EX-10.4





 Exhibit 10.4 

Schedule of Founder Restricted Stock Agreements 
  

									
	 Name
	  	Date of Agreement	  	Number of Shares	 	  	Vesting
Commencement Date
	 David L. Lucchino
	  	November 13, 2014	  	 	2,000,000	 	  	April 1, 2014
	 Christopher R. Loose
	  	March 6, 2015	  	 	1,050,000	 	  	April 15, 2014
	 John J. Loose, as trustee of The NKL AJL Irrevocable Family Trust
	  	March 6, 2015	  	 	950,000	 	  	April 15, 2014
	 Jeffrey M. Karp
	  	March 10, 2015	  	 	2,000,000	 	  	January 1, 2014
	 Robert S. Langer
	  	April 29, 2015	  	 	1,826,924	 	  	January 1, 2014
	 The Samuel A. Langer 2014 Trust dtd 12/15/2014
	  	April 29, 2015	  	 	57,692	 	  	January 1, 2014
	 The Susan K. Langer 2014 Trust dtd 12/15/2014
	  	April 29, 2015	  	 	57,692	 	  	January 1, 2014
	 The Michael D. Langer 2014 Trust dtd 12/15/2014
	  	April 29, 2015	  	 	57,692	 	  	January 1, 2014
	 Will J. McLean
	  	July 2, 2015	  	 	2,000,000	 	  	January 1, 2014













 FREQUENCY THERAPEUTICS, INC. 

Amendment to Restricted Stock Agreement 

This Amendment to Restricted Stock Agreement (the “Amendment”) is entered into as of March 30, 2017, by and between Frequency
Therapeutics, Inc., a Delaware corporation (the “Company”) and ______________ (the “Founder”). Capitalized terms used without definition in this Amendment have the meanings given to them in the Restricted Stock Agreement by and
between the Company and the Founder dated _____________ (the “Agreement”). 
 RECITALS 

WHEREAS, the Company previously issued and sold to the Founder ________ shares of Common Stock subject to the terms and conditions of
the Agreement; and 
 WHEREAS, as an inducement for certain investors to purchase shares of the Company’s Series A Preferred
Stock pursuant to that certain Series A Preferred Stock Purchase Agreement, dated on or about the date hereof, the Company and Founder desire to amend the Agreement to provide that the Unvested Shares shall vest as set forth herein. 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Founder agree as follows: 
 AGREEMENT 

1. Amendment. 
 (a) The
Agreement is hereby amended by deleting Section 2(a) in its entirety and replacing it with the new Section 2(a) below: 
 “(a)
In the event that the Founder ceases to be employed by the Company for any reason or no reason, with or without cause, within 36 months from the Vesting Commencement Date (as defined below), the Company shall have the right and option (the
“Purchase Option”) to purchase from the Founder, for a sum of $0.001 per share (the “Option Price”), some or all of the Unvested Shares (as defined below). 

“Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage at the time the Purchase Option becomes
exercisable by the Company. The “Applicable Percentage” shall be (i) 50% on the Vesting Commencement Date, (iii) 50% less 1.3889% for each month of employment completed by the Founder with the Company from and after the Vesting
Commencement Date, and (iv) zero on or after the third anniversary of the Vesting Commencement Date. For purposes of this Agreement, “Vesting Commencement Date” shall mean
                            .” 

(b) The Agreement is hereby amended by adding a new Section 2(f) below: 

  
 - 2 - 













 “(f) If the Founder’s employment with the Company is terminated (i) by the
Company without cause (as defined in Section 2(d)) or (ii) by the Founder for Good Reason (as defined in Section 2(e)), then the vesting schedule of the Shares set forth in Section 2(a) shall be amended as if Section 2(a)
was not amended by that certain Amendment to Restricted Stock Agreement, dated as of March 30, 2017, by and between the Company and the Founder (and, for the avoidance of doubt, Section 2(a) shall read as if this Amendment had not been
adopted and the determination of Unvested Shares and the Vesting Commencement Date shall be as set forth in the original Agreement without giving effect to this Amendment.” 

2. No Other Amendments. Except as expressly set forth in this Amendment, the Agreement will remain unchanged and shall continue in full
force and effect according to its terms. 
 3. Governing Law. This Amendment will be construed, interpreted and enforced in accordance
with the internal laws of the State of Delaware without regard to any rules regarding conflicts of laws that would require application of laws of any other jurisdiction. 

4. Counterparts. This Amendment may be executed in several counterparts, each of which will be deemed an original and all of which
together will constitute one document. 
 [Remainder of Page Intentionally Left Blank] 

  
 - 3 - 













 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year
first above written. 
  

			
	FREQUENCY THERAPEUTICS, INC.
		
	By:	 	  

	Name:	 	David L. Lucchino
	Title:	 	President
	
	FOUNDER:
	  

	Name	 	














 FREQUENCY THERAPEUTICS, INC. 

Restricted Stock Agreement 

AGREEMENT made this ____ day of _______, ____, between Frequency Therapeutics, Inc., a Delaware corporation (the “Company”),
and _______________ (the “Founder”). 
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as
follows: 
 1. Purchase of Shares. 

The Company shall issue and sell to the Founder, and the Founder shall purchase from the Company, subject to the terms and conditions set forth
in this Agreement, ____________ shares (the “Shares”) of common stock, $0.001 par value, of the Company (“Common Stock”), at a purchase price of $0.001 per share. The aggregate purchase price for the Shares shall be paid
by the Founder by check payable to the order of the Company or such other method as may be acceptable to the Company. Upon receipt by the Company of payment for the Shares, the Company shall issue to the Founder one or more certificates in the name
of the Founder for that number of Shares purchased by the Founder. The Founder agrees that the Shares shall be subject to the purchase options set forth in Sections 2 and 5 of this Agreement and the restrictions on transfer set forth in
Section 4 of this Agreement. 
 2. Purchase Option. 

(a) In the event that the Founder ceases to be employed by the Company for any reason or no reason, with or without cause, within 48 months
from the Vesting Commencement Date (as defined below), the Company shall have the right and option (the “Purchase Option”) to purchase from the Founder, for a sum of $0.001 per share (the “Option Price”), some or all of the
Unvested Shares (as defined below). 
 “Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage
at the time the Purchase Option becomes exercisable by the Company. The “Applicable Percentage” shall be (i) 100% during the period ending on the first anniversary of the Vesting Commencement Date (as defined below), (ii) 75% on the first
anniversary of the Vesting Commencement Date, (iii) 75% less 2.0833% for each month of employment completed by the Founder with the Company from and after the first anniversary of the Vesting Commencement Date, and (iv) zero on or after the
fourth anniversary of the Vesting Commencement Date. For purposes of this Agreement, “Vesting Commencement Date” shall mean _______________. 

(b) For purposes of this Agreement, employment with the Company shall include employment with a parent or subsidiary of the Company and service
to the Company as an advisor, consultant or member of the Board of Directors of the Company. 

  
 - 5 - 













 (c) If, after a Sale (as defined below) of the Company, the Founder’s employment with
the Company is terminated (i) by the Company without cause (as defined below) or (ii) by the Founder for Good Reason (as defined below), then the vesting schedule of the Shares shall be accelerated so that all then Unvested Shares shall
immediately become free from the Purchase Option on the date of such termination. 
 (d) For purposes of Section 2(c), the
Founder’s employment shall be considered terminated without cause when such termination does not exist upon (i) a good faith finding by the Board of Directors of the Company (A) of repeated and willful failure of the Founder after
written notice to perform his reasonably assigned duties for the Company, or (B) that the Founder has engaged in dishonesty, gross negligence or misconduct; (ii) the conviction of the Founder of, or the entry of a pleading of guilty or
nolo contendere by the Founder to, any crime involving moral turpitude or any felony; or (iii) a breach by the Founder of any material provision of any invention and non-disclosure agreement or non-competition and non-solicitation agreement with the Company, which breach is not cured within ten days after written notice thereof. 

(e) For purposes of Section 2(c), “Good Reason” shall exist upon (i) mutual written agreement by the Founder and the Board
of Directors of the Company that Good Reason exists; (ii) the relocation of the Company’s offices such that the Founder’s daily commute is increased by at least 50 miles without the written consent of the Founder; (iii) material
reduction of the Founder’s annual base salary without the prior consent of the Founder (other than a reduction in annual base salary that is implemented in connection with a contemporaneous reduction in annual base salaries affecting other
senior executives of the Company); or (iv) demotion of the Founder to a position with responsibilities substantially less than the Founder’s current position without the prior consent of the Founder. 

3. Exercise of Purchase Option and Closing. 

(a) The Company may exercise the Purchase Option by delivering or mailing to the Founder (or his estate), within 90 days after the termination
of the employment of the Founder with the Company, a written notice of exercise of the Purchase Option. Such notice shall specify the number of Shares to be purchased. If and to the extent the Purchase Option is not so exercised by the giving of
such a notice within such 90-day period, the Purchase Option shall automatically expire and terminate effective upon the expiration of such 90-day period. 

(b) Within 10 days after delivery to the Founder of the Company’s notice of the exercise of the Purchase Option pursuant to
subsection (a) above, the Founder (or his estate) shall, pursuant to the provisions of the Joint Escrow Instructions referred to in Section 7 below, tender to the Company at its principal offices the certificate or certificates
representing the Shares which the Company has elected to purchase in accordance with the terms of this Agreement, duly endorsed in blank or with duly endorsed stock powers attached thereto, all in form suitable for the transfer of such Shares to the
Company. Promptly following its receipt of such certificate or certificates, the Company shall pay to the Founder the aggregate Option Price for such Shares (provided that any delay in making such payment shall not invalidate the Company’s
exercise of the Purchase Option with respect to such Shares). 

  
 - 6 - 













 (c) After the time at which any Shares are required to be delivered to the Company for
transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Founder on account of such Shares or permit the Founder to exercise any of the privileges or rights of a stockholder with respect to such
Shares, but shall, in so far as permitted by law, treat the Company as the owner of such Shares. 
 (d) The Option Price may be payable, at
the option of the Company, in cancellation of all or a portion of any outstanding indebtedness of the Founder to the Company or in cash (by check) or both. 

(e) The Company shall not purchase any fraction of a Share upon exercise of the Purchase Option, and any fraction of a Share resulting from a
computation made pursuant to Section 2 of this Agreement shall be rounded to the nearest whole Share (with any one-half Share being rounded upward). 

(f) The Company may assign its Purchase Option to one or more persons or entities. 

4. Restrictions on Transfer. 

(a) The Founder shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively
“transfer”) any Shares, or any interest therein, that are subject to the Purchase Option, except that the Founder may transfer such Shares (i) to or for the benefit of any spouse, children, parents, uncles, aunts, siblings,
grandchildren and any other relatives approved by the Board of Directors (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Founder and/or Approved Relatives, provided that such Shares shall
remain subject to this Agreement (including without limitation the restrictions on transfer set forth in this Section 4, the Purchase Option and the right of first refusal set forth in Section 5) and such permitted transferee shall, as a
condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all or substantially all of the shares of
capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with Section 9(b) below, the securities or other property received by the Founder in connection with such transaction shall
remain subject to this Agreement. 
 (b) The Founder shall not transfer any Shares, or any interest therein, that are no longer subject to
the Purchase Option, except in accordance with Section 5 below. 
 5. Right of First Refusal. 

(a) If the Founder proposes to transfer any Shares that are no longer subject to the Purchase Option (either because they are no longer
Unvested Shares or because the Purchase Option expired unexercised), then the Founder shall first give written notice of the proposed transfer (the “Transfer Notice”) to the Company. The Transfer Notice shall name the proposed transferee
and state the number of such Shares the Founder proposes to transfer (the “Offered Shares”), the price per share and all other material terms and conditions of the transfer. 

  
 - 7 - 













 (b) For 30 days following its receipt of such Transfer Notice, the Company shall have the
option to purchase all or part of the Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Company elects to purchase all or part of the Offered Shares, it shall give written notice of such election to
the Founder within such 30-day period. Within 10 days after his receipt of such notice, the Founder shall tender to the Company at its principal offices the certificate or certificates representing the Offered
Shares to be purchased by the Company, duly endorsed in blank by the Founder or with duly endorsed stock powers attached thereto, all in a form suitable for transfer of the Offered Shares to the Company. Promptly following receipt of such
certificate or certificates, the Company shall deliver or mail to the Founder a check in payment of the purchase price for such Offered Shares; provided that if the terms of payment set forth in the Transfer Notice were other than cash
against delivery, the Company may pay for the Offered Shares on the same terms and conditions as were set forth in the Transfer Notice; and provided further that any delay in making such payment shall not invalidate the Company’s
exercise of its option to purchase the Offered Shares. 
 (c) If the Company does not elect to acquire any of the Offered Shares, the Founder
may, within the 30-day period following the expiration of the option granted to the Company under subsection (b) above, transfer the Offered Shares which the Company has not elected to acquire to the
proposed transferee, provided that such transfer shall not be on terms and conditions more favorable to the transferee than those contained in the Transfer Notice. Notwithstanding any of the above, all Offered Shares transferred
pursuant to this Section 5 shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in Section 4 and the right of first refusal set forth in this Section 5) and such transferee shall,
as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement. 

(d) After the time at which the Offered Shares are required to be delivered to the Company for transfer to the Company pursuant to subsection
(b) above, the Company shall not pay any dividend to the Founder on account of such Offered Shares or permit the Founder to exercise any of the privileges or rights of a stockholder with respect to such Offered Shares, but shall, insofar as
permitted by law, treat the Company as the owner of such Offered Shares. 
 (e) The following transactions shall be exempt from the
provisions of this Section 5: 
 (1) a transfer of Shares to or for the benefit of any Approved Relatives, or to a trust established
solely for the benefit of the Founder and/or Approved Relatives; 
 (2) any transfer pursuant to an effective registration statement filed
by the Company under the Securities Act of 1933, as amended (the “Securities Act”); and 

  
 - 8 - 













 (3) the sale of all or substantially all of the outstanding shares of capital stock of the
Company (including pursuant to a merger or consolidation); 
 provided, however, that in the case of a transfer pursuant to clause (1) above,
such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in Section 4 and the right of first refusal set forth in this Section 5) and such transferee shall, as a condition to
such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement. 

(f) The Company may assign its rights to purchase Offered Shares in any particular transaction under this Section 5 to one or more persons
or entities. 
 (g) The provisions of this Section 5 shall terminate upon the earlier of the following events: 

(1) the closing of the sale of shares of Common Stock in an underwritten public offering pursuant to an effective registration statement filed
by the Company under the Securities Act; or 
 (2) the sale of all or substantially all of the outstanding shares of capital stock, assets
or business of the Company, by merger, consolidation, sale of assets or otherwise (other than a merger or consolidation in which all or substantially all of the individuals and entities who were beneficial owners of the Company’s voting
securities immediately prior to such transaction beneficially own, directly or indirectly, more than 75% (determined on an as-converted basis) of the outstanding securities entitled to vote generally in the
election of directors of the resulting, surviving or acquiring corporation in such transaction) (such occurrence, a “Sale”). 
 (h)
The Company shall not be required (1) to transfer on its books any of the Shares which shall have been sold or transferred in violation of any of the provisions set forth in this Agreement, or (2) to treat as owner of such Shares or to pay
dividends to any transferee to whom any such Shares shall have been so sold or transferred. 
 6. Agreement in Connection with Initial
Public Offering. 
 The Founder agrees, in connection with the initial underwritten public offering of the Common Stock pursuant to a
registration statement under the Securities Act, (i) not to (a) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for shares of Common Stock or (b) enter into any swap or
other agreement that transfers, in whole or in part, any of the economic consequences of ownership of shares of Common Stock, whether any transaction described in clause (a) or (b) is to be settled by delivery of shares of Common Stock or other
securities, in cash or otherwise, during the period beginning on the date of the filing of such registration statement with the Securities and Exchange Commission and ending 180 days from the date of


  
 - 9 - 













 
the final prospectus relating to the offering (plus up to an additional 34 days to the extent requested by the managing underwriters for such offering in order to address FINRA rules), and
(ii) to execute any agreement reflecting clause (i) above as may be requested by the Company or the managing underwriters at the time of such offering. The Company may impose stop-transfer instructions with respect to the shares of Common
Stock or other securities subject to the foregoing restriction until the end of the “lock-up” period. 

7. Escrow. 
 The Founder
shall, upon the execution of this Agreement, execute Joint Escrow Instructions in the form attached to this Agreement as Exhibit A. The Joint Escrow Instructions shall be delivered to the Secretary of the Company, as escrow agent thereunder.
The Founder shall deliver to such escrow agent a stock assignment duly endorsed in blank, in the form attached to this Agreement as Exhibit B, and hereby instructs the Company to deliver to such escrow agent, on behalf of the Founder, the
certificate(s) evidencing the Shares issued hereunder. Such materials shall be held by such escrow agent pursuant to the terms of such Joint Escrow Instructions. 

8. Restrictive Legends. 

All certificates representing Shares shall have affixed thereto legends in substantially the following form, in addition to any other legends
that may be required under federal or state securities laws: 
 “The shares of stock represented by this certificate are subject to
restrictions on transfer and an option to purchase set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or his predecessor in interest), and such Agreement is available for inspection
without charge at the office of the Secretary of the corporation.” 
 “The shares represented by this certificate have not been
registered under the Securities Act of 1933, as amended, and may not be sold, transferred or otherwise disposed of in the absence of an effective registration statement under such Act or an opinion of counsel satisfactory to the corporation to the
effect that such registration is not required.” 
 9. Adjustments for Stock Splits, Stock Dividends, etc. 

(a) If from time to time there is any stock split, stock dividend, stock distribution or other reclassification of the Common Stock of the
Company, any and all new, substituted or additional securities to which the Founder is entitled by reason of his ownership of the Shares shall be immediately subject to the purchase options, the restrictions on transfer and the other provisions of
this Agreement in the same manner and to the same extent as the Shares, and the Option Price shall be appropriately adjusted. 

  
 - 10 - 













 (b) Upon the occurrence of any merger or consolidation of the Company with or into another
entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or any exchange of all of the Common Stock of the Company for cash, securities or other
property pursuant to a share exchange transaction, the repurchase and other rights of the Company hereunder shall inure to the benefit of the Company’s successor and shall apply to the cash, securities or other property which the Shares were
converted into or exchanged for pursuant to such transaction in the same manner and to the same extent as they applied to the Shares under this Agreement. If, in connection with such a transaction, a portion of the cash, securities and/or other
property received upon the conversion or exchange of the Shares is to be placed into escrow to secure indemnification or similar obligations, the mix between the vested and unvested portion of such cash, securities and/or other property that is
placed into escrow shall be the same as the mix between the vested and unvested portion of such cash, securities and/or other property that is not subject to escrow. 

10. Investment Representations. 

The Founder represents, warrants and covenants as follows: 

(a) The Founder is purchasing the Shares for his own account for investment only, and not with a view to, or for sale in connection with, any
distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act. 
 (b) The Founder has had
such opportunity as he has deemed adequate to obtain from representatives of the Company such information as is necessary to permit him to evaluate the merits and risks of his investment in the Company. 

(c) The Founder has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the
purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 (d) The Founder can afford a complete
loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite period. 
 (e) THE FOUNDER
UNDERSTANDS THAT (I) THE SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND ARE “RESTRICTED SECURITIES” WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT; (II) THE SHARES CANNOT BE SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF UNLESS THEY ARE SUBSEQUENTLY REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION IS THEN AVAILABLE; (III) IN ANY EVENT, THE EXEMPTION FROM REGISTRATION UNDER RULE 144 WILL NOT BE AVAILABLE FOR AT
LEAST ONE YEAR AND EVEN THEN WILL NOT BE AVAILABLE UNLESS A PUBLIC MARKET THEN EXISTS FOR THE COMMON STOCK, ADEQUATE INFORMATION CONCERNING THE COMPANY IS THEN AVAILABLE TO THE PUBLIC, AND OTHER TERMS AND CONDITIONS OF RULE 144 ARE COMPLIED
WITH; AND (IV) THERE IS NOW NO REGISTRATION STATEMENT ON FILE WITH THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO ANY STOCK OF THE COMPANY AND THE COMPANY HAS NO OBLIGATION OR CURRENT INTENTION TO REGISTER THE SHARES UNDER THE
SECURITIES ACT. 

  
 - 11 - 













 11. Withholding Taxes; Section 83(b) Election. 

(a) The Founder acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Founder any
federal, state or local taxes of any kind required by law to be withheld with respect to the purchase of the Shares by the Founder or the lapse of the Purchase Option. 

(b) The Founder has reviewed with the Founder’s own tax advisors the federal, state, local and foreign tax consequences of this investment
and the transactions contemplated by this Agreement. The Founder is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Founder understands that the Founder (and not the Company)
shall be responsible for the Founder’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. The Founder understands that it may be beneficial in many circumstances to elect to be
taxed at the time the Shares are purchased rather than when and as the Company’s Purchase Option expires by filing an election under Section 83(b) of the Internal Revenue Code of 1986 with the I.R.S. within 30 days from the date of
purchase. 
 THE FOUNDER ACKNOWLEDGES THAT IT IS SOLELY THE FOUNDER’S RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE
ELECTION UNDER SECTION 83(b), EVEN IF THE FOUNDER REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE FOUNDER’S BEHALF. 

12. Miscellaneous. 
 (a)
No Rights to Employment. The Founder acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof is earned only by continuing service as an employee at the will of the Company (not through the act of being hired
or purchasing shares hereunder). The Founder further acknowledges and agrees that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an
employee or consultant for the vesting period, for any period, or at all. 
 (b) Severability. The invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 

(c) Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any
particular instance, by the Board of Directors of the Company. 

  
 - 12 - 













 (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the Company and the Founder and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Sections 4 and 5 of this Agreement. 

(e) Notice. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or five
days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or its respective signature to this Agreement, or at such other address or
addresses as either party shall designate to the other in accordance with this Section 12(e). 
 (f) Pronouns. Whenever the
context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 

(g) Entire Agreement. This Agreement constitutes the entire agreement between the parties, and supersedes all prior agreements and
understandings, relating to the subject matter of this Agreement. 
 (h) Amendment. This Agreement may be amended or modified only by
a written instrument executed by both the Company and the Founder. 
 (i) Governing Law. This Agreement shall be construed,
interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws. 

(j) Founder’s Acknowledgments. The Founder acknowledges that he: (i) has read this Agreement; (ii) has been represented
in the preparation, negotiation, and execution of this Agreement by legal counsel of the Founder’s own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences of this Agreement; (iv) is
fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Latham & Watkins LLP, is acting as counsel to the Company in connection with the transactions contemplated by the Agreement, and is
not acting as counsel for the Founder. 
 - Remainder of this page intentionally left blank - 

  
 - 13 - 













 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

			
	FREQUENCY THERAPEUTICS, INC.
		
	By:	 	  

	Name:	 	David L. Lucchino
	Title:	 	President
	Address:             8 Washington Street
		 	                Charlestown, MA 02129
	
	  

	Name:	 	
	Address:














 Exhibit A 

Joint Escrow Instructions 
  

 
 Frequency Therapeutics, Inc.

 8 Washington Street 
 Charlestown, MA 02129 

Attn: Secretary 
 Dear Sir/Madam: 

As Escrow Agent for Frequency Therapeutics, Inc., a Delaware corporation, and its successors in interest under the Restricted Stock Agreement
(the “Agreement”) of even date herewith, to which a copy of these Joint Escrow Instructions is attached (the “Company”), and the undersigned person (“Holder”), you are hereby authorized and directed to hold the
documents delivered to you pursuant to the terms of the Agreement in accordance with the following instructions: 
 1. Appointment.
Holder irrevocably authorizes the Company to deposit with you any certificates evidencing Shares (as defined in the Agreement) to be held by you hereunder and any additions and substitutions to said Shares. For purposes of these Joint Escrow
Instructions, “Shares” shall be deemed to include any additional or substitute property. Holder does hereby irrevocably constitute and appoint you as his
attorney-in-fact and agent for the term of this escrow to execute with respect to such Shares all documents necessary or appropriate to make such Shares negotiable and
to complete any transaction herein contemplated. Subject to the provisions of this Section 1 and the terms of the Agreement, Holder shall exercise all rights and privileges of a stockholder of the Company while the Shares are held by you. 

2. Closing of Purchase. 

(a) Upon any purchase by the Company of the Shares pursuant to the Agreement, the Company shall give to Holder and you a written notice
specifying the number of Shares to be purchased, the purchase price for the Shares, as determined pursuant to the Agreement, and the time for a closing hereunder (the “Closing”) at the principal office of the Company. Holder and the
Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 

(b) At the Closing, you are directed (i) to date the stock assignment form or forms necessary for the transfer of the Shares, (ii) to
fill in on such form or forms the number of Shares being transferred, and (iii) to deliver the same, together with the certificate or certificates evidencing the Shares to be transferred, to the Company against the simultaneous delivery to you
of the purchase price for the Shares being purchased pursuant to the Agreement. 

  
 - 15 - 













 3. Withdrawal. The Holder shall have the right to withdraw from this escrow any
Shares as to which the Purchase Option (as defined in the Agreement) has terminated or expired. 
 4. Duties of Escrow Agent. 

(a) Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto. 

(b) You shall be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected in
relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties. You shall not be personally liable for any act you may do or omit to do hereunder as
Escrow Agent or as attorney-in-fact of Holder while acting in good faith and in the exercise of your own good judgment, and any act done or omitted by you pursuant to
the advice of your own attorneys shall be conclusive evidence of such good faith. 
 (c) You are hereby expressly authorized to disregard any
and all warnings given by any of the parties hereto or by any other person or entity, excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and obey orders, judgments or decrees of any court. If you
are uncertain of any actions to be taken or instructions to be followed, you may refuse to act in the absence of an order, judgment or decrees of a court. In case you obey or comply with any such order, judgment or decree of any court, you shall not
be liable to any of the parties hereto or to any other person or entity, by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been
entered without jurisdiction. 
 (d) You shall not be liable in any respect on account of the identity, authority or rights of the parties
executing or delivering or purporting to execute or deliver the Agreement or any documents or papers deposited or called for hereunder. 

(e) You shall be entitled to employ such legal counsel and other experts as you may deem necessary properly to advise you in connection with
your obligations hereunder and may rely upon the advice of such counsel. 
 (f) Your rights and responsibilities as Escrow Agent hereunder
shall terminate if (i) you cease to be Secretary of the Company or (ii) you resign by written notice to each party. In the event of a termination under clause (i), your successor as Secretary shall become Escrow Agent hereunder; in
the event of a termination under clause (ii), the Company shall appoint a successor Escrow Agent hereunder. 
 (g) If you reasonably
require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect hereto, the necessary parties hereto shall join in furnishing such instruments. 

  
 - 16 - 













 (h) It is understood and agreed that if you believe a dispute has arisen with respect to the
delivery and/or ownership or right of possession of the securities held by you hereunder, you are authorized and directed to retain in your possession without liability to anyone all or any part of said securities until such dispute shall have been
settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall be under no duty
whatsoever to institute or defend any such proceedings. 
 (i) These Joint Escrow Instructions set forth your sole duties with respect to any
and all matters pertinent hereto and no implied duties or obligations shall be read into these Joint Escrow Instructions against you. 
 (j)
The Company shall indemnify you and hold you harmless against any and all damages, losses, liabilities, costs, and expenses, including attorneys’ fees and disbursements, (including without limitation the fees of counsel retained pursuant to
Section 4(e) above, for anything done or omitted to be done by you as Escrow Agent in connection with this Agreement or the performance of your duties hereunder, except such as shall result from your gross negligence or willful misconduct. 

5. Notice. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal
delivery or upon deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to each of the other parties thereunto entitled at the following addresses, or at such other addresses as a party may
designate by ten days’ advance written notice to each of the other parties hereto. 
  

			
	COMPANY:	  	Notices to the Company shall be sent to the address set forth in the salutation hereto, Attn: President
		
	HOLDER:	  	Notices to Holder shall be sent to the address set forth below Holder’s signature below.
		
	ESCROW AGENT:	  	Notices to the Escrow Agent shall be sent to the address set forth in the salutation hereto.


 6. Miscellaneous. 

(a) By signing these Joint Escrow Instructions, you become a party hereto only for the purpose of said Joint Escrow Instructions, and you do
not become a party to the Agreement. 
 (b) This instrument shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 

  
 - 17 - 













 
			
	Very truly yours,
	
	FREQUENCY THERAPEUTICS, INC.
		
	By:	 	  

	Name:	 	David L. Lucchino
	Title:	 	President


  

	
	HOLDER:
	  

	(Signature)
	
	Name:                                     
                                         
       
	Address:
	
	Date Signed:                                   
                                         
 


  

	
	ESCROW AGENT:
	  

	David L. Lucchino, Secretary


  
 - 18 - 













 Exhibit B 

(STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE) 

FOR VALUE RECEIVED, I hereby sell, assign and transfer unto __________________ (_________) shares of Common Stock, $0.001 par value per share, of Frequency
Therapeutics, Inc. (the “Corporation”) standing in my name on the books of the Corporation represented by Certificate(s) Number ________________ herewith, and do hereby irrevocably constitute and appoint Latham & Watkins LLP
attorney to transfer the said stock on the books of the Corporation with full power of substitution in the premises. 
  

			
	Dated:	 	  

	     

	     

	 Name:




  
 - 19 -