Annexon, Inc.

Springing: Tested beginning on the first Revenue Testing Date after the earlier of the Third Draw Period Commencement Event or the Fourth Draw Period Commencement Event; not required if Market Capitalization ≥ $700,000,000 or Qualified Cash ≥ outstanding Term Loans.

If the initial Revenue Testing Date has occurred, Borrower shall achieve Minimum Required Net Product Revenue (determined in accordance with GAAP), measured on a trailing six (6) month basis.

Springing: Beginning with the earlier of the Cash Covenant Commencement Date or the Cash Covenant Springing Date, and thereafter at all times.

not less than the product of (i) the Cash Covenant Applicable Percentage multiplied by (ii) the aggregate principal amount of the Term Loans then outstanding.