4D Molecular Therapeutics, Inc.

Springing: If the Initial Minimum Cash Test Date has occurred

If the Initial Minimum Cash Test Date has occurred, Borrower shall thereafter at all times maintain Qualified Cash in an amount greater than or equal to (x) the aggregate outstanding Secured Obligations, multiplied by (y) the Applicable Minimum Cash Percentage.

Springing: If the Initial Performance Covenant Test Date has occurred

If the Initial Performance Covenant Test Date has occurred, Borrower shall thereafter satisfy at least one of (i) Performance Covenant A or Performance Covenant B, tested at all times, or (ii) Performance Covenant C, tested as of the last date of the most recent calendar month for which financial statements and a Compliance Certificate have been (or were required to be) delivered under Section 7.1(a) and Section 7.1(d), respectively.