Document:

EX-10.19

 Exhibit 10.19 

INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
			
	1.	  	Definitions	  	 	1	 
			
	2.	  	Registration Rights	  	 	4	 
		  	 2.1
	  	Demand Registration	  	 	4	 
		  	 2.2
	  	Company Registration	  	 	5	 
		  	 2.3
	  	Underwriting Requirements	  	 	6	 
		  	 2.4
	  	Obligations of the Company	  	 	7	 
		  	 2.5
	  	Furnish Information	  	 	8	 
		  	 2.6
	  	Expenses of Registration	  	 	9	 
		  	 2.7
	  	Delay of Registration	  	 	9	 
		  	 2.8
	  	Indemnification	  	 	9	 
		  	 2.9
	  	Reports Under Exchange Act	  	 	11	 
		  	 2.10
	  	Limitations on Subsequent Registration Rights	  	 	12	 
		  	 2.11
	  	“Market Stand-off” Agreement	  	 	12	 
		  	 2.12
	  	Restrictions on Transfer	  	 	13	 
		  	 2.13
	  	Termination of Registration Rights	  	 	14	 
			
	3.	  	Information Rights	  	 	14	 
		  	 3.1
	  	Delivery of Financial Statements	  	 	14	 
		  	 3.2
	  	Inspection	  	 	16	 
		  	 3.3
	  	Termination of Information Rights	  	 	16	 
		  	 3.4
	  	Confidentiality	  	 	16	 
			
	4.	  	Rights to Future Stock Issuances	  	 	17	 
		  	 4.1
	  	Right of First Offer	  	 	17	 
		  	 4.2
	  	Termination	  	 	18	 
			
	5.	  	Additional Covenants	  	 	18	 
		  	 5.1
	  	Insurance	  	 	18	 
		  	 5.2
	  	Employee Agreements	  	 	18	 
		  	 5.3
	  	Employee Stock	  	 	18	 
		  	 5.4
	  	Board Matters	  	 	19	 
		  	 5.5
	  	Successor Indemnification	  	 	19	 
		  	 5.6
	  	Indemnification Matters	  	 	19	 
		  	 5.7
	  	Expenses of Counsel	  	 	19	 
		  	 5.8
	  	Right to Conduct Activities.	  	 	20	 
		  	 5.9
	  	Termination of Covenants	  	 	20	 
			
	6.	  	Miscellaneous	  	 	21	 
		  	 6.1
	  	Successors and Assigns	  	 	21	 
		  	 6.2
	  	Governing Law	  	 	21	 
		  	 6.3
	  	Counterparts	  	 	21	 
		  	 6.4
	  	Titles and Subtitles	  	 	21	 

  
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		  	 6.5
	  	Notices	  	 	21	 
		  	 6.6
	  	Amendments and Waivers	  	 	22	 
		  	 6.7
	  	Severability	  	 	23	 
		  	 6.8
	  	Aggregation of Stock	  	 	23	 
		  	 6.9
	  	Additional Investors	  	 	23	 
		  	 6.10
	  	Entire Agreement	  	 	23	 
		  	 6.11
	  	Dispute Resolution	  	 	23	 
		  	 6.12
	  	Delays or Omissions	  	 	24	 
		  	 6.13
	  	Acknowledgment	  	 	24	 

  

					
	 Schedule A
	  	-	  	Schedule of Investors

  
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 INVESTORS’ RIGHTS AGREEMENT 

THIS INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of [date] by and among [Cullinan Asset
Subsidiary], a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor” and any Additional Purchaser (as
defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with Section 6.9 hereof. 

RECITALS 

WHEREAS, the Company and the Investors are parties to the Series A Preferred Stock Purchase Agreement of even date herewith (the
“Purchase Agreement”); and 
 WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to
induce the Investors to invest funds in the Company pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock
issuable to the Investors, to receive certain information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement; 

NOW, THEREFORE, the parties hereby agree as follows: 

1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is
controlled by, or is under common control with such Person, including without limitation any parent or subsidiary Person, any Person under a common parent, or any general partner, managing member, officer, director or trustee of such Person or any
venture capital fund or registered investment company now or hereafter existing that is controlled by one or more general partners, managing members or investment advisors of, or shares the same management company or investment advisor with, such
Person. 
 1.2 “Board of Directors” means the board of directors of the Company. 

1.3 “Common Stock” means shares of the Company’s Common Stock, par value $0.0001 per share. 

1.4 “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under
the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a
material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities
Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

 1.5 “Derivative Securities” means any securities or rights convertible
into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 

1.6 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 1.7 “Excluded Registration” means (i) a registration relating to the sale of securities to employees
of the Company or a subsidiary pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially
the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon
conversion of debt securities that are also being registered. 
 1.8 “FOIA Party” means a Person that, in the reasonable
determination of the Board of Directors, may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552
(“FOIA”), any state public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement. 

1.9 “Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor
registration form under the Securities Act subsequently adopted by the SEC. 
 1.10 “Form S-3” means such
form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the
Company with the SEC. 
 1.11 “GAAP” means generally accepted accounting principles in the United States as in effect from
time to time. 
 1.12 “Holder” means any holder of Registrable Securities who is a party to this Agreement. 

1.13 “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.14 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

  
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 1.15 “IPO” means the Company’s first underwritten public offering of
its Common Stock under the Securities Act. 
 1.16 “Key Employee” means any executive-level employee (including division
director and vice president-level positions) as well as any employee or consultant who either alone or in concert with others develops, invents, programs or designs any Company Intellectual Property (as defined in the Purchase Agreement). 

1.17 “Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least
[1,500,000] shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof). 

1.18 “New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as
rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

1.19 “Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 1.20 “Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.0001 per share, and
any future series of preferred stock issued by the Company. 
 1.21 “Registrable Securities” means (i) the Common
Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other
securities of the Company, acquired by the Investors after the date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a
dividend or other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a
transaction in which the applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant
to Subsection 2.13 of this Agreement. 
 1.22 “Registrable Securities then outstanding” means the number of
shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities
that are Registrable Securities. 
 1.23 “Restricted Securities” means the securities of the Company required to be
notated with the legend set forth in Subsection 2.12(b) hereof. 
 1.24 “SEC” means the Securities and
Exchange Commission. 

  
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 1.25 “SEC Rule 144” means Rule 144 promulgated by the SEC under the
Securities Act. 
 1.26 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.27 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 1.28 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to
the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6. 

2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) three (3) years after the
date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that
the Company file a Form S-1 registration statement having an aggregate offering price, net of Selling Expenses, would exceed $10 million, then the Company shall (x) within ten (10) days
after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such
request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and
any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in
each case, subject to the limitations of Subsections 2.1(c) and 2.3. 
 (b) Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of
the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering
price, net of Selling Expenses, of at least $1 million, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon
as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all
Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject
to the limitations of Subsections 2.1(c) and 2.3. 
 (c) Notwithstanding the foregoing obligations, if the Company furnishes
to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed 

  
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by the Company’s chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental to the Company and its stockholders for such
registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition,
corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the
Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing for a period of not more than one hundred twenty (120) days after the
request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall not register any
securities for its own account or that of any other stockholder during such one hundred twenty (120) day period other than an Excluded Registration. 

(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection
2.1(a)(i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a
Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two registrations
pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made
pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the
Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith
commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding
the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the
Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn
registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Subsection 2.1(c), then the
Initiating Holders may withdraw their request for registration and such registration will not be counted as “effected” for purposes of this Subsection 2.1(d). 

2.2 Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give
each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the 

  
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Company shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such
registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable
Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6. 

2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Initiating Holders, subject only to the reasonable approval of the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation
in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as
provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if the underwriter(s) advise(s)
the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant
hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of
Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such
underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. 
 (b) In connection with
any offering involving an underwriting of shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the
Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the
Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable
discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their
sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities
that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities 

  
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owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event shall (i) the number of
Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the
offering be reduced below twenty-five percent (25%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination
described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability
company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any
trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable
Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 
 (c) For purposes of
Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of
Registrable Securities that Holders have requested to be included in such registration statement are actually included. 
 2.4
Obligations of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred
twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period
of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of
Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period shall be
extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

(b) prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with
such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

  
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 (d) use its commercially reasonable efforts to register and qualify the securities covered
by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required
to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make available
for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders,
all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such
seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (j) after such
registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the
Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

 2.5 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 2 with respect to the 

  
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Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of
disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 
 2.6
Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification
fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid
by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the
request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn
registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if,
at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with
reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling
Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each selling
Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who
controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other
expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this
Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company
be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in 

  
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reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in
connection with such registration. 
 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify
and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the
Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent
that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each
such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such
expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected
without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections
2.8(b) and 2.8(c) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action
(including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the
indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without
conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be
inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. 

(d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this 

  
 10 

 
Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after
contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss,
claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the
untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge,
access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of
all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled
to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(c), when combined with the amounts
paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.

 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the
termination of this Agreement. 
 2.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC
Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the
Company shall: 
 (a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule
144, at all times after the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially
reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and

  
 11 

 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith
upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement
filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other
information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting
requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the
prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that (i) would provide to such holder the right
to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the opportunity to include in the registration and offering all shares of
Registrable Securities that they wish to so include; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this limitation shall
not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. 
 2.11
“Market Stand-off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period
commencing on the date of the final prospectus relating to the registration by the Company for its own behalf of shares of its Common Stock or any other equity securities under the Securities Act on a registration statement on Form S-1 or
Form S-3, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, or such other period as may be requested by the Company or
an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule
2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto) (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or
warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the
effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any
such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall apply only to the
IPO, and shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect 

  
 12 

 
benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that
any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to obtain a similar
agreement from all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection
with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto.
Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto.

 2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the
provisions and upon the conditions specified in this Agreement. 
 (b) Each certificate, instrument, or book entry representing
(i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger,
consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES
MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

  
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 (c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to
comply in all respects with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering
the proposed transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or
transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory
to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge,
or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company
to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer
such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144;
or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection
2.12. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth
in Subsection 2.12(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish
compliance with any provisions of the Securities Act. 
 2.13 Termination of Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a) the five (5) year anniversary of the IPO; 

(b) with respect to any holder of registration rights, at such time following an IPO as the holder holds less than one percent (1%) of the
outstanding securities of the Company and all Registrable Securities of such holder may be sold within a three (3) month period pursuant to SEC Rule 144; or 

(c) the closing of a Deemed Liquidation Event (as defined in the Company’s Certificate of Incorporation, as amended and/or restated from
time to time). 
 3. Information Rights. 

3.1 Delivery of Financial Statements. Upon written request by a Major Investor, the Company shall deliver to such Major Investor: 

(a) as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company
(i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between (x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the
prior year and as included in the Budget (as defined in Subsection 3.1(d)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources and applications of funds for such
year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements, unless otherwise approved by the Board, audited and certified by independent public accountants of nationally recognized
standing selected by the Company; 

  
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 (b) as soon as practicable, but in any event within forty-five (45) days after the end
of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such
fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be
required in accordance with GAAP); 
 (c) as soon as practicable, but in any event within thirty (30) days of the end of each month,
an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all prepared in accordance with GAAP (except that such financial
statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(d) as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a copy of the Company’s annual
operating plan for the next fiscal year (collectively, the “Budget”), prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other
budgets or revised budgets prepared by the Company; 
 (e) with respect to the financial statements called for in Subsection 3.1(a),
Subsection 3.1(b) and Subsection 3.1(c), an instrument executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in accordance with GAAP consistently
applied with prior practice for earlier periods (except as otherwise set forth in Subsection 3.1(b) and Subsection 3.1(c)) and fairly present the financial condition of the Company and its results of operation for the periods specified
therein; and 
 (f) such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as
any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information (i) that the Company reasonably determines in good
faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which would adversely affect the attorney-client privilege
between the Company and its counsel. 

  
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 If, for any period, the Company has any subsidiary whose accounts are consolidated with
those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.

Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this
Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules
applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially
reasonable efforts to cause such registration statement to become effective. 
 3.2 Inspection. At the written request of each Major
Investor, the Company shall permit such Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and
accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection 3 to provide
access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which
would adversely affect the attorney-client privilege between the Company and its counsel. 
 3.3 Termination of Information Rights.
The covenants set forth in Subsections 3.1, and 3.2 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic
reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event (as defined in the Company’s Certificate of Incorporation, as amended and/or restated from time to time), whichever occurs
first. 
 3.4 Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use
for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement),
unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.4 by such Investor), (b) is or has been independently developed or conceived by the
Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company;
provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its
investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.4; (iii) to any existing or
prospective Affiliate, partner, member, stockholder, parent or wholly owned subsidiary of such Investor in the ordinary 

  
 16 

 
course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or
(iv) as may otherwise be required by law, regulation, rule, court order or subpoena, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required
disclosure. 
 4. Rights to Future Stock Issuances. 

4.1 Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the
Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it. in such proportions as it
deems appropriate, among (i) itself, and (ii) its Affiliates; provided that each such Affiliate agrees to enter into this Agreement and each of the Voting Agreement and Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an “Investor” under each such agreement. 

(a) The Company shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention to
offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then
issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming
full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire
all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully
Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were
not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative
Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities
then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice
is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 

  
 17 

 (c) If all New Securities referred to in the Offer Notice are not elected to be purchased
or acquired as provided in Subsection 4.1(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New
Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such
period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major
Investors in accordance with this Subsection 4.1. 
 (d) The right of first offer in this Subsection 4.1 shall not be
applicable to (i) Exempted Securities (as defined in the Company’s Certificate of Incorporation); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Preferred Stock pursuant to the Purchase
Agreement. 
 4.2 Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect
upon the earliest of: (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Actor, and (iii) upon a Deemed
Liquidation Event (as defined in the Company’s Certificate of Incorporation, as amended and/or restated from time to time). 
 5.
Additional Covenants. 
 5.1 Insurance. The Company shall use its commercially reasonable efforts to obtain, within ninety
(90) days of the date hereof, from financially sound and reputable insurers Directors and Officers liability insurance, each in an amount and on terms and conditions satisfactory to the Board of Directors, and will use commercially reasonable
efforts to cause such insurance policies to be maintained until such time as the Board of Directors determines that such insurance should be discontinued. 

5.2 Employee Agreements. The Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged
by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement and (ii) each Key Employee to enter
into a non-solicitation agreement, substantially in the form approved by the Board of Directors. 

5.3 Employee Stock. Unless otherwise approved by the Board of Directors, all future employees and consultants of the Company
who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of
shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal quarterly installments over the
following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless

  
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otherwise approved by the Board of Directors, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to
repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. 
 5.4 Board Matters. Unless
otherwise determined by the vote of a majority of the directors then in office, the Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule. The Company shall reimburse the directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors or any committee of
the Board of Directors or in connection with any other activities which are required and/or requested and that involve expenses. 
 5.5
Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent
necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such
transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be. 

5.6 Indemnification Matters. The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the
Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and certain of their affiliates
(collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors
to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Fund Director and shall be
liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the Company’s Certificate of Incorporation or
Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund
Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of
any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of
such advancement or payment to all of the rights of recovery of such Fund Director against the Company. 
 5.7 Expenses of Counsel.
In the event of a transaction which is a Sale of the Company (as defined in the Voting Agreement of even date herewith among the Investors and the Company), the reasonable fees and disbursements of one counsel for the Major Investors
(“Investor Counsel”), in their capacities as stockholders, shall be borne and paid by the 

  
 19 

 
Company. At the outset of considering a transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor Counsel (and such
counsel’s clients) and shall share the confidential information (including, without limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete,
employment, consulting and other compensation agreements and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of the Company. The Company shall be obligated
to share (and cause the Company’s counsel and investment bankers to share) such materials when distributed to the Company’s executives and/or any one or more of the other parties to such transaction(s). In the event that Investor Counsel
deems it appropriate, in its reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney client privilege,
the Company shall, and shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel. In the event that one or more of the other party or
parties to such transactions require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share whatever information can be shared
without entry into such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the clients of Investor
Counsel. 
 5.8 Right to Conduct Activities. The Company hereby agrees and acknowledges that each of the
Investors is engaged in the business of investing, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be
conducted). The Company hereby agrees that, to the extent permitted under applicable law, no Investor shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by such Investor in any entity competitive
with the Company, or (ii) actions taken by any partner, officer or other representative of such Investor to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive
company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the
Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

5.9 Termination of Covenants. The covenants set forth in this Section 5, except for Subsection
5.5 and Subsection 5.6, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of
Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event (as defined in the Company’s Certificate of Incorporation, as amended and/or restated from time to time), whichever event occurs first. 

  
 20 

 6. Miscellaneous. 

6.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder
to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members;
or (iii) after such transfer, holds at least two percent (2%) shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however,
that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and
(y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number
of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of
an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of
rights shall as a condition to the applicable transfer, establish a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any
action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2 Governing Law. This Agreement shall be governed by the internal law of the State of Delaware without regard to conflict of law
principles that would result in the application of any law other than the law of the State of Delaware. 
 6.3 Counterparts. This
Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail
(including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be
valid and effective for all purposes.  
 6.4 Titles and Subtitles. The titles and subtitles used in this Agreement
are for convenience only and are not to be considered in construing or interpreting this Agreement. 
 6.5 Notices. 

(a) All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during

  
 21 

 
normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid;
or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All
communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such
email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy shall also be sent to Goodwin Procter LLP, 100 Northern Avenue,
Boston, MA 02210, Attention: Richard A. Hoffman and if notice is given to Stockholders, a copy shall also be given to [1 Main Street, Suite 520, Cambridge, MA 02142], Attention: [Owen Hughes]. 

(b) Consent to Electronic Notice. Each Investor consents to the delivery of any stockholder notice pursuant to the Delaware General
Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address or the facsimile number set
forth below such Investor’s name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or
undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted Electronic Notice shall be ineffective and deemed to not have been given.
Each Investor agrees to promptly notify the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing. 

6.6 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding; provided that the Company may
in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to
be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended
or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being
agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that
certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from time to time to add transferees of any Registrable
Securities in compliance with the terms of this Agreement without the consent of the other parties; and Schedule A hereto may also be amended by the Company after the date of this Agreement without the consent of the other parties to add
information regarding any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. The Company shall give 

  
 22 

 
prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination, or waiver.
Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or
provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

6.7 Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid,
legal, and enforceable to the maximum extent permitted by law. 
 6.8 Aggregation of Stock. All shares of Registrable Securities
held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem
appropriate. 
 6.9 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues
additional shares of Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter
shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to
be bound by all of the obligations as an “Investor” hereunder. 
 6.10 Entire Agreement. This Agreement (including any
Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between
the parties is expressly canceled. 
 6.11 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally
submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby
waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court.  

  
 23 

 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY
AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH
ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

Each party will bear its own costs in respect of any disputes arising under this Agreement. The prevailing party shall be entitled to
reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the
U.S. District Court for the District of Delaware or any court of the State of Delaware having subject matter jurisdiction. 
 6.12
Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of
such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

6.13 Acknowledgment. The Company acknowledges that the Investors are in the business of venture capital investing and therefore review
the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any
way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete with those of the Company. 

[Remainder of Page Intentionally Left Blank] 

  
 24 

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

			
	COMPANY:
	
	[CULLINAN ASSET SUBSIDIARY]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

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

			
	INVESTOR:
	
	[CULLINAN ONCOLOGY, LLC]
		
	By:	 	  

	Name:	 	[Owen Hughes]
	Title:	 	[Chief Executive Officer and President]

  

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENT

 SCHEDULE A 

Investors 
  

	
	 Name and Address

	
	 [Cullinan Oncology, LLC
 One Main St., Suite
520
 Cambridge, Massachusetts 02142]EX-10.20

 Exhibit 10.20 

SERVICES AGREEMENT 
 THIS
SERVICES AGREEMENT (the “Agreement”) is effective as of [date], by and between [Cullinan Asset Subsidiary], a Delaware corporation (“Technology Company”), and Cullinan Management, Inc., a Delaware
corporation (“Service Company”). 
 WHEREAS, Service Company agrees to provide or cause to be provided to Technology
Company certain services for Technology Company’s business and research and development operations (the “Business”) on the terms set forth in this Agreement, including Appendix A attached hereto. 

NOW, THEREFORE, subject to the terms, conditions, covenants and provisions of this Agreement, Technology Company and Service Company each
mutually covenant and agree as follows: 
 ARTICLE I 

SERVICES PROVIDED 
 1.1
Services. Upon the terms and subject to the conditions set forth in this Agreement, Service Company will provide each of those services (hereinafter referred to individually as a “Service”, and collectively as the
“Services”) set forth in Appendix A attached hereto (which is incorporated herein and made a part of this Agreement) to Technology Company, as such Services are needed in the reasonable determination of Service Company during
the term of this Agreement. 
 1.2 Personnel. In providing the Services, Service Company may, as it deems necessary or appropriate,
(i) use the personnel of Service Company or any affiliate thereof, and (ii) subject to Section 4.6, employ the services of reputable and qualified third parties. 

1.3 Level of Services. The Services will be provided and utilized in good faith and in a reasonable manner by the parties hereto. 

1.4 Service Company Access. To the extent reasonably required for personnel of Service Company to perform the Services, Technology
Company shall provide personnel of Service Company or its affiliates with any reasonably necessary access during normal business hours (to the extent practicable) to its equipment, office space, plants, telecommunications and computer equipment and
systems, and any other areas and equipment. 
 1.5 Contracts. Technology Company hereby appoints Service Company to act as its agent
or (sub)contractor with respect to the execution of contracts, agreements and other written arrangements in furtherance of the Services (each a “Contract” and collectively, the “Contracts”) and Service Company
hereby accepts such appointment. Service Company shall serve as an agent or (sub)contractor of Technology Company until such time as Technology Company revokes such appointment by written notice to the Service Company. Upon written request from
Technology Company, Service Company hereby agrees to, and shall, assign, transfer and convey to Technology Company, now and in the future, all of Service Company’s rights, title and interests in, to and under any Contract to ensure that all
such rights, title and interests in, to and under any Contract inure to the benefit of Technology Company. Notwithstanding anything to the contrary contained in this Agreement, this Agreement shall not constitute an agreement to assign any Contract
if an attempted assignment thereof, without consent of a third party thereto, would constitute a breach or other contravention thereof or in any way adversely affect the rights of Technology Company or Service Company thereunder. In such a
circumstance, Service Company shall use commercially reasonable efforts to obtain the consent of the other parties to any such Contract for the assignment thereof to Technology Company or an affiliate or third party designated by Technology Company.
Unless and until such consent is obtained, or if an attempted assignment thereof would be ineffective or would adversely affect the rights of Technology Company thereunder so that Technology Company would not in fact receive all rights under such
Contract, Service Company and 

  
 Service Agreement –
Page 2 
  

 Technology Company will cooperate in an arrangement under which Technology Company would obtain the benefits and
assume the obligations thereunder, including subcontracting, sub-licensing, or subleasing to Technology Company, or under which Service Company would enforce, at Technology Company’s expense, for the
benefit of Technology Company, with Technology Company assuming at Technology Company’s expense Service Company’s obligations, any and all rights of Service Company against a third party thereto. Service Company will promptly pay to
Technology Company when received all monies received by Service Company under any such Contracts, and Technology Company shall pay, defend, discharge and perform all liabilities under such Contracts. 

ARTICLE II 
 COMPENSATION 

2.1 Invoices/Payment. At the end of each calendar month during the term hereof, Service Company, and/or its affiliates, will submit a
single itemized invoice to Technology Company for all Services provided to Technology Company during the calendar month just ended in accordance with the pricing of such Services set forth on Appendix A. Payment of all undisputed invoiced amounts
shall be made by check or electronic funds transmission in U.S. Dollars within sixty (60) days of the invoice date unless otherwise agreed to by the parties. All payments shall be made to the account designated by Service Company. Any
undisputed amounts that are not paid when due, at Service Company’s discretion, may bear interest from and after the date on which such invoice first became overdue at an annual rate equal to five percent (5%). 

ARTICLE III 
 CONFIDENTIALITY 

3.1 Confidential Information. All information that is disclosed or provided by one party (the “Disclosing Party”) to
the other party (the “Recipient”) pursuant to this Agreement, whether in oral, written, graphic, electronic, or any other form, shall be the “Confidential Information” of the Disclosing Party, except that all
deliverables or results of Services (including, without limitation, all Inventions (as defined below)), except as provided in Section 4.3, shall be deemed the Confidential Information of Technology Company. Except to the
extent expressly authorized by this Agreement or by the Disclosing Party in writing, during the term of this Agreement and for ten (10) years thereafter, the Recipient shall maintain in strict trust and confidence and shall not disclose to any
third party or use for any purpose other than as provided for in this Agreement any Confidential Information of the Disclosing Party. Service Company may use Technology Company’s Confidential Information only to the extent required to perform
the Services, and for no other purpose. Each Recipient agrees that it shall not use the Disclosing Party’s Confidential Information for any purpose or in any manner that would constitute a violation of applicable laws. 

3.2 Exceptions. The obligations of confidentiality and nonuse set forth in Section 3.1 shall not apply to any
specific portion of information that the Recipient can demonstrate by competent written proof: (a) is in the public domain or comes into the public domain through no fault of the Recipient; (b) is furnished to the Recipient by a third
party rightfully in possession of such information and not subject to a duty of confidentiality with respect thereto; (c) is already known by the Recipient at the time of receiving such Confidential Information from the Disclosing Party as
evidenced by the Recipient’s prior written records; or (d) is independently developed by the Recipient without access to the Disclosing Party’s Confidential Information. 

3.3 Authorized Disclosure. Notwithstanding the foregoing in this ARTICLE III, the Recipient may disclose certain Confidential
Information of the Disclosing Party to the extent such disclosure is required by law or regulation, or pursuant to a valid order of a court or other governmental body having jurisdiction, provided that the Recipient provides the Disclosing Party
with reasonable prior 

  
 Service Agreement –
Page 3 
  

 written notice of such disclosure and reasonable assistance in obtaining a protective order or confidential
treatment preventing or limiting the disclosure and/or requiring that the Confidential Information so disclosed be used only for the purposes for which the law or regulation required, or for which the order was issued. 

3.4 Return of Confidential Information. Upon termination of this Agreement, or upon written request of the Disclosing Party, the
Recipient shall promptly return to the Disclosing Party or destroy all documents, notes and other tangible materials representing the Disclosing Party’s Confidential Information and all copies thereof; provided, however, that each party may
retain a single archival copy of the other party’s Confidential Information for the sole purpose of facilitating compliance with the surviving provisions of this Agreement. 

3.5 Injunctive Relief. The parties expressly acknowledge and agree that any breach or threatened breach of ARTICLE III or ARTICLE IV
may cause immediate and irreparable harm to the non-breaching party that may not be adequately compensated by damages. Each party therefore agrees that in the event of such breach or threatened breach and in
addition to any remedies available at law, the non-breaching party shall have the right to seek equitable and injunctive relief, without bond, in connection with such a breach or threatened breach. 

ARTICLE IV 
 INTELLECTUAL PROPERTY

 4.1 Inventions and Assignment. Except as provided in Section 4.2, any materials, data, processes,
documents, deliverables, results, information (including Confidential Information), discoveries, inventions, know-how and the like conceived, created, developed or generated by or on behalf of Service Company
during the course of, and as a direct result of, performing the Services, whether or not patentable, and all related patent, copyright and other intellectual property rights in any of the foregoing (collectively the “Inventions”)
shall be the sole and exclusive property of Technology Company. Service Company hereby assigns, and to the extent it cannot presently assign, agrees to assign and shall use commercially reasonable efforts to obtain the right to assign, to Technology
Company all of Service Company’s worldwide right, title and interest in and to such Inventions. Service Company shall assist Technology Company in securing for Technology Company any patents, copyrights or other proprietary rights in such
Inventions, and shall take such actions and execute such documents as Technology Company may reasonably request in connection with providing such assistance or otherwise to vest in Technology Company all right, title and interest in and to such
Inventions, including without limitation any and all applications, assignments or other instruments. Service Company shall be compensated for all of its reasonable
out-of-pocket costs and expenses associated with such requested assistance. To the extent Inventions cannot be assigned to Technology Company under this ARTICLE IV,
Service Company hereby grants to Technology Company an exclusive, perpetual, irrevocable, transferable, royalty-free, fully paid-up, worldwide license, with the right to grant sublicenses, under such
Inventions for any and all purposes. 
 4.2 Service Company IP. Any (i) processes or process improvements conceived, created,
developed or generated by Service Company related to Service Company’s pre-existing technology that are general in nature and are not unique or specific to [description of Cullinan Asset
Subsidiary’s technology] performed for Technology Company, and (ii) pre-existing patents, know-how or other technology or information owned
or controlled by Service Company prior to the effective date of this Agreement and that are incorporated into or embodied in any Inventions or deliverables or results provided by Service Company under this Agreement (“Service Company
IP”) will be owned by Service Company. For clarity, Service Company IP shall not include any such technology, patents, know-how or information which has been assigned or exclusively licensed to
Technology Company or any other person or entity. Service Company hereby grants to Technology Company a perpetual, irrevocable, non-

  
 Service Agreement –
Page 4 
  

 exclusive, worldwide, royalty-free, fully paid-up license (with a right
to grant sublicenses) under Service Company’s right, title and interest in and to the Service Company IP solely to the extent necessary for Technology Company to utilize the Inventions and the other deliverables or results of Services for any
purpose. The foregoing license may be sublicensed by Technology Company in connection with the transfer by Technology Company of the ownership of, or any rights in or to, the deliverables, results or Inventions to which the license relates. 

4.3 Technology Company Technology. Technology Company hereby grants to Service Company a revocable, nonexclusive, non-transferable, worldwide, royalty-free, fully paid-up, worldwide license (with the right to grant sublicenses) for the term of this Agreement, under all materials, data,
processes, documents, information, discoveries, inventions, know-how and the like and all patent, copyright and other intellectual property rights, in each case, owned or controlled by Technology Company
solely as necessary to perform the Services. 
 4.4 No Other License Grant. Except as expressly set forth in this Agreement, nothing
in this Agreement, nor the delivery of any information or materials to Service Company by Technology Company (or any third party acting on its behalf) in connection with Service Company’s performance of Services under this Agreement shall be
deemed to grant to either party any right or license under any patents, patent applications, know-how, technology, inventions or other intellectual property of the other party. Notwithstanding anything in this
Agreement to the contrary, Technology Company shall own all right, title and interest in and to all inventions, know-how, information and materials, and all related intellectual property rights, that arise
from Technology Company’s use of Inventions and the other deliverables and results of Services. 
 4.5 Third Party Intellectual
Property. Service Company will not knowingly utilize in the performance of Services under this Agreement or incorporate into any deliverable or materials or any other results of the Services provided to Technology Company any technology or
materials covered by proprietary rights of a third party unless Service Company is freely permitted to utilize or incorporate such technology or materials and Technology Company is freely permitted to use such work, deliverable or materials or any
other results of the Services without further compensation by Service Company or Technology Company to any third party. 
 4.6
Subcontractors and Use of Third Party Facilities. Service Company will ensure that its agreement with any permitted subcontractor includes the assignment of any and all Inventions to (1) Technology Company or (2) Service Company
with the right of further transfer to Technology Company; provided, however, that Service Company may (A) grant customary carve outs relating to inventions that are conceived, created, developed or generated in connection with the performance
of any subcontracted activities and are solely improvements to the subcontractor’s background intellectual property rights; or (B) enter into agreements with academic collaborators or non-profit
institutions on customary terms (that at a minimum grant to Technology Company, or Service Company with the right of further transfer to Technology Company, (i) a non-exclusive license, and (ii) an
exclusive option or exclusive license, in each case ((i) and (ii)) to all inventions conceived, created, developed or generated in connection with the performance of any subcontracted activities). Service Company will not make any use of any funds,
space, personnel, facilities, equipment or other resources of a third party in performing Services, or take any other action, that would result in a third party owning or having a right in the results of Services or Inventions, unless agreed upon in
writing in advance by Technology Company. 
 ARTICLE V 

TERM 
 5.1 Term. This
Agreement shall become effective on the date hereof and shall remain in force until Service Company, in its sole discretion, terminates the Agreement. The date that Service Company provides written notice of such termination to Technology Company,
is referred to as the “Termination Date.” 

  
 Service Agreement –
Page 5 
  

 5.2 Termination of Obligations. Technology Company agrees and acknowledges that all
obligations of Service Company to provide each Service to Technology Company shall immediately cease at the end of the day on the Termination Date. 

5.3 Effects; Survival of Certain Obligations. In the event of termination of this Agreement in accordance with the terms hereof, this
Agreement shall immediately become null and void and have no effect, and none of the parties shall have any liability of any nature whatsoever hereunder, or in connection with the transactions contemplated hereby, except that Article III,
Section 4.1, this Section 5.3, Article VI, and all other obligations of the parties specifically intended to be performed or survive after the termination of this Agreement shall survive any
termination of this Agreement. All obligations of Technology Company and Service Company under this Agreement that arose prior to its termination and that have not been fully performed in accordance with the terms of this Agreement prior to such
termination shall survive any such termination of this Agreement. 
 ARTICLE VI 

MISCELLANEOUS 
 6.1
Notices. All notices, requests, demands, claims and other communications which are required or may be given under this Agreement will be in writing and will be deemed to have been duly given when received if personally delivered; the business
day after it is sent, if sent for next day delivery to a domestic address by recognized overnight delivery service (e.g., Federal Express); five business days after the date mailed by certified or registered mail, postage prepaid, if sent by
certified or registered mail, return receipt requested. In each case notice will be sent to: 
 If to Service Company, to: 

Cullinan Management, Inc. 
 One
Main St., Suite 520 
 Cambridge, Massachusetts 02142 

Attention: 
 If to Technology
Company, to: 
 [Cullinan Asset Subsidiary]. 

One Main St., Suite 520 

Cambridge, Massachusetts 02142 

Attention: 
 or to such other place and with such
other copies as each of Service Company or Technology Company may designate as to itself by written notice to the other (in accordance with this Section 6.1). 

6.2 Entire Agreement. This Agreement, together with any schedules and exhibits hereto, Exhibits and the other agreements referred to
therein, and any documents executed by the parties simultaneously herewith, pursuant thereto, or referenced herein, comprises the entire agreement of the parties, and all promises, representations, understandings, warranties and agreements with
reference to the subject matter hereof, and all inducements to the making of this Agreement relied upon by all the parties hereto, have been expressed herein, Exhibits and other agreements referred to therein and this Agreement, together with the
Exhibits and the other agreements referred to therein, supersedes any prior understandings, negotiations, agreements or representations by or among the parties, written or oral, to the extent they related in any way to the subject matter hereof or
thereof. Neither this Agreement nor any of the terms or provisions hereof is binding upon or enforceable against any party hereto unless and until the same is executed and delivered by all of the parties hereto. 

  
 Service Agreement –
Page 6 
  

 6.3 Relationship of Parties. Nothing in this Agreement is intended or should be construed
to create a partnership, joint venture, or employer-employee relationship between Technology Company and Service Company or any of Service Company’s employees or agents. 

6.4 Force Majeure. No party shall bear any responsibility or liability for any damages arising out of any delay, inability to perform
or interruption of its performance of its obligations under this Agreement due to any acts or omissions of the other party hereto or for events beyond its reasonable control including, without limitation, acts of God, acts of governmental
authorities, acts of terrorism, acts of a public enemy, acts of civil or military authority including governmental priorities, or due to war, riot, fire, flood, civil commotion, insurrection, lack of or shortage of electrical power, or any other
cause beyond the reasonable control of such party. 
 6.5 Assignment. Except as expressly permitted by the terms hereof, neither this
Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties; provided, that a party may, without obtaining the prior written consent of the
other party, assign any of its rights, or delegate any of its obligations under this Agreement to any Affiliate or in connection with the sale of all or substantially all of its assets to which this Agreement relates (whether by sale, merger,
reorganization, consolidation or otherwise). 
 6.6 Severability. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced as a result of any rule of law or public policy, all other terms and other provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto will negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the greatest extent possible. 

6.7 Interpretation. In this Agreement, except to the extent otherwise provided or that the context otherwise requires:
(a) references made in this Agreement to an Section, Exhibit or Schedule are references to an Section, Exhibit, or Schedule of this Agreement; (b) all Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in
and made a part of this Agreement as if set forth herein; (c) the headings in this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement; (d) whenever the words
“include,” “includes” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation”; (e) the words “hereof,” “herein” and “hereunder”
and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; (f) all terms defined in this Agreement have the defined meanings when used in any certificate
or other document made or delivered pursuant hereto, unless otherwise defined therein; (g) the following general rules apply: the singular number will include the plural, and vice versa; the masculine gender will include the feminine and neuter
genders; the feminine gender will include the masculine and neuter genders; and the neuter gender will include the masculine and feminine genders; (h) any Law defined or referred to herein or in any agreement or instrument that is referred to
herein shall include any modification, amendment or re-enactment thereof, and any Law substituted therefore, in each case as of the time of inquiry, representation or covenant and all rules, regulations and
statutory instruments issued or related to such Law; (i) any reference to a governmental authority shall be deemed also to refer to any successor thereto unless the context requires otherwise; (j) a reference to any agreement (including
this Agreement), or contract is, unless otherwise specified, to the agreement, contract, statute or regulation as amended, modified, supplemented or replaced at the time of inquiry, representation or covenant; (k) no prior draft of this
Agreement nor any course of performance or course of dealing will be used in the interpretation or construction of this Agreement; (l) although the same or similar subject matters may be addressed in different provisions of this Agreement, the
parties intend that, except as reasonably apparent on the face of the Agreement or as expressly provided in this Agreement, each such provision will be read separately, 

  
 Service Agreement –
Page 7 
  

 be given independent significance and not be construed as limiting any other provision of this Agreement (whether
or not more general or more specific in scope, substance or content); (m) the use of “or” is not intended to be exclusive unless expressly indicated otherwise; and (n) all references to monetary amounts in this Agreement refer to U.S.
dollars. 
 6.8 Choice of Law. This Agreement (and any claim or controversy arising out of or relating to this Agreement) will be
governed by the Law of the Commonwealth of Massachusetts without giving effect to any choice of law or conflict of law provision or rule (whether of the Commonwealth of Massachusetts or any other jurisdictions) that would cause application of the
Laws of any jurisdiction other than the Commonwealth of Massachusetts. 
 6.9 Miscellaneous. All covenants and agreements and other
provisions set forth in this Agreement and made by or on behalf of any of the parties hereto will bind, and inure to the benefit of, the successors (including any successor by merger, sale, reorganization, consolidation or division), heirs and
permitted assigns of such party. This Agreement may be executed in two or more counterparts, each of which when executed will be deemed an original and all of which together will constitute one and the same instrument. The Parties agree that this
Agreement will be legally binding upon the electronic transmission, including by facsimile or email, by each party of a signed signature page to this Agreement to the other party. 

6.10 Waiver and Amendment. No provision of this Agreement may be waived or amended except in a written instrument signed by the party
against whom enforcement of any such amendment or waiver is sought. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver unless otherwise expressly provided. 
 [Remainder of Page Intentionally Left Blank.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and
year first above written. 
  

			
	CULLINAN MANAGEMENT, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	[CULLINAN ASSET SUBSIDIARY]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

SERVICES AGREEMENT SIGNATURE PAGE 

 APPENDIX A: SERVICES 

 

	I.	 CASH 

Service Company shall collect all cash receipts and other working capital receipts for account of Technology Company and use such cash to fund
payroll and A/P functions on behalf of Technology Company. 
  

	II.	 A/P 

Service Company shall maintain A/P management functions including record-keeping. Service Company shall administer Form 1099s, where necessary,
for payments made by Service Company as part of Services. Service Company shall process A/P in accordance with its normal payment terms, generally thirty (30) days. 
  

	III.	 RESEARCH AND DEVELOPMENT 

Service Company shall perform, on behalf of Technology Company, support services related to Technology Company’s program related to
[description of Cullinan Asset Subsidiary’s program] (the “Business”). For avoidance of doubt, and in consideration of the amounts paid under the Services Agreement, all services related to and associated with the
Business performed by Service Company are for and on behalf of Technology Company. 
  

	IV.	 ACCOUNTING SERVICES 

Service Company shall maintain general accounting support with financial reporting in accordance with U.S. generally accepted accounting
principles. Service Company shall maintain adequate accounting records for all Technology Company activity and will use commercially reasonable efforts to maintain Technology Company’s administrative and tax compliance. 

 

	V.	 OTHER SERVICES 

Service Company shall allow Technology Company to use without limitation receptionists, photocopiers, telephones, and office equipment, as
necessary. Further, Technology Company shall permit Service Company to perform such other services and operations related to Technology Company’s business. 
  

	VI.	 PRICING 

  

	A.	 Services 

Service Company employees will devote a portion of their time to performing Service Company’s obligations under the Agreement, such
portion to be determined in the discretion of the Service Company. On a quarterly basis, Service Company shall provide Technology Company with an updated schedule setting forth such amounts, in substantially the form attached hereto as Exhibit
A (the “Schedule”). As consideration for the Services, Technology Company shall reimburse Service Company for the portions of the salaries and benefits for the individuals employed by Service Company providing services pursuant
to this Agreement as listed on the Schedule. Technology Company agrees to comply with the reimbursement for such salaries and benefits incurred in providing Services to Technology Company prior to the effective date of this Agreement, with such
accrual beginning on [date of formation of Cullinan Asset Subsidiary], as set forth on the Schedule and to the extent requested by Services Company. 

	B.	 Out-of-Pocket Expenses

 Service Company shall invoice Technology Company for all reasonable direct expenses incurred or paid by Service Company,
prior to or after the effective date of this Agreement, with such accrual beginning on [date of formation of Cullinan Asset Subsidiary], in the performance of the Services under the Agreement without any
mark-up.

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