Exhibit 10.9


 


AKREVIA THERAPEUTICS INC.


 


AKREVIA CONCERTO LLC


 


LOAN AND SECURITY AGREEMENT


 


 



     


     


    







 


This LOAN AND SECURITY AGREEMENT
(the “Agreement”) is entered into as of November 21, 2019, by and between PACIFIC WESTERN BANK, a California state chartered
bank (“Bank”), and Akrevia Therapeutics Inc. and Akrevia Concerto LLC (individually and collectively referred to as “Borrower”).


 


RECITALS


 


Borrower wishes to obtain credit
from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on which Bank will advance
credit to Borrower, and Borrower will repay the amounts owing to Bank.


 


AGREEMENT


 


The parties agree as follows:


 


1.            
DEFINITIONS AND CONSTRUCTION.


 


1.1         
Definitions. As used in this Agreement, all capitalized terms shall have the definitions set forth on Exhibit A. Any term used
in the Code and not defined herein shall have the meaning given to the term in the Code.


 


1.2         
Accounting Terms. Any accounting term not specifically defined on Exhibit A shall be construed in accordance with GAAP and
all calculations shall be made in accordance with GAAP (except for non-compliance with FAS 123R in monthly reporting). The term “financial
statements” shall include the accompanying notes and schedules.


 


2.            
LOAN AND TERMS OF PAYMENT.


 


2.1             
Credit Extensions.


 


(a)              
Promise to Pay. Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal
amount of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions
at rates in accordance with the terms hereof.


 


(b)       Term
Loan.


 


(i)       Subject
to and upon the terms and conditions of this Agreement, Bank agrees to make one (1) term loan to Borrower in the aggregate principal amount
of Ten Million Dollars ($10,000,000) (the “Term Loan”). The proceeds of the Term Loan shall be used for general corporate
purposes.


 


(ii)       Interest
shall accrue from the date of the Term Loan at the rate specified in Section 2.3(a), and through the Interest-Only End Date shall be
payable monthly in arrears beginning on the 21st day of the month next following the Term Loan, and continuing on the same day of each
month thereafter. Any portion of the Term Loan that is outstanding on the Interest-Only End Date shall be payable in 30 equal monthly
installments of principal, plus all accrued but unpaid interest, beginning on the date that is one month immediately following the Interest-Only
End Date, and continuing on the same day of each month thereafter through the Term Loan Maturity Date, at which time all outstanding
amounts due in connection with the Term Loan and any other outstanding amounts due under this Agreement shall be immediately due and
payable. The Term Loan, once repaid, may not be reborrowed. Borrower may prepay all or any portion of the Term Loan without penalty or
premium.


 






     


     


    

 


(iii)       Borrower
hereby requests that Bank make the Term Loan on the Closing Date or as soon as practicable thereafter. To further document this request,
Borrower shall notify Bank (which notice shall be irrevocable) by email to be received no later than 3:30 p.m. Eastern time on the day
on which the Term Loan is to be made. Such notice shall be given by a Loan Advance Request Form in substantially the form of Exhibit C.
The notice shall be signed by an Authorized Officer. Bank shall be entitled to rely on any notice given by a person whom Bank reasonably
believes to be an Authorized Officer, and Borrower shall indemnify and hold Bank harmless for any damages, loss, costs, and expenses suffered
by Bank as a result of such reliance.


 


(c)       Usage
of Credit Card Services Under Credit Card Line.


 


(i)       Usage
Period. Subject to and upon the terms and conditions of this Agreement, at any time through the Credit Card Maturity Date, Borrower
may use the Credit Card Services (as defined below) in amounts and upon terms as provided in Section 2.1(c)(ii) below.


 


(ii)       Credit
Card Services. Subject to and upon the terms and conditions of this Agreement, Borrower may request corporate credit cards services
from Bank (the “Credit Card Services”). The aggregate limit of the corporate credit cards shall not exceed the Credit Card
Line. The terms and conditions (including repayment and fees) of such Credit Card Services shall be subject to the terms and conditions
of Bank’s standard forms of application and agreement for the Credit Card Services, which Borrower hereby agrees to execute.


 


(iii)       Collateralization
of Obligations Extending Beyond Maturity. Borrower shall take such actions as Bank may reasonably request to cause its obligations
with respect to any Credit Card Services to be secured to Bank’s reasonable satisfaction as of the Credit Card Maturity Date. If
Borrower has not cash secured its obligations with respect to any Credit Card Services by the Credit Card Maturity Date, then, effective
as of such date, the balance in any of Borrower’s deposit accounts held by Bank and the certificates of deposit or time deposit
accounts issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon
the maturity or liquidation of such certificates or accounts) shall automatically secure such obligations to the extent of the then continuing
or outstanding Credit Card Services. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon
or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the applicable Credit
Card Services are outstanding or continue.


 






     


     


    

 


2.2         
[Reserved].


 


2.3         
 Interest Rates, Payments, and Calculations.


 


(a)              
Interest Rates.


 


(i)                
Term Loan. Except as set forth in Section 2.3(b), the Term Loan shall bear interest, on the outstanding daily balance thereof,
at a variable annual rate equal to the greater of: (A) 0.25% above the Prime Rate then in effect; or (B) 5.00%.


 


(b)             
Late Fee; Default Rate. If any payment is not made within 15 days after the date such payment is due, at Bank’s election,
Borrower shall pay Bank a late fee equal to the lesser of (i) 5% of the amount of such unpaid amount or (ii) the maximum amount permitted
to be charged under applicable law. At Bank’s election, after the occurrence and during the continuance of an Event of Default,
all Obligations shall bear interest, upon notice of such increase given by Bank, at a rate equal to five (5) percentage points above the
interest rate applicable immediately prior to the occurrence of the Event of Default (such rate, the “Default Rate”); provided,
that, from and after the occurrence of any Event of Default described in Section 8.5, such increase shall be automatic and without the
requirement of any notice from Bank. In all such events, and notwithstanding the date on which application of the Default Rate is communicated
to Borrower, the Default Rate may be accrued (at the election of Bank) from the initial date of any Event of Default until all existing
Events of Default are waived in writing in accordance with the terms of this Agreement. 


 


(c)              
Payments. Borrower authorizes Bank, at Bank’s option, to charge all interest, all Bank Expenses, all Periodic Payments,
and any other amounts due and owing in accordance with the terms of this Agreement, in each case if and when due, against, first, a deposit
account designated by Borrower in writing, and second, if insufficient funds remain in such account, against any of Borrower’s other
deposit accounts. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter
accrue interest at the rate then applicable hereunder.


 


(d)             
Computation. In the event the Prime Rate is changed from time to time hereafter, the applicable rate of interest hereunder
shall be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate.
All interest chargeable under the Loan Documents shall be computed on the basis of a 360 day year for the actual number of days elapsed.


 


2.4          Crediting
Payments. Prior to the occurrence of an Event of Default that is continuing, Bank shall credit a wire transfer of funds, check
or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the
continuance of an Event of Default, Bank shall have the right, in its reasonable discretion, to immediately apply any wire transfer
of funds, check, or other item of payment Bank may receive to conditionally reduce Obligations, but such applications of funds shall
not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check
or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire
transfer or payment received by Bank after 3:30 p.m. Eastern time shall be deemed to have been received by Bank as of the opening of
business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due
(except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day,
and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.


 






     


     


    

 


2.5         
Fees. Borrower shall pay to Bank the following:


 


(a)              
Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, provided that Borrower shall be responsible
for no more than $25,000 of such Bank Expenses; and, after the Closing Date, all Bank Expenses, as and when they become due; and


 


(b)             
Success Fee. Upon a Success Fee Event, Borrower shall pay to Bank a one-time fee of $500,000 (the “Success Fee”).
This Section 2.5(b) shall survive any termination of this Agreement. If this Agreement is terminated prior to payment of the Success Fee,
Borrower shall give Bank written notice of the first Success Fee Event to occur thereafter and pay the Success Fee upon the consummation
of such Success Fee Event.


 


2.6             
Term. This Agreement shall become effective on the Closing Date and, subject to Section 12.7, shall continue in full force
and effect for so long as any Obligations (other than inchoate indemnity obligations) remain outstanding or Bank has any obligation to
make Credit Extensions under this Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make
Credit Extensions under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default.
Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) Borrower may simultaneously with such payment
terminate this agreement upon 3 Business Days written notice to Bank. Following such payment in full in cash of the Obligations (other
than inchoate indemnity obligations) at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall release
its Liens in the Collateral and Bank shall promptly take such action reasonably requested by Borrower, at Borrower’s sole cost and
expense, in order to cause such Liens to be terminated of record (including by filing UCC-3 or similar termination statements with respect
to such Liens), and all rights therein shall revert to Borrower.


 


3.            
CONDITIONS OF LOANS.


 


3.1         
Conditions Precedent to Closing. The agreement of Bank to enter into this Agreement on the Closing Date is subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to Bank, each of the following items and completed each of
the following requirements:


 


(a)              
this Agreement;


 


(b)             
an officer’s certificate of each Borrower with respect to incumbency and resolutions authorizing the execution and delivery
of this Agreement;


 


(c)              
a financing statement (Form UCC-1);


 






     


     


    

 


(d)              Borrower shall have opened and funded not less than $50,000 in deposit accounts held with Bank;


 


(e)             
a Loan Advance Request Form, delivered in the form and manner required by Section 2.1(b)(iii) of this Agreement, requesting
that Bank make the Term Loan on or about the Closing Date;


 


(f)               current
SOS Reports indicating that, except for Permitted Liens, there are no other security interests or Liens of record in the Collateral;


 


(g)             
current financial statements, including Borrower-prepared statements for Borrower’s most recently ended fiscal year and
Borrower-prepared consolidated and consolidating balance sheets and income statements for each of the preceding 12 months; and such other
updated financial information as Bank may reasonably request;


 


(h)             
a current Compliance Certificate in accordance with Section 6.2;


 


(i)              
a Borrower Information Certificate for each Borrower and Parent Guarantor;


 


(j)              
the Parent Guaranty, duly executed by Parent Guarantor, together with an officer’s certificate of Parent Guarantor with
respect to incumbency and resolutions authorizing the execution and delivery of the Parent Guaranty; and


 


(k)               such
other documents or certificates, and completion of such other matters, as Bank may have reasonably requested.


 


3.2         
Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial
Credit Extension, is contingent upon Borrower’s compliance with Section 3.1 above, and is further subject to the following conditions:


 


(a)              
timely receipt by Bank of the Loan Advance/Paydown Request Form as provided in Section 2.1(b)(iii);


 


(b)              
in Bank’s sole but reasonable discretion, there has not been a Material Adverse Effect; and


 


(c)              
the representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the
date of such Loan Advance/Paydown Request Form and on the effective date of each Credit Extension as though made at and as of each such
date, and no Event of Default shall have occurred and be continuing, or would result from such Credit Extension (provided, however, that
those representations and warranties expressly referring to another date shall be true and correct in all material respects as of such
date, and provided further that any representation or warranty that contains a materiality qualification therein shall be true and correct
in all respects). The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such
Credit Extension as to the accuracy of the facts referred to in this Section 3.2.


 






     


     


    

 


4.          
 CREATION OF SECURITY INTEREST.


 


4.1         
Grant of Security Interest. Borrower grants and pledges to Bank a continuing security interest in the Collateral to secure
prompt repayment of any and all Obligations and to secure prompt performance by Borrower of each of its covenants and duties under the
Loan Documents. Except for Permitted Liens or as disclosed in the Schedule, such security interest constitutes a valid, first priority
security interest in the presently existing Collateral, and will constitute a valid, first priority security interest in later-acquired
Collateral. Borrower also hereby agrees not to sell, transfer, assign, mortgage, pledge, lease, grant a security interest in, or encumber
any of its Intellectual Property, other than Permitted Liens. Notwithstanding any termination of this Agreement or of any filings undertaken
related to Bank’s rights under the Code, Bank’s Lien on the Collateral shall remain in effect for so long as any Obligations
(other than inchoate indemnity obligations) are outstanding. Upon request by Borrower and payment in full in cash of the Obligations (other
than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall
release its liens and interests in the Collateral, and Bank shall take such actions as reasonably requested by Borrower in order to cause
such Liens to be terminated of record (including filing UCC-3 or similar termination statements with respect to such Liens).


 


4.2         
Perfection of Security Interest. Borrower authorizes Bank to file at any time financing statements, continuation statements,
and amendments thereto that (i) either specifically describe the Collateral or describe the Collateral as all assets of Borrower of the
kind pledged hereunder, and (ii) contain any other information required by the Code for the sufficiency of filing office acceptance of
any financing statement, continuation statement, or amendment, including whether Borrower is an organization, the type of organization
and any organizational identification number issued to Borrower, if applicable. Borrower shall have possession of the Collateral, except
goods transferred in the ordinary course of business where expressly otherwise provided in this Agreement or where Bank chooses to perfect
its security interest by possession in addition to the filing of a financing statement. Where Collateral is in possession of a third party
bailee, Borrower shall take such steps as Bank reasonably requests for Bank to (i) subject to Section 7.11 below, obtain an acknowledgment,
in form and substance reasonably satisfactory to Bank, of the bailee that the bailee holds such Collateral for the benefit of Bank, and
(ii) subject to Section 6.6, obtain “control” of any Collateral consisting of investment property, deposit accounts, letter-of-credit
rights or electronic chattel paper (as such items and the term “control” are defined in Revised Article 9 of the Code) by
causing the securities intermediary or depositary institution or issuing bank to execute a control agreement in form and substance reasonably
satisfactory to Bank. Borrower will not create any chattel paper without placing a legend on the chattel paper acceptable to Bank indicating
that Bank has a security interest in the chattel paper. Borrower from time to time may deposit with Bank specific cash collateral to secure
specific Obligations; Borrower authorizes Bank to hold such specific balances in pledge and to decline to honor any drafts thereon or
any request by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as such specific Obligations
are outstanding. Borrower shall take such other actions as Bank reasonably requests to perfect its security interests granted under this
Agreement.


 






     


     


    

 


5.            
REPRESENTATIONS AND WARRANTIES.


 





Borrower represents and warrants as follows:


 


5.1         
Due Organization and Qualification. Borrower and each Subsidiary is duly existing under the laws of the state in which it is
organized and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires
that it be so qualified, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect.


 


5.2         
Due Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are within Borrower’s
powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s
Certificate of Incorporation or Bylaws, nor will they constitute an event of default under any material agreement by which Borrower is
bound. Borrower is not in default under any agreement by which it is bound, except to the extent such default would not reasonably be
expected to cause a Material Adverse Effect.


 


5.3         
Collateral. Borrower has rights in or the power to transfer the Collateral, and its title to the Collateral is free and clear
of Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. Other than movable items of personal property
used by Borrower’s employees in the ordinary course of business, such as laptop computers, all Collateral is located solely in the
United States. All Inventory is in all material respects of good and merchantable quality, free from all material defects, except for
Inventory for which adequate reserves have been made. Except as set forth in the Schedule or as permitted under Section 6.6, none of Borrower’s
Cash is maintained or invested with a Person other than Bank or Bank’s affiliates.


 


5.4         
Intellectual Property Collateral. Borrower is the sole owner of the intellectual property created or purchased by Borrower,
except for (a) licenses permitted hereunder or granted by Borrower to its customers in the ordinary course of business, (b) over the counter
software that is commercially available to the public, and (c) material intellectual property licensed to Borrower and noted on a Borrower
Information Certificate. The intellectual property owned or licensed by Borrower constitutes all intellectual property material to the
conduct of Borrower’s business as now conducted and as presently proposed to be conducted. To the best of Borrower’s knowledge,
each of the Copyrights, Trademarks, and Patents created or purchased by Borrower is valid and enforceable, and no part of the intellectual
property created or purchased by Borrower has been judged invalid or unenforceable, in whole or in part, and no claim has been made to
Borrower that any part of the intellectual property created or purchased by Borrower violates the rights of any third party except, in
each case, to the extent such claim would not reasonably be expected to cause a Material Adverse Effect.


 


5.5         
Name; Location of Chief Executive Office. Except as disclosed in the Schedule or for which notice has been provided in accordance
with Section 7.2, Borrower has not done business under any name other than that specified on the signature page hereof, and its exact
legal name is as set forth in the first paragraph of this Agreement. The chief executive office of Borrower is located at the address
indicated in Section 10 hereof.


 






     


     


    

 


5.6         
 Litigation. Except as set forth in the Schedule, there are no actions or proceedings pending by or against Borrower or any
Subsidiary before any court or administrative agency in which a likely adverse decision would reasonably be expected to have a Material
Adverse Effect.


 


5.7         
No Material Adverse Change in Financial Statements. All consolidated and consolidating, if applicable, financial statements
related to Borrower and any Subsidiary that are delivered by Borrower to Bank fairly present in all material respects Borrower’s
consolidated and consolidating, if applicable, financial condition as of the date thereof and Borrower’s consolidated and consolidating,
if applicable, results of operations for the period then ended. There has not been a material adverse change in the consolidated or in
the consolidating financial condition of Borrower since the date of the most recent of such financial statements submitted to Bank.


 


5.8         
Solvency, Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value
of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not
left with unreasonably small capital after the transactions contemplated by this Agreement.


 


5.9         
Compliance with Laws and Regulations. Borrower and each Subsidiary have met the minimum funding requirements of ERISA with
respect to any employee benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with ERISA
that is reasonably likely to result in Borrower’s incurring any liability that could have a Material Adverse Effect. Borrower is
not an “investment company” or a company “controlled” by an “investment company” within the meaning
of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors
of the Federal Reserve System). Borrower has not violated any statutes, laws, ordinances or rules applicable to it, the violation of which
would reasonably be expected to have a Material Adverse Effect. Borrower and each Subsidiary have filed or caused to be filed all tax
returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein except, in
each case, those being contested in good faith with adequate reserves under GAAP or where the failure to file such returns or pay such
taxes would not reasonably be expected to have a Material Adverse Effect.


 


5.10       
Subsidiaries. Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted
Investments.


 


5.11      
Government Consents. Borrower and each Subsidiary have obtained all consents, approvals and authorizations of, made all declarations
or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s
business as currently conducted, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect.


 


5.12       
Inbound Licenses. Except as disclosed on the Schedule or as disclosed pursuant to Section 6.9, Borrower is not a party to,
nor is bound by, any material license or other material agreement important for the conduct of Borrower’s business that prohibits
or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other
property important for the conduct of Borrower’s business, other than this Agreement or the other Loan Documents.


 






     


     


    

 


5.13       
Full Disclosure. No representation, warranty or other statement made by Borrower in any certificate or written statement furnished
to Bank taken together with all such certificates and written statements furnished to Bank contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading
in light of the circumstances in which they were made, it being recognized by Bank that the projections and forecasts provided by Borrower
in good faith and based upon reasonable assumptions are not to be viewed as facts and that actual results during the period or periods
covered by any such projections and forecasts may differ from the projected or forecasted results.


 


6.            
AFFIRMATIVE COVENANTS.


 


Borrower covenants that, until payment in full
of all outstanding Obligations (other than inchoate indemnity obligations), and for so long as Bank may have any commitment to make a
Credit Extension hereunder, Borrower shall do all of the following:


 


6.1         
Good Standing and Government Compliance. Borrower shall maintain its and each of its Subsidiaries’ organizational existence
and good standing in their respective states of formation, shall maintain qualification and good standing in each other jurisdiction in
which the failure to so qualify would reasonably be expected to have a Material Adverse Effect, and shall furnish to Bank the organizational
identification number issued to Borrower by the authorities of the state in which Borrower is organized, if applicable. Borrower shall
meet, and shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject
to ERISA. Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances and government rules and
regulations to which it is subject, and shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals
and agreements, in each case, the loss of which or failure to comply with which would reasonably be expected to have a Material Adverse
Effect.


 


6.2         
Financial Statements, Reports, Certificates, Collateral Audits.


 


(a)               Borrower
shall deliver to Bank: (i) as soon as available, but in any event within 30 days after the end of each calendar month, a company
prepared consolidated and consolidating, as applicable, balance sheet and income statement covering Borrower’s operations
during such period, in a form reasonably acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but
in any event within 180 days after the end of Borrower’s fiscal year, audited consolidated and consolidating, as applicable,
financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an opinion which is either
unqualified, qualified only for going concern related solely to Borrower’s liquidity position, or otherwise consented to in
writing by Bank on such financial statements from an independent certified public accounting firm reasonably acceptable to Bank;
provided that, for Borrower’s 2019 fiscal year, Borrower need provide only Borrower-prepared financial statements; (iii) an
annual budget approved by Borrower’s board of directors as soon as available but not later than 60 days after the beginning of
each fiscal year during the term of this Agreement; (iv) if applicable, copies of all statements, reports and notices sent or made
available generally by Borrower to its security holders or to any holders of Subordinated Debt and all reports on Forms 10-K and
10-Q filed with the Securities and Exchange Commission; (v) promptly upon receipt of notice thereof, a report of any legal actions
pending or threatened against Borrower or any Subsidiary that could reasonably be expected to result in damages or costs to Borrower
or any Subsidiary of $250,000 or more; (vi) promptly upon receipt, each management letter prepared by Borrower’s independent
certified public accounting firm regarding Borrower’s management control systems; (vii) periodic informal clinical updates on
any material developments as Borrower may determine appropriate or upon the request of Bank; and (viii) such budgets, sales
projections, operating plans, or other financial information related to Borrower’s business as Bank may reasonably request
from time to time.


 






     


     


    

 


(b)             
Within 30 days after the last day of each month, Borrower shall deliver to Bank with the monthly financial statements described
in Section 6.2(a)(i) above a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer
in substantially the form of Exhibit D hereto.


 


(c)              
As soon as possible and in any event within 3 Business Days after becoming aware of the occurrence or existence of an Event
of Default hereunder, Borrower shall deliver to Bank a written statement of a Responsible Officer setting forth details of the Event of
Default, and the action which Borrower has taken or proposes to take with respect thereto.


 


(d)             
Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to time
during Borrower’s usual business hours but no more than once a year (unless an Event of Default has occurred and is continuing),
to inspect Borrower’s Books and to make copies thereof and to check, test, inspect, audit and appraise the Collateral at Borrower’s
expense in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral.


 


Borrower may deliver to Bank
on an electronic basis any certificates, reports or information required pursuant to this Section 6.2, and Bank shall be entitled to rely
on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible
Officer. Borrower shall include a submission date on any certificates and reports to be delivered electronically.


 


6.3         
Inventory and Equipment; Returns. Borrower shall keep all Inventory and Equipment in good and merchantable condition, free
from all material defects except for Inventory and Equipment (i) sold in the ordinary course of business, and (ii) for which adequate
reserves have been made, in all cases in the United States. Returns and allowances, if any, as between Borrower and its account debtors
shall be on the same basis and in accordance with the usual customary practices of Borrower, as they exist on the Closing Date, or as
is standard in the industry. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims involving
inventory having a book value of more than $100,000.


 


6.4          Taxes.
Borrower shall make, and cause each Subsidiary to make, due and timely payment or deposit of all material federal, state, and local
taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes,
F.I.C.A., F.U.T.A. and state disability, and will execute and deliver to Bank, on demand, proof reasonably satisfactory to Bank
indicating that Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the
payment or deposit thereof; provided that Borrower or a Subsidiary need not make any payment if the amount or validity of such
payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower
or such Subsidiary.


 






     


     


    

 


6.5         
Insurance. Borrower, at its expense, shall (i) keep the Collateral insured against loss or damage, and (ii) maintain liability
and other insurance, in each case as ordinarily insured against by other owners in businesses similar to Borrower’s. All such policies
of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Bank. All policies of property
insurance shall contain a lender’s loss payable endorsement, in a form reasonably satisfactory to Bank, showing Bank as lender’s
loss payee. All liability insurance policies shall show, or have endorsements showing, Bank as an additional insured. Any such insurance
policies shall specify that the insurer must give at least 20 days’ notice to Bank before canceling its policy for any reason. Within
30 days of the Closing Date, Borrower shall cause to be furnished to Bank evidence that the insurance policies required by this section
are in full force and effect, including a copy of its policies and appropriate evidence showing loss payable and additional insured clauses
or endorsements in favor of Bank. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the policies of insurance
and evidence of all premium payments. Proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower
to replace the property subject to the claim, provided that any such replacement property shall be deemed Collateral in which Bank has
been granted a first priority security interest, provided that if an Event of Default has occurred and is continuing, all proceeds payable
under any such policy shall, at Bank’s option, be payable to Bank to be applied on account of the Obligations.


 


6.6         
Primary Depository. Within 45 days after the Closing Date, Borrower shall maintain, and shall cause each Subsidiary to maintain,
substantially all of its cash in depository or operating accounts with Bank. Notwithstanding the foregoing, (a) Borrower may maintain
(i) when Borrower’s aggregate Cash at Bank equals or exceeds $1,000,000, up to $1,000,000, and (ii) at all other times, $250,000,
in each case, in an account at Silicon Valley Bank to facilitate the payment of payroll and trade payables, provided that such account
is subject to an account control agreement in favor of Bank, and (b) at any time when Borrower’s and Parent Guarantor’s aggregate
Cash at Bank exceeds $50,000,000, Borrower may maintain amounts in excess of $50,000,000 in Cash or Investments with Pacific Western Asset
Management. Prior to Borrower maintaining any investment accounts with Pacific Western Asset Management, Borrower, Bank, and Pacific Western
Asset Management (or, if applicable, the relevant securities intermediary) shall have entered into a securities account control agreement
with respect to any such investment accounts, in form and substance reasonably satisfactory to Bank.


 


6.7          
Financial Covenants. Borrower shall achieve the following milestone covenant:


 


(a)               Funding
Milestone. On or before January 31, 2020, Borrower shall deliver to Bank (i) a fully executed equity purchase agreement
providing for an aggregate equity investment in Borrower or Parent Guarantor of at least $60,000,000, on terms and from investors
reasonably acceptable to Bank; and (ii) evidence reasonably satisfactory to Bank that Borrower or Parent Guarantor has received,
after the Closing Date, Cash proceeds of at least $30,000,000, less reasonable transaction expenses, from the sale or issuance of
Borrower’s or Parent Guarantor’s equity securities to investors reasonably acceptable to Bank.


 






     


     


    

 


6.8         
Protection of Intellectual Property Rights. Borrower shall use commercially reasonable efforts to (i) protect, defend and maintain
the validity and enforceability of its trade secrets, Trademarks, Patents, and Copyrights material to its business, (ii) detect infringements
of its Trademarks, Patents, and Copyrights and promptly advise Bank in writing of material infringements detected, and (iii) not allow
any of its material Trademarks, Patents, or Copyrights to be abandoned, forfeited or dedicated to the public without the written consent
of Bank, which shall not be unreasonably withheld.


 


6.9         
Consent of Inbound Licensors. After entering into or becoming bound by any material inbound license or agreement, Borrower
shall (i) on the next Compliance Certificate delivered to Bank after entering into such material license or agreement, provide both a
copy of such license or agreement and a summary of the material terms of such license or agreement with a description of its likely impact
on Borrower’s business or financial condition, and (ii) at Bank’s request, in good faith use commercially reasonable efforts
to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for Borrower’s interest in such licenses
or contract rights to be deemed Collateral and for Bank to have a security interest in it that might otherwise be restricted by the terms
of the applicable license or agreement, whether now existing or entered into in the future, provided, however, that the failure to obtain
any such consent or waiver shall not constitute a default under this Agreement.


 


6.10       Creation/Acquisition
of Subsidiaries.  In the event Borrower or any Subsidiary of Borrower creates or acquires any Subsidiary, Borrower or such Subsidiary
shall promptly notify Bank of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably requested
by Bank to achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed
after the date hereof during the term of this Agreement):  (i) to cause such New Subsidiary to become either (A) a co-borrower hereunder,
if such New Subsidiary is organized under the laws of the United States, or (B) a secured guarantor with respect to the Obligations, if
such New Subsidiary is not organized under the laws of the United States; and (ii) to grant and pledge to Bank a perfected security interest
in 100% of the stock, units or other evidence of ownership held by Borrower or its Subsidiaries of any such New Subsidiary.


 


6.11       
Further Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take
such further action as may reasonably be requested by Bank to effect the purposes of this Agreement.


 


7.            
NEGATIVE COVENANTS.


 


Borrower covenants and agrees
that, so long as any credit hereunder shall be available and until the outstanding Obligations (other than inchoate indemnity obligations)
are paid in full or for so long as Bank may have any commitment to make any Credit Extensions, Borrower will not do any of the following
without Bank’s prior written consent, which shall not be unreasonably withheld:


 






     


     


    

 


7.1        
 Dispositions. Convey, sell, lease, license, transfer, or otherwise dispose of (collectively, to “Transfer”), or
permit any of its Subsidiaries to Transfer, all or any part of its business or property, or move cash balances on deposit with Bank to
accounts opened at another financial institution not permitted by Section 6.6, in each case, other than Permitted Transfers.


 


7.2         
Change in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control.
Change its name or the state of Borrower’s formation or relocate its chief executive office without 30 days prior written notification
to Bank; replace or suffer the departure of its chief executive officer or chief operating officer without delivering written notification
to Bank within 10 days; fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer or chief operating
officer for more than 60 consecutive days; suffer a change on its board of directors which results in the failure of at least one partner
of each of Atlas Venture or its Affiliate and F-Prime Capital or its Affiliate to serve as voting members without the prior written consent
of Bank, which may be withheld in Bank’s sole discretion; take action to liquidate, wind up, or otherwise cease to conduct business
in the ordinary course; engage in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably
related or incidental to the businesses currently engaged in by Borrower; change its fiscal year end; convert to another form of incorporated
or unincorporated business or entity; have a Change in Control; Divide.


 


7.3         
Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any
other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire,
or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, or a division,
line of business, or business unit of another Person, in each case except where (a) each of the following conditions is applicable: (i)
the consideration paid in connection with such transactions (including assumption of liabilities) does not in the aggregate exceed $250,000
during any fiscal year, (ii) no Event of Default has occurred, is continuing or would exist after giving effect to such transactions,
(iii) such transactions do not result in a Change in Control, and (iv) Borrower is the surviving entity; or (b) the Obligations (other
than inchoate indemnity obligations) are repaid in full and this Agreement is terminated concurrently with the closing of any merger or
consolidation of Borrower in which Borrower is not the surviving entity. Borrower shall not, without Bank’s prior written consent,
enter into any binding contractual arrangement with any investment banker, business broker, or similar Person to attempt to facilitate
a merger or acquisition of Borrower or Borrower’s assets (any such agreement, an “Investment Banker Agreement”); unless
(i) no Event of Default exists when such Investment Banker Agreement is entered into by Borrower, (ii) such Investment Banker Agreement
does not give the counterparty the right, in connection with a sale of Borrower’s stock or assets pursuant to or resulting from
an assignment for the benefit of creditors, an asset turnover to Borrower’s creditors (including, without limitation, Bank), foreclosure,
bankruptcy or similar liquidation, to claim any fee, payment or damages from any parties, other than from Borrower or Borrower’s
investors, and (iii) Borrower notifies Bank in advance of entering into such an Investment Banker Agreement (provided, the failure to
give such notification shall not be deemed a material breach of this Agreement).


 


7.4           Indebtedness.
Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to do, other
than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any
Indebtedness prior to the scheduled maturity date, except Indebtedness to Bank.


 






     


     


    

 


7.5         
Encumbrances. Create, incur, assume or allow any Lien with respect to its property, or assign or otherwise convey any right
to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens, or covenant
to any other Person (other than (a) the licensors of in-licensed property with respect to such property or (b) the lessors of specific
equipment or lenders financing specific equipment with respect to such leased or financed equipment) that Borrower in the future will
refrain from creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s property.


 


7.6         
Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase
of any capital stock, except that Borrower may (a) repurchase the stock of former employees, consultants or directors pursuant to stock
repurchase agreements in an aggregate amount not to exceed $500,000 in any fiscal year, as long as an Event of Default does not exist
prior to such repurchase or would not exist after giving effect to such repurchase, and (b) repurchase the stock of former employees,
consultants or directors pursuant to stock repurchase agreements by the cancellation of indebtedness owed by such former employees or
directors to Borrower regardless of whether an Event of Default exists.


 


7.7         
Investments. Directly or indirectly acquire or own an Investment in, or make any Investment in or to, any Person, or permit
any of its Subsidiaries so to do, other than Permitted Investments, or, except as permitted by Section 6.6, maintain or invest any of
its investment property with a Person other than Bank or Bank’s affiliates or permit any Subsidiary to do so unless such Person
has entered into a control agreement with Bank, in form and substance reasonably satisfactory to Bank, or suffer or permit any Subsidiary
to be a party to, or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise distributing property
to Borrower.


 


7.8          
Reserved.


 


7.9         
Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate
of Borrower except for (a) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that
are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person, and (b) bona
fide sales or issuances of Borrower’s equity securities to Borrower’s investors that do not result in a Change in Control,
and (c) customary compensation arrangements approved by Borrower’s board of directors.


 


7.10       
Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such
payment, except in compliance with the terms of such Subordinated Debt, or amend any provision affecting Bank’s rights contained
in any documentation relating to the Subordinated Debt without Bank’s prior written consent.


 


7.11        Inventory
and Equipment. On and after the date that is 90 days after the Closing Date, (a) Store Inventory or Equipment of a book value in
excess of $250,000 with a bailee, warehouseman, collocation facility or similar third party unless such third party has been
notified of Bank’s security interest and Bank has received a bailee waiver in favor of Bank, in form and substance
satisfactory to Bank, duly executed by Borrower and such third party; or (b) with respect to any leased or licensed real property,
store Collateral of a book value in excess of $250,000 unless the landlord has been notified of Bank’s security interest and
Bank has received a landlord waiver, in form and substance satisfactory to Bank, duly executed by Borrower and such landlord.


 






     


     


    

 


7.12      
No Investment Company; Margin Regulation. Become or be controlled by an “investment company,” within the meaning
of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business
of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose.


 


8.            
EVENTS OF DEFAULT.


 


Any one or more of the following events shall constitute
an Event of Default by Borrower under this Agreement:


 


8.1         
Payment Default. If Borrower fails to pay any of the Obligations when due;


 


8.2         
Covenant Default.


 


(a)              
If Borrower fails to perform any obligation under Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), 6.6 (primary
accounts), or 6.7 (financial covenants), or violates any of the covenants contained in Article 7 of this Agreement; or


 


(b)             
If Borrower fails or neglects to perform or observe any other material term, provision, condition, or covenant contained in
this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default
under such other term, provision, condition or covenant that can be cured, has failed to cure such default within 15 days after Borrower
receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature
be cured within the 15 day period or cannot after diligent attempts by Borrower be cured within such 15 day period, and such default is
likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed
30 days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed
an Event of Default but no Credit Extensions will be made;


 


8.3         
Material Adverse Change. If there occurs any circumstance or any circumstances which would reasonably be expected to have a
Material Adverse Effect. In determining whether a “Material Adverse Effect” has occurred or would reasonably be expected to
occur, Bank recognizes that, as a pre-profit company, Borrower’s cash resources will decline over time, and Borrower will periodically
require additional infusions of equity capital.  The clear intention of Borrower’s investors to continue to fund Borrower in
the amounts and timeframe necessary, in Bank’s good faith judgment, to enable Borrower to satisfy the Obligations as they become
due and payable is the most significant criterion Bank shall consider in making any such determination;


 






     


     


    

 


8.4         
 Attachment. If any material portion of Borrower’s assets is attached, seized, subjected to a writ or distress warrant,
or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure,
writ or distress warrant or levy has not been removed, discharged or rescinded within 10 days, or if Borrower is enjoined, restrained,
or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or
other claim becomes a lien or encumbrance upon any material portion of Borrower’s assets, or if a notice of lien, levy, or assessment
is filed of record with respect to any material portion of Borrower’s assets by the United States Government, or any department,
agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within 10 days
after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or
event is stayed or an adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will
be made during such cure period);


 


8.5        
Insolvency. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding
is commenced against Borrower and is not dismissed or stayed within 45 days (provided that no Credit Extensions will be made prior to
the dismissal of such Insolvency Proceeding);


 


8.6         
Other Agreements. If (a) there is an uncured default or other uncured failure to perform in any agreement to which Borrower
is a party with a third party or parties (i) resulting in a right by such third party or parties, whether or not exercised, to accelerate
the maturity of any Indebtedness in an amount in excess of $500,000, (ii) in connection with any lease of real property material to the
conduct of Borrower’s business, if such default or failure to perform results in the right of another party to terminate such lease,
or (iii) that would reasonably be expected to have a Material Adverse Effect, or (b) any default or event of default (however designated)
shall occur with respect to any Subordinated Debt that is not cured within any applicable cure period;


 


8.7         
Judgments. If a final, uninsured judgment or judgments for the payment of money in an amount, individually or in the aggregate,
of at least $500,000 shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of 10 days (provided that
no Credit Extensions will be made prior to the satisfaction or stay of the judgment); or


 


8.8         
Misrepresentations. If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation
set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter
into this Agreement or any other Loan Document.


 


8.9         
Guaranty. If any guaranty of all or a portion of the Obligations (including without limitation the Parent Guaranty) ceases
for any reason to be in full force and effect, or any guarantor fails to perform any obligation under any such guaranty or a security
agreement securing any such guaranty (collectively, the “Guaranty Documents”), or any event of default occurs and continues
under any Guaranty Document or any guarantor revokes or purports to revoke such a guaranty, or any material misrepresentation or material
misstatement exists now or hereafter in any warranty or representation set forth in any Guaranty Document or in any certificate delivered
to Bank in connection with any Guaranty Document, or if any of the circumstances described in Sections 8.3 through 8.8 occur with respect
to any guarantor.


 






     


     


    

 


9.            
BANK’S RIGHTS AND REMEDIES.


 


9.1         
Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without
notice of its election and without demand, do any one or more of the following to the extent not prohibited by applicable law, all of
which are authorized by Borrower:


 


(a)             
Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately
due and payable (provided that upon the occurrence of an Event of Default described in Section 8.5 (insolvency), all Obligations shall
become immediately due and payable without any action by Bank);


 


(b)               Demand that Borrower (i) deposit cash with Bank in an amount equal to the amount of any Letters of Credit remaining undrawn,
as collateral security for the repayment of any future drawings under such Letters of Credit, and (ii) pay in advance all Letter of Credit
fees scheduled to be paid or payable over the remaining term of the Letters of Credit, and Borrower shall promptly deposit and pay such
amounts;


 


(c)              
Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement
between Borrower and Bank;


 


(d)             
Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank
reasonably considers advisable;


 


(e)             
Make such payments and do such acts as Bank considers necessary or reasonable to protect its security interest in the Collateral.
Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate at
a location that is reasonably convenient to Bank and Borrower. Borrower authorizes Bank to peaceably enter the premises where the Collateral
is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance,
charge, or lien which in Bank’s determination appears to be prior or superior to its security interest and to pay all expenses incurred
in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession
of such premises and to occupy the same, without charge by Borrower, in order to exercise any of Bank’s rights or remedies provided
herein, at law, in equity, or otherwise;


 


(f)               Place
a “hold” on any account maintained with Bank, decline to honor presentments (including but not limited to checks, wires,
and ACH drafts) against any account at Bank, and/or deliver a notice of exclusive control, any entitlement order, or other directions
or instructions pursuant to any control agreement or similar agreements providing control of any Collateral;


 


(g)             
Set off and apply to the Obligations then due any and all (i) balances and deposits of Borrower held by Bank, and (ii) indebtedness
at any time owing to or for the credit or the account of Borrower held by Bank;


 






     


     


    

 


(h)             
Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided
for herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to
use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks,
service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production
of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1,
Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit;


 


(i)              
Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash
or on terms, in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable, and
apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral without giving
any warranties as to the Collateral. Bank may specifically disclaim any warranties of title or the like. This procedure will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral. If Bank sells any of the Collateral upon credit, Borrower
will be credited only with payments actually made by the purchaser, received by Bank, and applied to the indebtedness of the purchaser.
If the purchaser fails to pay for the Collateral, Bank may resell the Collateral and Borrower shall be credited with the proceeds of the
sale;


 


(j)               Bank may credit bid and purchase at any public sale;


 


(k)              Apply
for the appointment of a receiver, trustee, liquidator or conservator of the Collateral, without notice and without regard to the adequacy
of the security for the Obligations and without regard to the solvency of Borrower, any guarantor or any other Person liable for any
of the Obligations; and


 


(l)              
Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.


 


Bank may comply with any applicable
state or federal law requirements in connection with a disposition of the Collateral, and compliance will not be considered adversely
to affect the commercial reasonableness of any sale of the Collateral.


 


9.2          Power
of Attorney. Effective only upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably
appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send
requests for verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse
Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign
Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and
assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle,
and adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and
claims respecting the accounts directly with account debtors, for amounts and upon terms which Bank determines to be reasonable; and
(g) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the
Collateral; provided Bank may exercise such power of attorney to sign the name of Borrower on any of the documents described in
clause (g) above, regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s attorney in
fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the
Obligations (other than inchoate indemnity obligations) have been fully repaid and performed and Bank’s obligation to provide
advances hereunder is terminated.


 






     


     


    

 


9.3        
Accounts Collection. At any time after the occurrence and during the continuation of an Event of Default, Bank may notify any
Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect
all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to
Bank in their original form as received from the account debtor, with proper endorsements for deposit.


 


9.4        
Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities,
as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make
payment of the same or any part thereof; and/or (b) obtain and maintain insurance policies of the type discussed in Section 6.5 of this
Agreement, and take any action with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute
Bank Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall
be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future
or a waiver by Bank of any Event of Default under this Agreement.


 


9.5        
Bank’s Liability for Collateral. Bank has no obligation to clean up or otherwise prepare the Collateral for sale. All
risk of loss, damage or destruction of the Collateral shall be borne by Borrower.


 


9.6        
No Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the Obligations by collecting them from any other
person liable for them and Bank may release, modify or waive any collateral provided by any other Person to secure any of the Obligations,
all without affecting Bank’s rights against Borrower. Borrower waives any right it may have to require Bank to pursue any other
Person for any of the Obligations.


 


9.7        
Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements shall
be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity.
No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of Default on Borrower’s
part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank
shall be effective unless made in a written document signed on behalf of Bank and then shall be effective only in the specific instance
and for the specific purpose for which it was given. Borrower expressly agrees that this Section 9.7 may not be waived or modified by
Bank by course of performance, conduct, estoppel or otherwise.


 






     


     


    

 





9.8             
 Demand; Protest. Except as otherwise provided in this Agreement, Borrower waives demand, protest, notice of protest, notice
of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations.


 


10.          
NOTICES.


 


Unless otherwise provided
in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into in connection herewith
shall be in writing and (except for financial statements and other reporting required pursuant to Section 6.2 of this Agreement, which
shall be sent as directed in the monthly reporting forms provided by Bank) shall be personally delivered or sent by a recognized overnight
delivery service, certified mail, postage prepaid, return receipt requested, or by electronic mail to Borrower or to Bank, as the case
may be, at its addresses set forth below:


 


	 	If to Borrower:	Akrevia Therapeutics Inc., on behalf of each Borrower
	 	 	LabCentral 610
	 	 	610 Main Street
	 	 	Cambridge, MA 02139
	 	 	Attn: Joseph Farmer
	 	 	[**]




 


	 	with a copy to:	Goodwin Procter LLP
	 	 	100 Northern Avenue
	 	 	Boston, MA 02210
	 	 	Attn: Mark D. Smith
	 	 	[**]




 


	 	If to Bank:	Pacific Western Bank
	 	 	406 Blackwell Street, Suite 240
	 	 	Durham, North Carolina 27701
	 	 	Attn: Loan Operations Manager
	 	 	[**]




 


	 	with a copy to:	Pacific Western Bank
	 	 	131 Oliver Street, 2nd Floor
	 	 	Boston, MA 02110
	 	 	Attn: Scott Hansen




 


The parties hereto may change the address at which
they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other.


 






     


     


    

 


11.             
CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.


 


This Agreement shall be governed
by, and construed in accordance with, the internal laws of the State of North Carolina, without regard to principles of conflicts of law.
Jurisdiction shall lie in the State of North Carolina. All disputes, controversies, claims, actions and similar proceedings arising with
respect to Borrower’s account or any related agreement or transaction shall be brought in the General Court of Justice of North
Carolina sitting in Durham County, North Carolina or the United States District Court for the Middle District of North Carolina, except
as provided below with respect to arbitration of such matters. BANK AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A
CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH OF THEM, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF
THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED
UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED
TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. If
the jury waiver set forth in this Section 11 is not enforceable, then any dispute, controversy, claim, action or similar proceeding arising
out of or relating to this Agreement, the Loan Documents or any of the transactions contemplated therein shall be settled by final and
binding arbitration held in Durham County, North Carolina in accordance with the then current Commercial Arbitration Rules of the American
Arbitration Association by one arbitrator appointed in accordance with those rules. The arbitrator shall apply North Carolina law to the
resolution of any dispute, without reference to rules of conflicts of law or rules of statutory arbitration. Judgment upon any award resulting
from arbitration may be entered into and enforced by any state or federal court having jurisdiction thereof. Notwithstanding the foregoing,
the parties may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in
accordance with this Section. The costs and expenses of the arbitration, including without limitation, the arbitrator’s fees and
expert witness fees, and reasonable attorneys’ fees, incurred by the parties to the arbitration may be awarded to the prevailing
party, in the discretion of the arbitrator, or may be apportioned between the parties in any manner deemed appropriate by the arbitrator.
Unless and until the arbitrator decides that one party is to pay for all (or a share) of such costs and expenses, both parties shall share
equally in the payment of the arbitrator’s fees as and when billed by the arbitrator.


 


12.             
GENERAL PROVISIONS.


 


12.1          Successors
and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each of
the parties and shall bind all persons who become bound as a debtor to this Agreement; provided, however, that neither this
Agreement nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which consent may be
granted or withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell,
assign, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights and
benefits hereunder. Notwithstanding the foregoing, provided that no Event of Default has occurred and is continuing hereunder, Bank
shall not assign its interest in the Term Loans or the Loan Documents to any Person who in Bank’s reasonable discretion is (i)
a direct competitor of Borrower, or (ii) a vulture or distressed debt fund.


 






     


     


    

 


12.2        Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers, directors, employees, affiliates,
advisors and agents (an “Indemnified Person”) against: (a) all obligations, demands, claims, and liabilities claimed or asserted
by any other party in connection with the transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way
suffered, incurred, or paid by Bank, its officers, employees and agents as a result of or in any way arising out of, following, or consequential
to transactions between Bank and Borrower whether under this Agreement, or otherwise (including without limitation reasonable attorneys’
fees and expenses), except for losses caused by an Indemnified Person’s gross negligence or willful misconduct as determined by
a court of competent jurisdiction by final and non-appealable order.


 


12.3       Time
of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement.


 


12.4       Severability
of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of
determining the legal enforceability of any specific provision.


 


12.5       Amendments in Writing, Integration. All amendments to or terminations of this Agreement or the other Loan Documents must be
in writing. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect
to the subject matter of this Agreement and the other Loan Documents, if any, are merged into this Agreement and the Loan Documents.


 


12.6       Counterparts.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed
and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.
Executed copies of the signature pages of this Agreement sent by facsimile or transmitted electronically in Portable Document Format
(“PDF”), or any similar format, shall be treated as originals, fully binding and with full legal force and effect, and the
parties waive any rights they may have to object to such treatment.


 


12.7       Survival.
All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations
remain outstanding or Bank has any obligation to make any Credit Extension to Borrower. The obligations of Borrower to indemnify Bank
with respect to the expenses, damages, losses, costs and liabilities described in Section 12.2 shall survive until all applicable statute
of limitations periods with respect to actions that may be brought against Bank have run.


 


12.8       Confidentiality
and Publicity.


 


(a)               Borrower
shall not, and shall not permit any of its Affiliates to: (i) publish or disclose any materials containing Bank’s name,
including in any press release or otherwise in connection with any advertising or marketing, without first obtaining Bank’s
prior written consent, or (ii) use Bank’s name (or the name of any of its Affiliates) in connection with its operations or
business.


 






     


     


    


 


(b)              In
handling any confidential information, Bank shall exercise the same degree of care that Bank exercises with respect to its own proprietary
information to maintain in confidence, in accordance with its customary procedures for handling confidential information, all non-public
information furnished to Bank (“Confidential Information”) other than any such Confidential Information that becomes generally
available to the public or becomes available to Bank from a source other than Borrower and that is not known to Bank to be subject to
confidentiality obligations; provided, that Bank shall have the right to disclose Confidential Information to: (i) Bank’s Affiliates
in connection with their present or prospective business relations with Borrower as long as such entities are subject to similar confidentiality
provisions; (ii) such Person or such Person’s Affiliates’ lenders, funding sources, or financing sources; (iii) such Person’s
or such Person’s Affiliates’ directors, officers, trustees, partners, members, managers, employees, agents, advisors, representatives,
attorneys, equity owners, professional consultants, portfolio management services and rating agencies; (iv) any successor or assign of
Bank; (v) any Person to whom Bank offers to sell, assign or transfer any Credit Extension or any part thereof or any interest or participation
therein, provided that such Person subject to similar confidentiality provisions; (vi) any Person that provides statistical analysis and/or
information services to Bank or its Affiliates; and (vii) any Person (A) to the extent required by it by law, (B) as required in connection
with the examination, audit, or similar investigation of Bank by appropriate authorities, (C) in response to any subpoena or other legal
process or governmental investigative demand, (D) in connection with any litigation, or € in connection with the actual or potential
exercise or enforcement of any right or remedy under any Loan Document. The obligations of Bank and its Affiliates under this Section
12.8 shall supersede and replace any other confidentiality obligations agreed to by Bank or its Affiliates.


 


13.             
CO-BORROWER PROVISIONS.


 


13.1           Primary Obligation.
This Agreement is a primary and original obligation of each Borrower and shall remain in effect notwithstanding future changes in conditions,
including any change of law or any invalidity or irregularity in the creation or acquisition of any Obligations or in the execution or
delivery of any agreement between Bank and any Borrower. Each Borrower shall be liable for existing and future Obligations as fully as
if all Credit Extensions were advanced to such Borrower. Bank may rely on any certificate or representation made by any Borrower as made
on behalf of, and binding on, such Borrower and each other Borrower, including without limitation Loan Advance / Paydown Request Forms
and Compliance Certificates.


 


13.2           Enforcement of Rights.
Each Borrower is jointly and severally liable for the Obligations, and Bank may proceed against any Borrower to enforce the Obligations
without waiving its right to proceed against any other Borrower.


 


13.3           Borrowers as Agents.
Each Borrower appoints each other Borrower as its agent with all necessary power and authority to give and receive notices, certificates
or demands for and on behalf of each Borrower, to act as disbursing agent for receipt of any Credit Extensions on behalf of each Borrower
and to apply to Bank on behalf of each Borrower for Credit Extensions, any waivers and any consents. This authorization cannot be revoked,
and Bank need not inquire as to each Borrower’s authority to act for or on behalf of a Borrower.


 






     


     


    

 


13.4           Subrogation and
Similar Rights. Notwithstanding any other provision of this Agreement or any other Loan Document, each Borrower irrevocably waives
all rights that it may have at law or in equity (including, without limitation, any law subrogating such Borrower to the rights of Bank
under the Loan Documents) to seek contribution, indemnification, or any other form of reimbursement from any other Borrower, or any other
Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by such Borrower with respect
to the Obligations in connection with the Loan Documents or otherwise and all rights that it might have to benefit from, or to participate
in, any security for the Obligations as a result of any payment made by the Borrower with respect to the Obligations in connection with
the Loan Documents or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under
this Section 13.4 shall be null and void. If any payment is made to a Borrower in contravention of this Section 13.4, such Borrower shall
hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether
matured or unmatured.


 


13.5           Waivers of Notice.
Except as otherwise provided in this Agreement, each Borrower waives notice of acceptance hereof; notice of the existence, creation or
acquisition of any of the Obligations; notice of an Event of Default; notice of the amount of the Obligations outstanding at any time;
notice of intent to accelerate; notice of acceleration; notice of any adverse change in the financial condition of any other Borrower
or of any other fact that might increase the Borrower’s risk; presentment for payment; demand; protest and notice thereof as to
any instrument; default; and all other notices and demands to which the Borrower would otherwise be entitled. Each Borrower waives any
defense arising from any defense of any other Borrower, or by reason of the cessation from any cause whatsoever of the liability of any
other Borrower. Bank’s failure at any time to require strict performance by any Borrower of any provision of the Loan Documents
shall not waive, alter or diminish any right of Bank thereafter to demand strict compliance and performance therewith. Nothing contained
herein shall prevent Bank from foreclosing on the Lien of any deed of trust, mortgage or other security instrument, or exercising any
rights available thereunder, and the exercise of any such rights shall not constitute a legal or equitable discharge of any Borrower.
Each Borrower also waives any defense arising from any act or omission of Bank that changes the scope of such Borrower’s risks
hereunder.


 


13.6           Subrogation Defenses.
Each Borrower hereby waives any defense based on impairment or destruction of its subrogation or other rights against any other Borrower
and waives all benefits which might otherwise be available to it under any statutory or common law suretyship defenses or marshalling
rights, now or hereafter in effect.


 


13.7           Right to Settle, Release.


 


(a)              
The liability of each Borrower hereunder shall not be diminished by (i) any agreement, understanding or representation that
any of the Obligations is or was to be guaranteed by another Person or secured by other property, or (ii) any release or unenforceability,
whether partial or total, of rights, if any, which Bank may now or hereafter have against any other Person, including another Borrower,
or property with respect to any of the Obligations.


 






     


     


    

 


(b)             
 Without affecting the liability of any Borrower hereunder, Bank may (i) compromise, settle, renew, extend the time for payment,
change the manner or terms of payment, discharge the performance of, decline to enforce, or release all or any of the Obligations with
respect to a Borrower, (ii) grant other indulgences to a Borrower in respect of the Obligations, (iii) modify in any manner any documents
relating to the Obligations with respect to a Borrower, (iv) release, surrender or exchange any deposits or other property securing the
Obligations, whether pledged by a Borrower or any other Person, or (v) compromise, settle, renew, or extend the time for payment, discharge
the performance of, decline to enforce, or release all or any obligations of any guarantor, endorser or other Person who is now or may
hereafter be liable with respect to any of the Obligations.


 


13.8           Subordination. All indebtedness of a Borrower now or hereafter arising held by another Borrower
is subordinated to the Obligations and the Borrower holding the indebtedness shall take all actions reasonably requested by Bank to effect,
to enforce and to give notice of such subordination.


 






     


     


    

 


IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed as of the date first above written.


 


 


	 	AKREVIA THERAPEUTICS INC.
	 	 
	 	By:	/s/ Joseph Farmer
	 	 
	 	Name: Joseph Farmer
	 	 
	 	Title: Chief Operating Officer




 


	 	AKREVIA CONCERTO LLC
	 	 
	 	By:	/s/ Joseph Farmer
	 	 
	 	Name: Joseph Farmer
	 	 
	 	Title: Chief Operating Officer




 


	 	PACIFIC WESTERN BANK
	 	 
	 	By:	/s/ Scott Hansen
	 	 
	 	Name: Scott Hansen
	 	 
	 	Title: Managing Director




 






     


     


    

 


EXHIBIT A


 


DEFINITIONS


 


“Accounts” means
all presently existing and hereafter arising accounts, contract rights, payment intangibles and all other forms of obligations owing to
Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or
the rendering of services by Borrower and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise
returned to or reclaimed by Borrower and Borrower’s Books relating to any of the foregoing.


 


“Affiliate” means,
with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is controlled
by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and general partners.


 


“Authorized Officer”
means someone designated as such in the corporate resolution provided by Borrower to Bank in which this Agreement and the transactions
contemplated hereunder are authorized by Borrower’s board of directors. If Borrower provides subsequent corporate resolutions to
Bank after the Closing Date, the individual(s) designated as “Authorized Officer(s)” in the most recently provided resolution
shall be the only “Authorized Officers” for purposes of this Agreement.


 


“Bank Expenses”
means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses, whether generated by in-house or by outside
counsel) incurred in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral
audit fees; and Bank’s reasonable attorneys’ fees and expenses (whether generated in-house or by outside counsel) incurred
in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred before, during and after an Insolvency
Proceeding, whether or not suit is brought.


 


“Borrower’s Books”
means all of Borrower’s books and records including: ledgers; records concerning Borrower’s assets or liabilities, the Collateral,
business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information.


 


“Business Day” means
any day that is not a Saturday, Sunday, or other day on which banks in the State of North Carolina are authorized or required to close.


 


“Cash” means unrestricted
cash and cash equivalents.


 


“Change in
Control” means a transaction (other than (i) an IPO or (ii) a bona fide equity financing or series of financings on terms and
from investors reasonably acceptable to Bank) in which any “person” or “group” (within the meaning of
Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule
13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number of shares of all classes of stock
then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or
 “group” to elect a majority of the board of directors of Borrower, who did not have such power before such
transaction.


 






     


     


    

 


“Closing Date” means
the date of this Agreement.


 


“Code” means the
North Carolina Uniform Commercial Code as amended or supplemented from time to time.


 


“Collateral” means the property described
on Exhibit B attached hereto and all Negotiable Collateral to the extent not described on Exhibit B, except to the extent any such property
(i) is non-assignable by its terms without the consent of the licensor thereof or another party (but only to the extent such prohibition
on transfer is enforceable under applicable law, including, without limitation, §25-9-406 and §25-9-408 of the Code), (ii) is
property for which the granting of a security interest therein is contrary to applicable law, provided that upon the cessation of any
such restriction or prohibition, such property shall automatically become part of the Collateral, (iii) constitutes the capital stock
of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all classes of capital stock of such
controlled foreign corporations entitled to vote, or any Subsidiary which sole purpose is to hold the stock of such controlled foreign
corporation, if the grant of a security interest in such capital stock pursuant to this Agreement would result in material adverse “deemed
dividend” tax consequences to Borrower due to the application of IRC §956, or (iv) is property (including any attachments,
accessions or replacements) that is subject to a Lien that is permitted pursuant to clause (c) of the definition of Permitted Liens, if
the grant of a security interest with respect to such property pursuant to this Agreement would be prohibited by the agreement creating
such Permitted Lien or would otherwise constitute a default thereunder, provided, that such property will be deemed “Collateral”
hereunder upon the termination and release of such Permitted Lien.


 


“Compliance Certificate”
means a compliance certificate, in substantially the form of Exhibit D attached hereto, executed by a Responsible Officer of Borrower.


 


“Contingent Obligation”
means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i) any indebtedness,
lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly
guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly
or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued
for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest
rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation
in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall
not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be
deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation
is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person
in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee
or other support arrangement.


 






     


     


    

 


“Copyrights” means
any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and derivative
work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing,
created, acquired or held.


 


“Credit Card Line”
means a Credit Extension of up to $250,000, to be used exclusively for the provision of Credit Card Services.


 


“Credit
Card Maturity Date” means November 21, 2023.


 


“Credit Extension”
means the Term Loan, the Credit Card Services provided under the Credit Card Line, or any other extension of credit, by Bank to or for
the benefit of Borrower hereunder.


 


“Divide” means,
with respect to any Person that is an entity, the dividing of such Person into two or more separate Persons, with the dividing Person
either continuing or terminating its existence as part of such division, including as contemplated under Section 18-217 of the Delaware
Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any
other statute with respect to any corporation, limited liability company, partnership, or other entity.


 


“Equipment” means
all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which
Borrower has any interest.


 


“ERISA” means the
Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.


 


“Event of Default”
has the meaning assigned in Article 8.


 


“GAAP” means generally
accepted accounting principles, consistently applied, as in effect from time to time in the United States.


 


“Indebtedness” means
(a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without limitation reimbursement
and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or
similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations, including but not limited to any sublimit
contained herein.


 


“Insolvency Proceeding”
means any proceeding commenced by or against any Person or entity under any provision of the United States Bankruptcy Code, as amended,
or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions,
extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.


 


“Intellectual Property”
means all of Borrower’s right, title, and interest in and to the following, whether now existing,
or hereafter acquired or created, in any medium, of any kind or nature whatsoever:


 






     


     


    

 


(a)              
Copyrights, Trademarks, and Patents;


 


(b)             
 Any and all trade secrets, and any and all intellectual property rights in computer software and computer software products
now or hereafter existing, created, acquired or held;


 


(c)              
Any and all design rights which may be available to Borrower now or hereafter existing, created, acquired or held;


 


(d)             
Any and all claims for damages by way of past, present and future infringement of any of the rights included above, with the
right, but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified
above;


 


(e)              
All licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising
from such use to the extent permitted by such license or rights;


 


(f)               
All amendments, renewals, and extensions of any Copyrights, Trademarks, and Patents; and


 


(g)              
All proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty
payable in respect of any of the foregoing.


 


“Interest-Only End Date”
means May 21, 2021.


 


“Inventory” means
all present and future inventory in which Borrower has any interest.


 


“Investment” means
any beneficial ownership of (including stock, partnership or limited liability company interest or other securities) any Person, or any
loan, advance or capital contribution to any Person.


 


“IRC” means the
Internal Revenue Code of 1986, as amended, and the regulations thereunder.


 


“Letter of Credit”
means a commercial or standby letter of credit or similar undertaking issued by Bank (or any of its correspondent banks) at Borrower’s
request.


 


“Lien” means any
mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.


 


“Loan Documents”
means, collectively, this Agreement, any note or notes executed by Borrower, and any other document, instrument or agreement entered into
in connection with this Agreement, all as amended or extended from time to time.


 


“Material Adverse Effect”
means a material adverse effect on (i) the operations, business or financial condition of Borrower and its Subsidiaries taken as a whole,
(ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents, or (iii) Borrower’s
interest in, or the value, perfection or priority of Bank’s security interest in the Collateral.


 


“Negotiable Collateral”
means all of Borrower’s present and future letters of credit of which it is a beneficiary, drafts, instruments (including promissory
notes), securities, documents of title, and chattel paper, and Borrower’s Books relating to any of the foregoing.


 






     


     


    

 


“Obligations” means
all debt, principal, interest, Bank Expenses and other amounts owed to Bank by Borrower pursuant to this Agreement or any other agreement,
whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the
commencement of an Insolvency Proceeding and including any debt, liability, or obligation owing from Borrower to others that Bank may
have obtained by assignment or otherwise. Notwithstanding the foregoing, “Obligations” shall not include any warrant or equity
related investments.


 


“Parent Guarantor”
means Akrevia Therapeutics LLC, a Delaware limited liability company.


 


“Parent Guaranty”
means that certain Unconditional Guaranty, dated on or about the Closing Date, by Parent Guarantor in favor of Bank, as amended, restated,
supplemented, or otherwise modified from time to time.


 


“Patents” means
all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues,
extensions and continuations-in-part of the same.


 


“Periodic Payments”
means all installments or similar recurring payments that Borrower may now or hereafter become obligated to pay to Bank pursuant to the
terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank.


 


“Permitted Indebtedness”
means:


 


(a)              
Indebtedness of Borrower in favor of Bank arising under this Agreement or any other Loan Document;


 


(b)             
Indebtedness existing on the Closing Date and disclosed in the Schedule;


 


(c)              
Indebtedness not to exceed $800,000 in the aggregate at any time secured by a lien described in clause (c) of the defined term
 “Permitted Liens,” provided such Indebtedness does not exceed at the time it is incurred the lesser of the cost or fair market
value of the property financed with such Indebtedness;


 


(d)             
Subordinated Debt;


 


(e)              
Indebtedness to trade creditors incurred in the ordinary course of business;


 


(f)               
Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;


 


(g)              
Interest rate hedging arrangements with financial institutions other than Bank in an aggregate amount not to exceed $250,000
at any time;


 


(h)             
Additional unsecured Indebtedness not to exceed $250,000 in the aggregate at any time; and


 


(i)                 Extensions,
refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms
modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be.


 






     


     


    

 


“Permitted Investment”
means:


 


(a)              
Investments existing on the Closing Date disclosed in the Schedule;


 


(b)             
(i) Marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any
State thereof maturing within one year from the date of acquisition thereof, (ii) commercial paper maturing no more than one year from
the date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or
Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one year from the date of investment
therein, (iv) money market accounts, (v) Investments in regular deposit or checking accounts held with Bank or as otherwise permitted
by, and subject to the terms and conditions of, Section 6.6 of this Agreement, and (vi) Investments consistent with any investment policy
adopted by Borrower’s board of directors;


 


(c)              
Investments accepted in connection with Permitted Transfers;


 


(d)             
Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by Borrower in Subsidiaries not to exceed
$500,000 in the aggregate in any fiscal year;


 


(e)              
Investments not to exceed $500,000 outstanding in the aggregate at any time consisting of (i) travel advances and employee
relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors
relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plan agreements approved
by Borrower’s board of directors;


 


(f)               
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers
and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s
business;


 


(g)              
Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers
who are not Affiliates, in the ordinary course of business, provided that this subparagraph (g) shall not apply to Investments of Borrower
in any Subsidiary;


 


(h)             
Joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing
of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do
not exceed $500,000 in the aggregate in any fiscal year;


 


(i)                
Investments permitted under Sections 7.3, 7.6, and 7.7; and


 


(j)               
Additional Investments, other than Investments in Subsidiaries, by Borrower that do not exceed $300,000 in the aggregate during
the term of this Agreement.


 






     


     


    

 


“Permitted Liens”
means the following:


 


(a)              
 Any Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens to be satisfied with the proceeds of
the Credit Extensions) or arising under this Agreement, the other Loan Documents, or any other agreement in favor of Bank;


 


(b)             
Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good
faith by appropriate proceedings and for which Borrower maintains adequate reserves;


 


(c)              
Liens not to exceed $800,000 in the aggregate at any time (i) upon or in any Equipment (other than Equipment financed by a
Credit Extension) acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness
incurred solely for the purpose of financing the acquisition or lease of such Equipment, or (ii) existing on such Equipment at the time
of its acquisition, in each case provided that the Lien is confined solely to the property so acquired and improvements thereon, and the
proceeds of such Equipment;


 


(d)             
Liens incurred in connection with licenses or sublicenses permitted hereunder;


 


(e)              
Statutory Liens securing claims or demands of materialmen, mechanics, carriers, repairmen, or other like Liens imposed without
the action of such parties arising in the ordinary course of business;


 


(f)               
Liens to secure payment for workers’ compensation, employment insurance, old age pensions, social security or other like
obligations incurred in the ordinary course of business;


 


(g)              
Non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of business, and licenses of
Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other
than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United States;


 


(h)             
Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described
in clauses (a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered
by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase;


 


(i)                
Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Sections 8.4
(attachment) or 8.7 (judgments);


 


(j)               
Leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to another
Person, in the ordinary course of such Person’s business);


 


(k)             
Liens in favor of other financial institutions arising in connection with Borrower’s deposit accounts held at such institutions
to secure standard fees for deposit services charged by, but not financing made available by, such institutions, provided that Bank has
a perfected security interest in the amounts held in such deposit accounts to the extent required by Section 6.6; and


 


(l)                
Liens securing Subordinated Debt, provided that such Liens do not encumber assets beyond those assets comprising the Collateral.


 






     


     


    

 


“Permitted Transfer”
means the conveyance, sale, lease, transfer or disposition by Borrower or any Subsidiary of:


 


(a)              
Inventory in the ordinary course of business;


 


(b)             
licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course of business;


 


(c)              
worn-out, surplus or obsolete Equipment;


 


(d)             
grants of security interests and other Liens that constitute Permitted Liens;


 


(e)              
Transfers that constitute Permitted Investments;


 


(f)               
Cash in the ordinary course of business, unless otherwise prohibited by the terms of this Agreement; and


 


(g)              
other assets of Borrower or its Subsidiaries that do not in the aggregate exceed $500,000 during any fiscal year.


 


“Person” means any
individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association,
corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency.


 


“Prime Rate” means
the variable rate of interest, per annum, most recently announced by Bank, as its “prime rate,” whether or not such announced
rate is the lowest rate available from Bank.


 


“Responsible Officer”
means each of the President, Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, Vice President of Finance
and the Controller of Borrower, as well as any other officer or employee identified as an Authorized Officer in the corporate resolution
delivered by Borrower to Bank in connection with this Agreement.


 


“Schedule” means
the schedule of exceptions attached hereto and approved by Bank, if any.


 


“SOS Reports” means
the official reports from the Secretaries of State of the state where Borrower’s chief executive office is located, the state of
Borrower’s formation and other applicable federal, state or local government offices identifying all current security interests
filed in the Collateral and Liens of record as of the date of such report.


 


“Subordinated Debt”
means any debt incurred by Borrower that is subordinated in writing to the debt owing by Borrower to Bank on terms reasonably acceptable
to Bank (and identified as being such by Borrower and Bank).


 


“Subsidiary” means
any corporation, partnership or limited liability company or joint venture in which (i) any general partnership interest or (ii) more
than 50% of the stock, limited liability company interest or joint venture of which by the terms thereof ordinary voting power to elect
the board of directors, managers or trustees of the entity, at the time as of which any determination is being made, is owned by Borrower,
either directly or through an Affiliate.


 






     


     


    

 


“Success Fee Event”
means (a) any sale, license, or other disposition of all or substantially all of the assets (including intellectual property) of a Borrower
or Parent Guarantor and its subsidiaries taken as a whole, (b) any reorganization, consolidation, merger or sale of the voting securities
of a Borrower or Parent Guarantor or any other transaction where the holders of a Borrower’s or Parent Guarantor’s securities
before the transaction beneficially own (directly or indirectly) less than 50% of the outstanding voting securities of the surviving entity
after the transaction, or (c) the sale or issuance of a Borrower’s, Parent Guarantor’s, or its affiliate’s equity securities
in connection with an initial public offering, an alternative public offering, a reverse merger, or any similar transaction in which Borrower,
Parent Guarantor, or such affiliate receives cash proceeds from such sale or issuance and Borrower’s, Parent Guarantor’s,
or such affiliate’s equity securities may thereafter be traded in a public market.


 


“Term Loan Maturity Date”
means November 21, 2023.


 


“Trademarks” means
any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections,
and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.


 






     


     


    

 


EXHIBIT B


 


	DEBTOR:	AKREVIA THERAPEUTICS INC.
	 	 
	SECURED PARTY:	PACIFIC WESTERN BANK




 


COLLATERAL DESCRIPTION ATTACHMENT TO LOAN
AND SECURITY AGREEMENT


 


All personal property of Borrower
(herein referred to as “Borrower” or “Debtor”) whether presently existing or hereafter created or acquired, and
wherever located, including, but not limited to:


 


(a)              
all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper),
deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), financial assets,
general intangibles (including patents, trademarks, copyrights, goodwill, payment intangibles, domain names and software), goods (including
fixtures), instruments (including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a
contract of service, and including returns and repossessions), investment property (including securities and securities entitlements),
letter of credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and
equipment containing said books and records;


 


(b)             
any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation, insurance proceeds,
and all supporting obligations and the security therefor or for any right to payment.


 


All terms above have the meanings
given to them in the North Carolina Uniform Commercial Code, as amended or supplemented from time to time, including revised Article 9
of the Uniform Commercial Code-Secured Transactions.


 


Notwithstanding the foregoing,
the Collateral shall not include any of the intellectual property, in any medium, of any kind or nature whatsoever, now or hereafter owned
or acquired or received by Borrower, or in which Borrower now holds or hereafter acquires or receives any right or interest (collectively,
the “Intellectual Property”); provided, however, that the Collateral shall include all accounts and general intangibles that
consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the
 “Rights to Payment”).


 


Notwithstanding the foregoing,
if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is
necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of November
21, 2019, include the Intellectual Property to the extent and only to the extent necessary to permit perfection of Bank’s security
interest in the Rights to Payment, and further provided, however, that Bank’s enforcement rights with respect to any security interest
in the Intellectual Property shall be absolutely limited to the Rights to Payment only, and Bank shall have no recourse whatsoever with
respect to the underlying Intellectual Property.


 






     


     


    

 


EXHIBIT B


 


	DEBTOR:	AKREVIA CONCERTO LLC
	 	 
	SECURED PARTY:	PACIFIC WESTERN BANK




 


COLLATERAL DESCRIPTION ATTACHMENT TO LOAN
AND SECURITY AGREEMENT


 


All personal property of Borrower
(herein referred to as “Borrower” or “Debtor”) whether presently existing or hereafter created or acquired, and
wherever located, including, but not limited to:


 


(a)              
all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper),
deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), financial assets,
general intangibles (including patents, trademarks, copyrights, goodwill, payment intangibles, domain names and software), goods (including
fixtures), instruments (including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a
contract of service, and including returns and repossessions), investment property (including securities and securities entitlements),
letter of credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and
equipment containing said books and records;


 


(b)             
any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation, insurance proceeds,
and all supporting obligations and the security therefor or for any right to payment.


 


All terms above have the meanings
given to them in the North Carolina Uniform Commercial Code, as amended or supplemented from time to time, including revised Article 9
of the Uniform Commercial Code-Secured Transactions.


 


Notwithstanding the foregoing,
the Collateral shall not include any of the intellectual property, in any medium, of any kind or nature whatsoever, now or hereafter owned
or acquired or received by Borrower, or in which Borrower now holds or hereafter acquires or receives any right or interest (collectively,
the “Intellectual Property”); provided, however, that the Collateral shall include all accounts and general intangibles that
consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the
 “Rights to Payment”).


 


Notwithstanding the foregoing,
if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is
necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of November
21, 2019, include the Intellectual Property to the extent and only to the extent necessary to permit perfection of Bank’s security
interest in the Rights to Payment, and further provided, however, that Bank’s enforcement rights with respect to any security interest
in the Intellectual Property shall be absolutely limited to the Rights to Payment only, and Bank shall have no recourse whatsoever with
respect to the underlying Intellectual Property.


 






     


     


    

 


EXHIBIT C


 


LOAN ADVANCE/PAYDOWN REQUEST FORM


 


[Please refer
to New Borrower Kit]


 


EXHIBIT D




COMPLIANCE CERTIFICATE


 


[Please refer to New Borrower Kit]


 






     


     


    




 







FIRST
AMENDMENT

TO

LOAN AND SECURITY AGREEMENT


 


This
First Amendment to Loan and Security Agreement (this “Amendment”) is made and entered into as of March 12,
2021, by and between PACIFIC WESTERN BANK, a California state chartered bank (“Bank”), and XILIO
DEVELOPMENT, INC. and XILIO
CONCERTO LLC (individually and collectively referred to as “Borrower”).


 


RECITALS


 


Borrower
and Bank are parties to that certain Loan and Security Agreement dated as of November 21, 2019 (as amended from time to time, the “Agreement”).
The parties desire to amend the Agreement in accordance with the terms of this Amendment.


 


NOW, THEREFORE,
the parties agree as follows:


 


	1)	Borrower Akrevia
                                 Therapeutics Inc. has changed its name to Xilio Development, Inc. Bank and Borrower hereby agree that
                                 the Agreement and each other Loan Document are hereby amended wherever necessary to reflect this change.



 


	2)	Borrower Akrevia
                                 Concerto LLC has changed its name to Xilio Concerto LLC. Bank and Borrower hereby agree that the Agreement
                                 and each other Loan Document are hereby amended wherever necessary to reflect this change.



 


	3)	Borrower has
                                 informed Bank that Borrower may in the future create an MSC Subsidiary. Bank and Borrower hereby agree
                                 that, so long as the MSC Investment Conditions continue to be met, (a) any MSC Subsidiary will not be
                                 required to become a co-borrower or secured guarantor with respect to the Obligations, notwithstanding
                                 Section 6.10 of the Agreement, and (b) Investments by Borrower in the MSC Subsidiary will constitute
                                 Permitted Investments. If, at any time after the formation of an MSC Subsidiary, the MSC Investment
                                 Conditions are not met, then (x) Borrower may not make Investments in any MSC Subsidiary, and (y) within
                                 two (2) Business Days after the first date on which the MSC Investment Conditions are not met, Borrower
                                 shall cause each MSC Subsidiary to (i) order the liquidation of any of its Investments into cash, (ii)
                                 transfer cash to Borrower’s accounts with Bank, and (iii) thereafter transfer any cash that it
                                 possesses to Borrower’s accounts with Bank, in each case until the MSC Investment Conditions are
                                 again being met. Borrower shall not permit any MSC Subsidiary to make any Investments or hold any assets
                                 that would cause that MSC Subsidiary to fail to qualify as a “security corporation” under
                                 830 CMR 63.38B.1 of the Massachusetts tax code and applicable regulations (as the same may be amended,
                                 modified, or replaced from time to time).



 


	4)	Section 6.6
                                 of the Agreement is hereby amended and restated, as follows:



 


6.6       Primary
Depository. Borrower shall maintain, and shall cause each Subsidiary to maintain, substantially all of its cash in depository or
operating accounts with Bank. Notwithstanding the foregoing, (a) Borrower may maintain (i) when Borrower’s aggregate Cash at Bank
equals or exceeds $1,000,000, up to $1,000,000, and (ii) at all other times, $250,000, in each case, in an account at Silicon Valley
Bank to facilitate the payment of payroll and trade payables, provided that such account is subject to an account control agreement in
favor of Bank, and (b) at any time when Borrower’s, Parent Guarantor’s, and Ultimate Parent Guarantor’s aggregate Cash
at Bank exceeds $50,000,000, Borrower may maintain amounts in excess of $50,000,000 in Cash or Investments with Pacific Western Asset
Management. Prior to Borrower maintaining any investment accounts with Pacific Western Asset Management, Borrower, Bank, and Pacific
Western Asset Management (or, if applicable, the relevant securities intermediary) shall have entered into a securities account control
agreement with respect to any such investment accounts, in form and substance reasonably satisfactory to Bank.


 






     


     


    

 


	5)	Section 7.2
                                 of the Agreement is hereby amended and restated, as follows:



 


7.2       Change
in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control. Change
its name or the state of Borrower’s formation or relocate its chief executive office without 30 days’ prior written notification
to Bank; replace or suffer the departure of its chief executive officer or chief operating officer without delivering written notification
to Bank within 10 days; fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer or chief
operating officer for more than 60 consecutive days; suffer a change on its board of directors which results in the failure of at least
one partner of Atlas Venture or its Affiliate to serve as a voting member without the prior written consent of Bank, which may be withheld
in Bank’s sole discretion; take action to liquidate, wind up, or otherwise cease to conduct business in the ordinary course; engage
in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses
currently engaged in by Borrower; change its fiscal year end; convert to another form of incorporated or unincorporated business or entity;
have a Change in Control; Divide.


 


	6)	The following
                                 defined terms are hereby added in Exhibit A to the Agreement, as follows:



 


“MSC
Investment Conditions” means that


 


(a)       Borrower,
Parent Guarantor, and Ultimate Parent Guarantor collectively maintain on deposit with Bank unrestricted cash or cash equivalents in an
aggregate amount greater than or equal to 105% of the then outstanding principal and accrued interest on all Credit Extensions; and


 


(b)       each
MSC Subsidiary qualifies as a “security corporation” under 830 CMR 63.38B.1 of the Massachusetts tax code and applicable
regulations (as the same may be amended, modified, or replaced from time to time).


 


“MSC
Subsidiary” means any Subsidiary that is intended to qualify as a “security corporation” under 830 CMR 63.38B.1 of
the Massachusetts tax code and applicable regulations (as the same may be amended, modified, or replaced from time to time).


 


“Ultimate
Parent Guarantor” means Xilio Therapeutics, Inc., a Delaware corporation.


 


	7)	The following
                                 defined term in Exhibit A to the Agreement is hereby amended and restated, as follows:



 


“Parent
Guaranty” means that certain Amended and Restated Unconditional Guaranty, dated on or about March 12, 2021, by Parent Guarantor
and Ultimate Parent Guarantor in favor of Bank, as amended, restated, supplemented, or otherwise modified from time to time.


 


	8)	Unless otherwise
                                 defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The
                                 Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective
                                 terms and hereby is 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 Bank under the Agreement, as in effect prior to the date hereof.
                                 Each Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in
                                 connection with the Agreement.



 






     


     


    

 


	9)	Each Borrower
                                 represents and warrants that the representations and warranties contained in the Agreement are true
                                 and correct as of the date of this Amendment.



 


	10)	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.



 


	11)	As a condition
                                  to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory
                                  to Bank, the following:



 


		a)	this
Amendment, duly executed by each Borrower;



 


		b)	the
                                            Parent Guaranty, duly executed by each of Parent Guarantor and Ultimate Parent Guarantor,
                                            together with an officer’s certificate of each of Parent Guarantor and Ultimate Parent
                                            Guarantor with respect to incumbency and resolutions authorizing the execution and delivery
                                            of the Parent Guaranty;



 


		c)	payment
                                            of a $1,000 facility fee, which may be debited from any Borrower’s accounts;



 


		d)	payment
                                            for all Bank Expenses incurred through the date of this Amendment, including Bank’s
                                            expenses for the documentation of this Amendment and any UCC, good standing or intellectual
                                            property search or filing fees, which may be debited from any Borrower’s accounts;
                                            and



 


		e)	such
                                            other documents and completion of such other matters, as Bank may reasonably request.



 


[Signature
Page Follows]

 






     


     


    

 


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


 


	XILIO
    DEVELOPMENT, INC.	 	PACIFIC WESTERN
    BANK
	 	 	 
	By:
    	/S/
    Edward English	 	By:	/s/
    Katherine Meeks
	Name:
    Edward English	 	Name:
    Katherine Meeks
	Title:
    Vice President of Finance	 	Title:
    Vice President
	 	 	 
	XILIO
    CONCERTO LLC	 	 
	 	 	 
	By:
    	/S/
    Edward English	 	 
	Name:
    Edward English	 	 
	Title:
    Vice President of Finance	 	 




 






     


     


    

 


SECOND
AMENDMENT

TO

LOAN AND SECURITY AGREEMENT


 


This
Second Amendment to Loan and Security Agreement (this “Amendment”) is made and entered into as of May 10, 2021,
by and between PACIFIC WESTERN BANK, a California state chartered bank (“Bank”), and XILIO
DEVELOPMENT, INC. and XILIO
CONCERTO LLC (individually and collectively referred to as “Borrower”).


 


RECITALS


 


Borrower
and Bank are parties to that certain Loan and Security Agreement dated as of November 21, 2019 (as amended from time to time, the “Agreement”).
The parties desire to amend the Agreement in accordance with the terms of this Amendment.


 


NOW, THEREFORE,
the parties agree as follows:


 


	12)	Section 7.2
                                  of the Agreement is hereby amended and restated, as follows:



 


7.2       Change
in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control. Change
its name or the state of Borrower’s formation or relocate its chief executive office without 30 days’ prior written notification
to Bank; replace or suffer the departure of its chief executive officer without delivering written notification to Bank within 10 days;
fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer for
more than 60 consecutive days; suffer a change on its board of directors which results in the failure of at least one partner of Atlas
Venture or its Affiliate to serve as a voting member without the prior written consent of Bank, which may be withheld in Bank’s
sole discretion; take action to liquidate, wind up, or otherwise cease to conduct business in the ordinary course; engage in any business,
or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently
engaged in by Borrower; change its fiscal year end; convert to another form of incorporated or unincorporated business or entity; have
a Change in Control; Divide.


 


	13)	Unless otherwise
                                  defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The
                                  Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective
                                  terms and hereby is 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 Bank under the Agreement, as in effect prior to the date hereof.
                                  Each Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in
                                  connection with the Agreement.



 


	14)	Each Borrower
                                  represents and warrants that the representations and warranties contained in the Agreement are true
                                  and correct as of the date of this Amendment.



 


	15)	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.



 


	16)	As a condition
                                  to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory
                                  to Bank, the following:



 


a)     
this Amendment, duly executed by each Borrower;


 






     


     


    

 


		b)	payment
                                            for all Bank Expenses incurred through the date of this Amendment, including Bank’s
                                            expenses for the documentation of this Amendment and any UCC, good standing or intellectual
                                            property search or filing fees, which may be debited from any Borrower’s accounts;
                                            and



 


		c)	such
                                            other documents and completion of such other matters, as Bank may reasonably request.



 


[Signature
Page Follows]




 






     


     


    

 


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


 





	XILIO
    DEVELOPMENT, INC.	 	PACIFIC WESTERN
    BANK
	 	 	 
	By:
    	/S/Edward
    C. English	 	By:	/s/
    Katherine Meeks
	Name:
    Edward C. English	 	Name:
    Katherine Meeks
	Title:
    VP Finance	 	Title:
    Vice President
	 	 	 
	XILIO
    CONCERTO LLC	 	 
	 	 	 
	By:
    	/S/Edward
    C. English	 	 
	Name:
    Edward C. English	 	 
	Title:
    VP Finance	 	 


 


[Signature
Page to Second Amendment to Loan and Security Agreement]