of Series B Preferred Stock or Series B-2 Preferred Stock. 

“Series B Preferred Stock” means the Series B Preferred Stock of the Company, par value $0.0001. 

“Series B-2 Preferred Stock” means the Series
B-2 Preferred Stock of the Company, par value $0.0001. 
 “Series C Preferred Per Share
Amount” means an amount of cash, without interest, equal to the sum of (a) the Series C Preferred Per Share Preference plus (b) the Common Per Share Amount, rounded to five decimal places. 

“Series C Preferred Per Share Preference” means a dollar amount equal to $2.34 per share of Series C Preferred Stock. 

“Series C Preferred Stock” means the Series C Preferred Stock of the Company, par value $0.0001. 

“Set-Off Pro Rata Share” means, with respect to an Equityholder immediately prior to
the Merger, a fraction, (a) the numerator of which is the sum of (i) the total number of shares of 

  
 14 

 
Company Common Stock that are issued and outstanding immediately prior to the Effective Time, (ii) the total number of shares of Company Common Stock that are issuable upon the conversion in
full of all shares of Company Preferred Stock issued and outstanding immediately prior to the Effective Time and (iii) the total number of shares of Company Common Stock that are issuable upon the conversion or exercise in full of all
convertible securities, options, warrants or other rights to acquire Company Capital Stock (whether vested or unvested) held by such Equityholder and (b) the denominator of which is the Fully Diluted Common Number. 

“Straddle Period” means any taxable period that includes, but does not end on, the Closing Date. 

“Subsidiary” means, with respect to any Person, any entity of which securities or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other persons performing similar functions are at any time directly or indirectly owned by such Person. 

“Tax” means any and all taxes, including any income, alternative or add-on minimum,
gross income, gross receipts, sales, use, ad valorem, value added, transfer, franchise, profits, license, registration, recording, documentary, conveyancing, gains, withholding, payroll, employment, excise, severance, stamp, occupation, premium,
property, environmental or windfall profit, custom duty, escheat or other tax or other like assessment or charge, together with any interest, penalty, addition to tax or additional amount imposed by any Governmental Authority. 

“Tax Return” means any return, report, declaration, claim for refund, information return or other document (including
schedules thereto, other attachments thereto, amendments thereof, or any related or supporting information) filed or required to be filed with any Governmental Authority in connection with the determination, assessment or collection of any Tax, or
the administration of any laws, regulations or administrative requirements relating to any Tax. 
 (b)    Each of the
following terms is defined in the Section set forth opposite such term: 
  

			
	 Term
	  	 Section

	 Acceleration Event
	  	Section 2.08(d)
	 Advisory Group
	  	Section 11.01(c)
	 Aggregate Damages
	  	Section 10.03(b)
	 Agreement
	  	Preamble
	 Amended and Restated Certificate of Incorporation
	  	Section 2.03(a)
	 Ancillary Documents
	  	Section 3.02(a)
	 Buy-Back
	  	Section 2.10(a)
	 Canceled Shares
	  	Section 2.04(a)
	 CCC
	  	Recitals
	 Certificate of Merger
	  	Section 2.02(c)
	 Claim Certificate
	  	Section 10.04(a)
	 Claim Dispute Notice
	  	Section 10.04(c)
	 Closing
	  	Section 2.01
	 Closing Date
	  	Section 2.01

  
 15 

			
	 Term
	  	 Section

	 Closing Statement
	  	Section 2.07(f)
	 Commercially Reasonable Efforts
	  	Section 2.08(b)
	 Company
	  	Preamble
	 Company Board of Directors
	  	Recitals
	 Company Board Recommendation
	  	Section 3.02(b)
	 Company Closing Certificate
	  	Section 8.02(d)(v)
	 Company Cure Period
	  	Section 9.01(d)
	 Company Indemnified Parties
	  	Section 6.03(a)
	 Company Securities
	  	Section 3.05(c)
	 Company Stock Certificate
	  	Section 2.07(a)
	 Confidentiality Agreement
	  	Section 6.02(a)
	 Consideration Spreadsheet
	  	Section 5.06(a)
	 Contingent Merger Consideration Set-Off
	  	Section 2.09
	 Continuing Employee
	  	Section 6.01(a)
	 D&O Tail Policy
	  	Section 6.03(b)
	 Deductible
	  	Section 10.03(b)
	 DGCL
	  	Recitals
	 Disputed Amounts
	  	Section 2.07(i)
	 Disqualified Individual
	  	Section 5.05
	 DOJ
	  	Section 6.01(c)
	 Effective Time
	  	Section 2.02(c)
	 Employee Plans
	  	Section 3.19(b)
	 End Date
	  	Section 9.01(b)
	 Equityholder Indemnified Parties
	  	Section 10.02(b)
	 Equityholder Representative
	  	Section 11.01(a)
	 Equityholder Representative Engagement Agreement
	  	Section 11.01(c)
	 Equityholder Representative Expenses
	  	Section 11.01(c)
	 Equityholder Representative Group
	  	Section 11.01(b)
	 Escrow Agent
	  	Section 2.07(e)
	 Escrow Agreement
	  	Section 2.07(e)
	 Estimated Closing Indebtedness
	  	Section 2.07(d)
	 Estimated Closing Statement
	  	Section 2.07(d)
	 Estimated Company Transaction Expenses
	  	Section 2.07(d)
	 Existing Representation
	  	Section 6.06(a)
	 FDA Laws
	  	Section 3.10(c)
	 FR Expiration Date
	  	Section 10.01(a)
	 FTC
	  	Section 6.01(c)
	 General Expiration Date
	  	Section 10.01(a)
	 Holder Group
	  	Section 6.06(a)
	 Indemnitee
	  	Section 10.05(a)
	 Indemnitor
	  	Section 10.05(a)
	 Independent Accountant
	  	Section 2.07(i)
	 Information Statement
	  	Section 5.02
	 Interim Period
	  	Section 5.01(a)

  
 16 

			
	 Term
	  	 Section

	 Invoice
	  	Section 5.06(b)
	 Leased Real Property
	  	Section 3.12(a)
	 Letter of Transmittal
	  	Section 2.07(b)
	 Liabilities
	  	Section 3.08
	 Material Contract
	  	Section 3.09(a)
	 Merger
	  	Recitals
	 Merger Sub
	  	Preamble
	 Merger Sub Board of Directors
	  	Recitals
	 Merger Sub Common Stock
	  	Section 2.04(a)
	 Milestone
	  	Section 2.08(a)
	 Milestone Payment
	  	Section 2.08(a)
	 Net Sales Statement
	  	Section 2.08(e)
	 Non-Competition Agreement
	  	Recitals
	 Option Consideration
	  	Section 2.05
	 Option Period
	  	Section 2.10(c)
	 Option Term Sheet
	  	Section 2.10(c)
	 Parent
	  	Preamble
	 Parent Benefit Plans
	  	Section 6.04(b)
	 Parent Closing Certificate
	  	Section 8.03(c)
	 Parent Cure Period
	  	Section 9.01(e)
	 Parent Indemnified Parties
	  	Section 10.02(a)
	 Parent Prepared Returns
	  	Section 7.04(b)
	 Parties
	  	Preamble
	 Payment Agent
	  	Section 2.07(b)
	 Payoff Letter
	  	Section 5.06(b)
	 Permits
	  	Section 3.17
	 Permitted Liens
	  	Section 3.13(a)(iii)
	 Post-Closing Adjustment
	  	Section 2.07(k)
	 Real Property Lease
	  	Section 3.12(a)
	 Related Person
	  	Section 3.21
	 Resolution Period
	  	Section 2.07(h)
	 Review Period
	  	Section 2.07(g)
	 Right of First Negotiation
	  	Section 2.10(a)
	 Right of First Negotiation Period
	  	Section 2.10(c)
	 ROFN Notice
	  	Section 2.10(c)
	 Seller Prepared Returns
	  	Section 7.04(a)
	 Specified Accounting Principles
	  	Section 2.07(d)
	 Statement of Objections
	  	Section 2.07(h)
	 Support Agreement
	  	Recitals
	 Surrender
	  	Section 2.07(c)
	 Surviving Corporation
	  	Section 2.02(a)
	 Tax Benefit
	  	Section 10.03(a)
	 Tax Contest
	  	Section 7.06
	 Third-Party Claim
	  	Section 10.05(a)

  
 17 

			
	 Term
	  	 Section

	 Transfer Taxes
	  	Section 7.03
	 Undisputed Amounts
	  	Section 2.07(i)
	 Waived Parachute Payments
	  	Section 5.05
	 WARN Act
	  	Section 3.19(n)
	 Warrant Consideration
	  	Section 2.06
	 Written Consent
	  	Section 5.02

 Section 1.02    Interpretative Provisions. 

(a)    The words “hereof,” “herein” and “hereunder” and words of like import used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 (b)    The
captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to the Articles, Sections, Exhibits and Schedules of this
Agreement unless otherwise specified. 
 (c)    Any singular term in this Agreement shall be deemed to include the
plural, and any plural term the singular, and words denoting either gender shall include both genders as the context requires. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning. 

(d)    All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this
Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. 

(e)    Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import. 

(f)    The use of the word “or” shall not be exclusive. 

(g)    The word “will” shall be construed to have the same meaning and effect as the word “shall.”

 (h)    The word “party” shall, unless the context otherwise requires, be construed to mean a party to this
Agreement. Any reference to a party to this Agreement or any other agreement or document contemplated hereby shall include such party’s successors and permitted assigns. 

(i)    A reference to any legislation or to any provision of any legislation shall include any modification, amendment,
re-enactment thereof, any legislative provision substituted therefore and all rules, regulations and statutory instruments issued or related to such legislation. 

  
 18 

 (j)    Any rule of construction to the effect that ambiguities are to be
resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement. No prior draft of this Agreement nor any course of performance or course of dealing shall be used in the interpretation or construction
of this Agreement. No parol evidence shall be introduced in the construction or interpretation of this Agreement unless the ambiguity or uncertainty in issue is plainly discernable from a reading of this Agreement without consideration of any
extrinsic evidence. Although the same or similar subject matters may be addressed in different provisions of this Agreement, the Parties intend that, except as reasonably apparent on the face of the Agreement or as expressly provided in this
Agreement, each such provision shall be read separately, be given independent significance and not be construed as limiting any other provision of this Agreement (whether or not more general or more specific in scope, substance or content). The
doctrine of election of remedies shall not apply in constructing or interpreting the remedies provisions of this Agreement or the equitable power of a court considering this Agreement or the transactions contemplated hereby. 

(k)    The Parties agree that any reference in a particular Section of the Company Disclosure Schedule shall be deemed to
be an exception to (or, as applicable, a disclosure for purposes of) (i) the representations and warranties (or covenants, as applicable) of the relevant party that are contained in the corresponding Section of this Agreement and
(ii) any other representations and warranties of such party that are contained in this Agreement, but only if the relevance of that reference as an exception to (or a disclosure for purposes of) such representations and warranties would
be readily apparent to an individual who has read that reference and such representations and warranties. 
 (l)    Any
statement in this Agreement to the effect that any information, document or other material has been “made available” to Parent or any of its Representatives means that such information, document or other material was posted to the
electronic data room hosted by or on behalf of the Company at https://desouzatech.firmex.com in connection with the transactions contemplated hereby no later than 11:59 p.m. Pacific Time on the date that is two days prior to the Final Schedule Date
and has been made available on a continuous basis by or on behalf of the Company for review therein by Parent and its Representatives since such time. 

Section 1.03    Effectiveness of Agreement. This Agreement shall become effective at such time as there has been
deemed to be a Merger Agreement Effective Date in accordance with Section 2.6 of the Option Agreement. No provision of this Agreement (other than Article 11 (excluding Section 11.01) and Section 9.01(g)) shall be effective until the Merger Agreement
Effective Date. 
 ARTICLE II 

DESCRIPTION OF THE TRANSACTION 

Section 2.01    Closing. The consummation of the transactions contemplated by this Agreement (the
“Closing”) shall take place electronically by exchange of PDF copies of documents on a date and at a time to be specified by the Parties, but no later than [***] after the satisfaction or waiver of the last of the conditions set
forth in Article VIII to be satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions), or at such other time, date and location, or
in such other manner, as the Parties agree in writing. The date on which the Closing actually takes place is referred to in this Agreement as the “Closing Date.” 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 19 

 Section 2.02    The Merger; Effect of the Merger;
Effective Time. 
 (a)    Upon the terms and subject to the conditions set forth in this Agreement, at the Effective
Time, Merger Sub shall be merged with and into the Company, the separate existence of Merger Sub shall cease, and the Company (in its capacity as the corporation surviving the Merger, the “Surviving Corporation”) will continue as
the corporation surviving the Merger. 
 (b)    The Merger shall have the effects provided in this Agreement and
Applicable Law. 
 (c)    Concurrently with, or as promptly as practicable after the Closing, the Parties shall cause
the Merger to be consummated by filing with the Secretary of State of the State of Delaware a certificate of merger in the form attached hereto as Exhibit C (the “Certificate of Merger”) and executed in accordance with the
relevant provisions of the DGCL, and shall make all other filings or recordings required under the DGCL in order to consummate the Merger. The Merger shall become effective at the time the Certificate of Merger is filed with the Secretary of State
of the State of Delaware or at such other date and time as is agreed by Parent and the Company and specified in the Certificate of Merger (such date and time, the “Effective Time”). 

Section 2.03    Certificate of Incorporation and Bylaws; Directors and Officers. Unless otherwise agreed in
writing by Parent and the Company prior to the Effective Time: 
 (a)    the Company’s certificate of incorporation
shall be amended and restated as of the Effective Time in accordance with the relevant provisions of the DGCL to read in its entirety as set forth in Exhibit D hereto (the “Amended and Restated Certificate of
Incorporation”), and, as so amended, such Amended and Restated Certificate of Incorporation shall be the certificate of incorporation of the Surviving Corporation until amended in accordance with its terms and conditions and Applicable Law;

 (b)    the bylaws of the Surviving Corporation shall be amended and restated as of the Effective Time to conform to
the bylaws of Merger Sub as in effect immediately prior to the Effective Time and, as so amended, shall be the bylaws of the Surviving Corporation until thereafter changed or amended in accordance with the terms and conditions stated therein or
under Applicable Law; and (c i the directors and officers of the Surviving Corporation immediately after the Effective Time shall be the individuals identified by Parent in its sole discretion prior to the Effective Time. 

Section 2.04    Conversion of Shares. At the Effective Time, by virtue of the Merger and without any further
action on the part of Parent, Merger Sub, the Company or any Equityholder: 
 (a)    Subject to Section 2.07,
Section 2.12 and Article X: 
 (i)    Each share of Series A Preferred Stock outstanding
immediately prior to the Effective Time (other than the Canceled Shares) shall cease to exist, be automatically canceled and be converted into the right to receive the Series A Preferred Per Share Amount; 

  
 20 

 (ii)    Each share of Series B Preferred Stock or Series
B-2 Preferred Stock outstanding immediately prior to the Effective Time (other than the Canceled Shares) shall cease to exist, be automatically canceled and be converted into the right to receive the Series B/B-2 Preferred Per Share Amount; 

(iii)    Each share of Series C Preferred Stock outstanding immediately prior to the Effective Time (other
than the Canceled Shares) shall cease to exist, be automatically canceled and be converted into the right to receive the Series C Preferred Per Share Amount; 

(iv)    Each share of New Series Preferred Stock outstanding immediately prior to the Effective Time (other
than the Canceled Shares) shall cease to exist, be automatically canceled and be converted into the right to receive the New Series Preferred Per Share Amount; 

(v)    Each share of Company Common Stock outstanding immediately prior to the Effective Time (other than
the Canceled Shares) shall be converted into the right to receive the Common Per Share Amount; 

(vi)    each share of Company Capital Stock held by the Company, Merger Sub or Parent or any direct or
indirect subsidiary of the Company or Parent as of immediately prior to the Effective Time (the “Canceled Shares”) shall be canceled and extinguished without any conversion thereof; and 

(vii)    each share of the common stock, $0.01 par value, of Merger Sub (the “Merger Sub Common
Stock”) outstanding as of immediately prior to the Effective Time shall be converted into, and exchanged for, one newly and validly issued, fully paid and nonassessable share of common stock of the Surviving Corporation. 

Section 2.05    Treatment of Company Options. At the Effective Time, each Company Option that is outstanding as of
immediately prior to the Effective Time, whether vested or unvested, and that has not been exercised prior to the Effective Time, shall be canceled and extinguished and converted into the right to receive with respect to In-Money Options an amount
in cash, if any, equal to the product obtained by multiplying (a) the aggregate number of shares of Company Common Stock subject to such Company Option as of immediately prior to the Effective Time and (b) the amount, if any, by which the Common Per
Share Amount exceeds the exercise price per share of such Company Option (the “Option Consideration”). Payments of the Option Consideration to employees and former employees of the Company shall be remitted through the payroll
system of the Surviving Corporation. The Option Consideration, less the portions of such Option Consideration in respect of the Milestone Payments or to be deposited in the Equityholder Expense Fund and the Indemnity Escrow Fund pursuant to
Section 2.07(e), shall be paid as soon as administratively practicable following the Effective Time. Portions of Option Consideration in respect of the Milestone Payments or deposited in the Equityholder Expense Fund and the Indemnity Escrow
Fund pursuant to Section 2.07(e) shall be paid when 

  
 21 

 
distributions of such amounts, if any, are made to Company Stockholders. For the avoidance of doubt, all
Out-of-Money Options shall be cancelled and shall not have any right to receive any consideration in respect thereof. 

Section 2.06    Treatment of Company Warrants. At the Effective Time, each Company Warrant that is outstanding
immediately prior to the Effective Time shall be canceled and extinguished as of immediately prior to the Effective Time and converted into the right to receive an amount in cash equal to the product obtained by multiplying (a) the aggregate number
of shares of Company Common Stock for which such Company Warrant was exercisable (after converting all shares of Company Capital Stock subject to such Company Warrant to Company Common Stock) immediately prior to the Effective Time and (b) the
amount, if any, by which the Common Per Share Amount exceeds the exercise price per share of such Company Warrant (the “Warrant Consideration”). Upon delivery of a Letter of Transmittal required pursuant to Section 2.07(b),
duly completed and validly executed in accordance with the instructions thereto, each holder of a Company Warrant shall be entitled to receive in exchange therefor the Warrant Consideration, less the portions of such Warrant Consideration in
respect of the Milestone Payments or to be deposited in the Equityholder Expense Fund and the Indemnity Escrow Fund pursuant to Section 2.07(e) with respect to each share of Company Capital Stock subject to such Company Warrant, and Parent
shall cause such payment to be made to the holder of such Company Warrant. 
 Section 2.07    Closing of the
Company’s Transfer Books; Exchange of Certificates; Payment of Merger Consideration and Escrow Fund. 

(a)    At the Effective Time, holders of certificates representing shares of Company Capital Stock that were outstanding
immediately prior to the Effective Time (each certificate, a “Company Stock Certificate”) shall cease to have any rights as Equityholders, and the stock transfer books of the Company shall be closed with respect to all shares of
Company Capital Stock outstanding immediately prior to the Effective Time. No further transfer of any such shares of Company Capital Stock shall be made on the Company’s stock transfer books after the Effective Time. If, after the Effective
Time, a Company Stock Certificate is presented to the Surviving Corporation or Parent in accordance with this Section 2.07, such Company Stock Certificate shall be canceled and exchanged as provided in this Section 2.07. 

(b)    Prior to the Effective Time, Parent shall appoint PNC Bank as agent (the “Payment Agent”) for the
purpose of exchanging surrendered Company Stock Certificates with applicable Pro Rata Shares of the Merger Consideration to be paid pursuant to Section 2.04, Section 2.05, Section 2.06 and Section 2.08 (other than
that portion of the Merger Consideration to be paid through the Company’s payroll system pursuant to Section 2.05). At least ten (10) Business Days prior to the Closing Date, Parent shall send, or shall cause the Payment Agent to send,
to each holder of shares of Company Capital Stock as of immediately prior to the Effective Time a letter of transmittal (in a form reasonably acceptable to Parent and the Surviving Corporation, which shall include an acknowledgement and agreement to
be bound by this Agreement, including the provisions of Article X and Article XI) (each a “Letter of Transmittal”) and instructions for use in such exchange. 

  
 22 

 (c)    Upon surrender of a Company Stock Certificate for cancellation to
the Payment Agent, together with a Letter of Transmittal, duly completed and validly executed in accordance with the instructions thereto, (i) the surrendering holder shall be entitled to receive such amount in cash in exchange for such surrender as
provided by Section 2.04(a), less the portions of such consideration in respect of the Milestone Payments or to be deposited in the Equityholder Expense Fund and the Indemnity Escrow Fund pursuant to Section 2.07(e), and (ii) the
Company Stock Certificate so surrendered shall forthwith be canceled. The Payment Agent shall, promptly after receipt of a properly surrendered Company Stock Certificate and duly completed and validly executed Letter of Transmittal, cause the
payment described in the preceding sentence to be sent by check to the holder of such Company Stock Certificate at the mailing address designated by such holder in the Letter of Transmittal delivered with such Company Stock Certificate;
provided, that the Payment Agent shall deliver or cause to be delivered such amounts on the Closing Date to any holder of Company Capital Stock that has delivered a properly surrendered Company Stock Certificate and duly executed and
completed a Letter of Transmittal at least three (3) Business Days prior to the Closing Date. Until surrendered in compliance with this Section 2.07 (each such compliant surrender, a “Surrender”), each outstanding Company
Stock Certificate that as of immediately prior to the Effective Time represented shares of Company Capital Stock will be deemed from and after the Effective Time, for all purposes, to evidence only the right to receive, contingent upon Surrender,
the Series A Preferred Per Share Amount, Series B/B-2 Preferred Per Share Amount, the Series C Preferred Per Share Amount, the New Series Preferred Per Share Amount or Common Per Share Amount, as applicable, for each of such shares pursuant to
Section 2.04(a) (subject to the provisions hereof relating to Milestone Payments, the Equityholder Expense Fund and the Indemnity Escrow Fund). If any Company Stock Certificate shall have been lost, stolen or destroyed, Parent may, in its
discretion and as a condition precedent to the issuance of any payment therefor, require the owner of such lost, stolen or destroyed Company Stock Certificate to provide an appropriate affidavit and to deliver a bond (in such sum as Parent may
reasonably direct) as indemnity against any claim that may be made against Parent or the Surviving Corporation with respect to such Company Stock Certificate. 

(d)    At least three (3) Business Days before the Closing, the Company shall prepare and deliver to Parent a statement
(the “Estimated Closing Statement”) setting forth its good faith estimate of Company Transaction Expenses (the “Estimated Company Transaction Expenses”) and the estimated Closing Indebtedness (the “Estimated
Closing Indebtedness” ), which statement shall contain an estimated balance sheet of the Company as of the Closing Date (without giving effect to the transactions contemplated herein), and a certificate of the Chief Executive Officer of the
Company that the Estimated Closing Statement was prepared in accordance with GAAP, applied using the same accounting methods, practices, principles, policies and procedures, with consistent classifications, judgments and valuation and estimation
methodologies that are used in the preparation of the Company’s unaudited month-end financial statements (the “Specified Accounting Principles”). On the Closing Date, the Parent shall pay the Payment Agent an amount equal to
the Estimated Closing Merger Consideration, less the amount payable in respect of Option Consideration payable pursuant to Section 2.05, less the amount to be deposited in the Equityholder Expense Fund and the Indemnity Escrow Fund pursuant
to Section 2.07(e), by wire transfer of immediately available funds to the bank account listed on Schedule 2.07 hereof (it being understood that any payment to a Company Optionholder who is a current or former employee of the Company
shall be made through the Surviving Corporation’s payroll). 

  
 23 

 (e)    On the Closing Date, Parent shall deliver to (i) the Equityholder
Representative the Equityholder Expense Fund, which amount shall be held in accordance with the agreement providing therefor between the Equityholder Representative and the Company and (ii) PNC Bank, National Association, a national banking
association (the “Escrow Agent”), as the escrow agent under the Escrow Agreement in the form attached hereto as Exhibit E (the “Escrow Agreement”), the Indemnity Escrow Fund, which amounts shall be held by
the Escrow Agent in accordance with the terms of the Escrow Agreement. The Equityholder Expense Fund and the Indemnity Escrow Fund shall be funded by deducting from the amount otherwise payable to an Equityholder such Equityholder’s Pro Rata
Share of the Equityholder Expense Fund and the Indemnity Escrow Fund (and such Pro Rata Share of the Equityholder Expense Fund and the Indemnity Escrow Fund shall be allocated equally on a pro rata basis for purposes of Section 2.07(c)
among all shares of Company Capital Stock formerly held by such Equityholder and shares of Company Capital Stock subject to either a Company Warrant pursuant to which Warrant Consideration was payable to such holder at the Effective Time or a
Company Option pursuant to which Option Consideration was payable to such holder at the Effective Time). 

(f)    Within sixty (60) days after the Closing Date, Parent shall prepare and deliver to the Equityholder
Representative a statement setting forth its calculation of Company Transaction Expenses and Closing Indebtedness (the “Closing Statement”), which statement shall contain an unaudited balance sheet of the Company as of the Closing
Date (without giving effect to the transactions contemplated herein), and a certificate of the Chief Financial Officer of Parent that the Closing Statement was prepared in accordance with the Specified Accounting Principles. 

(g)    After receipt of the Closing Statement, the Equityholder Representative shall have thirty (30) days (the
“Review Period”) to review the Closing Statement. During the Review Period, the Equityholder Representative and its accountants shall have full access to the books and records of the Company, the personnel of, and work papers
prepared by, Parent and/or its accountants to the extent that they relate to the Closing Statement and to such historical financial information (to the extent in Parent’s possession) relating to the Closing Statement as the Equityholder
Representative may reasonably request for the purpose of reviewing the Closing Statement and to prepare a Statement of Objections (defined below); provided, that such access shall be in a manner that does not interfere with the normal
business operations of Parent or the Company. 
 (h)    On or prior to the last day of the Review Period, the
Equityholder Representative may object to the Closing Statement by delivering to Parent a written statement setting forth its objections in reasonable detail, indicating each disputed item or amount and the basis for its disagreement therewith (the
“Statement of Objections”). If the Equityholder Representative fails to deliver the Statement of Objections before the expiration of the Review Period, the Closing Statement shall be deemed to have been accepted by the Equityholder
Representative and be final and binding. If the Equityholder Representative delivers the Statement of Objections before the expiration of the Review Period, Parent and the Equityholder Representative shall negotiate in good faith to resolve such
objections within thirty (30) days after the delivery of the Statement of Objections (the “Resolution Period”), and, if the same are so resolved within the Resolution Period, the Closing Statement with such changes as may have
been previously agreed in writing by Parent and the Equityholder Representative, shall be final and binding. 

  
 24 

 (i)    If the Equityholder Representative and Parent fail to reach an
agreement with respect to all of the matters set forth in the Statement of Objections before the expiration of the Resolution Period, then any amounts remaining in dispute (“Disputed Amounts” and any amounts not so disputed, the
“Undisputed Amounts”) may be submitted by either Parent or the Equityholder Representative for resolution to the San Francisco office of BDO or, if BDO is unable to serve, Parent and the Equityholder Representative shall appoint by
mutual agreement the San Francisco office of an impartial nationally recognized firm of independent certified public accountants (the “Independent Accountant”) who, acting as experts and not arbitrators, shall resolve the Disputed
Amounts only and the Closing Statement. The Parties hereto agree that all adjustments shall be made without regard to materiality. The Independent Accountant shall only decide the specific items under dispute by the Parties and their decision for
each Disputed Amount must be within the range of values assigned to each such item in the Closing Statement and the Statement of Objections, respectively. 

(j)    The fees and expenses of the Independent Accountant shall be paid by the Equityholder Representative (on behalf of
the Stockholders and Optionholders), on the one hand, and by Parent, on the other hand, based upon the percentage that the amount actually contested but not awarded to the Equityholder Representative or Parent, respectively, bears to the aggregate
amount actually contested by the Equityholder Representative and Parent. Any such fees and expenses payable by the Equityholder Representative shall be paid from the Equityholder Expense Fund to the extent available. 

(k)    The Independent Accountant shall make a determination as soon as practicable within 30 days (or such other time as
the Parties hereto shall agree in writing) after their engagement, and their resolution of the Disputed Amounts and their adjustments to the Closing Statement shall be conclusive and binding upon the Parties hereto (any amount payable pursuant to
Section 2.07(f) through (k), the “Post-Closing Adjustment”). 
 (l)    If the
Closing Merger Consideration, as determined pursuant to this Section 2.07, is less than the Estimated Closing Merger Consideration, then the Equityholder Representative and Parent shall, within five (5) Business Days after the final
determination of the Post-Closing Adjustment, jointly instruct the Escrow Agent to disburse from the Indemnity Escrow Fund by wire transfer of immediately available funds to Parent, the Post-Closing Adjustment. 

(m)    If the Closing Merger Consideration, as determined pursuant to this Section 2.07, is greater than the
Estimated Closing Merger Consideration, then Parent shall, within five (5) Business Days after the final determination of the Post-Closing Adjustment, (i) deposit with the Payment Agent, for distribution to the Equityholders
in accordance with their Pro Rata Shares, such Equityholders’ and Optionholders’ aggregate Pro Rata Share of the Post-Closing Adjustment, (ii) deposit with the Company, for distribution to the employee Optionholders in accordance
with their Pro Rata Shares, such Optionholders’ aggregate Pro Rata Share of the amount of the Post-Closing Adjustment. 

  
 25 

 (n)    If the Closing Merger Consideration, as determined pursuant to
this Section 2.07, is equal to the Estimated Closing Date Merger Consideration, neither the Equityholders nor the Parent shall make any payment to the other party pursuant to this Section 2.07(n). 

(o)    Any payments made pursuant to Section 2.07 shall be treated as an adjustment to the Closing Merger
Consideration by the Parties for Tax purposes, unless otherwise required by Law. 
 (p)    Any portion of the Merger
Consideration that remains undistributed to Equityholders as of the third anniversary of this Agreement shall be delivered to Parent upon demand, and Equityholders who have not theretofore surrendered their Company Stock Certificates in accordance
with this Section 2.07 shall thereafter (if Parent has made such demand) look only to Parent for satisfaction of their claims, which such satisfaction in any event shall be without any interest thereon, for any Merger Consideration
payable with respect to the shares of Company Capital Stock previously represented by such Company Stock Certificates. Neither Parent nor the Surviving Corporation shall be liable, including for losses incurred complying with any public official
pursuant to any applicable abandoned property, escheat or similar law, to any holder or former holder of shares of Company Capital Stock following the third anniversary of this Agreement. 

Section 2.08    Milestone Payments. 

(a)    Upon the occurrence of any of the events set forth in the table below under “Milestone Event” (each a
“Milestone”) (for the avoidance of doubt, with respect of Milestone Events (iv)-(viii), the calculation of Net Sales for a calendar year shall occur within sixty (60) days after the end of any calendar year following the year
in which the First Commercial Sale of any Company Product takes place) Parent shall, within fifteen (15) Business Days of each such event, deposit or cause to be deposited the amount of cash in U.S. dollars set forth in the table below
under “Milestone Payment” opposite such Milestone (each, a “Milestone Payment”) to the Payment Agent for further distribution to the Equityholders, in each case (i) subject to any Contingent Merger
Consideration Set-Off pursuant to Section 2.09 and withholding rights set forth in Section 2.11, (ii) less the amount of any Company Transaction Expenses that were unpaid as of 12:01 a.m. Pacific Time on the Closing Date, to the
extent not accounted for in the determination of the Closing Merger Consideration, and (iii) less the portion of such amount, if any, allocable to Dissenting Shares; provided, that if any Milestone Payment becomes due and payable prior to the
General Expiration Date, an amount equal to [***] of such Milestone Payment shall not be deposited with the Payment Agent and shall instead be deposited in the Indemnity Escrow Fund with the Escrow Agent, to be held by the Escrow Agent pursuant to
the Escrow Agreement. Upon receipt of any Milestone Payment, the Payment Agent shall pay or cause to be paid to each Equityholder who is not a holder of Dissenting Shares, promptly, and in any event within five (5) Business Days of receipt of such
payment, such Equityholder’s Set-Off Pro Rata Share of such Milestone Payment, provided that any payment to a Company Optionholder shall be made by March 15 of the calendar year following the year in which the applicable Milestone Event occurs
(it being understood that any payment to a Company Optionholder who is a current or former employee of the Company shall be made through the Surviving Corporation’s payroll). Notwithstanding anything to the contrary set forth in this Agreement,
in the event that Parent fails to timely deposit any Milestone Payment in accordance 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 26 

 
with this Section 2.08(a), then the applicable Milestone Payment shall bear interest from the date upon which such Milestone occurred until the date of deposit of the Milestone Payment
with the Payment Agent, at a rate per annum equal to [***]. 
  

			
	 Milestone Event
	  	Milestone Payment
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 (b)    During the period beginning on the Closing Date and ending on the date each of the
Regulatory Milestones set forth in Section 2.08(a)(ii) and (iii) has been achieved (“Milestone Efforts Period”), Parent shall use Commercially Reasonable Efforts to achieve the applicable Regulatory Milestones to
the extent that they have not been achieved by the Company prior to the Effective Time. For purposes of the foregoing, “Commercially Reasonable Efforts” [***]. 

(c)    To the extent not completed by the Company prior to the Effective Time, Parent shall continue and conduct the
HF-BCC Phase II Trial through the HF-BCC Phase II Trial Period. 
 (d)    In the event that (i) (A) Parent, subject
to the obligations of the Right of First Negotiation, consummates a Change of Control without a corresponding transfer of the obligations under this Section 2.08 to a party with the financial wherewithal to satisfy such obligations,
(B) Parent or any of its Subsidiaries completes an Acquisition of a Competing Product, or (C) Parent materially breaches the obligations in Section 2.08(b) and Section 2.08(c) (such event an
“Acceleration Event”) and (ii) the Regulatory Milestones have not been achieved, but are still reasonably attainable at such time, then [***] of the Milestone Payments associated with such Regulatory Milestones that have not been
achieved and paid in full but that are still reasonably attainable at such time and that relate to the indication with respect to which such Acceleration Event occurred shall become immediately due and payable in accordance with Section
2.08(a). Parent shall provide prompt (and in any event within fifteen (15) Business Days) written notice to the Equityholder Representative following the occurrence of any of the circumstances specified in clauses (i)(A), (i)(B), or (i)(C)of
this Section 2.08(d) during the Milestone Efforts Period. 
 (e)    During the period beginning on the Closing
Date and ending on the earlier of (i) the date each of the Milestones set forth in Section 2.08(a) has been achieved and (ii) that date that Parent and the Equityholder Representative determine jointly that the remaining
Milestones are no longer reasonably attainable, Parent shall deliver to the Equityholder Representative a report (the “Progress Report”) sixty (60) days following the end of each calendar year summarizing in reasonable
detail and on a reasonably current basis all material developments and circumstances relating to the achievement of the Milestones and the business of Parent and the Surviving Corporation related thereto. Upon the reasonable request of the
Equityholders’ 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 27 

 
Representative, Parent shall, and shall cause the Surviving Corporation to, upon reasonable notice and at a reasonable time following delivery of each such Progress Report, make available the
relevant employees of Parent with responsibility for development of the Company Product to meet with the Equityholder Representative in person to discuss and to provide information to, and respond to questions from, the Equityholder Representative
with respect to matters reasonably relating to each such Progress Report. From the date of the First Commercial Sale of the Company Product until the Milestone Events (iv)-(viii) of Section 2.08(a) have been achieved, in any year in
which Parent has determined that Net Sales of the Company Product are within [***] of the achievement of any unachieved Net Sales Milestone, Parent shall (i) deliver to the Equityholder Representative, as promptly as practicable, but in
any event within sixty (60) days after the end of such calendar year, a statement setting forth Parent’s calculation of Net Sales of the Company Product for such calendar year (each, a “Net Sales Statement”),
including a breakdown of gross sales, net deductions and Net Sales by product, and (ii) make available, upon reasonable notice and at a reasonable time, during normal business hours, the relevant accounting team of Parent to, at
Parent’s option, meet with the Equityholder Representative via teleconference or correspond via email to respond to questions from the Equityholder Representative with respect to matters reasonably relating to each such Net Sales Statement.

 (f)    The Equityholder Representative shall hold in confidence and shall not disclose to any other Person the
information provided to it pursuant to Section 2.08(e) except to the extent that such information can be shown to have been in the public domain through no fault of the Equityholders’ Representative; provided, that the
Equityholder Representative may disclose such information to the Permitted Recipients (including the Advisory Group) so long as each such Permitted Recipient (i) is informed of the confidential nature of such information and
(ii) executes a confidentiality agreement with the Equityholder Representative regarding such information (A) that is comparable to and no less restrictive than the terms of Section 2.08(e) with respect to the
Equityholder Representative (provided, however, that if such Permitted Recipient is a venture capital fund, it shall be permitted to (y) disclose such information to its auditors for purposes of enabling such auditors to
confirm the reasonableness of the methodology utilized by such venture capital fund in valuing its expected return from the Merger and (z) disclose to prospective and current limited partners the valuation such venture capital fund has
placed on its expected return from the Merger and the likelihood that the Milestone Payments will be received), (B) contains the acknowledgement and agreement referred to in the last sentence of Section 2.08(e) and (C) to
which Parent is made an express third party beneficiary. At the request of Parent, the Equityholder Representative shall deliver, or cause to be delivered to Parent, true and correct copies of each such confidentiality agreement. 

(g)    For the avoidance of doubt, the Parties acknowledge and agree that all payments made pursuant to this
Section 2.08 (including the Contingent Merger Consideration) constitute consideration paid for shares of the Company Capital Stock for income tax purposes (except to the extent paid to a Company Optionholder pursuant to
Section 2.08(a) in respect of compensatory options), and shall be treated as such by the Parties for all tax reporting purposes. 

Section 2.09    Set-Off Right. Notwithstanding anything to the contrary in this Agreement, but subject to the
limitations on indemnification in Article X and solely following the General Expiration Date, the obligation of Parent to make any Milestone Payment shall be qualified in its entirety by the right of Parent to reduce, by up to [***], the
amount of any such 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 28 

 
Milestone Payment (a “Contingent Merger Consideration Set-Off), to the extent Parent has an indemnification claim under Article X pending at the time such Milestone Payment
becomes due and payable under Section 2.08, by the amount of any Damages incurred or suffered, or (until the amount is resolved pursuant to Article X) reasonably likely to be incurred or suffered, by any Parent Indemnified Party and
subject only to the express limitations on indemnification set forth in Article X, and any other amounts shall be paid to the Equityholders in accordance with Section 2.08(a). In the event that the aggregate amount set off from a
Milestone Payment made to the Equityholders pursuant to this Section 2.09 with respect to any indemnification claim pursuant to Article X is greater than the aggregate amount of Damages finally determined to be payable in respect
of such indemnification claim in accordance with Article X, Parent shall, or shall cause the Surviving Corporation to, within ten (10) days after such final determination, pay the amount of such excess, without interest, to the
Payment Agent for payment to the Equityholders in cash in accordance with Section 2.08 in the respective amounts they would have been entitled to receive had such amount not been retained or set-off by Parent (it being understood that any
payment to a Company Optionholder who is a current or former employee of the Company shall be made through the Surviving Corporation’s payroll). 

Section 2.10    Right of First Negotiation. 

(a)    In accordance with the obligations of Section 2.10(b) and Section 2.10(c) (the
“Buy-Back”), Parent hereby grants to Equityholder Representative, on behalf of the Equityholders, the right (the “Right of First Negotiation”) to exclusively negotiate regarding a possible buy-back of the rights to
Company Products (including, without limitation, all Intellectual Property Rights attributable to the development of such property prior to the consummation of such Buy-Back). 

(b)    The Equityholder Representative may exercise the Right of First Negotiation, in the case of the following: 

(i)    During the Milestone Efforts Period, Parent takes the action set forth in
Section 2.08(d)(i)(B) or Section 2.08(d)(i)(C); or 
 (ii)    Parent provides notice
to the Equityholder Representative that Parent is contemplating entering into a transaction that will result in a Change of Control. 

(c)    No later than ten (10) Business Days following either of the events set forth in
Section 2.10(b)(i) and Section 2.10(b)(ii), Parent shall (i) provide written notice (the “ROFN Notice”) to the Equityholder Representative that the Equityholder Representative may exercise the Right of First
Negotiation on behalf of the Equityholders and (ii) negotiate in good faith with the Equityholder Representative for up to 30 days after the Equityholder Representative’s receipt of such notice (the “Option Period”) with
respect to such rights applicable under such Right of First Negotiation. If, during an Option Period, the Equityholder Representative notifies Parent that the Equityholder Representative chooses not to exercise the Right of First Negotiation or, at
the expiration of the Option Period the Parties have not agreed on the principal terms of the Buy-Back, Parent may take either of the actions contemplated in Section 2.10(b) and set forth in the ROFN Notice with any third party;
provided, that the terms of such transaction are no less favorable in the aggregate to Parent (including economics, indemnification and closing 

  
 29 

 
conditions) than those proposed by the Equityholder Representative during the Option Period. If, during an Option Period, the Parties determine to pursue the Buy-Back on principal terms
acceptable to each of the Parties and reflected in an executed non-binding term sheet (the “Option Term Sheet”), the Parties shall negotiate exclusively in good faith for up to 90 days (the “Right of First Negotiation
Period”) for the purpose of entering into a separate agreement with respect to the Buy-Back on terms acceptable to the Parties, acting reasonably and in good faith; provided, that if the Parties do not enter into such definitive
agreement within the Right of First Negotiation Period, Parent may take either of the actions contemplated in Section 2.10(b) and set forth in the ROFN Notice with any third party; provided, that the terms of such transaction are
no less favorable to Parent in the aggregate than those in the Option Term Sheet (including economics, indemnification and closing conditions), except that, if Parent does not enter into such transaction with any third party within six
(6) months after the end of the Option Period, Parent shall not enter into and continue negotiations with any third party with respect to such transaction without again complying with this Section 2.10(c). 

Section 2.11    Withholding Rights. Each of Parent, Merger Sub and the Surviving Corporation shall be entitled
to deduct and withhold from any consideration or other amount payable or otherwise deliverable to any Equityholder or former Equityholder or other Person pursuant to this Agreement such amounts as Parent, Merger Sub or the Surviving Corporation, as
the case may be, is required to deduct or withhold therefrom under the Code, or any Tax law, with respect to the making of such payment; provided, however, that Parent shall provide at least three (3) days’ notice of its intention
to make, and shall provide the Company or the relevant recipient a reasonable opportunity to mitigate or eliminate, any withholding other than U.S. federal backup withholding and employee withholding with respect to payments pursuant to Section
2.05. To the extent that such amounts are so withheld and remitted to the appropriate Governmental Authority, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person to whom or to which such
amounts would otherwise have been paid. 
 Section 2.12    Dissenting Shares. 

(a)    Notwithstanding anything to the contrary contained in this Agreement, to the extent that (i) the provisions of
Section 262 of the DGCL are or prior to the Effective Time may become applicable to the Merger or (ii) the provisions of Chapter 13 of the CCC are or prior to the Effective Time may become applicable to the Merger by reason
of Section 2115 of the CCC, then, in each such case, any share of Company Capital Stock that, as of the Effective Time, may carry appraisal rights under Section 262 of the DGCL or is or may become a “dissenting
share” within the meaning of Section 1300(b) of the CCC shall not be converted into or represent the right to receive the Series A Preferred Per Share Amount, Series B/B-2 Preferred Per Share Amount, Series C Preferred Per Share
Amount, New Series Preferred Per Share Amount or Common Per Share Amount, as applicable, and the holder or holders of such share shall be entitled only to such rights as may be granted to such holder or holders in Section 262 of the DGCL
or Chapter 13 of the CCC; provided, however, that if the status of any such share as a share carrying appraisal rights or a “dissenting share” shall not be perfected or shall be withdrawn, or if any such share shall lose its
status as a share carrying appraisal rights or as a “dissenting share,” then, as of the later of the Effective Time or the time of the failure to perfect such status or the loss of such status, such share shall automatically be converted
into and shall 

  
 30 

 
represent only the right to receive (upon the Surrender of the certificate representing such share) the Series A Preferred Per Share Amount, Series B/B-2 Preferred Per Share Amount, Series C
Preferred Per Share Amount, New Series Preferred Per Share Amount or Common Per Share Amount, as applicable, in accordance with Section 2.04, without any interest thereon. 

(b)    The Company shall give Parent (i) prompt notice and a copy of any written demand received by the Company prior
to the Effective Time to require payment for shares of Company Capital Stock pursuant to Section 262 of the DGCL or Chapter 13 of the CCC and of any other demand, notice or instrument delivered to the Company prior to the Effective Time
pursuant to the DGCL or the CCC, and (ii) the opportunity to participate in all negotiations and proceedings with respect to any such demand, notice or instrument. The Company shall not make any payment or settlement offer prior to the
Effective Time with respect to any such demand unless Parent shall have consented in writing to such payment or settlement offer. 
 Section
2.13    Further Action. If, at any time after the Effective Time, any further action is determined by Parent to be necessary or desirable to carry out the purposes of this Agreement or to vest the Surviving Corporation and
its Subsidiaries or Parent with full right, title and possession of and to all rights and property of Merger Sub and the Company, the officers and directors of the Surviving Corporation and its Subsidiaries and Parent shall be fully authorized (in
the name of Merger Sub, in the name of the Company and otherwise) to take such action. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Subject to Section 1.02(k), except as set forth in the Company Disclosure Schedule, as of the Merger Agreement
Effective Date and as of the Closing Date, the Company represents and warrants to Parent and Merger Sub as set forth in this Article III. The Company acknowledges and agrees that the Final Merger Agreement Company Disclosure Schedule (as defined in
the Purchase Option Agreement) delivered in accordance with Section 2.6 of the Purchase Option Agreement (or if not so delivered as required by Section 2.6, the Initial Merger Agreement Company Disclosure Schedule (as defined in the
Purchase Option Agreement), as attached hereto) shall constitute the Company Disclosure Schedule as of the Final Schedule Date. 
 Section
3.01    Corporate Existence and Power. 
 (a)    The Company is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its formation and has all requisite powers and all governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted, to own
or use the properties and assets that it purports to own or use and to perform all its obligations under all Material Contracts. The Company is duly qualified to do business as a foreign corporation or other entity and is in good standing in each
jurisdiction where such qualification is necessary. 
 (b)    The Company does not own or control, directly or
indirectly, any interest in any corporation, partnership, limited liability company, association or other business entity. The Company is not a participant in any joint venture, partnership or similar arrangement. The Company has not agreed or is
obligated to, directly or indirectly, make any future investment in 

  
 31 

 
or capital contribution or advance to any Person. No insolvency or similar proceedings have been initiated or applied for with respect to the Company and no reasons exist why such proceedings
would need to be initiated, including the Company being over-indebted or unable to pay its debts as they become due, and no such inability to pay debts is imminent. 

(c)    The Company has made available to Parent accurate and complete copies of: (i) the certificate of incorporation
and bylaws, including all amendments thereto, of the Company; (ii) the stock records of the Company; and (iii) the minutes and other records of the meetings and other proceedings (including any actions taken by written consent or otherwise
without a meeting) of the stockholders of the Company, the Company Board of Directors and all committees thereof. There has not been any violation of any of the provisions of the certificate of incorporation or bylaws, including all amendments
thereto, of the Company, and the Company has not taken any action that is inconsistent with any resolution adopted by the stockholders of the Company, the Company Board of Directors or any committee thereof. 

Section 3.02    Corporate Authorization. 

(a)    The Company has the absolute and unrestricted right, power and authority to enter into and to perform its
obligations under this Agreement and all other agreements and instruments to be executed and delivered in connection herewith (the “Ancillary Documents”); and the execution, delivery and performance by the Company of this Agreement
and the Ancillary Documents have been duly authorized by all necessary action on the part of the Company and the Company Board of Directors. This Agreement has been duly executed and delivered by the Company and, assuming due authorization,
execution and delivery of this Agreement by the other Parties, constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to (i) laws of general application relating
to bankruptcy, insolvency and the relief of debtors, and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies. 

(b)    At a meeting duly called and held, the Company Board of Directors has unanimously (i) determined that this
Agreement and the transactions contemplated hereby are fair to, advisable and in the best interests of the Company’s stockholders, (ii) approved and adopted this Agreement and the transactions contemplated hereby and
(iii) resolved to recommend adoption of this Agreement and approval of the Merger and the other transactions contemplated hereby by the stockholders of the Company (the “Company Board Recommendation”). 

(c)    The Requisite Stockholder Approval is the only vote of the holders of any class or series of capital stock of the
Company necessary to adopt this Agreement and thereby approve the Merger and the other transactions contemplated hereby. 
 Section
3.03    Governmental Authorization. The execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby require no action by or in respect
of, or filing with, any Governmental Authority other than (a) the filing of the Certificate of Merger with the Secretary of State of the State of Delaware, (b) the notification filing to be made under the HSR Act and the expiration or termination of
the waiting period thereunder and (c) compliance with any applicable requirements of the Securities Act, the Exchange Act and any other applicable U.S. state or federal securities laws. 

  
 32 

 Section 3.04    Non-contravention. The execution, delivery
and performance by the Company of this Agreement and the consummation of the Merger and the other transactions contemplated hereby do not and will not (a) contravene, conflict with, or result in any violation or breach of any provision
of the certificate of incorporation or bylaws of the Company, (b) assuming compliance with the matters referred to in Section 3.03, contravene, conflict with or result in a violation or breach of any provision of any
Applicable Law, (c) assuming compliance with the matters referred to in Section 3.03, require any consent or other action by any Person under, result in a breach of, constitute a default, or an event that, with or without notice
or lapse of time or both, would result in a breach of, or constitute a default under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which the Company is
entitled under any provision of any Contract binding upon the Company, or any license, franchise, permit, certificate, approval or other similar authorization affecting, or relating in any way to, the assets or business of the Company or
(d) result in the creation or imposition of any Lien on any asset of the Company. 

Section 3.05    Capitalization. 

(a)    Section 3.05(a)(i) of the Company Disclosure Schedule contains a complete and correct list of the
designation, par value, number of authorized shares of each class and series of Company Common Stock and Company Preferred Stock, and number of issued and outstanding shares of each class and series of Common Stock and Preferred Stock, together with
a list of, the number of shares owned by, accrued unpaid dividends with respect to, and number of shares of Company Common Stock into which each share is convertible with respect to. Section 3.05(a)(ii) of the Company Disclosure Schedule
contains a complete and correct list of all outstanding Company Options to purchase shares of Company Common Stock. 

(b)    Section 3.05(b)(i) of the Company Disclosure Schedule sets forth the number of shares of Company Common
Stock the Company has reserved for issuance pursuant to the Company Equity Incentive Plans. All shares of Company Capital Stock that may be issued pursuant to the exercise of Company Options will be, when issued in accordance with the respective
terms thereof, duly authorized and validly issued and are, or when issued will be, fully paid, nonassessable and free of preemptive rights. Section 3.05(b)(ii) of the Company Disclosure Schedule contains a complete and correct list of
all outstanding shares of Company Capital Stock that remain subject to vesting or forfeiture restrictions. Section 3.05(b)(iii) of the Company Disclosure Schedule contains a complete and correct list of each outstanding Company Option,
including (i) the holder, (ii) the date of grant, (iii) the number of shares of Company Common Stock subject to such Company Option as of the Merger Agreement Effective Date, (iv) the exercise price
per share of Company Common Stock subject to such Company Option, (v) whether such Company Option is intended to constitute an “incentive stock option” within the meaning of Section 422 of the Code and
(vi) the date on which such Company Option expires. All Company Options were granted under the Company Equity Incentive Plans. 

  
 33 

 (c)    Except as set forth in this Section 3.05 and for
changes since the Merger Agreement Effective Date resulting from the exercise of Company Options outstanding on such date, there are no outstanding (i) shares of capital stock or voting securities of the Company, (ii) securities of the Company
convertible into or exchangeable for shares of capital stock or voting securities of the Company or (iii) options, warrants, calls, subscriptions, rights of conversion or other rights, agreements, arrangements or commitments of any kind or
character to acquire from the Company, or other obligation of the Company to issue, deliver or sell, or cause to be issued, delivered or sold, or reserved for issuance any capital stock, voting securities or securities convertible into or
exchangeable for capital stock or voting securities of the Company (the items in clauses (i), (ii) and (iii) being referred to collectively as the “Company Securities”). Each share of each series of Preferred Stock shall
be treated for purposes of the Merger and this Agreement as if all holders of such series had converted such holder’s shares of such series into shares of Company Common Stock on a one-for-one basis immediately prior to the Effective Time. 

(d)    There are (i) no rights, agreements, arrangements or commitments of any kind or character, whether written or
oral, relating to the capital stock of the Company to which the Company is a party, or by which it is bound, obligating the Company to repurchase, redeem or otherwise acquire any issued and outstanding shares of capital stock of the Company,
(ii) no outstanding or authorized stock appreciation, phantom stock, profit participation, or other similar rights with respect to the Company and (iii) no voting trusts, stockholder agreements, proxies or other agreements or
understandings in effect to which the Company is a party with respect to the governance of the Company or the voting or transfer of any shares of capital stock of the Company. 

(e)    All outstanding shares of Company Capital Stock have been duly authorized and are validly issued, fully paid,
nonassessable and free of preemptive rights, and have been issued and granted in compliance with (i) all applicable securities laws and other Applicable Laws and (ii) all requirements set forth in applicable Contracts. 

Section 3.06    Financial Statements. The Company has delivered to Parent the Current Financial Statements. The
Current Financial Statements (a) have been prepared from the books and records of the Company, (b) complied as to form in all material respects with applicable accounting requirements with respect thereto as of their respective dates, (c) have been
prepared in accordance with GAAP applied on a consistent basis throughout the periods indicated and consistent with each other (subject, in the case of unaudited interim period financial statements, to the absence of notes and normal year-end audit
adjustments) and (d) fairly present, in accordance with GAAP, the financial condition of the Company at the dates therein indicated and the results of operations and cash flows of the Company for the periods therein specified (subject, in the
case of unaudited interim period financial statements, to the absence of notes and normal year-end audit adjustments, none of which individually or in the aggregate will be material in amount). 

Section 3.07    Absence of Certain Changes. Between the Current Balance Sheet Date and the Merger Agreement
Effective Date, the business of the Company has been conducted in the ordinary course consistent with past practices and there has not been: 

(a)    any event, occurrence, development or state of circumstances or facts that has had or could reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect; 

  
 34 

 (b)    any damage, destruction or other casualty loss (whether or not
covered by insurance) affecting the business or assets of the Company; 
 (c)    any amendment of the certificate of
incorporation or bylaws or equivalent constituent documents (whether by merger, consolidation or otherwise) of the Company; 

(d)    any splitting, combination or reclassification of any shares of Company Capital Stock or declaration, setting aside
or payment of any dividend or other distribution or capital return (whether in cash, stock or property or any combination thereof) in respect of any Company Securities, or redemption, repurchase or other acquisition or offer to redeem, repurchase,
or otherwise acquire any Company Securities; 
 (e)    (i) any issuance, grant, delivery or sale, or authorization of
the issuance, grant, delivery or sale of, any shares of any Company Securities, other than the issuance of any shares of Company Common Stock upon the exercise of Company Options that were outstanding on the Current Balance Sheet Date in accordance
with the terms of those Company Options on the Current Balance Sheet Date or (ii) amendment of any term of any Company Security (in each case, whether by merger, consolidation or otherwise); 

(f)    any capital expenditures, or the incurrence of any obligation or liability in respect thereof, by the Company in
excess of [***] individually or [***] in the aggregate; 
 (g)    any acquisition (by merger, consolidation, acquisition
of stock or assets or otherwise), directly or indirectly, by the Company of any assets, securities, properties, interests or businesses; 

(h)    except for this Agreement, any adoption of any plan of merger, consolidation, reorganization, liquidation or
dissolution or filing of a petition in bankruptcy under any Applicable Law, or consent to the filing of any such petition; 

(i)    any sale, lease, assignment or other transfer, or creation or incurrence of any Lien on, any assets, securities,
properties, interests or businesses of the Company, other than sales of products or services in the ordinary course of business consistent with past practice; 

(j)    any making by the Company of any loans, advances or capital contributions to, or investments in, any other Person;

 (k)    any creation, incurrence, guarantee or assumption by the Company of any Indebtedness; 

(l)    (i) any entry into any Contract that limits or otherwise restricts in any material respect the Company or any of
its Affiliates or any successor thereto, or that would reasonably be expected to, after the Effective Time, limit or restrict in any material respect the Company, the Surviving Corporation, Parent or any of their respective Affiliates, from engaging
or 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 35 

 
competing in any line of business (including any grant of exclusivity with respect to Intellectual Property Rights or otherwise), in any location or with any Person or (ii) any entry into,
amendment or modification in any material respect of, termination of or acceleration of the Company’s obligations under, any Material Contract or any waiver, release or assignment of any material rights, claims or benefits of the Company under
any Material Contract; 
 (m)    other than as required by Applicable Law, any Contract, or the terms of any Employee
Plan, (i) any entry into, termination, or amendment of any Employee Plan, employment agreement, independent contractor agreement, consulting agreement or collective bargaining agreement, (ii) any grant or increase in the annual base
salary, annual bonus opportunity, annual fees, severance, benefit, or other payment, as applicable, to any current or former employee, independent contractor, consultant, or temporary employee of the Company, (iii) any acceleration of
any compensation, fees, severance, or benefit payable, as applicable, to any current or former employee, independent contractor, consultant, or temporary employee, or (iv) hiring or terminating any current or former employee, independent
contractor, consultant, or temporary employee; 
 (n)    any change in accounting controls, policies, principles,
methods or practices, including any change in practices, policies and procedures with respect to cash management, collection of accounts receivable, reserves (whether for bad debts, contingent liabilities or otherwise), accrual of accounts
receivable, inventory control, prepayment of expenses, payment of trade accounts receivable, accrual of other expenses, deferral of revenue and acceptance of customer deposits, of the Company, except as required by concurrent changes in GAAP and as
agreed to by its independent public accountants; 
 (o)    any settlement, or offer or proposal to settle, (i) any
Proceeding or claim involving or against the Company, (ii) any stockholder litigation or dispute against the Company or any of its officers or directors or (iii) any Proceeding that relates to the transactions contemplated
hereby; or 
 (p)    (i) any material Tax election made or changed, (ii) any claim, notice, audit report or
assessment in respect of material Taxes settled or compromised, or (iii) any extension or waiver of the statute of limitations period applicable to any Tax claim or assessment consented to. 

Section 3.08    No Undisclosed Liabilities. The Company has no liabilities, obligations or commitments whatsoever,
asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise (collectively, “Liabilities”), other than: 

(a)    Liabilities that are adequately reflected or reserved against in the Current Balance Sheet; 

(b)    Liabilities that have been incurred by the Company since the Current Balance Sheet Date in the ordinary course of
business consistent with past practice and which are not, individually or in the aggregate, material in amount; 

  
 36 

 (c)    Liabilities under the Contracts identified in Section 3.09
of the Company Disclosure Schedule, to the extent the nature and magnitude of such Liabilities can be specifically ascertained by reference to the text of such Contracts; and 

(d)    liabilities or obligations arising under this Agreement. 

Section 3.09    Material Contracts. 

(a)    The Company is not a party to or bound by any of the following (a Contract responsive to any of the following
categories being herein referred to as a “Material Contract”): 
 (i)    any lease,
rental or occupancy agreements, installment and conditional sale agreements, and other Contracts affecting the ownership of, leasing of, title to, use of, or any leasehold interest in property (whether real or personal); 

(ii)    any Contract pursuant to which any Intellectual Property Right or Intellectual Property is or has
been licensed, sold, assigned or otherwise conveyed or provided to the Company or pursuant to which any Person has agreed not to enforce any Intellectual Property Right against the Company, other than Contracts for Generally Available Software; 

(iii)    any Contract pursuant to which any Intellectual Property Right or Intellectual Property is or has
been licensed (whether or not such license is currently exercisable), sold, assigned or otherwise conveyed or provided to a third party by the Company, or pursuant to which the Company has agreed not to enforce any Intellectual Property Right
against any third party; 
 (iv)    any Contract imposing any restriction on the Company’s right or
ability, or, after the Effective Time, the right or ability of Parent or the Surviving Corporation or any of their respective Affiliates (A) to compete in any line of business or market or with any Person or in any area or which would so limit the
freedom of Parent or the Surviving Corporation or any of their respective Affiliates after the Closing Date (including granting exclusive rights or rights of first refusal to license, market, sell or deliver any of the products or services offered
by the Company or any related Intellectual Property or Intellectual Property Right), (B) to develop or distribute any Intellectual Property or technology, or (C) to use, assert, enforce, or otherwise exploit any Intellectual Property anywhere in the
world; 
 (v)    any Contract for the purchase, sale or distribution of materials, supplies, goods,
services, equipment or other assets providing for (A) annual payments by or to the Company of [***] or more, (B) aggregate payments by or to the Company of [***] or more; 

(vi)    any Contract granting a right of first refusal, right of first negotiation or similar right to any
Person; 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 37 

 (vii)    any partnership, joint venture or similar
Contract, including any Contract providing for the sharing of revenues, profits, losses, costs or liabilities or for joint research, development, marketing or distribution; 

(viii)    any Contract relating to the acquisition or disposition of any business (whether by merger, sale
of stock, sale of assets or otherwise) entered into in the last three (3) years or pursuant to which the Company has any current or future rights or obligations; 

(ix)    any Contract relating to the sale of any assets of the Company within the last three
(3) years; 
 (x)    any Contract relating to Indebtedness (whether incurred, assumed, guaranteed or
secured by any asset and including any agreements or commitments for future loans, credit or financing); 

(xi)    any Contract relating to the acquisition, issuance or transfer of any Company Securities (other
than Company Options outstanding as of the Merger Agreement Effective Date); 
 (xii)    any Contract
under which (A) any Person has directly or indirectly guaranteed any liabilities or obligations of the Company or (B) the Company has directly or indirectly guaranteed any liabilities or obligations of any other Person (in each case other
than endorsements for the purposes of collection in the ordinary course of business); 
 (xiii)    any
Contract relating to the creation of any Lien with respect to any asset (including Intellectual Property Rights or other intangible assets) of the Company; 

(xiv)    any Contract which contains any provisions requiring the Company to indemnify any other party
(excluding indemnities contained in agreements for the purchase, sale or license of products or services in the ordinary course of business consistent with past practice pursuant to the Company’s standard form agreement, as made available to
Parent); 
 (xv)    any Contract with any Related Person; 

(xvi)    any employment, independent contractor or consultant Contract, in each case, that does not
constitute an Employee Plan; 
 (xvii)    any Contract with a staffing agency, temporary labor agency, or
other similar entity for the provision of temporary employee services; 
 (xviii)    any collective
bargaining agreement or other labor representation agreement; and 
 (xix)    any other Contract not made
in the ordinary course of business that is material to the Company. 

  
 38 

 (b)    The Company has delivered to Parent accurate and complete copies
of all written Material Contracts, including all amendments thereto. Section 3.09(b) of the Company Disclosure Schedule provides an accurate description of the terms of each Material Contract that is not in written form. 

(c)    (i) Each Material Contract is a valid and binding agreement of the Company party thereto and is in full force and
effect, (ii) the Company has performed, in all material respects, all obligations required to be performed by it under each of the Material Contracts to which it is a party, (iii) the Company is not, and, to the Knowledge of the
Company, no other party thereto is, in default or breach in any material respect under the terms of any Material Contract, and, to the Knowledge of the Company, no event has occurred, and no circumstance or condition exists, that (with or without
notice or lapse of time) will, or could reasonably be expected to, (A) result in a violation or breach of any of the provisions of any Material Contract, (B) give any Person the right to declare a default or exercise any
remedy under any Material Contract, (C) give any Person the right to accelerate the maturity or performance of any grant or rights or other obligation under a Material Contract or (D) give any Person the right to cancel, terminate
or modify any Material Contract and (iv) as of the Merger Agreement Effective Date, the Company has not received any written notice or other communication regarding violation or breach of, or default under, or the cancellation or termination of any
Material Contract 
 Section 3.10    Compliance with Applicable Laws. 

(a)    The Company is, and has at all times during the past five (5) years been, in material compliance with, and to
the Knowledge of the Company, the Company is not, and at no time has been, under investigation with respect to or threatened to be charged with or given notice of any violation of, Applicable Law. During the past five (5) years, the Company
has not received any written notice from any Governmental Authority to the effect that the Company is not in compliance with any Applicable Law. 

(b)    The Company has and, to the Knowledge of the Company, no agent, employee or other Person associated with or acting
on behalf of the Company has, directly or indirectly: 
 (i)    made any unlawful contributions, gifts,
or incurred any entertainment or other unlawful expenses relating to political activity and related in any way to the Company’s business; 

(ii)    made any unlawful payment to any foreign or domestic government official or employee, foreign or
domestic political parties or campaigns, official of any public international organization, or official of any state-owned enterprise; 

(iii)    violated any provision of the Foreign Corrupt Practices Act of 1977, United Kingdom Bribery Act of
2010 or any other applicable anti-corruption statute; or 
 (iv)    made any bribe, payoff, influence
payment, kickback or other similar unlawful payment. 
 (c)    The Company is, and has at all times during the past five
(5) years been, in compliance in all material respects with applicable provisions of the Federal Food, Drug, and 

  
 39 

 
Cosmetic Act (21 U.S.C. § 301 et seq.) and the regulations promulgated thereunder (“FDA Laws”). During the past five (5) years, the Company has not received any FDA
Form 483 or other notice of inspectional observations, warning letters, untitled letters, or other written notice from the FDA or other Governmental Authority alleging or asserting material noncompliance with the FDA Laws. 

(d)    (i) The clinical, preclinical, and other studies and tests conducted by or on behalf of or sponsored by the Company
were, and if still pending are, being conducted in accordance in all material respects with standard medical and scientific research procedures and all applicable FDA Laws; and (ii) no investigational new drug application filed by or on behalf
of the Company with the FDA has been terminated or suspended by the FDA, and neither the FDA nor any other Governmental Authority has commenced any action to place a clinical hold order on, or otherwise terminate or suspend, any proposed or ongoing
clinical investigation conducted or proposed to be conducted by or on behalf of the Company. 
 (e)    The Company has
made available to Parent all material documentation and records related to all clinical, preclinical, and other studies and tests conducted by or on behalf of or sponsored by the Company that the Company is required to maintain pursuant to FDA Laws
(collectively, the “Clinical Trial Records”). To the Company’s knowledge, the Clinical Trial Records are accurate in all material respects and do not contain any untrue statement of a material fact. The Clinical Trial Records
contain all information that is required pursuant to Applicable Law. 
 Section 3.11    Litigation. 

(a)    There is no pending Proceeding and, to the Knowledge of the Company, during the past five (5) years, no Person
has threatened to commence any Proceeding: (i) that involves the Company, any of the assets owned or used by the Company or any Person for which the Company has assumed or retained such Person’s liability, either contractually or by
operation of law; or (ii) that challenges, or that may have the effect of preventing, delaying, making illegal or otherwise interfering with, the Merger or any of the other transactions contemplated by this Agreement. 

(b)    There is no order, writ, injunction, directive, restriction, judgment or decree to which the Company, or any of the
assets owned or used by the Company, is subject or which restricts in any respect the ability of the Company to conduct its business. 

Section 3.12    Real Property. 

(a)    The Company does not own and has never owned any real property. The Company is not obligated under or a party to any
option, right of first refusal or other contractual right to purchase, acquire, sell, assign or dispose of any real property or any portion thereof or interest therein. The Company has a good and valid leasehold, license or other similarly
applicable interest in each parcel of real property leased, subleased, licensed or otherwise used or occupied by the Company (the “Leased Real Property”). Section 3.12 of the Company Disclosure Schedule contains a true,
correct and complete list of each item of Leased Real Property (each, a “Real Property Lease”), including the street address of the Leased Real Property and the name of the lessor thereof. 

  
 40 

 (b)    The Leased Real Property is not subject to any Liens, except for
Permitted Liens. The Company has not received any written notice of a violation of any Real Property Lease and the Company has not received any written notice of a material violation of any ordinance, regulation or building, zoning or other similar
law with respect to any Leased Real Property. The Company has not received any written notice of any expiration of, pending expiration of, changes to, or pending changes to any material entitlement relating to the Leased Real Property and there is
no condemnation, special assessment or the like pending or, to the Knowledge of the Company, threatened with respect to any of the Leased Real Property. The Company has the right to use and occupy the Leased Real Property for the full term of the
Real Property Lease relating thereto. 
 Section 3.13    Properties. 

(i)    The Company has good and marketable, indefeasible, fee simple title to, or in the case of leased
property and assets, has valid leasehold interests in, all property and assets (whether real, personal, tangible or intangible (other than Intellectual Property Rights)) used or leased for use by the Company in connection with the conduct of its
business. None of such property or assets is subject to any Lien, except: 
 (ii)    Liens disclosed on
the Current Financial Statements; 
 (iii)    landlords’, workmen’s, repairmen’s,
warehousemen’s and carriers’ Liens and other similar Liens imposed by Law, incurred in the ordinary course of business; or (iii) pledges or deposits in connection with workers compensation, unemployment insurance and other social
security legislation (clauses (i) through (iii) of this Section 3.13(a) are, collectively, the “Permitted Liens”). 

(b)    All leases of such real property and personal property are in good standing and are valid, binding and enforceable
in accordance with their respective terms and there does not exist under any such lease any default or any event which with notice or lapse of time or both could reasonably be expected to constitute a default. 

Section 3.14    Intellectual Property. 

(a)    Section 3.14(a) of the Company Disclosure Schedule sets forth a complete and accurate list as of the
Merger Agreement Effective Date of (i) each item of Registered IP in which the Company has an ownership interest of any nature (whether exclusively, jointly with another Person, or otherwise), (ii) the jurisdiction in which such item of
Registered IP has been registered or filed and the applicable application, registration, or serial or other similar identification number, (iii) any other Person that has an ownership interest in such item of Registered IP and the nature
of such ownership interest, and (iv) all unregistered trademarks used in connection with any Company Product and any product or service currently under development by the Company. The Company has made available to Parent complete and
accurate copies of all applications, correspondence, and other material documents related to each such item of Registered IP. 

  
 41 

 (b)    To the Knowledge of the Company, all Company IP is valid,
subsisting, and enforceable. All filings, payments and other actions required to be made or taken to obtain, perfect or maintain in full force and effect each item of Company IP that is Registered IP have been made or taken by the applicable
deadline and otherwise in accordance with all Applicable Laws. Except as set forth in Section 3.14(b) of the Company Disclosure Schedule, during the past five (5) years, no application for, or registration with respect to,
any Registered IP that is Company IP has been abandoned, allowed to lapse, or, except in the course of normal patent prosecution, rejected. Section 3.14(a) of the Company Disclosure Schedule sets forth a complete and accurate list of
each filing, payment, and action that must be made or taken on or before the date that is 90 days after the Closing Date in order to obtain, perfect or maintain in full force and effect each item of Company IP that is Registered IP. 

(c)    No interference, opposition, reissue, reexamination, or other Proceeding of any nature is, or during the past five
(5) years has been, pending or threatened in which the scope, validity, or enforceability of any Company IP is being, has been, or could reasonably be expected to be contested or challenged and, to the Knowledge of the Company, there is no
basis for a claim that any Company IP is invalid or unenforceable. 
 (d)    The Company is not bound by, and no Company
IP is subject to, any Contract containing any covenant or other provision that in any way limits or restricts the ability of the Company to use, assert, enforce, or otherwise exploit any Company IP anywhere in the world. The Company has not
transferred ownership of (whether a whole or partial interest), or granted any exclusive right to use, any Company IP to any Person. 

(e)    The Company exclusively owns all right, title, and interest to and in (or has an exclusive license to) the Company
IP free and clear of any Liens (other than licenses granted pursuant to the Contracts listed in Section 3.14(e) of the Company Disclosure Schedule). The Company IP constitute all the Intellectual Property and Intellectual Property Rights
used in the conduct of the business of the Company. No Person who has licensed Intellectual Property or Intellectual Property Rights to the Company has ownership rights or license rights to derivative works or improvements made by or on behalf of
the Company related to such Intellectual Property or Intellectual Property Rights. 
 (f)    Each Person who is or was
an employee, officer, director or contractor of the Company and who is or was engaged by the Company or its agent to design, create or otherwise develop any Intellectual Property or Intellectual Property Rights has signed an enforceable agreement
containing an assignment to the Company of all such Intellectual Property and Intellectual Property Rights. At no time during the conception, reduction to practice, creation or development of any Company IP was any developer, inventor or other
contributor to such Company IP (i) operating under any grants from any Governmental Entity or agency or private source, performing research sponsored by any Governmental Entity or agency or private source, except as set forth in
Section 3.14(f) of the Company Disclosure Schedule, or (ii) subject to any employment agreement or invention assignment or nondisclosure agreement or other obligation with any third party that could adversely affect the
Company’s rights in such Company IP. No current or former stockholder, officer, director, or employee of the Company has any claim, right (whether or not currently exercisable), or interest to or in any Intellectual Property or Intellectual
Property Rights used by the Company. No employee of the Company is (i) bound by or 

  
 42 

 
otherwise subject to any Contract restricting him or her from performing his or her duties for the Company or (ii) in breach of any Contract with any former employer or other Person, in each
case, concerning Intellectual Property, Intellectual Property Rights or confidentiality. 
 (g)    To the Knowledge of
the Company, no Person has infringed, misappropriated, or otherwise violated, or is currently infringing, misappropriating, or otherwise violating, any Company IP. Section 3.14(g) of the Company Disclosure Schedule sets forth an accurate
and complete list, as of the Merger Agreement Effective Date, and the Company has made available to Parent a complete and accurate copy of, each letter or other written or electronic communication, correspondence or other communication (in writing
or otherwise) that has been sent or otherwise delivered or communicated to the Company or any representative of the Company regarding any actual, alleged, or suspected infringement or misappropriation of any Company IP, and provides a brief
description of the current status of the matter referred to in such letter, communication, or correspondence. 

(h)    The Company has not infringed, misappropriated, or otherwise violated, and is not currently infringing,
misappropriating, or otherwise violating, any Intellectual Property Right of any other Person. No infringement, misappropriation, or similar claim or Proceeding is pending or threatened against the Company or, to the Knowledge of the Company,
against any Person who may be entitled to be indemnified or reimbursed by the Company with respect to such claim or Proceeding. The Company has not received any notice or other communication (in writing or otherwise) relating to any actual, alleged,
or suspected infringement, misappropriation, or violation of any Intellectual Property Right of another Person, including any notice or communication inviting the Company to take a license under any Intellectual Property Right. 

(i)    Neither the execution, delivery, or performance of this Agreement, nor the consummation of any of the transactions
or agreements contemplated by this Agreement, will, with or without notice or the lapse of time, result in, or give any other Person the right or option to cause or declare, (i) a loss of, or Lien on, any Company IP, (ii) a breach
of, termination of, or acceleration or modification of any right or obligation under any Contract listed or required to be listed in Section 3.09(a)(i) or Section 3.09(a)(ii) of the Company Disclosure Schedule,
(iii) the release, disclosure, or delivery of any Company IP by or to any escrow agent or other Person, (iv) the grant, assignment, or transfer to any other Person of any license or other right or interest under, to, or in
any Intellectual Property or Intellectual Property Right, including any such grant, assignment or transfer by Parent or its Affiliates, or (v) any Company IP becoming subject to any restriction with respect to its use or operation in any
line of business or market or with any Person or in any area. 
 Section 3.15    Privacy. 

(a)    The Company’s Privacy Policies are prominently posted and accessible to individuals on the Company website and
on any other mechanism through which the Company collects Personal Information. The Company complies in all material respects, and at all times has materially complied, with applicable Privacy and Security Requirements. 

(b)    The Company has taken industry-standard measures that protect and maintain the confidential nature of any Personal
Information to which the Company has access and that 

  
 43 

 
protect such Personal Information against loss, theft and unauthorized access or disclosure (including unauthorized access or use by the Company’s employees and contractors). Such measures
are consistent with and have conformed to any public statements by the Company regarding its information security practices and any contractual commitments of the Company relating to security, including contractual commitments to payment card
networks. The Company has not received any written claims, notices or complaints regarding the Company’s information handling or security practices, Processing of any Personal Information, or alleging a violation of any person’s privacy,
personal or confidentiality rights under the Privacy Policies or otherwise by any person, including the FTC, any similar foreign bodies, or any other Governmental Authority. 

(c)    Neither the execution, delivery, or performance of this Agreement, nor the consummation of any of the transactions
contemplated by this Agreement, will violate any Privacy Contracts, including the current Privacy Policies and any Privacy Policies that were in effect at any time during which any Personal Information was collected or obtained by the Company, or
any other applicable Privacy and Security Requirements. The Company has not experienced any material Security Breaches or material Security Incidents, and the Company has not received any written complaints from any Person regarding such material
Security Breach or material Security Incident. 
 (d)    The Privacy Contracts do not require the delivery of any notice
to or consent from any Person, or prohibit the transfer of Personal Information in the possession or control of the Company to Parent, in connection with the execution, delivery, or performance of this Agreement or the consummation of any of the
transactions contemplated by this Agreement. The Company has a valid and legal right (whether contractually, by law or otherwise) to access or use all Personal Information that is Processed by or on behalf of the Company in connection with the use
and/or operation of its products, services and business. 
 (e)    The Company contractually requires all third parties
who have access to or receive Personal Information from the Company to materially comply with all applicable Privacy and Security Requirements, and to use commercially reasonable efforts consistent with industry standards designed to protect
Personal Information from unauthorized Processing of the Personal Information. The Company contractually requires all Persons who provide Personal Information to the Company to obtain consent or authorization for the Processing of such Personal
Information as required by applicable Privacy and Security Requirements, except as would not reasonably be expected to have a Material Adverse Effect. 

Section 3.16    Insurance Coverage. The Company has made available to Parent a list of, and accurate and complete
copies of, all insurance policies and fidelity bonds relating to the assets, business, operations, employees, officers or directors of the Company, each of which is in full force and effect, together with a claims history for the past 3 years. Other
than claims made in the ordinary course, there are no pending claims under any such policies or bonds, including any claims for loss or damage to the properties, assets or business of the Company. There is no claim by the Company pending under any
of such policies or bonds as to which coverage has been questioned, denied or disputed by the underwriters of such policies or bonds or in respect of which such underwriters have reserved their rights. All premiums payable under all such policies
and bonds have been timely paid and the Company has otherwise complied fully with 

  
 44 

 
the terms and conditions of all such policies and bonds, and no such policies or bonds provide for any retrospective premium adjustment or other experience-based liability on the part of the
Company. Such policies and bonds are of the type and in amounts customarily carried by Persons conducting businesses similar to those of the Company. The Company has no Knowledge of any actual or threatened termination of, premium increase with
respect to, or material alteration of coverage under, any of such policies or bonds. After the Closing, the Company shall continue to have coverage under such policies and bonds with respect to events occurring prior to the Closing. The Company does
not have any self-insurance or co-insurance programs. 
 Section 3.17    Licenses and Permits. The Company has,
and at all times has had, all licenses, permits, qualifications, accreditations, approvals and authorizations of any Governmental Authority (collectively, the “Permits”), and has made all necessary filings required under Applicable
Law, necessary to service the Company’s accounts in accordance with Applicable Laws and otherwise to conduct the business of the Company. The Company is in compliance with each such Permit. During the past five (5) years, the Company has not
received any written notice or other written communication regarding any actual or possible violation of or failure to comply with any term or requirement of any Permit or any actual or possible revocation, withdrawal, suspension, cancellation,
termination or modification of any Permit. Section 3.17 of the Company Disclosure Schedule sets forth (a) an accurate and complete list of all Permits issued to the Company and (b) an accurate and complete list of all permits for which the
Company has applied or has taken the steps necessary to secure or maintain or that the Company otherwise intends to obtain. Each such Permit has been validly issued or obtained and is, and after the consummation of the transactions contemplated by
this Agreement will be, in full force and effect. 
 Section 3.18    Tax Matters. 

(a)    The Company has duly and timely filed with the appropriate Tax authorities all material Tax Returns required to be
filed. All such Tax Returns are complete and accurate in all material respects. All material Taxes due and owing by the Company (whether or not shown on any Tax Returns) have been paid. The Company is not currently the beneficiary of any extension
of time within which to file any Tax Return other than extensions obtained in the ordinary course. No written claim has ever been received by the Company from a Tax authority or other Governmental Authority in a jurisdiction where the Company does
not file Tax Returns that the Company is or may be subject to taxation by that jurisdiction. The Company does not have any request for a private letter ruling, a request for administrative relief, a request for technical advice, a request for a
change of any method of accounting, or any other similar request pending with any Governmental Authority relating to Taxes or Tax Returns of the Company. No power of attorney granted by the Company with respect to any Taxes other than in connection
with ordinary-course preparation of Tax Returns is currently in force. 
 (b)    Since the Current Balance Sheet Date,
the Company has not incurred any material liability for Taxes outside the ordinary course of business. 
 (c)    No
deficiencies for material Taxes with respect to the Company have been claimed, proposed or assessed in writing by any Tax authority or other Governmental Authority. 

  
 45 

 
There are no pending audits, assessments or other governmental actions for or relating to any liability in respect of Taxes of the Company, nor are any to the Knowledge of the Company threatened.
The Company (or any predecessor thereof) has not waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to a Tax assessment or deficiency, nor has any request been made in writing for any such extension
or waiver. The Company is not participating in, and has never commenced a voluntary disclosure proceeding in any state or local or non-U.S. jurisdiction that has not been fully resolved or settled. 

(d)    There are no Liens for Taxes upon any property or asset of the Company (other than statutory Liens for current
Taxes not yet due and payable). 
 (e)    The Company has not elected at any time to be treated as an S corporation
within the meaning of Sections 1361 or 1362 of the Code (or any corresponding provision of state, local or foreign Tax law). 

(f)    The Company will not be required to include any item of income in, or exclude any item of deduction from, taxable
income for any period (or any portion thereof) ending after the Closing Date as a result of any installment sale or other open transaction prior to the Closing Date, any accounting method change filed with any Tax authority prior to the Closing, the
use of an improper method of accounting for any period or portion thereof ending prior to the Closing Date, any intercompany transaction or excess loss account described in Section 1502 of the Code (or any corresponding provision of state,
local or foreign Tax law), any prepaid amounts received prior to the Closing Date or deferred revenue realized prior to the Closing Date except deferred revenue reflected in the Current Financial Statements, or an agreement entered into with any
Government Authority (including a “closing agreement” under Code Section 7121 or any “gain recognition agreements” entered into under Code Section 367) on or prior to the Closing Date. The Company has not
made an election (including a protective election) pursuant to Code Section 108(i). 
 (g)    The Company is not a
party to or bound by any Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement or similar Contract (excluding, for the avoidance of doubt, Contracts entered into in the ordinary course of business the primary purpose of which does
not relate to Taxes). The Company is not liable for Taxes of any other Person as a result of successor liability or transferee liability under law. 

(h)    The Company has not been a party to a transaction that is or is substantially similar to a “reportable
transaction,” as such term is defined in Treasury Regulations Section 1.6011-4(b)(1), or any other transaction requiring disclosure under analogous provisions of state, local or foreign Tax law. 

(i)    The Company has never been a member of an affiliated group filing a consolidated federal income Tax Return or a
combined, consolidated, unitary or other affiliated group Tax Return for state, local or foreign Tax purposes (other than a group the common parent of which is the Company). 

(j)    The Company has timely withheld and paid all Taxes required to have been withheld and paid in connection with (i)
amounts paid or owing to any employee, independent 

  
 46 

 
contractor, creditor, equityholders of the Company or other Person, and (ii) all sales, use, ad valorem, and value added Taxes. The Company has not been a party to any distribution that the
parties to which treated as satisfying the requirements of Section 355 of the Code. 
 (k)    For the
avoidance of doubt, the Company makes no representations or warranties in respect of the amount or availability after the Closing of any of the Company’s net operating loss carryforwards, tax credit carryforwards and similar tax attributes
arising prior to the Closing. Notwithstanding anything in this Section 3.18 to the contrary, the Company makes no representations or warranties with respect to the tax consequences of the Purchase Option Agreement or any payment received
therefor. 
 Section 3.19    Employees and Employee Benefit Plans. 

(a)    Section 3.19(a)(i) of the Company Disclosure Schedule sets forth an accurate and complete list of the
names, titles, hire dates, annual base salary or hourly wage rate, as applicable, accrued vacation and paid time off balance, bonus or other cash incentive opportunity, and status (exempt or non-exempt, full-time or part-time, and active or
description of leave) for all employees of the Company as of the Merger Agreement Effective Date. Section 3.19(a)(ii) of the Company Disclosure Schedule sets forth an accurate and complete list of all independent contractors,
consultants, and temporary employees of the Company as of the Merger Agreement Effective Date, including the fees paid to each independent contractor, consultant, and temporary employee in 2017 and to-date in 2018. All employees of the Company
classified as exempt under the Fair Labor Standards Act and state and local wage and hour laws are properly classified. 

(b)    Section 3.19(b) of the Company Disclosure Schedule sets forth an accurate and complete list identifying
each material “employee benefit plan,” as defined in Section 3(3) of ERISA, each material employment, termination, severance, incentive compensation or similar Contract and each other plan, policy, agreement, program or
arrangement (written or oral) providing for compensation, bonuses, commission, profit-sharing, stock option or other stock- or equity- related rights, incentive or deferred compensation, vacation or paid-time-off benefits, insurance (including any
self-insured arrangements), death, life, dental, vision, health or medical benefits, employee assistance, disability or sick leave benefits, workers’ compensation, supplemental unemployment benefits, retention, transaction, change in control
payments, savings, pension, post-employment or retirement benefits and each other material employee compensation or benefit plan, program, policy, agreement, program, arrangement or commitment, in each case, which is maintained, administered or
contributed to by the Company and covers any employee or former employee, independent contractor, consultant, or temporary employee of the Company, or with respect to which the Company has any material actual or contingent liability. Such plans are
referred to collectively herein as the “Employee Plans.” 
 (c)    The Company has made available to
Parent accurate and complete copies of (i) all documents constituting each Employee Plan (and written descriptions of all material terms of any Employee Plan that is not in writing), including all amendments thereto and all related trust
documents and other funding arrangements, (ii) the three (3) most recent annual reports (Form 5500 and all schedules and financial statements attached thereto), if any, required under ERISA or the Code in connection with each
Employee Plan, (iii) the most recent summary plan 

  
 47 

 
description together with the summary(ies) of material modifications thereto, if any, required under ERISA with respect to each Employee Plan, (v) all material written Contracts relating to
each Employee Plan to the extent currently effective, including administrative service agreements and group insurance contracts, (vi) the most recent determination or opinion letter from the Internal Revenue Service relating to each
Employee Plan, if any, (vii) material correspondence within the past three (3) years to or from any Governmental Authority relating to any Employee Plan, and (viii) all trust documents, administrative service agreements,
group annuity contracts, group insurance contracts, and policies pertaining to fiduciary liability insurance covering the fiduciaries for each Employee Plan. 

(d)    No Employee Plan is, and neither the Company nor any of its ERISA Affiliates (nor any predecessor thereof)
sponsors, maintains or contributes to, or has in the past sponsored, maintained or contributed to, any pension plan that is an “employee pension benefit plan” (within the meaning of Section 3(2) of ERISA) that is subject to Title IV
of ERISA or Section 412 or 430 of the Code. 
 (e)    No Employee Plan is, and neither the Company nor any of its
ERISA Affiliates (nor any predecessor thereof) contributes to, or has in the past contributed to, any multiemployer plan, as defined in Section 3(37) of ERISA, a plan maintained by more than one employer, as defined in Section 413(c) of the Code, or
multiple employer welfare arrangement, within the meaning of Section 3(40) of ERISA. 
 (f)    Each Employee Plan has
been established and maintained in compliance in all material respects with its terms and Applicable Law, including ERISA and the Code. Each Employee Plan which is intended to be qualified under Section 401(a) of the Code has received a
favorable determination letter (or opinion letter, if applicable), or has pending or has time remaining in which to file, an application for such determination from the IRS and, to the Knowledge of the Company, no fact or event has occurred that
would reasonably be expected to cause the loss of such qualification or exemption. Each trust established in connection with any Employee Plan which is intended to be exempt from federal income taxation under Section 501(a) of the Code
is so exempt, and no fact or event has occurred that would reasonably be expected to adversely affect the exempt status of any such trust. 

(g)    Except as contemplated by this Agreement or set forth in Section 3.20(g) of the Company Disclosure Schedule,
the consummation of the Merger and the other transactions contemplated by this Agreement will not (either alone or together with any other event, including a subsequent termination of employment or service) entitle any current or former employee or
independent contractor or director of the Company to (i) any acceleration of the time of payment or vesting of any compensation, severance, or benefit, (ii) any payment or funding (through a grantor trust or otherwise) of compensation, severance, or
benefits, (iii) any increase of the amount payable under any Employee Plan, or (iv) result in any payment that could individually or in combination with any other payment, constitute an “excess parachute payment,” as defined in Section
280G(b)(1) of the Code (determined without regard to the exceptions provided for in Section 280G(b)(5) of the Code). 

(h)    Neither the Company nor any of its ERISA Affiliates has any current or projected liability in respect of
post-employment or post-retirement health, medical or life insurance 

  
 48 

 
benefits for retired, former or current employees of the Company or any of their respective ERISA Affiliates, except as required to avoid excise tax under Section 4980B of the Code or except
for the continuation of coverage through the end of the calendar month in which termination from employment occurs. 

(i)    All contributions and payments accrued under each Employee Plan, determined in accordance with prior funding and
accrual practices, as adjusted to include proportional accruals for the period ending as of the Merger Agreement Effective Date, have been discharged and paid on or prior to the Merger Agreement Effective Date or are reflected as an accrued
liability on the Current Financial Statements. 
 (j)    There is no Proceeding pending against or involving or, to the
Knowledge of the Company, threatened against or involving, any Employee Plan (other than routine claims for benefits). The Company (with respect to any Employee Plan), and no Employee Plan or any fiduciary thereof is not the subject of an audit or
investigation by the IRS, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other Governmental Authority, nor is any such audit or investigation pending or, to the Knowledge of the Company, threatened. 

(k)    Each Employee Plan that constitutes a “nonqualified deferred compensation plan” (as defined in Section
409A(d)(1) of the Code) has been operated and maintained in compliance with Section 409A of the Code and its purpose, as determined under applicable guidance of the Department of Treasury and Internal Revenue Service, with respect to deferred
amounts (within the meaning of Section 409A of the Code). 
 (l)    The Company does not have any obligation or
commitment to “gross up” any Person with respect to Taxes under Section 409A of the Code or Section 4999 of the Code. 

(m)    The Company is not a party to or subject to, or is currently negotiating in connection with entering into, any
collective bargaining agreement or similar contract or understanding with a labor union, works council or similar organization. Neither the Company nor its Affiliates has experienced any strike, slowdown, work stoppage, picketing, lockouts, unfair
labor practice charge, or other organized work interruption with respect to any employees during the past three (3) years. No union or labor representative organizing activities are taking place or have taken place in the past five
(5) years at any of the locations operated by the Company. 
 (n)    The Company is in compliance with all
Applicable Laws regarding employment, including, but not limited to, employment practices, terms and conditions of employment, plant closings and layoffs under the Worker Adjustment and Retraining Notification Act of 1988, as amended and similar
state and local Applicable Laws (collectively, the “WARN Act”), unemployment insurance, workers’ compensation, discrimination, wrongful discharge, fair labor standards, affirmative action, civil rights, background checks,
hiring practices, the collection and payment of social security and other Taxes, employee safety and health, immigration status and wages and hours. There is no Proceeding pending against, involving, or, to the Knowledge of the Company, threatened
concerning or affecting any current or former employee, independent contractor, consultant, temporary employee, or applicant, or related to any labor or employment matter. The Company has properly classified all independent contractors, consultants,
and temporary employees pursuant to Applicable Law. 

  
 49 

 (o)    The Company has paid in full (i) to all employees and former
employees, any wages, salaries, bonuses, commissions, overtime, cash-outs of accrued and unused vacation or paid time off, leave or severance amounts, or any other amounts that are due and payable; and (ii) to all independent
contractors, consultants, and temporary employees, any fees for services that are due and payable. 

(p)    Section 3.19(p) of the Company Disclosure Schedule lists all employees, independent contractors,
consultants and temporary employees covered by any written noncompetition or non-solicitation Contract with the Company, and the Company has provided or made available to Parent the current and complete copies of each such Contract. The Company has
not sought to enforce any non-competition or non-solicitation Contract covering a former employee of the Company in the past three (3) years. 

(q)    During the three (3) years prior to the Merger Agreement Effective Date, (i) the Company has not
effectuated a “plant closing” or employee “mass layoff” (as defined under the WARN Act) affecting any site of employment or one or more facilities or operating units within any site of employment or facility of its business,
(ii) there has not occurred a “mass layoff (each, as defined in under the WARN Act) affecting any site of employment or one or more facilities or operating units within any site of employment or facility of its business. 

Section 3.20    Environmental Matters. 

(a)    No notice, notification, demand, request for information, citation, summons or order has been received, no complaint
has been filed, no penalty has been assessed, and no Proceeding (or any basis therefor) is pending or, to the Knowledge of the Company, is threatened by any Governmental Authority or other Person relating to the Company and relating to or arising
out of any Environmental Law. 
 (b)    The Company is, and has at all times been, in material compliance with all
Environmental Laws and all Environmental Permits. 
 (c)    There has been no environmental investigation, study, audit,
test, review or other analysis conducted of which the Company has Knowledge in relation to the current or prior business of the Company or any property or facility now or previously owned or leased by the Company that has not been delivered to
Parent. 
 (d)    The Company has delivered or otherwise made available for inspection to Parent true, complete and
correct copies and results of any environmental reports, studies, analyses in the possession of the Company, pertaining to Hazardous Substances in, on, beneath or adjacent to any property currently owned, operated or leased by the Company. 

Section 3.21    Affiliate Transactions. No director, officer, employee, Affiliate (which for purposes of this
Section 3.21 shall include any stockholder of the Company that owns more than 5% of the Company Capital Stock), “associate” or “immediate family” member (as such terms are respectively defined in Rule 12b-2 and Rule 16a-1
of the Exchange Act) of the 

  
 50 

 
Company (each of the foregoing, a “Related Person”), other than in such Related Person’s capacity as a director, officer or employee of the Company (a) has entered into
any Contract involving the Company that remains in effect, (b) directly or indirectly owns, or otherwise has any right, title, interest in, to or under, any property or right, tangible or intangible, that is used by the Company or otherwise related
to the business of the Company, (c) is engaged, directly or indirectly, in any business that competes with the business of the Company, (d) has any claim or right against the Company (other than rights to receive compensation
for services performed as a director, officer or employee of the Company and other than rights to reimbursement for travel and other business expenses incurred in the ordinary course), (e) owes any money to the Company or is owed money from the
Company (other than amounts owed for compensation or reimbursement pursuant to clause (d) above) or (f) provides services to the Company (other than services performed as a director, officer or employee of the Company) or is
dependent on services or resources provided by the Company. In addition, to the Knowledge of the Company, no Related Person has an interest in any Person that competes with the business of the Company in any market presently served by the Company
(except for ownership of less than one percent (1%) of the outstanding capital stock of any corporation that is publicly traded on any recognized stock exchange or over-the-counter market). 

Section 3.22    Books and Records. The minute books and stock record books of the Company, all of which have been
made available to Parent, are complete and correct and have been maintained in accordance with sound business practices. The minute books of the Company contain accurate and complete records of all meetings, and actions taken by written consent of,
the Stockholders, the Company Board of Directors and any committees of the Company Board of Directors, and no meeting, or action taken by written consent, of any such Stockholders, Company Board of Directors or committee has been held for which
minutes have not been prepared and are not contained in such minute books. At the Closing, all of those books and records will be in the possession of the Company. 

Section 3.23    Finders’ Fees. Except for the Company Financial Advisor (solely with respect to certain
advisory fees earned in connection with this Agreement and the transactions contemplated by this Agreement), no investment banker, broker, finder or other intermediary that has been retained by or is authorized to act on behalf of the Company who
may be entitled to any fee or commission from the Company or any of its Affiliates in connection with the transactions contemplated by this Agreement. 

Section 3.24    Exclusivity of Representations; Non-Reliance. Except for the representations and warranties set
forth in Article IV or in any certificate, instrument or other document, in each case delivered pursuant to this Agreement, the Company acknowledges and agrees that (a) none of Parent, Merger Sub or any Person acting on behalf of Parent or
Merger Sub has made or is making any express or implied representation or warranty with respect to Parent or Merger Sub, including any Affiliate, business, operation, condition (financial or otherwise) or any other aspect thereof, or with respect to
any other information provided to the Company, including the Affiliates or Representatives of the Company, (b) any other representations or warranties are expressly disclaimed by Parent and Merger Sub, (c) the Company, including any Person acting on
behalf of the Company, is not entitled to rely on any such representation or warranty, if made, and (d) the Company, including any Person acting on behalf of the Company, has not, is not and will not rely on any such representation or warranty, if
made. 

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF PARENT 

Parent represents and warrants to the Company that: 

Section 4.01    Corporate Existence and Power. Each of Parent and Merger Sub is a corporation duly incorporated,
validly existing and in good standing under the laws of its jurisdiction of incorporation. Since the date of its incorporation, Merger Sub has not engaged in any activities other than in connection with or as contemplated by this Agreement. 

Section 4.02    Corporate Authorization. Each of Parent and Merger Sub has the absolute and unrestricted
right, power and authority to enter into and to perform its obligations under this Agreement; and the execution, delivery and performance by each of Parent and Merger Sub of this Agreement have been duly authorized by all necessary action on the
part of Parent and Merger Sub, as applicable. This Agreement constitutes the legal, valid and binding obligation of Parent and Merger Sub, enforceable against Parent and Merger Sub in accordance with its terms, subject to (a) laws of general
application relating to bankruptcy, insolvency and the relief of debtors and (b) rules of law governing specific performance, injunctive relief and other equitable remedies. 

Section 4.03    Governmental Authorization. The execution, delivery and performance by Parent and Merger Sub of
this Agreement and the consummation by Parent and Merger Sub of the transactions contemplated hereby require no action by or in respect of, or filing with, any Governmental Authority, other than (a) the filing of the Certificate of Merger with the
Secretary of State of the State of Delaware, (b) the filing of the notification form under the HSR Act and the expiration or termination of the waiting period thereunder, (c) compliance with any applicable requirements of the Securities Act,
the Exchange Act and any other U.S. state or federal securities laws or the laws of any national securities exchange and (d) any actions or filings the absence of which would not be reasonably expected to materially impair the ability of
Parent and Merger Sub to consummate the transactions contemplated by this Agreement. 

Section 4.04    Non-contravention. The execution, delivery and performance by Parent and Merger Sub of this
Agreement and the consummation by Parent and Merger Sub of the transactions contemplated hereby do not and will not (a) contravene, conflict with, or result in any violation or breach of any provision of the certificate of incorporation or bylaws of
Parent or Merger Sub or (b) assuming compliance with the matters referred to in Section 4.03, contravene, conflict with or result in a violation or breach of any provision of any material Applicable Law. 

Section 4.05    Finders’ Fees. There is no investment banker, broker, finder or other intermediary that has
been retained by or is authorized to act on behalf of Parent or Merger Sub who might be entitled to any fee or commission from Parent or the Company or any of their respective Affiliates in connection with the transactions contemplated by this
Agreement. 
 Section 4.06    Sufficiency of Funds. Parent has, and in the future will continue to have,
sufficient cash on hand or other sources of immediately available funds to enable it to make payment on a timely basis of the Closing Merger Consideration, the Milestone Payments, and all amounts required to be paid pursuant to the terms of this
Agreement. 

  
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 Section 4.07    Exclusivity of Representations; Non-Reliance.
Except for the representations and warranties set forth in Article III or in any certificate, instrument or other document delivered pursuant to this Agreement, Parent and Merger Sub acknowledge and agree that (a) neither the Company nor any
other Person acting on behalf of the Company has made or is making any express or implied representation or warranty with respect to the Company, including any Affiliate, business, operation, condition (financial or otherwise) or any other aspect
thereof, or with respect to any other information provided to Parent or Merger Sub or any of their Affiliates or Representatives and (b) any other representations or warranties are expressly disclaimed by the Company, (c) Parent, Merger Sub, and any
Person acting on behalf of Parent or Merger Sub, are not entitled to rely on any such representation or warranty, if made, and (d) Parent, Merger Sub, and any Person acting on behalf of Parent or Merger Sub, have not, are not and will not rely
on any such representation or warranty, if made. 
 ARTICLE V 

COVENANTS OF THE COMPANY 

Section 5.01    Conduct of the Company. 

(a)    From the Merger Agreement Effective Date until the earlier of the Effective Time and the termination of this
Agreement in accordance with its terms (such period, the “Interim Period”), the Company shall conduct its business in the ordinary course consistent with past practice and use reasonable best efforts to (i) preserve intact its
present business organization, (ii) maintain in effect all of its Permits, (iii) keep available the services of officers and key employees of the Company and (iv) maintain satisfactory relationships with the regulators, customers,
lenders and suppliers of the Company and others having material business relationships with the Company. 

(b)    Without limiting the generality of Section 5.01 and except as expressly contemplated by this Agreement
or pursuant to the written consent of Parent, during the Interim Period, the Company shall not: 

(i)    amend its certificate of incorporation, bylaws or other equivalent constituent documents (whether by
merger, consolidation or otherwise); 
 (ii)    declare, set aside or pay any dividend or other
distribution (whether in cash, stock, debt or property or any combination thereof) in respect of any Company Securities, or redeem, repurchase or otherwise acquire or offer to redeem, repurchase, or otherwise acquire any Company Securities; 

(iii)    (A) issue, transfer, deliver, sell, pledge or otherwise encumber any shares of any Company Capital
Stock, Company Options, or other Company Securities, other than the issuance of any shares of Company Common Stock upon the exercise of Company Options that are outstanding on the Merger Agreement Effective Date in accordance with the terms of those
Company Options as of the Merger Agreement Effective Date, or (B) amend any term of any Company Security (whether by merger, consolidation or otherwise); 

  
 53 

 (iv)    make any capital expenditures or incur any
obligations or liabilities in respect thereof, except for any budgeted capital expenditures and other unbudgeted capital expenditures not to exceed [***] individually or [***] in the aggregate; 

(v)    acquire (by merger, consolidation, acquisition of stock or assets or otherwise), directly or
indirectly, any assets, securities, properties, interests or businesses; 
 (vi)    sell, lease, license
or otherwise transfer, or create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on, any of the assets, securities, properties, interests or businesses of the Company, other than sales and licenses of Company Products in the
ordinary course of business consistent with past practice; 
 (vii)    make any loans, advances or
capital contributions to, or investments in, any other Person, other than in the ordinary course of business consistent with past practice; 

(viii)    make any payments to any Related Person outside the ordinary course of business consistent with
past practice; 
 (ix)    create, incur, assume, suffer to exist or otherwise be liable with respect to
any Indebtedness; 
 (x)    modify, amend, cancel, terminate or waive any rights under any Material
Contract, enter into any Contract that would have been a Material Contract had it been entered into prior to the Merger Agreement Effective Date, or otherwise waive, release or assign any material rights, claims or benefits of the Company; 

(xi)    other than as required by Applicable Law, any Contract, or the terms of any Employee Plan,
(A) any entry into, termination, or amendment of any Employee Plan, employment agreement, independent contractor agreement, consulting agreement or collective bargaining agreement, (B) any grant or increase in the annual base salary, annual
bonus opportunity, annual fees, severance, benefit, or other payment, as applicable, to any current or former employee, independent contractor, consultant, or temporary employee of the Company, (C) any acceleration of any compensation, fees,
severance, or benefit payable, as applicable, to any current or former employee, independent contractor, consultant, or temporary employee, or (D) hiring or terminating any current or former employee, independent contractor, consultant, or temporary
employee; 
 (xii)    fail to maintain, or allow to lapse, or abandon, including by failure to pay the
required fees in any jurisdiction, any Intellectual Property Rights used in or otherwise material to the business of the Company, other than in the ordinary course consistent with past practice regarding Intellectual Property Rights that are not
material to the conduct of the business of the Company; 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 54 

 (xiii)    sell any Company Products outside the ordinary
course of business consistent with past practice, including with respect to pricing, discounting practices, bundling, sales volume and services levels; 

(xiv)    change the Company’s methods of accounting or accounting practices, except as required by
concurrent changes in GAAP as agreed to by the Company’s independent public accountants; 

(xv)    commence, settle, or offer or propose to settle, (A) any Proceeding involving or against the
Company, (B) any stockholder litigation or dispute against the Company or any of its officers or directors or (C) any Proceeding that relates to the transactions contemplated hereby; 

(xvi)    (A) make or change any material Tax election inconsistent with past practices or change a method
of accounting or accounting period for Tax purposes, (B) settle or compromise any claim, notice, audit report or assessment in respect of Taxes, (C) enter into any Tax allocation agreement, Tax sharing agreement, or any agreement with any
Governmental Authority (including a closing agreement) relating to any Tax, (D) amend any material Tax Return, (E) surrender or forfeit any right to claim a Tax refund, (F) consent to any extension or waiver of the statute of limitations period
applicable to any Tax claim or assessment, or (G) incur any material Taxes outside of the ordinary course of business; 

(xvii)    any agreement or negotiation with any vendor to delay the delivery of invoices; or 

(xviii)    authorize or agree, resolve or commit to do any of the foregoing. 

Notwithstanding anything to the contrary in this Section 5.01, the Company shall be permitted to adopt a carveout bonus plan for the
benefit of its employees prior to the Closing, provided that any payments under such plan shall be deducted from the Merger Consideration as Company Transaction Expenses. 

Section 5.02    Stockholder Approval. 

(a)    Immediately following the Merger Agreement Effective Date, the Company shall duly take all lawful action to obtain
the Requisite Stockholder Approval pursuant to an executed written consent (the “Written Consent”). Promptly following receipt of the Written Consent, the Company will deliver a copy of the Written Consent to Parent. The Company
shall use best efforts to enforce each of the Support Agreements delivered by certain holders of Capital Stock, including through the exercise of the proxy to vote such holders’ shares of Capital Stock. Parent shall vote its shares of Company
Capital Stock in favor of this Agreement, the Merger and the other transactions contemplated hereby. 
 (b)    No later
than ten (10) days after receipt by the Company of the Requisite Stockholder Approval pursuant to the Written Consent, the Company shall deliver an information statement (the “Information Statement”) in form and substance reasonably
acceptable to Parent and its Representatives to the stockholders of the Company (a) in 

  
 55 

 
compliance with Sections 228(e) and 262 of the DGCL and Chapter 13 of the CCC, to the extent applicable and (b) which shall also provide the requisite notice of appraisal and dissenters’
rights under the DGCL and CCC, respectively. The Company will give Parent and its Representatives reasonable opportunity to review and comment on the Information Statement (in no event less than two (2) Business Days prior to its transmission to the
stockholders of the Company) and the Company will incorporate any reasonable comments that Parent or its Representatives have made with respect to the Information Statement. 

Section 5.03    No Solicitation. During the [***], the [***] 

Section 5.04    Access to Information. During the Interim Period, the Company shall (a) give Parent and its
Representatives reasonable access to the offices, properties, books and records of the Company, (b) furnish to Parent and its Representatives such financial and operating data and other information relating to the Company as such Persons may
reasonably request and (c) instruct the employees, counsel and financial advisors of the Company to cooperate with Parent in its investigation of the Company. Any investigation pursuant to this Section 5.04 shall be conducted in such manner
as not to interfere unreasonably with the conduct of the business of the Company; provided, however, that the Company may restrict or otherwise prohibit access to such documents or information to the extent that (i) any Applicable Law
requires the Company to restrict or otherwise prohibit access to such documents or information, (ii) access to such documents or information would give rise to a material risk of waiving any attorney-client privilege, work product doctrine or other
privilege applicable to such documents or information or (iii) access to a Contract to which the Company is a party or otherwise bound would give a third party the right to terminate or accelerate the rights under, such Contract; and provided
further, however, that no information or knowledge obtained by Parent or its Representatives in any investigation conducted pursuant to the access contemplated by this Section 5.04 shall affect or be deemed to modify any
representation or warranty of the Company set forth in this Agreement or otherwise impair the rights and remedies available to Parent and Merger Sub hereunder. 

Section 5.05    280G Matters. Not less than three (3) Business Day prior to the Effective Time, the Company
shall (a) use commercially reasonable efforts to obtain and deliver to Parent, prior to the initiation of the stockholder approval procedure under clause (b), a waiver, in a form reviewed and approved by Parent, from each Person who is, with respect
to the Company, a “disqualified individual” (within the meaning of Section 280G of the Code) as of immediately prior to the initiation of such Requisite Stockholder Approval procedure (each, a “Disqualified Individual”),
and who might otherwise have, receive or have the right or entitlement to receive a “parachute payment” (within the meaning of Section 280G of the Code), of such Disqualified Individual’s rights to all such payments or benefits
applicable to such Disqualified Individuals (the “Waived Parachute Payments”) so that all remaining payments and/or benefits applicable to such Disqualified Individual shall not be deemed to be “excess parachute payments”
(within the meaning of Section 280G of the Code) and (b) submit to the stockholders of the Company for approval (in a manner satisfactory to Parent) by such number of stockholders, in a manner that meets the requirements of Section 280G(b)(5)(B) of
the Code, any payments and/or benefits that Parent and the Company reasonably determine may separately or in the aggregate, constitute “parachute payments,” such that such payments and benefits shall not be deemed to be “parachute
payments” under Section 280G of the Code. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 56 

 Section 5.06    Consideration Spreadsheet; Payoff Letters and
Invoices. 
 (a)    At least five (5) Business Days prior to the Closing, the Company shall deliver to Parent a
draft spreadsheet calculating the Closing Merger Consideration (including the Company Transaction Expenses, Closing Indebtedness and any payments due to [***]), the Aggregate Closing Merger Consideration, the Indemnity Escrow Fund, the Equityholder
Expense Fund, and the amounts to be paid to each Company Stockholder and Company Warrantholder (the “Consideration Spreadsheet”), setting forth in reasonable detail the Company’s good-faith estimates of the information therein
requested as of the Effective Time. At least two (2) Business Days prior to Closing the Company shall deliver to Parent the final form of the Consideration Spreadsheet, certified by the Chief Executive Officer and Chief Financial Officer
of the Company, accurately and completely setting forth the information requested as of the Effective Time. 

(b)    The Company shall exercise commercially reasonable efforts to obtain and deliver to Parent no later than two (2)
Business Days prior to the Closing Date, accurate and complete copies of: (i) with respect to any item of Indebtedness the Company, if any, a payoff letter, dated no more than three (3) Business Days prior to the Closing Date, from the lender of
such item of Indebtedness and setting forth the amounts payable to such lender to (A) satisfy such Indebtedness as of the Closing and (B) terminate and release any Liens related thereto effective as of the Closing (each, a “Payoff
Letter”); and (ii) an invoice from each advisor or other service provider to the Company, dated no more than three (3) Business Days prior to the Closing Date, with respect to all Company Transaction Expenses
estimated to be due and payable to such advisor or other service provider, as the case may be, as of the Closing Date (each, an “Invoice”). 

ARTICLE VI 

ADDITIONAL COVENANTS OF THE PARTIES 

Section 6.01    Efforts. 

(a)    The Company shall use reasonable best efforts to cause the conditions set forth in Section 8.01 and
Section 8.02 to be satisfied on a timely basis, and Parent and Merger Sub shall use their respective reasonable best efforts to cause the conditions set forth in Section 8.01 and Section 8.03 to be satisfied on a
timely basis. 
 (b)    In furtherance of, and not in limitation of Section 6.01(a), as promptly as practicable
after the Merger Agreement Effective Date, each party to this Agreement (i) shall make all filings and give all notices that are or may be required to be made and given by such party in connection with the Merger and the other transactions
contemplated by this Agreement and (ii) shall use reasonable best efforts to obtain all Consents which are or may be required to be obtained (pursuant to any Applicable Law, Contract, or otherwise) by such party in connection with the Merger and the
other transactions contemplated by this Agreement. Each party shall, upon request of another party and to the extent permitted by Applicable Law or applicable Contract, promptly deliver to such other party a copy of each such filing made, each such
notice given and each such Consent obtained by it. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 57 

 (c)    In furtherance and not in limitation of the terms of Section
6.01(a) and Section 6.01(b), (i) to the extent required by Applicable Law, each of Parent and the Company shall file, or cause to be filed, a Notification and Report Form pursuant to the HSR Act, with respect to the transactions
contemplated by this Agreement within three (3) Business Days after the Merger Agreement Effective Date (which shall include in the case of Parent a request for early termination of the applicable waiting period under the HSR Act) and (ii) each of
Parent and the Company will furnish to each other’s counsel such necessary information and reasonable assistance as the other may request in connection with its preparation of any filing or submission that is necessary under the HSR Act and
will provide any supplemental information requested by the United States Federal Trade Commission (“FTC”), the United States Department of Justice (“DOJ”) and any other applicable Governmental Authority as promptly
as reasonably practicable. 
 (d)    Parent and the Company will use their respective reasonable best efforts to cause
the expiration or termination of the applicable waiting periods under the HSR Act as soon as reasonably practicable and to instruct their respective counsel to cooperate with each other and use reasonable best efforts to facilitate and expedite the
identification and resolution of any issues arising under the HSR Act at the earliest practicable dates. Such reasonable best efforts and cooperation include counsel’s undertaking to (i) permit the other to review, and consider in good
faith the other’s comments on, any material communication or submission to be given to any Governmental Authority with respect to any filings or required to be made with, or action or nonactions, waivers, expirations or terminations of waiting
periods, clearances, consents or orders required to be obtained from, such Governmental Authority in connection with execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement,
(ii) promptly notify each other of any material communications with any Governmental Authority with respect to the transactions contemplated by this Agreement and (iii) ensure, to the extent permitted by Applicable Law or
Governmental Authority, that each of the Parties is given the opportunity to attend and participate in any meetings or substantive discussions with or appearances before any Governmental Authority with respect to the transactions contemplated by
this Agreement. In furtherance of the foregoing and subject to the terms and conditions of this Agreement, the Parties shall not take any action that is reasonably likely to have the effect of unreasonably delaying, impairing or impeding the receipt
of any required authorizations, consents, orders or approvals. 
 (e)    Notwithstanding anything to the contrary
contained in this Agreement, in no event shall Parent (or any of its Affiliates) have any obligation to, for the purpose of obtaining any consent or approval under any Antitrust Law: (i) propose, negotiate, offer to commit or effect, by consent
decree, hold separate order or otherwise, the sale, divestiture, licensing or other disposition of, or restriction on, any assets, businesses, services or products of Parent (or any of its Affiliates) or the Company or any aspect of its business;
(ii) terminate any existing relationships or contractual rights of Parent or any of its Affiliates or of the Company or amend or terminate any licenses or other intellectual property agreements of Parent or any of its Affiliates or of
the Company or any aspect of its business; (iii) accept any operational restrictions or limitations on the business of Parent or any of its Affiliates or on the Company or any of its assets or any aspect of its business or undertake any
other form of behavioral remedy; or (iv) contest and resist any action relating to any Antitrust Law, including any legislative, administrative or judicial action, or to have vacated, lifted, reversed or overturned any Governmental Order
that restricts, prevents or prohibits (or seeks to restrict, prevent or prohibit) the consummation of the transactions contemplated by this Agreement under any Antitrust Law. 

  
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 Section 6.02    Confidentiality; Public Announcements. 

(a)    Parent and the Company hereby acknowledge and agree to continue to be bound by the Confidentiality Agreement dated
as of February 23, 2015, by and between Parent and the Company (the “Confidentiality Agreement”). 

(b)    Neither Party shall, and each Party shall cause each of its respective Representatives not to, directly or
indirectly, issue any press release or other public statement relating to the terms of this Agreement or the transactions contemplated hereby, unless required by Applicable Law. Notwithstanding anything herein or in the Confidentiality Agreement,
(i) subject to Parent’s prior written consent (which shall not be unreasonably withheld or delayed), venture capital funds that have invested in the capital stock of the Company may make contractually-required communications to their
investors (which shall contain no more information regarding the subject matter of this Agreement or the transactions contemplated hereby than is so contractually required to be disclosed and shall, in any event, not be inconsistent with any public
statements made by Parent regarding the subject matter of this Agreement or the transactions contemplated hereby), (ii) the Parties agree that a press release will be issued on the Merger Agreement Effective Date in a form mutually agreed upon by
Parent and the Company and (iii) BridgeBio Pharma LLC will be allowed to issue a press release on the Merger Agreement Effective Date in a form consented to by the Parties (which consent shall not be unreasonably withheld or delayed).

 Section 6.03    Indemnification of Officers and Directors. 

(a)    From and after the Effective Time, Parent shall cause the Surviving Corporation to maintain all rights to
indemnification, advancement of expenses and exculpation by the Company now existing in favor of each person who is now, or has been at any time prior to the Merger Agreement Effective Date or who becomes prior to the Effective Time an officer or
director of the Company (collectively, the “Company Indemnified Parties”) as provided in the Company’s Certificate of Incorporation or bylaws or indemnification agreements as in effect on the Merger Agreement Effective Date.
Parent and Merger Sub further agree that all such rights to indemnification, advancement of expenses and exculpation shall be assumed by the Surviving Corporation in the Merger, without further action, at the Effective Time and shall survive the
Merger and shall remain in full force and effect in accordance with their terms, and, in the event that any proceeding is pending or asserted or any claim made during such period, until the final disposition of such proceeding or claim. 

(b)    Prior to the Closing, the Company shall obtain and fully pay for a six-year “tail” insurance policy with
respect to directors’ and officers’ liability insurance (the “D&O Tail Policy”). The D&O Tail Policy will be obtained from an insurance carrier with the same or better credit rating as the Company’s current
insurance carrier with respect to directors’ and officers’ liability insurance and the amount and scope of coverage under the D&O Tail Policy will be at least as favorable as the Company’s existing directors’ and
officers’ liability policies with respect to matters existing or occurring at or prior to the Closing Date. The Company shall bear the cost of the D&O Tail Policy, and such costs, to the extent not paid prior to the Closing, shall be
included in the determination of Transaction Expenses. 

  
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 (c)    The provisions of this Section 6.03 shall survive the
Closing and are intended to be for the benefit of, and enforceable by, each current director and officer of the Company and his or her heirs and personal representatives, and nothing in this Agreement shall affect any indemnification rights that any
such current director or officer and his or her heirs and personal representatives may have under the certificate of incorporation or bylaws of the Company or any contract or Applicable Law. 

Section 6.04    Employee Matters. 

(a)    For a period from the Closing Date through the date that is six (6) months following the Closing Date, Parent
will provide (or cause an Affiliate of Parent to provide) to each employee who continues in employment with the Surviving Corporation or another Affiliate of Parent following the Effective Time (each, a “Continuing Employee”) with:
(i) a base salary or an hourly wage rate, as applicable, and bonus opportunity that is no lower than the base salary or hourly wage rate, as applicable, and any annual cash bonus opportunity provided to such Continuing Employee
immediately prior to the Effective Time, and (ii) at Parent’s election (a) employee benefits (excluding equity, phantom equity, or other equity-like compensation and retention or change in control bonuses), including,
without limitation, health, welfare, retirement and severance benefits, that are no less favorable, in the aggregate, than those provided to such Continuing Employees immediately prior to the Effective Time or (b) those employee benefits
that Parent or an Affiliate of Parent provides to similarly situated employees of Parent or an Affiliate of Parent. 

(b)    For purposes of determining eligibility to participate, vesting and benefit accrual (for vacation and severance
only) under any benefit plan or arrangement of Parent, the Surviving Corporation or any of their respective Subsidiaries providing employee benefits to Continuing Employees after the Closing (the “Parent Benefit Plans”), Parent
shall use commercially reasonable efforts so that each Continuing Employee will receive service credit for service with the Company (and its predecessors) prior to the Closing Date to the same extent such service credit was granted to such
Continuing Employee under the Employee Plans, except to the extent that providing such credit would result in a duplication of benefits. In addition, Parent and the Surviving Corporation shall use commercially reasonable efforts to (i) waive
all limitations as to preexisting conditions exclusions, actively at work requirements and waiting periods with respect to participation and coverage requirements applicable to Continuing Employees under any welfare benefit plans that such employees
may be eligible to participate in after the Effective Time, other than limitations or waiting periods that are already in effect with respect to such employees and that have not been satisfied as of the Effective Time under any welfare benefit plan
maintained for the Continuing Employees immediately prior to the Effective Time and (ii) cause any co-payments, deductibles and other eligible expenses incurred by an Continuing Employees during the plan year that includes the Closing Date to be
credited for purposes of satisfying all deductible, coinsurance and maximum out-of-pocket requirements applicable to such Continuing Employee and his or her covered dependents for the applicable plan year of each comparable Parent Benefit Plan (to
the extent such credit would have been given under comparable Employee Plans prior to the Closing. 

  
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 (c)    The Company and Parent acknowledge and agree that all provisions
contained in this Section 6.04 with respect to employees are included for the sole benefit of the respective Parties and shall not create any right in any other Person, including any employees, former employees, any participant in any
Employee Plan or any beneficiary thereof or any right to continued employment with the Company, Parent or any Subsidiary of Parent, nor shall require the Company to continue or amend any particular benefit plan after the consummation of the
transactions contemplated by this Agreement for any employee or former employee of such the Company, and any such plan may be amended or terminated in accordance with its terms and Applicable Law. 

(d)    At Parent’s direction, the Company shall terminate the Employee Plans set forth in Section 6.04(d)
of the Company Disclosure Schedules immediately prior to the Closing. 
 Section 6.05    Notices of Certain
Events. During the Interim Period, the Company shall promptly notify Parent, and Parent shall promptly notify the Company of: 

(a)    any notice or other communication from any Person received after the Merger Agreement Effective Date alleging that
the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement; 

(b)    any Proceeding commenced or, to such Party’s Knowledge, threatened against, relating to or involving or
otherwise affecting the Company or Parent, as the case may be, that, if pending on the Merger Agreement Effective Date, would have been required to have been disclosed pursuant to Article II, Article III or Article IV,
as the case may be, or that relates to the consummation of the transactions contemplated by this Agreement; 

(c)    any inaccuracy in or breach of any representation, warranty or covenant of such Party contained in this Agreement
(i) occurring after the Merger Agreement Effective Date, or (ii) which such Party becomes aware of after the Merger Agreement Effective Date, which would render inaccurate any of the representations and warranties made by such Party
herein or, in the case of the Company, if existing and known on the Merger Agreement Effective Date, would have been required to be disclosed on the Company Disclosure Schedule; and 

(d)    any event, condition, fact or circumstance of Parent or Company, as the case may be, that would make the timely
satisfaction of any of the conditions set forth in Article VIII impossible or unlikely by such party. 
 No such notice or supplement provided
pursuant to Section 6.05(c)(ii) shall be deemed to cure any prior existing breach of any representation, warranty or covenant in this Agreement nor shall such supplement be deemed to amend the Company Disclosure Schedule with respect to any
prior breach without the written consent of Parent. A notice or supplement provided pursuant to Section 6.05(c)(i) shall be deemed to amend the Company Disclosure Schedule as long as such notice or supplement relates to
matters arising in the ordinary course of business and which would not constitute a Material Adverse Effect. 
 Section
6.06    Provision Respecting Legal Representation; Attorney-Client Privilege. Each of the parties to this Agreement hereby agrees, on its own behalf and on behalf of its directors, members, partners, officers, employees
and Affiliates, that Latham & Watkins LLP 

  
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may serve as counsel to each and any Equityholder and such Equityholder’s respective Affiliates (individually and collectively, the “Holder Group”), on the one hand, and the
Company, on the other hand, in connection with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby (the “Existing Representation”), and that, following
consummation of the transactions contemplated hereby, Latham & Watkins LLP (or any successor) may serve as counsel to the Holder Group or any director, member, partner, officer, employee or Affiliate of the Holder Group, in connection with
any litigation, claim or obligation arising out of or relating to this Agreement or the transactions contemplated by this Agreement notwithstanding the Existing Representation and each of the parties hereto hereby consents thereto and waives any
conflict of interest arising therefrom, and each of such parties shall cause any Affiliate thereof to consent to waive any conflict of interest arising from the Existing Representation. 

(a)    From and after the Closing, Parent on behalf of itself and its Affiliates) agrees that if, absent this sentence,
any attorney-client privilege, attorney work-product protection or other similar privilege or protection would have applied to, or if there was any expectation of client confidence with respect to: (i) any communication between
Latham & Watkins LLP, on the one hand, and the Holder Group, on the other hand, regarding the negotiation, execution, and delivery of this Agreement or the transactions contemplated hereby; or (ii) any advice given to the
Holder Group by Latham & Watkins LLP during and with respect to the Existing Representation, neither Parent nor any of its Affiliates shall use any such communication or advice against the Holder Group in connection with any dispute
between the Holder Group and one or more of Parent and its Affiliates with respect to this Agreement or any of the transactions contemplated hereby. Notwithstanding the foregoing, in the event that a dispute arises between Parent, the Company, its
Subsidiaries or any Affiliates, on the one hand, and a third party other than the Holder Group, on the other hand, the attorney-client privilege, attorney work-product protection or other similar privilege or protection shall be asserted by the
Surviving Corporation and its Affiliates on behalf of the Holder Group to prevent the disclosure of any such communications or advice to such third party; provided, however, that such privilege may be waived only with the prior written
consent of the Equityholder Representative. 
 (b)    Parent hereby acknowledges that it has had the opportunity
(including on behalf of its Affiliates) to discuss and obtain adequate information concerning the significance and material risks of, and reasonable available alternatives to, the waivers, permissions and other provisions of this
Section 6.06, including the opportunity to consult with counsel other than Latham & Watkins LLP. This Section 6.06 shall be irrevocable, and no term of this Section 6.06 may be amended, waived or
modified, without the prior written consent of the Equityholder Representative and Latham & Watkins LLP. 

ARTICLE VII 
 TAX
MATTERS 
 Section 7.01    FIRPTA. Prior to the Closing, the Company shall have delivered to Parent the
FIRPTA Certificate. The Parties intend that the FIRPTA Certificate be considered to be voluntarily provided by the Company in response to a request from Parent pursuant to Treasury Regulation Section 1.1445-2(c)(3)(i). Parent shall mail the FIRPTA
Certificate to the IRS within 30 days after the Closing. 

  
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 Section 7.02    Characterization of Payments. Any indemnity
payments made pursuant to Article X shall constitute an adjustment of the Merger Consideration paid by Parent pursuant to Article II for Tax purposes and shall be treated as such by all Parties on their Tax Returns to the extent
permitted by law. 
 Section 7.03    Transfer Taxes. Any federal, state, local, non-U.S. transfer, excise, sales,
use, ad valorem value added, registration, stamp, recording, property and similar Taxes or fees applicable to, imposed upon, and resulting from the Merger or any other transaction contemplated by this Agreement and all related interest and penalties
(collectively, “Transfer Taxes”) shall be borne [***] by Parent and [***] by the Equityholders. 
 Section
7.04    Tax Returns. 
 (a)    The Company shall (i) prepare and timely file all Tax
Returns of the Company due (after taking into account all appropriate extensions) prior to the Closing Date (“Seller Prepared Returns”) and (ii) timely pay all Taxes that are shown as payable with respect to Seller Prepared
Returns. All Seller Prepared Returns shall be prepared in accordance with the past practice of the Company, unless required otherwise by Law. 

(b)    Parent shall cause the Company to prepare and timely file all Tax Returns of the Company due after the Closing Date
(the “Parent Prepared Returns”). To the extent that a Parent Prepared Return relates to a Pre-Closing Tax Period or the pre-Closing portion of a Straddle Period, such Tax Return shall be prepared on a basis consistent with the past
practice of the Company, unless required otherwise by Law. Each such Parent Prepared Return that shows an Indemnified Tax shall be submitted to the Equityholder Representative at least ten (10) days prior to the due date (taking into account
any extension) of such Tax Return for Equityholder Representative’s review. Parent shall incorporate any reasonable comments submitted by the Equityholder Representative at least three (3) days prior to the due date of such Tax
Return. No failure or delay of Parent in providing Parent Prepared Returns for the Equityholder Representative to review shall reduce or otherwise affect the obligations or liabilities of Equityholders pursuant to this Agreement, unless the
Equityholders are prejudiced thereby. 
 Section 7.05    Apportionment of Taxes. For purposes of determining the
amount of Taxes that are attributable to a Pre-Closing Tax Period (or portion of any Straddle Period ending on or prior to the Closing Date) the Parties agree as follows: 

(a)    In the case of property Taxes and other similar ad valorem Taxes imposed on a periodic basis for a Straddle Period,
the amounts that are attributable to the portion of the Straddle Period ending on the Closing Date shall be determined by multiplying the Taxes for the entire Straddle Period by a fraction, the numerator of which is the number of calendar days in
the portion of the period ending on the Closing Date and the denominator of which is the number of calendar days in the entire Straddle Period. 

(b)    In the case of all other Taxes for a Straddle Period (including income Taxes, employment Taxes, and sales and use
Taxes) the amount attributable to the portion of the Straddle Period ending on the Closing Date shall be determined as if the Company filed a separate Tax Return with respect to such Taxes for the portion of the Straddle Period ending on as of the
end of the day on the Closing Date using a “closing of the books methodology.” 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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 Section 7.06    Tax Contests. Parent and the Company shall notify
the Equityholder Representative within five (5) days after receipt of notice of any inquiries, claims, assessments, audits or redetermination relating to Taxes for which the Equityholders may be responsible under this Agreement (any such inquiry,
claim, assessment, audit or similar event, a “Tax Contest”). No failure or delay of the Parent or the Company in providing notice of a Tax Contest to the Equityholder Representative shall reduce or otherwise affect the obligations
or liabilities of Equityholders pursuant to this Agreement unless the Equityholders are prejudiced thereby. Parent shall control, or cause the Company to control, the conduct of any Tax Contest; provided, however, that the Equityholder
Representative, at the sole cost and expense of the Equityholders, shall have the right to control any such Tax Contest relating solely to Taxes of the Company for which Equityholders are obligated to indemnify under Section 10.02_and Parent shall
not settle any such Tax Contest it controls without the prior written consent of the Equityholder Representative (not to be unreasonably withheld). If there is any conflict between this Section 7.06 and Section 10.05, this
Section 7.06 shall control. 
 Section 7.07    Cooperation. The Parent, the Company, and each
Equityholder shall provide any information, records, other documents or assistance as may reasonably be requested in connection with the preparation, signing and filing of any Tax Returns of the Company or any audit or other examination by any Tax
authority relating to Taxes, provide any information necessary or reasonably requested to allow the Parent or the Company to comply with any information reporting or withholding requirements contained in the Code or other applicable Laws or to
compute the amount of payroll or other employment Taxes due with respect to any payment made in connection with this Agreement, and provide certificates or forms, and timely execute any Tax Return, that are necessary or appropriate to establish an
exemption for (or reduction in) any Transfer Tax. 
 Section 7.08    Tax Refunds. Any Tax refunds or credits that
are received by Parent and its Affiliates (including the Company after the Closing) that relate to Indemnified Taxes shall be for the account of the Equityholders, and Parent shall pay over the amount of any such refund or credit, net of any
unreimbursed Taxes incurred by Parent in respect of the receipt or recognition of such refund or credit, to the Payment Agent (for further distribution to the Equityholders) within five (5) days after Parent’s receipt thereof. 

Section 7.09    Certain Conduct. Without the prior written consent of the Equityholder Representative, not to be
unreasonably withheld, Parent shall not (and shall not cause or permit any of its Affiliates or the Company to) (a) amend, refile or otherwise modify any Tax Return of or relating (in whole or in part) to the Company with respect to any Pre-Closing
Tax Period or the pre-Closing portion of any Straddle Period, unless otherwise required by law, or (b) make any Tax election that (i) relates to the Company with respect to any Pre-Closing Tax Period or pre-Closing portion of any Straddle Period or
(ii) would result in any increase in the liability of Equityholders under this Agreement. 

  
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 ARTICLE VIII 

CONDITIONS TO THE MERGER 

Section 8.01    Conditions to the Obligations of Each Party. The obligations of the Company, Parent and Merger Sub
to consummate the Merger are subject to the satisfaction of the following conditions: 
 (a)    Requisite Stockholder
Approval. The Requisite Stockholder Approval shall be in full force and effect and the Written Consent shall have been delivered to Parent. 

(b)    HSR Clearance. The applicable waiting period under the HSR Act shall have expired or been terminated. 

(c)    No Injunction; No Legal Impediment. No temporary restraining order, preliminary or permanent injunction or
other order or decree issued by any Governmental Authority of competent jurisdiction shall be in effect which prevents the consummation of the Merger on the terms contemplated herein, and no Applicable Law shall have been enacted or be deemed
applicable to the Merger or any of the other transactions contemplated hereby that makes illegal consummation of the Merger or any of the other transactions contemplated hereby. 

Section 8.02    Conditions to the Obligations of Parent and Merger Sub. The obligations of Parent and Merger Sub to
consummate the Merger are subject to the satisfaction, at or prior to the Closing, of the following further conditions: 

(a)    Representations and Warranties. Other than the Fundamental Representations, the representations and
warranties of the Company contained in this Agreement, and any agreement, certificate or other writing delivered pursuant hereto shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or
Material Adverse Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) on and as of the Merger Agreement Effective Date and on and as of the Closing Date with the
same effect as though made at and as of such date (except those representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects). The Fundamental
Representations shall be true and correct in all respects on and as of the Merger Agreement Effective Date and on and as of the Closing Date with the same effect as though made at and as of such date (except (i) the representations and
warranties contained in Section 3.05, which shall be true and correct in all but de minimis respects as of the Merger Agreement Effective Date and as of the Closing Date with similar effect and (ii) those representations and
warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in all respects). 

(b)    Covenants. Each of the covenants and obligations that the Company is required to comply with or to perform
at or prior to the Closing shall have been complied with and performed in all material respects. 
 (c)    No
Material Adverse Effect. Since the Merger Agreement Effective Date, there shall not have occurred any Material Adverse Effect, nor shall any event or events have occurred that, individually or in the aggregate, with or without the lapse of time,
could reasonably be expected to result in a Material Adverse Effect. 

  
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 (d)    Executed Agreements and Certificates. Parent shall have
received the following agreements and documents, each of which shall be in full force and effect: 

(i)    the Escrow Agreement, executed by the Equityholder Representative and the Escrow Agent; 

(ii)    the Non-Competition Agreements, executed by each of the Persons listed on Exhibit A;
provided, however, that if any individual listed on Exhibit A is no longer an officer, director or employee of the Company on the Merger Agreement Effective Date, such individual shall be deemed to be removed from Exhibit A
and will not be required to execute a Non-Competition Agreement; 
 (iii)    releases in form reasonably
acceptable to Parent, executed by each director, officer and holder of more than [***] of the Company Capital Stock on a fully diluted basis on the Merger Agreement Effective Date; 

(iv)    a certificate executed on behalf of the Company by its Chief Executive Officer and its Chief
Financial Officer (the “Company Closing Certificate”) and containing representations and warranties of the Company (A) to the effect that the conditions set forth in Sections 8.02(a), 8.02(b) and
8.02(c) have been duly satisfied, (B) specifying the total amount of the Closing Indebtedness (and attaching thereto an accurate and complete copy of each executed Payoff Letter not previously delivered to Parent) and
(C) specifying the total amount of the Company Transaction Expenses (and attaching thereto an accurate and complete copy of each Invoice not previously delivered to Parent); 

(v)    duly executed and delivered payoff letters with respect to any debt for borrowed money; 

(vi)    evidence of termination of the Company’s various shareholders agreements, including the then
current Amended and Restated Investors’ Rights Agreement, the Company’s Amended and Restated Voting Agreement and the Company’s Amended and Restated Right of First Refusal and Co-Sale Agreement, in each case as amended from time to
time; and 
 (vii)    written resignations of the directors and officers of the Company, effective as of
the Effective Time, as directed by Parent no later than five (5) Business Days prior to the Closing Date. 

(e)    Related Party Transactions. All Contracts between the Company, on the one hand, and any Related Person, on
the other hand, (other than ordinary course agreements relating to employee compensation and benefits that have been made available to Parent) shall have been terminated. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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 (f)    280G Approval. Prior to the Closing, the Company shall
have delivered to Parent evidence reasonably satisfactory to Parent that either (i) the 280G Approval was obtained or (ii) the 280G Approval was not obtained but commercially reasonable efforts were used to provide that the Waived
Parachute Payments shall not be made or provided, pursuant to the waivers of those payments and/or benefits which were executed by the Disqualified Individuals in accordance with Section 5.05. 

(g)    Litigation. There shall not be pending by any Governmental Authority any Proceeding that seeks to prevent
the consummation of the Merger or any of the other transactions contemplated hereby on the terms, and conferring upon Parent and the Surviving Corporation all of their respective rights and benefits, contemplated herein. 

(h)    Dissenters’ Rights. Holders of equity securities representing no more than 5% of the Fully Diluted
Common Number, in the aggregate, are Dissenting Stockholders as of the Closing Date. 

Section 8.03    Conditions to the Obligations of the Company. The obligations of the Company to consummate the
Merger are subject to the satisfaction of the following further conditions: 
 (a)    Representations and
Warranties. The representations and warranties made by Parent and Merger Sub in this Agreement (i) shall have been accurate in all material respects as of the Merger Agreement Effective Date, without giving effect to any materiality
qualifications contained or incorporated directly or indirectly in such representations and warranties and (ii) shall be accurate in all material respects as of the Closing Date as if made as of the Closing Date (except for
representations and warranties that speak as of a particular date, which shall be accurate in all material respects as of such date), without giving effect to any materiality qualifications contained or incorporated directly or indirectly in such
representations and warranties. 
 (b)    Covenants. The covenants and obligations that Parent and Merger Sub are
required to comply with or to perform at or prior to the Closing shall have been complied with and performed in all material respects. 

(c)    Executed Agreements and Certificates. The Company shall have received the following agreements and
documents, each of which shall be in full force and effect: 
 (i)    the Escrow Agreement, executed by
Parent and the Escrow Agent; and 
 (ii)    a certificate executed on behalf of Parent by its authorized
representative and containing the representation and warranty of Parent that the conditions set forth in Sections 8.03(a) and 8.03(b) have been duly satisfied (the “Parent Closing Certificate”). 

  
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 ARTICLE IX 

TERMINATION 
 Section
9.01    Termination. This Agreement may be terminated and the Merger may be abandoned at any time prior to the Effective Time (notwithstanding the Requisite Stockholder Approval): 

(a)    by mutual written agreement of the Company and Parent; 

(b)    by either the Company or Parent, if the Merger has not been consummated on or before the three (3) month
anniversary of the Merger Agreement Effective Date (the “End Date”); provided, however, that such date shall be automatically extended for an additional three (3) months if the applicable waiting period
under the HSR Act shall not have expired or been terminated as of the then-scheduled termination date; provided further, that the right to terminate this Agreement pursuant to this Section 9.01(b) shall not be available to any
party whose breach of any provision of this Agreement results in the failure of the Merger to be consummated by such time; 

(c)    by either Parent or the Company, if a Governmental Authority shall have issued any order, injunction or other
decree or taken any other action, in each case, which has become final and non-appealable and which restrains, enjoins or otherwise prohibits the Merger; 

(d)    by Parent, if (i) any representation or warranty of the Company contained in this Agreement shall be
inaccurate such that the condition set forth in Section 8.02(a) would not be satisfied, or (ii) any of the covenants or obligations of the Company contained in this Agreement shall have been breached in any material respect
such that the condition set forth in Section 8.02(b) would not be satisfied; provided, however, that if an inaccuracy or breach is curable by the Company during the [***] after Parent notifies the Company in writing of the
existence of such inaccuracy or breach (the “Company Cure Period”), then Parent may not terminate this Agreement under this Section 9.01(d) as a result of such inaccuracy or breach prior to the expiration of the Company
Cure Period unless the Company is no longer continuing to exercise commercially reasonable efforts to cure such inaccuracy or breach; 

(e)    by the Company, if (i) any representation or warranty of Parent contained in this Agreement shall be
inaccurate such that the condition set forth in Section 8.03(a) would not be satisfied, or (ii) any of the covenants or obligations of Parent contained in this Agreement shall have been breached in any material respect such
that the condition set forth in Section 8.03(b) would not be satisfied; provided, however, that if an inaccuracy or breach is curable by Parent during the [***] after the Company notifies Parent in writing of the existence
of such inaccuracy or breach (the “Parent Cure Period”), then the Company may not terminate this Agreement under this Section 9.01(e) as a result of such inaccuracy or breach prior to the expiration of the Parent Cure
Period unless Parent is no longer continuing to exercise commercially reasonable efforts to cure such inaccuracy or breach; 

(f)    by Parent at any time after the Merger Agreement Effective Date and before the Requisite Stockholder Approval has
been obtained; provided, that Parent shall not be permitted to terminate pursuant to this clause (f) within the first 48 hours after the Merger Agreement Effective Date; or 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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 (g)    by either the Company or Parent, if the Company fails to obtain,
and deliver to Parent Support Agreements (including irrevocable proxies) duly executed by the Company and the Stockholders of the Company representing at least the Required Stockholder Approval, by 23:59 PT on the day following the date hereof. 

The party desiring to terminate this Agreement pursuant to this Section 9.01 (other than pursuant to
Section 9.01(a)) shall give a notice of such termination to the other party setting forth a brief description of the basis on which such party is terminating this Agreement. 

Section 9.02    Effect of Termination. If this Agreement is terminated pursuant to Section 9.01, this
Agreement shall become void and of no effect without liability of any Party (or any Representative of such Party) to any other Party; provided, that: (a) nothing contained in this Agreement shall relieve any Party from any liability resulting
from a willful and intentional breach of any agreement or covenant in this Agreement; and (b) the Parties shall, in all events, remain bound by and continue to be subject to the provisions set forth in Section 6.02 and Article XI,
which shall survive any termination of this Agreement. 
 ARTICLE X 

INDEMNIFICATION 
 Section
10.01    Survival of Representations, Etc. 
 (a)    Except as otherwise provided herein,
(i) the Fundamental Representations shall survive the Closing and expire on the [***] (the “FR Expiration Date”) and (ii) the representations and warranties made by the Company in all other sections of
Article III and in the Company Closing Certificate shall survive the Closing and expire [***] (the “General Expiration Date”). Notwithstanding the foregoing, if at any time prior to the FR Expiration Date or General
Expiration Date, as applicable, any Indemnitee delivers to the Equityholder Representative a written notice alleging the existence of an inaccuracy in or a breach of any of such representation or warranty and asserting a claim for recovery under
Section 10.02 based on such alleged inaccuracy or breach, then the claim asserted in such notice shall survive until such time as [***] 

(b)    The representations, warranties, covenants and obligations of the Company, and the rights and remedies that may be
exercised by the Indemnitees, shall not be limited or otherwise affected by or as a result of any information furnished to, any investigation made by or knowledge of, or any waiver by any of the Indemnitees or any of their Representatives. 

(c)    For purposes of this Agreement, each statement or other item of information set forth in the Company Disclosure
Schedule shall be deemed to be a representation and warranty made by the Company in this Agreement. 
 (d)    The
Parties acknowledge and agree that if the Surviving Corporation suffers, incurs or otherwise becomes subject to any Damages as a result of or in connection with any inaccuracy in or breach of any representation, warranty, covenant or obligation,
then (without 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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limiting any of the rights of the Surviving Corporation as an Indemnitee) Parent shall also be deemed, by virtue of its ownership of the stock of the Surviving Corporation, to have incurred
Damages as a result of and in connection with such inaccuracy or breach. 

Section 10.02    Indemnification. 

(a)    Subject to the limitations set forth in this Article X, from and after the Effective Time, the Equityholders,
severally and in proportion to their respective Pro Rata Shares, shall hold harmless and indemnify each of Merger Sub, the Surviving Corporation, Parent and their respective Representatives (the “Parent Indemnified Parties”) from
and against, and shall compensate and reimburse each of the Parent Indemnified Parties for, any Damages which are suffered or incurred by any of the Parent Indemnified Parties (regardless of whether or not such Damages relate to any Third-Party
Claim) based upon, arising out of, relating to, with respect to or by reason of: 
 (i)    any breach of
any representation or warranty set forth in Article III (without giving effect to any Material Adverse Effect or other materiality qualification or any similar qualification contained or incorporated directly or indirectly in such
representation or warranty); 
 (ii)    any breach of any representation or warranty set forth in
Article III as of the Closing Date as if such representation or warranty had been made as of the Closing Date (except for such representations and warranties that address matters only as of a particular time, which need only be accurate
as of such time) (without giving effect to any Material Adverse Effect or other materiality qualification or any similar qualification contained or incorporated directly or indirectly in such representation or warranty); 

(iii)    all Indemnified Taxes, including, for the avoidance of doubt, all reasonable out-of-pocket costs and expenses of preparing Tax Returns for a Pre-Closing Tax Period and all reasonable
out-of-pocket costs and expenses of contesting any Tax Contest to the extent relating to an Indemnified Tax; 

(iv)    [***] 

(v)    any breach of any covenant or obligation of the Company set forth in this Agreement; or 

(vi)    any Closing Indebtedness or Company Transaction Expenses, to the extent not accounted for in the
determination of the Merger Consideration. 
 (b)    Subject to the limitations set forth in this Article X, from
and after the Effective Time, Parent and Merger Sub, shall jointly and severally hold harmless and indemnify the Equityholders and their respective officers, directors and employees (the “Equityholder Indemnified Parties”) from and
against, and shall compensate and reimburse each of the Equityholder Indemnified Parties for, any Damages which are suffered or incurred by any of the Equityholder Indemnified Parties (regardless of whether or not such Damages relate to any
Third-Party Claim) and which are the proximate result of: 
 (i)    any breach or inaccuracy of any
representation or warranty set forth in Article IV; 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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 (ii)    any breach or inaccuracy of any representation
or warranty set forth in Article IV as of the Closing Date as if such representation or warranty had been made as of the Closing Date (except for such representations and warranties that address matters only as of a particular time, which need only
be accurate as of such time); or 
 (iii)    any breach or violation of any covenant or agreement of
Parent or Merger Sub (or the Surviving Corporation after the Closing) set forth in this Agreement. 
 Section
10.03    Limitations. 
 (a)    Payments by any Indemnitor to an Indemnitee in respect of an
indemnifiable loss shall be reduced by (i) an amount equal to the amount of any Tax Benefit actually realized in the tax year in which such Damages were incurred or in either of the subsequent [***] by Parent or any of its Affiliates in
connection with such Damages or any of the circumstances giving rise thereto and (ii) any insurance proceeds actually received by any Indemnitor under any insurance policy (net of actual out-of-pocket costs of enforcement, deductibles and
premium adjustments). For purposes hereof, “Tax Benefit” shall mean any refund or credit of Taxes to be paid or reduction in the amount of Taxes which otherwise would be owed by the Parent or its Affiliates, as applicable,
calculated on a with and without basis. 
 (b)    The Indemnitors shall not be required to make any indemnification
payment pursuant to Section 10.02(a)(i) and (ii) of this Agreement until the aggregate amount of all Damages (including the Damages arising from such inaccuracy or breach and all other Damages arising from any other
inaccuracies in or breaches of any representations or warranties) that have been directly or indirectly suffered or incurred by any one or more of the Indemnitees, or to which any one or more of the Indemnitees has or have otherwise become subject
(“Aggregate Damages”), exceeds an amount equal [***] of the Closing Merger Consideration (rounded to the nearest dollar, the “Deductible”) in the aggregate (it being understood that [***]). Notwithstanding the
foregoing, no claim for indemnification may be made pursuant to Section 10.02(a)(i) unless the amount of such claim, together with the amount of any related claims, exceeds [***], and if such claim, together with any related claims, does
not exceed such amount, the amount of such claim shall not be taken into account in determining the Aggregate Damages. 

(c)    The maximum cumulative liability (without giving effect to the timing or order of submission of any claims for
indemnification) of the Equityholders under Section 10.02(a)(i) and (ii) shall be equal to the sum of (i) [***] and (ii) [***] of the Milestone Payments actually earned pursuant to Section 2.08(a). 

(d)    The limitations set forth in Section 10.03(b) and Section 10.03(c) shall not apply to any
claim for indemnification to the extent such claim arises from or is a result of or directly or indirectly connected with, any breach of a Fundamental Representation or any Fraud or willful and intentional breach of this Agreement by the Company or
any of its Representatives (regardless of whether such actions have been authorized). Notwithstanding anything to the 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 71 

 
contrary in this Agreement, in no event shall any Equityholder be liable to the Parent Indemnified Parties for Damages under this Section 10.03(d) (i) in excess of [***] or (ii) in excess
of the [***] 
 (e)    Absent Fraud or willful and intentional breach of this Agreement by the Company or any of its
Representatives, the indemnification provisions contained in this Section 10.03(e) are intended to provide the sole and exclusive remedy following the Closing as to all Damages any Indemnitee may incur arising from or relating to this
Agreement, the Merger or the transactions contemplated hereby (it being understood that nothing in this Section 10.03(e) or elsewhere in this Agreement shall affect the Parties’ rights to specific performance or other equitable
remedies with respect to the covenants referred to in this Agreement or to be performed after the Closing or any rights arising out of claims Parent or the Surviving Corporation may have under the letters of transmittal delivered pursuant to
Section 2.07). 
 (f)    The Equityholders shall have no liability under Section 10.02(a)(i) for any
Damages relating to Taxes for a Tax period or portion thereof beginning after the Closing Date attributable to a breach of Section 3.18 (other than Section 3.18(f), (g) and (i)). 

(g)    The maximum cumulative liability of the Equityholders under Section 10.02(a)(iv) with respect to the CHORI
Matter shall be equal to (A) the sum of (i) [***], plus (ii) [***] minus (B) [***] Notwithstanding anything to the contrary in this Agreement, any and all claims by an Indemnified Party under Section 10.02(a)(iv) with respect to the [***]
first shall be satisfied from the Indemnity Escrow Fund and second, by the Equityholders directly, subject to the other limitations contained herein. 

Section 10.04    Claims and Procedures. 

(a)    If an Indemnified Party determines in good faith that it has a bona fide claim for indemnification pursuant to this
Section 10.04(a), then Parent (if such Indemnified Party is a Parent Indemnified Party) or the Equityholder Representative (if such Indemnified Party is an Equityholder Indemnified Party), as the case may be, may deliver to the Equityholder
Representative or Parent, as the case may be, a certificate (any certificate delivered in accordance with the provisions of this Section 10.04(a) a “Claim Certificate”): 

(i)    stating that an Indemnified Party has a claim for indemnification pursuant to this Section
10.04(a)(i); 
 (ii)    to the extent possible, containing a good faith non-binding, preliminary
estimate of the amount to which such Indemnified Party claims to be entitled to receive, which shall be the amount of Damages such Indemnified Party claims to have so incurred or suffered or could reasonably be expected to incur or suffer; and 

(iii)    specifying in reasonable detail (based upon the information then possessed by Parent or the
Equityholder Representative, as the case may be) the material facts known to the Indemnified Party giving rise to such claim. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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 No delay in providing such Claim Certificate prior to the Expiration Date shall affect a Parent Indemnified
Party’s rights hereunder, unless (and then only to the extent that) the Equityholders are actually and materially prejudiced thereby. 

(b)    At the time of delivery of any Claim Certificate to the Equityholder Representative, a duplicate copy of such Claim
Certificate shall be delivered to the Escrow Agent by or on behalf of Parent (on behalf of itself or any other Parent Indemnified Party). 

(c)    If the Equityholder Representative or Parent, as the case may be, in good faith objects to any claim made in any
Claim Certificate, then the Equityholders’ Representative or Parent, as the case may be, shall deliver a written notice (a “Claim Dispute Notice”) to Parent or the Equityholders’ Representative, as the case may be, during
the 30-day period commencing upon receipt by the Equityholders’ Representative or Parent, as the case may be, of the Claim Certificate. The Claim Dispute Notice shall set forth in reasonable detail the principal basis for the dispute of any
claim made in the applicable Claim Certificate. If the Equityholder Representative or Parent, as the case may be, does not deliver a Claim Dispute Notice hereunder prior to the expiration of such 30-day period, then (i) each claim for
indemnification set forth in such Claim Certificate shall be deemed to have been conclusively determined in favor of the applicable Indemnified Party for purposes of this Section 10.04(c) on the terms set forth in the Claim Certificate
and (ii) if the Claim Certificate was delivered by Parent and cash remains in the Indemnity Escrow Fund, then Parent may direct the Escrow Agent to deliver cash from the Indemnity Escrow Fund to Parent in accordance with this
Section 10.04(c). 
 (d)    If a Claim Dispute Notice is properly delivered hereunder, then Parent and the
Equityholder Representative shall attempt in good faith to resolve any such objections raised by the Equityholder Representative in such Claim Dispute Notice. If Parent and the Equityholder Representative agree to a resolution of such objection,
then a memorandum setting forth the matters conclusively determined by Parent and the Equityholder Representative shall be prepared and signed by both parties and, if the Claim Certificate was delivered by Parent and cash remains in the Indemnity
Escrow Fund, promptly delivered to the Escrow Agent directing the Escrow Agent to distribute cash from the Indemnity Escrow Fund in accordance with the terms of such memorandum. 

(e)    If no such resolution can be reached during the 45-day period following receipt of a given Claim Dispute Notice,
then upon the expiration of such 45-day period, either Parent or the Equityholder Representative may bring suit to resolve the objection in accordance with Sections 11.07, 11.08 and 11.09.

 Section 10.05    Defense of Third-Party Claims. 

(a)    Upon receipt by any Person seeking to be indemnified, held harmless, compensated or reimbursed pursuant to
Section 6.03 (the “Indemnitee”) of notice of any actual or possible claim, demand, suit, action, arbitration, investigation, inquiry or Proceeding that has been or may be brought or asserted by a third party against such
Indemnitee and that may be subject to indemnification, the right to be held harmless, compensated or reimbursement hereunder (a “Third-Party Claim”), the Indemnitee shall promptly give notice of such Third-Party Claim to the Person
from whom indemnification, the right to be held harmless, 

  
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compensated or reimbursement is sought under Section 6.03 (the “Indemnitor”) indicating the nature of such Third-Party Claim and the stated basis therefor and the
amount of Damages claimed pursuant to such Third-Party Claim, to the extent known. 
 (b)    The Indemnitor shall have
fifteen (15) calendar days after receipt of the Indemnitee’s notice of a given Third-Party Claim to elect, at its option, to assume the defense of any such Third-Party Claim that the Indemnitor acknowledges involves Damages for which the
Indemnitor must, subject to the limitations set forth in this Article X, indemnify, hold harmless, compensate or reimburse the Indemnitee pursuant to Section 10.02. No delay in providing such notice shall affect an
Indemnitee’s rights hereunder, unless (and then only to the extent that) an Indemnitor is materially prejudiced thereby. If the Indemnitor so proceeds with the defense of any such Third-Party Claim: (i) subject to the other
provisions of Article X, all reasonable expenses relating to the defense of such Third-Party Claim shall be borne and paid exclusively by the Indemnitor; (ii) each Indemnitee shall make available to the Indemnitor any
documents and materials in such Indemnitee’s direct or indirect possession or control that Indemnitor reasonably considers necessary or desirable for the defense of such Third-Party Claim; (iii) the Indemnitee shall execute such
documents and take such other actions as the Indemnitor may reasonably request for the purpose of facilitating the defense of, or any settlement, compromise or adjustment relating to, such Third-Party Claim; (iv) the Indemnitee shall
otherwise fully cooperate as reasonably requested by the Indemnitor in the defense of such Third-Party Claim; (v) the Indemnitee shall not admit any liability with respect to such Third-Party Claim; (vi) the Indemnitor shall
not enter into any agreement providing for the settlement or compromise of such Third-Party Claim or the consent to the entry of a judgment with respect to such Third-Party Claim without the prior written consent of the Indemnitee (which consent
shall not be unreasonably withheld, conditioned or delayed); and (vii) the Indemnitee shall not enter into any agreement providing for the settlement or compromise of such Third-Party Claim or the consent to the entry of a judgment with
respect to such Third-Party Claim without the prior written consent of the Indemnitor (which consent shall not be unreasonably withheld, conditioned or delayed). The Indemnitee shall have the right to employ separate counsel in such Third-Party
Claim and participate in such defense thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnitee; provided, however, that the Indemnitee shall be entitled, at the Indemnitor’s cost, risk and
expense, to retain one firm of separate counsel of its own choosing (along with any required local counsel) if the Indemnitee reasonably determines based on written advice of counsel that a conflict of interest exists that would make it
inappropriate for the same counsel to represent both the Indemnitee and the Indemnitor. If the Indemnitor elects not to defend such Third-Party Claim, then (1) the Indemnitee shall diligently defend such Third-Party Claim and (2)
the Indemnitee shall not enter into any agreement providing for the settlement or compromise of such Third-Party Claim or the consent to the entry of a judgment with respect to such Third-Party Claim without the prior written consent of the
Indemnitor (which consent shall not be unreasonably withheld, conditioned or delayed). 
 Section 10.06    No
Contribution. No Indemnitor shall have, or be entitled to exercise or assert (or attempt to exercise or assert), any right of contribution, right of indemnity or other right or remedy against the Surviving Corporation in connection with any
indemnification obligation or any other liability to which such Indemnitor may become subject under or in connection with this Agreement, it being understood that this in no way shall limit any rights provided under Section 6.03. 

  
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 Section 10.07    Exercise of Remedies by Indemnitees Other Than
Parent. No Indemnitee (other than Parent or any successor thereto or assign thereof) shall be permitted to assert any indemnification claim or exercise any other remedy under this Agreement unless Parent (or any successor thereto or assign
thereof) shall have consented to the assertion of such indemnification claim or the exercise of such other remedy. 
 ARTICLE XI

 MISCELLANEOUS 

Section 11.01    Equityholder Representative. 

(a)    By virtue of the adoption of this Agreement and the approval of the Merger and the other transactions contemplated
hereby by the Requisite Stockholder Approval, each of the Equityholders shall have irrevocably constituted and appointed, upon the Effective Time (and by its execution of this Agreement as Equityholder Representative, Fortis Advisors LLC hereby
accepts its appointment) as the true, exclusive and lawful agent and attorney-in-fact (the “Equityholder Representative”), of the Equityholders receiving consideration hereunder to act in the name, place and stead of the
Equityholders in connection with the transactions contemplated by this Agreement, including, without limitation, Section 2.07, Section 2.08, Section 2.09, Section 2.10, Article X, the Escrow Agreement and
the Equityholder Representative Engagement Agreement, in accordance with the terms and provisions of this Agreement, and to act on behalf of the Equityholders in any Proceeding involving this Agreement, to do or refrain from doing all such further
acts and things, and to execute all such documents as the Equityholder Representative shall deem necessary or appropriate in connection with the transactions contemplated by this Agreement, including the power: 

(i)    to act for the Equityholders with regard to matters pertaining to indemnification referred to in
this Agreement, including the power to compromise any indemnity claim on behalf of the Company Stockholders and to transact matters of litigation or other Proceedings; 

(ii)    to execute and deliver all amendments, waivers, ancillary agreements, stock powers, certificates
and documents that the Equityholder Representative deems necessary or appropriate in connection with the consummation of the transactions contemplated by this Agreement; 

(iii)    to execute and deliver all amendments and waivers to this Agreement that the Equityholder
Representative deems necessary or appropriate, whether prior to, at or after the Closing; 
 (iv)    to
receive funds for the payment of expenses of the Equityholders and apply such funds in payment for such expenses; 

(v)    to do or refrain from doing any further act or deed on behalf of the Equityholders that the
Equityholder Representative deems necessary or appropriate in its sole discretion relating to the subject matter of this Agreement as fully and completely as the Equityholders could do if personally present; and 

  
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 (vi)    to receive service of process in connection with
any claims under this Agreement. 
 Notwithstanding the foregoing, the Equityholder Representative shall have no obligation to act on behalf
of the Equityholders, except as expressly provided herein, in the Escrow Agreement and in the Equityholder Representative Engagement Agreement, and for purposes of clarity, there are no obligations of the Equityholder Representative in any ancillary
agreement, schedule, exhibit or the Company Disclosure Schedule. The Equityholder Representative shall be entitled to: (A) rely upon the Consideration Spreadsheet, (B) rely upon any signature believed by it to be genuine, and
(C) reasonably assume that a signatory has proper authorization to sign on behalf of the applicable Equityholder or other party. The powers, immunities and rights to indemnification granted to the Equityholder Representative hereunder:
(y) are coupled with an interest and shall be irrevocable and survive the death, incompetence, bankruptcy or liquidation of any Equityholder and shall be binding on any successor thereto, and (z) shall survive the delivery of an assignment
by any Equityholder of the whole or any fraction of his, her or its interest in the Indemnity Escrow Fund. 
 (b)    The
Equityholder Representative may resign at any time or may be removed or replaced only upon delivery of written notice to the Surviving Corporation by the Equityholders holding at least a majority of outstanding shares of Company Common Stock (on an
as-converted to Company Common Stock basis) as of immediately prior to the Effective Time. Parent, the Surviving Corporation and any other Person may conclusively and absolutely rely, without inquiry, upon any action of the Equityholder
Representative in all matters referred to herein. The Equityholder Representative shall act for the Equityholders on all of the matters set forth in this Agreement in the manner the Equityholder Representative believes to be in the best interest of
the Equityholders and consistent with the obligations under this Agreement, the Escrow Agreement and the Equityholder Representative Engagement Agreement, but neither the Equityholder Representative nor its members, managers, directors, officers,
contractors, agents and employees nor any member of this Advisory Group (collectively, the “Equityholder Representative Group”) shall be responsible to the Equityholders for any Damages the Equityholders may suffer by the
performance of its duties under this Agreement, other than Damages arising from willful violation of the law or gross negligence or willful misconduct in the performance of its duties under this Agreement. All actions taken by the Equityholder
Representative under this Agreement, the Escrow Agreement or the Equityholder Representative Engagement Agreement shall be binding upon each Equityholder and such Equityholder’s successors as if expressly confirmed and ratified in writing by
such Equityholder, and all defenses which may be available to any Equityholder to contest, negate or disaffirm the action of the Equityholder Representative taken in good faith under this Agreement, the Escrow Agreement or the Equityholder
Representative Engagement Agreement are waived. 
 (c)    Certain Equityholders have entered into an engagement
agreement (the “Equityholder Representative Engagement Agreement”) with the Equityholder Representative to provide direction to the Equityholder Representative in connection with its services under this Agreement, the Escrow
Agreement and the Equityholder Representative Engagement Agreement (such Equityholders, including their individual representatives, collectively hereinafter referred to as the “Advisory Group”). The Equityholders shall indemnify,
defend and hold harmless the Advisory Group from and against any and all losses, claims, damages, liabilities, fees, costs, 

  
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expenses (including fees, disbursements and costs of counsel and other skilled professionals and in connection with seeking recovery from insurers), judgments, fines or amounts paid in settlement
(collectively, the “Equityholder Representative Expenses”) incurred by the Equityholders’ Representative while acting in good faith and in the exercise of its reasonable judgment and arising out of or in connection with the
acceptance or administration of its duties under this Agreement, under the Escrow Agreement or under the Equityholder Representative Engagement Agreement. Such Equityholder Representative Expenses may be recovered first, from the Equityholder
Expense Fund, second, from any distribution of the Indemnity Escrow Fund or Milestone Payment otherwise distributable to the Equityholders at the time of distribution, and third, directly from the Equityholders based on their respective Pro Rata
Shares. The immunities and rights to indemnification shall survive the resignation or removal of the Equityholder Representative or any member of the Advisory Group and the Closing and/or any termination of this Agreement and the Escrow Agreement.
The Equityholders acknowledge that the Equityholder Representative shall not be required to expend or risk its own funds or otherwise incur any financial liability in the exercise or performance of any of its powers, rights, duties or privileges or
pursuant to this Agreement, the Escrow Agreement, the Equityholder Representative Engagement Agreement or the transactions contemplated hereby or thereby. Furthermore, the Equityholder Representative shall not be required to take any action unless
the Equityholder Representative has been provided with funds, security or indemnities which, in its determination, are sufficient to protect the Equityholder Representative against the costs, expenses and liabilities which may be reasonably incurred
by the Equityholder Representative in performing such actions. 
 (d)    The Equityholder Expense Fund shall be held by
the Equityholder Representative in a segregated client account and shall be used (i) for the purposes of paying directly or reimbursing the Equityholder Representative for any Equityholder Representative Expenses incurred pursuant to this
Agreement, the Escrow Agreement or the Equityholder Representative Engagement Agreement, or (ii) as otherwise determined by the Advisory Group. The Equityholder Representative is not providing any investment supervision, recommendations or
advice and shall have no responsibility or liability for any loss of principal of the Equityholder Expense Fund other than as a result of its gross negligence or willful misconduct. The Equityholder Representative is not acting as a withholding
agent or in any similar capacity in connection with the Equityholder Expense Fund, and has no tax reporting or income distribution obligations. Subject to Advisory Group approval, the Equityholder Representative may contribute funds to the
Equityholder Expense Fund from any consideration otherwise distributable to the Equityholders. As soon as reasonably determined by the Equityholder Representative that the Equityholder Expense Fund is no longer required to be withheld, the
Equityholder Representative shall distribute the remaining Equityholder Expense Fund (if any) to the Payment Agent for further distribution to the Equityholders. 

Section 11.02    Notices. All notices, requests and other communications required or permitted under, or otherwise
made in connection with, this Agreement, shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) upon receipt after dispatch by registered or certified mail, postage prepaid, (c) on the next Business Day if
transmitted by national overnight courier (with confirmation of delivery) or (d) in the case of notices delivered by Parent or the Company in connection with Section 5.01, on the date delivered if sent by email (with confirmation of
delivery), in each case, addressed as follows; 

  
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provided, that with respect to notices delivered to the Equityholder Representative, such notices must be delivered solely via email: 

if to Parent or Merger Sub, to: 

LEO Pharma A/S 
 Industriparken
55, 2750 Ballerup 
 Denmark 

Attention: General Counsel 

Email: [***] 
 with a copy to
(which shall not constitute notice): 
 Winston & Strawn LLP 

200 Park Avenue 
 New York, NY
10166 
 Attention: Uri Doron 

Email: [***] 
 if to the
Company, to: 
 PellePharm, Inc. 

101 Mission Street 
 Suite 2050

 San Francisco, CA 94105 

Attention: Sanuj Ravindran 

Email: [***] 
 with a copy to
(which shall not constitute notice): 
 Latham & Watkins LLP 

505 Montgomery Street 
 Suite
2000 
 San Francisco, CA 94111 

Attention: Alan C. Mendelson; Luke J. Bergstrom 

Email: [***] 
 if to the
Equityholder Representative, to: 
 Fortis Advisors LLC 

Attention: Notice Department 

Email: [***] 
 with a copy to
(which shall not constitute notice): 
 Latham & Watkins LLP 

505 Montgomery Street 
 Suite
2000 
 San Francisco, CA 94111 

Attention: Alan C. Mendelson; Luke J. Bergstrom 

Email: [***] 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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 or to such other address or as such party may specify by due notice under this
Section 11.02 to each the other Parties. 
 Section 11.03    Remedies Cumulative;
Specific Performance. The rights and remedies of the Parties shall be cumulative (and not alternative). The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms
hereof and that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions of this Agreement in addition to any other remedy to which
they are entitled to at law or in equity, in each case without the requirement of posting any bond or other type of security. 

Section 11.04    Entire Agreement; Severability; Amendments and Waivers. 

(a)    This Agreement and the Confidentiality Agreement constitute the entire agreement between the Parties with respect to
the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written, between the Parties with respect to the subject matter of this Agreement. 

(b)    If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or
other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so
long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

(c)    Any provision of this Agreement may be amended or waived prior to the Effective Time if, but only if, such
amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement or, in the case of a waiver, by each party against whom the waiver is to be effective. 

(d)    No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by Applicable Law. 
 Section 11.05    Expenses. Except as otherwise provided
herein, all costs and expenses incurred in connection with this Agreement, including all third-party legal, accounting, financial advisory, consulting or other fees and expenses incurred in connection with the Merger and the transactions
contemplated thereby, shall be paid by the party incurring such cost or expense; provided, that the Company shall pay all amounts payable to the Company Financial Advisor. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 79 

 Section 11.06    Binding Effect; Benefit; Assignment. 

(a)    The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and their
respective successors and assigns. Except with respect to Section 6.02(b), Section 6.03, Section 6.06 and Article X, no provision of this Agreement is intended to confer any rights, benefits, remedies,
obligations or liabilities hereunder upon any Person other than the Parties and their respective successors and assigns. 

(b)    No party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without
the consent of each other party hereto, except that Parent or Merger Sub may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part, to (i) one or more of their Affiliates at any time and
(ii) after the Effective Time, to any Person; provided, that such transfer or assignment shall not relieve Parent or Merger Sub of its obligations hereunder or enlarge, alter or change any obligation of any other party hereto or
due to Parent or Merger Sub or result in any incremental withholding Taxes on payments under this Agreement. 

Section 11.07    Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware (including in respect of the statute of limitations or other limitations period applicable to any claim, controversy or dispute hereunder), without giving effect to principles of conflicts of laws that would require the
application of the laws of any other jurisdiction. 
 Section 11.08    Jurisdiction. The Parties agree that
any Proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in any federal court located in the State of Delaware or any
Delaware state court, and each of the Parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such Proceeding and irrevocably waives, to the fullest extent permitted by law,
any objection that it may now or hereafter have to the laying of the venue of any such Proceeding in any such court or that any such Proceeding brought in any such court has been brought in an inconvenient forum. Process in any such Proceeding may
be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 11.02 shall be deemed
effective service of process on such party. 
 Section 11.09    Waiver of Jury Trial. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 11.10    Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each
of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by all of the
other Parties. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation 

  
 80 

 
hereunder (whether by virtue of any other oral or written agreement or other communication). The exchange of a fully executed Agreement (in counterparts or otherwise) by electronic transmission
in .PDF format shall be sufficient to bind the Parties to the terms and conditions of this Agreement. 
 [Signature Page Follows] 

  
 81 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their
respective authorized officers as of the date first written above. 
  

			
	LEO PHARMA A/S
		
	By:	 	
                     
                                         
               

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	LEO SPINY MERGER SUB, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	PELLEPHARM, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	FORTIS ADVISORS LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Agreement of Merger] 

 Exhibit A 

Persons to Execute Non-Competition Agreements 

 

	•	 	 [***] 

  

	•	 	 [***] 

  

	•	 	 [***] 

  

	•	 	 [***] 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

1 

 Exhibit B 

Material Terms of Non-Competition Agreement 

 

	•	 	 Term – [***] 

  

	•	 	 Geography – [***] 

 

	•	 	 Scope of restriction – [***] 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

2 

 Exhibit C 

Form of Certificate of Merger 

[Attached] 

  
 3 

 Exhibit D 

Amended and Restated Certificate of Incorporation 

[Attached] 

  
 4 

 Exhibit E 

Form of Escrow Agreement 

[Attached] 

  
 5 

 Schedule 1.1 

Permitted Recipients 
 [***] 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

6 

 Exhibit B 

Form of Support Agreement 

  
 7 

 Execution Version 

 

[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and
(ii) would be competitively harmful if publicly disclosed. 

 FIRST AMENDMENT TO 

AGREEMENT OF MERGER 

THIS FIRST AMENDMENT TO AGREEMENT OF MERGER (this “Amendment”) is made and entered into as of this 13th day of March, 2019, by and among LEO Pharma A/S, a company organized under the laws of the Kingdom of Denmark (“Optionee”), LEO Spiny Merger Sub, a Delaware corporation
(“Merger Sub”), PellePharm, Inc., a Delaware corporation (“Company”), and Fortis Advisors LLC, a Delaware limited liability company (“Fortis”). Optionee, Merger Sub, the Company and Fortis are each
referred to herein as a “Party” and collectively as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Merger Agreement (as defined
below). 
 WHEREAS, the Parties are each party to that certain Agreement of Merger, dated as of November 19, 2018 (the
“Merger Agreement”); 
 WHEREAS, pursuant to Section 11.04 of the Merger Agreement, a provision of the Merger
Agreement may be amended prior to the Effective Time only if such amendment is in writing and is signed by each party to the Merger Agreement; and 

WHEREAS, the Parties wish to amend and modify the Merger Agreement in certain respects; 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally
bound hereby, the parties hereto hereby agree and amend the Merger Agreement as follows: 
 1.    Conduct of the
Company. 
 (a)    The paragraph immediately following Section 5.01(b)(xviii) of the Merger Agreement is
hereby amended and restated to read as follows (deleted wording is shown in bold and strikethrough and inserted wording is shown in bold and underlined): 

“Notwithstanding anything to the contrary in this Section 5.01, the Company shall be permitted to grant units
to Company employees under the Carveout Plan in accordance with its terms, provided that the aggregate amount payable to Company employees under the Carveout Plan shall not exceed [***] adopt a carveout bonus plan for the benefit
of its employees prior to the Closing, provided that payments under such plan shall be deducted from the Merger Consideration as Company Transaction Expenses.” 

 

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.

 2.    Company Transaction Expenses. The definition of
“Company Transaction Expenses” in Section 1.1 of the Merger Agreement is hereby amended and restated to read as follows (inserted wording is shown in bold and underlined): 

“Company Transaction Expenses” means (a) any fees and disbursements incurred by or on behalf of the
Company and payable to any financial advisor (including the Company Financial Advisor), investment banker, broker or finder in connection with the transactions contemplated by this Agreement, (b) the fees and disbursements payable to legal
counsel, consultants or accountants of the Company that are payable by the Company in connection with the transactions contemplated by this Agreement, (c) any bonuses, incentive compensation, or other change-in-control payments to be paid or payable to any director, officer or employee of the Company at the Closing (without any further condition) in connection with the Merger or any of the other
transactions contemplated by this Agreement, and all employer Taxes related thereto, (d) the employer portion of any payroll Taxes imposed with respect to the payment of the Option Consideration, and (e) all other miscellaneous out-of-pocket expenses or costs, in each case, incurred by the Company in connection with the transactions contemplated by this Agreement. [***]” 

3.    Contemplated Carveout Plan. A new definition of “Carveout Plan” shall be added to
Section 1.1 of the Merger Agreement and shall read as follows: 
 “Carveout Plan” shall mean the
Company’s Management Carveout Plan.” 
 4.    Employee Matters. Section 6.04 of the Merger
Agreement is hereby amended and restated to add the following Section 6.04(e), which in its entirety will read as follows: 

“(e) Promptly after the Effective Time, Parent shall cause the Surviving Corporation to make all payments due under the
Carveout Plan, which obligation shall include providing any necessary funds to complete such payment obligations.” 

5.    Conflicting Terms; Limitation of Amendment. In the event of any conflict or inconsistency between the
terms of this Amendment and the Merger Agreement, the terms of this Amendment shall control. Except as otherwise set forth herein, all terms and provisions of the Merger Agreement shall remain in full force and effect. The Merger Agreement, as
referenced in any other document that the Parties have executed, means the Merger Agreement, as amended by this Amendment. 

6.    Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the
State of Delaware (including in respect of the statute of limitations or other limitations period applicable to any claim, controversy or dispute hereunder), without giving effect to principles of conflicts of laws that would require the application
of the laws of any other jurisdiction. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 2 

 7.    Counterparts. This Amendment may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Amendment shall become effective when each Party shall have received a counterpart hereof
signed by the other Party. Until and unless each Party has received a counterpart hereof signed by the other Party hereto, this Amendment shall have no effect, and no Party shall have any right or obligation hereunder (whether by virtue of any other
oral or written agreement or other communication). The exchange of a fully executed Amendment (in counterparts or otherwise) by electronic transmission in .PDF format or by facsimile shall be sufficient to bind the Parties to the terms and
conditions of this Amendment. 
 *** 

  
 3 

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

			
	LEO PHARMA A/S
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	LEO SPINY MERGER SUB, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	PELLEPHARM, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	FORTIS ADVISORS LLC
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to First Amendment to the Agreement of Merger] 

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

			
	LEO PHARMA A/S
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	LEO SPINY MERGER SUB, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	PELLEPHARM, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	FORTIS ADVISORS LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
First Amendment to the Agreement of Merger] 

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

			
	LEO PHARMA A/S
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	LEO SPINY MERGER SUB, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	PELLEPHARM, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	FORTIS ADVISORS LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
First Amendment to the Agreement of Merger] 

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

			
	LEO PHARMA A/S
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	LEO SPINY MERGER SUB, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:
	
	PELLEPHARM, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	FORTIS ADVISORS LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
First Amendment to the Agreement of Merger]EX-10.13

 Exhibit 10.13 

 
  

 
 EXECUTION VERSION 

 

[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and
(ii) would be competitively harmful if publicly disclosed. 

 ASSET PURCHASE AGREEMENT 

among 
 PHOENIX TISSUE REPAIR,
INC., 
 SHIRE HUMAN GENETIC THERAPIES, INC. 

and 
 LOTUS TISSUE REPAIR, INC.

 Dated as of July 21, 2017 
  

 
  

 
  

 This ASSET PURCHASE AGREEMENT, dated as of July 21, 2017, is made and entered into by
and among PHOENIX TISSUE REPAIR, INC., a Delaware corporation (“Purchaser”), SHIRE HUMAN GENETIC THERAPIES, INC., a Delaware corporation (“Shire”), and LOTUS TISSUE REPAIR, INC., a Delaware corporation
(“Lotus,” and together with Shire, “Sellers” or each a “Seller”). Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in Section 7.06(b). 

WHEREAS, Shire purchased all of the outstanding shares of Lotus pursuant to the Stock Purchase Agreement; 

WHEREAS, Shire has provided notice to the Equityholders’ Representative of an event giving rise to a Purchase Option (as such term is
defined in the Stock Purchase Agreement) pursuant to Section 2.07 of the Stock Purchase Agreement; 
 WHEREAS, pursuant to the terms of
the Contribution Agreement, the Equityholders (as such term is defined in the Stock Purchase Agreement) have contributed the Purchase Option to Purchaser; 

WHEREAS, pursuant to Section 2.07 of the Stock Purchase Agreement, Purchaser, in its capacity as the Designated Affiliate (as such term
is defined in the Stock Purchase Agreement), has elected to exercise the Purchase Option and complete the Asset Purchase (as such term is defined in the Stock Purchase Agreement); and 

WHEREAS, Sellers desire to sell, and Purchaser desires to purchase, the Acquired Assets (as defined below) and consummate the Asset Purchase
(including the assumption of the Assumed Liabilities by Purchaser) as contemplated in this Agreement. 
 NOW, THEREFORE, in consideration of
the premises and mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 
 Purchase and
Sale of Acquired Assets 
 SECTION 1.01    Purchase and Sale. On the terms and subject to the conditions
contained herein, the Sellers hereby agree to sell, convey, assign, transfer and deliver to Purchaser, and shall cause each of their Affiliates to sell, convey, assign, transfer and deliver to Purchaser, and Purchaser hereby agrees to purchase from
Sellers or their Affiliates, all of Sellers’ and their Affiliates’ right, title and interest in, to and under the Acquired Assets, for a purchase price (the “Purchase Price”) consisting of (i) an aggregate amount of
[***] (the “Base Purchase Price”), payable as set forth in Article II, (ii) [***] shares (the “Purchaser Shares”) of Purchaser’s common stock, $0.0001 par value per share (“Common Stock”),
issued by Purchaser to Lotus pursuant to that certain Subscription Agreement dated as of the date hereof, free and clear of any Liens other than restrictions on transfer under the Other Transaction Documents, applicable state and federal securities
laws and liens or encumbrances created by or imposed by Sellers (the “Subscription Agreement”), (iii) the Milestone Consideration, payable in accordance 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
with Section 1.02, (iv) the Contingent Payments, payable in accordance with Section 1.03, and (v) the assumption by Purchaser of the Assumed Liabilities. The purchase and sale of
the Acquired Assets and the assumption by Purchaser of the Assumed Liabilities are referred to in this Agreement collectively as the “Acquisition”. 

SECTION 1.02    Milestone Consideration. 

(a)    Milestone Events. Upon the occurrence of each of the events (each, a “Milestone Event”) set
forth in the table below (the “Milestone Table”) regarding the first Product with which any member of the Purchaser Rights Group achieves such Milestone Event, Purchaser shall pay to Sellers the applicable amount set forth opposite
each such Milestone Event in the Milestone Table (each such payment, a “Milestone Payment”, and collectively, the “Milestone Consideration”) in accordance with Section 1.02(b). Milestone Events (i)(A)
through (and including) (i)(C) set forth in the Milestone Table are referred to in this Agreement as “Regulatory Milestone Events” and the Milestone Events (ii)(A) through (and including) (ii)(F) set forth in the
table below are referred to in this Agreement as “Net Sales Milestone Events”. Payments in respect of Regulatory Milestone Events are referred to in this Agreement as “Regulatory Milestone Payments” and payments in
respect of the Net Sales Milestone Events are referred to in this Agreement as “Net Sales Milestone Payments”. 
  

					
	 	  	 Milestone Event
	  	 Milestone

Payment

	(i)	  	Regulatory Milestone Events	  	
		  	 [***]
	  	[***]
		  	 [***]
	  	[***]
		  	 [***]
	  	[***]
			
	(ii)	  	Net Sales Milestone Events	  	
		  	 [***]
	  	[***]
			
		  	 [***]
	  	[***]
			
		  	 [***]
	  	[***]
			
		  	 [***]
	  	[***]
			
		  	 [***]
	  	[***]
			
		  	 [***]
	  	[***]

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 2 

 Each of the Milestone Payments shall be payable a maximum of one (1) time only. For the avoidance of
doubt: 
 (1) each of the Milestone Payments shall become payable upon the occurrence of the associated Milestone Event, irrespective of the
order in which the Milestone Events occur relative to each other, 
 (2) no amounts shall be due for subsequent or repeated achievements of
any Milestone Event, 
 (3)(x) if Regulatory Milestone Event (i)(B) is achieved before Regulatory Milestone Event (i)(A), then the
Milestone Payments for Regulatory Milestone Events (i)(A) and (i)(B) shall become payable upon such achievement, and (y) if Regulatory Milestone Event (i)(C) is achieved before Regulatory Milestone Event (i)(A) or (i)(B), the Milestone Payments
for all Regulatory Milestone Events shall become payable upon such achievement, and 
 (4) if any combination of Net Sales Milestone
Events not previously achieved are achieved in any one Calendar Year, the Milestone Payments for each such achieved Net Sales Milestones Events shall become payable upon their respective achievement (e.g., if, in one Calendar Year the
aggregate worldwide Net Sales for Products exceeds [***] and no Net Sales Milestone Events have been previously achieved, then the Net Sales Milestone Payments for Net Sales Milestone Events (ii)(A), (ii)(B) and (ii)(C) shall become payable upon
their respective achievement). 
 In accordance with the foregoing, the maximum total Milestone Payments payable by Purchaser to Sellers under this
Section 1.02 would be [***]. 
 (b)    Notice and Payment. Upon the occurrence of a Regulatory Milestone
Event, Purchaser shall promptly (and in any event no later than [***] business days thereafter) provide written notice (a “Regulatory Milestone Statement”) to Sellers of the occurrence of such Regulatory Milestone Event and, within
[***] business days of such notice pay Sellers the corresponding Milestone Payment. No later than [***] business days after the end of the Calendar Quarter in which each Net Sales Milestone Event occurs, Purchaser shall (A) provide written
notice to Sellers of the occurrence of such Net Sales Milestone Event and (B) pay 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 3 

 
Sellers the corresponding Milestone Payment. Notwithstanding anything to the contrary set forth in this Agreement, in the event that Purchaser fails to deliver timely notice of a Milestone Event
to Sellers or fails to timely pay any Milestone Payment, in each case in accordance with this Section 1.02(b), then the applicable Milestone Payment shall bear interest on a daily basis, from and including the date by which such Milestone
Payment should have been paid in accordance with this Section 1.02(b) until (but excluding) the date the payment is debited from Purchaser’s bank account, at a rate per annum equal to the then-prevailing prime rate of Bank of America, N.A.

 SECTION 1.03    Contingent Payments. Pursuant to Section 1.01(iv), during the Contingent Term,
contingent payments (the “Contingent Payments”) shall be payable by Purchaser to Sellers in accordance with this Section 1.03. 

(a)    Contingent Rates. Except as provided in Section 1.03(c), Purchaser shall pay to Sellers
Contingent Payments for each Product of (i) [***] of the annual worldwide Net Sales of such Product where such annual worldwide Net Sales in any Calendar Year are less than [***], (ii) [***] of the annual worldwide Net Sales of such Product where
such annual worldwide Net Sales in any Calendar Year are equal to or greater than [***] but less than [***], and (iii) [***] of the annual worldwide Net Sales of such Product where such annual worldwide Net Sales in any Calendar Year are equal to or
greater than [***]. 
 (b)    Contingent Term. The Contingent Payments payable by Purchaser to Sellers under
Section 1.03(a) shall be paid on a Product-by-Product and country-by-country basis
beginning on the First Commercial Sale of a Product in a country until the latest of (i) the date which is [***] years after the First Commercial Sale of such Product in such country, (ii) the expiration of the last-to-expire Regulatory Exclusivity with respect to such Product in such country and (iii) the expiration in such country of the last-to-expire Valid Claim of a Transferred Patent that Covers such Product (the “Contingent Term”). 

(c)    Adjustments. Notwithstanding anything in Section 1.03(a) to the contrary, if at any time during the
Contingent Term (i) there is no Valid Claim of any Transferred Patent that Covers any element of a Product in a country and as of such time the last-to-expire
Regulatory Exclusivity with respect to such Product in such country has not expired, then the applicable contingent rate contemplated by Section 1.03(a) shall be reduced by [***] of the otherwise applicable contingent rate with respect
to all Net Sales for such Product in such country effective immediately following such time, (ii) there is no Valid Claim of any Transferred Patent that Covers any element of a Product in a country and as of such time the last-to-expire Regulatory Exclusivity with respect to such Product in such country has expired, then the applicable contingent rate contemplated by Section 1.03(a) shall
be reduced by [***] of the otherwise applicable contingent rate with respect to all Net Sales for such Product in such country effective immediately following such time, or (iii) a Generic Product Event occurs with respect to a Product in a
country, then the contingent rate contemplated by Section 1.03(a) shall equal [***] with respect to all Net Sales for such Product in such country effective immediately following such time. For the avoidance of doubt, and
notwithstanding anything herein to the contrary, (A) the contingent rate reductions contemplated in the foregoing clauses (i) – (iii) shall not be aggregated and (B) in no event shall the contingent rate contemplated by
Section 1.03(a) after being reduced pursuant to any of the foregoing clauses (i) – (iii) equal less than [***] with respect to any Net Sales for any Product in any country. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 4 

 Without limiting the foregoing, and by way of example only: 

(1)    In the event that, at any time during the Contingent Term, the contingent rate contemplated by
Section 1.03(a) applicable to Net Sales of a Product in a country is [***] and at such time (x) there is no Valid Claim of any Transferred Patent that Covers any element of such Product in such country and (y) the last-to-expire Regulatory Exclusivity with respect to such Product in such country has not expired, then the applicable contingent rate contemplated by Section 1.03(a)
would be reduced to [***] with respect to all Net Sales for such Product in such country effective immediately following such time. If, following such time, the
last-to-expire Regulatory Exclusivity with respect to such Product in such country expires, then the applicable contingent rate contemplated by
Section 1.03(a) would be reduced to [***] with respect to all Net Sales for such Product in such country thereafter. 

(2)    In the event that, at any time during the Contingent Term, the contingent rate contemplated by
Section 1.03(a) applicable to Net Sales of a Product in a country is [***] and at such time (x) there is no Valid Claim of any Transferred Patent that Covers any element of such Product in such country and (y) the last-to-expire Regulatory Exclusivity with respect to such Product in such country has expired, then the applicable contingent rate contemplated by Section 1.03(a)
would be reduced to [***] with respect to all Net Sales for such Product in such country effective immediately following such time. If, following such time, a Generic Product Event occurs with respect to such Product in such country, then the
contingent rate contemplated by Section 1.03(a) would remain at [***] with respect to all Net Sales for such Product in such country. 

(d)    Contingent Report and Payment. No later than [***] days after the end of each Calendar Quarter, Purchaser or
its Affiliates shall pay to Sellers the Contingent Payments payable for such Calendar Quarter and provide a contingent report (the “Contingent Report”) showing: 

(i)    the Net Sales of each Product sold by Purchaser, its Affiliates and any other member of the Purchaser Rights Group,
in each case during such Calendar Quarter; 
 (ii)    the “gross to net” adjustments with respect to the
calculation of Net Sales for such Calendar Quarter and each prior Calendar Quarter, if any, for the applicable Calendar Year, including the individual components of the calculation, as described in the definition of “Net Sales”; 

(iii)    the Contingent Payments in Dollars which shall have accrued hereunder with respect to any Net Sales of each
Product; 
 (iv)    withholding Taxes, subject to Section 1.04(b), if any, to be deducted with respect to such
Contingent Payments; and 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 5 

 (v)    the Spot Exchange Rate, if applicable, used by Purchaser in
determining the amount of Dollars payable hereunder. 
 Notwithstanding anything to the contrary set forth in this Agreement, in the event
that Purchaser fails to deliver timely a Contingent Report to Sellers or fails to timely pay any Contingent Payment, in each case in accordance with this Section 1.03(d), then the applicable Contingent Payment shall bear interest on a daily
basis, from and including the date by which such Contingent Payment should have been paid in accordance with this Section 1.03(d) until (but excluding) the date the payment is debited from Purchaser’s bank account, at a rate per annum
equal to the then-prevailing prime rate of Bank of America, N.A. 
 SECTION 1.04    Payments; Records; Disputes;
Efforts. 
 (a)    Manner of Payment and Exchange Rate. All payments to be made by Purchaser to Sellers
under Sections 1.02 and 1.03 shall be made in Dollars and shall be paid by wire transfer in immediately available funds to such bank account in the United States designated in writing by Sellers. In computing the amount of sales of a Product
(including Net Sales) denominated in any currency other than Dollars, the rate of exchange to be used in computing the amount of currency equivalent in Dollars shall be the Spot Exchange Rate for the month in which such sales occurred. 

(b)    Tax Withholding. The Purchaser will be entitled to deduct and withhold from the amounts otherwise payable by
it pursuant to this Agreement such amounts as it reasonably determines that it is required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign Tax law; provided, however, that
the Purchaser will so long as Sellers’ right to receive the Milestone Consideration and the Contingent Payments has not been assigned pursuant to Section 7.01(b) (or if only a portion of the right to the Milestone Consideration and the
Contingent Payments has been assigned then only with respect to the portion of the right to such payment retained by and paid to Sellers), promptly (and in any event no later than [***] business days prior to the date on which such payment is made)
notify the applicable Seller of any intention to so deduct and withhold with respect to any payment to the Seller and provide the Seller a reasonable opportunity to provide any statement, form, or other documentation that would reduce or eliminate
any such requirement to deduct and withhold. In addition, Purchaser will (i) remit and report any such amount required to be deducted and withheld to the applicable Governmental Authority in accordance with Applicable Law; (ii) upon
request, promptly provide to the Seller a certificate, receipt or other documentation of proof of such remittance reasonably acceptable to the Seller; and (iii) cooperate with the Seller, [***], as reasonably requested with respect to the
filing of any Tax Return or conduct of any claim relating to any available refund of such amount remitted. To the extent that amounts are so withheld and paid to the appropriate Governmental Authority by Purchaser, such withheld amounts shall be
treated for all purposes of this Agreement as having been paid to the applicable Seller or its Affiliates. 

(c)    Regulatory Milestone Updates. From the Closing and until such time as each of the Regulatory Milestone
Events has been achieved, the Purchaser shall provide to Sellers, (i) within [***] days following January 1 of each Calendar Year, with a written report describing in reasonable detail the current development and regulatory status of the
Product(s) and the progress towards achievement of the Regulatory Milestone Events by all applicable members of the Purchaser Rights Group. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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 (d)    Net Sales Records. Purchaser shall, and shall cause the
other members of the Purchaser Rights Group to, keep books and records prepared in accordance with their respective standard accounting procedures and in accordance with GAAP, in each case consistently applied, for the purpose of calculating all Net
Sales Milestone Payments and Contingent Payments payable to Sellers. Subject to and without limiting Section 5.03(d) and Section 5.06(d), such books and records shall be kept at Purchaser’s or the relevant Purchaser Rights Group
member’s principal place of business for a period of no less than [***] years following the end of the Calendar Year to which they shall pertain, and shall be open for inspection on an annual basis by a mutually agreed upon independent
certified accountant, [***], for the purpose of verifying the Net Sales Milestone Payments or the Contingent Payments payable to Sellers. The books and records for any particular Calendar Year shall be subject to no more than one inspection, and in
no event shall any inspection be initiated with respect to any Calendar Year more than three years following the end of such Calendar Year. Such accountant shall have agreed in writing to maintain all information learned in confidence, except as
necessary to disclose to Sellers any compliance or noncompliance by Purchaser and any other member of the Purchaser Rights Group with the terms of this Section 1.04, and shall have executed all customary release letters reasonably requested by
Purchaser’s or any other Purchaser Rights Group member’s independent auditors. [***]. 
 (e)    Net Sales
Disputes. If Sellers believe that any Net Sales Milestone Event has occurred, or that any Contingent Report is inaccurate in whole or in part, then Sellers shall promptly deliver written notice (a “Net Sales Dispute Notice”)
thereof, in reasonable detail, to Purchaser. During the [***] days following the delivery of a Net Sales Dispute Notice, Purchaser and Sellers shall attempt in good faith to resolve any dispute as to the occurrence of any Net Sales Milestone Event
or the accuracy of any Contingent Report. If the parties do not reach agreement with respect to any dispute relating to any such matter within [***] days after a Net Sales Milestone Dispute Notice is delivered to Purchaser by Sellers, the parties
shall submit for arbitration all matters that remain in dispute and that were properly included in the Net Sales Dispute Notice to a nationally recognized independent accounting firm (the “Accounting Firm”). The Accounting Firm
shall be a nationally recognized independent public accounting firm as shall be agreed upon by the parties in writing or, if the parties are unable to so agree in writing within [***] days, then Purchaser and Sellers shall each select such a firm
and such firms shall jointly select a third nationally recognized independent public accounting firm to serve as the Accounting Firm. The parties shall jointly instruct the Accounting Firm that it shall (i) review only the matters that were
properly included in the Net Sales Dispute Notice and which remain in dispute, (ii) make its determination in accordance with the requirements of this Section 1.04(e) and (iii) render its written decision as promptly as practicable
but in no event later than [***] days after submission to the Accounting Firm of all matters in dispute. The Accounting Firm’s determination shall be accompanied by a certificate of the Accounting Firm that it reached its decision in accordance
with the provisions of this Section 1.04(d). Purchaser and the Sellers shall each pay its own expenses of arbitration, and the fees, costs and expenses of the Accounting Firm shall be [***]. Any decision rendered by the Accounting Firm shall be
final and binding upon the parties; provided, however, that no such decision shall be any more favorable to Purchaser than is set forth in the applicable Contingent Report or any more 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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favorable to Sellers than is proposed in the applicable Net Sales Dispute Notice. All proceedings conducted by the Accounting Firm shall take place in New York, New York. Any underpayments of Net
Sales Milestone Payments or Contingent Payments shall be paid (together with interest in accordance with Section 1.02(b) or 1.03(d), as applicable) by Purchaser within [***] days of notification of the results of such inspection. 

(f)    Efforts Standard. Purchaser shall, and shall cause each other member of the Purchaser Rights Group to, use
Commercially Reasonable Efforts to (i) [***] and (ii) [***]. Sellers acknowledge and agree that, subject only to the foregoing requirement to use Commercially Reasonable Efforts, (A) Purchaser has the exclusive right to own, operate, use,
license, research, develop and otherwise commercialize the Acquired Assets and Products in any way that the Purchaser and its Affiliates deem appropriate, in their sole discretion, including the determination of whether or not to develop or
commercialize a Product or the indications for which a Product may be developed or commercialized, (B) there is no assurance that the Milestone Payments will become payable, (C) Purchaser and its Affiliates owe no fiduciary duty to Sellers
or their Affiliates, and each of them hereby expressly waives any such fiduciary duty if any such duty were to exist, and (D) without limiting any express provisions of this Agreement, the parties intend the express provisions of this Agreement
(including the definition of “Commercially Reasonable Efforts” where such term is expressly applicable) to govern their contractual relationship and to supersede any standard of efforts or implied covenant of good faith and fair dealing
that might otherwise be imposed by any court or other Governmental Authority. 
 SECTION 1.05    Product
Sale. In no event shall the Purchaser or any of its Affiliates effect any Product Sale to any person, unless all of the following requirements are satisfied: (a) the transferee in such Product Sale agrees in writing to be bound by, and
assumes and succeeds to, all of the obligations of the Purchaser set forth in Sections 1.02, 1.03 and 1.04, and (b) prior to or simultaneously with the consummation of such Product Sale, (i) such transferee delivers to the Sellers an
instrument of assumption, reasonably acceptable to the Sellers, effecting the agreement, assumption and succession described in the foregoing clause (a), and (ii) the Purchaser pays or causes to be paid to Sellers all Milestone Payments and
Contingent Payments that have become due and payable under this Agreement prior to such consummation of such Product Sale. Following the consummation of any such Product Sale, the Purchaser shall be jointly and severally liable for any obligations
of the transferee under this Agreement with respect to the Products and Acquired Assets that are the subject of such Product Sale. Notwithstanding anything in this Agreement to the contrary, any purported Product Sale in contravention of this
Section 1.05 shall be null and void. 
 SECTION 1.06    Transfer of Assets. 

(a)    Except as otherwise provided in this Agreement, upon the terms and subject to the conditions set forth in this
Agreement, at the Closing Sellers hereby agree to sell, convey, assign, transfer and deliver to Purchaser, and shall cause their Affiliates to sell, convey, assign, transfer and deliver to Purchaser, and Purchaser hereby agrees to purchase from
Sellers 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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or their Affiliates, all of Sellers’ and their Affiliates’ right, title and interest in, to and under the assets described or identified below (other than Excluded Assets) as they exist
as of immediately prior to the Closing (collectively, the “Acquired Assets”): 

(i)    Closing Date IP Assets; 

(ii)    Research Program Assets; and 

(iii)    the Contracts identified in Section 1.06(a)(iii) of the Sellers Disclosure Schedule (the
“Transferred Contracts”). 
 (b)    Notwithstanding anything to the contrary contained in
Section 1.06(a) or elsewhere in this Agreement, nothing herein contained shall be deemed to sell, transfer, assign or convey the Excluded Assets to Purchaser, and the Sellers and their Affiliates shall retain all right, title and interest to,
in and under the Excluded Assets after the Closing. The term “Excluded Assets” shall mean all assets, properties, interests and rights of the Sellers and any of their respective Affiliates other than the Acquired Assets. For the
avoidance of doubt, the Excluded Assets shall include (but are not limited to): 
 (i)    all cash and
cash equivalents of Sellers and any of their Affiliates; 
 (ii)    all rights and claims of Sellers or
any of their Affiliates to the extent relating to any Excluded Asset or any Excluded Liability, including any such items arising under insurance policies and all guarantees, warranties, indemnities and similar rights in favor of Sellers and their
Affiliates in respect of any Excluded Asset or any Excluded Liability; 
 (iii)    all Contracts other
than the Transferred Contracts; 
 (iv)    except for the Closing Date IP Assets and Product IP and
rights granted under the Product Licensed IP pursuant to the Purchaser License, all other Intellectual Property of Sellers and their Affiliates (including all Sellers Names and Marks); 

(v)    all Tax refunds and Tax deposits, Tax Assets and all Tax books and records; 

(vi)    all rights of Sellers and their Affiliates under this Agreement, the Other Transaction Documents
and the other agreements and instruments executed and delivered in connection with this Agreement; and 

(vii)    all assets, properties or rights set forth on, or arising under any Contracts set forth on,
Section 1.06(b)(vii) of the Sellers Disclosure Schedule. 
 (c)    Notwithstanding the foregoing, Purchaser
acknowledges and agrees that (i) Sellers and their Affiliates may retain possession of and use any Acquired Asset necessary or desirable for the Sellers and their Affiliates to perform their obligations under the Transition Services Agreement,
(ii) in respect of documents, materials and information (including, for the avoidance of doubt, electronic data) included in the Acquired Assets: (x) with respect to any portions of such items that do not relate solely to the Acquired
Assets or are also required for the operation of the Excluded Assets or relate to the Excluded Liabilities, the Sellers and their Affiliates may retain the originals of such items, and deliver, or cause to be delivered, copies thereof to Purchaser
and redact from any such items any information that is not related to the 

  
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Acquired Assets or the Assumed Liabilities, (y) the Sellers and their Affiliates will have up to [***] following the Closing (or such longer time as provided in the Transition Services
Agreement) to deliver such items to Purchaser and (z) Sellers and their Affiliates shall only have an obligation to physically deliver such items to the extent in the possession or control of Sellers or such Affiliates and (iii) in the
event of a conflict between this Agreement and the Transition Services Agreement with respect to the delivery of any Acquired Assets, the Transition Services Agreement will control. 

(d)    Seller has listed on Section 1.06(d) of the Sellers Disclosure Schedule certain statements of work under
Contracts (not included in the Transferred Contracts) that relate exclusively to the Acquired Product (such statements of work, the “Specified SOWs”) and certain Contracts that relate both to the Acquired Product and other
businesses of Shire and its Affiliates (the “Specified Contracts”). Notwithstanding anything to the contrary in this Agreement, but subject to Section 1.09, in addition to the Transferred Contracts, the Acquired Assets shall
also include (i) such Specified SOWs (but not the related master agreement) and (ii) the rights under the Specified Contracts to the extent exclusively related to the Acquired Product and the Assumed Liabilities shall also include all
Liabilities to the extent arising out of or relating to (i) the Specified SOWs or (ii) the Specified Contracts, in the case of this clause (ii), to the extent relating to the Acquired Product and in each case which have not arisen from
breaches or defaults of a Seller during the Ownership Period. Buyer shall use commercially reasonable efforts to enter into its own Contracts to replace the rights provided under the Specified SOWs and Specified Contracts reasonably promptly
following the Closing. 
 SECTION 1.07    Assumed Liabilities. 

(a)    Upon the terms and subject to the conditions of this Agreement, Purchaser shall assume, effective as of the Closing,
all of the following Liabilities of Sellers and their Affiliates, other than any Excluded Liability (the “Assumed Liabilities”): 

(i)    all Liabilities primarily related to the Closing Date IP and the Research Program Assets or the
operation or use thereof, including those listed in Section 1.07(a)(i) of the Sellers Disclosure Schedule; 

(ii)    all Liabilities to the extent arising out of or relating to the Transferred Contracts and which
have not arisen from breaches or defaults of a Seller during the Ownership Period; and 
 (iii)    all
Taxes apportioned to Purchaser under Section 5.03, including Purchaser’s share of any Taxes discussed in Section 5.03(a). 

(b)    Notwithstanding any other provision of this Agreement, Purchaser shall not assume any Excluded Liability. The term
“Excluded Liability” means: 
 (i)    all Liabilities of any Seller or its Affiliates
other than Assumed Liabilities, including, but not limited to, the Liabilities listed on Section 1.07(b)(i) of the Sellers Disclosure Schedule; 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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 (ii)    subject to Section 5.03, all Liabilities
and obligations for (i) Taxes arising from or relating to the Acquired Assets for any Pre-Closing Tax Period, (ii) any Taxes of the Sellers for any taxable period, (iii) any Taxes relating to
the Excluded Liabilities for any taxable period; and (iv) Sellers’ share of any Taxes described in Section 5.03(a); and 

(iii)    all Liabilities arising out of or relating to the Transferred Contracts to the extent such
Liabilities have arisen from breaches or defaults of such Transferred Contract by Seller or any of its Affiliates during the Ownership Period. 

SECTION 1.08    Further Assurances; Inadvertent Transfers of Assets. 

(a)     In case at any time after the Closing any further action is necessary or desirable to carry out the purposes of
this Agreement, at any party’s reasonable request and, subject to Section 5.03(a), at such requesting party’s sole cost and expense, each party shall take such further action (including the execution and delivery to the other party of
such other reasonable instruments of sale, transfer, conveyance, assignment, assumption and confirmation, providing materials and information) as another party may reasonably request as shall be reasonably deemed necessary to transfer, convey and
assign to Purchaser all of the Acquired Assets and to confirm Purchaser’s assumption of the Assumed Liabilities. 

(b)    Without limiting the provisions of Section 1.08(a), to the extent that Purchaser or either Seller discovers
any additional assets or properties, including any Intellectual Property, which are Acquired Assets or Product Licensed IP but were not transferred, assigned, or licensed in accordance with the terms hereof, Purchaser and Sellers shall cooperate and
execute and deliver any instruments of transfer or assignment or a license agreement (as applicable), reasonably necessary to transfer and assign or license (as applicable) such asset or property to Purchaser. Without limiting the provisions of
Section 1.08(a), to the extent that Purchaser or either Seller discovers any assets or properties, including any Intellectual Property, which is an Excluded Asset but which was inadvertently transferred or assigned to Purchaser, Purchaser and
Sellers shall cooperate and execute and deliver any instruments of transfer or assignment reasonably necessary to transfer and assign such asset or property back to Sellers, as appropriate. 

SECTION 1.09    Consents of Third Parties. Notwithstanding anything in this Agreement to the contrary, this
Agreement shall not constitute an agreement to assign any Acquired Asset or any claim or right or any benefit arising thereunder or resulting therefrom if an attempted assignment thereof requires the consent of a third party (including any
Governmental Authority), would in any way adversely affect the rights of Purchaser or the Sellers thereunder or would be contrary to Applicable Law. The Sellers and Purchaser shall use their commercially reasonable efforts (but without any
requirement to pay money or offer other consideration or accommodation to any person) to obtain the consent of any applicable third party to the assignment of any such Acquired Asset or such claim, right or benefit (including, with respect to a
Specified SOW, to separately assign such Specified SOW and its associated Assumed Liabilities). If any such required consent or approval is not obtained prior to the Closing, then in each such case (i) such interest in such Acquired Asset shall
be withheld from sale pursuant to this Agreement without any reduction in the Purchase Price, (ii) Sellers, their Affiliates and Purchaser shall use commercially reasonable efforts to cooperate ([***]) to seek to

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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obtain such consent as soon as practicable after the Closing and (iii) until such consent is obtained, Sellers and Purchaser shall use commercially reasonable efforts to cooperate (each at
their own expense) in any lawful arrangement that does not require such consent under which Purchaser shall obtain the economic claims, rights, benefits and Liabilities under the asset (including any Contract or Permit) or related claim, right or
benefit with respect to which the consent has not been obtained in accordance with this Agreement. Such arrangement may include (a) the subcontracting, sublicensing or subleasing to Purchaser, if permitted, of any and all rights of Sellers and
their Affiliates against, and obligations of Sellers and their Affiliates to, the other party to such third-party agreement and (b) the enforcement ([***] and subject to the Sellers having received, to their reasonable satisfaction, assurances
(including in by way of indemnities, etc.) that Purchaser will be able to comply with such obligations) by Sellers or their Affiliates of such rights. The Sellers and their Affiliates shall have no obligation to obtain such consent or approval or to
provide such an alternative arrangement other than the undertaking to use commercially reasonable efforts to obtain or provide the same as set forth in this Section 1.09 (and the failure to do so shall not be deemed to be a breach of the
Sellers’ representations, warranties or covenants hereunder and the Sellers and their Affiliates shall have no Liability in connection with such failure). 

SECTION 1.10    Grant of Licenses. 

(a)    Effective as of the Closing, Sellers hereby grant to Purchaser a
non-exclusive, worldwide, irrevocable and non-terminable, perpetual, royalty-free, fully paid-up,
non-transferable (except in accordance with Section 7.01) license, with the right to sublicense through multiple tiers of sublicenses (but subject to Section 1.10(c)), under the Product Licensed IP
to Exploit the Product in all fields of use (“Purchaser License”). 
 (b)    Effective as of the
Closing, Purchaser hereby grants to the Sellers a non-exclusive, worldwide, irrevocable and non-terminable, perpetual, royalty-free, fully
paid-up, non-transferable (except in accordance with Section 7.01) license, with the right to sublicense through multiple tiers of sublicenses (but subject to
Section 1.10(d)), under the Closing Date IP Assets and Product IP to Exploit any product (other than a recombinant human collagen type VII product) in any field of use outside of the Covered Indication (“Sellers License”). 

(c)    The license granted to Purchaser under the Purchaser License shall include the right of Purchaser to grant
sublicenses thereunder to any person. Any sublicense of the Purchaser License granted to any third party that is not an Affiliate of Purchaser shall be in writing (it being understood that, for the avoidance of doubt, nothing herein shall be
construed as requiring Purchaser to provide a copy of such sublicense (or any other notice) to, or obtain consent from, Sellers in connection with granting any sublicense under the Purchaser License). Purchaser shall remain liable to Sellers for all
acts or omissions of its sublicensees under the Purchaser License as if they were acts or omissions of the Purchaser under this Agreement. 

(d)    The license granted to Sellers under the Sellers License shall include the right of Sellers to grant sublicenses
thereunder to any person. Any sublicense of the Sellers License granted to any third party that is a not an Affiliate of any Seller shall be in writing (it being understood that, for the avoidance of doubt, nothing herein shall be construed as
requiring any Seller to provide a copy of such sublicense (or any other notice) to, or obtain consent from, 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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Purchaser in connection with granting any sublicense under the Sellers License). Sellers shall remain liable to Purchaser for all acts or omissions of its sublicensees under the Sellers License
as if they were acts or omissions of Sellers under this Agreement. 
 (e)    Without limiting the express
representations and warranties of the parties set forth in Article III and Article IV, the Purchaser License and Sellers License are granted “as is” and Sellers and Purchaser each hereby disclaim any express or implied representations or
warranties of any kind with respect to the Purchaser License and Sellers License, including those regarding merchantability, fitness for a particular purpose or non-infringement. Except for the Purchaser
License and Sellers License, no other licenses of Intellectual Property are granted to Purchaser or Sellers under this Agreement. 

ARTICLE II 
 Closing

 SECTION 2.01    Closing. The closing of the Acquisition (the “Closing”) shall take
place on the date hereof (the “Closing Date”) at the offices of Goodwin Procter LLP, 100 Northern Avenue, Boston, MA, substantially contemporaneously with the transactions contemplated by the Contribution Agreement and the Purchaser
SPA. 
 (a)    In connection with the execution and delivery of this Agreement, Purchaser has delivered to Shire, Lotus,
or the Sellers, as applicable: 
 (i)    by wire transfer to a bank account designated in writing by
Shire at least [***] business days prior to the Closing Date in Dollars, immediately available funds in an amount equal to the Base Purchase Price; 

(ii)    an executed counterpart of the Assignment and Assumption Agreement; 

(iii)    an executed counterpart of the Patent Assignment; 

(iv)    an executed counterpart of the Transition Services Agreement; 

(v)    an executed counterpart of the Subscription Agreement; 

(vi)    an executed Contribution Agreement; 

(vii)    an executed counterpart of the Purchaser SPA; 

(viii)    an executed counterpart to the Right of First Refusal and
Co-Sale Agreement; 
 (ix)    an executed counterpart to the
Voting Agreement; and 
 (x)    an executed counterpart to the Investors’ Rights Agreement. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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 (b)    In connection with the execution and delivery of this Agreement,
Shire, Lotus or Sellers, as applicable, have delivered to Purchaser: 
 (i)    an executed counterpart of
the Assignment and Assumption Agreement; 
 (ii)    an executed counterpart of the Patent Assignment;

 (iii)    an executed counterpart of the Transition Services Agreement; 

(iv)    an executed counterpart of the Subscription Agreement; 

(v)    an executed counterpart to the Right of First Refusal and
Co-Sale Agreement; 
 (vi)    an executed counterpart to the
Voting Agreement; 
 (vii)    an executed counterpart to the Investors’ Rights Agreement; and 

(viii)    an executed certificate from each Seller, signed under penalties of perjury, stating that such
Seller is not a foreign person, in accordance with the requirements of Treasury Regulation section 1.1445-2(b)(2). 

ARTICLE III 

Representations and Warranties of Sellers 

Except as set forth in the Sellers Disclosure Schedule attached hereto (the “Sellers Disclosure Schedule”), the Sellers, on a
joint and several basis, each hereby represents and warrants to Purchaser as of the date hereof as follows (it being understood that, notwithstanding anything to the contrary in this Agreement, all of the following representations and warranties,
including all historical or other rearward-looking representations and warranties, of Sellers, except for those representations and warranties in Section 3.04(b), are given only with respect to the Ownership Period (whether or not such
qualifying language appears in all applicable circumstances throughout this Article III), and not to any facts, circumstances, liabilities or obligations which may have occurred or accrued prior to the Ownership Period): 

SECTION 3.01    Corporate Existence and Power. Each Seller is a corporation duly incorporated, validly
existing and in good standing under the laws of its jurisdiction of incorporation and has all corporate powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now
conducted, except as would not reasonably be expected to, individually or in the aggregate, materially impair the ability of a Seller to consummate the transactions contemplated by this Agreement. 

SECTION 3.02    Authorization. The execution, delivery and performance by a Seller of this Agreement and the
Other Transaction Documents and the consummation of the transactions contemplated hereby and thereby are within the powers of such Seller and have been duly authorized by all necessary action on the part of such Seller. This Agreement and each of

  
 14 

 
the Other Transaction Documents to which a Seller is a party, and each of the other documents and instruments to be executed and delivered by such Seller pursuant hereto and thereto constitute,
or shall constitute, as the case may be a valid and binding agreement of such Seller (assuming that this Agreement and any such Other Transaction Document has been or will be duly and validly authorized, executed and delivered by the other parties
thereto) enforceable against such Seller in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of
equity). No vote or approval of the shareholders of a Seller or any of its Affiliates is required in order to consummate the transactions contemplated by this Agreement or the Other Transaction Documents except for any approval that has already been
given. 
 SECTION 3.03    Governmental Authorization. No consent, approval, license, permit, order or
authorization of, or registration, declaration or filing with, any Governmental Authority is required to be obtained or made by or with respect to a Seller in connection with such Seller’s execution, delivery and performance of this Agreement,
the Other Transaction Documents or the consummation of the transactions contemplated hereby or thereby by such Seller, other than (i) those that may be required solely by reason of Purchaser’s or any Affiliate of Purchaser’s (as
opposed to any other third party’s) participation in the transactions contemplated hereby or thereby and (ii) such consents, approvals, licenses, permits, orders, authorizations, registrations, declarations and filings the absence of
which, or the failure to make or obtain which, individually or in the aggregate, would not be reasonably likely to be material to the Acquired Assets, taken as a whole, or would not reasonably be expected to, individually or in the aggregate,
materially impair the ability of a Seller to consummate the transactions contemplated by this Agreement and the Other Transaction Documents and the consummation of the transactions contemplated hereby and thereby. 

SECTION 3.04    Noncontravention.  

(a)    The execution, delivery and performance by a Seller of this Agreement and the consummation of the transactions
contemplated hereby do not and will not (i) violate the certificate of incorporation or bylaws of such Seller, (ii) assuming compliance with the matters referred to in Section 3.03, violate any Applicable Law, (iii) require any
consent or other action by any third party under, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, or give rise to any right of termination, cancellation or acceleration of any
right or obligation of such Seller or to a loss of any benefit to which such Seller is entitled under any Transferred Contract or (iv) result in the creation or imposition of any liens, claims, encumbrances, security interests, licenses,
covenants not to use, options, charges or restrictions of any kind (“Liens”) on any Acquired Asset, except for any Permitted Liens, with such exceptions, in the case of each of clauses (ii) through (iv), as would not reasonably
be expected to be, individually or in the aggregate, material to the Acquired Assets, taken as a whole, or would not reasonably be expected to, individually or in the aggregate, materially impair the ability of a Seller to consummate the
transactions contemplated by this Agreement and the Other Transaction Documents and the consummation of the transactions contemplated hereby and thereby. 

  
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 (b)    Neither the current operation by Shire of the Acquired Assets nor
the Acquisition is subject to that certain [***]. 
 SECTION 3.05    Good and Valid Title. Seller and its
Affiliates have good and valid title to all Acquired Assets, in each case free and clear of all Liens, other than for Permitted Liens or as a result of facts, circumstances or events not occurring during the Ownership Period. 

SECTION 3.06    Material Contracts. Except as set forth in Section 3.06 of the Sellers Disclosure
Schedule, to the knowledge of Sellers, each Transferred Contract is valid, binding and in full force and effect and, to the knowledge of Sellers, is enforceable by the applicable Seller or its applicable Affiliate in accordance with its terms,
subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity. During the Ownership Period, each Seller and its Affiliates has
performed in all material respects all obligations required to be performed by it under the Transferred Contracts and is not (with or without the lapse of time or the giving of notice, or both) in breach or default in any material respect thereunder
and, to the knowledge of Sellers, no other party to any of the Transferred Contracts is (with or without the lapse of time or the giving of notice, or both) in breach or default in any material respect thereunder. 

SECTION 3.07    Litigation. There is no action relating to, arising out of or in connection with the
Acquired Assets pending against or, to the knowledge of Sellers, threatened in writing against or affecting Sellers, any of their properties or any of their directors or officers (in their capacity as such) before any arbitrator or any Governmental
Authority that, in each case if determined adversely in accordance with the plaintiff’s demands, would reasonably be expected to be, individually or in the aggregate, material to the Acquired Assets, taken as a whole, or would reasonably be
expected to, individually or in the aggregate, materially impair the ability of a Seller to consummate the transactions contemplated by this Agreement. 

SECTION 3.08    Compliance with Laws and Court Orders. Sellers have not been since the Lotus Closing
and are not in material violation of, have not been threatened in writing to be charged with or given notice of any material violation of and, to the knowledge of Sellers, are not under investigation with respect to, any Applicable Law relating to,
arising out of or in connection with any Acquired Asset. Other than orders of general applicability, there is no order (other than orders of general applicability) of any arbitrator or Governmental Authority (including the U.S. Department of Health
and Human Services, including its Office of Inspector General, the U.S. Department of Justice and any State Attorney General) outstanding against Sellers specifically relating to, or arising out of or in connection with, any Acquired Asset that is
or would reasonably be expected to be, individually or in the aggregate, material to the Acquired Assets, taken as a whole, or would reasonably be expected to, individually or in the aggregate, materially impair the ability of a Seller to consummate
the transactions contemplated by this Agreement. 
 SECTION 3.09    Regulatory Matters. 

(a)    To the knowledge of Sellers, each Seller has all material permits required by the FDA (or any foreign equivalent
thereof) (if any) to conduct its business as it relates to 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 16 

 
and in connection with the Acquired Assets (the “FDA Permits”). To the knowledge of Sellers, all of the material FDA Permits are in full force and effect, each Seller is in
compliance in all material respects with, and is not in material default under (and no event which with the giving of notice or lapse of time, or both, would become a material default under), each such material FDA Permit. Neither Sellers nor any of
their Affiliates has granted any third party any right or license to use, access or reference any filings or applications with the FDA (and any foreign equivalent thereof) associated with the Acquired Product (collectively, the “Seller
Regulatory Filings”), including any of the Research Program IP in any of Seller Regulatory Filings or rights (including any regulatory exclusivities) associated with each such Seller Regulatory Filing. 

(b)    Sellers have not received any written notice during the Ownership Period relating to any alleged lack of safety or
efficacy of the Acquired Product or any other product candidate of Sellers that is an Acquired Asset. 
 (c)    To the
knowledge of Sellers, in all matters relating to, arising out of or in connection with the Acquired Assets, each Seller is in compliance in all material respects with all Applicable Law and any other applicable letters, notices or guidance issued by
the FDA or any other Governmental Authority which regulates the development or sale of pharmaceutical products or biological, device or regenerative medicine products in any jurisdiction. To the knowledge of Sellers, there are no pending or
threatened regulatory actions by the FDA or any Governmental Authority which regulates the development or sale of pharmaceutical products or biological, device or regenerative medicine products in any jurisdiction against a Seller relating to,
arising out of or in connection with any Acquired Asset or, with respect to the Acquired Product or any other product candidate of Sellers that is an Acquired Asset, to the knowledge of Sellers, any person that manufactures any component,
ingredient, or material used in manufacturing such Acquired Product or any other product candidate of Sellers pursuant to a development, commercialization, manufacturing, supply or other collaboration arrangement with Sellers (a
“Collaborative Partner”). Since the Lotus Closing, Sellers have received no written notices, reports, warning letters or untitled letters alleging or asserting material noncompliance with any Applicable Law with respect the Acquired
Product or any other product candidate of Sellers that is an Acquired Asset or any subpoenas or investigative demands or other written inquiries that would reasonably be interpreted as raising a material compliance concern sent or delivered by any
Governmental Authority with regard to such Acquired Product or product candidate. 
 (d)    Since the Lotus Closing,
Sellers have received no (i) FDA Form 483 inspection observations, (ii) establishment inspection reports, (iii) written warning, untitled or action letters, (iv) order of any Governmental Authority or (v) enforcement actions
that, in each case, assert material noncompliance with any Applicable Law, in all such cases, relating to, arising out of or in connection with any Acquired Asset. 

(e)    If applicable, to the knowledge of Sellers, the manufacture of the Acquired Product or any other product candidate
of Seller that is an Acquired Asset is being conducted in compliance in all material respects with current “good manufacturing practices,” as defined by the FDA, including, as applicable, the FDA’s Current Good Manufacturing Practices
set forth in 21 C.F.R. Parts 210 and 211. 

  
 17 

 (f)    To the knowledge of Sellers, neither Seller nor any of its
Affiliates or any of their respective Collaborative Partners with respect to the Acquired Product or any other product candidate of Sellers that is an Acquired Asset (i) has been convicted of any crime or engaged in any conduct that has
resulted or would reasonably be expected to result in debarment or disqualification by the FDA or any other Governmental Authority, (ii) has failed to disclose a material fact required to be disclosed to any Governmental Authority with respect
to Seller, and there are no proceedings pending or threatened in writing that would reasonably be expected to result in criminal or civil liability or debarment or disqualification by the FDA or any other Governmental Authority or (iii) has
committed any act, made any statement or failed to make any statement that would reasonably be expected to provide a basis for the FDA to invoke its policy with respect to “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal
Gratuities” or for any other Governmental Authority to invoke any similar policy. 
 (g)    To the knowledge of
Sellers, all studies, tests, preclinical research and clinical studies or trials being conducted by Sellers or any of their Affiliates, or on behalf of Sellers or any of their Affiliates, in each case with respect to the Acquired Product or any
other product candidate of Sellers that is an Acquired Asset are being, and during the Ownership Period have been, conducted in compliance in all material respects with standard medical and scientific research procedures and all Applicable Law,
including the Federal Food, Drug, and Cosmetic Act of 1938, as amended (the “FDCA”), and, to the extent applicable, its implementing regulations including 21 C.F.R. Parts 50, 54, 56, 58, 312 and 812, and comparable Applicable Law.

 (h)    To the knowledge of Sellers, neither Seller nor any of its Affiliates, nor any of their respective officers,
directors, managing employees (as those terms are defined in 42 C.F.R. § 1001.1001), nor any agent (as such term is defined in 42 C.F.R. § 1001.1001(a)(2)) of Seller or any of its Affiliates: (i) is a party to, or bound by, any order,
individual integrity agreement, corporate integrity agreement or other formal or informal agreement with any Governmental Authority concerning compliance with Federal health care program laws; (ii) has been debarred, excluded or suspended from
participation in any Federal health care program, as defined in 42 U.S.C. § 1320a-7b(f); (iii) has had a civil monetary penalty assessed against it, him or her under 42 U.S.C. § 1320a-7a; (iv) is currently listed on the General Services Administration (the “GSA”) published list of parties excluded from federal procurement programs and non-procurement programs, maintained in the GSA’s System for Award Management; (v) is the target or subject of any current investigation by a Governmental Authority relating to any material Federal health
care program-related offense; or (vi) is currently charged with or convicted of any criminal offense relating to the delivery of an item or service under any Federal health care program, in each of cases (i)-(vi) specifically relating to, or
arising out of or in connection with, any Acquired Asset. 
 (i)    To the knowledge of Sellers, there are no pending or
threatened in writing filings of an action against Sellers or any of their Affiliates relating to the Acquired Product or any other product candidate of Seller that is an Acquired Asset under any federal or state whistleblower statute, including
under the False Claims Act (31 U.S.C. § 3729 et seq.). 
 (j)    As it relates to or in connection with any
Acquired Asset, to the knowledge of Sellers, neither Seller nor its Affiliates is under investigation by any 

  
 18 

 
Governmental Authority for a violation of the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act, or
the regulations contained in 45 C.F.R. Parts 160 and 164, including receiving any written notices from the United States Department of Health and Human Services Office of Civil Rights relating to any such violations, or any comparable state or local
Applicable Law. 
 (k)    To the knowledge of Sellers, Sellers owns and/or have the right to use all information and
data generated in all development activities and all preclinical, toxicology and other studies, and clinical studies and trials (together with data sets associated with such studies) with respect to the Acquired Product, in each case, undertaken by
or on behalf of Seller. 
 (l)    As it relates to or in connection with any Acquired Asset, to the knowledge of
Sellers, each Seller and its Affiliates have during the Ownership Period complied in all material respects with Applicable Law with respect to Seller relating to security and privacy standards regarding protected health information. 

(m)    Notwithstanding anything herein to the contrary, the representations and warranties set forth in this
Section 3.09 are the only representations and warranties of Sellers with respect to regulatory matters. 

SECTION 3.10    Intellectual Property. 

(a)    To the knowledge of Sellers, Section 3.10(a) of the Sellers Disclosure Schedule contains a true and complete
list of each of the registrations and applications for registrations owned by Sellers and included in the Research Program IP, specifying as to each such item, as applicable, (i) each owner of such item, (ii) each jurisdiction in which
such item is issued or registered or in which any application for issuance or registration has been filed, (iii) the respective issuance, registration, or application number of such item and (iv) the date of application and issuance or
registration of such item. 
 (b)    Sellers (i) are the sole and exclusive owners of the Research Program IP owned
by Sellers and (ii) hold all of their right, title and interest in and to such Research Program IP free and clear of any Lien (other than Permitted Liens), in each case other than as a result of facts, circumstances or events not occurring
during the Ownership Period. 
 (c)    To the knowledge of Sellers, the consummation of the transactions contemplated by
this Agreement will not alter, encumber, impair or extinguish any Research Program IP. 
 (d)    To the knowledge of
Sellers, during the Ownership Period, the conduct of the Research Program by Sellers as conducted as of the Closing, does not infringe, induce or contribute to the infringement of, misappropriate or otherwise violate any Intellectual Property of any
person (for the avoidance of doubt, the awareness solely of the existence of particular patents and patent applications (but not the content thereof) shall not be deemed to constitute “knowledge” of the inventions claimed therein). To the
knowledge of Sellers, during the Ownership Period, there is no investigation by a Governmental Authority, or claim, action, suit, or proceeding, pending against, or threatened against, such Sellers, or any present officer, director or employee of
such Sellers (i) based upon, or challenging or seeking to deny or 

  
 19 

 
restrict, the rights of such Sellers in any Research Program IP, (ii) alleging that any Research Program IP is invalid or unenforceable, or (iii) alleging that the conduct of the
Research Program by Sellers has infringed, misappropriated or otherwise violated any Intellectual Property of any person. 

(e)    To the knowledge of Sellers, during the Ownership Period, none of the Research Program IP has been adjudged invalid
or unenforceable in whole or part, or, in the case of pending Patent applications included in the Research Program IP, has been the subject of a final and unappealable finding of unpatentability. To the knowledge of Sellers, during the Ownership
Period, all registration, maintenance and renewal fees applicable to the Transferred Patents that are currently due have been paid and all documents and certificates related to such items have been filed with the relevant Governmental Authority or
other authorities in the applicable jurisdictions for the purposes of maintaining such items. 
 (f)    To the knowledge
of Sellers, during the Ownership Period, no person has infringed, misappropriated or otherwise violated any of Sellers’ rights in any Research Program IP. 

(g)    During the Ownership Period, to the knowledge of Sellers, Sellers have taken reasonable steps in accordance with
normal industry practice to maintain the confidentiality of all Research Program IP the value of which to Sellers is contingent upon maintaining the confidentiality thereof and, to the knowledge of Sellers, no such Research Program IP has been
disclosed to a person not bound by a written confidentiality agreement. 
 (h)    Notwithstanding anything herein to the
contrary, the representations and warranties set forth in this Section 3.10 are the only representations and warranties of Sellers with respect to Intellectual Property matters. 

SECTION 3.11    [Reserved] 

SECTION 3.12    Finders’ Fees. There is no investment banker, broker, finder or
other intermediary which has been retained by or is authorized to act on behalf of any Seller who is entitled to any fee or commission in connection with the transactions contemplated by this Agreement and the Other Transaction Documents. 

SECTION 3.13    Affiliate Transactions. Except as set forth on Section 3.13 of the Sellers
Disclosure Schedule and for the Other Transaction Documents, no (a) director, officer or, to the knowledge of Sellers, employee of a Seller or (b) Affiliate of a Seller (each of the foregoing, a “Related Party”) is a party
to any Transferred Contract (other than (A) in the case of any current or former director, officer, or employee of Sellers, rights and claims for indemnification or to advancement or reimbursement of expenses that any such person may have in
his or her capacity as a current or former director, officer, or employee of a Seller or (B) in the case of an employee or independent contractor of a Seller, any rights or claims which such person may have arising out of or related to such
person’s status as an employee or independent contractor of a Seller with respect to payment of accrued and unpaid wages, compensation earned, unreimbursed business expenses and/or participation in, or benefits under, any compensation or
benefits plan or other arrangement). For the avoidance of doubt, the Sellers and their subsidiaries shall not be deemed to be “Related Parties” hereunder. 

  
 20 

 SECTION 3.14    Foreign Corrupt Payments. To the
knowledge of Sellers, as it relates to, arises out of or in connection with the Acquired Assets, none of Seller, any director or officer of Seller, or any consultant, agent or other person acting for or on behalf of Seller has taken any action that
would result in a material violation by such person of the Foreign Corrupt Practices Act (15 U.S.C. §§ 78m(b), 78dd-1, 78dd-2, 78ff) (the
“FCPA”), The Bribery Act of 2010 of the United Kingdom (the “UK Bribery Act”), or any other anti-corruption Applicable Law (but, in each case, only to the extent such Applicable Law is applicable to the foregoing
persons), including: (a) by making use of the mails or any means or instrumentality of interstate commerce in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or offer, gift, promise to give, or
authorization of the giving of anything of value, directly or indirectly, to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office to
secure official action, or to any person (whether or not a foreign official) to influence that person to act in breach of a duty of good faith, impartiality or trust (“acting improperly”) or to reward the person for acting improperly, in
contravention of the FCPA or the UK Bribery Act or any other applicable anti-corruption Applicable Law or (b) by requesting, agreeing to receive or accepting a financial or other advantage intending that, as a consequence, anyone’s work
duties will be performed improperly, or as a reward for anyone’s past improper performance. Since the Lotus Closing, Seller has conducted its businesses relating to, arising out of or in connection with the Acquired Assets in compliance in all
material respects with the FCPA, the UK Bribery Act and any other anti-corruption Applicable Law. 

SECTION 3.15    Taxes. For the Pre-Closing Tax Periods
beginning after the Lotus Closing (x) Sellers have timely paid all Taxes which will have been required to be paid on or prior to the date hereof, the non-payment of which would result in a Lien on any
Acquired Asset or would result in the Purchaser becoming liable or responsible therefor, (y) there are no examinations or audits now pending or threatened in writing regarding any Tax Returns with respect to the Acquired Assets by any
Governmental Authority and (z) there are no Liens on the Acquired Assets other than liens for Taxes not yet due and payable for which adequate reserves have been established in accordance with GAAP. Notwithstanding anything herein to the
contrary, the representations and warranties set forth in this Section 3.15 are the only representations and warranties of the Sellers with respect to Tax matters.  

SECTION 3.16    No Other Representations or Warranties. Except as expressly set forth in this
Article III, the Sellers make no representations or warranties, express or implied, and expressly disclaim any and all representations and warranties other than those set forth in this Article III. 

  
 21 

 ARTICLE IV 

Representations and Warranties of Purchaser 

Purchaser hereby represents and warrants to Sellers as of the date hereof as follows: 

SECTION 4.01    Organization; Existence and Power. Purchaser is duly organized, validly existing and in good
standing under the laws of its jurisdiction of organization and has all corporate powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. 

SECTION 4.02    Authorization. The execution, delivery and performance by Purchaser of this Agreement and the
consummation of the transactions contemplated hereby are within the powers of Purchaser and have been duly authorized by all necessary action on the part of Purchaser. This Agreement and each of the Other Transaction Documents to which Purchaser is
a party, and each of the other documents and instruments to be executed and delivered by Purchaser pursuant hereto and thereto constitute, or shall constitute, as the case may be a valid and binding agreement of Purchaser enforceable against
Purchaser in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). 

SECTION 4.03    Governmental Authorization. The execution, delivery and performance by Purchaser of this
Agreement and the Other Transaction Documents to which it is a party, and each of the other documents and instruments to be executed and delivered by Purchaser pursuant hereto and thereto, and the consummation of the transactions contemplated hereby
and thereby require no action by or in respect of, or filing with, any Governmental Authority other than any actions or filings the absence of which would not reasonably be expected, individually or in the aggregate, to materially impair the ability
of Purchaser to consummate the transactions contemplated by this Agreement. 

SECTION 4.04    Noncontravention. The execution, delivery and performance by Purchaser of this Agreement and
the Other Transaction Documents and the consummation of the transactions contemplated hereby and thereby do not and will not (i) violate the certificate of incorporation or bylaws of Purchaser, (ii) assuming compliance with the matters
referred to in Section 5.03, violate any Applicable Law (iii) require any consent or other action by any person under, constitute a default under, or give rise to any right of termination, cancellation or acceleration of any right or
obligation of Purchaser or to a loss of any benefit to which Purchaser is entitled under any provision of any agreement or other instrument binding upon Purchaser or (iv) result in the creation or imposition of any material Lien on any asset of
Purchaser. 
 SECTION 4.05    Litigation and Governmental Orders. There is no action pending against
Purchaser before any arbitrator or any Governmental Authority that, if determined or resolved adversely in accordance with the plaintiffs demands, would reasonably be expected to, individually or in the aggregate, impair the ability of Purchaser to
consummate the transactions contemplated by this Agreement, or in any manner challenges or seeks to 

  
 22 

 
prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement. Neither Purchaser nor any of its Affiliates is subject to any order of any arbitrator or Governmental
Authority that in any manner challenges or seeks to prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement or the Other Transaction Documents. 

SECTION 4.06    Finders’ Fees. There is no investment banker, broker, finder or other
intermediary which has been retained by or is authorized to act on behalf of Purchaser or any of its Affiliates who is entitled to any fee or commission in connection with the transactions contemplated by this Agreement and the Other Transaction
Documents. 
 SECTION 4.07    No Side Arrangements. Except for the Other Transaction Documents, Purchaser
has provided Sellers with all agreements and arrangements existing as of the date hereof or contemplated between Purchaser and its Affiliates, on the one hand, and holders of shares of any of the Purchaser’s securities as of the Closing (after
consummation of the transactions contemplated by the Purchaser SPA and the Contribution Agreement) and their respective Affiliates, on the other hand, that relate directly or indirectly to the transactions contemplated by this Agreement and the
Other Transaction Documents or any of such holder’s direct or indirect investment in Purchaser, and there are no promises or inducements for future transactions by or among Purchaser or any of its Affiliates, on the one hand, and any such
holder or any such holder’s Affiliates, on the other hand, related to the foregoing. 
 SECTION 4.08    No
Other Representations. Purchaser is an informed and sophisticated purchaser, and has engaged expert advisors, experienced in the evaluation and purchase of property and assets such as the Acquired Assets and assumption of liabilities such as the
Assumed Liabilities as contemplated hereunder. Purchaser has undertaken such investigation and has been provided with and has evaluated such documents and information as it has deemed necessary to enable it to make an informed and intelligent
decision with respect to the execution, delivery and performance of this Agreement. Purchaser acknowledges that each Seller has given Purchaser such access to the key employees, documents and facilities relating to the Acquired Assets and the
Assumed Liabilities as Purchaser has requested. Purchaser acknowledges and agrees that the Acquired Assets are sold “as is” and Purchaser agrees to accept the Acquired Assets and the Assumed Liabilities in the condition they are in on the
Closing Date based on its own inspection, examination and determination with respect to all matters, and without reliance upon any express or implied representations or warranties of any nature made by or on behalf of or imputed to Sellers, except
as expressly set forth in this Agreement. Except for the representations and warranties of the Sellers set forth in this Agreement, Purchaser (on behalf of itself and its Affiliates) acknowledges and agrees that no representation or warranty of any
kind whatsoever, express or implied, at law or in equity, is made or shall be deemed to have been made by or on behalf of any Seller or any of its Affiliates, and each Seller hereby disclaims, and Purchaser (on behalf of itself and its Affiliates)
hereby disclaims any reliance upon, any such representation or warranty, and notwithstanding the delivery or disclosure to Purchaser or any of its representatives or Affiliates of any documentation or other information by the Sellers or any of their
representatives or Affiliates with respect to any one or more of the foregoing. Without limiting the generality of the foregoing, Purchaser acknowledges that the Sellers make no representation or warranty with respect to (i) any projections,
estimates or budgets delivered to or made available to Purchaser of future revenues, future results of operations (or any component 

  
 23 

 
thereof), future cash flows or future financial condition (or any component thereof) with respect to the Acquired Assets or the Assumed Liabilities, (ii) the research, development, product
design, manufacturing, production, distribution, marketing, promotion, sale or commercialization of any Product, or the likelihood of the achievement of any of the Milestone Events or (iii) any other information or documents made available to
Purchaser or its counsel, accountants or advisors with respect to the Acquired Assets or Assumed Liabilities, except as expressly set forth in this Agreement. Purchaser also acknowledges that no employee or representative of a Seller (or any of its
Affiliates) has been authorized to make any statements or representations, other than those specifically contained in this Agreement. Except as expressly set forth in this Article IV or the Other Transaction Documents, Purchaser makes no
representations or warranties, express or implied, and expressly disclaim any and all representations and warranties other than those set forth in this Article IV or the Other Transaction Documents. 

ARTICLE V 
 Covenants

 SECTION 5.01    Publicity. Each Seller and Purchaser agree that no public release or announcement
concerning this Agreement or the transactions contemplated hereby or other communications with any news media regarding this Agreement or the transactions contemplated hereby shall be issued by any party or its Affiliates without the prior written
consent of the other parties hereto (which consent shall not be unreasonably withheld), except as such release or announcement may be required by Applicable Laws, the rules or regulations of any United States or foreign securities exchange to which
such party is subject, any listing agreement with any U.S. or U.K. securities exchange or share market or any listing authority including the U.K. Listing Authority; provided that if any such release, announcement or communication is so
required, the Sellers and Purchaser shall consult with each other, to the extent reasonably practicable, in advance as to the contents and timing thereof. 

SECTION 5.02    Bulk Transfer Laws. The parties hereby waive compliance with the provisions of any so-called “bulk transfer law” of any jurisdiction in connection with the sale of the Acquired Assets to Purchaser. 

SECTION 5.03    Tax Matters. 

(a)    All Transfer Taxes and any filing or recording fees applicable to the Acquisition shall be borne one-half by the Sellers and one-half by the Purchaser. The legally required party shall timely file all necessary Tax Returns and other documentation with respect to such
Transfer Taxes required by a Governmental Authority to be filed and, if required by applicable Law, the other party will, and will cause its Affiliates to, join in the execution of any such Tax Returns and other documentation. The Sellers and the
Purchaser shall, as applicable, (i) cooperate in the preparation and filing of all necessary Tax Returns and other documentation with respect to such Transfer Taxes, (ii) use commercially reasonable efforts to minimize any such Taxes or
fees and to avail itself of any available exemptions from any such Taxes or fees, and (iii) cooperate with the other party in providing any information and documentation that may be necessary to obtain such exemption. 

  
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 (b)    Any real property, personal property or similar Taxes applicable
to the Acquired Assets for a taxable period that includes but does not end on the Closing Date (collectively, the “Apportioned Obligations”) shall be timely paid by the Purchaser or the Seller, as applicable, and such Taxes shall be
apportioned between the Purchaser and the Seller based on the number of days in such taxable period included in the Pre-Closing Tax Period and the number of days in the entire taxable period. 

(c)    Upon payment of any such Apportioned Obligations or Transfer Taxes, the paying party shall present a statement to
the non-paying party setting forth the amount of reimbursement to which the paying party is entitled under Sections (a) or (c), as the case may be, together with such supporting evidence as is reasonably
necessary to calculate the amount to be reimbursed or refunded. The applicable party shall make the payment in the foregoing sentence promptly but in no event later than [***] days after the presentation of such statement. Any payment not made
within such time shall bear interest at the federal underpayment rate for each day until paid. Notwithstanding the foregoing, the party with the primary legal obligation to pay any Apportioned Obligations or Transfer Taxes may, in its sole
discretion, seek reimbursement under this Section 5.03(c) from the non-paying party prior to such party’s payment of any such Apportioned Obligations or Transfer Taxes, and the non-paying party shall make such reimbursement promptly but in no event later than [***] business days after the presentation of such statement; provided, that the non-paying
party shall not be required to make such reimbursement earlier than [***] days prior to the date on which such Apportioned Obligations or Transfer Taxes are due. 

(d)    The Purchaser and the Sellers agree to furnish or cause to be furnished to each other, upon request, as promptly as
practicable, such information and assistance relating to the Acquired Assets (including access to books and records) as is reasonably necessary for the filing of all Tax Returns, the making of any election relating to Taxes, the preparation for any
audit by any Governmental Authority, and the prosecution or defense of any claim, suit or proceeding relating to any Tax. The Purchaser and the Sellers shall retain all books and records with respect to Taxes pertaining to the Acquired Assets for a Pre-Closing Tax Period for a period of at least [***] years following the Closing Date. On or after the end of such period, each party shall provide the other with at least [***] days prior written notice before
destroying any such books and records, during which period the party receiving such notice can elect to take possession, at its own expense, of such books and records. The Sellers and the Purchaser shall cooperate with each other in the conduct of
any audit or other proceeding relating to Taxes involving the Acquired Assets with respect to any Pre-Closing Tax Period. 

(e)    Tax Treatment. The parties hereto agree that the purchase of the Acquired Assets by Purchaser in
consideration for the Purchase Price is integrated for U.S. federal income tax purposes with (i) the contribution of the Assets (as such term is defined in the Contribution Agreement) by the Contributors (as such term is defined in the
Contribution Agreement) in consideration for the Shares (as such term is defined in the Contribution Agreement) pursuant to the Contribution Agreement, and (ii) the issuance of the Initial Shares (as such term is defined in the Purchaser SPA)
by Purchaser to BridgeBio Pharma LLC pursuant to the Purchaser SPA. Accordingly, the purchase of the Acquired Assets and the transactions in clause (i) and (ii) shall be treated by the parties as a transaction governed by Section 351 of
the Code. The parties hereto agree that, for all Tax purposes, the transaction 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 25 

 
contemplated by this agreement will be reported in a manner that is consistent with this Section 5.03(e), and none of them (nor any of their respective affiliates) will take any Tax position
inconsistent therewith on any Tax Return or otherwise, except as otherwise required by a “determination,” within the meaning of Section 1313(a)(1) of the Code or any similar provision of any state, foreign or local law. Any gain
recognized pursuant to Section 351(b) of the Code shall be allocated among the Acquired Assets in accordance with their relative fair market values as reasonably determined by the parties. If the parties cannot agree on an allocation, then the
matter shall be submitted to the Accounting Firm in accordance with the procedures set forth in Section 1.04(e) of this Agreement for the Accounting Firm’s determination, which shall be binding on the parties. 

SECTION 5.04    Intellectual Property Matters. 

(a)    [***] shall be responsible, at its sole cost and expense, for all applicable recordations of the assignment of the
Research Program IP. 
 (b)    From and after the Closing, Purchaser shall, and shall cause each other member of the
Purchaser Rights Group to, diligently prosecute in good faith each pending Patent application included in the Transferred Patents. For the avoidance of doubt, Purchaser shall not file any Patent in any manner designed to circumvent or otherwise
avoid having such Patent constitute a Transferred Patent under this Agreement that contains at least one Valid Claim. 

SECTION 5.05    Confidential Information. 

(a)    After the Closing until the sixth anniversary thereof, each of the Sellers shall hold, and shall cause its
Affiliates to hold, and will use their respective reasonable best efforts to cause their respective officers, directors, employees, accountants, counsel, consultants, advisors and agents (“Representatives”) to hold, in confidence,
except (i) to the extent necessary to perform their obligations under this Agreement and the Other Transaction Documents, (ii) to their Affiliates and their respective Representatives on a need-to-know basis (provided that Sellers shall be responsible for any breach of this Section 5.05(a) by any of their Affiliates or Representatives to which such information is disclosed in accordance
with this clause (ii)), (iii) as necessary to defend or prosecute any claim, action, suit, investigation or proceeding relating to this Agreement or the Other Transaction Documents or the transactions contemplated hereby or thereby or (iv) if
requested or compelled to disclose by judicial or administrative process or by other requirements of law or pursuant to any listing agreement with any U.S. or U.K securities exchanges or share market or by any listing authority, all confidential
documents and information relating to, arising out of or in connection with the Acquired Assets, except to the extent that such information (X) shall have entered public domain through no improper disclosure by Sellers or any of their
respective Affiliates or (Y) shall have become known to the Sellers or any of their Affiliates after the Closing from a source (other than the Purchaser and its Affiliates) not known by it to be bound by a confidentiality obligation to any
person with respect to such information. The obligation of Sellers and their Affiliates to hold any such information in confidence shall be satisfied if they exercise the same care with respect to such information as they would take to preserve the
confidentiality of their own similar information. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 26 

 (b)    After the Closing until the [***] anniversary thereof, Purchaser
shall hold, and shall cause its Affiliates to hold, and will use its reasonable best efforts to cause their respective Representatives to hold, in confidence, except (i) to the extent necessary to perform its obligations under this Agreement
and the Other Transaction Documents, (ii) to its Affiliates and their respective Representatives on a need-to-know basis (provided that Purchaser shall be
responsible for any breach of this Section 5.05(b) by any of its Affiliates or Representatives to which such information is disclosed in accordance with this clause (ii)), (iii) as necessary to defend or prosecute any claim, action, suit,
investigation or proceeding relating to this Agreement or the Other Transaction Documents or the transactions contemplated hereby or thereby or (iv) if requested or compelled to disclose by judicial or administrative process or by other
requirements of law or pursuant to any listing agreement with any U.S. or U.K securities exchanges or share market or by any listing authority, (A) all nonpublic or confidential documents and information relating to, arising out of or in
connection with Product Licensed IP provided to Purchaser or (B) all nonpublic or confidential information provided to Purchaser, any of its Affiliates or any of their Representatives by a Seller, any of its Affiliates or their Representatives
concerning a Seller or any of its Affiliates or any of their respective businesses in connection with the potential transactions resulting in the asset sale described herein, and not otherwise constituting an Acquired Asset or Assumed Liability (it
being understood that Purchaser may disclose such documents and information described in the foregoing clause (A) to a third party that has been granted a sublicense to the Product Licensed IP by Purchaser pursuant to Section 1.10(c), but
only to the extent necessary for such third party to exercise its rights granted under Section 1.10(c), provided that Purchaser shall remain liable to Sellers for any breach of this Section 5.05(b) by any such third party), except to the
extent that such information (X) shall have entered public domain through no improper disclosure by Purchaser or any of its Affiliates or (Y) shall have become known to Purchaser or any of its Affiliates after the Closing from a source
(other than the Sellers and their Affiliates) not known by it to be bound by a confidentiality obligation to any person with respect to such information. The obligation of Purchaser and its Affiliates to hold any such information in confidence shall
be satisfied if they exercise the same care with respect to such information as they would take to preserve the confidentiality of their own similar information. 

SECTION 5.06    Access to Information.  

(a)    On and after the Closing Date, Sellers shall, and shall cause their Affiliates to, provide any information in such
Sellers’ possession reasonably requested by Purchaser or any of its controlled Affiliates (i) with respect to any period ending on or before the Closing Date to the extent relating to the Acquired Assets or the Assumed Liabilities or
(ii) to the extent necessary or useful for the Purchaser in connection with any audit, investigation, dispute (including in connection with a dispute between the parties) or any other reasonable business purpose relating to the Acquired Assets;
provided that any such access shall not unreasonably interfere with the conduct of the business of such Seller or any of its Affiliates and shall not require such Seller or any of its Affiliates to violate any Applicable Law or a contract or
obligation of confidentiality owed to a third party or to permit access to any privileged information. [***] shall bear all of the out-of-pocket costs and expenses
(excluding reimbursement for general overhead, salaries and employee benefits) reasonably incurred by [***] or its Affiliates in connection with [***] exercise of its rights under this Section 5.06(a). 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 27 

 (b)    On and after the Closing Date, Purchaser shall, and shall cause
its Affiliates to, provide any information in its possession reasonably requested by Sellers or any of their Affiliates (i) with respect to any period ending on or before the Closing Date to the extent relating to the Acquired Assets or the
Assumed Liabilities or (ii) to the extent necessary or useful for Sellers in connection with any audit, investigation, dispute (including in connection with a dispute between the parties) or any other reasonable business purpose relating to the
Acquired Assets; provided that any such access shall not unreasonably interfere with the conduct of the business of Purchaser or any of its Affiliates and shall not require Purchaser or any of its Affiliates to violate any Applicable Law or a
contract or obligation of confidentiality owed to a third party or to permit access to any privileged information. [***] shall bear all of the out-of-pocket costs and
expenses (excluding reimbursement for general overhead, salaries and employee benefits) reasonably incurred by [***] or its Affiliates in connection with [***] exercise of its rights under this Section 5.06(b). 

(c)    Promptly (and in any event no later than [***] days) after the Closing, Sellers will deliver to Purchaser a copy of
all documents in the electronic data room maintained by Sellers in connection with the transactions contemplated hereby at www.intralinks.com on compact disc or DVD or in such other form as reasonably acceptable to Purchaser. 

(d)    From and after the Closing, subject to Section 5.05, Sellers and their Affiliates and their respective
Representatives may retain a copy of any or all of the data room materials and other books, data, files, information and records relating to the Acquired Assets on or before the Closing Date. Each party agrees that, with respect to all original data
room materials and other books, data, files, information and records relating to the Acquired Assets and existing as of the Closing, it will (and will cause each of its Affiliates and Representatives to) (i) comply in all material respects with
all Applicable Law relating to the preservation and retention of records and (ii) apply preservation and retention policies that are no less stringent than those generally applied by such party or its Affiliates or Representatives. In addition,
for at least [***] years after the Closing Date, Purchaser shall, and shall cause each of its Affiliates to, preserve all original data room materials and other books, data, files, information and records relating to the Acquired Assets and existing
as of the Closing Date and, thereafter, until the [***] anniversary of the Closing Date, dispose of such original data room materials and other books, data, files, information and records only after it shall have given the Sellers [***] days’
prior written notice of such disposition and the opportunity ([***]) to remove and retain such information. 

SECTION 5.07    Non-Competition. 

(a)    For a period of [***] years following the Closing Date (the “Restricted Period”), neither Seller
shall, whether directly or indirectly or alone or in collaboration with any other person, through any Affiliate, engage or participate (or invest in any business that engages or participates) anywhere in the world in any research, development,
product design, manufacturing, production, distribution, marketing, promotion, sale or commercialization relating to the discovery, development or commercialization of any [***] (a “Restricted Business”), in each case including by
owning, managing, operating, controlling or otherwise participating in the ownership, management, operation or control of any entity engaged in any such activities, whether as an employer, proprietor, partner, equityholder, consultant, agent or

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 28 

 
otherwise; provided that, notwithstanding anything to the contrary in the foregoing, nothing in this Section 5.07 shall restrict, prohibit or limit in any respect a Seller or any of
its Affiliates from (i) acquiring (and thereafter operating) the whole or any part of, or investing in, a person which engages in any Restricted Business or the whole or any part of a business which includes any Restricted Business so long as
either (A) the revenues of the Restricted Business being acquired constitute no more than [***] of the revenues of the person or business being acquired (as set out in the latest available annual financial statements of that person or business)
or (B) if such [***] threshold is exceeded, such Seller or Affiliate completes the sale of the Restricted Business within [***] of the acquisition; provided that if such sale is subject to regulatory approval then such [***] period shall be
extended until [***] business days after all regulatory approvals have been received, but only to the extent that the parties to such sale are using commercially reasonable efforts to obtain any such approvals; (ii) being a passive owner of the
outstanding capital stock or other equity interests of any person; or (iii) owning any interest in an entity whose securities are publicly traded or listed with a securities exchange. For the avoidance of doubt, (A) the restrictions set
forth in this Section 5.07 shall not apply with respect to [***]; and (B) during the Restricted Period, Sellers shall not grant any sublicense under the Sellers License in any manner designed to circumvent or otherwise avoid the
restrictions set forth in this Section 5.07. 
 (b)    The Restricted Period shall be extended by the length of any
period during which either Seller is finally determined to be in breach of the terms of this Section 5.07. 

SECTION 5.08    Sellers Names and Marks. Following the Closing, Purchaser shall, and shall cause its
Affiliates to, cease and discontinue any and all uses of the Sellers Names and Marks and remove all Sellers Names and Marks from all Acquired Assets and any other materials of Purchaser or any of its Affiliates. 

ARTICLE VI 

Indemnification 

SECTION 6.01    Indemnification by Sellers. Subject to the terms and conditions of this
Article VI, from and after the Closing, Sellers shall, on a joint and several basis, indemnify Purchaser and its Affiliates and each of their respective officers, directors, employees, agents, representatives, partners, shareholders and members
against and hold them harmless from any loss, Tax, liability, damage, obligation or expenses (including reasonable legal fees and expenses and the reasonable cost of enforcing any right to indemnification hereunder) (collectively,
“Losses”) suffered or incurred by any such indemnified party to the extent arising from (a) any breach of any representation or warranty of either Seller contained in Article III of this Agreement, (b) any breach of any covenant of
either Seller contained in this Agreement, or (c) any Excluded Liability. Notwithstanding the foregoing, (i) Sellers shall not have any liability under clause (a) of this Section 6.01 unless the aggregate of all Losses for which Sellers would be
liable, but for this clause (i), exceeds [***]; and (ii) Sellers’ liability under clause (a) of this Section 6.01 shall in no event exceed [***]. Notwithstanding the foregoing, Losses arising from any [***]. Notwithstanding anything in this
Agreement to the contrary, Sellers’ aggregate liability under this Section 6.01 shall in no event exceed the sum of (i) [***] and (ii) [***]. For the avoidance of doubt, [***] is not intended to be indicative of [***] for any purposes other
than this Agreement. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 29 

 SECTION 6.02    Indemnification by Purchaser. Subject to the
terms and conditions of this Article VI, from and after the Closing, Purchaser shall indemnify Sellers and their Affiliates and each of their respective officers, directors, employees, agents, representatives, partners, shareholders and members
against and hold them harmless from any Losses suffered or incurred by any such indemnified party to the extent arising from (a) any breach of any representation or warranty of Purchaser contained in Article IV this Agreement, (b) any breach of any
covenant of Purchaser contained in this Agreement, (c) any Assumed Liability or (d) [***], in connection with the transactions contemplated hereby (it being agreed that, for the avoidance of doubt, in the event any such claim results in a [***].
Notwithstanding the foregoing, (i) Purchaser shall not have any liability under clause (a) of this Section 6.02 unless the aggregate of all Losses for which Purchaser would be liable, but for this clause (i), exceeds on a cumulative basis the [***];
and (ii) Purchaser’s liability under clause (a) of this Section 6.02 shall in no event exceed on a cumulative basis [***]. Notwithstanding the foregoing, Losses arising from any breach of any representation or warranty of Purchaser contained in
[***]. 
 SECTION 6.03    Indemnification Payments; Limitations on Liability. 

(a)    Each indemnified party shall use commercially reasonable efforts to collect any amounts available under insurance
coverage, or from any other person alleged to be responsible, for any Losses payable under Section 6.01 or Section 6.02. The amount of any Losses for which indemnification is provided under this Article VI shall be net of any amounts
actually received by the indemnified party under insurance policies or in respect of any other third-party recovery with respect to such Losses. If such indemnified party actually receives any amounts under insurance policies or in respect of any
other third-party recovery with respect to such Losses after the indemnifying party has paid the indemnified party under any indemnification provision of this Agreement in respect of that loss, the indemnified party shall notify the indemnifying
party and pay to the indemnifying party the extent of such amounts actually received by the indemnified party (less the indemnified party’s reasonable costs of collection from such insurance provider or other third party, not exceeding the
value of the benefit to the indemnified party) within [***] business days after the benefit is received. 

(b)    Subject to the applicable limitations set forth in this Article VI, Purchaser shall have the right, but not
the obligation, to set off any indemnification payments that have been determined pursuant to a final, non-appealable judgment to be owed by the Sellers to an indemnified party pursuant to Section 6.01
against any Milestone Payment or any Contingent Payment that is owed and has not yet been paid. 
 (c)    [***]. 

(d)    Notwithstanding any provision herein, [***]. 

(e)    Notwithstanding anything to the contrary set forth in this Agreement, except for (i) claims for specific
performance as provided in Section 7.13 and (ii) claims under the Transition Services Agreement, the Subscription Agreement and the Equity Documents, the 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 30 

 
parties acknowledge and agree that each party’s sole and exclusive remedy with respect to claims arising from the breach of any representation or warranty contained in this Agreement, breach
of covenant or other agreement contained in this Agreement or other claim arising out of this Agreement or in any of the Other Transaction Documents, or in any certificate or instrument delivered pursuant hereto or thereto (other than claims of, or
causes of action arising from, actual fraud with the intent to deceive), shall be pursuant to the indemnification provisions set forth in this Article VI. Other than the claims referred to in the first sentence of this Section 6.03(e),
effective as of the Closing, Purchaser waives any rights and claims Purchaser may have against each Seller or any of their Affiliates, whether in law or in equity, relating to the Acquired Assets (or operation thereof), the Assumed Liabilities or
the transactions contemplated hereby. The rights and claims waived by Purchaser include claims for breach of contract, breach of representation or warranty, negligent misrepresentation and all other claims for breach of duty. 

(f)    Each indemnified party shall mitigate in accordance with Applicable Law any Losses for which such indemnified party
seeks indemnification under this Agreement; provided, that no party is required to bring any suit, action or proceeding in connection with such mitigation. If such indemnified party mitigates its loss after the indemnifying party has paid the
indemnified party under any indemnification provision of this Agreement in respect of that loss, the indemnified party shall notify the indemnifying party and pay to the indemnifying party the extent of the value of the benefit to the indemnified
party of that mitigation (less the indemnified party’s reasonable costs of mitigation, not exceeding the value of the benefit to the indemnified party) within [***] business days after the benefit is received. 

(g)    Notwithstanding anything to the contrary in this Agreement, the Sellers shall not have any liability under
Section 6.01 with respect to any facts, circumstances, liabilities or obligations which may have occurred or accrued prior to the Ownership Period. 

SECTION 6.04    Termination of Indemnification. 

(a)    The obligations to indemnify and hold harmless a party hereto pursuant to (i) Sections 6.01(a) and 6.02(a)
shall terminate when the applicable representation or warranty terminates pursuant to paragraph (b) below and (ii) the other clauses of Sections 6.01 and 6.02 shall not terminate; provided, however, that as to clause (i)
of this sentence such obligations to indemnify and hold harmless shall not terminate with respect to any item as to which the person to be indemnified or the related party thereto shall have, before the expiration of the applicable period,
previously made a claim by delivering a notice of such claim in accordance with, and satisfying the requirements of, Section 6.05 or Section 6.06, as applicable, to the indemnifying party, in which case any such claim and such obligations
to indemnify and hold harmless shall survive the expiration of the applicable period until final resolution of such claim. 

(b)    The representations and warranties contained in this Agreement shall survive the Closing for a period of [***]
months after the Closing Date; provided, however, that the Sellers Fundamental Representations and Purchaser Fundamental Representations shall survive until [***]. The covenants and agreements contained in this Agreement shall survive the
Closing until they have been performed or satisfied. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 31 

 SECTION 6.05    Procedures Relating to Indemnification for Third
Party Claims. 
 (a)    In order for a party (the “indemnified party”) to be entitled to any
indemnification provided for under this Agreement in respect of, arising out of or involving a claim or demand made by any person who is not a party to this Agreement or an Affiliate, agent or representative of the foregoing against the indemnified
party (a “Third Party Claim”), such indemnified party shall notify the indemnifying party in writing of the Third Party Claim, setting forth in reasonable detail such claim and the basis for indemnification and the amount of such
Losses incurred or that such indemnified party reasonably estimates in good faith is likely to be incurred in connection with such claim (taking into account the information then available to the indemnified party), promptly after receipt by such
indemnified party of written notice of the Third Party Claim; provided, however, that failure to give such notification shall not affect the indemnification provided hereunder except and only to the extent the indemnifying party shall have
been materially prejudiced as a result of such failure. Thereafter, the indemnified party shall deliver to the indemnifying party, as promptly as reasonably practicable after the indemnified party’s receipt thereof, copies of all notices and
documents (including court papers) received by the indemnified party relating to the Third Party Claim and the indemnified party shall provide the indemnifying party with such other information with respect to any such Third Party Claim reasonably
requested by the indemnifying party. 
 (b)    If a Third Party Claim is made against an indemnified party, the
indemnifying party shall be entitled to participate in the defense thereof and, if it so chooses, to assume the defense thereof with counsel selected by the indemnifying party; provided, however, that (i) prior to assuming the defense of
any Third Party Claim, the indemnifying party shall acknowledge in writing that, assuming the facts alleged in such Third Party Claim are true, it would have been an indemnity obligation for Losses resulting from such Third Party Claim (subject to
the limitations set forth herein) and (ii) the indemnifying party shall not be entitled to assume the defense of any Third Party Claim that (A) involves criminal liability or (B) seeks solely equitable relief or any other non-monetary remedy against the indemnified party. If the indemnifying party elects to assume the defense of a Third Party Claim in accordance with this Section 6.05(b), the indemnifying party shall not be
liable to the indemnified party for legal expenses subsequently incurred by the indemnified party in connection with the defense thereof; provided, however, that if (1) the indemnified party reasonably concludes, based on advice from
outside counsel, that representation of the indemnified party and the indemnifying party by the same counsel presents or is reasonably likely to present an actual material conflict of interest or (2) the indemnified party determines, based on
advice from outside counsel, that it has legal defenses available to it which are different from or in addition to the defenses available to the indemnifying party, then the indemnified party may retain its own counsel at the expense of the
indemnifying party (provided that in no event shall the indemnifying party be responsible for the expenses of more than one counsel for the indemnified party (plus any appropriate local counsel)). If the indemnifying party elects to assume the
defense of a Third Party Claim in accordance with this Section 6.05(b), the indemnified party shall have the right to participate in the defense thereof and, without limiting the preceding sentence, to employ counsel, at its own expense,
separate from the counsel employed by the indemnifying party. 
 (c)    If the indemnifying party so elects to assume
the defense of a Third Party Claim in accordance with Section 6.05(b), the indemnified party shall cooperate with the 

  
 32 

 
indemnifying party in the defense or prosecution thereof. Such cooperation shall include the retention and (upon the indemnifying party’s request) the provision to the indemnifying party of
records and information which are reasonably relevant to such Third Party Claim, and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder. If the indemnified
party is conducting the defense of any Third Party Claim, the indemnifying party shall cooperate with the indemnified party in the defense or prosecution thereof. Such cooperation shall include the retention and (upon the indemnified party’s
request) the provision to the indemnified party of records and information which are reasonably relevant to such Third Party Claim, and making employees available on a mutually convenient basis to provide additional information and explanation of
any material provided hereunder. The indemnifying party shall not admit any liability with respect to, or settle, compromise or discharge, any Third Party Claim without the indemnified party’s prior written consent, unless (i) the proposed
settlement or disposition involves only the payment of money damages by the indemnifying party for which the indemnified party shall have no liability (other than, for the avoidance of doubt, the payment of the Basket Amount, to the extent
applicable), (ii) the proposed settlement or disposition does not impose an injunction or other equitable relief upon the indemnified party, (iii) the proposed settlement or disposition does not include any admission of wrongdoing or misconduct
by the indemnified party and (iv) the indemnified party is fully and unconditionally released from any liability relating to claims that are the subject matter of such Third Party Claim. If the indemnifying party does not elect to assume the
defense of a Third Party Claim in accordance with Section 6.05(b), the indemnified party shall not compromise or settle any such claim without the prior written consent of the indemnifying party (such consent not to be unreasonably delayed,
conditioned or withheld). 
 SECTION 6.06    Procedures Related to Indemnification for Other Claims. In the
event any indemnified party should have a claim against any indemnifying party under Section 6.01 or 6.02 that does not involve a Third Party Claim being asserted against or sought to be collected from such indemnified party, the indemnified
party shall promptly deliver written notice of such claim, setting forth in reasonable detail such claim and the basis for indemnification and the amount of such Losses incurred or that such indemnified party reasonably estimates in good faith is
likely to be incurred in connection with such claim (taking into account the information then available to the indemnified party) to the indemnifying party; provided, however, that failure by any indemnified party to so notify the
indemnifying party shall not relieve the indemnifying party from any liability which it may have to such indemnified party under Section 6.01 or 6.02, except and only to the extent that the indemnifying party shall have been materially
prejudiced as a result of such failure. If the indemnifying party disputes its liability with respect to such claim, the indemnifying party and the indemnified party shall proceed in good faith to negotiate a resolution of such dispute and, if not
resolved through negotiations, such dispute shall be resolved by litigation in an appropriate court of competent jurisdiction determined pursuant to Section 7.11. 

SECTION 6.07    Sources of Indemnification Recoveries. Notwithstanding anything else in this Agreement to the
contrary, any indemnification obligations of the Sellers pursuant to this Article VI shall be recoverable exclusively from the following sources in the following order of priority, subject to and limited by the other limitations of this
Article VI: (a) first and up to, but not exceeding, [***], by check or wire transfer of immediately available 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 33 

 
funds or, if applicable and at Purchaser’s option, by setting off any indemnification payments to the extent permitted under Section 6.03(b) and (b) second and for any amounts up
to, but not exceeding, the Overall Cap, at Sellers’ option, either by (i) check or wire transfer of immediately available funds or (ii) transferring (or having its Affiliate transfer) to Purchaser a number of shares of Purchaser
Shares equal to (x) such portion of the Losses to be paid using Purchaser Shares divided by (y) [***] (adjusted for stock splits, stock dividends, recapitalizations and other similar events). Each Seller (or its Affiliate) shall promptly
execute any documents reasonably required by Purchaser to transfer the shares of Purchaser Shares to Purchaser and return any original certificates representing such shares to Purchaser. For the avoidance of doubt, the per share dollar amount
described in Section 6.07(b)(ii)(y) is not intended to be indicative of the per share price of the Purchaser Shares for any purposes other than this Agreement. 

SECTION 6.08    Tax Treatment of Indemnification Payments. Purchaser, Sellers and each of their respective
Affiliates agree to treat any indemnity payment under this Agreement as an adjustment to the Purchase Price received by Sellers for the transactions contemplated by this Agreement unless otherwise required by Applicable Law. 

ARTICLE VII 

Miscellaneous 

SECTION 7.01    Assignment. 

(a)    This Agreement and the rights and obligations hereunder shall not be assignable or transferable by Purchaser or
Sellers without the prior written consent of the other parties hereto; provided, however, that (i) Purchaser may assign this Agreement in whole or in relevant part in the event of a Product Sale in accordance with and as contemplated by
Section 1.05, (ii) Purchaser may assign its rights and obligations hereunder to any direct or indirect wholly owned subsidiary of Purchaser, (iii) the Sellers may assign the right to receive the Milestone Consideration and the Contingent
Payments in accordance with Section 7.01(b), (iv) a party may assign this Agreement in its entirety to its successor in interest in connection with a merger, consolidation or sale of substantially all of such party’s assets and
(v) each of the Sellers may assign any of its rights, interests and obligations hereunder, in whole or from time to time in part to any person; provided, further, that no such assignment shall limit, relieve or offset the
assigning party’s obligations hereunder. Any attempted assignment in violation of this Section 7.01 shall be void. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties and their successors and
permitted assigns. 
 (b)    Notwithstanding anything in this Agreement to the contrary, the right to receive the
Milestone Consideration and the Contingent Payments or any portion thereof, if payable pursuant to the terms and conditions of this Agreement, may be sold, assigned or otherwise transferred (including any transfer by operation of law) by Sellers to
any person, subject to the conditions set forth below. Sellers will provide written notice to Purchaser within [***] calendar days of any such sale, assignment or other transfer, and which written notice will include the name, contact, address and
telephone number of any such purchaser, assignee or transferee, and written authorization to direct the payment of the Milestone Consideration and/or the Contingent Payments to such purchaser, assignee or transferee rather than Sellers.

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 34 

 
Sellers acknowledge that the right to receive the Milestone Consideration and the Contingent Payments is not a security, shall not be represented by a certificate or other instrument and shall
not represent a security interest or an ownership interest in Purchaser, its Affiliates or any of their respective assets. 

SECTION 7.02    No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and
their permitted assigns and nothing herein expressed or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder. 

SECTION 7.03    Expenses. Whether or not the transactions contemplated hereby are consummated, and except as
otherwise specifically provided in this Agreement, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs or expenses. 

SECTION 7.04    Amendments. This Agreement may not be amended except by an instrument in writing signed on
behalf of each of the parties hereto. By an instrument in writing Purchaser, on the one hand, or Sellers, on the other hand, may waive compliance by the other with any term or provision of this Agreement that such other party was or is obligated to
comply with or perform. Any such waiver will only be effective in the specific instance and for the specific and limited purpose for which it was given and will not be deemed a waiver of any other provision of this Agreement or of the same breach or
default upon any recurrence thereof. No failure on the part of any party to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of any party in exercising any power, right, privilege or remedy under this
Agreement, shall operate as a waiver of such power, right, privilege or remedy, and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right,
privilege or remedy. 
 SECTION 7.05    Notices. All notices, requests, claims, demands or other
communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when delivered in person, or upon confirmation of receipt when transmitted by facsimile transmission or by electronic mail, or
if mailed, three days after mailing (one business day in the case of overnight mail or overnight courier service), as follows: 
  

	 	(a)	 if to Purchaser, to: 

Phoenix Tissue Repair, Inc. 

c/o BridgeBio Pharma LLC 
 421
Kipling Street 
 Palo Alto, CA 94301 

Attention: Neil Kirby, PhD. 
 E-mail: [***] 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 35 

 with a copy (which shall not constitute notice) to: 

Goodwin Procter LLP 
 100
Northern Avenue 
 Boston, MA 02110 

Attention: Mitchell S. Bloom, Esq. and Robert E. Puopolo, Esq. 

Facsimile No.: (617) 523-1231 

E-mail: [***] 
  

	 	(b)	 if to Sellers, to: 

Shire Human Genetic Therapies, Inc. 

Legal Department 
 300 Shire Way

 Lexington, MA USA 02421 

Attention: Legal Counsel 

Facsimile No.: 781-482-2918 

E-mail: [***] 

with a copy (which shall not constitute notice) to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
New York 10017 
 Attention: William J. Chudd and Brian Wolfe 

Facsimile: (212) 701-5800 

E-mail: [***] 

SECTION 7.06    Interpretation; Definitions. 

(a)    The definitions of the terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified, (ii) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iii) all references herein to Articles, Sections, Exhibits or Schedules shall be
construed to refer to Articles, Sections, Exhibits and Schedules of or to this Agreement, as the case may be, and (iv) the headings contained in this Agreement or any Exhibit or Schedule hereto and in the table of contents to this Agreement are
for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Any capitalized terms used in any Exhibit or Schedule hereto but not otherwise defined therein shall have the meanings as defined in this
Agreement. Whenever this Agreement refers to a number of days, such number shall refer to 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 36 

 
calendar days unless business days are specified. In the event of an ambiguity or a question of intent or interpretation, this Agreement shall be construed as if drafted jointly by the parties
and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

(b)    For all purposes hereof: 

“Acquired Product” means any Covered Product (as defined in the Stock Purchase Agreement) owned by Sellers or their
Affiliates, in such form existing during the Ownership Period. 
 “Affiliate” or “Affiliates” means, with
respect to any specified person, any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person; and for the purposes of this definition, “control” when
used with respect to any specified person means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. References to “Affiliates” of Sellers or a Seller in this Agreement shall be deemed to include only [***]. 

“Applicable Law” means, with respect to any person, any transnational, domestic or foreign federal, state or local law
(statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that
is binding upon or applicable to such person, as amended unless expressly specified otherwise. 
 “Approval” or
“Approved” means, with respect to any product in any regulatory jurisdiction, approval from the applicable Governmental Authority sufficient to manufacture, distribute, use (including in clinical trials), market or sell such product
in such regulatory jurisdiction in accordance with Applicable Laws, including receipt of pricing and reimbursement approvals, where applicable. 

“Assignment and Assumption Agreement” means the Assignment and Assumption Agreement, made and entered into effective
as of the date hereof, among Purchaser and Sellers to evidence Purchaser’s assumption of the Assumed Liabilities and Sellers’ assignment of the Acquired Assets. 

“BLA” means, with respect to a Product, the biologics license application for such Product submitted to the FDA under the
provisions of Section 351 of the Public Health Service Act and applicable regulations set forth in 21 C.F.R. Part 601, including all supplements and amendments thereto. 

“business day” means any day, other than a Saturday or Sunday, on which commercial banks are not required or authorized to
close in New York, New York. 
 “Calendar Quarter” means the respective periods of three (3) consecutive calendar
months ending March 31, June 30, September 30 and December 31. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 37 

 “Calendar Year” means each successive period of twelve (12) calendar
months commencing on January 1 and ending on December 31. 
 “Closing Date IP” means any and all Intellectual Property
Controlled by Lotus immediately prior to the Lotus Closing and acquired by Shire in each case in connection with the transactions contemplated by the Stock Purchase Agreement, but solely to the extent such Intellectual Property existed as of the
Lotus Closing, including, but not limited to, the Intellectual Property listed on Section 7.06(b)(i) of the Sellers Disclosure Schedule. 

“Closing Date IP Assets” means all of Sellers’ and their Affiliates’ right, title and interest in and to the
Closing Date IP, including, in the case of Patents included in the Closing Date IP, all non-provisional patent applications that are conversions of provisional patent applications included in the Closing Date
IP (but only to the extent all claims of such conversions are exclusively directed to subject matter described in the applicable provisional patent applications included in the Closing Date IP to which such conversions claim priority),
substitutions, divisions, requests for continuations, continuations, continuations-in-part (but only to the extent that all claims in such continuations in part are
exclusively directed to subject matter described in applicable patent applications or patents included in the Closing Date IP to which such continuations-in-part claim
priority), reissues, extensions, supplementary protection certificates and reexaminations thereof, and all equivalents of such conversions, substitutions, divisions, continuations,
continuations-in-part, reissues, extensions, supplementary protection certificates and reexaminations in any jurisdiction, all as prosecuted by Sellers or any of their
Affiliates through the Closing. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Combination Product” means a product that includes a Product and at least one additional active ingredient (whether co-formulated or co-packaged) other than a Product. Pharmaceutical dosage form vehicles, adjuvants, and excipients shall not be deemed to be “active
ingredients”, except in the case where such vehicle, adjuvant, or excipient is recognized by the FDA as an active ingredient in accordance with 21 C.F.R. § 210.3(b)(7). 

“Commercially Reasonable Efforts” means, [***]. 

“Confidentiality Agreement” means the Confidentiality Agreement, dated as of December 5, 2016, between Shire and
BridgeBio, Inc. 
 “Contract” means any legally binding contract, agreement, lease, sublease, license, commitment, sale or
purchase order, indenture, note, bond, loan, mortgage, deed of trust, instrument or other arrangement, whether written or oral. 

“Contribution Agreement” means the Contribution Agreement, made and entered into effective as of the date hereof, by and
among Purchaser and the Equityholders. 
 “Controlled” means with respect to any Intellectual Property, that a person
(i) either owns such Intellectual Property or (ii) has been granted a license (other than by a license or sublicense granted pursuant to this Agreement) to such Intellectual Property, and has the ability to grant to another person a
license, sublicense or other access on the terms and conditions 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
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set forth herein without violating the terms of any agreement or arrangement with any third party in existence as of the time such first person would first be required hereunder to grant to the
other person such license, sublicense or access. 
 “Covered Indication” means the treatment of DEB in humans. 

“Covers” means, with respect to any Product (or any element thereof) and Patent, that, in the absence of ownership of, or a
license granted under, such Patent, the manufacture, use, offer for sale, sale or importation of such Product (or any element thereof) would infringe such Patent. 

“DEB” means dystrophic epidermolysis bullosa. 

“Dollars” or “$” means lawful money of the United States of America. 

“EMA” means the European Medicines Agency, or any successor entity. 

“Equity Documents” means the Right of First Refusal and Co-Sale Agreement, the Voting
Agreement and the Investors’ Rights Agreement. 
 “EU” means (i) all countries that are member states of the
European Union as of the date hereof or at any time thereafter and (ii) the United Kingdom. 
 “Exploit” means to
research, have researched, develop, have developed, use, have used, make, have made, sell, have sold, offer for sale, have offered for sale, commercialize, have commercialized, import, have imported, export, have exported, register, have registered,
and otherwise exploit or have exploited. “Exploitation” has a correlative meaning. 
 “FDA” means the
United States Food and Drug Administration, or any successor entity. 
 “First Commercial Sale” means, with respect to a
Product, the first sale for use or consumption by the general public of such Product in any country after Approval of such Product has been granted, or such marketing and sale is otherwise permitted, by the applicable Regulatory Authority of such
country. 
 “GAAP” means generally accepted accounting principles in the United States. 

“Generic Product” means, with respect to a Product in a country, a pharmaceutical product that (i) contains the same
active ingredient(s) as such Product and (ii) is Approved as a substitute for such Product as a therapeutic equivalent for commercial sale and use in such country pursuant to Section 505(b)(2) or Section 505(j) of the FDCA (21 U.S.C.
§ 355(b)(2) and 21 U.S.C. § 355(j), respectively) as amended, or any similar Approval under Applicable Law in such country based on a demonstration of bioequivalence and similarity to such Product. For the avoidance of doubt, Generic
Product excludes any Over the Counter Product. 
 “Generic Product Event” means, [***]. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 39 

 “Governmental Authority” means any transnational, domestic or foreign
federal, state or local governmental, regulatory or administrative authority, department, court, agency or official, including any political subdivision thereof. 

“IND” means an Investigational New Drug Application filed with the FDA pursuant to Part 312 of Title 21 of the U.S. Code of
Federal Regulations (or its successor regulation) with respect to a Product, or the equivalent application or filing filed with any equivalent agency or Governmental Authority outside the United States of America (including any supra-national agency
such as the EMA), and all supplements, amendments, variations, extensions and renewals thereof that may be filed with respect to the foregoing. 

“Intellectual Property” means all (i) national and multinational statutory invention registrations, patents and patent
applications issued or applied for in any jurisdiction, including all certificates of invention, provisionals, nonprovisionals, substitutions, divisions, continuations,
continuations-in-part, reissues, extensions, supplementary protection certificates, reexaminations and the equivalents of any of the foregoing in any jurisdiction, and
all inventions disclosed in each such registration, patent or patent application, and all rights and priorities in any of the foregoing (collectively, “Patents”), (ii) trademarks, service marks, trade dress, logos, brand names,
certification marks, domain names, trade names, corporate names and other indications of origin, whether or not registered, in any jurisdiction, and all registrations and applications for registration of the foregoing in any jurisdiction, and all
goodwill associated with the foregoing (collectively, “Trademarks”), (iii) copyrights (whether or not registered) and registrations and applications for registration thereof in any jurisdiction, including all derivative works, moral
rights, renewals, extensions, reversions or restorations associated with such copyrights, regardless of the medium of fixation or means of expression (collectively, “Copyrights”), (iv) trade secrets,
know-how, information, data, databases, database rights, specifications, processes, methods, knowledge, experience, formulae, skills, techniques, schematics, drawings, blue prints, utility models, designs,
technology, software, inventions (whether or not patentable or reduced to practice), discoveries, ideas and improvements, including manufacturing information and processes, assays, engineering and other manuals and drawings, standard operating
procedures, flow diagrams, regulatory, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, safety, quality assurance, quality control and clinical data, technical information, research records and similar data and
information (collectively, “Know-How”), (v) database rights, industrial designs, industrial property rights, publicity rights and privacy rights and (vi) similar intellectual
property or proprietary rights. 
 “Investors’ Rights Agreement” means the Investors’ Rights Agreement, made and
entered into effective as of the date hereof, by and among Purchaser, Lotus and the other parties named therein. 
 “knowledge of
Sellers” means the actual knowledge, after due and reasonable inquiry of current employees of Shire, of [***], as of the date hereof. 

“Liability” means any debt, liability or obligation (whether direct or indirect, absolute or contingent, accrued or
unaccrued, liquidated or unliquidated, known or unknown, determined or determinable or due or to become due), including all costs and expenses relating thereto. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 40 

 “Lotus Closing” means the “Closing” as defined in the Stock
Purchase Agreement. 
 “NDA” means, with respect to a Product, a new drug application for such Product submitted in
accordance with 21 C.F.R. Part 314, and all supplements submitted pursuant to the requirements of the FDA, including all documents, data and other information concerning such Product which are necessary for FDA approval to market such Product in the
United States, and any equivalent application submitted to any other health authority. 
 “Net Sales” means, [***]. 

“Other Transaction Documents” means (i) the Assignment and Assumption Agreement, (ii) the Patent Assignment,
(iii) the Transition Services Agreement, (iv) the Subscription Agreement, (v) the Contribution Agreement, (vi) the Purchaser SPA and (vii) the Equity Documents. 

“Over the Counter Product” means any drug product that may be sold over-the-counter without prescription under Applicable Law. 
 “Ownership Period”
means the period from the date of the Lotus Closing to the date hereof. 
 “Patent Assignment” means the Patent Assignment,
made and entered into effective as of the date hereof, among Purchaser and Sellers. 
 “Permits” means each material
license, franchise, permit, certificate, approval, registration, concession, order, decree or other similar authorization in each case granted by Governmental Authorities primarily affecting, relating to, or arising out of or in connection with, the
Acquired Assets (other than the FDA Permits). 
 “Permitted Liens” means (i) Liens disclosed on
Section 7.06(b)(ii) of the Sellers Disclosure Schedule, (ii) Liens for Taxes that are not yet due and payable or are being contested in good faith, (iii) statutory Liens (including mechanic’s, materialman’s, carrier’s,
repairer’s and other similar Liens) arising or incurred in the ordinary course of business, (iv) any restrictions, limitations or conditions contained in the Transferred Contracts, (v) any
non-exclusive license of any Intellectual Property granted in the ordinary course of business or (vi) any other Liens affecting the Acquired Assets that were not incurred in connection with the borrowing
of money or the advance of credit and that do not materially impede the ownership or operation of, or materially impair the value of, the Acquired Assets, taken as a whole. 

“person” or “persons” means any individual, firm, corporation, partnership, limited liability company,
trust, joint venture, Governmental Authority or other entity. 
 “Phase I Clinical Trial” means a human clinical trial in
any country intended to obtain data regarding safety and/or pharmacokinetics of any Product (whether alone or in combination with any other product) for any indication that would satisfy the requirements of 21

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 41 

 
C.F.R. § 312.21(a) (including, for the avoidance of doubt, any such trial that would satisfy the requirements of both 21 C.F.R. § 312.21(a) and 21 C.F.R. § 312.21(b)) or other
comparable requirement imposed by the FDA (or the foreign equivalent thereof). 
 “[***]” means [***]. 

“Phase I/II Clinical Trial” means a human clinical trial designed to obtain sufficient data regarding safety, dose ranging
and/or efficacy of any Product (whether alone or in combination with any other product) for any indication to make a decision about whether to commence a Phase III Clinical Trial for the such indication that would satisfy the requirements of 21
C.F.R. § 312.21(b) or other comparable requirement imposed by the FDA (or the foreign equivalent thereof). 
 “Phase III
Clinical Trial” means (i) a pivotal human clinical trial in any country intended to obtain data regarding safety and efficacy of any Product (whether alone or in combination with any other product) for any indication as expected for
the approval of an orphan product or (ii) that would satisfy the requirements of 21 C.F.R. 312.21(c) or other comparable requirement imposed by the FDA (or the foreign equivalent thereof) with respect to any Product (whether alone or in
combination with any other product) for any indication. 
 “[***]” means [***]. 

“Pre-Closing Tax Period” means (i) any Tax period ending on or before the
Closing Date and (ii) with respect to a Tax period that commences before but ends after the Closing Date, the portion of such period up to and including the Closing Date. 

“Product” means recombinant human collagen type VII (i) that (a) is in the form of the recombinant human collagen VII
manufactured by or on behalf of the Sellers as of the Closing Date (or a form with only changes to the form manufactured by or on behalf of the Sellers as of the Closing Date that do not materially affect the three dimensional structure of such
recombinant human collagen type VII), or (b) specifically embodies, or is developed, manufactured, used, conceived or otherwise reduced to practice specifically based upon or as a direct result of using, the Closing Date IP or Product IP or
(ii) the development, manufacture, use, making, keeping, sale, importation or exportation of which, if occurring in the United States, would (a) infringe a Valid Claim of the Closing Date IP or Product IP or (b) infringe any other
Valid Claim Controlled by Purchaser or any Affiliate of Purchaser that claims an invention that is specifically based upon, is the direct result of using or directly incorporates the Closing Date IP or Product IP. For the avoidance of doubt,
“Product” includes any Acquired Product. 
 “Product Licensed IP” means any Intellectual Property (other than the
Product IP and any Trademarks) Controlled by Sellers or their Affiliates as of the date hereof and related (but not exclusively related) to the Acquired Product (including any such Intellectual Property with respect to any assay and any cell line
Controlled by Sellers as of the date hereof and used in the Research Program), but only to the extent reasonably necessary or useful for Purchaser to Exploit the Acquired Product, in each case to the extent such Intellectual Property is used (or was
used or is reasonably likely to be used in the future) by Sellers in the Research Program as of the date hereof. 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 42 

 “Product Sale” means any sale or transfer (whether through an asset sale,
sale of equity interests, merger or otherwise) or exclusive license of all or substantially all of the Purchaser’s and its Affiliates’ right, title and interest in and to any Product in all fields of use material to such Product or any
other material portion of any Acquired Assets to a third party (other than a wholly-owned subsidiary of the Purchaser), through one or more transactions or series of transactions. 

“Purchaser Rights Group” means (a) the Purchaser, (b) with respect to any Product, any person to which any right to
Exploit such Product is licensed, sublicensed, assigned or transferred by the Purchaser or any of its Affiliates, (c) with respect to any Product, any person to which the right to Exploit such Product is licensed, sublicensed, assigned or
transferred by any person described in clause (b) above, (d) with respect to any Product, any successor or assign of any person described in clauses (a), (b) or (c) above with respect to such person’s interest in such Product, and
(e) with respect to any Product, any Affiliate of any person described in clauses (a), (b), (c), or (d) involved in the Exploitation of such Product with or on behalf of such person. 

“Purchaser SPA” means the Stock Purchase Agreement, made and entered into effective as of the date hereof, by and among
Purchaser and the other parties named therein. 
 “Regulatory Authority” means any national or supranational Governmental
Authority, including the FDA or the EMA, with responsibility for granting any license, registrations or Approvals with respect to a Product. 

“Regulatory Exclusivity” means, with respect to a Product, any exclusive marketing rights or data exclusivity rights
conferred by any Regulatory Authority in respect of such Product, other than under any Patents, but including orphan drug exclusivity, new chemical entity exclusivity, data exclusivity, marketing exclusivity and pediatric exclusivity. 

“Regulatory Filing” means collectively: (a) all INDs, NDAs, BLAs, establishment license applications, drug master files,
applications for designation as an orphan drug under the Orphan Drug Act (21 U.S.C. §§ 360aa-ee), for “Fast Track” status under Section 506 of the FDCA (21 U.S.C. § 356) or for a
Special Protocol Assessment under Section 505(b)(5)(B) and (C) of the FDCA (21 U.S.C. § 355(b)(5)(B) and (C)) and all other similar filings (including, without limitation, counterparts of any of the foregoing in any country or region)
and (b) all supplements and amendments to any of the foregoing. 
 “Research Program” means the preclinical and
clinical program conducted by the Sellers and their Affiliates as of the date hereof to research, develop, test and/or manufacture the Acquired Product in the Covered Indication. 

“Research Program Assets” means: 
  

	 	(i)	 Any Intellectual Property (other than the Closing Date IP) Controlled by the Sellers or any Affiliates of the
Sellers as of the date hereof and exclusively related to the Acquired Product, including the Intellectual Property listed on Section 7.06(b)(iii) of the Sellers Disclosure Schedule (the “Product IP”); 

  
 43 

	 	(ii)	 All of the Sellers’ and their Affiliates’ right, title and interest in and to any Regulatory Filings
and Approvals then in their names solely applicable to the Acquired Product, including, but not limited to, the Regulatory Filings and Approvals listed on Schedule 7.06(b)(iv) of the Sellers Disclosure Schedule, and, to the extent permitted by
Applicable Law, copies of all formal submissions and formal correspondence between each of the Sellers and its Affiliates, on the one hand, and the applicable Regulatory Authorities, on the other hand, relating solely to such Regulatory Filings and
Approvals; 

  

	 	(iii)	 all supplies of the Acquired Product owned by each of the Sellers and its Affiliates as of the date hereof;

  

	 	(iv)	 copies of all documents and materials Controlled by each of the Sellers or any Affiliate of such Seller as of
the date hereof and embodying the Research Program IP (including the Know-How included in such Research Program IP), but only to the extent reasonably necessary to enable the manufacture of the Acquired
Product by Purchaser, its Affiliates or any third party manufacturer or supplier selected by Purchaser or its Affiliates; and 

  

	 	(v)	 copies of all reports and data generated or obtained by each of the Sellers and its Affiliates that solely
relate to the Acquired Product that have not been previously provided to the Equityholders (as such term is defined in the Stock Purchase Agreement). 

“Research Program IP” means the Closing Date IP and Product IP. 

“Right of First Refusal and Co-Sale Agreement” means the Right of First Refusal and Co-Sale Agreement, made and entered into effective as of the date hereof, by and among Purchaser, Lotus and the other parties named therein. 

“Sellers Names and Marks” means any and all (i) Trademarks of any Seller or any of its Affiliates, including the names,
marks and logos set forth on Section 7.06(b)(v) of the Sellers Disclosure Schedule, and (ii) Trademarks derived from, confusingly similar to or including any of the foregoing. 

“Spot Exchange Rate” means, in relation to any amount of currency to be converted into Dollars, the Dollar exchange rate as
published in the Wall Street Journal on the last business day of the immediately preceding calendar month. 
 “Stock Purchase
Agreement” means the Amended and Restated Stock Purchase Agreement dated as of August 11, 2016 by and among Shire, Fortis Advisors, LLC, a Delaware limited liability company, and Third Rock. 

“subsidiary” of any person means another person, an amount of the voting securities, other voting ownership or voting
partnership interests of which is sufficient to elect at 

  
 44 

 
least a majority of its Board of Directors or other governing body (or, if there are no such voting interests, more than fifty percent (50%) of the equity interests of which) is owned directly or
indirectly by such first person or by another subsidiary of such person. 
 “Tax” or “Taxes” means
(i) any and all taxes, charges, duties, contributions, levies or other similar assessments or liabilities, including income, gross receipts, corporation, ad valorem, premium, value-added, consumption, net worth, capital stock, capital gains,
documentary, recapture, alternative or add-on minimum, registration, recording, excise, real property, personal property, sales, use, license, lease, service, service use, transfer, withholding, business
license, business organization, environmental, profits, severance, stamp, occupation, windfall profits, escheat, unclaimed property, customs duties, import, export, franchise, estimated and other taxes of any kind whatsoever imposed by any
Governmental Authority, whether payable directly or by withholding, together with any interest, fines, penalties, assessments, additions to tax or additional amounts imposed with respect to such items, including any liability for payment of taxes as
a transferee or successor by contract or otherwise. 
 “Tax Asset” or “Tax Assets” means any net operating
loss, net capital loss, investment tax credit, foreign tax credit, charitable deduction or any other credit or tax attribute that could be carried forward or back to reduce Taxes (including without limitation deductions and credits related to
alternative minimum Taxes). 
 “Tax Returns” means all reports, returns, declarations, statements, claim for refund, or
other information required to be supplied to any Governmental Authority in connection with Taxes (including any attachments, amendments, and supplements thereof). 

“[***]” means [***]. 

“Transferred Patent” means (i) any Patent within the Closing Date IP Assets or Product IP and/or (ii) any Patent
Controlled by any member of the Purchaser Rights Group that claims, and is entitled to, priority to or common priority with any of the foregoing. 

“Transfer Tax” shall mean any documentary, sales, use, registration, filing, recordation, ad valorem, value added, bulk
sales, stamp duties, excise, license or similar fees or Taxes (including any real property transfer Tax and any other similar Tax), including any penalties and interest. 

“Transition Services Agreement” means the Transition Services Agreement, made and entered into effective as of the date
hereof, between Purchaser and Lotus. 
 “U.S.” or “United States” means the United States of America,
including its territories and possessions (excluding all military bases and other military installations outside of the continental United States, Alaska, Hawaii and Washington, D.C.). 

“Valid Claim” means a claim of any (i) issued, unexpired patent that has not been revoked or held unenforceable or
invalid by a decision of a court or other Governmental Authority of competent jurisdiction from which no appeal can be taken, or with respect to which an appeal is not taken within the time allowed for appeal, and that has not been disclaimed or

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 45 

 
admitted to be invalid or unenforceable through reissue, disclaimer or otherwise or (ii) pending patent application that has been pending without issuance for a period not longer than [***]
from the earliest priority date of such application and that has not been abandoned in compliance with the terms hereof or finally rejected without the possibility of appeal or refiling. 

“VAT” means value added tax imposed in any member state of the EU pursuant to Council Directive (EC) 2006/112 on the common
system of value added tax and national legislation implementing that Directive or any predecessor to it, or supplemental to that Directive, or any similar tax which may be substituted for or levied in addition to it or any value added, sales
turnover, goods and services or similar Tax imposed in a country which is not a member of the EU. 
 “Voting Agreement”
means the Voting Agreement, made and entered into effective as of the date hereof, by and among Purchaser, Lotus and the other parties named therein. 

SECTION 7.07    Counterparts. This Agreement may be executed in one or more counterparts (including by
facsimile or other means of electronic transmission, such as by electronic mail in “pdf” form), all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by
each of the parties and delivered to the other party. 
 SECTION 7.08    Entire Agreement. This Agreement,
the Other Transaction Documents and the Confidentiality Agreement and the schedules and exhibits hereto and thereto contain the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersede all
prior agreements, drafts, understandings, promises, undertakings or implications relating to such subject matter, whether written or oral. No provision of this Agreement shall be interpreted in favor of, or against, any party by reason of the fact
that any such provision is inconsistent with any prior draft hereof. 
 SECTION 7.09    Severability. If any
provision of this Agreement (or any portion thereof) or the application of any such provision (or any portion thereof) to any person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction,
such invalidity, illegality or unenforceability shall not affect the validity or enforceability of any other provision hereof (or the remaining portion thereof) or the application of such provision (or the remaining portion thereof) to any other
persons or circumstances. In the event that any provision of this Agreement shall be held by a court of competent jurisdiction to be invalid, illegal or unenforceable, such provision shall be limited or eliminated, but only to the minimum extent
necessary so that this Agreement shall otherwise remain in full force and effect. 
 SECTION 7.10    Governing
Law. This Agreement and any claims arising therefrom shall be governed by and construed in accordance with the law of the State of New York, without regard to the conflicts of law rules of such state. 

SECTION 7.11    Consent to Jurisdiction. Each of Purchaser and Sellers irrevocably submits to the exclusive
jurisdiction of (a) the state courts of the State of New York, 

  

	
	  

[***]   Certain information in this document has been omitted from this exhibit because it is
both (i) not material and (ii) would be competitively harmful if publicly disclosed.
  

 
 46 

 
and (b) the United States District Court for the Southern District of New York for the purposes of any suit, action or other proceeding arising out of this Agreement, the Other Transaction
Documents or any transaction contemplated hereby or thereby. Each of Purchaser and Sellers further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address(es) set forth
above shall be effective service of process for any action, suit or proceeding in New York with respect to any matters to which it has submitted to jurisdiction in this Section 7.11. Each of Purchaser and Sellers irrevocably and unconditionally
waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement, the Other Transaction Documents or the transactions contemplated hereby or thereby in (i) the state courts of the State of New York,
and (ii) the United States District Court for the Southern District of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in
any such court has been brought in an inconvenient forum. 
 SECTION 7.12    WAIVER OF JURY TRIAL. EACH
PARTY HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE OTHER
TRANSACTION DOCUMENTS OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.12. 
 SECTION 7.13    Remedies. The parties
hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be
entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which they are entitled at law or in equity.

 [Remainder of page intentionally left blank; signature page follows.] 

  
 47 

 IN WITNESS WHEREOF, Purchaser and Sellers have duly executed this Agreement as of the date
first written above. 
  

			
	PHOENIX TISSUE REPAIR, INC.
		
	By:	 	 /s/ Neil Kirby

		 	Name: Neil Kirby
		 	Title: President and Chief Executive Officer
	
	SHIRE HUMAN GENETIC THERAPIES, INC.
		
	By:	 	 /s/ Jason E. Baranski

		 	Name: Jason E. Baranski
		 	Title: Secretary and Director
	
	LOTUS TISSUE REPAIR, INC.
		
	By:	 	 /s/ Jason E. Baranski

		 	Name: Jason E. Baranski
		 	Title: Secretary and Director

 [Signature Page to Asset Purchase Agreement]

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