Document:

EX-10.8

 EXHIBIT 10.8 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) between Exicure, Inc., a Delaware corporation (the
“Company”), and David S. Snyder (the “Executive”) (each of the Executive and the Company, a “Party,” and collectively, the “Parties”), is entered into as of February 2, 2016. 

WHEREAS, the Company desires to continue to employ the Executive as its Chief Financial Officer; 

WHEREAS, the Company and the Executive previously entered into an employment agreement dated as of June 16, 2014, pursuant
to which the Executive served as Chief Financial Officer of the Company (the “Prior Agreement”); 
 WHEREAS,
the Executive desires to continue to be employed by the Company as Chief Financial Officer and to perform his duties to the Company on the terms and conditions hereinafter set forth; and 

WHEREAS, the Parties wish to amend and restate the terms of the Prior Agreement as set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid consideration, the
sufficiency of which is acknowledged, the Parties hereto agree as follows: 
 1. Employment. Executive’s employment under this Agreement shall
commence on February 2, 2016 (the “Effective Date”) and shall continue until the termination of Executive’s employment under this Agreement. The period from the Effective Date until the termination of Executive’s
employment under this Agreement is referred to as the “Employment Period.” 
 2. Position and Duties. During the Employment Period,
Executive shall continue to serve as the Chief Financial Officer of the Company and shall have the duties, responsibilities and authority of an executive serving in such positions, reporting and subject to the direction of the Board. During the
Employment Period, Executive shall devote his full business time and efforts to the business and affairs of the Company and its subsidiaries. Executive (a) shall not become a director of any for-profit
entity other than Invenra, Inc. without first receiving the approval of the Nominating and Corporate Governance Committee of the Board, and (b) may engage in charitable and civic activities and provide occasional consulting services to, one or
more other entities; provided, however, that such directorships and activities (individually and collectively) comport with Executive’s obligations set forth in this Agreement, do not interfere with the performance of Executive’s duties or
responsibilities under this Agreement, are not for the benefit of any business that the Board of Directors determines in good faith is or is seeking to become a competitor of the Company, and Executive spends no more than an aggregate of sixty
(60) hours per year on such directorships and activities. 

 3. Compensation and Benefits. 

(a) Base Salary. As compensation for Executive’s performance of Executive’s duties hereunder, Executive’s current base
salary shall remain unchanged, payable in accordance with the normal payroll practices of the Company, less required deductions for state and federal withholding tax, social security and all other employment taxes and payroll deductions. The Base
Salary shall be reviewed for adjustments by the Compensation Committee of the Board (the “Compensation Committee”) in good faith, based upon Executive’s performance and the Company’s pay philosophy, not less often than
annually, provided, that Executive’s Base Salary may be decreased as part of an across-the-board reduction in base salaries of all Company executive officers so
long as the percentage reduction in Executive’s Base Salary is not greater than the percentage reduction applicable to other executive officers. The term “Base Salary” shall refer to the Base Salary as may be in effect from
time to time. 
 (b) Annual Incentive Compensation. Executive shall be eligible to participate in the annual cash bonus program
maintained for executive officers of the Company (the “Annual Incentive Program”). Executive’s current target under the Annual Incentive Program shall remain unchanged and, following the closing date of the Company’s
initial public offering (“IPO Date”), Executive’s minimum target annual bonus shall be equal to at least 45% of Base Salary for each year during the Employment Period in which Executive participates in the Annual Incentive
Program. The actual amount of the annual bonus earned by and payable to Executive in any year shall be determined upon the satisfaction of goals and objectives established by the Compensation Committee and communicated to Executive, and shall be
subject to such other terms and conditions of the Annual Incentive Program as in effect from time to time. Each bonus paid under the Annual Incentive Program shall be paid to Executive no later than March 15th of the calendar year following the
calendar year in which the bonus is earned. 
 (c) Other Benefits. 

(i) Savings and Retirement Plans. Except as otherwise limited by applicable law, Executive shall be entitled to
participate in all qualified and non-qualified savings and retirement plans applicable generally to other senior executive officers of the Company, in accordance with the terms of the plans, as may be amended
from time to time. 
 (ii) Welfare Benefit Plans. Except as otherwise limited by applicable law, Executive and/or his
eligible dependents shall be eligible to participate in and shall receive all benefits under the Company’s welfare benefit plans and programs applicable generally to other senior executive officers of the Company, in accordance with the terms
of the plans, as may be amended from time to time. 
 (iii) Perquisites. Except as otherwise limited by applicable
law, Executive shall be entitled to such perquisites as may be available generally from time to time to other senior executive officers of the Company, but at levels commensurate with executive’s position as Chief Financial Officer. 

(iv) Business Expenses. Subject to Section 14, Executive shall be reimbursed for reasonable
travel and other expenses incurred in the performance of Executive’s duties on behalf of the Company in a manner consistent with the Company’s policies regarding such reimbursements, as may be in effect from time to time. 

  
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 4. Termination of Employment. 

(a) Executive’s employment under this Agreement shall terminate upon the earliest to occur of: (i) the expiration of the term of
this Agreement pursuant to Section 1 hereof; (ii) Termination due to Disability (as defined below); (iii) termination of Executive’s employment by the Company for any reason other than Termination due to
Disability; (iv) Executive’s death; or (v) termination of Executive’s employment by Executive for any reason. Upon the termination of Executive’s employment with the Company for any reason, Executive shall be deemed to have
resigned from all positions with the Company or any of its affiliates held by Executive as of the date immediately preceding his termination of employment. 

(b) If Executive’s employment ends for any reason, except as otherwise contemplated in this Section 4,
Executive shall cease to have any rights to salary, bonus (if any) or other benefits, other than (i) the earned but unpaid portion of Executive’s Base Salary through the date of termination or resignation, (ii) any annual, long-term,
or other incentive award that relates to a completed fiscal year or performance period, as applicable, and is payable (but not yet paid) on or before the date of termination or resignation, which shall be paid in accordance with the terms of such
award, (iii) a lump-sum payment in respect of accrued but unused vacation days at the Executive’s per-business-day Base
Salary rate, (iv) any unpaid expense or other reimbursements due to Executive, and (v) any other amounts or benefits required to be paid or provided by law or under any plan, program, policy or practice of the Company, provided that
Executive shall not be entitled to any payment or benefit under any severance plan maintained by the Company. 
 (c) Termination without
Cause or for Good Reason. If Executive’s employment hereunder shall be terminated by the Company without Cause, or by Executive for Good Reason, then in addition to the payments and benefits described in
Section 4(b) and subject to Executive’s execution and non-revocation of the release contemplated in Section 4(f) of this Agreement and Executive’s continuing compliance
with the Non-Competition Agreement (as defined below): 
 (i) the Company
shall pay Executive continuation of six (6) months of Executive’s annual Base Salary, as in effective immediately prior to Executive’s termination of employment hereunder, payable during the
6-month period following Executive’s termination of employment in the form of salary continuation in accordance with the Company’s normal payroll practices; 

(ii) the Company shall pay Executive an annual cash bonus for the year of termination, payable at the same time as annual cash
bonuses are paid to senior management, based on actual achievement of performance targets (as if Executive had remained employed through the end of the applicable performance period), subject, however, to proration based on the number
of days in the applicable performance period that had elapsed prior to the date of termination; and 

  
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 (iii) if the Executive timely elects to receive continued coverage under the
Company’s group health care plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay the employer portion of applicable COBRA premium payments for the Executive’s
and, as applicable, Executive’s dependents’, continued health coverage under such plan (as in effect or amended from time to time) (the “COBRA Subsidy”) until the earlier of: (1) twelve (12) months following the
Executive’s termination of employment, or (2) the date upon which the Executive obtains or becomes eligible for other health care coverage from a new employer or otherwise (such period referred to as the “COBRA Subsidy Period”).
The Executive shall promptly inform the Company in writing when Executive obtains or becomes eligible for any such other health care coverage. The Executive shall be responsible for paying a share of such COBRA premiums during the COBRA Subsidy
Period at active employee rates as in effect from time to time, and shall be responsible for the full unsubsidized costs of such COBRA coverage thereafter. 

(d) Termination without Cause or for Good Reason in Connection with a Change in Control. If Executive’s employment hereunder shall
be terminated by the Company without Cause, or by Executive for Good Reason, in either case within 12 months following a Change in Control then, in addition to the payments and benefits described in Section 4(c) of this
Agreement, the Company shall pay Executive Executive’s full target bonus under the Annual Incentive Program for the year in which the termination of employment occurs. 

(e) Change in Control. Immediately prior to a Change in Control, any equity awards subject to time-based vesting that are outstanding
shall vest in full. 
 (f) Section 280G. Notwithstanding anything to the contrary in this Agreement, Executive expressly agrees
that if the payments and benefits provided for in this Agreement or any other payments and benefits which Executive has the right to receive from the Company and its affiliates (collectively, the “Payments”), would constitute a
“parachute payment” (as defined in Section 280G(b)(2) of the Code), then the Payments shall be either (a) reduced (but not below zero) so that the present value of the Payments will be one dollar ($1.00) less than three times
Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of the Payments received by Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in
full, whichever produces the better net after-tax position to Executive. The reduction of Payments, if any, shall be made by reducing first any Payments that are exempt from Section 409A of the Code and
then reducing any Payments subject to Section 409A of the Code in the reverse order in which such Payments would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent
necessary, through to such payment or benefit that would be made first in time). The determination as to whether any such reduction in the Payments is necessary shall be made by the Compensation Committee in good faith. If a reduced Payment is made
or provided and, through error or otherwise, that Payment, when aggregated with other payments and benefits from Company (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three
times Executive’s base amount, then Executive shall immediately repay such excess to the Company. 

  
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 (g) Release. Executive’s execution of a complete and general release of any and all
of Executive’s potential claims (other than for benefits and payments described in this Agreement or any other vested benefits with the Company and/or its affiliates) against the Company, any of its affiliated companies, and their respective
successors and any officers, employees, agents, directors, attorneys, insurers, underwriters, and assigns of the Company or its affiliates and/or successors, is an express condition of Executive’s right to receive the payments and benefits set
forth in Section 4(c). Executive shall be required to execute within 45 days after Executive’s termination of employment a general waiver and release agreement in a form reasonably satisfactory to the Company. 

(h) Certain Definitions. 

“Cause” shall mean the occurrence of any one of the following: 

(i) gross negligence or willful misconduct in the performance of, or Executive’s abuse of alcohol or drugs rendering Executive unable to
perform, the material duties and services required for Executive’s position with the Company; 
 (ii) Executive’s conviction or
plea of nolo contendere for any crime involving moral turpitude or a felony; 
 (iii) Executive’s commission of an act of deceit or
fraud intended to result in personal and unauthorized enrichment of Executive at the expense of the Company or any of its affiliates; or 

(iv) Executive’s material violation of the written policies of the Company or any of its affiliates (including ethics and compliance
policies, as in effect from time to time), Executive’s material breach of a material obligation of Executive to the Company pursuant to Executive’s duties and obligations under the Company’s Bylaws, or Executive’s material breach
of a material obligation of Executive to the Company or any of its affiliates pursuant to this Agreement or any award or other agreement between Executive and the Company or any of its affiliates. 

“Change in Control” shall be deemed to have occurred upon the occurrence of any of the following events: 

(i) The acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule l3d-3 promulgated under the Exchange Act) of 50% or more of either
the then outstanding shares of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition by the
Company or any of its subsidiaries, or any employee benefit plan (or related trust) of the Company or its subsidiaries, or any corporation with respect to which, following such acquisition, more than 50% of,

  
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respectively, the then outstanding shares of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the
election of all or substantially all directors is then beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners, respectively, of shares and voting securities of the Company immediately prior to such
acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition, of the then outstanding shares of the Company or the combined voting power of the then outstanding voting securities of the Company entitled
to vote generally in the election of directors, as the case may be; 
 (ii) The consummation of a reorganization, merger or consolidation of
the Company, in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of shares and voting securities of the Company immediately prior to such reorganization, merger or
consolidation do not, following such reorganization, merger or consolidation, beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such reorganization, merger or consolidation; 

(iii) During any twenty-four (24) month period, individuals who, as of the beginning of such period, constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the beginning of such period whose election or nomination for election was
approved by a vote of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection
to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of
any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; or 

(iv) a complete liquidation or dissolution of the Company or of the sale or other disposition of all or substantially all of the assets of the
Company. 
 In no event shall a Change in Control include the initial public offering of the Company registered on Form S-l (or any successor form under the Securities Act of 1933, as amended) (the “Initial Public Offering”) or any bona fide primary or secondary public offering following the occurrence of the Initial
Public Offering. 

  
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 “Good Reason” shall mean the existence of any of the following:

 (i) a material diminution in Executive’s authority, duties, or responsibilities from those applicable to him as of the Effective
Date; 
 (ii) a material diminution in Executive’s annual Base Salary, except to the extent contemplated by
Section 3(b) of this Agreement; 
 (iii) a relocation of Executive’s principal place of employment by more
than 50 miles, which for purposes of this Agreement shall mean the Company requiring Executive to be permanently based in a location that is more than 50 miles outside the city limits of Skokie, Illinois; or 

(iv) a material breach by the Company of any provision of this Agreement. 

Notwithstanding the foregoing or any other provision in this Agreement to the contrary, any assertion by Executive of a Good Reason termination shall not be
effective unless all of the following conditions are satisfied: 
 (i) the conditions described in the preceding sentence giving rise to
Executive’s termination of employment must have arisen without Executive’s written consent; 
 (ii) Executive must provide written
notice to the Company of such condition and Executive’s intent to terminate employment within 90 days after the initial existence of the condition; 

(iii) the condition specified in such notice must remain uncorrected for 30 days after receipt of such notice by the Company; and 

(iv) the date of Executive’s termination of employment must occur within 90 days after the notice provided by Executive pursuant to clause
(ii). 
 “Termination due to Disability” shall mean Executive’s termination of employment as a result of Executive
becoming incapacitated for a period of at least 180 days by accident, sickness or other circumstance that renders Executive mentally or physically incapable of performing the material duties as Chief Financial Officer. 

5. Non-Competition Agreement. Executive agrees to continue to be bound by that certain Confidentiality, Non-Compete, Non-Hire, Non-Disparagement, and Work Product Agreement by and between the Company and Executive, dated as of
July 11, 2014 (the “Non-Competition Agreement”). 
 6. Survival. Sections 5, 6,
8, 9 and 14 hereof shall survive and continue in full force and effect in accordance with their respective terms, notwithstanding any termination of the Employment Period. 

  
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 7. Notices. Any notice provided for in this Agreement shall be in writing and shall be delivered
(i) personally, (ii) by certified mail, postage prepaid, (iii) by Federal Express or other reputable courier service regularly providing evidence of delivery (with charges paid by the party sending the notice), or (iv) by facsimile or
a PDF or similar attachment to an email, provided that such telecopy or email attachment shall be followed within one (1) business day by delivery of such notice pursuant to clause (i), (ii) or (iii) above. Any such notice to a party shall
be addressed at the address set forth below (subject to the right of a party to designate a different address for itself by notice similarly given): 

If to the Company: 

Exicure, Inc. 
 8045 Lamon Avenue

 Suite 410 
 Skokie, Illinois
60077 
 If to Executive: 

David S. Snyder 
 At the most
recent address on file with the Company. 
 8. Entire Agreement. This Agreement, including the
Non-Competition Agreement, constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or
representations by or between the parties, written or oral, which may have related in any manner to the subject matter hereof. 
 9. No Conflict.
Executive represents and warrants that Executive is not bound by any employment contract, restrictive covenant, or other restriction preventing Executive from carrying out Executive’s responsibilities for the Company, or which is in any way
inconsistent with the terms of this Agreement. Executive further represents and warrants that Executive shall not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous
employer or others. 
 10. Successors and Assigns. This Agreement shall inure to the benefit of and be enforceable by Executive and his heirs,
executors and personal representatives, and the Company and its successors and assigns. Any successor or assignee of the Company shall assume the liabilities of the Company hereunder. 

11. Governing Law. This Agreement shall be governed by the internal laws (as opposed to the conflicts of law provisions) of the State of Illinois. 

12. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Executive,
and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement. 

13. Withholding. All payments and benefits under this Agreement are subject to withholding of all applicable taxes. 

  
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 14. Code Section 409A. This Agreement is intended to comply with the requirements of
Section 409A of the Code, and shall be interpreted and construed consistently with such intent. The payments to Executive pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent
possible, under either the separation pay exemption pursuant to Treasury regulation § 1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation
§1.409A-1(b)(4), and for such purposes, each payment to Executive under this Agreement shall be considered a separate payment. In the event the terms of this Agreement would subject Executive to taxes or
penalties under Section 409A of the Code (“409A Penalties”), the Company and Executive shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent any
amounts under this Agreement are payable by reference to Executive’s “termination of employment” such term and similar terms shall be deemed to refer to Executive’s “separation from service,” within the meaning of
Section 409A of the Code. Notwithstanding any other provision in this Agreement, to the extent any payments made or contemplated hereunder constitute nonqualified deferred compensation, within the meaning of Section 409A, then
(i) each such payment which is conditioned upon Executive’s execution of a release and which is to be paid or provided during a designated period that begins in one taxable year and ends in a second taxable year, shall be paid or provided
in the later of the two taxable years and (ii) if Executive is a specified employee (within the meaning of Section 409A of the Code) as of the date of Executive’s separation from service, each such payment that is payable upon
Executive’s separation from service and would have been paid prior to the six-month anniversary of Executive’s separation from service, shall be delayed until the earlier to occur of (A) the
first day of the seventh month following Executive’s separation from service or (B) the date of Executive’s death. Any reimbursement payable to Executive pursuant to this Agreement shall be conditioned on the submission by Executive
of all expense reports reasonably required by Company under any applicable expense reimbursement policy, and shall be paid to Executive within 30 days following receipt of such expense reports, but in no event later than the last day of the calendar
year following the calendar year in which Executive incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect
the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit
pursuant to this Agreement shall not be subject to liquidation or exchange for any other benefit. 
 15. Clawbacks. The payments to Executive
pursuant to this Agreement are subject to forfeiture or recovery by the Company or other action pursuant to any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy or provision
that the Company has included in any of its existing compensation programs or plans or that it may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as
otherwise required by law. 
 16. Company Policies. Executive shall be subject to additional Company policies as they may exist from time-to-time, including policies with regard to stock ownership by senior executives and policies regarding trading of securities. 

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

			
	EXICURE, INC.
		
	By:	 	/s/ Chad A. Mirkin, Ph.D.
		 	Name: Chad A. Mirkin, Ph.D.
		 	Title: Chairman of the Board of Directors
	
	DAVID S. SNYDER
		
	By:	 	/s/ David S. Snyder

  
 10EX-10.9

 EXHIBIT 10.9 
  

					
	

	  		  	 Exicure, Inc.
 8045 Lamon Avenue, Suite 410

Skokie, IL 60077
 (847)
673-1700

 September 16, 2015 

Dr. Ekambareswara Rao Kandimalla 

[    ] 
 Dear Ekambar, 

This letter will confirm our agreement with respect to the terms of your employment by Exicure, Inc. (the “Company”). We have agreed
as follows: 
  

	1.	Term of Employment and Duties: We are pleased to offer you employment with Exicure, Inc. as Chief Scientific Officer, reporting to David Giljohann, Chief Executive Officer. Your first day of employment will be in
no case later than 6 weeks from the date of this letter. During the term of your employment, you agree to devote your best efforts and all of your business time, attention and skill to the affairs of the Company as required by its business needs.

  

	2.	Compensation: 

  

	 	a.	Base salary and bonus: Your annualized salary will be $260,000. This will be paid according to the company’s regular payroll schedule, $10,833.33, twice monthly. You will receive annual performance reviews
or more frequently as circumstances and your performance suggest. You may be eligible for increases to your salary according to your performance and the Company’s normal compensation review cycle. You will be eligible to receive an annual
performance bonus of up to 25% of your annual salary. This bonus is payable at the discretion of the Board and will be based upon achievement of both Company and personal goals. This bonus will be payable at the Company’s sole discretion and in
the form of the Company’s choosing, per the Company’s written policy. 

  

	 	b.	Withholding and Other Taxes: The Company will deduct from the payments to be made to you under this agreement any Federal, State or local withholding or other taxes or charges which the Company is from time to
time required to deduct under applicable law, and all amounts payable to you under this agreement are stated before any such deduction. 

  

	 	c.	 Stock Options: As long as you are an employee of the Company, we will recommend to the Board that you be
granted options under the “AuraSense Therapeutics LLC Equity Incentive Plan” or such successor plan as is in place at the time of your award. Only the Board can grant options. At the time of this writing, we anticipate that such successor
plan will be the same or similar 

			
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to the draft plan documents of the Exicure, Inc. 2015 Equity Incentive Plan, which we have previously provided for your review. We will recommend to the Board that you be provided an option grant
to purchase a number of Exicure, Inc. common shares approximately equal to 1.25%, of the fully diluted, as if converted, pro-forma common shares as of September 10th, 2015. Ordinarily, these options will vest
over a four-year period beginning on the first day of your employment. Should the Company effect a change in control (as defined in the plan documents) and should your employment be terminated other than for cause either due to or proximate to the
change in control, such termination would result in immediate vesting of any then unvested option grants. (“Double Trigger” vesting). A formal award agreement will be provided separately, which includes vesting schedule, termination
benefits and other details. 

  

	3.	Benefits and Expenses: 

  

	 	a.	Expenses: The Company will pay or reimburse you for all reasonable travel expenses ordinarily and necessarily incurred by you in furtherance of the Company’s business. You will be required to submit an
itemized account of such expenditures and such proof as may be necessary (in accordance with the Company’s policy and IRS regulations) to establish to the satisfaction of the Company that such expenses were ordinary and necessary expenses
incurred by you in furtherance of the business of the Company. 

  

	 	b.	Fringe Benefits: During the term of your employment, you will be entitled to participate in any paid time off, health insurance, disability insurance, retirement, and other similar fringe benefit plans of the
kinds and in the amounts now or at any time during such term provided generally to other exempt employees of the Company. You acknowledge that you have no rights in any such plans except as expressly provided under the terms of such plans and that
such plans may be terminated, modified or supplemented at any time. Copies of any plans or other documents describing these benefits will be provided to you upon request. You also will be entitled to paid time off during the term of your employment
in accordance with the Company’s policies as in effect from time to time for other exempt employees of the Company. Copies of any plans or other documents describing these benefits will be provided to you upon request. As of this writing you
will be eligible to receive three weeks of vacation and five personal days per year. 

  

	 	c.	Relocation benefits: Exicure will pay you $50,000 to cover costs associated with relocation and other expenses reasonably incurred to relocate you and your family to the Chicago area. This payment is subject to a
two-year quarterly graded claw back in the event that you terminate your employment voluntarily or for cause within two years from your employment start date. Such relocation payments will be made to you first
to reimburse you for those deductible moving expenses as defined in Section 217 (b)(1) of the Internal Revenue Code of 1986, as amended, upon submitting a satisfactory 

			
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accounting and receipts for the same. For the avoidance of doubt, Exicure will reimburse you up to an aggregate of $50,000 notwithstanding the actual amount of reimbursable expenses incurred.
Should the aggregate reimbursement of deductible moving expenses be less than $50,000 then the difference between $50,000 and such reimbursement will be paid to you promptly as a lump sum in accordance with the ordinary payroll practices of the
Company and will be included in your gross income. It is expected that you will be full time in Chicago as of your start date. The relocation payment is subject to completion of your relocation by August 31, 2016. The Company will also pay pre-approved expenses for up to two house-hunting trips to the Chicago. The Company will provide for 6 weeks of commuting and housing expenses in Chicago prior to your relocation. 

 

	4.	Confidentiality, Non-Compete, Non-Hire, Non-Disparagement, and Work Product Agreement: As
consideration for your employment at Exicure, you will be required to sign the Company’s Confidentiality, Non-Compete, Non-Hire,
Non-Disparagement, and Work Product Agreement. A copy of this agreement is enclosed for your signature. Please contact me if you have any questions. 

 

	5.	Termination: Your employment by the Company is at will and may be terminated at any time by you, with 14 days prior written notice, or by the Company. Nothing contained in this letter or the Confidentiality, Non-Compete, Non-Hire, Non-Disparagement, and Work Product Agreement will be construed as conferring upon you any right to remain
employed by the Company or affect the right of the Company to terminate your employment at any time. Upon your termination of employment, the Company will pay to you your salary through your date of termination and such other benefits in which you
are vested or are otherwise entitled through the date of your termination. Except as expressly provided above or by law, the Company will have no further obligations to you following your termination of employment. In the event that you are
terminated by the Company other than for Cause, you will be entitled to a severance benefit in the amount 6 months salary continuation or lump sum (Termination without Cause), or in the case of “Double Trigger” per above, 6 months salary
plus full bonus target (Termination without Cause for Good Reason under Change in Control). If you are terminated for Cause, you forfeit all option rights and there is no severance. “Cause” would mean: (i) your indictment or
conviction or plea of nolo contendre or guilty plea with respect to any crime of moral turpitude or any felony arising from any act of fraud, misappropriation, embezzlement or material misconduct on your part, or: (ii) your failure
substantially to follow directives of your immediate supervisor, not inconsistent with the terms of your intended duties and your failure to correct same within fifteen (15) business days after notice from your immediate supervisor.

  

	6.	Other Employment Matters 

  

	 	a.	This is agreement will be binding on the Company and its successors and will insure to the benefit of and be enforceable by your personal or legal representatives, heirs and successors. 

			
	Exicure Inc.	  	Page 4 of 5

  

	 	b.	This agreement and all questions of its interpretation, performance and enforcement and the rights and remedies of parties will be determined in accordance with the laws of the State of Illinois without application of
conflict of law principles. 

  

	 	c.	This agreement supersedes any and all prior agreements, whether written or oral, between the Company or any representative thereof and you relating to the services performed by you for the Company or your compensation
for such services, and all such prior agreements are null and void. 

  

	 	d.	Any notice required or permitted to be given under this agreement will be in writing and will be deemed given by: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if
sent during normal business hours of the recipient, if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after
deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt at the following addresses or to such other addresses either party shall specify by like notice: 

if to the Company: 
 Chief
Financial Officer 
 Exicure, Inc. 

8045 Lamon Ave 
 Skokie, IL 525
Science Drive 
 And if to you: 

Dr. Ekambareswara Rao Kandimalla 

[    ] 
  

	 	e.	The Agreement may be amended or modified only upon the written consent of the Company and you. 

  

	 	f.	You hereby represent and warrant to the Company that (a) neither the execution of this Agreement by you nor the performance of any of your obligations or duties hereunder will conflict with or violate or constitute
a breach of the terms of any employment or other agreement to which you are a party or by which you are bound, and (b) you are not required to obtain the consent of any person, firm, corporation or other entity in order to enter into this
Agreement or to perform any of your obligations or duties hereunder. 

			
	Exicure Inc.	  	Page 5 of 5

  

	 	g.	Also included in this letter is an offer to you to self-disclose as a person with a disability. It is a government requirement that Exicure provides this opportunity to you, and your completion of the form is strictly
voluntary. Any information you provide is confidential. Upon your acceptance of this offer, we will forward an invitation to disclose to you 

Ekambar, we are impressed with your accomplishments to date. We are confident that you will make a significant contribution to Exicure and are excited to have
you join our executive team. We are strongly committed to our employees and firmly believe that your acceptance of employment will provide you with an excellent opportunity to enhance your professional career while contributing significantly to our
success. 
 Please indicate your written acceptance by signing this letter and returning it to me at your earliest convenience. The terms of this letter, if
not earlier accepted, will expire at 5:00 P.M. on September 24th, 2015. If you have any questions, please do not hesitate to contact me at
                     . 
 We look forward to you joining
us at Exicure! 
  

					
	Sincerely yours,	 		 	Accepted by:
			
	/s/ David Giljohann            9/24/15	 		 	/s/ Ekambareswara Rao Kandimalla            Sep. 24, 2015
	David Giljohann	 		 	Ekambareswara Rao Kandimalla                (Date)

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