Document:

EX-10.6

 Exhibit 10.6 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EXECUTIVE
EMPLOYMENT AGREEMENT (this “Agreement”) by and between Bronson Crouch (“Executive”) and Instil Bio Inc. (the “Company”) is effective as of
the date of the closing of the first sale of the Company’s Series B Preferred Stock (the “Effective Date”) and amends and restates in its entirety the Employment Agreement between the Company and Executive that was
effective as of August 29, 2019. 
 The Company desires to continue to employ the Executive as Chief Executive
Officer and, in connection therewith, to compensate the Executive for Executive’s personal services to the Company; and 

The Executive wishes to continue to be employed by the Company as Chief Executive Officer and provide personal services
to the Company in return for certain compensation. 
 This Agreement supersedes any and all prior and contemporaneous oral
or written employment agreements or arrangements between Executive and the Company or any predecessor thereof. 

Accordingly, in consideration of the mutual promises and covenants contained herein, the parties agree to the following: 

1. EMPLOYMENT BY THE COMPANY. 

1.1 Position. Subject to the terms set forth herein, the Company agrees to continue to employ Executive in the position of Chief
Executive Officer and Executive hereby accepts such continued employment. During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business
time and attention to the business of the Company. To the extent that the Company and the Board determine to hire another individual to serve in the position of Chief Executive Officer, Executive’s position and title shall change to Executive
Chairman, and such change shall not be deemed to be Good Reason as defined below. 
 1.2 Duties. Executive will report to the
Company’s Board of Directors (the “Board”). Executive will perform such duties as are normally associated with his position, as assigned from time to time by the Board. Executive shall perform his duties under this
Agreement principally out of the Company’s offices in Texas, or such other location as assigned. In addition, the Executive shall make such business trips to such places as may be necessary or advisable for the efficient operations of the
Company. 
 1.3 Company Policies and Benefits. The employment relationship between the parties shall also continue to be
subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion, and Executive will continue to be eligible to participate on the same
basis as similarly situated employees in the Company’s benefit plans in effect from time to time during his employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the
provisions of such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the
Company’s general employment policies or practices, this Agreement shall control. 

  
 1. 

 2. COMPENSATION. 

2.1 Salary. Executive shall receive for Executive’s services to be rendered hereunder an initial annualized base salary of
$575,000, subject to annual review and adjustment by the Board in its sole discretion, payable subject to standard federal and state payroll withholding requirements in accordance with Company’s standard payroll practices (“Base
Salary”). 
 2.2 Target Bonus. While this Agreement is in effect, Executive shall be eligible for a discretionary
annual target bonus of up to 65% of Executive’s then-current Base Salary (“Target Bonus”), determined by the Company in its sole discretion, and payable subject to standard federal and state payroll withholding
requirements. The Target Bonus will be paid in a single annual installment paid no later than March 15 of the following year. Other than as set forth in Section 6.2(a)(ii), whether or not Executive earns any bonus will be dependent upon
(a) Executive’s continuous performance of services to the Company through the date any bonus is paid; and (b) the actual achievement of the applicable individual performance targets and goals by Executive during the relevant bonus
year as such targets and goals are reasonably established by the Board. The Board (or any authorized committee thereof) will determine in its sole discretion the extent to which Executive has achieved the performance targets and goals upon which the
bonus is based and the amount of the bonus, which could be zero. Executive’s eligibility for a bonus is subject to change in the discretion of the Board (or any authorized committee thereof). 

2.3 Stock Options. 

(a) Subject to approval by the Board, the Company shall grant Executive an option (the “Option”) to purchase
2,435,036 shares of the Company’s common stock, with an exercise price equal to the fair market value of a share of common stock as determined by the Board as of the date of grant, pursuant to the terms of the Company’s 2018 Equity
Incentive Plan (the “Plan”) and the individual stock option grant notice and related agreements to be provided to Executive. The Option will vest subject to the terms and conditions of the Plan and Executive’s grant
agreement, with 25% of the shares subject to the Option vesting upon the first anniversary of the Effective Date and the remaining 75% of the shares subject to the Option vesting over the subsequent 3-year
period in substantially equal monthly installments at a rate of 1/48th of the total shares subject to the Option each month, subject to Executive’s continuous service as of each such vesting date. 

(b) Notwithstanding anything to the contrary in the Plan, 100% of the then unvested shares subject to all stock options shall vest
immediately prior to the closing of a Change in Control (as that term is defined in the Plan), subject to Executive’s continuous service with the Company through such date. 

  
 2. 

 2.4 Expense Reimbursement. The Company will reimburse Executive for reasonable
business expenses with proper documentation and in accordance with the Company’s standard expense reimbursement policy. The Company will reimburse Executive for reasonable business expenses in accordance with the Company’s standard expense
reimbursement policy. For 
 the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions
of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred,
(b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for
another benefit. 
 3. CONFIDENTIAL INFORMATION, INVENTIONS,
NON-SOLICITATION AND NON-COMPETITION OBLIGATIONS. As a condition of continued employment, Executive
must execute and abide by the Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement attached as Exhibit A (the
“Confidential Information Agreement”), which may be amended by the parties from time to time without regard to this Agreement. The Confidential Information Agreement contains provisions that are intended by the parties to
survive and do survive termination or expiration of this Agreement. 
 4. OUTSIDE
ACTIVITIES. Except as otherwise stated herein, during the term of Executive’s employment with the Company, Executive will be required to faithfully serve the Company and devote his full time and attention
to the business and affairs of the Company and the performance of Executive’s duties and responsibilities. Executive will not, while employed by the Company, undertake or engage in any other employment, occupation or business enterprise,
including accepting any appointment to the board of directors of another company, that would interfere or conflict, either directly or indirectly, with Executive’s responsibilities and the performance of Executive’s duties hereunder except
for (i) reasonable time devoted to personal financial affairs or volunteer services for or on behalf of such religious, educational, non-profit and/or other charitable organization as Executive may wish
to serve, (ii) reasonable time devoted to activities in the non-profit and business communities consistent with Executive’s duties, and (iii) such other activities as may be specifically
approved by the Board. This restriction shall not, however, preclude the Executive (x) from owning less than one percent (1%) of the total outstanding shares of a publicly traded company, or (y) from employment or service in any capacity
with Affiliates of the Company. As used in this Agreement, “Affiliates” means an entity under common management or control with the Company. 

5. NO CONFLICT WITH EXISTING OBLIGATIONS.
Executive represents that Executive’s performance of all the terms of this Agreement and as an Executive of the Company do not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the
Company, including agreements or obligations Executive may have with prior employers or entities for which Executive has provided services. Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or
obligation, either written or oral, in conflict herewith. 
 6. TERMINATION OF
EMPLOYMENT. The parties acknowledge that Executive’s employment relationship with the Company is at-will. Either Executive or the Company may terminate the employment
relationship at any time, with or without Cause. The provisions in this Section govern the amount of compensation, if any, to be provided to Executive upon termination of employment and do not alter this
at-will status. 

  
 3. 

 6.1 Termination by the Company without Cause or Resignation by Executive for Good
Reason Not in Connection with a Change in Control. 
 (a) The Company shall have the right to terminate Executive’s
employment with the Company pursuant to this Section 6.1 at any time, in accordance with Section 6.7, without “Cause” (as defined in Section 6.3(b) below) by giving notice as described in Section 7.1 of this Agreement.
A termination pursuant to Section 6.5 or 6.6 below is not a termination without Cause for purposes of receiving the benefits described in this Section 6.1. 

(b) If the Company terminates Executive’s employment at any time, not in connection with a Change in Control, without Cause or
Executive terminates his employment with the Company for “Good Reason” (as defined in Section 6.1(g) below) and provided that such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), then Executive shall be entitled to receive the Accrued Obligations (defined
in 6.1(d) below). If Executive complies with the obligations in Section 6.1(c) below (including but not limited to the Release requirement), Executive shall also be eligible to receive the following “Severance Benefits:”

 (i) The Company will pay Executive an amount equal to Executive’s then current Base Salary for eighteen (18) months,
less all applicable withholdings and deductions (“Severance”), paid in equal installments beginning on the Company’s first regularly scheduled payroll date following the Release Effective Date (as defined in
Section 6.1(c) below), with the remaining installments occurring on the Company’s regularly scheduled payroll dates thereafter; 

(ii) Provided Executive timely elects continued coverage under COBRA under the Company’s group health plans following such
termination, the Company will pay Executive’s COBRA premiums, to continue Executive’s health insurance coverage in effect on the termination date until the earliest of: (1) eighteen (18) months following the termination date;
(2) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (3) the date Executive ceases to be eligible for COBRA continuation coverage for
any reason, including plan termination (such period from the termination date through the earlier of (1)-(3), (the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment
of COBRA premiums on Executive’s behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act),
then in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium for such month, subject to
applicable tax withholding, for the remainder of the COBRA Payment Period. Nothing in this Agreement shall deprive Executive of his rights under COBRA or ERISA for benefits under plans and policies arising under his employment by the Company; and

 (iii) acceleration of the vesting of all outstanding unvested time-based equity awards that are held by Executive as of the date
of Executive’s Separation from Service as to the number of shares that would have vested in accordance with the applicable vesting schedule as if Executive had been in service for an additional twelve (12) months as of Executive’s
termination date (based upon months of service and not the occurrence of corporate events or milestones). 

  
 4. 

 (c) Executive will be paid all of the Accrued Obligations on the Company’s
first payroll date after Executive’s date of termination from employment or earlier if required by law. Executive shall receive the Severance Benefits pursuant to Section 6.1(b) of this Agreement if: (i) within the timeframe provided
by the Company, which shall be no later than the 60th day following the date of Executive’s Separation from Service, he has signed and delivered to the Company a separation agreement containing an effective, general release of claims in favor
of the Company and its affiliates and representatives, in the form presented by the Company (the “Release”), which cannot be revoked in whole or part by such date (the date that the Release can no longer be revoked is
referred to as the “Release Effective Date””); (ii) if he holds any other positions with the Company or any Affiliate, including a position on the Board, he resigns such position(s) to be effective no later than the date
of Executive’s termination date (or such other date as requested by the Board); (iii) he returns all Company property; (iv) he complies with his post-termination obligations under this Agreement and the Confidential Information Agreement;
and (v) he complies with the terms of the Release, including without limitation any non-disparagement and confidentiality provisions contained in the Release. To the extent that any severance payments are
deferred compensation under Section 409A of the Code, and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive may consider and sign the Release spans two calendar years, the payment of
Severance will not be made or begin until the later calendar year. 
 (d) For purposes of this Agreement, “Accrued
Obligations” are (i) Executive’s accrued but unpaid salary through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense
reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan. 

(e) The Severance Benefits or Change in Control Severance Benefits provided to Executive pursuant to this Section 6.1 or
Section 6.2 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program. 

(f) Any damages caused by the termination of Executive’s employment without Cause would be difficult to ascertain; therefore, the
Severance Benefits or Change in Control Severance Benefits for which Executive is eligible pursuant to Section 6.1(b) or 6.2(a) in exchange for the Release are agreed to by the parties as liquidated damages, to serve as full compensation, and
not a penalty. 
 (g) For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the
following events without Executive’s consent: (i) a material reduction in Executive’s Base Salary, which the parties agree is a reduction of at least ten percent (10%) of Executive’s Base Salary (unless pursuant to a salary
reduction program applicable generally to the Company’s similarly situated employees); (ii) a material reduction in Executive’s duties, authority, 

  
 5. 

 
or responsibilities for the Company relative to Executive’s duties, authority, or responsibilities in effect immediately prior to such reduction, provided, however that if the Company
and the Board determine to hire another individual to serve in the position of Chief Executive Officer, and Executive’s position and title subsequently change to Executive Chairman, such change shall not be deemed to be Good Reason;
(iii) a material breach by the Company or any successor entity of any employment-related contract between the Company and Executive; or (iv) the relocation of Executive’s principal place of employment, without Executive’s
consent, in a manner that lengthens his one-way commute distance by fifty (50) or more miles from his then-current principal place of employment immediately prior to such relocation; provided, however,
that, any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if: (1) Executive gives the Company written notice of his intent to terminate for Good Reason within thirty (30) days following
Executive’s first learning of the condition(s) that he believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the
written notice (the “Cure Period”); (3) the Company has not, prior to receiving such notice from Executive, already informed Executive that his employment with the Company is being terminated; and (4) Executive
voluntarily terminates his employment within thirty (30) days following the end of the Cure Period. 
 6.2 Termination by the
Company without Cause or Resignation by Executive for Good Reason in Connection with a Change in Control. 
 (a) In the event
that the Company terminates Executive’s employment without Cause or Executive resigns for Good Reason within three (3) months prior to or twelve (12) months following the effective date of a Change in Control (“Change in
Control Termination Date”), then Executive shall be entitled to the Accrued Obligations and, subject to Executive’s compliance with Section 6.1(b) and (c) above, including but not limited to the Release requirement and
Executive’s continued compliance with his obligations to the Company under his Confidential Information Agreement, then Executive will be eligible for the following “Change in Control  

Severance Benefits”: 
 (i)
Executive shall be eligible to receive the Severance Benefits set forth in Sections 6.1(b)(i) and 6.1(b)(ii) under the terms and conditions described in Section 6.1; 

(ii) The Company shall pay Executive an amount equal to 1.5 times Executive’s full Target Bonus for the calendar year in which
Executive’s termination occurs, which shall be equivalent to 97.5% of Executive’s then-current Base Salary, payable subject to standard federal and state payroll withholding requirements on the Company’s first regularly scheduled
payroll date following the Release Effective Date; and 
 (iii) Effective as of the later of Executive’s Change in Control
Termination Date or the effective date of the Change in Control, the vesting and exercisability of all outstanding unvested equity awards that are held by Executive as of immediately prior to the Change in Control Termination Date shall be
accelerated (and lapse, in the case of reacquisition or repurchase rights) in full. 

  
 6. 

 6.3 Termination by the Company for Cause. 

(a) The Company shall have the right to terminate Executive’s employment with the Company at any time for Cause by giving notice
as described in Section 6.7 of this Agreement. 
 (b) “Cause” for termination shall mean that the
Company has determined in its sole discretion that the Executive has engaged in any of the following: (i) a material breach of any covenant or condition under this Agreement or any other agreement between the parties; (ii) any act
constituting dishonesty, fraud, immoral or disreputable conduct which is reasonably likely to cause harm (including reputational harm) to the Company; (iii) any conduct which constitutes a felony under applicable law; (iv) material
violation of any Company policy, after the expiration of ten (10) days without cure after written notice of such violation to the extent such violation is curable; (v) refusal to follow or implement a clear, lawful and reasonable directive
of Company after the expiration of ten (10) days without cure after written notice of such failure to the extent such failure is curable; (vi) gross negligence or incompetence in the performance of Executive’s duties after the
expiration of ten (10) days without cure after written notice of such failure; or (vii) breach of fiduciary duty. 
 (c) In
the event Executive’s employment is terminated at any time for Cause, Executive will not receive the Severance Benefits, Change in Control Severance Benefits or any other severance compensation or benefit, except that, consistent with the
Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 
 6.4 Resignation by
Executive (other than for Good Reason). 
 (a) Executive may resign from Executive’s employment with the Company at any
time by giving notice as described in Section 6.7. 
 (b) In the event Executive resigns from Executive’s employment with
the Company (other than for Good Reason), Executive will not receive the Severance Benefits, Change in Control Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies,
the Company shall provide to Executive the Accrued Obligations. 
 6.5 Termination by Virtue of Death or Disability of Executive.

 (a) In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder
shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, provide to the Executive’s legal representatives Executive’s Accrued Obligations. 

(b) Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, to
terminate this Agreement based on the Executive’s Disability (as defined below). Termination by the Company of the Executive’s employment based on “Disability” shall mean termination because the Executive is unable
due to a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for six (6) months in the aggregate during any twelve (12) month 

 

  
 7. 

 
period or based on the written certification by two licensed physicians of the likely continuation of such condition for such period. This definition shall be interpreted and applied consistent
with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based on the Executive’s Disability, Executive will not receive the Severance Benefits,
Change in Control Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 

6.6 Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the
Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any
reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In
the event this Agreement is terminated pursuant to this Section 6.6, Executive will not receive any of the Severance Benefits, Change in Control Severance Benefits, or any other compensation or benefits, except that, pursuant to the
Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations. 
 6.7 Notice; Effective Date of
Termination. 
 (a) Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest
of: 
 (i) immediately after the Company gives notice to Executive of Executive’s termination, with or without Cause, unless
pursuant to Sections 6.3(b)(vi), 6.3(b)(v), or 6.3(b)(vi) in which case ten (10) days after notice if not cured or unless the Company specifies a later date, in which case, termination shall be effective as of such later date; 

(ii) immediately upon the Executive’s death; 

(iii) ten (10) days after the Company gives notice to Executive of Executive’s termination on account of Executive’s
Disability, unless the Company specifies a later date, in which case, termination shall be effective as of such later date, provided that Executive has not returned to the full time performance of Executive’s duties prior to such date;

 (iv) ten (10) days after the Executive gives written notice to the Company of Executive’s resignation not for Good
Reason, provided that the Company may set a termination date at any time between the date of notice and the date of resignation, in which case the Executive’s resignation shall be effective as of such other date. Executive will receive
compensation through any required notice period; or 
 (v) for a termination for Good Reason, immediately upon Executive’s full
satisfaction of the requirements of Section 6.1(g). 

  
 8. 

 (b) In the event notice of a termination under subsections (a)(i) and (iii) is
given orally, at the other party’s request, the party giving notice must provide written confirmation of such notice within five (5) business days of the request in compliance with the requirement of Section 7.1 below. In the event of
a termination for Cause, written confirmation shall specify the subsection(s) of the definition of Cause relied on to support the decision to terminate. 

6.8 Cooperation With Company After Termination of Employment. Following termination of Executive’s employment for any
reason, Executive shall fully cooperate with the Company in all matters relating to the winding up of Executive’s pending work including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any such
pending work to such other employees as may be designated by the Company. 
 6.9 Section 409A.  

(a) Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein
are subject to the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”). Severance shall not commence until the Executive
has a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “separation from service”). Each
installment of severance is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance is intended to satisfy the exemptions from application of
Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if
such exemptions are not available and the Executive is, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under
Section 409A, the timing of the severance payments shall be delayed until the earlier of (i) six (6) months and one day after the Executive’s separation from service, or (ii) the Executive’s death. The parties acknowledge
that the exemptions from application of Section 409A to severance benefits are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of severance benefits may preclude the
ability of severance benefits provided under this Agreement to qualify for an exemption. 
 (b) It is intended that this Agreement
shall comply with the requirements of Section 409A, and any ambiguity contained herein shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the Company
shall in no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement. 

6.10 Certain Excise Taxes. 

(a) Notwithstanding anything to the contrary in this Agreement, if any payment or benefit Executive would receive from the Company or
any other party whether in connection with the provisions of this Agreement or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and
(ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount”
shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject 

  
 9. 

 
to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into account all applicable federal, state and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt of the greatest economic benefit notwithstanding that all or some portion of the Payment may be subject to
the Excise Tax. If a Reduced Amount will give rise to the greater after tax benefit, the reduction in the Payments shall occur in the following order: (a) reduction of cash payments; (b) cancellation of accelerated vesting of equity awards
other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits paid to Executive. Within any such category of payments and benefits (that is, (a), (b), (c) or (d)), a reduction shall
occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration of compensation from Executive’s equity awards
is to be reduced, such acceleration of vesting shall be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant. 

(b) The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the
effective date of the event described in Section 280G(b)(2)(A)(i) of the Code shall perform the foregoing calculations. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the
individual, entity or group effecting such event, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the
determinations by such independent registered public accounting firm required to be made hereunder. The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed
supporting documentation, to the Company and Executive within thirty (30) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as
reasonably requested by the Company or Executive. Any good faith determinations of the independent registered public accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 

7. GENERAL PROVISIONS. 

7.1 Notices. Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery
to the party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the next business day, (c) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent
to the Company at its primary office location and to Executive at Executive’s address as listed on the Company payroll or Executive’s company-provided email address, or at such other address as the Company or the Executive may designate by
ten (10) days advance written notice to the other. 
 7.2 Severability. Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provisions had never been contained herein. 

  
 10. 

 7.3 Waiver. If either party should waive any breach of any provisions of this
Agreement, Executive or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

7.4 Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the
subject matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and agreements. This Agreement is
entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company. The parties have entered
into a separate Confidential Information Agreement. Any such separate agreement governs other aspects of the relationship between the parties, has or may have provisions that survive termination of the Executive’s employment under this
Agreement, may be amended or superseded by the parties without regard to this agreement and are enforceable according to their terms without regard to the enforcement provision of this Agreement. 

7.5 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more
than one party, but all of which taken together will constitute one and the same Agreement. 
 7.6 Headings. The headings of
the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 

7.7 Successors and Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in
part, to any Company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such case said Company or other entity shall by operation
of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. The Executive may not
assign or transfer this Agreement or any rights or obligations hereunder, other than to his estate upon his death. 
 7.8 Choice of
Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of Delaware. 

7.9 Resolution of Disputes. The parties recognize that litigation in federal or state courts or before federal or state
administrative agencies of disputes arising out of the Executive’s employment with the Company or out of this Agreement, or the Executive’s termination of employment or termination of this Agreement, may not be in the best interests of
either the Executive or the Company, and may result in unnecessary costs, delays, complexities, and uncertainty. The parties agree that any dispute between the parties arising out of or relating to 

  
 11. 

 
the negotiation, execution, performance or termination of this Agreement or the Executive’s employment, including, but not limited to, any claim arising out of this Agreement, claims under
Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the
Family Medical Leave Act, the Executive Retirement Income Security Act, and any similar federal, state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment, shall be settled by binding
arbitration in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association; provided however, that this dispute resolution provision shall not apply to any separate agreements between
the parties that do not themselves specify arbitration as an exclusive remedy. The location for the arbitration shall be the Dallas, Texas metropolitan area. Any award made by such panel shall be final, binding and conclusive on the parties for all
purposes, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The arbitrators’ fees and expenses and all administrative fees and expenses associated with the filing of the arbitration
shall be borne by the Company; provided however, that at the Executive’s option, Executive may voluntarily pay up to one-half the costs and fees. The parties acknowledge and agree that their
obligations to arbitrate under this Section survive the termination of this Agreement and continue after the termination of the employment relationship between Executive and the Company. The parties each further agree that the arbitration provisions
of this Agreement shall provide each party with its exclusive remedy, and each party expressly waives any right it might have to seek redress in any other forum, except as otherwise expressly provided in this Agreement. By election
arbitration as the means for final settlement of all claims, the parties hereby waive their respective rights to, and agree not to, sue each other in any action in a Federal, State or local court with respect to such claims, but may seek to
enforce in court an arbitration award rendered pursuant to this Agreement. The parties specifically agree to waive their respective rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury.

 [Signature Page Follows] 

  
 12. 

 IN WITNESS WHEREOF, the parties have executed this Amended and
Restated Executive Employment Agreement on the day and year first written above. 
  

					
	INSTIL BIO INC.
		
	By:	 	 /s/ Jeffrey Green

		 	Name:	 	Jeffrey Green
		 	Title:	 	Chief Financial Officer
	
	Executive:
		
	By:	 	 /s/ Bronson Crouch

		 	Name:	 	Bronson Crouch
		 	Title:	 	Chief Executive Officer

 EXHIBIT A 

EMPLOYEE CONFIDENTIAL INFORMATION, INVENTIONS, NON-SOLICITATION 

AND NON-COMPETITION AGREEMENT  

 EMPLOYEE CONFIDENTIAL INFORMATION,
INVENTIONS, NON-SOLICITATION 
 AND
NON-COMPETITION AGREEMENT 
 In consideration of my employment or continued employment by
Instil Bio Inc., and its subsidiaries, parents, affiliates, successors and assigns (together, “Company”) and the compensation now and later paid to me, and in further consideration of Company providing me with on-going access to and use of Company’s Confidential Information (defined below), as well as other valuable consideration, I hereby enter into this Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement (the “Agreement”). 

RECITALS 
 WHEREAS, during
the course of my employment, I will have access to and knowledge of Company’s trade secrets and Confidential Information; and 

WHEREAS, it is of material benefit to me to receive additional knowledge provided by Company and it is of material benefit to reasonably
restrict the disclosure of Company’s trade secrets and Confidential Information with a nondisclosure and non-competition agreement both of which are reasonable in terms of scope, geography and duration.

 Accordingly, in consideration of the mutual promises and covenants contained herein, Company and I agree as follows: 

 

 1. CONFIDENTIAL INFORMATION PROTECTIONS. 

1.1 Recognition of Company’s Rights; Nondisclosure. I understand and acknowledge that my employment by Company creates a
relationship of confidence and trust with respect to Company’s Confidential Information (as defined below) and that Company has a protectable interest therein. At all times during and after my employment, I will hold in confidence and will not
disclose, use, lecture upon or publish any of Company’s Confidential Information, except as such disclosure, use or publication may be required in connection with my work for Company, or unless an officer of Company expressly authorizes such
disclosure in writing. I will obtain Company’s written approval before publishing or submitting for publication any material (written, verbal, or otherwise) that discloses and/or incorporates any Confidential Information. I hereby assign to
Instil Bio Inc. any rights I may have or acquire in such Confidential Information and recognize that all Confidential Information shall be the sole and exclusive property of Instil Bio Inc. and its assigns. I will take all reasonable precautions to
prevent the inadvertent or accidental disclosure of Confidential Information. Notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b), I shall not be held criminally or civilly liable under any Federal or State trade secret law for
the disclosure of a trade secret that: (1) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation
of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

1.2 Confidential Information. The term “Confidential Information” shall mean any and all confidential knowledge, data or
information of Company.

 
By way of illustration but not limitation, “Confidential Information” includes (a) trade secrets, inventions, mask works, ideas, processes, formulas, software
in source or object code versions, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques and any other proprietary technology and all Intellectual
Property Rights therein (collectively, “Inventions”); (b) information regarding research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and
costs, margins, discounts, credit terms, pricing and billing policies, quoting procedures, methods of obtaining business, forecasts, future plans and potential strategies, financial projections and business strategies, operational plans, financing
and capital-raising plans, activities and agreements, internal services and operational manuals, methods of conducting Company business, suppliers and supplier information, and purchasing; (c) information regarding customers and potential
customers of Company, including customer lists, names, representatives, their needs or desires with respect to the types of products or services offered by Company, proposals, bids, contracts and their contents and parties, the type and quantity of
products and services provided or sought to be provided to customers and potential customers of Company and other non-public information relating to customers and potential Customers; (d) information
regarding any of Company’s business partners and their services, including names; representatives, proposals, bids, contracts and their contents and parties, the type and quantity of products and services received by Company, and other non-public information relating to business partners; (e) information regarding personnel, employee lists, compensation, and employee skills; and (f) any other
non-public information which a competitor of Company could use to the competitive disadvantage of Company. Notwithstanding the foregoing, it is understood that, at all such times, I am free to use information
which was known 

 

  
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to me prior to employment with Company or which is generally known in the trade or industry through no breach of this Agreement or other act or omission by me. Notwithstanding the foregoing or
anything to the contrary in this Agreement or any other agreement between Company and me, nothing in this Agreement shall limit my right to discuss my employment or report possible violations of law or regulation with the Equal Employment
Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, or other federal government agency or similar state or local agency or to discuss the terms and conditions of my
employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act or to the extent that such disclosure is protected under the applicable provisions of law or regulation, including but not limited to
“whistleblower” statutes or other similar provisions that protect such disclosure. 
 1.3 Third Party Information. I
understand, in addition, that Company has received and in the future will receive from third parties their confidential and/or proprietary knowledge, data or information (“Third Party Information”) subject to a duty on
Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. During my employment and thereafter, I will hold Third Party Information in confidence and will not disclose to anyone (other
than Company personnel who need to know such information in connection with their work for Company) or use, except in connection with my work for Company, Third Party Information unless expressly authorized by an officer of Company in writing. 

1.4 Term of Nondisclosure Restrictions. I understand that Confidential Information and Third Party Information is never to be used or
disclosed by me, as provided in this Section 1. If a temporal limitation on my obligation not to use or disclose such information is required under applicable law, and the Agreement or its restriction(s) cannot otherwise be enforced, I agree and
Company agrees that the two (2) year period after the date my employment ends will be the temporal limitation relevant to the contested restriction, provided, however, that this sentence will not apply to trade secrets protected without temporal
limitation under applicable law. 
 1.5 Restricted Access Granted. In exchange for my agreement not to disclose or use Confidential
Information, except as required in performing my duties for Company, and for the non-competition covenants, non-solicitation covenants, and the other promises provided herein, Company agrees to grant me access to Confidential Information required to
fulfill the duties of my position. I agree that Company has no pre-existing obligation to reveal Confidential Information.

 1.6 No Improper Use of Information of Prior Employers and Others. During my employment
by Company, I will not improperly use or disclose confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality, and I will not bring onto the premises of Company any
unpublished documents or any property belonging to any former employer or any other person to whom I have an obligation of confidentiality unless consented to in writing by that former employer or person. 

 

	2.	 ASSIGNMENTS OF INVENTIONS. 

2.1 Definitions. As used in this Agreement, the term “Intellectual Property Rights” means all trade secrets,
Copyrights, trademarks, mask work rights, patents and other intellectual property rights recognized by the laws of any jurisdiction or country; the term “Copyright” means the exclusive legal right to reproduce, perform,
display, distribute and make derivative works of a work of authorship (as a literary, musical, or artistic work) recognized by the laws of any jurisdiction or country; and the term “Moral Rights” means all paternity,
integrity, disclosure, withdrawal, special and any other similar rights recognized by the laws of any jurisdiction or country. 
 2.2
Excluded Inventions and Other Inventions. Attached hereto as Exhibit A is a list describing all existing Inventions, if any, that may relate to Company’s business or actual or demonstrably anticipated research or development
and that were made by me or acquired by me prior to the commencement of my employment with, and which are not to be assigned to, Company (“Excluded Inventions”). If no such list is attached, I represent and agree that it is
because I have no rights in any existing Inventions that may relate to Company’s business or actual or demonstrably anticipated research or development. For purposes of this Agreement, “Other Inventions” means Inventions
in which I have or may have an interest, as of the commencement of my employment, other than Company Inventions (defined below) and Excluded Inventions. I acknowledge and agree that if I use any Excluded Inventions or any Other Inventions in the
scope of my employment, or if I include any Excluded Inventions or Other Inventions in any product or service of Company, or if my rights in any Excluded Inventions or Other Inventions may block or interfere with, or may otherwise be required for,
the exercise by Company of any rights assigned to Company under this Agreement, I will immediately so notify Company in writing. Unless Company and I agree otherwise in writing as to particular Excluded Inventions or Other Inventions, I hereby grant
to Company, in such circumstances (whether or not I give Company notice as required above), a non-exclusive, perpetual, transferable, fully-paid and royalty-free, irrevocable and worldwide license, with rights to sublicense through multiple levels
of 

 

  
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sublicensees, to reproduce, make derivative works of, distribute, publicly perform, and publicly display in any form or medium, whether now known or later developed, make, have made, use, sell,
import, offer for sale, and exercise any and all present or future rights in, such Excluded Inventions and Other Inventions. To the extent that any third parties have rights in any such Other Inventions, I hereby represent and warrant that such
third party or parties have validly and irrevocably granted to me the right to grant the license stated above. 
 2.3 Assignment of
Company Inventions. Inventions assigned to Instil Bio Inc., or to a third party as directed by Instil Bio Inc. pursuant to Section 2.6, are referred to in this Agreement as “Company Inventions.” Subject to
Section 2.4 (Unassigned or Nonassignable Inventions) and except for Excluded Inventions set forth in Exhibit A and Other Inventions, I hereby assign to Instil Bio Inc. all my right, title, and interest in and to any and all Inventions
(and all Intellectual Property Rights with respect thereto) made, conceived, reduced to practice, or learned by me, either alone or with others, during the period of my employment by Company. To the extent required by applicable Copyright laws, I
agree to assign in the future (when any copyrightable Inventions are first fixed in a tangible medium of expression) my Copyright rights in and to such Inventions. Any assignment of Company Inventions (and all Intellectual Property Rights with
respect thereto) hereunder includes an assignment of all Moral Rights. To the extent such Moral Rights cannot be assigned to Instil Bio Inc. and to the extent the following is allowed by the laws in any country where Moral Rights exist, I
hereby unconditionally and irrevocably waive the enforcement of such Moral Rights, and all claims and causes of action of any kind against Company or related to Company’s customers, with respect to such rights. I further acknowledge and agree
that neither my successors-in-interest nor legal heirs retain any Moral Rights in any Company Inventions (and any Intellectual Property Rights with respect thereto).

 2.4 Unassigned or Nonassignable Inventions. I recognize that this Agreement will not be deemed to require assignment of any
Invention that I developed entirely on my own time without using Company’s equipment, supplies, facilities, trade secrets or Confidential Information, except for those Inventions that either (i) relate to Company’s actual or
anticipated business, research or development, or (ii) result from or are connected with work performed by me for Company. In addition, this Agreement does not apply to any Invention which qualifies fully for protection from assignment to
Company under any specifically applicable state law, regulation, rule or public policy (“Specific Inventions Law”).

 2.5 Obligation to Keep Company Informed. During the period of my employment and for one
(1) year after termination of my employment, I will promptly and fully disclose to Company in writing all Inventions authored, conceived, or reduced to practice by me, either alone or jointly with others. In addition, I will promptly disclose
to Company all patent applications filed by me or on my behalf within one (1) year after termination of employment. At the time of each such disclosure, I will advise Company in writing of any Inventions that I believe fully qualify for
protection under the provisions of any applicable Specific Inventions Law; and I will at that time provide to Company in writing all evidence necessary to substantiate that belief. Company will keep in confidence and will not use for any purpose or
disclose to third parties without my consent any Confidential Information disclosed in writing to Company pursuant to this Agreement relating to Inventions that qualify fully for protection under a Specific Inventions Law. I will preserve the
confidentiality of any Invention that does not fully qualify for protection under a Specific Inventions Law. 
 2.6 Government or Third
Party. I agree that, as directed by Company, I will assign to a third party, including without limitation the United States, all my right, title, and interest in and to any particular Company Invention. 

2.7 Ownership of Work Product.

(a) I acknowledge that all original works of authorship which are made by me (solely or jointly with others) within the scope of my
employment and which are protectable by Copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section 101). 

(b) I agree that Instil Bio Inc. will exclusively own all work product that is made by me (solely or jointly with others) within the
scope of my employment, and I hereby irrevocably and unconditionally assign to Instil Bio Inc. all right, title, and interest worldwide in and to such work product. I understand and agree that I have no right to publish on, submit for publishing, or
use for any publication any work product protected by this Section, except as necessary to perform services for Company. 
 2.8
Enforcement of Intellectual Property Rights and Assistance. I will assist Company in every proper way to obtain, and from time to time enforce, United States and foreign Intellectual Property Rights and Moral Rights relating to Company
Inventions in any and all countries. To that end I will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as Company may reasonably request for use in applying for, obtaining, perfecting,
evidencing, sustaining and enforcing such Intellectual Property Rights and the assignment thereof. In addition, I will execute, verify and deliver assignments of such

 

  
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 Intellectual Property Rights to Instil Bio Inc. or its designee, including the United States or any third party
designated by Instil Bio Inc. My obligation to assist Company with respect to Intellectual Property Rights relating to such Company Inventions in any and all countries will continue beyond the termination of my employment, but Company will
compensate me at a reasonable rate after my termination for the time actually spent by me at Company’s request on such assistance. In the event Company is unable for any reason, after reasonable effort, to secure my signature on any document
needed in connection with the actions specified in this paragraph, I hereby irrevocably designate and appoint Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act
for and in my behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by me. I hereby waive and
quitclaim to Company any and all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any Intellectual Property Rights assigned under this Agreement to Instil Bio Inc. 

2.9 Incorporation of Software Code. I agree that I will not incorporate into any Company software or otherwise deliver to Company any
software code licensed under the GNU General Public License or Lesser General Public License or any other license that, by its terms, requires or conditions the use or distribution of such code on the disclosure, licensing, or distribution of any
source code owned or licensed by Company except in strict compliance with Company’s policies regarding the use of such software. 
 3.
RECORDS. I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that is required by Company) of all Confidential Information developed by me and all Company
Inventions made by me during the period of my employment at Company, which records will be available to and remain the sole property of Company at all times. 

4. DUTY OF LOYALTY DURING EMPLOYMENT. I agree that during the period of my
employment by Company I will not, without Company’s express written consent, directly or indirectly engage in any employment or business activity which is directly or indirectly competitive with, or would otherwise conflict with, my employment
by Company. 
 5. NO SOLICITATION OF EMPLOYEES, CONSULTANTS,
CONTRACTORS, OR CUSTOMERS OR POTENTIAL CUSTOMERS. I agree that during the period of my employment and for the one (1) year period after
the date my employment ends for any reason, including but not limited to voluntary termination by me or involuntary

 termination by Company, I will not, as an officer, director, employee, consultant, owner, partner, or in any
other capacity, either directly or through others, except on behalf of Company: 
 5.1 solicit, induce, encourage, or participate in
soliciting, inducing or encouraging any person known to me to be an employee, consultant, or independent contractor of Company to terminate his or her relationship with Company, even if I did not initiate the discussion or seek out the contact; 

5.2 solicit, induce, encourage, or participate in soliciting, inducing, or encouraging any person known to me to be an employee,
consultant, or independent contractor of Company to terminate his or her relationship with Company to render services to me or any other person or entity that researches, develops, markets, sells, performs or provides or is preparing to develop,
market, sell, perform or provide Conflicting Services (as defined in Section 6 below); 
 5.3 hire, employ, or engage in a
business venture with as partners or owners or other joint capacity, or attempt to hire, employ, or engage in a business venture as partners or owners or other joint capacity, with any person then employed by Company or who has left the employment
of Company within the preceding three (3) months to research, develop, market, sell, perform or provide Conflicting Services; 

5.4 solicit, induce or attempt to induce any Customer or Potential Customer (as defined below), to terminate, diminish, or materially
alter in a manner harmful to Company its relationship with Company; 
 5.5 solicit or assist in the solicitation of any Customer or
Potential Customer to induce or attempt to induce such Customer or Potential Customer to purchase or contract for any Conflicting Services; or 

5.6 perform, provide or attempt to perform or provide any Conflicting Services for a Customer or Potential Customer. 

The parties agree that for purposes of this Agreement, a “Customer or Potential Customer” is any person or entity who or which, at any
time during the one (1) year period prior to my contact with such person or entity as described in Sections 5.4-5.6 above if such contact occurs during my employment or, if such contact occurs following
the termination of my employment, during the one (1) year period prior to the date my employment with Company ends: (i) contracted for, was billed for, or received from Company any product, service or process with which I worked directly
or indirectly during my employment by Company or about which I acquired Confidential 

 

  

  
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 Information; or (ii) was in contact with me or in contact with any other employee, owner, or agent of
Company, of which contact I was or should have been aware, concerning the sale or purchase of, or contract for, any product, service or process with which I worked directly or indirectly during my employment with Company or about which I acquired
Confidential Information; or (iii) was solicited by Company in an effort in which I was involved or of which I was aware.     

6. NON-COMPETE PROVISION. I agree that for the one (1) year period after the date my
employment ends for any reason, including but not limited to voluntary termination by me or involuntary termination by Company, I will not, directly or indirectly, as an officer, director, employee, consultant, owner, partner, or in any other
capacity solicit, perform, or provide, or attempt to perform or provide Conflicting Services anywhere in the Restricted Territory (as defined below), nor will I assist another person to solicit, perform or provide or attempt to perform or provide
Conflicting Services anywhere in the Restricted Territory. 
 The parties agree that for purposes of this Agreement, “Conflicting
Services” means any product, service, or process or the research and development thereof, of any person or organization other than Company that directly competes with a product, service, or process, including the research and
development thereof, of Company with which I worked directly or indirectly during my employment by Company or about which I acquired Confidential Information during my employment by Company.  

The parties agree that for purposes of this Agreement, “Restricted Territory” means the one hundred (100) mile radius of any of
the following locations: (i) any Company business location at which I have worked on a regular or occasional basis during the preceding year; (ii) my home if I work from home on a regular or occasional basis; (iii) any potential
business location of Company under active consideration by Company to which I have traveled in connection with the consideration of that location; (iv) the primary business location of a Customer or Potential Customer; or (v) any business
location of a Customer or Potential Customer where representatives of the Customer or Potential Customer with whom I have been in contact in the preceding year are based.  

7. REASONABLENESS OF RESTRICTIONS. 

7.1 I agree that I have read this entire Agreement and understand it. I agree that this Agreement does not prevent me from earning a
living or pursuing my career. I agree that the restrictions contained in this Agreement are reasonable, proper, and necessitated by Company’s legitimate business interests. I represent and agree that I am entering into this Agreement freely and
with knowledge of its contents with the intent to be bound by the Agreement and the restrictions contained in it.

 7.2 In the event that a court finds this Agreement, or any of its restrictions, to be
ambiguous, unenforceable, or invalid, I and Company agree that the court will read the Agreement as a whole and interpret the restriction(s) at issue to be enforceable and valid to the maximum extent allowed by law. 

7.3 If the court declines to enforce this Agreement in the manner provided in subsection 7.2, I and Company agree that this Agreement
will be automatically modified to provide Company with the maximum protection of its business interests allowed by law and I agree to be bound by this Agreement as modified. 

7.4 Furthermore, the parties agree that the market for Company’s products is the entire United States. If, however, after
applying the provisions of subsections 7.2 and 7.3, a court still decides that this Agreement or any of its restrictions is unenforceable for lack of reasonable geographic limitation and the Agreement or restriction(s) cannot otherwise be enforced,
the parties hereby agree that the fifty (50) mile radius from any location at which I worked for Company on either a regular or occasional basis during the one (1) year immediately preceding termination of my employment with Company shall
be the geographic limitation relevant to the contested restriction. 
 8. NO CONFLICTING AGREEMENT
OR OBLIGATION. I represent that my performance of all the terms of this Agreement and as an employee of Company does not and will not breach any agreement to keep in confidence information acquired by me in
confidence or in trust prior to my employment by Company. I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict with this Agreement. 

9. RETURN OF COMPANY PROPERTY. When I leave the employ of Company, I will deliver to
Company any and all drawings, notes, memoranda, specifications, devices, formulas and documents, together with all copies thereof, and any other material containing or disclosing any Company Inventions, Third Party Information or Confidential
Information of Company. I agree that I will not copy, delete, or alter any information contained upon my Company computer or Company equipment before I return it to Company. In addition, if I have used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit any Company information, including but not limited to, Confidential Information, I agree to provide Company with a computer-useable copy of all such
Confidential Information and then permanently delete and expunge such Confidential Information from those systems; and I agree to provide Company access to my system as reasonably requested to verify that the necessary copying and/or deletion is
completed. I further agree that any property situated on Company’s premises and owned by Company, including disks and other storage media, filing cabinets or other work

 

  

  
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 areas, is subject to inspection by Company’s personnel at any time with or without notice. Prior to
leaving, I will cooperate with Company in attending an exit interview and completing and signing Company’s termination statement if required to do so by Company. 

10. LEGAL AND EQUITABLE REMEDIES.

10.1 I agree that it may be impossible to assess the damages caused by my violation of this Agreement or any of its terms. I agree
that any threatened or actual violation of this Agreement or any of its terms will constitute immediate and irreparable injury to Company and Company will have the right to enforce this Agreement and any of its provisions by injunction, specific
performance or other equitable relief, without bond and without prejudice to any other rights and remedies that Company may have for a breach or threatened breach of this Agreement. 

10.2 I agree that if Company is successful in whole or in part in any legal or equitable action against me under this Agreement,
Company will be entitled to payment of all costs, including reasonable attorneys’ fees, from me. 
 10.3 In the event Company
enforces this Agreement through a court order, I agree that the restrictions of Sections 5 and 6 will remain in effect for a period of twelve (12) months from the effective date of the order enforcing the Agreement. 

11. NOTICES. Any notices required or permitted under this Agreement will be given to Company at its headquarters location at the time notice is given,
labeled “Attention Chief Executive Officer,” and to me at my address as listed on Company payroll, or at such other address as Company or I may designate by written notice to the other. Notice will be effective upon receipt or refusal of
delivery. If delivered by certified or registered mail, notice will be considered to have been given five (5) business days after it was mailed, as evidenced by the postmark. If delivered by courier or express mail service, notice will be
considered to have been given on the delivery date reflected by the courier or express mail service receipt. 
 12. PUBLICATION
OF THIS AGREEMENT TO SUBSEQUENT EMPLOYER OR BUSINESS ASSOCIATES OF EMPLOYEE.

 12.1 If I am offered employment or the opportunity to enter into any business venture as owner, partner, consultant or other
capacity while the restrictions described in Sections 5 and 6 of this Agreement are in effect I agree to inform my potential employer, partner, co-owner and/or others involved in managing the business

 with which I have an opportunity to be associated of my obligations under this Agreement and also agree to
provide such person or persons with a copy of this Agreement. 
 12.2 I agree to inform Company of all employment and business
ventures which I enter into while the restrictions described in Sections 5 and 6 of this Agreement are in effect and I also authorize Company to provide copies of this Agreement to my employer, partner,
co-owner and/or others involved in managing the business with which I am employed or associated and to make such persons aware of my obligations under this Agreement. 

13. GENERAL PROVISIONS. 

13.1 Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of
the State of Texas as such laws are applied to agreements entered into and to be performed entirely within Texas between Texas residents. I hereby expressly consent to the personal jurisdiction and venue of the state and federal courts for the
county in which Company’s principal place of business is located for any lawsuit filed there against me by Company arising from or related to this Agreement. 

13.2 Severability. In case any one or more of the provisions, subsections, or sentences contained in this Agreement will, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect the other provisions of this Agreement, and this Agreement will be construed as if such invalid, illegal or
unenforceable provision had never been contained in this Agreement. If moreover, any one or more of the provisions contained in this Agreement will for any reason be held to be excessively broad as to duration, geographical scope, activity or
subject, it will be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it will then appear. 

13.3 Successors and Assigns. This Agreement is for my benefit and the benefit of Company, its successors, assigns, parent
corporations, subsidiaries, affiliates, and purchasers, and will be binding upon my heirs, executors, administrators and other legal representatives. 

13.4 Survival. The provisions of this Agreement will survive the termination of my employment, regardless of the reason, and the
assignment of this Agreement by Company to any successor in interest or other assignee. 
 13.5 Employment At-Will. I agree and understand that nothing in this Agreement will change my at-will employment status or confer any right with respect

 

  
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 to continuation of employment by Company, nor will it interfere in any way with my right or Company’s right
to terminate my employment at any time, with or without cause or advance notice. 
 13.6 Waiver. No waiver by Company of any breach
of this Agreement will be a waiver of any preceding or succeeding breach. No waiver by Company of any right under this Agreement will be construed as a waiver of any other right. Company will not be required to give notice to enforce strict
adherence to all terms of this Agreement. 
 13.7 Export. I agree not to export, reexport, or transfer, directly or indirectly, any
U.S. technical data acquired from Company or any products utilizing such data, in violation of the United States export laws or regulations.  

13.8 Advice of Counsel. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF
INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT WILL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION OF THIS AGREEMENT.

 13.9 Entire Agreement. The obligations pursuant to Sections 1 and 2 (except Subsections
2.4 and 2.7(a)) of this Agreement will apply to any time during which I was previously engaged, or am in the future engaged, by Company as a consultant if no other agreement governs nondisclosure and assignment of Inventions during such period. This
Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter of this Agreement and supersedes and merges all prior discussions between us; provided, however, prior to the execution of this
Agreement, if Company and I were parties to any agreement regarding the subject matter hereof, that agreement will be superseded by this Agreement prospectively only. No modification of or amendment to this Agreement, nor any waiver of any rights
under this Agreement, will be effective unless in writing and signed by the party to be charged. Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.

 

  
 Employee Confidential
Information, Inventions, Non-Solicitation and Non-Competition Agreement 
 Page 7 

 This Agreement will be effective as of 6/23/2020 

I HAVE READ THIS AGREEMENT CAREFULLY AND UNDERSTAND ITS TERMS. I HAVE COMPLETELY FILLED OUT EXHIBIT A TO THIS AGREEMENT. 

 

			
	 /s/ Bronson Crouch

	(Signature)
	
	 Bronson Crouch

	(Printed Name)
	
	ACCEPTED AND AGREED TO:
	
	INSTIL BIO INC.
		
	By:	 	 /s/ Jeffrey Green

		 	Name:    Jeffrey Green
		 	Title:      CFO

  
 Employee Confidential
Information, Inventions, Non-Solicitation and Non-Competition Agreement 
 Signature Page 

 EXHIBIT A 

LIST OF EXCLUDED INVENTIONS 

1. Except as listed in Section 2 below, the following is a complete list of all inventions or improvements relevant to the subject matter of my
employment by Instil Bio Inc. that have been made or conceived or first reduced to practice by me alone or jointly with others prior to my engagement by Instil Bio Inc.:  

☒ No inventions or improvements. 

☐ See below: 
  

					
	 Title
	  	 Date
	  	 Identifying Number or Brief
Description

	  
	  	  
	  	  

	  
	  		  	  

			
	  
	  	  
	  	  

	  
	  		  	  

			
	  
	  	  
	  	  

	  
	  		  	  

 ☐ Additional sheets attached. 

2. Due to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to inventions or improvements
generally listed below, the intellectual property rights and duty of confidentiality with respect to which I owe to the following party(ies):  
  

							
	 	  	Invention or Improvement	  	Party(ies)	  	Relationship
	1.	  	  
	  	  
	  	  

	2.	  	  
	  	  
	  	  

	3.	  	  
	  	  
	  	  

 ☐ Additional sheets attached. 

228296597 v2 

  
 Employee Confidential
Information, Inventions, Non-Solicitation and Non-Competition Agreement 
 Exhibit A, Page 1EX-10.7

 Exhibit 10.7 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EXECUTIVE
EMPLOYMENT AGREEMENT (this “Agreement”) by and between Zachary Roberts (“Executive”) and Instil Bio Inc. (the “Company”) is effective as of
the date of the closing of the first sale of the Company’s Series B Preferred Stock (the “Effective Date”) and amends and restates in its entirety the Offer Letter between the Company and Executive that was effective as
of February 26, 2020. 
 The Company desires to continue to employ the Executive as Chief Medical Officer and, in connection
therewith, to compensate the Executive for Executive’s personal services to the Company; and 
 The Executive wishes to continue to be
employed by the Company as Chief Medical Officer and provide personal services to the Company in return for certain compensation. 

This Agreement supersedes any and all prior and contemporaneous oral or written employment agreements or arrangements between Executive and
the Company or any predecessor thereof. 
 Accordingly, in consideration of the mutual promises and covenants contained herein, the parties
agree to the following: 
 1. EMPLOYMENT BY THE COMPANY. 

1.1 Position. Subject to the terms set forth herein, the Company agrees to continue to employ Executive in the position of Chief
Medical Officer and Executive hereby accepts such continued employment. During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business
time and attention to the business of the Company. 
 1.2 Duties. Executive will report to the Chief Executive Officer of the
Company (the “CEO”). Executive will perform such duties as are normally associated with his position, as assigned from time to time by the CEO. Executive shall perform his duties under this Agreement principally out of the
Company’s offices in California, or such other location as assigned. In addition, the Executive shall make such business trips to such places as may be necessary or advisable for the efficient operations of the Company. 

1.3 Company Policies and Benefits. The employment relationship between the parties shall also continue to be subject to the
Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion, and Executive will continue to be eligible to participate on the same basis as
similarly situated employees in the Company’s benefit plans in effect from time to time during his employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of
such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s
general employment policies or practices, this Agreement shall control. 

  
 1. 

 2. COMPENSATION. 

2.1 Salary. Executive shall receive for Executive’s services to be rendered hereunder an initial annualized base salary of
$450,000, subject to annual review and adjustment by the Company’s Board of Directors (the “Board”) in its sole discretion, payable subject to standard federal and state payroll withholding requirements in accordance
with Company’s standard payroll practices (“Base Salary”). 
 2.2 Target Bonus. While this
Agreement is in effect, Executive shall be eligible for a discretionary annual target bonus of up to 50% of Executive’s then-current Base Salary (“Target Bonus”), determined by the Company in its sole discretion, and
payable subject to standard federal and state payroll withholding requirements. The Target Bonus will be paid in a single annual installment paid no later than March 15 of the following year. Other than as set forth in Section 6.2(a)(ii),
whether or not Executive earns any bonus will be dependent upon (a) Executive’s continuous performance of services to the Company through the date any bonus is paid; and (b) the actual achievement of the applicable individual
performance targets and goals by Executive during the relevant bonus year as such targets and goals are reasonably established by the Board. The Board (or any authorized committee thereof) will determine in its sole discretion the extent to which
Executive has achieved the performance targets and goals upon which the bonus is based and the amount of the bonus, which could be zero. Executive’s eligibility for a bonus is subject to change in the discretion of the Board (or any authorized
committee thereof). For the 2020 calendar year, Executive shall be eligible for a bonus up to the amount of the Target Bonus pro rated for the months of Executive’s employment by the Company in 2020. 

2.3 Milestone Bonuses. While this Agreement is in effect, Executive shall also be eligible for the following milestone bonuses: 

(a) If, prior to December 31, 2020, an Investigational New Drug (IND) application or equivalent made by the Company is accepted by
a regulatory authority using unmodified TILs in metastatic melanoma, the Executive shall be paid a bonus of $50,000, subject to taxes and withholdings, and paid on the first Company payroll date following such acceptance of the IND application or
equivalent; 
 (b) If, prior to June 31, 2021, a first patient is enrolled in a Registrational Clinical Trial or a
Registrational Cohort using unmodified TILs in metastatic melanoma, the Executive shall be paid a bonus of $50,000, subject to taxes and withholdings, and paid on the first Company payroll date following such patient’s enrollment. 

2.4 Stock Options. Subject to approval by the Board, the Company shall grant Executive an option (the
“Option”) to purchase 351,493 shares of the Company’s common stock, with an exercise price equal to the fair market value of a share of common stock as determined by the Board as of the date of grant, pursuant to the
terms of the Company’s 2018 Equity Incentive Plan (the “Plan”) and the individual stock option grant notice and related agreements to be provided to Executive. The Option will vest subject to the terms and conditions of
the Plan and Executive’s grant agreement, with 25% of the shares subject to the Option vesting upon the first anniversary of the Effective Date and the remaining 75% of the shares subject to the Option vesting over the subsequent 3-year period in substantially equal monthly installments at a rate of 1/48th of the total shares subject to the Option each month, subject to Executive’s continuous service as of each such vesting date. 

  
 2. 

 2.5 Expense Reimbursement. The Company will reimburse Executive for reasonable
business expenses with proper documentation and in accordance with the Company’s standard expense reimbursement policy. The Company will reimburse Executive for reasonable business expenses in accordance with the Company’s standard expense
reimbursement policy. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”):
(a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in
any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

3. CONFIDENTIAL INFORMATION, INVENTIONS,
NON-SOLICITATION AND NON- COMPETITION OBLIGATIONS. As a condition of continued employment, Executive must execute and abide by the
Employee Confidential Information and Inventions Assignment Agreement attached as Exhibit A (the “Confidential Information Agreement”), which may be amended by the parties from time to time without regard to this Agreement.
The Confidential Information Agreement contains provisions that are intended by the parties to survive and do survive termination or expiration of this Agreement. 

4. OUTSIDE ACTIVITIES. Except as otherwise stated herein, during the term of
Executive’s employment with the Company, Executive will be required to faithfully serve the Company and devote his full time and attention to the business and affairs of the Company and the performance of Executive’s duties and
responsibilities. Executive will not, while employed by the Company, undertake or engage in any other employment, occupation or business enterprise, including accepting any appointment to the board of directors of another company, that would
interfere or conflict, either directly or indirectly, with Executive’s responsibilities and the performance of Executive’s duties hereunder except for (i) reasonable time devoted to personal financial affairs or volunteer services for
or on behalf of such religious, educational, non-profit and/or other charitable organization as Executive may wish to serve, (ii) reasonable time devoted to activities in the non-profit and business communities consistent with Executive’s duties, and (iii) such other activities as may be specifically approved by the Board. This restriction shall not, however, preclude the
Executive (x) from owning less than one percent (1%) of the total outstanding shares of a publicly traded company, or (y) from employment or service in any capacity with Affiliates of the Company. As used in this Agreement,
“Affiliates” means an entity under common management or control with the Company. 
 5. NO
CONFLICT WITH EXISTING OBLIGATIONS. Executive represents that Executive’s performance of all the terms of this Agreement and as an Executive of the Company do
not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with prior employers or entities for which Executive has provided
services. Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith. 

  
 3. 

 6. TERMINATION OF
EMPLOYMENT. The parties acknowledge that Executive’s employment relationship with the Company is at-will. Either Executive or the Company may terminate
the employment relationship at any time, with or without Cause. The provisions in this Section govern the amount of compensation, if any, to be provided to Executive upon termination of employment and do not alter this
at-will status. 
 6.1 Termination by the Company without Cause or Resignation by Executive for
Good Reason Not in Connection with a Change in Control. 
 (a) The Company shall have the right to terminate Executive’s
employment with the Company pursuant to this Section 6.1 at any time, in accordance with Section 6.7, without “Cause” (as defined in Section 6.3(b) below) by giving notice as described in Section 7.1 of this Agreement.
A termination pursuant to Section 6.5 or 6.6 below is not a termination without Cause for purposes of receiving the benefits described in this Section 6.1. 

(b) If the Company terminates Executive’s employment at any time, not in connection with a “Change in
Control” (as that term is defined in the Company’s 2018 Stock Incentive Plan), without Cause or Executive terminates his employment with the Company for “Good Reason” (as defined in Section 6.1(g) below) and provided
that such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a
“Separation from Service”), then Executive shall be entitled to receive the Accrued Obligations (defined in 6.1(d) below). If Executive complies with the obligations in Section 6.1(c) below (including but not limited to
the Release requirement), Executive shall also be eligible to receive the following “Severance Benefits:” 
 (i)
The Company will pay Executive an amount equal to Executive’s then current Base Salary for twelve (12) months, less all applicable withholdings and deductions (“Severance”), paid in equal installments beginning
on the Company’s first regularly scheduled payroll date following the Release Effective Date (as defined in Section 6.1(c) below), with the remaining installments occurring on the Company’s regularly scheduled payroll dates
thereafter; 
 (ii) Provided Executive timely elects continued coverage under COBRA under the Company’s group health plans
following such termination, the Company will pay Executive’s COBRA premiums, to continue Executive’s health insurance coverage in effect on the termination date until the earliest of: (1) twelve (12) months following the termination
date; (2) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (3) the date Executive ceases to be eligible for COBRA continuation coverage
for any reason, including plan termination (such period from the termination date through the earlier of (1)-(3), (the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines that its
payment of COBRA premiums on Executive’s behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation
Act), then in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium for such month,
subject to applicable tax withholding, for the remainder of the COBRA Payment Period. Nothing 
 in this Agreement shall deprive Executive of his rights
under COBRA or ERISA for benefits under plans and policies arising under his employment by the Company; and 

  
 4. 

 (iii) acceleration of the vesting of all outstanding unvested time-based equity
awards that are held by Executive as of the date of Executive’s Separation from Service as to the number of shares that would have vested in accordance with the applicable vesting schedule as if Executive had been in service for an additional
six (6) months as of Executive’s termination date (based upon months of service and not the occurrence of corporate events or milestones). 

(c) Executive will be paid all of the Accrued Obligations on the Company’s first payroll date after Executive’s date of
termination from employment or earlier if required by law. Executive shall receive the Severance Benefits pursuant to Section 6.1(b) of this Agreement if: (i) within the timeframe provided by the Company, which shall be no later than the
60th day following the date of Executive’s Separation from Service, he has signed and delivered to the Company a separation agreement containing an effective, general release of claims in favor of the Company and its affiliates and
representatives, in the form presented by the Company (the “Release”), which cannot be revoked in whole or part by such date (the date that the Release can no longer be revoked is referred to as the “Release
Effective Date””); (ii) if he holds any other positions with the Company or any Affiliate, including a position on the Board, he resigns such position(s) to be effective no later than the date of Executive’s termination date
(or such other date as requested by the Board); (iii) he returns all Company property; (iv) he complies with his post-termination obligations under this Agreement and the Confidential Information Agreement; and (v) he complies with the
terms of the Release, including without limitation any non-disparagement and confidentiality provisions contained in the Release. To the extent that any severance payments are deferred compensation under
Section 409A of the Code, and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive may consider and sign the Release spans two calendar years, the payment of Severance will not be made
or begin until the later calendar year. 
 (d) For purposes of this Agreement, “Accrued Obligations” are
(i) Executive’s accrued but unpaid salary through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense reimbursement policies, and
(iii) benefits owed to Executive under any qualified retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan. 

(e) The Severance Benefits or Change in Control Severance Benefits provided to Executive pursuant to this Section 6.1 or
Section 6.2 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program. 

(f) Any damages caused by the termination of Executive’s employment without Cause would be difficult to ascertain; therefore, the
Severance Benefits or Change in Control Severance Benefits for which Executive is eligible pursuant to Section 6.1(b) or 6.2(a) in exchange for the Release are agreed to by the parties as liquidated damages, to serve as full compensation, and
not a penalty. 

  
 5. 

 (g) For purposes of this Agreement, “Good Reason” shall mean
the occurrence of any of the following events without Executive’s consent: (i) a material reduction in Executive’s Base Salary, which the parties agree is a reduction of at least ten percent (10%) of Executive’s Base Salary
(unless pursuant to a salary reduction program applicable generally to the Company’s similarly situated employees); (ii) a material reduction in Executive’s duties, authority, or responsibilities for the Company relative to
Executive’s duties, authority, or responsibilities in effect immediately prior to such reduction; (iii) a material breach by the Company or any successor entity of any employment-related contract between the Company and Executive; or
(iv) the relocation of Executive’s principal place of employment, without Executive’s consent, in a manner that lengthens his one-way commute distance by fifty (50) or more miles from his
then-current principal place of employment immediately prior to such relocation; provided, however, that, any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if: (1) Executive gives the
Company written notice of his intent to terminate for Good Reason within thirty (30) days following Executive’s first learning of the condition(s) that he believes constitute(s) Good Reason, which notice shall describe such condition(s);
(2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to receiving such notice from Executive, already
informed Executive that his employment with the Company is being terminated; and (4) Executive voluntarily terminates his employment within thirty (30) days following the end of the Cure Period. 

6.2 Termination by the Company without Cause or Resignation by Executive for Good Reason in Connection with a Change in Control.

 (a) In the event that the Company terminates Executive’s employment without Cause or Executive resigns for Good Reason within
three (3) months prior to or twelve (12) months following the effective date of a Change in Control (“Change in Control Termination Date”), then Executive shall be entitled to the Accrued Obligations and, subject to
Executive’s compliance with Section 6.1(b) and (c) above, including but not limited to the Release requirement and Executive’s continued compliance with his obligations to the Company under his Confidential Information Agreement,
then Executive will be eligible for the following “Change in Control  
 Severance Benefits”: 

(i) Executive shall be eligible to receive the Severance Benefits set forth in Sections 6.1(b)(i) and 6.1(b)(ii) under the terms and
conditions described in Section 6.1; 
 (ii) The Company shall pay Executive an amount equal to Executive’s full Target
Bonus for the calendar year in which Executive’s termination occurs, which shall be equivalent to 50% of Executive’s then-current Base Salary, payable subject to standard federal and state payroll withholding requirements on the
Company’s first regularly scheduled payroll date following the Release Effective Date; and 
 (iii) Effective as of the later of
Executive’s Change in Control Termination Date or the effective date of the Change in Control, the vesting and exercisability of all outstanding unvested equity awards that are held by Executive as of immediately prior to the Change in Control
Termination Date shall be accelerated (and lapse, in the case of reacquisition or repurchase rights) in full. 

  
 6. 

 6.3 Termination by the Company for Cause. 

(a) The Company shall have the right to terminate Executive’s employment with the Company at any time for Cause by giving notice
as described in Section 6.7 of this Agreement. 
 (b) “Cause” for termination shall mean that the
Company has determined in its sole discretion that the Executive has engaged in any of the following: (i) a material breach of any covenant or condition under this Agreement or any other agreement between the parties; (ii) any act
constituting dishonesty, fraud, immoral or disreputable conduct which is reasonably likely to cause harm (including reputational harm) to the Company; (iii) any conduct which constitutes a felony under applicable law; (iv) material
violation of any Company policy, after the expiration of ten (10) days without cure after written notice of such violation to the extent such violation is curable; (v) refusal to follow or implement a clear, lawful and reasonable directive
of Company after the expiration of ten (10) days without cure after written notice of such failure to the extent such failure is curable; (vi) gross negligence or incompetence in the performance of Executive’s duties after the
expiration of ten (10) days without cure after written notice of such failure; or (vii) breach of fiduciary duty. 
 (c) In
the event Executive’s employment is terminated at any time for Cause, Executive will not receive the Severance Benefits, Change in Control Severance Benefits or any other severance compensation or benefit, except that, consistent with the
Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 
 6.4 Resignation by
Executive (other than for Good Reason). 
 (a) Executive may resign from Executive’s employment with the Company at any
time by giving notice as described in Section 6.7. 
 (b) In the event Executive resigns from Executive’s employment with
the Company (other than for Good Reason), Executive will not receive the Severance Benefits, Change in Control Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies,
the Company shall provide to Executive the Accrued Obligations. 
 6.5 Termination by Virtue of Death or Disability of
Executive. 
 (a) In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the
parties hereunder shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, provide to the Executive’s legal representatives Executive’s Accrued Obligations. 

(b) Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, to
terminate this Agreement based on the Executive’s Disability (as defined below). Termination by the Company of the Executive’s employment based on “Disability” shall mean termination because the Executive is unable
due to a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for six (6) months in the aggregate during any twelve (12) month 

  
 7. 

 period or based on the written certification by two licensed physicians of the likely continuation of such
condition for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based
on the Executive’s Disability, Executive will not receive the Severance Benefits, Change in Control Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the
Company shall provide to Executive the Accrued Obligations. 
 6.6 Termination Due to Discontinuance of Business. Anything in
this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war,
dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day
of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.6, Executive will not receive any of the Severance Benefits, Change in Control Severance Benefits, or any
other compensation or benefits, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations. 

6.7 Notice; Effective Date of Termination. 

(a) Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of: 

(i) immediately after the Company gives notice to Executive of Executive’s termination, with or without Cause, unless pursuant to
Sections 6.3(b)(vi), 6.3(b)(v), or 6.3(b)(vi) in which case ten (10) days after notice if not cured or unless the Company specifies a later date, in which case, termination shall be effective as of such later date; 

(ii) immediately upon the Executive’s death; 

(iii) ten (10) days after the Company gives notice to Executive of Executive’s termination on account of Executive’s
Disability, unless the Company specifies a later date, in which case, termination shall be effective as of such later date, provided that Executive has not returned to the full time performance of Executive’s duties prior to such date;

 (iv) ten (10) days after the Executive gives written notice to the Company of Executive’s resignation not for Good
Reason, provided that the Company may set a termination date at any time between the date of notice and the date of resignation, in which case the Executive’s resignation shall be effective as of such other date. Executive will receive
compensation through any required notice period; or 
 (v) for a termination for Good Reason, immediately upon Executive’s full
satisfaction of the requirements of Section 6.1(g). 

  
 8. 

 (b) In the event notice of a termination under subsections (a)(i) and (iii) is
given orally, at the other party’s request, the party giving notice must provide written confirmation of such notice within five (5) business days of the request in compliance with the requirement of Section 7.1 below. In the event of
a termination for Cause, written confirmation shall specify the subsection(s) of the definition of Cause relied on to support the decision to terminate. 

6.8 Cooperation With Company After Termination of Employment. Following termination of Executive’s employment for any
reason, Executive shall fully cooperate with the Company in all matters relating to the winding up of Executive’s pending work including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any such
pending work to such other employees as may be designated by the Company. 
 6.9 Section 409A.  

(a) Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein
are subject to the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”). Severance shall not commence until the Executive
has a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “separation from service”). Each
installment of severance is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance is intended to satisfy the exemptions from application of
Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if
such exemptions are not available and the Executive is, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under
Section 409A, the timing of the severance payments shall be delayed until the earlier of (i) six (6) months and one day after the Executive’s separation from service, or (ii) the Executive’s death. The parties acknowledge
that the exemptions from application of Section 409A to severance benefits are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of severance benefits may preclude the
ability of severance benefits provided under this Agreement to qualify for an exemption. 
 (b) It is intended that this Agreement
shall comply with the requirements of Section 409A, and any ambiguity contained herein shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the Company
shall in no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement. 

6.10 Certain Excise Taxes. 

(a) Notwithstanding anything to the contrary in this Agreement, if any payment or benefit Executive would receive from the Company or
any other party whether in connection with the provisions of this Agreement or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and
(ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount”
shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject 

  
 9. 

 to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever
amount ((x) or (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt of the greatest
economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount will give rise to the greater after tax benefit, the reduction in the Payments shall occur in the following order:
(a) reduction of cash payments; (b) cancellation of accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits paid to Executive.
Within any such category of payments and benefits (that is, (a), (b), (c) or (d)), a reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to
amounts that are. In the event that acceleration of compensation from Executive’s equity awards is to be reduced, such acceleration of vesting shall be canceled, subject to the immediately preceding sentence, in the reverse order of the date of
grant. 
 (b) The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior
to the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code shall perform the foregoing calculations. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor
for the individual, entity or group effecting such event, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect
to the determinations by such independent registered public accounting firm required to be made hereunder. The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with
detailed supporting documentation, to the Company and Executive within thirty (30) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time
as reasonably requested by the Company or Executive. Any good faith determinations of the independent registered public accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 

7. GENERAL PROVISIONS. 

7.1 Notices. Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery
to the party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the next business day, (c) five (5) days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent
to the Company at its primary office location and to Executive at Executive’s address as listed on the Company payroll or Executive’s company-provided email address, or at such other address as the Company or the Executive may designate by
ten (10) days advance written notice to the other. 

  
 10. 

 7.2 Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had
never been contained herein. 
 7.3 Waiver. If either party should waive any breach of any provisions of this Agreement,
Executive or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

7.4 Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the
subject matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and agreements. This Agreement is
entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company. The parties have entered
into a separate Confidential Information Agreement. Any such separate agreement governs other aspects of the relationship between the parties, has or may have provisions that survive termination of the Executive’s employment under this
Agreement, may be amended or superseded by the parties without regard to this agreement and are enforceable according to their terms without regard to the enforcement provision of this Agreement. 

7.5 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more
than one party, but all of which taken together will constitute one and the same Agreement. 
 7.6 Headings. The headings of
the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 

7.7 Successors and Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in
part, to any Company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such case said Company or other entity shall by operation
of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. The Executive may not
assign or transfer this Agreement or any rights or obligations hereunder, other than to his estate upon his death. 
 7.8 Choice of
Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of Delaware. 

7.9 Resolution of Disputes. To ensure the rapid and economical resolution of disputes that may arise in connection with
Executive’s employment with the Company, Executive and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory claims, arising from or relating to the enforcement,
breach, performance, or interpretation of this Agreement, Executive’s employment with the Company, or the termination of Executive’s employment, shall be resolved pursuant to the Federal Arbitration 

  
 11. 

 Act, 9 U.S.C. § 1-16, to the fullest extent permitted by law,
by final, binding and confidential arbitration conducted by JAMS or its successor, under JAMS’ then applicable rules and procedures for employment disputes before a single arbitrator (available upon request and also currently available at
http://www.jamsadr.com/rules-employment-arbitration/). Executive acknowledges that by agreeing to this arbitration procedure, both Executive and the Company waive the right to resolve any such dispute through a trial by jury or judge or
administrative proceeding. In addition, all claims, disputes, or causes of action under this paragraph, whether by Executive or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or
class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person or entity. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any
form of representative or class proceeding. To the extent that the preceding sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a
class shall proceed in a court of law rather than by arbitration. This paragraph shall not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law, including, without limitation, claims brought pursuant to the
California Private Attorneys General Act of 2004, as amended, the California Fair Employment and Housing Act, as amended, and the California Labor Code, as amended, to the extent such claims are not permitted by applicable law(s) to be submitted to
mandatory arbitration and the applicable law(s) are not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the “Excluded Claims”). In the event Executive intends to bring multiple claims, including
one of the Excluded Claims listed above, the Excluded Claims may be filed with a court, while any other claims will remain subject to mandatory arbitration. Executive will have the right to be represented by legal counsel at any arbitration
proceeding. Questions of whether a claim is subject to arbitration under this Agreement shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the final disposition are also matters for the
arbitrator. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the
arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The arbitrator shall be
authorized to award all relief that Executive or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the administrative fees that Executive would be required to pay if the dispute
were decided in a court of law. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or
orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction. 

[Signature Page Follows] 

  
 12. 

 IN WITNESS WHEREOF, the
parties have executed this Amended and Restated Executive Employment Agreement on the day and year first written above. 
  

			
	INSTIL BIO INC.
		
	By:	 	 /s/ Bronson Crouch

		 	Name:             Bronson Crouch
		 	Title:             Chief Executive Officer
	
	Executive:
		
	By:	 	 /s/ Zachary Roberts

		 	Name:             Zachary Roberts
		 	Title:             Chief Medical Officer

 EXHIBIT A 

EMPLOYEE CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT  

 For California Employees 

INSTIL BIO INC. 

EMPLOYEE CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT 

In consideration of my employment or continued employment by Instil Bio Inc. (“Employer”), and its subsidiaries, parents,
affiliates, successors and assigns (together with Employer, “Company”), the compensation paid to me now and during my employment with Company, and Company’s agreement to provide me with access to its Confidential
Information (as defined below), I enter into this Employee Confidential Information and Inventions Assignment Agreement with Employer (the “Agreement”). Accordingly, in consideration of the mutual promises and covenants
contained herein, Employer (on behalf of itself and Company) and I agree as follows: 
 1. Confidential Information Protections. 

1.1 Recognition of Company’s Rights; Nondisclosure. My employment by Company creates a relationship of confidence and trust
with respect to Confidential Information (as defined below) and Company has a protectable interest in the Confidential Information. At all times during and after my employment, I will hold in confidence and will not disclose, use, lecture upon, or
publish any Confidential Information, except as required in connection with my work for Company, or as approved by an officer of Company. I will obtain written approval by an officer of Company before I lecture on or submit for publication any
material (written, oral, or otherwise) that discloses and/or incorporates any Confidential Information. I will take all reasonable precautions to prevent the disclosure of Confidential Information. Notwithstanding the foregoing, pursuant to 18
U.S.C. Section 1833(b), I will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is
made under seal. I agree that Company information or documentation to which I have access during my employment, regardless of whether it contains Confidential Information, is the property of Company and cannot be downloaded or retained for my
personal use or for any use that is outside the scope of my duties for Company. 
 1.2 Confidential Information.
“Confidential Information” means any and all confidential knowledge or data of Company, and includes any confidential knowledge or data that Company has received, or receives in the future, from third parties that Company has
agreed to treat as confidential and to use for only certain limited purposes. By way of illustration but not limitation, Confidential Information includes (a) trade secrets, inventions, ideas, processes, formulas, software in source or object
code, data, technology, know-how, designs and techniques, and any other work product of any nature, and all Intellectual Property Rights (defined below) in all of the foregoing (collectively,
“Inventions”), including all Company Inventions (defined in Section 2.1); (b) information regarding research, development, new products, business and operational plans, budgets, unpublished financial statements and
projections, costs, margins, discounts, credit terms, pricing, quoting procedures, future plans and strategies, capital-raising plans, internal services, suppliers and supplier information; (c) information about customers and potential
customers of Company, including customer lists, names, representatives, their needs or desires with respect to the types of products or services offered by Company, and other non-public information;
(d) information about Company’s business partners and their services, including names, representatives, proposals, bids, contracts, and the products and services they provide; (e) information regarding personnel, employee lists,
compensation, and employee skills; and (f) any other non-public information that a competitor of Company could use to Company’s competitive disadvantage. However, Company agrees that I am free to use
information that I knew prior to my employment with Company or that is, at the time of use, generally known in the trade or industry through no breach of this Agreement by me. Company further agrees that this Agreement does not limit my right to
discuss my employment or unlawful acts in Company’s workplace, including but not limited to sexual harassment, or report possible violations of law or regulation with any federal, state or local government agency, or to discuss the terms and
conditions of my employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act, or to the extent that such disclosure is protected under the applicable provisions of law or regulation, including but
not limited to “whistleblower” statutes or other similar provisions that protect such disclosure, to the extent any such rights are not permitted by applicable law to be the subject of nondisclosure obligations. 

  
 Employee Confidential
Information and Inventions Assignment Agreement 
 Page 1 

 1.3 Term of Nondisclosure Restrictions. I will only use or disclose
Confidential Information as provided in this Section 1 and I agree that the restrictions in Section 1.1 are intended to continue indefinitely, even after my employment by Company ends. However, if a time limitation on my obligation not to
use or disclose Confidential Information is required under applicable law, and the Agreement or its restriction(s) cannot otherwise be enforced, Company and I agree that the two year period after the date my employment ends will be the time
limitation relevant to the contested restriction; provided, however, that my obligation not to disclose or use trade secrets that are protected without time limitation under applicable law shall continue indefinitely. 

1.4 No Improper Use of Information of Prior Employers and Others. During my employment by Company, I will not improperly use or
disclose confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality, and I will not bring onto Company’s premises any unpublished documents or property belonging
to a former employer or any other person to whom I have an obligation of confidentiality unless that former employer or person has consented in writing. 

2. Assignments of Inventions.  

2.1 Definitions. The term (a) “Intellectual Property Rights” means all past, present and
future rights of the following types, which may exist or be created under the laws of any jurisdiction in the world: trade secrets, Copyrights, trademark and trade name rights, mask work rights, patents and industrial property, and all proprietary
rights in technology or works of authorship (including, in each case, any application for any such rights and any rights to apply for any such rights, as well as all rights to pursue remedies for infringement or violation of any such rights); (b)
“Copyright” means the exclusive legal right to reproduce, perform, display, distribute and make derivative works of a work of authorship (for example, a literary, musical, or artistic work) recognized by the laws of any
jurisdiction in the world; (c) “Moral Rights” means all paternity, integrity, disclosure, withdrawal, special and similar rights recognized by the laws of any jurisdiction in the world; and (d) “Company
Inventions” means any and all Inventions (and all Intellectual Property Rights related to Inventions) that are made, conceived, developed, prepared, produced, authored, edited, amended, reduced to practice, or learned or set out in any
tangible medium of expression or otherwise created, in whole or in part, by me, either alone or with others, during my employment by Company, and all printed, physical, and electronic copies, and other tangible embodiments of Inventions. 

2.2 California Limited Exclusion Notification. 

(a) I acknowledge that California Labor Code section 2870(a) provides that I cannot be required to assign to Company any Invention that I
develop entirely on my own time without using Company’s equipment, supplies, facilities or trade secret information, except for Inventions that either (i) relate at the time of conception or reduction to practice to Company’s
business, or actual or demonstrably anticipated research or development, or (ii) result from any work performed by me for Company (“Nonassignable Inventions”). 

(b) To the extent that a provision in this Agreement purports to require me to assign a Nonassignable Invention to Company, the provision is
against the public policy of the state of California and is unenforceable. 
 (c) This limited exclusion does not apply to any patent
or Invention covered by a contract between Company and the United States or any of its agencies requiring full title to such patent or Invention to be in the United States. 

2.3 Prior Inventions. 

(a) On Exhibit A to this Agreement is a list describing any Inventions that (i) are owned by me or in which I have an
interest and that were made or acquired by me prior to my date of first employment by Company, and (ii) may relate to Company’s business or actual or demonstrably anticipated research or development, and (iii) are not to be assigned
to Company (“Prior Inventions”). If no such list is attached, I represent and warrant that no Inventions that would be classified as Prior Inventions exist as of the date of this Agreement. 

(b) I agree that if I use any Prior Inventions and/or Nonassignable Inventions in the scope of my employment, or if I include any Prior
Inventions and/or Nonassignable Inventions in any product or service of Company, or if my rights in any Prior Inventions and/or any Nonassignable Inventions may block or interfere with, or may otherwise be required for, the exercise by Company of
any rights assigned to Company under this Agreement (each, a “License Event”), (i) I will immediately notify Company in writing, and (ii) unless Company and I agree otherwise in writing, I 

  
 Employee Confidential
Information and Inventions Assignment Agreement 
 Page 2 

 hereby grant to Company a non-exclusive, perpetual, transferable,
fully-paid, royalty-free, irrevocable, worldwide license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works of, distribute, publicly perform, and publicly display in any form or medium (whether
now known or later developed), make, have made, use, sell, import, offer for sale, and exercise any and all present or future rights in, such Prior Inventions and/or Nonassignable Inventions. To the extent that any third parties have any rights in
or to any Prior Inventions or any Nonassignable Inventions, I represent and warrant that such third party or parties have validly and irrevocably granted to me the right to grant the license stated above. For purposes of this paragraph,
“Prior Inventions” includes any Inventions that would be classified as Prior Inventions, whether or not they are listed on Exhibit A to this Agreement. 

2.4 Assignment of Company Inventions. I hereby assign to Employer all my right, title, and interest in and to any and all Company
Inventions other than Nonassignable Inventions and agree that such assignment includes an assignment of all Moral Rights. To the extent such Moral Rights cannot be assigned to Employer and to the extent the following is allowed by the laws in any
country where Moral Rights exist, I hereby unconditionally and irrevocably waive the enforcement of such Moral Rights, and all claims and causes of action of any kind against Employer or related to Employer’s customers, with respect to such
rights. I further agree that neither my successors-in-interest nor legal heirs retain any Moral Rights in any Company Inventions. Nothing contained in this Agreement may
be construed to reduce or limit Company’s rights, title, or interest in any Company Inventions so as to be less in any respect than that Company would have had in the absence of this Agreement. 

2.5 Obligation to Keep Company Informed. During my employment by Company, I will promptly and fully disclose to Company in
writing all Inventions that I author, conceive, or reduce to practice, either alone or jointly with others. At the time of each disclosure, I will advise Company in writing of any Inventions that I believe constitute Nonassignable Inventions; and I
will at that time provide to Company in writing all evidence necessary to substantiate my belief. Subject to Section 2.3(b), Company agrees to keep in confidence, not use for any purpose, and not disclose to third parties without my consent,
any confidential information relating to Nonassignable Inventions that I disclose in writing to Company. 
 2.6 Government or Third
Party. I agree that, as directed by Company, I will assign to a third party, including without limitation the United States, all my right, title, and interest in and to any particular Company Invention. 

2.7 Ownership of Work Product. I acknowledge that all original works of authorship that are made by me (solely or jointly with
others) within the scope of my employment and that are protectable by Copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section 101). 

2.8 Enforcement of Intellectual Property Rights and Assistance. I will assist Company, in every way Company requests, including
signing, verifying and delivering any documents and performing any other acts, to obtain and enforce United States and foreign Intellectual Property Rights and Moral Rights relating to Company Inventions in any jurisdictions in the world. My
obligation to assist Company with respect to Intellectual Property Rights relating to Company Inventions will continue beyond the termination of my employment, but Company will compensate me at a reasonable rate after such termination for the time I
actually spend on such assistance. If Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions specified in this paragraph, I hereby irrevocably designate and appoint
Employer and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and on my behalf to execute, verify and file any such documents and to do all other lawfully permitted
acts to further the purposes of this Agreement with the same legal force and effect as if executed by me. I hereby waive and quitclaim to Company any and all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any
Intellectual Property Rights assigned to Employer under this Agreement. 
 2.9 Incorporation of Software Code. I agree not to
incorporate into any Inventions, including any Company software, or otherwise deliver to Company, any software code licensed under the GNU General Public License, Lesser General Public License, or any other license that, by its terms, requires or
conditions the use or distribution of such code on the disclosure, licensing, or distribution of any source code owned or licensed by Company, except in strict compliance with Company’s policies regarding the use of such software or as
directed by Company. 
 3. Records. I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any
other form that is required by Company) of all Confidential Information developed by me and all Company Inventions made by me during the period of my employment at Company, which records will be available to and remain the sole property of Employer
at all times. 

  
 Employee Confidential
Information and Inventions Assignment Agreement 
 Page 3 

 4. Duty of Loyalty During Employment. During my employment by Company, I will not, without
Company’s written consent, directly or indirectly engage in any employment or business activity that is directly or indirectly competitive with, or would otherwise conflict with, my employment by Company. 

5. No Solicitation of Employees, Consultants or Contractors. To the extent permitted by applicable law, I agree that during my employment and for the
one year period after the date my employment ends for any reason, including but not limited to voluntary termination by me or involuntary termination by Company, I will not, as an officer, director, employee, consultant, owner, partner, or in any
other capacity, either directly or through others (except on behalf of Company) solicit, induce, encourage any person known to me to be an employee, consultant, or independent contractor of Company to terminate his, her or its relationship with
Company.  
 6. Reasonableness of Restrictions. I have read this entire Agreement and understand it. I agree that (a) this Agreement does
not prevent me from earning a living or pursuing my career, and (b) the restrictions contained in this Agreement are reasonable, proper, and necessitated by Company’s legitimate business interests. I represent and agree that I am entering
into this Agreement freely, with knowledge of its contents and the intent to be bound by its terms. If a court finds this Agreement, or any of its restrictions, are ambiguous, unenforceable, or invalid, Company and I agree that the court will read
the Agreement as a whole and interpret such restriction(s) to be enforceable and valid to the maximum extent allowed by law. If the court declines to enforce this Agreement in the manner provided in this Section and/or Section 12.2, Company and
I agree that this Agreement will be automatically modified to provide Company with the maximum protection of its business interests allowed by law, and I agree to be bound by this Agreement as modified. 

7. No Conflicting Agreement or Obligation. I represent that my performance of all the terms of this Agreement and as an employee of Company does not
and will not breach any agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment by Company. I have not entered into, and I agree I will not enter into, any written or oral agreement in conflict
with this Agreement. 
 8. Return of Company Property. When I cease to be employed by Company, I will deliver to Company any and all materials,
together with all copies thereof, containing or disclosing any Company Inventions, or Confidential Information. I will not copy, delete, or alter any information contained upon my Company computer or Company equipment before I return it to Company.
In addition, if I have used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit any Company information, including but not limited to, Confidential Information, I
agree to provide Company with a computer-useable copy of all such information and then permanently delete such information from those systems; and I agree to provide Company access to my system as reasonably requested to verify that the necessary
copying and/or deletion is completed. I further agree that any property situated on Company’s premises and owned by Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by
Company’s personnel at any time during my employment, with or without notice. Prior to leaving, I hereby agree to: provide Company any and all information needed to access any Company property or information returned or required to be returned
pursuant to this paragraph, including without limitation any login, password, and account information; cooperate with Company in attending an exit interview; and complete and sign Company’s termination statement if required to do so by Company.

 9. Legal and Equitable Remedies. I agree that (a) it may be impossible to assess the damages caused by my violation of this Agreement or any
of its terms, (b) any threatened or actual violation of this Agreement or any of its terms will constitute immediate and irreparable injury to Company, and (c) Company will have the right to enforce this Agreement by injunction, specific
performance or other equitable relief, without bond and without prejudice to any other rights and remedies that Company may have for a breach or threatened breach of this Agreement. If Company enforces this Agreement through a court order, I agree
that the restrictions of Section 5 will remain in effect for a period of 12 months from the effective date of the order enforcing the Agreement. 
  

  
 Employee Confidential
Information and Inventions Assignment Agreement 
 Page 4 

 10. Notices. Any notices required or permitted under this Agreement will be given to Company at its
headquarters location at the time notice is given, labeled “Attention Chief Executive Officer,” and to me at my address as listed on Company payroll, or at such other address as Company or I may designate by written notice to the other.
Notice will be effective upon receipt or refusal of delivery. If delivered by certified or registered mail, notice will be considered to have been given five business days after it was mailed, as evidenced by the postmark. If delivered by courier or
express mail service, notice will be considered to have been given on the delivery date reflected by the courier or express mail service receipt. 
 11.
Publication of This Agreement to Subsequent Employer or Business Associates of Employee. If I am offered employment, or the opportunity to enter into any business venture as owner, partner, consultant or other capacity, while the restrictions in
Section 5 of this Agreement are in effect, I agree to inform my potential employer, partner, co-owner and/or others involved in managing the business I have an opportunity to be associated with, of my
obligations under this Agreement and to provide such person or persons with a copy of this Agreement. I agree to inform Company of all employment and business ventures which I enter into while the restrictions described in Section 5 of this
Agreement are in effect and I authorize Company to provide copies of this Agreement to my employer, partner, co-owner and/or others involved in managing the business I have an opportunity to be associated with
and to make such persons aware of my obligations under this Agreement. 
 12. General Provisions.  

12.1 Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of
the State of California without regard to any conflict of laws principles that would require the application of the laws of a different jurisdiction. I expressly consent to the personal jurisdiction and venue of the state and federal courts located
in California for any lawsuit filed there against me by Company arising from or related to this Agreement. 
 12.2
Severability. If any portion of this Agreement is, for any reason, held to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability will not affect the other provisions of this Agreement, and this Agreement will
be construed as if such provision had never been contained in this Agreement. If any portion of this Agreement is, for any reason, held to be excessively broad as to duration, geographical scope, activity or subject, it will be construed by limiting
and reducing it, so as to be enforceable to the extent allowed by the then applicable law. 
 12.3 Successors and Assigns. This
Agreement is for my benefit and the benefit of Company and its and their successors, assigns, parent corporations, subsidiaries, affiliates, and purchasers, and will be binding upon my heirs, executors, administrators and other legal
representatives. 
 12.4 Survival. This Agreement will survive the termination of my employment, regardless of the reason, and
the assignment of this Agreement by Company to any successor in interest or other assignee. 
 12.5 Employment At-Will. I understand and agree that nothing in this Agreement will change my at-will employment status or confer any right with respect to continuation of employment by
Company, nor will it interfere in any way with my right or Company’s right to terminate my employment at any time, with or without cause or advance notice. 

12.6 Waiver. No waiver by Company of any breach of this Agreement will be a waiver of any preceding or succeeding breach. No
waiver by Company of any right under this Agreement will be construed as a waiver of any other right. Company will not be required to give notice to enforce strict adherence to all terms of this Agreement. 

12.7 Export. I agree not to export, reexport, or transfer, directly or indirectly, any U.S. technical data acquired from Company
or any products utilizing such data, in violation of the United States export laws or regulations. 
 12.8 Counterparts. This
Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or
any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly
delivered and be valid and effective for all purposes. 
  

  
 Employee Confidential
Information and Inventions Assignment Agreement 
 Page 5 

 12.9 Advice of Counsel. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I
HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT WILL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR
PREPARATION OF THIS AGREEMENT. 
 12.10 Entire Agreement. The obligations in Sections 1 and 2 (except Section 2.2 and
Section 2.7, in each case, with respect to a consulting relationship) of this Agreement will apply to any time during which I was previously engaged, or am in the future engaged, by Company as a consultant, employee or other service provider if
no other agreement governs nondisclosure and assignment of inventions during such period. This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter of this Agreement and supersedes and merges all
prior discussions between us, provided, however, if, prior to execution of this Agreement, Company and I were parties to any agreement regarding the subject matter hereof, that agreement will be superseded by this
Agreement prospectively only. No modification of or amendment to this Agreement will be effective unless in writing and signed by the party to be charged. Any subsequent change or changes in my duties, salary or compensation will not affect the
validity or scope of this Agreement. 
 [Signatures to follow on next page] 

 

  
 Employee Confidential
Information and Inventions Assignment Agreement 
 Page 6 

 This Agreement will be effective as of the date signed by the Employee below. 

 

					
	EMPLOYER: Instil Bio Inc.	 		  	EMPLOYEE:
			
	 /s/ Bronson Crouch
	 		  	 /s/ Zachary roberts

	 (Signature)

Bronson Crouch
	 	         

	  	 (Signature)

Zachary roberts

	 (Printed Name)

Chairman
	 		  	 (Printed Name)

6/23/2020

	(Title)	 		  	(Date Signed)

  
 Employee Confidential
Information and Inventions Assignment Agreement 
 Signature Page 

 EXHIBIT A 

PRIOR INVENTIONS 
 1. Prior
Inventions Disclosure. Except as listed in Section 2 below, the following is a complete list of all Prior Inventions: 
  

			
	☒	  	 No  Prior Inventions.

		
	☐	  	 See below:

		  	  

		  	  

		  	  

		
		  	 Additional sheets attached.

 2. Due to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect
to the Prior Inventions generally listed below, the intellectual property rights and duty of confidentiality with respect to which I owe to the following party(ies): 
  

							
	 	  	 Excluded Invention
	  	 Party(ies)
	  	 Relationship

	1.	  	  
	  	  
	  	  

	2.	  	  
	  	  
	  	  

	3.	  	  
	  	  
	  	  

  

			
	☐	  	Additional sheets attached.

  
 Employee Confidential
Information and Inventions Assignment Agreement 
 Exhibit A, Page 1

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