Document:

Exhibit 10.6

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED OR QUALIFIED
UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED
UNLESS QUALIFIED AND REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY
TO THE COMPANY, SUCH QUALIFICATION AND REGISTRATION ARE NOT REQUIRED. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS NOTE IS FURTHER
SUBJECT TO OTHER RESTRICTIONS, TERMS AND CONDITIONS WHICH ARE SET FORTH HEREIN.

 

	Principal
    Amount: $50,000.00	Issue
    Date: March [14], 2022

 

Credex
Corporation

 

CONVERTIBLE
PROMISSORY NOTE

 

FOR
VALUE RECEIVED, pursuant to the terms and conditions of this Convertible Promissory Note (this “Note”), Credex Corporation,
a Florida corporation (the “Company”), hereby promises to pay to the order of Gary Binkley (the “Holder”), on
December 31, 2022 or earlier as required pursuant to the terms herein (as applicable, the “Maturity Date”), the sum of $50,000.00
(the “Principal Amount”), and to pay interest on the outstanding Principal Amount at the rate of twelve percent (12%) per
annum, simple interest, in each case to the extent that this Note and the Principal Amount and any accrued interest hereunder (the “Indebtedness”)
has not been converted into Conversion Shares (as defined below) prior to the Maturity Date. Interest shall commence accruing on the
date hereof (the “Issue Date”), computed on the basis of a 365-day year and the actual number of days elapsed, and shall
be payable as set forth herein.

 

This
Note is entered into pursuant to a Note Purchase Agreement by and between the Company and the Holder dated as of the Issue Date (the
“Agreement”) and is subject to the terms and conditions thereof.

 

This
Note is not a certificate of deposit or similar obligation of, and is not guaranteed or insured by, any depository institution, the Federal
Deposit Insurance Corporation, the Securities Holder Protection Corporation or any other governmental or private fund or entity.

 

The
following terms shall apply to this Note:

 

Section
1.  Definitions. Defined terms used herein without definition have the meanings given them in the Agreement.

 

Section
2.  Interest; Late Fees; Prepayment.

 

(a) To
the extent not converted to Conversion Shares (as defined below) prior to the Maturity Date, the Principal Amount and accrued and unpaid
interest shall be due and payable in full on the Maturity Date or such earlier date as set forth herein. No payments of the Principal
Amount or interest herein shall be required prior to the Maturity Date other than as specifically set forth herein.

 

(b) The
Company may prepay all or any portion of the Principal Amount and any accrued and unpaid interest at any time without penalty.

 

    	 

     

    

 

(c) Interest
on this Note shall accrue on a simple interest, non-compounded basis, and shall be added to the Principal Amount on the Maturity Date
or such earlier date as the Indebtedness may be paid hereunder or may be due hereunder pursuant to the terms herein, at which time all
Indebtedness shall be due and payable, unless earlier converted into Conversion Shares. In the event that any amount due hereunder is
not paid as and when due, such amounts shall accrue interest at the rate of 15% per year, simple interest, non-compounding, until paid.

 

(d) Whenever
any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding
Business Day.

 

Section
3.  Conversion.

 

(a) Conversion
Right. Subject to the terms and conditions herein, the Holder shall have the right at any time on or after December 26, 2022 and
ending on the full repayment of all Indebtedness (the “Conversion Period), to convert all or any part of the Indebtedness into
fully paid and non-assessable shares of Common Stock, or any shares of capital stock or other securities of the Company into which such
Common Stock shall hereafter be changed or reclassified (as applicable, the “Conversion Shares”) at the Conversion Price
as defined and as the same may be adjusted pursuant to Section 3(b) (a “Conversion”); provided, however, that in no event
shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion of which the
sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock
which may be deemed beneficially owned through the ownership of the unconverted portion of the Note or the unexercised or unconverted
portion of any other security of the Company subject to a limitation on conversion or exercise analogous to the limitations contained
herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to which the
determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 9.99%
of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall
be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso, provided, further, however, that the limitations
on conversion may be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to the Company,
and the provisions of the conversion limitation shall continue to apply until such 61st day (or such later date, as determined
by the Holder, as may be specified in such notice of waiver). The number of Conversion Shares to be issued upon each conversion of this
Note shall be determined by dividing the Indebtedness by the applicable Conversion Price then in effect on the date specified in the
notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Company by
the Holder in accordance with the provisions herein.

 

(b) Conversion
Price. The conversion price (the “Conversion Price”) shall mean 70% of the VWAP (as defined below).

 

(c) VWAP.
For purposes herein, the term “VWAP” shall mean for any date, the price determined by the first of the following clauses
that applies:

 

	 	(i)	If
    the Common Stock is then listed for trading on the OTC Markets or a United States or Canadian national securities exchange (as applicable,
    the “Trading Market”), then the volume-weighted average (rounded to the nearest $0.0001) closing price of the Common
    Stock on such Trading Market during the 20 Trading Day (as defined below) period immediately prior to the applicable measurement
    date, as reported by such Trading Market or other reputable source;

 

    	 

     

    

 

	 	(ii)	if
    the Common Stock is not then listed or quoted for trading on a Trading Market, and if prices for the Common Stock are then reported
    in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions
    of reporting prices), the most recent bid price per share of the Common Stock so reported; and
	 	 	 
	 	(iii)	if
    the VWAP cannot be calculated for such security on such date on bases as set forth in Section 3(c)(ii) or Section 3(c)(ii), the VWAP
    of such security on such date shall be the fair market value of such security as mutually determined in good faith by the Board of
    Directors of the Company after taking into consideration factors that it may deem appropriate.

 

(d) Additional
Provisions.

 

	 	(i)	All
    such determinations of the VWAP as set forth in Section 3(c)(ii) or Section 3(c)(ii) shall be appropriately adjusted for any stock
    dividend, stock split, stock combination, recapitalization or other similar transaction during such period.
	 	 	 
	 	(ii)	For
    purposes herein, “Trading Day” means any day on which the Common Stock (or any replacement security pursuant to Error!
    Reference source not found. is traded on the Trading Market or is otherwise reported on “pink sheets” by OTC Markets
    Group Inc. (formerly Pink Sheets LLC) or a similar organization or agency succeeding to its functions of reporting prices.

 

(e) Mechanics
of Conversion. Subject to the provisions of this Section 3, this Note may be converted by the Holder in whole or in part at any time
from time to time during the Conversion Period by (A) submitting to the Company a Notice of Conversion (by facsimile, e-mail or other
reasonable means of communication dispatched prior to 6:00 p.m., New York, New York time) and (B) subject to Section 3(e), surrendering
this Note at the principal office of the Company. The conversion shall be effective as of the date of delivery of the Notice of Conversion
by the time as set forth above (the “Conversion Date”), provided that if the Notice of Conversion is not delivered by such
time then the Conversion Date shall be the next Business Day and the Notice of Conversion shall be deemed automatically updated accordingly.

 

(f) Surrender
of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance with
the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless the entire unpaid amount of
Indebtedness is so converted. The Holder and the Company shall maintain records showing the amount of Indebtedness so converted and the
dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require
physical surrender of this Note upon each such conversion. In the event of any dispute or discrepancy, such records of the Company shall,
prima facie, be controlling and determinative in the absence of manifest error. Notwithstanding the foregoing, if any portion
of this Note is converted as aforesaid, the Holder may not transfer this Note unless the Holder first physically surrenders this Note
to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note of like tenor, registered
as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, representing in the aggregate the remaining
unpaid Indebtedness of this Note. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the
provisions of this paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note
represented by this Note may be less than the amount stated on the face hereof.

 

    	 

     

    

 

(g) Payment
of Taxes. The Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue
and delivery of Conversion Shares or other securities or property on conversion of this Note in a name other than that of the Holder
(or in street name), and the Company shall not be required to issue or deliver any such Conversion Shares or other securities or property
unless and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held for the
Holder’s account) requesting the issuance thereof shall have paid to the Company the amount of any such tax or shall have established
to the satisfaction of the Company that such tax has been paid.

 

(h) Delivery
of Common Stock Upon Conversion. Upon receipt by the Company from the Holder of the Notice of Conversion meeting the requirements
for conversion as provided in this Section 3, the Company shall issue and deliver or cause to be issued and delivered to or upon the
order of the Holder certificates for the Conversion Shares issuable upon such conversion within three (3) Business Days after such receipt
(and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms
hereof and the Agreement. Upon receipt by the Company of a Notice of Conversion, the Holder shall be deemed to be the holder of record
of the Conversion Shares issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest
on this Note shall be reduced to reflect such conversion, and, unless the Company defaults on its obligations under this Section 3, all
rights with respect to the portion of this Note being so converted shall forthwith terminate except the right to receive the Conversion
Shares or other securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of
Conversion as provided herein, the Company’s obligation to issue and deliver the certificates (subject to the provisions of Section
3(i)) for Conversion Shares shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the
same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce
the same, any failure or delay in the enforcement of any other obligation of the Company to the holder of record, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Company, and irrespective
of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with such conversion.

 

(i) Delivery
of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Conversion Shares issuable upon
conversion, provided the Company is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer
(“FAST”) program, upon request of the Holder and its compliance with the provisions contained in this Section 3, the Company
shall use its reasonable efforts to cause its transfer agent to electronically transmit the Conversion Shares issuable upon conversion
to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission system.

 

(j) Adjustment
Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to full conversion of this
Note, there shall be any merger, consolidation, or an exchange of shares, recapitalization or reorganization pursuant to a merger or
consolidation, or other similar event, as a result of which shares of Common Stock of the Company shall be changed into the same or a
different number of shares of another class or classes of stock or securities of the Company or another entity, or in case of any sale
or conveyance of all or substantially all of the assets or more than 50% of the total outstanding shares of the Company other than in
connection with a plan of complete liquidation of the Company, then the Holder of this Note shall thereafter have the right to receive
upon conversion of this Note, upon the basis and upon the terms and conditions specified herein and in lieu of the Conversion Shares
immediately theretofore issuable upon conversion, such stock, securities or assets which the Holder would have been entitled to receive
in such transaction had this Note been converted in full immediately prior to such transaction (without regard to any limitations on
conversion set forth herein), and in any such case appropriate provisions shall be made with respect to the rights and interests of the
Holder of this Note to the end that the provisions hereof (including, without limitation, provisions for adjustment of the Conversion
Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable, as nearly as may be practicable
in relation to any securities or assets thereafter deliverable upon the conversion hereof.

 

    	 

     

    

 

(k) Status
as Shareholder. Subject to the terms and conditions herein, upon submission of a Notice of Conversion by the Holder, (i) this Note
shall be deemed converted into Conversion Shares and (ii) the Holder’s rights as the holder of this Note shall cease and terminate,
excepting only the right to receive the Conversion Shares as set out herein and to any remedies provided herein or otherwise available
at law or in equity to such Holder because of a failure by the Company to comply with the terms of this Note.

 

Section
4.  Events of Default.

 

(a) The
Holder may elect to declare an “Event of Default” if any of the following conditions or events shall occur and be continuing:

 

	 	(i)	the
    Company fails to pay the then-outstanding principal amount and accrued interest on this Note on any date any such amounts become
    due and payable, and any such failure is not cured within three Business Days of written notice thereof by Holder;
	 	 	 
	 	(ii)	the
    Company fails to comply in any material respect with any other covenant or agreement in this Note or in the Agreement and any such
    failure is not cured within three Business Days of written notice thereof by Holder;
	 	 	 
	 	(iii)	the
    Company shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator;
    (ii) make a general assignment for the benefit of the Company’s creditors; or (iii) commence a voluntary case under the U.S.
    Bankruptcy Code as now and hereafter in effect, or any successor statute; or
	 	 	 
	 	(iv)	a
    proceeding or case shall be commenced, without the application or consent of the Company, in any court of competent jurisdiction,
    seeking (1) liquidation, reorganization or other relief with respect to it or its assets or the composition or readjustment of its
    debts, or (2) the appointment of a trustee, receiver, custodian, liquidator or the like of any substantial part of its assets, and,
    in each case, such proceedings or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the
    foregoing shall be entered and continue unstayed and in effect, for a period of 60 days, if in the United States, or 90 days, if
    outside of the United States; or an order for relief against the Company shall be entered in an involuntary case under any bankruptcy,
    insolvency, composition, readjustment of debt, liquidation of assets or similar Law of any jurisdiction.

 

(b) Consequences
of Events of Default. If an Event of Default has occurred and is continuing (i) the Holder may, by notice to the Company, declare
all or any portion of the then outstanding principal amount of the Note, together with all accrued and unpaid interest thereon, due and
payable, and the Note shall thereupon become, immediately due and payable in cash and (ii) the Holder shall have the right to pursue
any other remedies that the Holder may have under applicable Law.

 

    	 

     

    

 

Section
5.  Miscellaneous.

 

(a) Notices.
Any and all notices or other communications or deliveries to be provided hereunder shall be given in accordance with the provisions of
the Agreement.

 

(b) Lost
or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note,
a new Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction of this Note,
and of the ownership hereof reasonably satisfactory to the Company.

 

(c) Governing
Law. This Note, and all matters based upon, arising out of or relating in any way to this Note, including all disputes, claims or
causes of action arising out of or relating to this Note as well as the interpretation, construction, performance and enforcement of
this Note, shall be governed by the laws of the United States and the State of Florida, without regard to any jurisdiction’s conflict-of-laws
principles.

 

(d) Incorporation
of Provisions. The provisions of Article VI of the Agreement (Miscellaneous) of the Agreement shall apply to this Note as though
fully set forth herein, provided that each reference therein to the “Agreement” shall be deemed a reference to this Note.
In the event of any conflict between the terms of the Agreement and the terms of this Note, the terms of this Note shall control.

 

(e) Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day.

 

(f) Entire
Agreement. This Note (including any recitals hereto) and the Agreement and the other Transaction Documents (as defined in the Agreement)
set forth the entire understanding of the parties with respect to the subject matter hereof, and shall not be modified or affected by
any offer, proposal, statement or representation, oral or written, made by or for any party in connection with the negotiation of the
terms hereof, and may be modified only by instruments signed by the Company and the Holder.

 

(g) No
Assignment. This Note shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted
assigns. Neither the Company nor the Holder shall have any power or any right to assign or transfer, in whole or in part, this Note,
or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant
to this Note or the transactions contemplated herein, or to pursue any claim for any breach or default of this Note, or any right arising
from the purported assignor’s due performance of its obligations hereunder, without the prior written consent of the other party
and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect.

 

(h) Currency.
All dollar amounts are in U.S. dollars.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Note as of the Issue Date.

 

	 	 	 	Credex
    Corporation
	 	 	 	 	 
	 	 	 	By:	/s/
    Robin McVey
	 	 	 	Name: 	Robin
    McVey
	 	 	 	Title:	Chief
    Executive Officer
	 	 	 	 	 
	Agreed
    and accepted:	 	 	 
	 	 	 	 	 
	Gary
    Binkley	 	 	 
	 	 	 	 	 
	By:	/s/
    Gary Binkley	 	 	 
	Name: 	Gary
    Binkley	 	 	 

 

    	 

     

    

 

EXHIBIT
A

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert the portion of the Indebtedness (as defined in the Note, as defined below) as set forth below pursuant
to the convertible promissory note (the “Note”) of Credex Corporation, a Florida corporation (together with any successor
entity thereto, the “Company”) into that number of shares of Common Stock (as defined in the Note) to be issued pursuant
to the conversion of the Note and according to the conditions of the Note, as of the date written below.

 

The
undersigned hereby requests that the Company issue a certificate or certificates, or other permissible evidence of shares of Common Stock
as set forth in the Note, for the number of shares of Common Stock set forth below (which numbers are based on the Holder’s calculation
below and which shall be confirmed by, and subject to acceptance by, the Company) in the name(s) specified immediately below or, if additional
space is necessary, on an attachment hereto:

 

	Name:	Gary
    Binkley
	 	 
	Address:	 
	 	 
	 	 
	 	 
	Date
    of Conversion:	 
	 	  
	Amount
    of Indebtedness to be converted:	$	 
	 	 	           
	Applicable
    Conversion Price:	$	 
	 	 
	Number
    of shares of Common Stock to be Issued:	 
	 	shares
    of Common Stock

 

	 	Gary Binkley
	 	 	 
	 	By:	 
	 	Name:	Gary
    Binkley

 

    	1EX-10.23

  Certain confidential information contained in this document, marked by [***], has been omitted because it is not material and would likely cause competitive harm to Cullinan Oncology, Inc. if publicly disclosed.

  Exhibit 10.23

  SEPARATION AGREEMENT

  This Separation Agreement (this “Agreement”) is made between Cullinan Oncology, Inc., a Delaware corporation (the “Company”), and Owen Hughes (the “Executive”).  The Company together with the Executive shall be referred to as the “Parties”.  

   

  WHEREAS, the Parties entered into an Employment Agreement dated January 12, 2021 (the “Employment Agreement”), which superseded in all respects the prior employment agreement between the Parties dated May 1, 2017 (the “Prior Agreement”); 

  WHEREAS, pursuant to the Employment Agreement, the Company and the Executive each retained the right to terminate the Executive’s employment by the Company without any breach of the Employment Agreement under the circumstances set forth in Section 3 of the Employment Agreement;  

  WHEREAS, the Executive’s employment will end on October 18, 2021 (the “Date of Termination”) pursuant to Section 3(d) of the Employment Agreement; 

  WHEREAS, if the Executive enters into, does not revoke and complies with this Agreement, the Executive will be eligible to receive the severance pay and benefits as described in this Agreement, as well as to continue his service relationship with the Company for a period of time after which his unvested equity awards will vest, all subject to the terms and conditions set forth in this Agreement;

  WHEREAS, this Agreement is the “Separation Agreement” referred to in the Employment Agreement; and 

  WHEREAS, the Parties agree that this Agreement was enclosed with a “Notice of Termination”, and that such notice satisfies the Company’s obligations related to a Notice of Termination under Section 4(a) of the Employment Agreement.

  NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:  

  1.Ending of Employment.  The Executive’s employment with the Company will end on the Date of Termination. To the extent applicable, the Executive shall be deemed to have resigned from all officer and board member positions that the Executive holds with the Company or any of its respective subsidiaries and affiliates upon the Date of Termination. The Executive shall execute any documents in reasonable form as may be requested to confirm or effectuate any such resignations. By entering into this Agreement, the Executive acknowledges and agrees that the payments and benefits set forth in this Agreement are the exclusive payments and benefits to be paid to the Executive in connection with the ending of his employment and that he is not entitled to any other severance pay, benefits or equity rights, including without limitation pursuant to any severance plan, program or arrangement.

   DOCPROPERTY DOCXDOCID DMS=InterwovenIManage Format=<<NUM>>_<<VER>> PRESERVELOCATION \* MERGEFORMAT 119911237_2

  

   

  2.Accrued Obligations.  The Executive acknowledges and agrees that in connection with the ending of his employment, and regardless of whether this Agreement becomes effective, the Company shall pay or provide to the Executive the following “Accrued Obligations”:  (i) any Base Salary (as defined in the Employment Agreement) and any accrued but unused vacation, if applicable earned through the Date of Termination; (ii) unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of the Employment Agreement); and (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans.

  In addition, regardless of whether this Agreement becomes effective, the Executive will be provided with information regarding the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) under separate cover, including payment obligations.

   

  3.Severance Pay and Benefits and Accelerated Vesting  In exchange for the Executive entering into, not revoking and complying with this Agreement, the Executive will be entitled to the following: 

  a.the Company shall pay the Executive an amount equal to the sum of (A) twelve (12) months of the Executive’s Base Salary plus (B) $216,507, which is a pro-rata portion of the Target Bonus based on the Date of Termination; 

  b.subject to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper election to receive benefits under COBRA, the Company shall pay to the group health plan provider or the COBRA provider a monthly payment equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of (A) the twelve (12) month anniversary of the Date of Termination; (B) the date that the Executive becomes eligible for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s health continuation rights under COBRA; provided, however, that if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above. Such payments to the Executive shall be subject to tax-related deductions and withholdings and paid on the Company’s regular payroll dates; 

  c.acceleration of Executive’s outstanding unvested equity interests as of the Effective Date (the “Accelerated Vesting”); and  

  		(d)	[***] proceeds (up to a maximum of [***] in proceeds) arising from the Subsidiary Monetization Event (as defined in the Company’s Cash Phantom Pool, as approved by the Board), related to [***]; provided the Subsidiary Monetization Event must occur on or prior to the one year anniversary of the Date of Termination.

   

  The amounts payable under this Section 3, to the extent taxable, shall be paid out in substantially

  equal installments in accordance with the Company’s payroll practice over twelve (12) months

  	2

   DOCPROPERTY DOCXDOCID DMS=InterwovenIManage Format=<<NUM>>_<<VER>> PRESERVELOCATION \* MERGEFORMAT 119911237_2

  

   

  commencing on the first practicable payroll date following the Effective Date of this Agreement (as defined below); provided that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. 

   

  4.Continued Service as a Senior Advisor.  If the Executive enters into, does not revoke and complies with this Agreement and notwithstanding the terms of the Employment Agreement, the Executive will have the option of continuing as a senior advisor until the earlier of:  (i) the one year anniversary of the Date of Termination; or (ii) a date determined by the Company’s then CEO.  While serving as a senior advisor, the Executive will continue to have a Service Relationship with the Company as defined in, and in accordance with, the terms of the applicable equity award agreements and equity incentive plan(s) (the “Equity Documents”). The Executive may exercise any vested stock options within the time period set forth in the Equity Documents during and following the ending of the Service Relationship.  The Executive hereby resigns as an officer and/or director of all of the Company’s subsidiaries and affiliates and agrees to execute requested documentation associated with such resignations.      

  5.General Release.  In consideration for, among other terms, the Severance Pay and Benefits and Accelerated Vesting and the opportunity to continue his Service Relationship pursuant to Section 4, to which the Executive acknowledges that he would otherwise not be entitled, the Executive irrevocably and unconditionally releases and forever discharges the Company, all of its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and the fiduciaries of such plans, and the current and former officers, directors, stockholders, employees, attorneys, accountants, and agents of each of the foregoing in their official and personal capacities (collectively referred to as the “Releasees”) generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when the Executive signs this Agreement, he has, ever had, now claims to have or ever claimed to have had against any or all of the Releasees.  This release includes, without limitation, the complete waiver and release of all Claims: related to the Executive’s employment by the Company or termination of employment; arising out of or relating to the Employment Agreement, the Prior Agreement or any other agreement between the Executive and any of the Releasees; of breach of express or implied contract; of wrongful termination of employment whether in contract or tort; of violation of public policy; of intentional, reckless, or negligent infliction of emotional distress; of breach of any express or implied covenant of employment, including the covenant of good faith and fair dealing; of interference with contractual or advantageous relations, whether prospective or existing; of deceit or misrepresentation; of discrimination or retaliation under state, federal or municipal law, including, without limitation, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and the Massachusetts Fair Employment Practices Act; of whistleblower retaliation; of fraud; under any other federal, state or local statute, rule, ordinance or regulation; of promissory estoppel or detrimental reliance; for wages, bonuses, incentive compensation, stock, stock options, vacation pay, severance allowances or entitlements, and any other compensation or benefits, either under the Massachusetts Wage Act, or otherwise; of slander, libel, defamation, disparagement, intentional infliction of emotional distress, personal injury, negligence or other torts; for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief, attorneys’ fees, experts’ fees, medical fees or expenses, costs and disbursements. The Executive understands that this general release of Claims includes, without 

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  limitation, any and all Claims against the Company in respect of any stock-based awards of any kind, and all Claims in his capacity as a Company stockholder arising up to and through the date that the Executive enters into this Agreement. The Executive understands that this general release does not extend to any rights or Claims that may arise out of acts or events that occur after the date on which the Executive signs this Agreement, to Claims that cannot be released as a matter of law or to any rights to any indemnification and defense that the Executive has with the Company. This release does not affect the Executive’s rights or obligations under this Agreement, nor shall it affect the Executive’s rights, if any, to unemployment compensation benefits or to workers’ compensation. The Executive agrees not to accept damages of any nature, other equitable or legal remedies for the Executive’s own benefit or attorney’s fees or costs from any of the Releasees with respect to any Claim released by this Agreement. The Executive represents that he has not assigned to any third party and has not filed with any agency or court any Claim released by this Agreement.  

  6.Return of Property.  The Executive acknowledges and agrees that he is required to return all Company property to the Company pursuant to the Employee Confidentiality, Assignment and Nonsolicitation Agreement between the Executive and the Company (the “Restrictive Covenants Agreement”) upon the ending of his employment. By entering into this Agreement, the Executive confirms that he has returned to the Company all Company property, including, without limitation, any Company laptop, computer equipment, software, keys and access cards, credit cards, files and any documents (including computerized data and any copies made of any computerized data or software) containing information concerning the Company, its business or its business relationships, without deletion or alteration. After returning all Company property, the Executive agrees to delete and finally purge any duplicates of files or documents that may contain Company or customer information from any non-Company computer or other device that remains the Executive’s property after the Date of Termination. The obligations under this Section 6 are supplemental to, and not in lieu of, the Executive’s obligations under the Restrictive Covenants Agreement.

  7.Communications; Non-Disparagement.  

  a.The Executive agrees that he will not communicate about his departure with anyone until after the Company has made a formal announcement about the Executive’s departure through a company-wide communication (together, the “Company Announcement”); provided that the Executive may communicate with his tax advisors, attorneys and spouse about his departure before the Company Announcement, provided further that the Executive first advises such persons not to reveal information about the Executive’s departure and each such person agrees. Once the Company has made the Company Announcement, the Executive agrees to limit any communications regarding his departure to statements consistent with the Company Announcement.

  b.Subject to Section 12, the Executive agrees not to make any disparaging statements (whether written, oral, through social or electronic media or otherwise) concerning the Company or any of the Releasees. The Executive further agrees not to take any actions or conduct himself in any way that would reasonably be expected to affect adversely the reputation or goodwill of the Company or any of the Releasees. The Executive agrees that he shall not communicate in any way with the Company’s investors regarding the Company other than as is 

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  explicitly authorized by the Board or the Company’s new Chief Executive Officer.

  8.Noncompetition.  In connection with the Executive’s separation from employment, and in order to protect the Company’s Proprietary Information (as defined in the Restrictive Covenants Agreement) and goodwill, the Executive agrees that for a period of one year following the Date of Termination, the Executive shall not, directly or indirectly, whether as owner, partner, shareholder, director, manager, consultant, agent, employee, co-venturer or otherwise, anywhere in the world, engage or otherwise participate in any Restricted Business.  For purposes of this Agreement, “Restricted Business” shall mean (i) any business that has any compound in preclinical or clinical development with the same or similar mode of action to any clinical program that is in development at the Company or (ii) any business that, during the Executive’s employment, has engaged or is engaging in business development discussions with the Company on any mode of action between such business and the Company that have progressed to the non-binding term sheet stage. The Executive acknowledges that this covenant is necessary because the Company’s legitimate business interests cannot be adequately protected solely by the other covenants in this Agreement. 

  9.Cooperation.  The Executive shall cooperate fully with the Company, including in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information. The Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. The Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 9.

  10.Continuing Obligations; Termination of Payments; Injunctive Relief.  The Executive acknowledges that his right to the Severance Pay and Benefits is conditioned on his full compliance with Sections 6 through 9 of this Agreement and the Restrictive Covenants Agreement. The Restrictive Covenants Agreement is incorporated by reference into this Agreement, and, together with Sections 6 through 9 of this Agreement, shall be referred to as the “Continuing Obligations”. In the event that the Executive fails to comply with any of the Continuing Obligations, in addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to terminate payments provided under this Agreement other than the Accrued Obligations. Such termination in the event of a breach by the Executive of the Continuing Obligations shall not affect the general release in Section 5 of this Agreement or the Executive’s obligation to comply with the Continuing Obligations and shall be in addition to, and not in lieu of, the Company’s rights to other legal and equitable remedies that the Company may have. Further, the Executive agrees that it would be difficult to measure any harm caused to the Company that might result from any breach by the Executive of any of the Continuing Obligations and that, in any event, money damages would be an inadequate remedy 

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  for any such breach. Accordingly, the Executive agrees that if he breaches, or proposes to breach, any portion of the Continuing Obligations, then the Company shall be entitled, in addition to all other remedies it may have, to an injunction or other appropriate equitable relief to restrain any such breach, without showing or proving any actual damage to the Company and without the necessity of posting a bond, and to recover the Company’s attorneys’ fees and costs associated with any such breach by the Executive.  

  11.Absence of Reliance.  This Agreement is a legally binding document and the Executive’s signature will commit the Executive to its terms. In signing this Agreement, the Executive agrees that he is not relying upon any promise or representations made by anyone at or on behalf of the Company. 

  12.Protected Disclosures.  Nothing in this Agreement or otherwise limits the Executive’s: (i) obligation to testify truthfully in any legal proceeding; (ii) right to file a charge, claim or complaint with any federal agency (such as the Equal Employment Opportunity Commission) or any state or local governmental agency or commission (together, a “Government Agency”), provided that the Executive waives any right to monetary or other individualized relief (either individually or as part of any collective or class action); provided further that nothing in this Agreement limits any right that the Executive may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange Commission; or (iii) ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency.   

  13.Time for Consideration; Effective Date.   The Company advises the Executive to consult with an attorney before entering into this Agreement. The Executive acknowledges that he has carefully read and fully understands all of the provisions of this Agreement and that the Executive is voluntarily and knowingly entering into this Agreement. The Executive acknowledges that he has been given the opportunity to consider this Agreement for twenty-one (21) days before executing it (the “Consideration Period”). To accept this Agreement, the Executive must return a signed, unmodified original or PDF copy of this Agreement so that it is received by the undersigned at or before the expiration of the Consideration Period. If the Executive signs this Agreement before the end of the Consideration Period, the Executive acknowledges that such decision was entirely voluntary and that the Executive had the opportunity to consider this Agreement for the entire Consideration Period. For the period of seven (7) business days from the date when the Executive signs this Agreement, the Executive has the right to revoke this Agreement by written notice to the undersigned, provided that such notice is delivered so that it is received at or before the expiration of the seven (7) business day revocation period. This Agreement shall not become effective or enforceable during the revocation period. This Agreement shall become effective on the first business day following the expiration of the revocation period (the “Effective Date”).

  14.Enforceability.  The Executive acknowledges that, if any portion or provision of this Agreement or the Continuing Obligations shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision shall be valid and enforceable to the fullest extent permitted by law.  

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  15.Entire Agreement.  This Agreement, together with the Restrictive Covenants Agreement, constitutes the entire agreement between the Executive and the Company concerning the Executive’s relationship with the Company, and supersedes and replaces any and all prior agreements and understandings between the Parties concerning the Executive’s relationship with the Company including, without limitation, the Employment Agreement and the Prior Agreement, provided that the Equity Documents shall continue to be in full force and effect.  

  16.Waiver; Amendment.  No waiver of any provision of this Agreement, including the Continuing Obligations, shall be effective unless made in writing and signed by the waiving party.  The failure of either Party to require the performance of any term or obligation of this Agreement or the Continuing Obligations, or the waiver by either Party of any breach of this Agreement or the Continuing Obligations shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. This Agreement may not be modified or amended except in a writing signed by both the Executive and a duly authorized officer of the Company.

  17.Taxes.  All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit.  

  18.Section 409A.  The Parties intend that this Agreement will be administered in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

  19.Acknowledgment of Wage and Other Payments.  The Executive acknowledges and represents that, except as expressly provided in this Agreement, the Executive has been paid all wages, bonuses, compensation, benefits and other amounts that any of the Releasees has ever owed to the Executive. The Executive is not entitled to any bonus, incentive compensation or other compensation except as specifically set forth in this Agreement.

  20.Governing Law; Interpretation.  This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles thereof. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. In the event of any dispute, this Agreement is intended by the Parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either Party or the “drafter” of all or any portion of this Agreement.  

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  21.Consent to Jurisdiction.  The parties hereby consent to the exclusive jurisdiction of the state and federal courts of the Commonwealth of Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the exclusive personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

  22.Assignment; Successors and Assigns.  Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement (including the Restrictive Covenants Agreement) without the Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization or consolidation, into which the Company merges or to whom it transfers all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of the Executive’s and the Company’s respective successors, executors, administrators, heirs and permitted assigns. In the event of the Executive’s death after the Date of Termination but prior to the completion by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to the Executive’s death (or to the Executive’s estate, if the Executive fails to make such designation).  

  23.Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the same document. Electronic and pdf signatures shall be deemed to be of equal force and effect as originals.  
 

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  IN WITNESS WHEREOF, the Parties, intending to be legally bound, have executed this Agreement on the date(s) indicated below.  

  COMPANY:

   

  CULLINAN ONCOLOGY, INC.

   

   

  By:	/s/ Anthony Rosenberg	

  Name:	Anthony Rosenberg 

  Title:	Chairman, Board of Directors 

  	 

  Date:	_11/1/21__________________________

   

  EXECUTIVE:

   

   

  /s/ Owen Hughes_________________________

  Owen Hughes

   

   

  Date:	_10/17/21_________________________	

   

   

   

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