Document:

EX-10.17

 Exhibit 10.17 

EMPLOYMENT AGREEMENT 

THIS AGREEMENT (the “Agreement”) is entered into by and between WILLIAM
DESMARAIS (the “Executive” or “you”) and TSCAN THERAPEUTICS, INC. (the “Company”), a Delaware corporation and replaces and
supersedes the employment agreement between the Executive and Company, dated March 16, 2021 (the “Prior Agreement”). 
  

	 	1.	 Duties and Scope of Employment. 

(a)     Position. For the term of his employment under this Agreement (the “Employment”), the Company
agrees to employ the Executive in the position Chief Business Officer or in such other position as the Company subsequently may assign to the Executive. The Executive shall report to the Company’s Chief Executive Officer. 

(b)    Obligations to the Company. During his Employment, the Executive (i) shall devote his full business
efforts and time to the Company, (ii) shall not engage in any other employment, consulting or other business activity that would create a conflict of interest with the Company, (iii) shall not assist any person or entity in competing with
the Company or in preparing to compete with the Company and (iv) shall comply with the Company’s policies and rules, as they may be in effect from time to time. 

(c)    No Conflicting Obligations. The Executive represents and warrants to the Company that he is under no
obligations or commitments, whether contractual or otherwise, that are inconsistent with his obligations under this Agreement. The Executive represents and warrants to the Company that he has returned all property and confidential information
belonging to any prior employer. 
 (d)    Definitions. Certain capitalized terms are defined in Section 12.

  

	 	2.	 Cash and Incentive Compensation. 

(a)    Salary. The Company shall pay the Executive as compensation for his services a base salary at a gross annual
rate of $360,000 (as may be adjusted, the “Base Salary”). Such salary shall be payable in accordance with the Company’s standard payroll procedures and shall be subject to adjustment pursuant to the Company’s executive
compensation policies in effect from time to time. 
 (b)    Bonus. You will be eligible for an annual
performance bonus of 40% of your annual base salary, subject to achievement of targets that you will develop for approval by the Company’s Board of Directors (the “Board”) or its Compensation Committee (the “Committee”).
Performance bonus goals and attainment of such goals will be evaluated and approved by the Committee and paid on an annual basis, with such payment, to the extent earned, to be made within 2 1⁄2 months following the close of the applicable fiscal year, but only if you are still employed by the Company as of the date of payment. The determinations of the
Board or Committee with respect to your bonus will be final and binding. 

 3.        Executive Benefits. During his
Employment, the Executive shall be eligible for paid time off in accordance with the Company’s PTO policy, as in effect from time to time. During his Employment, the Executive shall also be eligible to participate in the executive benefit plans
maintained by the Company, subject in each case to the generally applicable terms and conditions of the plan in question and to the determinations of any person or committee administering such plan. 

4.        Gifts. The Executive is not permitted to, directly or indirectly, in connection with
the performance of his duties, accept or demand commission, contribution, reimbursement or gifts in any form whatsoever from third parties. This does not apply to customary promotional gifts not exceeding a value of $50. 

 

	 	5.	 Term of Employment. 

(a)    Employment at Will. The Executive’s Employment with the Company shall be “at will,” meaning
that either the Executive or the Company shall be entitled to terminate the Executive’s Employment at any time and for any reason, with or without Cause. Any contrary representations that may have been made to the Executive shall be superseded
by this Agreement. This Agreement shall constitute the full and complete agreement between the Executive and the Company on the “at will” nature of the Executive’s Employment. Although Executive’s job duties, title, compensation
and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of the Executive’s employment may only be changed in an express written agreement signed by the
Executive and a duly authorized officer of the Company (other than the Executive). The termination of the Executive’s Employment shall not limit or otherwise affect his obligations under Sections 7 and/or 8 below or his rights under
Section 6 below. 
 (b)    Rights upon Termination. Except as expressly provided in Section 6 below,
upon the termination of the Executive’s Employment, the Executive shall only be entitled to the compensation and benefits that the Executive has earned under this Agreement before the effective date of the termination. The payments under this
Agreement shall fully discharge all responsibilities of the Company to the Executive (other than payments of accrued and vested executive benefits, if any, under the Company’s executive benefit plans). 

 

	 	6.	 Termination Benefits. 

(a)    General. If you are subject to an Involuntary Termination, then you will be entitled to the benefits
described in Section 6(b). However, Section 6(b) will not apply unless you (i) have returned all Company property in your possession, and (ii) have executed a general release of all claims (with applicable carve-out for continued indemnification, non-disparagement and other customary exceptions) that you may have against the Company or persons affiliated with the Company. You
must execute and return the release on or before the date specified by the Company in the prescribed form (the “Release Deadline”). The Release Deadline will in no event be later than 50 days after your Separation. If you fail to return
the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in Section 6(b). Your obligation to provide the release will be waived and treated as satisfied if the Company
has not delivered the initial form of release to you within ten days after your employment ends. 

 (b)    Severance Payment. If you are subject to an Involuntary
Termination, then the Company will continue to pay you the Base Salary for twelve (12) months following your Separation (the “Severance Period”). The salary continuation payments will commence on the first payroll date following
expiration of the applicable revocation period of the release provided for in Section 6(a) and thereafter on the Company’s normal payroll schedule. In the event you are subject to an Involuntary Termination in the three (3) months
prior to a Change in Control, on a Change in Control or in the twelve (12) months following a Change in Control, then the Company will pay you a lump sum cash payment equal to (i) 1 times (x) Base Salary plus (y) annual target bonus
and (ii) your pro-rata (number of days worked in in the fiscal year of Separation over 365) target bonus, subject to execution of the release. However, if the
50-day period described in Section 6(a) spans two (2) calendar years, then the salary continuation payments or, if applicable, the lump sum payment will commence or be paid on the first payroll date
following expiration of the applicable revocation period in the second calendar year. The Company’s obligation to make payments during the Severance Period will cease immediately upon (i) your material breach of the PIIA or (ii) your
acceptance of any paid employment or consulting engagement during any period in which the Company is obligated to make such payments, and you hereby agree to immediately inform the Company in the event that you have accepted any such paid employment
or consulting engagement. 
 (c)    Equity Awards. In the event you are subject to an Involuntary Termination in
the three (3) months prior to a Change in Control, on a Change in Control or in the twelve (12) months following a Change in Control, then all of your outstanding and unvested option shares and equity awards issued shall be 100% vested and
non-forfeitable. 
 (d)    COBRA. If you are subject to an
Involuntary Termination and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following your Separation, then the Company will pay the same percentage of your monthly
premium under COBRA, which is understood to potentially be higher than said premium for active employees, as it pays for active employees and their eligible dependents for the 12 months following your Separation. 

(e)    Accrued Rights. You will be entitled to receive the following upon termination of employment for any reason:
(i) accrued and unpaid Base Salary through the date of termination of employment; (ii) reimbursement for any unreimbursed business expenses; and (iii) such employee benefits, if any, to which the Executive may be entitled under the
applicable Company plans upon termination of employment. 
 7.        Documents and Company
Property. The Executive is prohibited from keeping in his possession in any way any correspondence, documents, other information carriers, copies thereof, and other goods made available by the Company or its affiliates to him (including, but not
limited to, credit cards, mobile communication devices, keys, documents, handbooks, financial data, plans, USB sticks or other information carriers, access cards and laptop computer), except to the extent that this is necessary for the performance
of his work for the Company. In any event, the Executive is obliged to immediately hand over such documents and other goods made available to him at the end of this Agreement or upon suspension of his active duties for any reason other than
documents relating to his own employment and compensation. 

 8.        Proprietary Information and Inventions
Agreement. Like all Company Executives, the Executive shall be required, as a condition of his employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement (the “PIIA”), a copy of
which is attached hereto as Exhibit A.    In the event of an Involuntary Termination in connection with a Change in Control, the non-compete and non-solicitation restrictive covenants of the PIIA shall be null and void. 

9.        Reimbursement of Expenses. The Company will reimburse business expenses reasonably
incurred in the performance of your duties in accordance with the Company’s standard practice and expense scheme in place at the time (generally within 30 days after you have submitted appropriate documentation, which you must do within 30 days
after incurring the expense) and, in any case, on or before the last day of the calendar year following the calendar year in which the relevant expense is incurred. The Company will reimburse reasonable costs of the professional use of your (mobile)
telephone. 
  

	 	10.	 Successors. 

(a)    Company’s Successors. This Agreement shall be binding upon any successor (whether direct or indirect
and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For all purposes under this Agreement, the term “Company” shall include any
successor to the Company’s business and/or assets which becomes bound by this Agreement. 

(b)    Executive’s Successors. This Agreement and all rights of the Executive hereunder shall inure to
the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

11.       Indemnification.    During your employment by the Company and at all
times thereafter, regardless of the reason for termination, to the fullest extent permitted by its articles of incorporation and by applicable law, the Company shall indemnify you and hold you harmless against any cost, fee, expense, fine or penalty
to which you may be subject as a result of serving as an employee or officer of the Company or member of its Board and provide for you to be covered by the insurance or other indemnity policy applicable to officers or directors of the Company
(including any rights to advances or reimbursement of legal fees thereunder). The Company’s indemnification obligation shall survive any termination of your employment. 

12.       Definitions. The following terms shall have the meaning set forth below wherever they are
used in this Agreement: 
 (a)    Cause. The term “Cause” shall mean: 

(i)    any material breach by you of any agreement to which you and the Company are both parties that is injurious to the
Company; 

 (ii)    substantial negligence in the performance of, or substantial
failure to perform, your services to the Company, which breach, negligence or failure, as applicable, is not cured within thirty (30) days following written notice by the Company; 

(iii)    commission by you of a felony or other crime involving moral turpitude; or 

(iv)    willful misconduct by you which has, or could reasonably be expected to have, a material adverse effect upon the
business, interests or reputation of the Company. 
 (b)    Change in Control. The term “Change in
Control” shall mean (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the
Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then-outstanding voting securities; (ii) the consummation of a merger or
consolidation of the Company with or into any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or its parent) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent
outstanding immediately after such merger or consolidation; or (iii) the sale, transfer or other disposition of all or substantially all of the Company’s assets. 

(c)    Code. The term “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(d)    Disability. The term “Disability” shall mean that the Executive is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to last for a continuous period of not less than twelve months. 

(e)    Involuntary Termination. The term “Involuntary Termination” shall mean either the
Executive’s (i) Termination Without Cause or (ii) Resignation for Good Reason. 
 (f)    Resignation
for Good Reason. The term “Resignation for Good Reason” means a Separation as a result of the Executive’s resignation within 12 months after one of the following conditions has come into existence without the
Executive’s consent: 
 (i)    a material diminution in your compensation (except for across-the-board reductions affecting the Company’s similarly situated employees generally); 

(ii)    a material diminution in your title, duties, authority and responsibilities within the Company; or 

(iii)    a material breach of the Company’s obligation under any agreement between the Company and you. 

 A Resignation for Good Reason shall not be deemed to have occurred unless the Executive gives the Company
written notice of the condition within 60 days after the condition comes into existence and the Company fails to remedy the condition within 30 days after receiving the Executive’s written notice. 

(g)    Separation. The term “Separation” shall mean a “separation from service,” as defined in
the regulations under Section 409A of the Code. 
 (h)    “Termination Without Cause” The term
“Termination without Cause” means a Separation as a result of a termination of the Executive’s employment by the Company without Cause and other than as a result of Disability. 

 

	 	13.	 Miscellaneous Provisions. 

(a)    Notice. Notices and all other communications contemplated by this Agreement shall be in writing and shall be
deemed to have been duly given when personally delivered, when delivered via email to a Company domain email address or, following the Separation, to the Executive’s personal email address on file with Human Resources, when delivered by FedEx
with delivery charges prepaid, or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of the Executive, mailed notices shall be addressed to him at the home address that he most recently
communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary. 

(b)    Modifications and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the
modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by either party of any breach of, or of compliance with, any condition or
provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c)    Whole Agreement. This Agreement supersedes and replaces any prior agreements, including without limitation,
the Prior Agreement, representations or understandings (whether written, oral, implied or otherwise) between the Executive and the Company and constitute the complete agreement between the Executive and the Company regarding the subject matter set
forth herein. 
 (d)    Tax Matters. All payments made under this Agreement shall be subject to reduction to
reflect taxes or other charges required to be withheld by law. The Company intends that all payments and benefits provided under this Agreement or otherwise are exempt from, or comply with, with the requirements of Code Section 409A so that
none of the payments or benefits will be subject to the additional tax imposed under Code Section 409A, and any ambiguities herein will be interpreted in accordance with such intent. For purposes of Code Section 409A, each payment,
installment or benefit payable under this Agreement is hereby designated as a separate payment. In addition, if the Company determines that you are a “specified Executive” under Code Section 409A(a)(2)(B)(i) at the time of your
Separation, then (i) any severance payments or benefits, to the extent that they are subject to Code Section 409A, will not be paid or otherwise 

 
provided until the first business day following (A) expiration of the six-month period measured from your Separation or (B) the date of your
death and (ii) any installments that otherwise would have been paid or provided prior to such date will be paid or provided in a lump sum when the severance payments or benefits commence. The Company shall not have a duty to design its
compensation policies in a manner that minimizes your tax liabilities, and you agree not to make any claim against the Company or the Board related to tax liabilities arising from your compensation. 

(e)    280G. Parachute Payments. If any payment or benefit that you would receive in connection with a
Change in Control from the Company 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 to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount, 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 your receipt of the greatest economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or
benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, any reduction shall be applied first, on a pro rata basis, to amounts that constitute deferred compensation within the meaning of
Section 409A of the Code, and, in the event that the reductions pursuant to this Section 13(e) exceed payments that are subject to Section 409A of the Code, the remaining reductions shall be applied, on a pro rata basis, to any
other remaining payments. The Company’s determinations hereunder shall be final, binding and conclusive on all interested parties.  

(f)    Arbitration. Any controversy or claim arising out of this Agreement and any and all claims relating
to your employment with the Company will be settled by final and binding arbitration. The arbitration will take place in the Commonwealth of Massachusetts. The arbitration will be administered by the American Arbitration Association under its
National Rules for the Resolution of Employment Disputes. Any award or finding will be confidential. You and the Company agree to provide one another with reasonable access to documents and witnesses in connection with the resolution of the dispute.
You and the Company will share the costs of arbitration equally up to, for you, the filing fee to bring a civil action in the state courts of Massachusetts. Each party will be responsible for its own attorneys’ fees, and the arbitrator may not
award attorneys’ fees unless a statute or contract at issue specifically authorizes such an award. This Section 13(f) does not apply to claims for workers’ compensation benefits or unemployment insurance benefits. This
Section 13(f) also does not apply to claims concerning the ownership, validity, infringement, misappropriation, disclosure, misuse or enforceability of any confidential information, patent right, copyright, mask work, trademark or any other
trade secret or intellectual property held or sought by either you or the Company (whether or not arising under the Proprietary Information and Inventions Agreement between you and the Company). 

(g)    Choice of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the
Commonwealth of Massachusetts (except its provisions governing the choice of law). If any provision of this Agreement becomes or is deemed invalid, illegal or 

 
unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage or any other reason, then such provision shall be deemed amended to the minimum extent
necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Agreement
shall continue in full force and effect. If any provision of this Agreement is rendered illegal by any present or future statute, law, ordinance or regulation (collectively the “Law”), then such provision shall be curtailed or limited only
to the minimum extent necessary to bring such provision into compliance with the Law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or limitation. 

(h)    No Assignment. This Agreement and all rights and obligations of the Executive hereunder are personal to the
Executive and may not be transferred or assigned by the Executive at any time. The Company may assign its rights under this Agreement to any entity that assumes the Company’s obligations hereunder in connection with any sale or transfer of all
or a substantial portion of the Company’s assets to such entity. 
 (i)    Counterparts. This Agreement may
be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

(Signatures on following page) 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of
the Company by its duly authorized officer, as of the day and year first above written. 
  

			
	TSCAN THERAPEUTICS, INC. 
		
	Signature:	 	 /s/ David Southwell

	Title: President and Chief Executive Officer
	
	Date: April 23, 2021
	
	EXECUTIVE
	
	 /s/ William Desmarais

	William Desmarais
	
	Date: April 23, 2021

 Exhibit A: Proprietary Information and Inventions AgreementEX-10.18

 Exhibit 10.18 

TSCAN THERAPEUTICS, INC. 

MANAGEMENT CASH INCENTIVE PLAN 

ARTICLE 1. BACKGROUND AND PURPOSE 

1.1    Effective Date. This Plan became effective upon its adoption by the Committee and is not subject to approval
by the Company’s stockholders. 
 1.2    Purpose of the Plan. The Plan is intended to provide Participants
with the possibility of earning incentive bonuses. 
 ARTICLE 2. DEFINITIONS 

The following words and phrases shall have the following meanings, unless a different meaning is plainly required by the context: 

2.1    “Actual Award” means, as to any Performance Period, the actual award amount (if any) payable to a
Participant for the Performance Period. Each Actual Award is determined by the Payout Formula for the Performance Period, subject to the Administrator’s authority under Section 3.6 to increase, eliminate or reduce the award otherwise
indicated by the Payout Formula. 
 2.2    “Administrator” means the Board, Committee or such other
entity, group, or individual delegated authority to administer the Plan in accordance with Section 5.1 of the Plan. 

2.3    “Affiliate” means any corporation or other entity (including, without limitation, partnerships
and joint ventures) controlled by the Company. 
 2.4    “Base Salary” means, as to any Performance
Period, the Participant’s regular base salary as in effect at the end of the Performance Period. Base Salary shall be calculated before both (a) deductions for taxes or benefits and (b) any deferrals of compensation pursuant to
Company-sponsored plans or Affiliate-sponsored plans. 
 2.5    “Board” means the Company’s Board
of Directors. 
 2.6    “Change in Control” means (a) a sale, conveyance or other disposition of
all or substantially all of the assets, property or business of the Company, except where such sale, conveyance or other disposition is to a wholly owned subsidiary of the Company, (b) a merger or consolidation of the Company with or into
another corporation, entity or person, other than any such transaction in which the holders of voting capital stock of the Company outstanding immediately prior to the transaction continue to hold a majority of the voting capital stock of the
Company (or the surviving or acquiring entity) outstanding immediately after the transaction (taking into account only stock of the Company held by such stockholders immediately prior to the transaction and stock issued on account of such stock in
the transaction), or (c) the direct or indirect acquisition (including by way of a tender or exchange offer) by any 

 
person, or persons acting as a group, of beneficial ownership or a right to acquire beneficial ownership of shares representing a majority of the voting power of the then outstanding shares of
capital stock of the Company; provided, however, that a Change in Control shall not include any transaction or series of related transactions (1) principally for bona fide equity financing purposes or (2) effected exclusively for the
purpose of changing the domicile of the Company. A series of related transactions shall be deemed to constitute a single transaction for purposes of determining whether a Change in Control has occurred. 

2.7    “Committee” means the Compensation Committee of the Board. 

2.8    “Company” means TScan Therapeutics, Inc., a Delaware corporation, or any successor thereto. 

2.9    “Employee” means any employee of the Company or of an Affiliate, whether such employee is so
employed when the Plan is adopted or becomes so employed after the adoption of the Plan. 

2.10    “Executive” means any executive officers as defined under Rule
3b-7 and officer as defined under Rule 16a-f promulgated under Section 16 of the Securities and Exchange Act. 

2.11    “Fiscal Year” means the fiscal year of the Company. 

2.12    “Participant” means, as to any Performance Period, an Employee who has been selected for
participation in the Plan for that Performance Period pursuant to Section 3.1. 
 2.13    “Payout
Formula” means, as to any Performance Period, the formula or payout matrix established by the Administrator pursuant to Section 3.5 in order to determine the Actual Awards (if any) to be paid to Participants. The formula or matrix may
differ from Performance Period to Performance Period and from Participant to Participant. 

2.14    “Performance Period” means a Fiscal Year, or any longer or shorter period determined by the
Administrator. 
 2.15    “Performance Goals” means the goal(s) or combined goal(s) determined by the
Administrator to be applicable to a Participant for a Target Award for a Performance Period. As determined by the Administrator, the Performance Goal(s) may provide for a targeted level or levels or achievement using the performance criteria
specified by the Administrator. Possible, but non-exclusive, performance criteria are set forth in Appendix A attached to the Plan. 

2.16    “Plan” means this TScan Therapeutics, Inc. Management Cash Incentive Plan, as amended from time
to time. 
 2.17    “Shares” means shares of the Company’s common stock. 

 2.18    “Target Award” means the target award amount
payable under the Plan to a Participant for the Performance Period expressed as a percentage of his or her Base Salary or a specific dollar amount or by reference to a number of Shares, as determined by the Administrator in accordance with
Section 3.4. 
 2.19    “Termination of Employment” means a cessation of the employee-employer
relationship between an Employee and the Company or an Affiliate for any reason, including (without limitation) a termination by resignation, discharge, death, disability, retirement or the disaffiliation of an Affiliate, but excluding a transfer
from the Company to an Affiliate or between Affiliates. 
 ARTICLE 3. SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS 

3.1    Selection of Participants. The Administrator, in its sole discretion, shall select the Employees who shall
be Participants for any Performance Period. Participation in the Plan is in the sole discretion of the Administrator and shall be determined Performance Period by Performance Period. Accordingly, an Employee who is a Participant for a given
Performance Period is in no way assured of being selected for participation in any subsequent Performance Period. 

3.2    Determination of Performance Period. The Administrator, in its sole discretion, shall establish whether a
Performance Period shall be a Fiscal Year or such longer or shorter period of time. The Performance Period may differ from Participant to Participant and from award to award. 

3.3    Determination of Performance Goals. The Administrator shall establish the Performance Goals for each
Participant for the Performance Period, and the Administrator (or its designee) shall communicate the applicable Performance Goals to each Participant. The Performance Goals may differ from Participant to Participant and from award to award. 

3.4    Determination of Target Awards. The Administrator shall establish a Target Award for each Participant for
each Performance Period, and the Administrator (or its designee) shall communicate the applicable Target Award to each Participant. 

3.5    Determination of Payout Formula or Formulae. The Administrator will establish a Payout Formula or Formulae
for purposes of determining the Actual Award (if any) payable to each Participant. Each Payout Formula may (a) be based on a comparison of actual performance to the Performance Goals, (b) provide for the payment of a Participant’s
Target Award if the Performance Goals for the Performance Period are achieved at the predetermined level and (c) provide for the payment of an Actual Award greater than or less than the Participant’s Target Award, depending upon the extent
to which actual performance exceeds or falls below the Performance Goals, subject to the limitations in Section 3.7. 

3.6    Determination of Actual Awards. After the end of each Performance Period, the Administrator will determine
the extent to which the Performance Goals applicable to each Participant for the Performance Period were achieved or exceeded. The Actual Award for each Participant will be determined by applying the Payout Formula to the level of actual

 
performance that has been determined by the Administrator; provided that notwithstanding anything to the contrary in this Plan, the Administrator may (a) reduce or eliminate the Actual Award
that otherwise would be payable under the Payout Formula; (b) increase the Actual Award; or (c) determine whether or not any Participant will receive an Actual Award in the event that the Participant incurs a Termination of Employment
before such Actual Award is to be paid pursuant to Section 4.1. If a Participant’s Actual Award is reduced or eliminated, no other Participant’s Actual Award shall be increased as a result. The Administrator has the absolute
discretion to reduce or eliminate payment of an Actual Award if in the Administrator’s judgment corporate performance, financial condition, individual performance, general economic conditions, or other similar factors make such reduction or
elimination appropriate. 
 3.7    Maximum Actual Awards. The Administrator may establish the maximum amount or
value of the Actual Award paid to any Participant for any Performance Period. 
 ARTICLE 4. PAYMENT OF AWARDS 

4.1    Right to Receive Payment. A Participant shall have no right to receive an Actual Award unless the
Participant is employed by the Company or an Affiliate on the date of payment, unless otherwise determined by the Administrator. 

4.2    Unfunded Plan. Each Actual Award that may become payable under the Plan shall be paid solely from the
general assets of the Company or the Affiliate that employs the Participant (as the case may be), as determined by the Company. No amounts awarded or accrued under the Plan shall be funded, set aside or otherwise segregated prior to payment. The
obligation to pay Actual Awards under the Plan shall at all times be an unfunded and unsecured obligation of the Company. Participants shall have the status of general creditors of the Company or the Affiliate that employs the Participant. 

4.3    Timing of Payment. Subject to Sections 3.7 and 4.6, payment of each Actual Award shall be made as soon
as administratively practicable after the end of the applicable Performance Period, but in any event no later than March 15th following the Performance Period. 

4.4    Form of Payment. Each Actual Award shall be paid in cash (or its equivalent) or in Share-based awards (or a
combination thereof) in a single lump sum, except as otherwise determined by the Administrator.    To the extent an Actual Award is paid in whole or in part in the form of Share-based awards, such awards shall be granted under an
equity incentive plan maintained by the Company for the payment or awarding of Shares. 
 4.5    Payment in the
Event of Death. If a Participant dies before receiving an Actual Award that was scheduled to be paid before his or her death for a prior Performance Period, then the Actual Award shall be paid to the Participant’s designated beneficiary or,
if no beneficiary has been designated, to the administrator or representative of his or her estate, subject to applicable law. Any beneficiary designation or revocation of a prior designation shall be effective only if it is in writing, signed by
the Participant and received by the Company prior to the Participant’s death, subject to applicable law. 

 4.6    Recoupment Policy. All awards granted under the Plan
shall be subject to any Company recoupment or clawback policy, as in effect from time to time, including any required by Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

ARTICLE 5. ADMINISTRATION 

5.1    Administrator Authority. The Plan shall be administered by the Administrator, subject to Section 5.3;
provided, however, that with respect to any Executive, the Committee shall act as Administrator. The Administrator shall have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including
(without limitation) the power to (a) determine which Employees shall be granted awards, (b) prescribe the terms and conditions of the awards, (c) interpret the Plan, (d) adopt such procedures and
sub-plans as are necessary or appropriate, (e) adopt rules for the administration, interpretation and application of the Plan and (f) interpret, amend or revoke any such rules. 

5.2    Decisions Binding. All determinations and decisions made by the Administrator, the Board or any delegate of
the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons and shall be given the maximum deference permitted by law. 

5.3    Delegation by the Administrator. The Administrator, on such terms and conditions as it may provide, may
delegate all or part of its authority and powers under the Plan to one or more directors and/or employees of the Company, except that the Committee may not delegate its authority and powers under the Plan with respect to Executives. 

ARTICLE 6. GENERAL PROVISIONS 

6.1    Tax Withholding. The Company or an Affiliate, as applicable, shall withhold all required taxes from an
Actual Award, including any federal, state, local or other taxes. 
 6.2    Application of
Section 409A. The provisions of this Plan are intended to be exempt from the requirements of Section 409A of the Code so that none of the payments to be provided under this Plan will be subject to the additional tax
imposed under Section 409A of the Code, and any ambiguities herein will be interpreted to be so exempt. In no event will the Administrator reimburse Participants for any taxes that may be imposed as result of Section 409A of the Code. 

6.3    No Effect on Employment. Neither the Plan nor any Target Award shall confer upon a Participant any right
with respect to continuing the Participant’s employment with the Company or an Affiliate. Nothing in the Plan shall interfere with or limit in any way the right of the Company or an Affiliate, as applicable, to terminate any Participant’s
employment or service at any time, with or without cause. The Company and its Affiliates expressly reserve the right, which may be exercised at any time and without regard to when during or after a Performance Period such exercise occurs, to
terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect that such treatment might have upon him or her as a Participant. 

 6.4    Participation; No Effect on Other Benefits. No Employee
shall have the right to be selected to receive an award under the Plan, or, having been so selected, to be selected to receive a future award. Except as expressly set forth in a Participant’s employment agreement with the Company or an
Affiliate, any Actual Awards under the Plan shall not be considered for the purpose of calculating any other benefits to which such Participant may be entitled, including (a) any termination, severance, redundancy or end-of-service payments, (b) other bonuses or long-service awards, (c) overtime premiums, (d) pension or retirement benefits or (e) future Base Salary or
any other payment to be made by the Company to such Participant. All Participants expressly acknowledge that there is no obligation on the part of the Company to continue the Plan. Any Actual Awards granted under the Plan are not intended to be
compensation of a continuing or recurring nature, or part of a Participant’s normal or expected compensation, 

6.5    Successors. All obligations of the Company and any Affiliate under the Plan, with respect to awards granted
hereunder, shall be binding on any successor to the Company and/or such Affiliate, whether the existence of such successor is the result of a merger, consolidation, direct or indirect purchase of all or substantially all of the business or assets of
the Company or such Affiliate, or any similar transaction. 
 6.6    Nontransferability of Awards. No award
granted under the Plan shall be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution or to the limited extent provided in Section 4.5. All rights with respect
to an award granted to a Participant shall be available during his or her lifetime only to the Participant. 
 ARTICLE 7. DURATION,
AMENDMENT AND TERMINATION 
 7.1    Duration of the Plan. The Plan shall remain in effect until terminated
pursuant to Section 7.2. 
 7.2    Amendment, Suspension or Termination. The Board or the Administrator may
amend, suspend or terminate the Plan, or any part thereof, at any time and for any reason; provided that this Plan may not be suspended or terminated, nor amended in a manner adverse to a Participant for a period of twelve (12) months
following a Change in Control of the Company. No award may be granted during any period of suspension or after termination of the Plan. 

ARTICLE 8. LEGAL CONSTRUCTION 

8.1    Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

8.2    Requirements of Law. The granting of awards under the Plan shall be subject to all applicable laws, rules
and regulations, and to such approvals by any governmental agencies or national securities markets as may be required. 

 8.3    Captions. Captions are provided herein for convenience
only and shall not serve as a basis for interpretation or construction of the Plan. 

 APPENDIX A 

PERFORMANCE METRICS 
 The Administrator
may establish Performance Goals derived from the following metrics, or from such other measures of performance selected by the Administrator from time to time in its sole discretion: 

Industry-Specific 
  

	 	•	 	 development of new product candidates 

 

	 	•	 	 clinical achievements (including initiating clinical studies, initiating or completing enrollment or enrolling
particular numbers of subjects in clinical studies) 

  

	 	•	 	 completing phases of a clinical study (including the enrollment phase, dose-escalation or dose-expansion phase or
announcing or presenting preliminary or final data from clinical studies, in each case, whether on particular timelines or generally) 

  

	 	•	 	 regulatory achievements (including submitting or filing applications or other documents with regulatory
authorities, or clearing or receiving approval of any such applications or other documents) 

  

	 	•	 	 launch of new products or approvals of existing products in new indications 

 

	 	•	 	 market share 

  

	 	•	 	 pricing and/or reimbursement approval 

 

	 	•	 	 revenue, revenue growth or product revenue growth 

 

	 	•	 	 acquisitions of assets or intellectual property 

 

	 	•	 	 strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property, whether in a particular jurisdiction or territory or globally or through partnering transactions) 

 

	 	•	 	 establishing relationships with commercial entities with respect to the marketing, distribution and sale of the
Company’s products (including with group purchasing organizations, distributors and other vendors) 

  

	 	•	 	 sales or licenses of the Company’s assets, including its intellectual property 

Financial 
  

	 	•	 	 appreciation in and/or maintenance of any publicly-traded securities of the Company 

 

	 	•	 	 cash flow, cash balance or cash flow per share (before or after dividends) 

 

	 	•	 	 cash flow return on investment 

 

	 	•	 	 cash margin 

  

	 	•	 	 comparisons with various stock market indices 

 

	 	•	 	 debt reduction 

  

	 	•	 	 earnings or loss per share 

 

	 	•	 	 earnings or losses (including earnings or losses before taxes, before interest and taxes, or before interest,
taxes, depreciation and amortization) 

  

	 	•	 	 economic value added (or an equivalent metric) 

	 	•	 	 expense or cost reduction 

 

	 	•	 	 financial ratios, including those measuring liquidity, activity, profitability or leverage 

 

	 	•	 	 financing and other capital raising transactions (including sales of the Company’s equity or debt
securities) 

  

	 	•	 	 gross margin 

  

	 	•	 	 gross profits 

  

	 	•	 	 improvement in or attainment of expense levels or working capital levels, including cash, inventory and accounts
receivable 

  

	 	•	 	 net income or loss (before or after taxes) 

 

	 	•	 	 net operating income or profits, before or after tax 

 

	 	•	 	 net sales 

  

	 	•	 	 operating cash flow or other operating efficiencies 

 

	 	•	 	 operating income (before or after taxes) 

 

	 	•	 	 operating margin 

  

	 	•	 	 total stockholder return 

 

	 	•	 	 working capital 

  

	 	•	 	 year-end cash 

 

	 	•	 	 share price 

  

	 	•	 	 stockholders’ equity 

 

	 	•	 	 reductions in costs 

  

	 	•	 	 return on assets, net assets, investment or capital employed (including return on total capital or return on
invested capital) 

  

	 	•	 	 return on equity or average stockholders’ equity 

 

	 	•	 	 return on operating revenue 

Organizational 
  

	 	•	 	 employee satisfaction 

  

	 	•	 	 employee survey results 

 

	 	•	 	 recruiting and maintaining personnel 

In the areas of development, regulatory progress and commercialization, the achievements described above performed by a third party with which the Company has
a licensing or collaborative agreement (a “Partner”) may apply to the Company, if so determined by the Administrator. For example, if a Partner accomplishes development milestones, regulatory achievements, commercialization or sales
targets with an asset within a program that is a subject of the licensing or collaboration agreement between the Company and the Partner, then such Partner’s accomplishments may constitute achievements of the Company. 

Performance Goals may be based solely by reference to the Company’s performance or the performance of a subsidiary, division, business segment or
business unit of the Company, or based upon the relative performance of other companies or upon comparisons of any of the indicators of performance relative to other companies. 

 The Administrator may adjust the results under any performance criterion to exclude any of the following
events that occurs during a performance measurement period: (a) asset write-downs, (b) litigation, claims, judgments or settlements, (c) the effect of changes in tax law, accounting principles or other such laws or provisions
affecting reported results, (d) accruals for reorganization and restructuring programs, (e) any extraordinary, unusual or non-recurring items, (f) exchange rate effects for non-U.S. dollar denominated net sales and operating earnings or (g) statutory adjustments to corporate tax rates. 

Any Performance Goal used may be measured (a) in absolute terms, (b) in relative terms, including (without limitation) the passage of time and/or
against other companies or metrics, (c) on a per-share basis, (d) against the performance of the Company as a whole or against particular segments or products of the Company and/or (e) on a pre-tax or after-tax basis. Any Performance Goal may be measured on a basis other than generally accepted accounting principles.

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