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FOURTH AMENDMENT TO THE
FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF
SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP

THIS FOURTH AMENDMENT TO THE FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP (this “Amendment”) is made and entered into on May 14, 2020 (“Effective Date”), by SUN COMMUNITIES, INC., a Maryland corporation (the “General Partner”), as the general partner and owner of more than 50% of the Common OP Units of SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP, a Michigan limited partnership (the “Partnership”).

RECITALS

A.Forest Springs, LLC (“Contributor”) and the Partnership entered into a Contribution Agreement, dated as of January 27, 2020, as amended (the “Contribution Agreement”), with respect to the Partnership’s acquisition of Contributor’s interest in certain real property located in unincorporated Nevada County, California and other assets.

B.Pursuant to the Contribution Agreement, Contributor has contributed its interest in such real property and other assets (the “Contributed Assets”) to the Partnership in consideration for the issuance by the Partnership of Common OP Units and Series F Preferred Units (defined below) and certain other consideration.

C.The General Partner desires to amend that certain Fourth Amended and Restated Agreement of Limited Partnership of Sun Communities Operating Limited Partnership, dated as of January 31, 2019, as amended (the “Partnership Agreement”) as set forth herein. Any capitalized term used but not otherwise defined herein shall have the meaning ascribed to it in the Partnership Agreement.

D.Article 13 of the Partnership Agreement authorizes the General Partner, as the holder of more than 50% of the Common OP Units, to amend the Partnership Agreement.

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises set forth herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree to continue the Partnership and amend the Partnership Agreement as follows:

1.Admission of New Partner. As of the Effective Date, Contributor has contributed the Contributed Assets to the Partnership in exchange for the issuance by the Partnership to Contributor of 82,420 Common OP Units and 90,000 Series F Preferred Units. All Common OP Units and Series F Preferred Units issued to Contributor have been duly issued and fully paid. Contributor, by execution of a separate joinder to the Partnership Agreement, has agreed to be bound by all of the terms and conditions of the Partnership Agreement, as amended by this Amendment. Contributor is hereby admitted to the Partnership as a new Limited Partner. Exhibit A of the Partnership Agreement is hereby deleted in its entirety and is replaced with Exhibit A to this Amendment.

2.2. Section 6.1(a)(iii) of the Partnership Agreement is hereby deleted in its entirety and replaced with the following:

“(iii)   Third, to the Partners, pro rata in proportion to the number of OP Units held by each such Partner    as of the last day of the period for which such allocation is being made; provided, however, that the Profits allocated to any Preferred OP Units, Series A-1 Preferred Units, Series A-3 Preferred Units, Series A-4 Preferred 

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Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units and Series F Preferred Units pursuant to this Section 6.1(a)(iii) for any calendar year shall not exceed the amount of Preferred Dividends, Series A-1 Priority Return, Series A-3 Priority Return, Series A-4 Priority Return, Series C Priority Return, Series D Priority Return, Series E Priority Return and Series F Priority Return, respectively, thereon for that calendar year, and any such excess Profits remaining after the application of such limitation shall be allocated to the holders of the Common OP Units, pro rata.”

3.Section 7.1(a) of the Partnership Agreement is hereby deleted in its entirety and replaced with the following:

“(a)    Distributions in respect of OP Units (other than Common OP Units) shall be made at the    times, in the amounts and in the priority provided in this Agreement, including, without limitation, Sections 16.1, 18.3, 20.3, 21.3, 22.3, 23.3, 24.3 and 25.3 of this Agreement.”

4.Section 12.2(a) of the Partnership Agreement is hereby deleted in its entirety and replaced with the following:

“(a)    The Capital Accounts of the holders of the OP Units shall be adjusted to reflect the manner in    which any unrealized income, gain, loss and deduction inherent in the Partnership’s property, which has not previously been reflected in the Partners’ Capital Accounts, would be allocated among the Partners if there were a taxable disposition of such property at fair market value on the date of distribution. Any resulting increase in the Partners’ Capital Accounts shall be allocated, subject to Section 6.2: (i) first to the holders of the Preferred OP Units, Series A-1 Preferred Units and Series A-4 Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Issue Prices of their respective OP Units plus accrued and unpaid Preferred Dividends, Series A-1 Priority Return and Series A-4 Priority Return, as the case may be, thereon; (ii) second to the holders of the Series C Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series C Issue Price plus accrued and unpaid Series C Priority Return thereon; (iii) third to the holders of the Series D Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series D Issue Price plus accrued and unpaid Series D Priority Return thereon; (iv) fourth to the holders of the Series E Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series E Issue Price plus accrued and unpaid Series E Priority Return thereon; (v) fifth to the holder of the Series F Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series F Issue Price plus accrued and unpaid Series F Priority Return thereon; (vi) sixth to the  holders of the Series A-3 Preferred Units in proportions and amounts sufficient to bring their respective Capital Account balances up to the amount of the Series A-3 Issue Price plus accrued and unpaid Series A-3 Priority Return thereon; and (vii) seventh (if any) to the Common OP Units. Any resulting decrease in the Partners’ Capital Accounts shall be allocated, subject to Section 6.2: (i) first to the holders of Common OP Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (ii) second, to the holders of Series A-3 Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; (iii) third, to the holders of Series F Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero, (iv) fourth to the holders of Series E Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero (v) fifth to the holders of Series D Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero;
(vi) sixth, to the holders of Series C Preferred Units, in proportions and amounts sufficient to reduce  their respective capital account balances to zero; (vii) seventh, to the holders of Preferred OP Units, Series A-1 Preferred Units and Series A-4 Preferred Units, in proportions and amounts sufficient to reduce their respective capital account balances to zero; and (viii) eighth, to the General Partner.”

5.The definition of “Common Stock Fair Market Value” set forth in Article 1 (Defined Terms) of the Partnership Agreement is hereby deleted in its entirety and replaced with the following:

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“’Common Stock Fair Market Value” shall mean, with respect to any Series A-1 Exchange Date, Series A-3 Exchange Date, Series A-4 Exchange Date, Series C Exchange Date, Series D Exchange Date, Series E Exchange Date or Series F Exchange Date, the average closing price of a REIT Share for the 10 consecutive trading days preceding such Series A-1 Exchange Date, Series A-3 Exchange Date, Series A-4 Exchange Date, Series C Exchange Date, Series D Exchange Date, Series E Exchange Date or Series F Exchange Date on the principal national securities exchange on which the REIT Shares are listed or admitted to trading or, if not listed or admitted to trading on any national securities exchange, the average of the reported bid and asked prices during such 10 trading day period in the over the counter market as furnished by the National Quotation Bureau, Inc., or, if such firm is not then engaged in the business of reporting such prices, as furnished by any member of the National Association of Securities Dealers, Inc. selected by the General Partner or, if the REIT Shares or securities are not publicly traded, the Common Stock Fair Market Value for such day shall be the fair market value thereof determined jointly by the General Partner and the holder(s) of Series A-1 Preferred Units, Series A-3 Preferred Units, Series A-4 Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units or Series F Preferred Units that are exchanging such Series A-1 Preferred Units, Series A-3 Preferred Units, Series A-4 Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units or Series F Preferred Units for REIT Shares or Common OP Units; provided, however, that if such parties are unable  to reach agreement within a reasonable period of time, the Common Stock Fair Market Value shall be determined in good faith by an independent investment banking firm selected jointly by the General Partner and such holder(s) of Series A-1 Preferred Units, Series A-3 Preferred Units, Series A-4 Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units or Series F Preferred Units or, if that selection cannot be made within five days, by an independent investment banking firm selected by the American Arbitration Association in accordance with its rules.”

6.The following new definitions are inserted in Article 1 (Defined Terms) of the Partnership Agreement so as to preserve alphabetical order:

“Series F Exchange Date” shall mean the date specified in a Series F Exchange Notice on which the holder of Series F Preferred Units proposes to exchange Series F Preferred Units for shares of the General Partner’s common stock; provided, however, that the proposed Series F Exchange Date (i) must be a Business Day, and (ii) may not be less than three Business Days, nor more than more than 15 Business Days, after the date such Series F Exchange Notice is delivered.

“Series F Exchange Notice” shall mean a written notice delivered by a holder of Series F Preferred Units to the General Partner of such holder’s election to exchange Series F Preferred Units for shares of the General Partner’s common stock. Each Series F Exchange Notice must specify the number of Series F Preferred Units to be exchanged and the proposed Series F Exchange Date.

“Series F Issuance Date” shall mean May 14, 2020.

“Series F Preferred Partners” shall mean the holders of Series F Preferred Units set forth on Exhibit A hereto, as it may be amended from time to time, and their respective successors and permitted assigns.

“Series F Preferred Unit Distribution Period” shall mean the period from and including the Series F Issuance Date to, but excluding, the first Series F Preferred Unit Distribution Payment Date, and each subsequent period from and including a Series F Preferred Unit Distribution Payment Date to, but excluding, the next succeeding Series F Preferred Unit Distribution Payment Date.

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“Series F Preferred Units” shall have the meaning set forth therefor in Section 25.2 hereof.

“Series F Priority Return” shall have the meaning set forth therefor in Section 25.1 hereof.

7.The following new Article 25 of the Partnership Agreement is inserted in the Partnership Agreement after Article 24 thereof:

ARTICLE 25.
SERIES F PREFERRED UNITS

Section 25.1 Definitions. The term “Series F Parity Preferred Units” shall mean any class or series of OP Units of the Partnership now or hereafter authorized, issued or outstanding and expressly designated by the Partnership to rank on parity with the Series F Preferred Units with respect to distributions and rights upon voluntary or involuntary liquidation, winding-up or dissolution of the Partnership. The term “Series F Priority Return” shall mean an amount equal to the Series F Applicable Rate multiplied by the stated issue price of $100.00 (the “Series F Issue Price”) per Series F Preferred Unit per annum. The term “Series F Applicable Rate” shall mean: 3.00% per annum (determined on the basis of a 365 day year).

Section 25.2  Designation and Number.  A series of OP Units in the Partnership designated as  the Series F Preferred Units (the “Series F Preferred Units”) is hereby established. The number of Series F Preferred Units shall be 90,000.

Section 25.3 Distributions.

(a)  Payment of Distributions.

(i)  Subject to the preferential rights of holders of any class or series of OP Units of the Partnership ranking senior to the Series F Preferred Units, the holders of Series F Preferred Units will be entitled to receive, when, as and if declared by the Partnership acting through the General Partner, out of the Partnership’s available cash, cumulative preferential cash distributions in an amount equal to the Series F Priority Return.

(ii)  All distributions shall be cumulative, shall accrue from the date of issuance, and will be payable quarterly (such quarterly periods for purposes of payment and accrual will be the quarterly periods ending on the dates specified in this sentence) in arrears on March 31, June 30, September 30 and December 31 of each year (each a “Series F Preferred Unit Distribution Payment Date”), and will be computed on the basis of a 365-day year. If any Series F Preferred Unit Distribution Payment Date is not a Business Day, then payment of the distribution to be made on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay). The distributions payable on any Series F Preferred Unit Distribution Payment Date shall include distributions accrued to but not including such Series F Preferred Unit Distribution Payment Date. Distributions payable on any Series F Preferred Units shall be pro-rated for the quarter in which the Series F Preferred Units are first issued.

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(b)  Distributions Cumulative. Notwithstanding the foregoing, distributions on the Series F Preferred Units will accrue and be cumulative from the Series F Issuance Date, whether or not the terms and provisions set forth in the last sentence of this Section 25.3(b) at any time prohibit the declaration, setting aside for payment or current payment of distributions, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized. No interest, or sum in lieu of interest, will be payable in respect of any distribution payment or payments on Series F Preferred Units which may be in arrears, and the holders of the Series F Preferred Units will not be entitled to any distributions, whether payable in cash, securities or other property, in excess of full cumulative distributions described above. Any distribution payment made on the Series F Preferred Units will first be credited against the earliest accrued but unpaid distribution due with respect to the Series F Preferred Units. No distributions on the Series F Preferred Units shall be authorized, declared, paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, directly or indirectly prohibit authorization, declaration, payment or setting apart for payment or provide that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration, payment or setting apart for payment shall be restricted or prohibited by law.

(c)  Priority as to Distributions.

(i)  Except as provided in Section 25.3(c)(ii) below, unless full cumulative distributions for all past Series F Preferred Unit Distribution Periods on the Series F Preferred  Units have been or contemporaneously are authorized and paid or authorized and a sum sufficient for the payment thereof is set apart for such payment, no distributions (other than in Common OP Units or any other class or series of OP Units ranking junior to the Series F Preferred Units as to distributions and as to the distribution of assets upon liquidation, dissolution and winding up of the Partnership) shall be authorized or paid or set aside for payment nor shall any other distribution be authorized or made on Common OP Units or any other classes or series of OP Units ranking junior to or on parity with the Series F Preferred Units as to distributions or as to the distribution of assets upon liquidation, dissolution or winding up of the Partnership nor shall any Common OP Units or any other classes or series of OP Units ranking junior to or on parity with the Series F Preferred Units as to distributions or as to the distribution of assets upon liquidation, dissolution or winding up of the Partnership be redeemed, purchased or otherwise acquired for any consideration (or any amounts be paid to or made available for a sinking fund for the redemption of any such units) by the Partnership except: (1) by conversion into or exchange for Common OP Units or any other classes or series of OP Units ranking junior to the Series F Preferred Units as to distributions and as to the distribution of assets upon liquidation, dissolution and winding up of the Partnership, (2) by redemption, purchase or other acquisition of Common OP Units made for purposes of an incentive, benefit or share purchase plan for the General Partner, the Partnership or any of their respective subsidiaries, (3) for redemptions, purchases or other acquisitions of OP Units by the Partnership in connection with the General Partner’s purchase of its securities for the purpose of preserving the General Partner’s qualification as a REIT for federal income tax purposes, or (4) for any distributions by the Partnership corresponding to distributions by the General Partner required for it to maintain its status as a REIT for federal income tax purposes. With respect to the Series F Preferred Units, all references in this Article 25 to “past Series F Preferred Unit Distribution Periods” shall mean, as of any date, Series F Preferred Unit Distribution Periods ending on or prior to such date, and with respect to any other class or series of OP Units ranking on a parity as to distributions with the Series F Preferred Units, all references in this Article 25 to “past distribution periods” (and all similar references) shall mean, as of any date, distribution periods with respect to such other class or series of OP Units ending on or prior to such date.

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(ii)  When full cumulative distributions for all past Series F Preferred Unit Distribution Periods are not paid in full (or a sum sufficient for such full payment is not set apart) upon the Series F Preferred Units and when full cumulative distributions for all past distribution periods are not paid in full (or a sum sufficient for such full payment is not set apart) upon the units of any other Series F Parity Preferred Units ranking on a parity as to distributions with the Series F Preferred Units, then all distributions authorized on the Series F Preferred Units and any other outstanding classes or series of Series F Parity Preferred Units ranking on a parity as to distributions with the Series F Preferred Units shall be declared pro rata so that the amount of distributions authorized per unit on the Series F Preferred Units and such other classes or series of Series F Parity Preferred Units ranking on a parity as to distributions with the Series F Preferred Units shall in all cases bear to each other the same ratio that accumulated and unpaid distributions per unit on the Series F Preferred Units and such other classes or series of Series F Parity Preferred Units ranking on a parity as to distributions with the Series F Preferred Units (which, in the case of any such other classes or series of Series F Parity Preferred Units ranking on a parity as to distributions with the Series F Preferred Units, shall not include any accumulation in respect of unpaid distributions for past distribution periods if such other Series F Parity Preferred Units ranking on a parity as to distributions with the Series F Preferred Units does not have a cumulative distribution) bear to each other.

Section 25.4 Liquidation Proceeds.

(a)Distributions. Upon any voluntary or involuntary liquidation, dissolution or winding-up of the Partnership, before any payment or distribution of the assets of the Partnership (whether capital or surplus) shall be made to or set apart for the holders of Common OP Units or any other classes or series of OP Units ranking junior to the Series F Preferred Units as to distributions or as to the distribution of assets upon liquidation, dissolution or winding up of the Partnership, the holders of Series F Preferred Units shall be entitled to receive an amount per Series F Preferred Unit equal to the Series F Issue Price plus any accrued but unpaid Series F Priority Return thereon (whether or not authorized or declared) to the date of payment in accordance with Article 12. If, upon any liquidation, dissolution or winding up of the Partnership, the assets of the Partnership, or proceeds thereof, distributable among the holders of Series F Preferred Units shall be insufficient to pay the full preferential amount set forth in Article 12 and liquidating payments on any Series F Parity Preferred Units, as to the distribution of assets on any liquidation, dissolution or winding up of the Partnership, then such assets, or the proceeds thereof, shall be distributed among the holders of Series F Preferred Units and any such other Series F Parity Preferred Units ratably in accordance with the respective amounts that would be payable on such Series F Preferred Units and any such Series F Parity Preferred Units if all amounts payable thereon were paid in full.

(b)Notice. Written notice of any voluntary or involuntary liquidation, dissolution or winding- up of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by (i) fax or email and (ii) by first class mail, postage pre-paid, not less than thirty (30) and not more than sixty (60) days prior to the payment date stated therein, to each record holder of the Series F Preferred Units at the respective addresses of such holders as the same shall appear on the transfer records of the Partnership.

(c)No Further Rights. After payment of the full amount of the liquidating distributions to which it is entitled, the holders of Series F Preferred Units will have no right or claim to any of the remaining assets of the Partnership.

(d)Consolidation, Merger or Certain Other Transactions. The voluntary sale, conveyance, lease, exchange or transfer (for cash, shares of stock, securities or other consideration) of all or  substantially all 

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of the property or assets of the Partnership to, or the consolidation or merger or other business combination of the Partnership with or into, any corporation, trust or other entity (or of any corporation, trust or other entity with or into the Partnership) shall not be deemed to constitute a  liquidation, dissolution or winding-up of the Partnership.

Section 25.5 Ranking

The Series F Preferred Units rank, with respect to rights to the payment of distributions and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, (i) senior to all Common OP Units, Series A-3 Preferred Units and all other OP Units other than OP Units referred to in clauses (ii) and (iii) of this sentence; (ii) on a parity with all Series F Parity Preferred Units and (iii) junior to all Preferred OP Units, Series A-1 Preferred Units, Series A-4 Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units and all other OP Units (now existing or hereafter arising) the terms of which specifically provide that such OP Units rank senior to the Series F Preferred Units with respect to rights to the payment of distributions and the distribution of assets in the event of any liquidation, dissolution and winding up of the Partnership.

Section 25.6 Voting Rights.

Holders of the Series F Preferred Units will not have any voting rights or right to consent to any matter requiring the consent or approval of the Limited Partners.

Section 25.7 Transfer Restrictions.

The Series F Preferred Units shall be subject to the provisions of Article 11 of the Agreement; provided that the General Partner hereby consents to the Transfer of Series F Preferred Units to any partner, member or other beneficial owner of any holder of Series F Preferred Units, subject to compliance with Section 11.3 of the Agreement.

Section 25.8 Exchange Rights.

(a)Series F Preferred Units. Each holder of Series F Preferred Units shall be entitled to exchange Series F Preferred Units for REIT Shares, at such holder’s option, on the following terms and subject to the following conditions:

(i)At any time after the Series F Issuance Date, each holder of Series F Preferred Units at its option may exchange each of its Series F Preferred Units for that number of REIT Shares equal to the quotient obtained by dividing the Series F Issue Price by $160.00; provided, however, that no Series F Preferred Units may be exchanged on any proposed Series F Exchange Date pursuant to this Section 25.8 unless at least 1,000 Series F Preferred Units, in the aggregate, are exchanged by one or more holders thereof on such Series F Exchange Date pursuant to Series F Exchange Notices. Each holder of Series F Preferred Units that has delivered a Series F Exchange Notice to the General Partner may rescind such Series F Exchange Notice by delivering written notice of such rescission to the General Partner prior to the Series F Exchange Date specified in the applicable Series F Exchange Notice.

(ii)The exchange rate is subject to adjustment upon subdivisions, stock splits, stock dividends, combinations and reclassification of REIT Shares. The adjustment to the exchange rate will be determined by the General Partner such that each Series F Preferred Unit will thereafter be 

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exchangeable into the kind and amount of shares of common or other capital stock which would have been received if the exchange had occurred immediately prior to the record date for such subdivision, stock split, stock dividend, combination or reclassification of the REIT Shares.

(iii)In case the General Partner shall be a party to any transaction (including, without limitation, a merger, consolidation, statutory share exchange, tender offer for all or substantially all of the General Partner's capital stock or sale of all or substantially all of the General Partner's assets), in each case as a result of which the REIT Shares will be converted into the right to receive shares of capital stock, other securities or other property (including cash or any combination thereof), each Series F Preferred Unit will thereafter be convertible or exchangeable into the kind and amount of shares of capital stock and other securities and property receivable (including cash or any combination thereof) upon the consummation of such transaction by a holder of that number of REIT Shares or fraction thereof into which one Series F Preferred Unit was convertible or exchangeable immediately prior to such transaction.

(iv)          Limitations on Exchange. Notwithstanding anything to the contrary in this Section
25.8(a):

(A) Upon tender of any Series F Preferred Units to the General Partner for REIT Shares pursuant to this Section, instead of issuing the requisite number of REIT Shares to the exchanging holder of Series F Preferred Units, the Partnership may elect to make a cash payment to the exchanging holder of Series F Preferred Units in an amount equal to the product of (i) the Common Stock Fair Market Value determined as of the Series F Exchange Date and (ii) the number of REIT Shares that would have been otherwise issued to the exchanging holder of Series F Preferred Units, for any reason or no reason, including to the extent necessary to prevent the recipient from violating the Ownership Limitations of Section 2 of Article VII of the Charter, or corresponding provisions of any amendment or restatement thereof;

(B)  A holder of Series F Preferred Units will not have the right to exchange Series F Preferred Units for REIT Shares if (1) in the opinion of counsel for the General Partner, the General Partner would no longer qualify or its status would be seriously compromised as a REIT under the Code as a result of such exchange; or (2) such exchange would, in the opinion of counsel for the General Partner, constitute or be likely to constitute a violation of applicable securities laws; and

(C) The General Partner shall not be required to issue fractions of REIT Shares upon exchange of Series F Preferred Units. If any fraction of a REIT Share would be issuable upon exchange of Series F Preferred Units, the General Partner shall, in lieu of delivering such fraction of a REIT Share, make a cash payment to the exchanging holder of Series F Preferred Units in an amount equal to the same fraction of the Common Stock Fair Market Value determined as of the Series F Exchange Date.

(v) Reservation of REIT Shares. The General Partner shall at all times reserve and keep available a sufficient number of authorized but unissued REIT Shares to permit the exchange of all of the outstanding Series F Preferred Units pursuant to this Section 25.8.

(b)  Procedure for Exchange.

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(i)  Any exchange described in Section 25.8(a) above shall be exercised pursuant to a delivery of a Series F Exchange Notice to the General Partner by the holder who is exercising such exchange right, by (A) fax or email and (B) by certified mail postage prepaid. The Series F Exchange Notice and certificates, if any, representing such Series F Preferred Units to be exchanged shall be delivered to the office of the General Partner maintained for such purpose. Currently, such office is:

Sun Communities, Inc.
27777 Franklin Road, Suite 200
Southfield, Michigan 48034 Attn: Chief Executive Officer Fax: (248) 208-2645
Email: gshiffman@suncommunities.com

(ii)  Any exchange hereunder shall be effective as of the close of business on the Series F Exchange Date. The holders of the exchanged Series F Preferred Units shall be deemed to have surrendered the same to the General Partner, and the General Partner shall be deemed to have issued the corresponding number of REIT Shares at the close of business on the Series F Exchange Date.

(c)  Payment of Series F Priority Return. On the Series F Preferred Unit Distribution Payment Date next following the Series F Exchange Date, the holders of Series F Preferred Units, which exchanged on such date shall be entitled to Series F Priority Return in an amount equal to a prorated portion of the Series F Priority Return based on the number of days elapsed from the prior Series F Preferred Unit Distribution Payment Date through, but not including, the Series F Exchange Date, less (ii) the amount of the distribution or dividend, if any, paid on the securities into which the Series F Preferred Units were exchanged for the quarterly period in which the Series F Exchange Date occurred.

Section 25.9 Redemption Rights.

(a)Mandatory Redemption. Subject to the limitations in this Section 25.9, upon or at any time after the earlier of:

(i)The fifth anniversary of the Series F Issuance Date; or

(ii)The Partnership’s receipt of the notice of the death of such holder of Series F Preferred Units,

each holder of Series F Preferred Units may require redemption of, and the Partnership shall redeem, for cash, at a redemption price per unit equal to the Series F Issue Price plus any accrued but unpaid Series F Priority Return (the “Series F Redemption Price”), all, or a portion, but not less than 1,000 Series F Preferred Units at any one time, of the Series F Preferred Units held by such holder upon not less than sixty
(60) days’ prior written notice to the Partnership.

(b)Procedures for Redemption.

(i)Notice of redemption must be: (A) faxed; and (B) mailed by such holder of Series F Preferred Units, by certified mail, postage prepaid, to the Partnership so that notice is received by the Partnership within the periods set forth herein and in accordance with the provisions hereof. Any such notice shall be irrevocable.

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(ii)The Partnership will pay such Series F Redemption Price to such holder of Series  F Preferred Units upon surrender of the Series F Preferred Units by such holder of Series F Preferred Units at the place designated by the Partnership. Unless the Partnership and such holder of Series F Preferred Units agree otherwise, the Partnership will pay the Redemption Price in the same manner that the most recent distribution of Series F Priority Return was delivered to such holder of Series F Preferred Units. On and after the date of redemption, distributions will cease to accumulate on such holder’s Series F Preferred Units, unless the Partnership defaults in the payment of the Series F Redemption Price. If any date fixed for redemption of such holder’s Series F Preferred Units is not a Business Day, then payment of the Series F Redemption Price payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day falls in the next calendar year, such payment will be made on the immediately preceding Business Day, in each case with the same force and effect as if made on such date fixed for redemption. If payment of the Series F Redemption Price is improperly withheld or refused and not paid by the Partnership, distributions on such holder’s Series F Preferred Units will continue to accumulate from the original redemption date to the date of payment, in which case the actual payment date will be considered the date fixed for redemption for purposes of calculating the Series F Redemption Price.

Section 25.10 No Sinking Fund.

No sinking fund shall be established for the retirement or redemption of Series F Preferred
Units.

Section 25.11 Status of Reacquired Units.

All Series F Preferred Units which shall have been issued and reacquired in any manner by the Partnership shall be deemed cancelled and no longer outstanding.

8.  Governing Law. This Amendment shall be interpreted and enforced according to the laws of the State of Michigan.

9.  Full Force and Effect. Except as amended by the provisions hereof, the Partnership Agreement shall remain in full force and effect in accordance with its terms and is hereby ratified, confirmed and reaffirmed by the undersigned for all purposes and in all respects.

10.  Successors/Assigns. This Amendment shall be binding upon and shall inure to the benefit of the Partnership, the Partners and their respective legal representatives, successors and assigns.

11.  Copies. Reproductions (photographic, facsimile or otherwise) of this Amendment may be made  and relied upon to the same extent as though such reproduction was an original.

12.  Number and Gender. Where necessary or appropriate to the construction of this Agreement, the singular and plural number, and the masculine, feminine and neuter gender shall be interchangeable.

[The remainder of this page intentionally left blank]

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the Effective Date.

GENERAL PARTNER:

Sun Communities, Inc., a Maryland corporation

By:  Name: Karen J. Dearing
Title: Executive Vice President, Chief Financial Officer, Secretary and TreasurerEX-4.1

 Exhibit 4.1 

APPLIED MOLECULAR TRANSPORT INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

September 30, 2019 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Section 1 Definitions
	  	 	1	 
			
	 1.1
	 	Certain Definitions	  	 	1	 
		
	 Section 2 Registration Rights
	  	 	4	 
			
	 2.1
	 	Requested Registration	  	 	4	 
	 2.2
	 	Company Registration	  	 	6	 
	 2.3
	 	Registration on Form S-3	  	 	7	 
	 2.4
	 	Expenses of Registration	  	 	7	 
	 2.5
	 	Registration Procedures	  	 	7	 
	 2.6
	 	Indemnification	  	 	9	 
	 2.7
	 	Information by Holder	  	 	10	 
	 2.8
	 	Restrictions on Transfer	  	 	10	 
	 2.9
	 	Rule 144 Reporting	  	 	12	 
	 2.10
	 	Market Stand-Off Agreement	  	 	12	 
	 2.11
	 	Delay of Registration	  	 	13	 
	 2.12
	 	Transfer or Assignment of Registration Rights	  	 	13	 
	 2.13
	 	Limitations on Subsequent Registration Rights	  	 	13	 
	 2.14
	 	Termination of Registration Rights	  	 	13	 
		
	 Section 3 Information and Other Covenants of the Company
	  	 	13	 
			
	 3.1
	 	Basic Financial Information and Inspection Rights	  	 	13	 
	 3.2
	 	Confidentiality	  	 	14	 
	 3.3
	 	Directors’ and Officers’ Insurance	  	 	14	 
	 3.4
	 	Qualified Small Business Stock	  	 	15	 
	 3.5
	 	Founder/Employee/Consultant Stock	  	 	15	 
	 3.6
	 	Termination of Covenants	  	 	15	 
		
	 Section 4 Right of First Refusal
	  	 	16	 
			
	 4.1
	 	Right of First Refusal to Significant Holders	  	 	16	 
		
	 Section 5 Miscellaneous
	  	 	17	 
			
	 5.1
	 	Amendment	  	 	17	 
	 5.2
	 	Notices	  	 	17	 
	 5.3
	 	Governing Law	  	 	18	 
	 5.4
	 	Successors and Assigns	  	 	18	 
	 5.5
	 	Entire Agreement	  	 	18	 
	 5.6
	 	Delays or Omissions	  	 	18	 
	 5.7
	 	Severability	  	 	18	 
	 5.8
	 	Titles and Subtitles	  	 	18	 
	 5.9
	 	Counterparts	  	 	18	 
	 5.10
	 	Telecopy Execution and Delivery	  	 	19	 
	 5.11
	 	Jurisdiction; Venue	  	 	19	 
	 5.12
	 	Further Assurances	  	 	19	 
	 5.13
	 	Termination Upon Change of Control	  	 	19	 
	 5.14
	 	Conflict	  	 	19	 
	 5.15
	 	Attorneys’ Fees	  	 	19	 
	 5.16
	 	Aggregation of Stock	  	 	19	 
	 5.17
	 	Jury Trial	  	 	19	 

  

 APPLIED MOLECULAR TRANSPORT INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amended and Restated Investors’ Rights Agreement (this “Agreement”) is dated as of September 30, 2019,
and is between Applied Molecular Transport Inc., a Delaware corporation (the “Company”), and the persons and entities listed on Exhibit A (each, an “Investor” and collectively, the
“Investors”). 
 RECITALS 

Certain of the Investors are parties to the Amended and Restated Investors’ Rights Agreement dated as of September 11, 2018 (the
“Prior Agreement”), between the Company and the Investors listed on Exhibit A thereto (the “Prior Investors”); 

The undersigned Prior Investors, representing sufficient signatory authority to amend and restate the Prior Agreement, desire to amend and
restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

Certain of the Investors are parties to the Series C Preferred Stock Purchase Agreement of even date herewith, among the Company and the
Investors listed on the Schedule of Investors thereto (the “Purchase Agreement”), and it is a condition to the closing of the sale of the Series C Preferred Stock to the Investors listed on such Schedule of Investors
that the Investors and the Company execute and deliver this Agreement. 
 The parties therefore agree as follows: 

SECTION 1 

DEFINITIONS 
 1.1
Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 
 (a)
“Affiliate” shall mean, with respect to any specified person or entity, any other person or entity who, directly or indirectly, controls, is controlled by, or is under common control with such person or entity, including
without limitation any general partner, managing member, officer, director or trustee of such person or entity, or any venture capital fund or registered investment company now or hereafter existing that is controlled by one or more general
partners, managing members or investment adviser of, or shares the same management company or investment adviser with, such person or entity. 

(b) “Bad Actor Disqualification” shall mean any “bad actor” disqualification described in
Rule 506(d)(1)(i) through (viii) under the Securities Act. 
 (c) “Commission” shall mean the Securities
and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 (d) “Common
Stock” shall mean the Common Stock of the Company. 
 (e) “Conversion Stock” shall mean shares of Common
Stock issued upon conversion of the Preferred Stock. 
  

 (f) “Exchange Act” shall mean the Securities Exchange Act of 1934,
as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(g) “Holder” shall mean any Investor who holds Registrable Securities and any holder of Registrable Securities to whom
the registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.12 of this Agreement. 

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

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

(j) “Initial Closing” shall mean the date of the initial sale of shares of the Company’s Series C Preferred
Stock pursuant to the Purchase Agreement. 
 (k) “Initial Public Offering” shall mean the closing of the
Company’s first firm commitment underwritten public offering of the Company’s Common Stock registered under the Securities Act. 

(l) “Initiating Holders” shall mean any Holder or Holders who in the aggregate hold not less than thirty percent (30%)
of the outstanding Registrable Securities. 
 (m) “New Securities” shall have the meaning set forth in
Section 4.1(a). 
 (n) “Other Shares” shall mean shares of Common Stock, other than Registrable Securities (as
defined below), (including shares of Common Stock issuable upon conversion of shares of any currently unissued series of Preferred Stock of the Company) with respect to which registration rights have been granted. 

(o) “Other Selling Stockholders” shall mean persons other than Holders who, by virtue of agreements with the Company,
are entitled to include their Other Shares in certain registrations hereunder. 
 (p) “Permitted Founders Fund
Entity” shall mean Founders Fund, LLC; The Founders Fund V, LP; The Founders Fund V Principals Fund, LP; The Founders Fund V Entrepreneurs Fund, LP; The Founders Fund V Management LLC; The Founders Fund VI Management LLC; any Founders
Fund employee investment vehicles; or any partner or Affiliate of (including any entity controlled by) any of the foregoing. For the avoidance of doubt, each Permitted Founders Fund Entity shall be deemed to be affiliated with all other Permitted
Founders Fund Entities. 
 (q) “Preferred Directors” shall mean the directors of the Company that the holders of
record of shares of Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock are entitled to elect pursuant to the Restated Certificate. 

(r) “Purchase Agreement” shall have the meaning set forth in the Recitals. 

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

  
 -2- 

 (t) The terms “register,” “registered” and
“registration” shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of
the effectiveness of such registration statement. 
 (u) “Registration Expenses” shall mean all expenses incurred in
effecting any registration pursuant to this Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company and reasonable fees and
disbursements of one special counsel for the Holders, blue sky fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of other
counsel for the Holders and the compensation of regular employees of the Company, which shall be paid in any event by the Company. 
 (v)
“Restated Certificate” shall mean the Third Amended and Restated Certificate of Incorporation of the Company, filed on or about the date hereof, as the same may be further amended or amended and restated from time to time.

 (w) “Restricted Securities” shall mean any Registrable Securities required to bear the first legend set forth in
Section 2.8(b). 
 (x) “Rule 144” shall mean Rule 144 as promulgated by
the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(y) “Rule 145” shall mean Rule 145 as promulgated by the Commission under the
Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission 
 (z)
“Securities Act” shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(aa) “Selling Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable
to the sale of Registrable Securities and fees and disbursements of counsel for any Holder. 
 (bb)
“Series A Preferred Stock” shall mean the shares of Series A Preferred Stock of the Company. 

(cc) “Series B Preferred Stock” shall mean the shares of Series B Preferred Stock
of the Company. 
 (dd) “Series C Preferred Stock” shall mean the shares of
Series C Preferred Stock issued pursuant to the Purchase Agreement. 
 (ee) “Shares” shall mean shares of
Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock, collectively. 

  
 -3- 

 (ff) “Significant Holders” shall have the meaning set forth in
Section 3.1(a). 
 (gg) “Withdrawn Registration” shall mean a forfeited demand registration under
Section 2.1 in accordance with the terms and conditions of Section 2.4. 
 SECTION 2 

REGISTRATION RIGHTS 

2.1 Requested Registration.

(a) Request for Registration. Subject to the conditions set forth in this Section 2.1, if the Company shall receive from
Initiating Holders a written request signed by such Initiating Holders that the Company effect any registration with respect to all or a part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to
be disposed of by such Initiating Holders), the Company will: 
 (i) promptly give written notice of the proposed registration to all other
Holders; and 
 (ii) as soon as practicable, file and use its commercially reasonable efforts to effect such registration (including,
without limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) and to permit or facilitate the sale and distribution of
all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by
the Company within twenty (20) days after such written notice from the Company is mailed or delivered. 
 (b) Limitations on
Requested Registration. The Company shall not be obligated to effect, or to take any action to effect, any such registration pursuant to this Section 2.1: 

(i) Prior to the one hundred eighty (180) days following the effective date of the first registration statement filed by the Company
covering an underwritten offering of any of its securities to the general public (or the subsequent date on which all market stand-off agreements applicable to the offering have terminated); 

(ii) If the Initiating Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration
statement, propose to sell Registrable Securities the aggregate proceeds of which (after deduction for underwriter’s discounts and expenses related to the issuance) are less than $20,000,000; 

(iii) In any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(iv) After the Company has initiated two such registrations pursuant to this Section 2.1; 

(v) During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing of,
and ending on a date one hundred eighty (180) days after the effective date of, a Company-initiated registration (or ending on the subsequent date on which all market stand-off agreements applicable to
the offering have terminated); provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; 

  
 -4- 

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

(viii) If the Company and the Initiating Holders are unable to obtain the commitment of the underwriter described in clause (b)(vii) above to
firmly underwrite the offer. 
 (c) Deferral. If (i) in the good faith judgment of the board of directors of the Company,
the filing of a registration statement covering the Registrable Securities would be detrimental to the Company and the board of directors of the Company concludes, as a result, that it is in the best interests of the Company to defer the filing of
such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the President of the Company stating that in the good faith judgment of the board of directors of the Company, it would be
detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, in the best interests of the Company to defer the filing of such registration statement, then (in addition to the limitations set
forth in Section 2.1(b)(v) above) the Company shall have the right to defer such filing for a period of not more than one hundred eighty (180) days after receipt of the request of the Initiating Holders, and, provided further, that
the Company shall not defer its obligation in this manner more than twice in any twelve-month period. 
 (d) Other Shares. The
registration statement filed pursuant to the request of the Initiating Holders may, subject to the provisions of Section 2.1(e), include Other Shares, and may include securities of the Company being sold for the account of the Company. 

(e) Underwriting. The right of any Holder to include all or any portion of its Registrable Securities in a registration pursuant
to this Section 2.1 shall be conditioned upon such Holder’s participation in an underwriting and the inclusion of such Holder’s Registrable Securities to the extent provided herein. The Company shall (together with all Holders
proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for such underwriting by the Company, which underwriters
are reasonably acceptable to a majority-in-interest of the Initiating Holders. 

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

If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall be excluded therefrom by written notice from the Company, the underwriter or the Initiating Holders. The securities so excluded shall also be withdrawn from registration. Any Registrable Securities or other securities excluded or
withdrawn from such underwriting shall also be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of shares to be included in such registration was previously reduced as a result of marketing factors
pursuant to this 

  
 -5- 

 
Section 2.1(d), then the Company shall then offer to all Holders who have retained rights to include securities in the registration the right to include additional Registrable Securities in
the registration in an aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among such Holders requesting additional inclusion, as set forth above. 

2.2 Company Registration. 

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

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

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

(b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.2(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.2 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company, the Other Selling Stockholders and other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement
in customary form with the representative of the underwriter or underwriters selected by the Company. 
 Notwithstanding any other provision
of this Section 2.2, if the underwriters advise the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) limit the number of
Registrable Securities to be included in, the registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included in the registration
and underwriting shall be allocated, as follows: (i) first, to the Company for securities being sold for its own account, (ii) second, to the Holders requesting to include Registrable Securities in such registration statement based on the
pro rata percentage of Registrable Securities held by such Holders, assuming conversion and (iii) third, to the Other Selling Stockholders requesting to include Other Shares in such registration statement based on the pro rata
percentage of Other Shares held by such Other Selling Stockholders, assuming conversion. Notwithstanding the foregoing, no such reduction shall reduce the value of the Registrable Securities of the Holders included in such registration below
twenty five percent (25%) of the total value of securities included in such registration, unless such offering is the Company’s Initial Public Offering and such registration does not include shares of any other selling stockholders (excluding
shares registered for the account of the Company), in which event any or all of the Registrable Securities of the Holders may be excluded. 

If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration. Any Registrable Securities or other securities
excluded or withdrawn from such underwriting shall be withdrawn from such registration. 

  
 -6- 

 (c) Right to Terminate Registration. The Company shall have the right to
terminate or withdraw any registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 

2.3 Registration on Form S-3.

(a) Request for Form S-3 Registration. After its Initial Public Offering,
the Company shall use its commercially reasonable efforts to qualify for registration on Form S-3 or any comparable or successor form or forms. After the Company has qualified for the use of Form S-3, in addition to the rights contained in the foregoing provisions of this Section 2 and subject to the conditions set forth in this Section 2.3, if the Company shall receive from a Holder or Holders of
Registrable Securities a written request that the Company effect any registration on Form S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities (such
request shall state the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such shares by such Holder or Holders), the Company will take all such action with respect to such Registrable Securities
as required by Section 2.1(a)(i) and (ii). 
 (b) Limitations on Form S-3
Registration. The Company shall not be obligated to effect, or take any action to effect, any such registration pursuant to this Section 2.3: 

(i) In the circumstances described in either Sections 2.1(b)(i), 2.1(b)(iii) or 2.1(b)(v); 

(ii) If the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to
sell Registrable Securities and such other securities (if any) on Form S-3 at an aggregate price to the public of less than $1,000,000; or 

(c) Deferral. The provisions of Section 2.1(c) shall apply to any registration pursuant to this Section 2.3. 

(d) Underwriting. If the Holders of Registrable Securities requesting registration under this Section 2.3 intend to
distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of Section 2.1(d) shall apply to such registration. Notwithstanding anything contained herein to the contrary, registrations effected
pursuant to this Section 2.3 shall not be counted as requests for registration or registrations effected pursuant to Section 2.1. 

2.4 Expenses of Registration. All Registration Expenses incurred in connection with registrations pursuant to
Sections 2.1, 2.2 and 2.3 shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 2.1 and 2.3 if the
registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall have withdrawn so that the minimum offering conditions set
forth in Sections 2.1 and 2.3 are no longer satisfied (in which case all participating Holders shall bear such expenses pro rata among each other based on the number of Registrable Securities requested to be so registered), unless the
Holders of a majority of the Registrable Securities agree to forfeit their right to a demand registration pursuant to Section 2.1. 

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

(a) Keep such registration effective for a period of ending on the earlier of the date which is sixty (60) days from the effective date of
the registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto; 

  
 -7- 

 (b) Prepare and file with the Commission such amendments and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement for the period set forth in subsection (a) above; 
 (c) Furnish such number of prospectuses, including any preliminary
prospectuses, and other documents incident thereto, including any amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request; 

(d) Notify each seller of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such notification promptly prepare and furnish to such seller a
reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; 

(e) Provide a transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (f) Cause all such Registrable
Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed; and 

(g) In connection with any underwritten offering pursuant to a registration statement filed pursuant to Section 2.1, enter into an
underwriting agreement in form reasonably necessary to effect the offer and sale of Common Stock, provided such underwriting agreement contains reasonable and customary provisions, and provided further, that each Holder participating
in such underwriting shall also enter into and perform its obligations under such an agreement. 

  
 -8- 

 2.6 Indemnification.

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors and partners,
legal counsel and accountants and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has been effected pursuant to this Section 2, and
each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages and liabilities (or actions, proceedings or settlements in respect
thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular or other document (including any related registration
statement, notification or the like) incident to any such registration, qualification or compliance, (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, or (iii) any violation (or alleged violation) by the Company of the Securities Act, any state securities laws or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of
the Company in connection with any offering covered by such registration, qualification or compliance, and the Company will reimburse each such Holder, each of its officers, directors, partners, legal counsel and accountants and each person
controlling such Holder, each such underwriter and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage,
liability or action; provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement or omission based upon written
information furnished to the Company by such Holder, any of such Holder’s officers, directors, partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who controls any such underwriter, and
stated to be specifically for use therein; and provided, further that, the indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if
such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 
 (b) To the extent
permitted by law, each Holder, severally and not jointly, will, if Registrable Securities held by such Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold harmless
the Company, each of its directors, officers, partners, legal counsel and accountants and each underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter
within the meaning of Section 15 of the Securities Act, each other such Holder, and each of their officers, directors and partners, and each person controlling each other such Holder, against all claims, losses, damages and liabilities (or
actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular or other document (including any
related registration statement, notification, or the like) incident to any such registration, qualification or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse the Company and such Holders, directors, officers, partners, legal counsel and accountants, persons, underwriters, or control persons for any legal or any other expenses reasonably
incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission)
is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein;
provided, however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages or liabilities (or actions in respect thereof) if such settlement is effected without
the consent of such Holder (which consent shall not be unreasonably withheld); and provided that in no event shall any indemnity under this Section 2.6 exceed the gross proceeds from the offering received by such Holder, except in the
case of fraud or willful misconduct by such Holder. 

  
 -9- 

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

(d) If the indemnification provided for in this Section 2.6 is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection
with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the
parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. No person or entity will be required under this Section 2.6(d) to contribute any amount in excess of the net
proceeds from the offering received by such person or entity, except in the case of fraud or willful misconduct by such person or entity. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 
 (e)
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing
provisions, the provisions in the underwriting agreement shall control. 
 2.7 Information by Holder. Each Holder
of Registrable Securities shall furnish to the Company such information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any
registration, qualification, or compliance referred to in this Section 2. 
 2.8 Restrictions on Transfer. 

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

  
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 (ii) The Holder shall have given prior written notice to the Company of the Holder’s
intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if reasonably requested by the Company, the Holder shall have furnished the
Company, at the Holder’s expense, with (i) an opinion of counsel, reasonably satisfactory to the Company, to the effect that such disposition will not require registration of such Restricted Securities under the Securities Act or
(ii) a “no action” letter from the Commission to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Commission that action be taken with respect thereto,
whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. It is agreed that the Company will not require opinions of
counsel for transactions made pursuant to Rule 144 except in unusual circumstances. 
 (b) Notwithstanding the provisions of
Section 2.8(a), no such registration statement, opinion of counsel or “no action” letter shall be necessary for (i) a transfer not involving a change in beneficial ownership, (ii) transactions involving the distribution
without consideration of Restricted Securities by any Holder to (x) a parent, subsidiary or other Affiliate of the Holder, if the Holder is a corporation, (y) any of the Holder’s partners, members or other equity owners, or retired
partners, retired members or other equity owners, or to the estate of any of the Holder’s partners, members or other equity owners or retired partners, retired members or other equity owners, or (z) a venture capital fund that is
controlled by or under common control with one or more general partners or managing members of, or shares the same management company with, the Holder or (iii) a transfer made from a Permitted Founders Fund Entity to any Permitted Founders Fund
Entity; provided, in each case, that the Holder shall give written notice to the Company of the Holder’s intention to effect such disposition and shall have furnished the Company with a detailed description of the manner and
circumstances of the proposed disposition. 
 (c) Each certificate, instrument or book entry representing Registrable Securities shall
(unless otherwise permitted by the provisions of this Agreement) be notated with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 

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

 THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO (1) RESTRICTIONS ON
TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN INVESTORS’ RIGHTS AGREEMENT, AND (2) VOTING RESTRICTIONS AS SET FORTH IN A VOTING
AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

  
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 (d) The first legend referring to federal and state securities laws identified in
Section 2.8(c) notated on any certificate evidencing the Restricted Securities and the stock transfer instructions and record notations with respect to the Restricted Securities shall be removed, and the Company shall issue a certificate
without such legend to the holder of Restricted Securities (to the extent the securities are certificated), if (i) those securities are registered under the Securities Act, or (ii) the holder provides the Company with an opinion of counsel
reasonably acceptable to the Company to the effect that a sale or transfer of those securities may be made without registration, qualification or legend. 

(e) Each Investor agrees not to make any sale, assignment, transfer, pledge or other disposition of any securities of the Company, or any
beneficial interest therein, to any person other than the Company unless and until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee nor any of its directors, executive officers,
other officers that may serve as a director or officer of any company in which it invests, general partners or managing members nor any person that would be deemed a beneficial owner of those securities (in accordance with Rule 506(d) of the
Securities Act) is subject to any Bad Actor Disqualification, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act and disclosed, reasonably in advance of the transfer, in writing in reasonable detail to
the Company. 
 (f) The Company shall not be obligated to recognize any attempted sale, assignment, transfer, pledge or other disposition of
all or any portion of the Restricted Securities, or any beneficial interest therein, made other than in compliance with the terms and conditions of this Agreement. The Holders consent to the Company making a notation on its records and giving
instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer established in this Agreement. 

2.9 Rule 144 Reporting. With a view to making available the benefits of certain rules and
regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) Make and keep adequate current public information with respect to the Company available in accordance with Rule 144 under the
Securities Act, at all times from and after ninety (90) days following the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) File with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act at any time after it has become subject to such reporting requirements; and 
 (c) So long as a Holder owns any Restricted
Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date
of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the
most recent annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities
without registration. 
 2.10 Market Stand-Off Agreement. Each Holder shall
not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any Common Stock (or other securities) of the Company held by
such Holder (other than those included in the registration) during the period from the filing of the registration statement for 

  
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the Company’s Initial Public Offering filed under the Securities Act that includes securities to be sold on behalf of the Company to the public in an underwritten public offering under
the Securities Act through the end of the one hundred eighty (180) day period following the effective date of the registration statement; provided that all officers and directors of the Company and holders of at least one percent (1%) of the
Company’s voting securities are bound by and have entered into similar agreements. The obligations described in this Section 2.10 shall not apply to a registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4
or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may notate each such certificate, instrument or book entry with the second legend set forth in Section 2.8(c) with respect to the
shares of Common Stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. Each Holder agrees to execute a market standoff agreement with said underwriters in
customary form consistent with the provisions of this Section 2.10. 
 2.11 Delay of Registration. No Holder
shall have any right to take any action to restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.12 Transfer or Assignment of Registration Rights. The rights to cause the Company to register securities granted to
a Holder by the Company under this Section 2 may be transferred or assigned by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of such Holder (including a transfer or assignment from any Permitted Founders Fund
Entity to another), or (ii) only to a transferee or assignee of not less than 100,000 shares of Registrable Securities (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and
the like); provided that (i) such transfer or assignment of Registrable Securities is effected in accordance with the terms of Section 2.8 and applicable securities laws, (ii) the Company is given written notice prior to said
transfer or assignment, stating the name and address of the transferee or assignee and identifying the securities with respect to which such registration rights are intended to be transferred or assigned, and (iii) the transferee or assignee of
such rights assumes in writing the obligations of such Holder under this Agreement, including without limitation the obligations set forth in Section 2.10. 

2.13 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not,
without the prior written consent of Holders holding a majority of the Registrable Securities (excluding any of such shares held by any Holders whose rights to request registration or inclusion in any registration pursuant to this Section 2
have terminated in accordance with Section 2.14), enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder any registration rights the terms of which are
pari passu with or senior to the registration rights granted to the Holders hereunder. 
 2.14 Termination of
Registration Rights. The right of any Holder to request registration or inclusion in any registration pursuant to Sections 2.1, 2.2 or 2.3 shall terminate on the earlier of (i) such date, on or after the closing of
the Company’s first registered public offering of Common Stock, on which all shares of Registrable Securities held or entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any ninety (90) day
period and (ii) three (3) years after the closing of the Company’s Initial Public Offering. 
 SECTION 3 

INFORMATION AND OTHER COVENANTS OF THE COMPANY 

3.1 Basic Financial Information and Inspection Rights. 

(a) Basic Financial Information. The Company will furnish the following reports to each Holder who owns at least 312,559 Shares
and/or Conversion Stock (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like) (the “Significant Holders”): 

(i) As soon as practicable after the end of each fiscal year of the Company, and in any event within forty five (45) days after the end
of each fiscal year of the Company, a consolidated balance sheet of the Company and its subsidiaries, if any, as at the end of such fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for
such year, prepared in accordance with U.S. generally accepted accounting principles consistently applied, certified by the Chief Financial Officer of the Company; 

  
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 (ii) As soon as practicable after the end of the first, second and third quarterly
accounting periods in each fiscal year of the Company, and in any event within thirty (30) days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company, an unaudited consolidated balance
sheet of the Company and its subsidiaries, if any, as of the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such period, prepared in accordance with
U.S. generally accepted accounting principles consistently applied, subject to changes resulting from normal year-end audit adjustments; 

(iii) As soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the
next fiscal year; and 
 (iv) As soon as practicable, but in any event within forty five (45) days after the end of each fiscal year,
and within ten (10) days following written request by any Significant Holder, a detailed capitalization table of the Company. 
 (b)
Inspection Rights. The Company will afford to each Significant Holder and to such Significant Holder’s accountants and counsel, reasonable access during normal business hours to all of the Company’s respective properties,
books and records. Each such Significant Holder shall have such other access to management and information as is necessary for it to comply with applicable laws and regulations and reporting obligations. The Company shall not be required to disclose
details of contracts with or work performed for specific customers and other business partners where to do so would violate confidentiality obligations to those parties. Significant Holders may exercise their rights under this Section 3.1(b)
only for purposes reasonably related to their interests under this Agreement and related agreements. The rights granted pursuant to this Section 3.1(b) may not be assigned or otherwise conveyed by the Holders or by any subsequent transferee of
any such rights without the prior written consent of the Company except to an Affiliate or as authorized in this Section 3.1(b). 

3.2 Confidentiality. Anything in this Agreement to the contrary notwithstanding, no Holder by reason of this
Agreement shall have access to any trade secrets or classified information of the Company. The Company shall not be required to comply with any information rights of Section 3 in respect of any Holder whom the Company reasonably determines to
be a competitor or an officer, employee, director or holder of more than ten percent (10%) of a competitor; provided, however, that neither David Lamond (or his Affiliates), EPIQ Capital Group nor any Permitted Founders Fund Entity shall be
deemed a competitor for this purpose. Each Holder acknowledges that the information received by them pursuant to this Agreement may be confidential and for its use only, and it will not use such confidential information in violation of the Exchange
Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to know the contents of such information, and its attorneys), except (i) to any existing or prospective Affiliate,
partner, subsidiary or parent of such Holder in the ordinary course of business, provided that such Holder informs such Affiliate, partner, subsidiary or parent of the confidentiality provisions of this Section 3.2 and directs such
Affiliate, partner, subsidiary or parent to maintain the confidentiality of such information, (ii) in connection with the exercise of rights under this Agreement or (iii) if such information has entered the public domain through no fault
of such Holder. 
 3.3 Directors’ and Officers’ Insurance. As of the Closing, the
Company shall have in place from financially sound and reputable insurers directors and officers liability insurance in an amount and on terms and conditions satisfactory to the board of directors of the Company (including each of the Preferred
Directors), and will use its commercially reasonable efforts to cause such insurance policy to be maintained until such time as the board of directors of the Company (including each of the Preferred Directors) determines that such insurance should
be discontinued. 

  
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 3.4 Qualified Small Business Stock. Within twenty
(20) business days after any Investor’s written request therefor, the Company shall, at its option, either (i) deliver to such Investor a written statement indicating whether (and what portion of) such Investor’s interest in the
Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code or (ii) deliver to such Investor such factual information in the Company’s possession as is reasonably necessary to enable such
Holder to determine whether (and what portion of) such Holder’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code. 

3.5 Founder/Employee/Consultant Stock. With respect to any shares issued or options granted after the date of this
Agreement, unless the board of directors of the Company (including each of the Preferred Directors) agrees otherwise, the Company shall cause each director, employee, consultant or other service provider of the Company to enter into an agreement
providing (a) for vesting of such shares or options over forty-eight (48) months, with no shares or options being vested for twelve (12) months from the date of issuance or grant, as the case may be, at which time 25% of the shares or
options shall become vested; and thereafter, the remaining 75% of the shares or options shall vest monthly over the next three years, (b) that if employees are permitted to acquire unvested shares, that such unvested shares shall be subject to
a repurchase option in favor of the Company at cost upon termination of employment with the Company, with or without cause, to the extent such shares are unvested as of the date of such termination, (c) a right of first refusal in favor of the
Company with respect to proposed transfers of vested, subject to standard carve outs, and (d) a market stand-off agreement or lockup provisions. Unless otherwise approved by the board of directors of the
Company (including at least one of the Preferred Directors), (i) all employees hired after the date of this Agreement shall be employed on an “at-will” basis and (ii) all stock options and
other stock equivalents to employees, consultants and other service providers shall not provide for acceleration of vesting upon the occurrence of any event, including any termination of employment or any acquisition of the Company and
(iii) the Company shall not issue any shares or grant any options to Tahir Mahmood and Randall Mrsny. 
 3.6 Employee
Agreements. The Company will cause each Person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) to enter into a nondisclosure and proprietary
rights assignment agreement, substantially in the form approved by the board of directors of the Company. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced
agreements or any restricted stock agreement between the Company and any employee, without the consent of the board of directors of the Company (including each of the Preferred Directors). 

3.7 Right to Conduct Activities. The Company hereby agrees and acknowledges that David Lamond (and his Affiliates) and EPIQ
Capital Group are professional investors, and as such invest in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be conducted). The Company
hereby agrees that, to the extent permitted under applicable law, neither Mr. Lamond (and his Affiliates) nor EPIQ Capital Group shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by
Mr. Lamond or his Affiliates in any entity competitive with the Company, or (ii) actions taken by Mr. Lamond (or his Affiliates) or EPIQ Capital Group to assist any such competitive company, whether or not such action was taken as a
member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (1) Mr. Lamond, his
Affiliates or any of the other Investors from liability associated with the unauthorized disclosure or use of the Company’s confidential information obtained pursuant to this Agreement or otherwise, or (2) any director or officer of the
Company from any liability associated with his or her fiduciary duties to the Company. 
 3.8 Termination of
Covenants. The covenants set forth in this Section 3 shall terminate and be of no further force and effect after the closing of the Company’s Initial Public Offering. 

  
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 SECTION 4 

RIGHT OF FIRST REFUSAL 

4.1 Right of First Refusal to Significant Holders. The Company hereby grants to each Significant Holder the
right of first refusal to purchase its pro rata share of New Securities (as defined in this Section 4.1(a)) which the Company may, from time to time, propose to sell and issue after the date of this Agreement. For purposes of this
Section 4.1, the term “Significant Holder” includes any Affiliates of a Significant Holder and with respect to any Permitted Founders Fund Entity shall include any other Permitted Founders Fund Entity. A Significant Holder shall be
entitled to apportion the right of first refusal hereby granted it among itself and its Affiliates in such proportions as it deems appropriate. A Significant Holder’s pro rata share, for purposes of this right of first refusal, is equal
to the ratio of (a) the number of shares of Common Stock owned by such Significant Holder immediately prior to the issuance of New Securities (assuming full conversion of the Shares and full conversion or exercise of all outstanding convertible
securities, rights, options and warrants held by said Significant Holder) to (b) the total number of shares of Common Stock outstanding immediately prior to the issuance of New Securities (assuming full conversion of the Shares and full
conversion or exercise of all outstanding convertible securities, rights, options and warrants). Each Significant Holder shall have a right of over-allotment that if any Significant Holder fails to exercise its right hereunder to purchase its pro
rata share of the New Securities, the other Significant Holders may purchase the non-purchasing Significant Holder’s portion on a pro rata basis. This right of first refusal shall be subject to
the following provisions: 
 (a) “New Securities” shall mean any capital stock (including Common Stock and/or
Preferred Stock) of the Company whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital stock, and securities of any type whatsoever that are, or may become, exercisable or convertible into
capital stock; provided that the term “New Securities” does not include: 
 (i) the Shares and the Conversion
Stock; and 
 (ii) securities excluded from the definition of Additional Shares of Common (as defined in the Restated Certificate). 

(b) In the event the Company proposes to undertake an issuance of New Securities, it shall give each Significant Holder written notice of its
intention, describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each Significant Holder shall have twenty (20) days after any such notice is mailed or delivered to agree
to purchase such Significant Holder’s pro rata share of such New Securities and to indicate whether such Significant Holder desires to exercise its over-allotment option for the price and upon the terms specified in the notice by giving
written notice to the Company and stating therein the quantity of New Securities to be purchased. 
 (c) In the event the Significant Holders
fail to exercise fully the right of first refusal and over-allotment rights within said twenty (20) day period (the “Election Period”), the Company shall have ninety (90) days thereafter to sell
or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within ninety (90) days from the date of said agreement) to sell that portion of the New Securities with respect to which the
Significant Holders’ right of first refusal option set forth in this Section 4.1 was not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company’s notice to Significant Holders
delivered pursuant to Section 4.1(b). In the event the Company has not sold within such ninety (90) day period following the Election Period, or such ninety (90) day period following the date of said agreement, the Company shall not
thereafter issue or sell any New Securities, without first again offering such securities to the Significant Holders in the manner provided in this Section 4.1. 

(d) The right of first refusal granted under this Agreement shall expire upon, and shall not be applicable to, the Company’s Initial
Public Offering. 
 (e) A Significant Holder will not have a right of first refusal to purchase a pro rata share of New Securities in
accordance with this Section 4 and will not be a Significant Holder for purposes of the right of first refusal granted under this Section 4 if, and for so long as, the Holder, any of its directors, executive officers, other officers that
may serve as a director or officer of any company in which it invests, general partners or managing members or any person that would be deemed a beneficial owner of the securities of the Company held by the Holder (in accordance with
Rule 506(d) of the Securities Act) is subject to any Bad Actor Disqualification, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act. 

  
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 SECTION 5 

MISCELLANEOUS 
 5.1
Amendment. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by the Company
and the Holders holding a majority of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to Rule 144, and excluding, with respect to Section 2 (other than Sections 2.8, 2.9 and
2.10), any of such shares held by any Holders whose rights to request registration or inclusion in any registration pursuant to Section 2 have terminated in accordance with Section 2.14); provided, however, that Holders
purchasing shares of Series B Preferred Stock in a Closing after the Initial Closing (each as defined in the Purchase Agreement) may become parties to this Agreement, by executing a counterpart of this Agreement without any amendment of this
Agreement pursuant to this paragraph or any consent or approval of any other Holder; and provided further that if any amendment, waiver, discharge or termination operates in a manner that treats any Holder different from other Holders, the
consent of such Holder shall also be required for such amendment, waiver, discharge or termination. Any such amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and each future
holder of all such securities of Holder. Each Holder acknowledges that by the operation of this paragraph, the holders of a majority of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to
Rule 144, and excluding, with respect to Section 2 (other than Sections 2.8, 2.9 and 2.10), any of such shares held by any Holders whose rights to request registration or inclusion in any registration pursuant to Section 2 have
terminated in accordance with Section 2.14) will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. 

5.2 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be
mailed by registered or certified mail, postage prepaid, sent by electronic mail (if to an Investor or Holder) or otherwise delivered by hand, messenger or courier service addressed: 

(a) if to an Investor, to the Investor’s address or electronic mail address as shown in the Company’s records, as may be updated in
accordance with the provisions hereof; 
 (b) if to any Holder, to such address or electronic mail address as shown in the Company’s
records, or, until any such Holder so furnishes an address or electronic mail address to the Company, then to the address or electronic mail address of the last holder of such shares for which the Company has contact information in its records; or

 (c) if to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at 1 Tower Place, Suite
850, South San Francisco, CA 94080, or at such other current address as the Company shall have furnished to the Investors or Holders, with a copy (which shall not constitute notice) to Kenneth A. Clark, Wilson Sonsini Goodrich & Rosati,
P.C., 650 Page Mill Road, Palo Alto, California 94304. 
 Each such notice or other communication shall for all purposes of this Agreement
be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying
next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a
regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent
during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. 

  
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 Subject to the limitations set forth in Delaware General Corporation Law §232(e), each
Investor and Holder consents to the delivery of any notice to stockholders given by the Company under the Delaware General Corporation Law or the Company’s certificate of incorporation or bylaws by (i) facsimile telecommunication to the
facsimile number set forth on Exhibit A (or to any other facsimile number for the Investor or Holder in the Company’s records), (ii) electronic mail to the electronic mail address set forth on Exhibit A (or to any other
electronic mail address for the Investor or Holder in the Company’s records), (iii) posting on an electronic network together with separate notice to the Investor or Holder of such specific posting or (iv) any other form of electronic
transmission (as defined in the Delaware General Corporation Law) directed to the Investor or Holder. This consent may be revoked by an Investor or Holder by written notice to the Company and may be deemed revoked in the circumstances specified in
Delaware General Corporation Law §232. 
 5.3 Governing Law. This Agreement shall be governed in all respects
by the internal laws of the State of California as applied to agreements entered into among California residents to be performed entirely within California, without regard to principles of conflicts of law. 

5.4 Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be
assigned, transferred, delegated or sublicensed by any Investor without the prior written consent of the Company; provided, however, that an Investor may transfer or assign Investor’s rights, duties and obligations hereunder without the
Company’s prior written consent in connection with a transfer or assignment to an Affiliate of such Investor so long as the transferee or assignee delivers to the Company an executed joinder whereby such transferee or assignee agrees to become
a party to this Agreement. Any attempt by an Investor without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement shall be void. Subject to the foregoing and except as
otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. Notwithstanding anything to the contrary contained in
this Agreement, any Permitted Founders Fund Entity may assign any or all of its rights under this Agreement to any other Permitted Founders Fund Entity without restriction. 

5.5 Entire Agreement. This Agreement and the exhibits hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof and supersede in its entirety the Prior Agreement. No party hereto shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any
warranties, representations or covenants except as specifically set forth herein. 
 5.6 Delays or
Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any
such right, power or remedy of such non-defaulting party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default
thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any
party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All
remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be cumulative and not alternative. 

5.7 Severability. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to
be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or unenforceable provision of this
Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in
accordance with its terms. 
 5.8 Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and
exhibits attached hereto. 
 5.9 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument. 

  
 -18- 

 5.10 Telecopy Execution and Delivery. A facsimile, telecopy or
other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such
execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile, telecopy or other
reproduction hereof. 
 5.11 Jurisdiction; Venue. With respect to any disputes arising out of or related to this
Agreement, the parties consent to the exclusive jurisdiction of, and venue in, the state courts in Santa Clara County in the State of California (or in the event of exclusive federal jurisdiction, the courts of the Northern District of California).

 5.12 Further Assurances. Each party hereto agrees to execute and deliver, by the proper exercise of its
corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more fully effectuate this Agreement. 

5.13 Termination Upon Change of Control. Notwithstanding anything to the contrary herein, this
Agreement (excluding any then-existing obligations) shall terminate upon the closing of a Deemed Liquidation Event (as defined in the Restated Certificate). 

5.14 Conflict. In the event of any conflict between the terms of this Agreement and the Restated Certificate of the
Company’s bylaws, the terms of the Restated Certificate or bylaws, as the case may be, will control. 
 5.15
Attorneys’ Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees,
costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all
fees, costs and expenses of appeals. 
 5.16 Aggregation of Stock. All securities held or acquired by entities or
persons that are Affiliates (including affiliated venture capital funds that is controlled by or under common control with one or more general partners or managing members of, or shares the same management company with, the Holder, including any
Permitted Founders Fund Entity) shall be aggregated together for purposes of determining the availability of any rights under this Agreement. 

5.17 Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT. If the waiver of jury trial set forth in this section is not enforceable, then any claim or
cause of action arising out of or relating to this Agreement shall be settled by judicial reference pursuant to California Code of Civil Procedure Section 638 et seq. before a referee sitting without a jury, such referee to be mutually
acceptable to the parties or, if no agreement is reached, by a referee appointed by the Presiding Judge of the California Superior Court for Santa Clara County. This paragraph shall not restrict a party from exercising remedies under the Uniform
Commercial Code or from exercising pre-judgment remedies under applicable law. 
 (signature page
follows) 

  
 -19- 

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

			
	APPLIED MOLECULAR TRANSPORT INC.
	 a Delaware corporation

		
	By:	 	 /s/ Tahir Mahmood

	Name:	 	Tahir Mahmood
	Title:	 	Chief Executive Officer

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

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

			
	INVESTORS:
	
	THE FOUNDERS FUND VI, LP
		
	By:	 	The Founders Fund VI Management, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Aaron VanDevender

	Name:	 	Aaron VanDevender
	Title:	 	Chief Scientist
	
	THE FOUNDERS FUND VI PRINCIPALS FUND, LP
		
	By:	 	The Founders Fund VI Management, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Aaron VanDevender

	Name:	 	Aaron VanDevender
	Title:	 	Chief Scientist
	
	THE FOUNDERS FUND VI ENTREPRENEURS FUND, LP
		
	By:	 	The Founders Fund VI Management, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Aaron VanDevender

	Name:	 	Aaron VanDevender
	Title:	 	Chief Scientist

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

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

			
	INVESTORS:
	
	THE FOUNDERS FUND V, LP
		
	By:	 	The Founders Fund V Management, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Aaron VanDevender

	Name:	 	Aaron VanDevender
	Title:	 	Chief Scientist
	
	THE FOUNDERS FUND V PRINCIPALS FUND, LP
		
	By:	 	The Founders Fund V Management, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Aaron VanDevender

	Name:	 	Aaron VanDevender
	Title:	 	Chief Scientist
	
	THE FOUNDERS FUND V ENTREPRENEURS FUND, LP
		
	By:	 	The Founders Fund V Management, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Aaron VanDevender

	Name:	 	Aaron VanDevender
	Title:	 	Chief Scientist

  
 -ii- 

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

			
	INVESTOR
	
	BLUE DEVIL TRUST
		
	By	 	 /s/ David Lamond

		 	David Lamond, Trustee

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

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

			
	INVESTOR
	
	PIERRE AND CHRISTINE LAMOND TRUST DATED 8/22/85
		
	By	 	 /s Pieree Lamond

		 	Pierre Lamond, Trustee

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

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

	
	INVESTOR:
	
	 Aaron VanDevender

	
	 /s/ Aaron VanDevender

	 (Signature)

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

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

			
	INVESTOR:
	
	SHEATREE DIRECT, LLC
	
	By: Sheatree Management, LLC
	Its manager
		
	By:	 	 /s/ Stephen Mason

	Name:	 	Stephen Mason
	Title:	 	President

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

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

			
	INVESTORS:
	
	THE DYLLA 2015 IRREVOCABLE CHILDREN’S TRUST
		
	By:	 	  

	Name:	 	  

	Title:	 	Trustee
	
	THE DYLLA REVOCABLE TRUST
		
	By:	 	 /s/ Scott J. Dylla

	Name:	 	Scott J. Dylla
	Title:	 	Co-Trustee
	
	THE DYLLA 2016 DYNASTY TRUST
		
	By:	 	 /s/ Stephen Mason

	Name:	 	Stephen Mason
	Title:	 	Trustee

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

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

	
	INVESTOR:
	
	 Dr. Robert L. Garnick

	
	 /s/ Dr. Robert L. Garnick

	 (Signature)

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

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

			
	INVESTORS:
	
	 WS INVESTMENT COMPANY LLC (2016A)

	 WS INVESTMENT COMPANY LLC (2016C)

	 WS INVESTMENT COMPANY LLC (2018A)

	 WS INVESTMENT COMPANY LLC (2019A)

		
	By:	 	 /s/ James A. Terranova

	Name:	 	James A. Terranova
	Title:	 	Director

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

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

			
	INVESTOR:
	
	EPQ LLC, AMTB PS
		
	By:	 	 /s/ Chad Boeding

	Name:	 	Chad Boeding
	Title:	 	CEO

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

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

			
	INVESTOR:
	
	 STEFANIE VERING

	
	/s/ Stefanie Vering
		 	 (Signature)

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

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

			
	INVESTOR:
	
	H. BARTON CO-INVEST FUND III, LLC
		
	By:	 	H. Barton Asset Management, LLC
	Its:	 	Managing Member
		
	By	 	 /s/ Harris Barton

		 	Harris Barton, Managing Member

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

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

			
	INVESTOR:
	
	WILMOT VENTURES, L.P. – SERIES A
		
	By:	 	 /s/ Daniel Lurie

		 	Daniel Lurie, General Partner

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

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

			
	INVESTOR:
	
	JULIE ANN WRIGLEY 1999 REV TRUST
		
	By:	 	 /s/ Julie Ann Wrigley

	Name:	 	Julie Ann Wrigley
	Title:	 	Trustee

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

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

			
	INVESTOR:
	
	CKE ASSOCIATES, LLC
		
	By:	 	 /s/ Michael Ovitz

	Title:	 	CEO

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

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

			
	INVESTOR:
	
	Genesio Murano and Ursula Wollschlaeger, as Trustees of THE MURANO WOLLSCHLAEGER FAMILY TRUST under agreement dated January 13, 2016
	
		
	By:	 	 /s/ Genesio Murano

		 	Genesio Murano
	Title: Trustee

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

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

			
	INVESTOR:
	
	THE DUNNE FAMILY TRUST DTD
	JUNE 26, 2009, Stephen L. Dunne and
	Lacey Calac Dunne TTEEs
		
	By:	 	 /s/ Lacey Dunne

	Title:	 	Trustee

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

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

	
	INVESTOR:
	
	Greg Forbes
	
	 /s/ Gregory Forbes

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

 EXHIBIT A 

INVESTORS 
 EPQ LLC,
AMTB PS  
 Blue Devil Trust  

Pierre and Christine Lamond Trust dated 8/22/85 

The Founders Fund V, LP 

The Founders Fund V Principals Fund, LP 

The Founders Fund V Entrepreneurs Fund, LP 

The Founders Fund VI, LP 

The Founders Fund VI Principals Fund, LP 

The Founders Fund VI Entrepreneurs Fund, LP  

Aaron VanDevender 

Alexandria Equities, LLC 

Alexandria Venture Investments, LLC 

 Sheatree Direct, LLC 

The Dylla 2015 Irrevocable Children’s Trust 

The Dylla Revocable Trust 

The Dylla 2016 Dynasty Trust 

Rob Arathoon 

Dr. Robert L. Garnick 

WS Investment Company, LLC (2016A) 

WS Investment Company, LLC (2016C) 

WS Investment Company, LLC (2018A) 

WS Investment Company, LLC (2019A) 

Jeff Webster 
 Wendy Y.
Lin 
 J. Wyatt Gruber 

 H. Barton Co-Invest Fund III, LLC 

Wilmot Ventures, L.P. – Series A 

Stefanie Vering 
 Julie
Ann Wrigley 1999 Re Trust 
 Adam H. Clammer 2007 Long Term Trust 

Glenbrook Capital LP  

CKE Associates, LLC  

Genesio Murano and Ursula Wollschlaeger, 

as Trustees of THE MURANO WOLLSCHLAEGER 

FAMILY TRUST under agreement dated January 13, 2016  

THE DUNNE FAMILY TRUST DTD 

JUNE 26, 2009, Stephen L. Dunne and 

Lacey Calac Dunne TTEEs 

 Greg Forbes  

EN POINTE LLC

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