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SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT This SECOND AMENDMENT TO LOAN
AND SECURITY AGREEMENT (this “Amendment”) is dated as of May 15, 2020, by and
among EVELO BIOSCIENCES, INC., a Delaware corporation (“Borrower
Representative”), the undersigned lenders, constituting the Required Lenders,
and K2 HEALTHVENTURES LLC, as administrative agent for Lenders (in such
capacity, and together with its successors, “Administrative Agent”). RECITALS A.
Borrowers, Lenders and Administrative Agent are parties to that certain Loan and
Security Agreement, dated July 19, 2019 (as amended, restated, supplemented or
otherwise modified, from time to time, the “Agreement”). B. The parties desire
to amend the Agreement as set forth in this Amendment. 1. AMENDMENTS 1.1 Exhibit
A to the Agreement is hereby amended by amending and restating the defined term
set forth below: “Second Tranche Availability Period” means the period
commencing on December 1, 2019 and ending July 15, 2020, inclusive. 2.
REPRESENTATIONS AND WARRANTIES 2.1 Borrowers represent and warrant that: (a) the
representations and warranties contained in the Agreement are true and correct
in all material respects as of the date of this Amendment, and no Default or
Event of Default has occurred and is continuing; (b) each Borrower has the power
and authority to execute and deliver this Amendment and perform its obligations
under the Agreement, as modified by this Amendment; (c) the execution and
delivery by each Borrower of this Amendment, and the performance by each
Borrower of its obligations under the Agreement, as modified by this Amendment,
have been duly authorized by all requisite action; (d) the execution and
delivery by each Borrower of this Amendment and the performance by each Borrower
of its obligations under the Agreement, as modified by this Amendment, do not
and will not contravene (a) any material Requirement of Law, (b) any material
contractual restriction in any material agreement with a Person binding on such
Borrower, (c) any order, judgment or decree of any Governmental Authority
binding on such Borrower, or (d) the Operating Documents of such Borrower, and
do not require any order, consent, approval, license, authorization or
validation of, or filing, recording or registration with, or exemption by any
Governmental Authority, except as already has been obtained or made; and (e)
this Amendment has been duly executed and delivered by each Borrower and is the
binding obligation of each Borrower, enforceable against such Borrower in
accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar
laws of general application and equitable principles relating to or affecting
creditors’ rights. 3. CONDITIONS TO EFFECTIVENESS The effectiveness of this
Amendment is subject to the following conditions precedent: 3.1 Administrative
Agent shall have received this Amendment, duly executed by Borrowers; and
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3.2 Borrowers shall have paid an amendment fee of $20,000 and any Lender
Expenses due and payable as of the date hereof, which Borrowers hereby authorize
may be debited by Administrative Agent, in accordance with Section 2.5 of the
Agreement. 4. GENERAL PROVISIONS 4.1 Unless otherwise defined, all initially
capitalized terms in this Amendment shall be as defined in the Agreement. The
Agreement and this Amendment shall be and remain in full force and effect in
accordance with their respective terms and hereby are ratified and confirmed in
all respects. Except as expressly set forth herein, the execution, delivery, and
performance of this Amendment shall not operate as a waiver of, or as an
amendment of, any right, power, or remedy of Administrative Agent or Lenders
under the Agreement, as in effect prior to the date hereof. Each Borrower
ratifies and reaffirms the continuing effectiveness of the Loan Documents
entered into in connection with the Agreement, and that the security interest as
granted pursuant to the Loan Agreement continues from the Closing Date. 4.2 This
Amendment and the Loan Documents represent the entire agreement with respect to
this subject matter and supersede prior negotiations or agreements. All prior
agreements, understandings, representations, warranties, and negotiations
between the parties about the subject matter of this Amendment and the Loan
Documents merge into this Amendment and the Loan Documents. 4.3 This Amendment
may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one instrument. 4.4 This
Amendment shall constitute a Loan Document. Accordingly, the provisions of
Section 11 of the Agreement shall likewise apply to this Amendment. [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 225839752 v1

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[SIGNATURE PAGE TO SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT] IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be executed as of the
date set forth above. BORROWER REPRESENTATIVE: EVELO BIOSCIENCES, INC. By Name:
______________________________________ Title:
_______________________________________ 2258397522 v1

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[SIGNATURE PAGE TO SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT]
ADMINISTRATIVE AGENT: K2 HEALTHVENTURES LLC By: Name: Parag Shah Title: CEO
LENDER: K2 HEALTHVENTURES LLC By: Name: Parag Shah Title: CEO 2258397522 v1

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[SIGNATURE PAGE TO SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT] IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be executed as of the
date set forth above. BORROWER REPRESENTATIVE: EVELO BIOSCIENCES, INC. By Name:
______________________________________Balkrishan "Simba" Gill Title:
_______________________________________President and CEO 2258397522 v1

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