Document:

EX-10.8

 Exhibit 10.8 

WEREWOLF THERAPEUTICS, INC. 

2021 EMPLOYEE STOCK PURCHASE PLAN 
 The
purpose of this 2021 Employee Stock Purchase Plan (this “Plan”) is to provide eligible employees of Werewolf Therapeutics, Inc. (the “Company”) and certain of its subsidiaries with opportunities to purchase shares of the
Company’s common stock, $0.0001 par value per share (the “Common Stock”), commencing at such time and on such dates as the Board of Directors of the Company (the “Board”) shall determine. Subject to adjustment under
Section 15 hereof, the number of shares of Common Stock that have been approved for this purpose is the sum of: 
 (a)
244,000 shares of Common Stock; plus 
 (b) an annual increase to be added on the first day of each fiscal year, beginning
with the fiscal year ending December 31, 2022 and continuing for each fiscal year until, and including, the fiscal year ending December 31, 2032, equal to the least of (i) 488,000 shares of Common Stock, (ii) 1% of the outstanding shares
on such date and (iii) an amount determined by the Board. 
 This Plan is intended to qualify as an “employee stock purchase plan” as defined
in Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations issued thereunder, and shall be interpreted consistent therewith. 

1. Administration. The Plan will be administered by the Board or by a committee appointed by the Board (the “Committee”). The
Board or the Committee has authority to make rules and regulations for the administration of the Plan and its interpretation and decisions with regard thereto shall be final and conclusive. 

2. Eligibility. All employees of the Company and all employees of any subsidiary of the Company (as defined in Section 424(f) of
the Code) designated by the Board or the Committee from time to time (a “Designated Subsidiary”), are eligible to participate in any one or more of the offerings of Options (as defined in Section 9) to purchase Common Stock under the
Plan provided that: 
 (a) they are customarily employed by the Company or a Designated Subsidiary for more than 20 hours a
week and for more than five months in a calendar year; and 
 (b) they are employees of the Company or a Designated
Subsidiary on the first day of the applicable Plan Period (as defined below). 
 No employee may be granted an Option hereunder if such
employee, immediately after the Option is granted, owns 5% or more of the total combined voting power or value of the stock of the Company or any subsidiary. For purposes of the preceding sentence, the attribution rules of
Section 424(d) of the Code shall apply in determining the stock ownership of an employee, and all stock that the employee has a contractual right to purchase shall be treated as stock owned by the employee. 

 The Company retains the discretion to determine which eligible employees may participate in
an offering pursuant to and consistent with Treasury Regulation Sections 1.423-2(e) and (f). 
 3.
Offerings. The Company will make one or more offerings (“Offerings”) to employees to purchase stock under this Plan. Offerings will begin at such time and on such dates as the Board shall determine, or the first business day
thereafter (such dates, the “Offering Commencement Dates”). Each Offering Commencement Date will begin a six-month period (a “Plan Period”) during which payroll deductions will be made and
held for the purchase of Common Stock at the end of the Plan Period. However, the Board or the Committee may, at its discretion, choose a different Plan Period of not more than twelve (12) months for Offerings. 

4. Participation. An employee eligible on the Offering Commencement Date of any Offering may participate in such Offering by completing
and forwarding either a written or electronic payroll deduction authorization form to the employee’s appropriate payroll office at least 15 days (or such other number of days as is determined by the Company) prior to the applicable Offering
Commencement Date. The form will authorize a regular payroll deduction from the Compensation received by the employee during the Plan Period. Unless an employee files a new form or withdraws from the Plan, his or her deductions and purchases
will continue at the same rate for future Offerings under the Plan as long as the Plan remains in effect. The term “Compensation” means the amount of money reportable on the employee’s Federal Income Tax Withholding Statement (or
analogous non-U.S. statement), excluding overtime, shift premium, incentive or bonus awards, allowances and reimbursements for expenses such as relocation allowances for travel expenses, income or gains
associated with the grant or vesting of restricted stock, income or gains on the exercise of Company stock options or stock appreciation rights, and similar items, whether or not shown or separately identified on the employee’s Federal Income
Tax Withholding Statement (or analogous non-U.S. statement), but including, in the case of salespersons, sales commissions to the extent determined by the Board or the Committee. 

5. Deductions. The Company will maintain payroll deduction accounts for all participating employees. With respect to any Offering made
under this Plan, an employee may authorize a payroll deduction in any percentage amount (in whole percentages) up to a maximum of 15% of the Compensation he or she receives during the Plan Period or such shorter period during which deductions from
payroll are made. The Board or the Committee may, at its discretion, designate a lower maximum contribution rate. The minimum payroll deduction is such percentage of Compensation as may be established from time to time by the Board or the Committee.

 6. Deduction Changes. An employee may decrease or discontinue his or her payroll deduction once during any Plan Period,
by filing either a written or electronic new payroll deduction authorization form, as determined by the Company. However, an employee may not increase his or her payroll deduction during a Plan Period. If an employee elects to discontinue
his or her payroll deductions during a Plan Period, but does not elect to withdraw his or her funds pursuant to Section 8 hereof, funds deducted prior to his or her election to discontinue will be applied to the purchase of Common Stock on the
Exercise Date (as defined below). 

  
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 7. Interest. Interest will not be paid on any employee accounts, except to the extent
that the Board or the Committee, in its sole discretion, elects to credit employee accounts with interest at such rate as it may from time to time determine. 

8. Withdrawal of Funds. An employee may at any time prior to the close of business on the fifteenth business day prior to the end of a
Plan Period (or such other number of days as is determined by the Company) and for any reason permanently draw out the balance accumulated in the employee’s account and thereby withdraw from participation in an Offering. Partial withdrawals are
not permitted. The employee may not begin participation again during the remainder of the Plan Period during which the employee withdrew his or her balance. The employee may participate in any subsequent Offering in accordance with terms and
conditions established by the Board or the Committee. 
 9. Purchase of Shares. 

(a) Number of Shares. On the Offering Commencement Date for the applicable Plan Period, the Company will grant to each eligible employee
who is then a participant in the Plan an option (an “Option”) to purchase on the last business day of such Plan Period (the “Exercise Date”) at the applicable purchase price (the “Option Price”) up to that whole number
of shares of Common Stock determined by multiplying $2,083 by the number of full months in the Plan Period and dividing the result by the closing price (as determined below) on the Offering Commencement Date; provided, however, that no employee may
be granted an Option which permits his or her rights to purchase Common Stock under this Plan and any other employee stock purchase plan (as defined in Section 423(b) of the Code) of the Company and its subsidiaries, to accrue at a rate which
exceeds $25,000 of the fair market value of such Common Stock (determined at the date such Option is granted) for each calendar year in which the Option is outstanding at any time; and, provided, further, however, that the Committee may, in its
discretion, set a fixed maximum number of shares of Common Stock that each eligible employee may purchase per Plan Period which number may not be greater than the number of shares of Common Stock determined by using the formula in the first clause
of this Section 9(a) and which number shall be subject to the second clause of this Section 9(a). 
 (b) Option Price. The
Board or the Committee shall determine the Option Price for each Plan Period, including whether such Option Price shall be determined based on the lesser of the closing price of the Common Stock on (i) the first business day of the Plan Period
or (ii) the Exercise Date, or shall be based solely on the closing price of the Common Stock on the Exercise Date; provided, however, that such Option Price shall be at least 85% of the applicable closing price. In the absence of a
determination by the Board or the Committee, the Option Price will be 85% of the lesser of the closing price of the Common Stock on (i) the first business day of the Plan Period or (ii) the Exercise Date. The closing price shall be
(a) the closing price (for the primary trading session) on any national securities exchange on which the Common Stock is listed or (b) the average of the closing bid and asked prices in the over-the-counter-market, whichever is applicable, as published in The Wall Street Journal or another source selected by the Board or the Committee. If no sales of Common Stock were made on such a day,
the price of the Common Stock shall be the reported price for the next preceding day on which sales were made. 

  
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 (c) Exercise of Option. Each employee who continues to be a participant in the Plan
on the Exercise Date shall be deemed to have exercised his or her Option at the Option Price on such date and shall be deemed to have purchased from the Company the number of whole shares of Common Stock reserved for the purpose of the Plan that his
or her accumulated payroll deductions on such date will pay for, but not in excess of the maximum numbers determined in the manner set forth above. 

(d) Return of Unused Payroll Deductions. Any balance remaining in an employee’s payroll deduction account at the end of a Plan
Period will be automatically refunded to the employee, except that any balance that is less than the purchase price of one share of Common Stock will be carried forward into the employee’s payroll deduction account for the following Offering,
unless the employee elects not to participate in the following Offering under the Plan, in which case the balance in the employee’s account shall be refunded. 

10. Issuance of Certificates. Certificates representing shares of Common Stock purchased under the Plan may be issued only in the name
of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or (in the Company’s sole discretion) in the name of a brokerage firm, bank, or other nominee holder designated by the
employee. The Company may, in its sole discretion and in compliance with applicable laws, authorize the use of book entry registration of shares in lieu of issuing stock certificates. 

11. Rights on Retirement, Death or Termination of Employment. If a participating employee’s employment ends before the last
business day of a Plan Period, no payroll deduction shall be taken from any pay then due and owing to the employee and the balance in the employee’s account shall be paid to the employee. In the event of the employee’s death before the
last business day of a Plan Period, the Company shall, upon notification of such death, pay the balance of the employee’s account (a) to the executor or administrator of the employee’s estate or (b) if no such executor or
administrator has been appointed to the knowledge of the Company, to such other person(s) as the Company may, in its discretion, designate. If, before the last business day of the Plan Period, the Designated Subsidiary by which an employee is
employed ceases to be a subsidiary of the Company, or if the employee is transferred to a subsidiary of the Company that is not a Designated Subsidiary, the employee shall be deemed to have terminated employment for the purposes of this
Plan. 
 12. Optionees Not Stockholders. Neither the granting of an Option to an employee nor the deductions from his or her pay
shall make such employee a stockholder of the shares of Common Stock covered by an Option under this Plan until he or she has purchased and received such shares. 

13. Options Not Transferable. Options under this Plan are not transferable by a participating employee other than by will or the laws of
descent and distribution, and are exercisable during the employee’s lifetime only by the employee. 

  
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 14. Application of Funds. All funds received or held by the Company under this Plan
may be combined with other corporate funds and may be used for any corporate purpose. 
 15. Adjustment for Changes in Common Stock and
Certain Other Events. 
 (a) Changes in Capitalization. In the event of any stock split, reverse stock split, stock dividend,
recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to holders of Common Stock other than an
ordinary cash dividend, (i) the number and class of securities available under this Plan, (ii) the share limitations set forth in Section 9, and (iii) the Option Price shall be equitably adjusted to the extent determined by the
Board or the Committee. 
 (b) Reorganization Events. 

(1) Definition. A “Reorganization Event” shall mean: (a) any merger or consolidation of the Company with or into another
entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or is cancelled, (b) any transfer or disposition of all of the Common Stock of the
Company for cash, securities or other property pursuant to a share exchange or other transaction or (c) any liquidation or dissolution of the Company. 

(2) Consequences of a Reorganization Event on Options. In connection with a Reorganization Event, the Board or the Committee may take
any one or more of the following actions as to outstanding Options on such terms as the Board or the Committee determines: (i) provide that Options shall be assumed, or substantially equivalent Options shall be substituted, by the acquiring or
succeeding corporation (or an affiliate thereof), (ii) upon written notice to employees, provide that all outstanding Options will be terminated immediately prior to the consummation of such Reorganization Event and that all such outstanding
Options will become exercisable to the extent of accumulated payroll deductions as of a date specified by the Board or the Committee in such notice, which date shall not be less than ten (10) days preceding the effective date of the
Reorganization Event, (iii) upon written notice to employees, provide that all outstanding Options will be cancelled as of a date prior to the effective date of the Reorganization Event and that all accumulated payroll deductions will be
returned to participating employees on such date, (iv) in the event of a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment for each share surrendered in the
Reorganization Event (the “Acquisition Price”), change the last day of the Plan Period to be the date of the consummation of the Reorganization Event and make or provide for a cash payment to each employee equal to (A) (1) the
Acquisition Price times (2) the number of shares of Common Stock that the employee’s accumulated payroll deductions as of immediately prior to the Reorganization Event could purchase at the Option Price, where the Acquisition Price is
treated as the fair market value of the Common Stock on the last day of the applicable Plan Period for purposes of determining the Option Price under Section 9(b) hereof, and where the number of shares that could be purchased is subject to the
limitations set forth in Section 9(a), minus (B) the result of multiplying such number of shares by such Option Price, (v) provide that, in connection with a liquidation or dissolution of the Company, Options shall convert into the
right to receive liquidation proceeds (net of the Option Price thereof) and (vi) any combination of the foregoing. 

  
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 For purposes of clause (i) above, an Option shall be considered assumed if, following
consummation of the Reorganization Event, the Option confers the right to purchase, for each share of Common Stock subject to the Option immediately prior to the consummation of the Reorganization Event, the consideration (whether cash, securities
or other property) received as a result of the Reorganization Event by holders of Common Stock for each share of Common Stock held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice of
consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the
acquiring or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation, provide for the consideration to be received upon the exercise of Options to consist solely of such number
of shares of common stock of the acquiring or succeeding corporation (or an affiliate thereof) that the Board determines to be equivalent in value (as of the date of such determination or another date specified by the Board) to the per share
consideration received by holders of outstanding shares of Common Stock as a result of the Reorganization Event. 
 16. Amendment of the
Plan. The Board may at any time, and from time to time, amend or suspend this Plan or any portion thereof, except that (a) if the approval of any such amendment by the shareholders of the Company is required by Section 423 of the Code,
such amendment shall not be effected without such approval, and (b) in no event may any amendment be made that would cause the Plan to fail to comply with Section 423 of the Code. 

17. Insufficient Shares. If the total number of shares of Common Stock specified in elections to be purchased under any Offering plus
the number of shares purchased under previous Offerings under this Plan exceeds the maximum number of shares issuable under this Plan, the Board or the Committee will allot the shares then available on a
pro-rata basis. 
 18. Termination of the Plan. This Plan may be terminated at any time by the
Board. Upon termination of this Plan all amounts in the accounts of participating employees shall be promptly refunded. 
 19.
Governmental Regulations. The Company’s obligation to sell and deliver Common Stock under this Plan is subject to listing on a national stock exchange (to the extent the Common Stock is then so listed or quoted) and the approval of
all governmental authorities required in connection with the authorization, issuance or sale of such stock. 
 20. Governing Law. The
Plan shall be governed by Delaware law except to the extent that such law is preempted by federal law. 
 21. Issuance of Shares.
Shares may be issued upon exercise of an Option from authorized but unissued Common Stock, from shares held in the treasury of the Company, or from any other proper source. 

22. Notification upon Sale of Shares. Each employee agrees, by participating in the Plan, to promptly give the Company notice of any
disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of the Option pursuant to which such shares were purchased. 

  
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 23. Grants to Employees in Foreign Jurisdictions. The Company may, to comply with the
laws of a foreign jurisdiction, grant Options to employees of the Company or a Designated Subsidiary who are citizens or residents of such foreign jurisdiction (without regard to whether they are also citizens of the United States or resident aliens
(within the meaning of Section 7701(b)(1)(A) of the Code)) with terms that are less favorable (but not more favorable) than the terms of Options granted under the Plan to employees of the Company or a Designated Subsidiary who are resident in
the United States. Notwithstanding the preceding provisions of this Plan, employees of the Company or a Designated Subsidiary who are citizens or residents of a foreign jurisdiction (without regard to whether they are also citizens of the United
States or resident aliens (within the meaning of Section 7701(b)(1)(A) of the Code)) may be excluded from eligibility under the Plan if (a) the grant of an Option under the Plan to a citizen or resident of the foreign jurisdiction is
prohibited under the laws of such jurisdiction or (b) compliance with the laws of the foreign jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code. The Company may add one or more appendices to this Plan
describing the operation of the Plan in those foreign jurisdictions in which employees are excluded from participation or granted less favorable Options. 

24. Authorization of Sub-Plans. The Board may from time to time establish one or more sub-plans under the Plan with respect to one or more Designated Subsidiaries, provided that such sub-plan complies with Section 423 of the Code. 

25. Withholding. If applicable tax laws impose a tax withholding obligation, each affected employee shall, no later than the date of the
event creating the tax liability, make provision satisfactory to the Board for payment of any taxes required by law to be withheld in connection with any transaction related to Options granted to or shares acquired by such employee pursuant to the
Plan. The Company may, to the extent permitted by law, deduct any such taxes from any payment of any kind otherwise due to an employee. 

26. Effective Date and Approval of Shareholders. The Plan shall take effect as of immediately prior to the effectiveness of the
Company’s registration statement with respect to its initial public offering, subject to approval by the shareholders of the Company as required by Section 423 of the Code, which approval must occur within twelve months of the adoption of
the Plan by the Board. 
  

	
	Adopted by the Board of Directors on April 21, 2021
	
	Approved by the stockholders on April 23, 2021

  
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 Exhibit 10.15 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”), is made as of April 23, 2021 by and between Werewolf Therapeutics, Inc. (the
“Company”), and Daniel J. Hicklin, Ph.D. (the “Executive”) (together, the “Parties”). 
 RECITALS 

WHEREAS, the Company has filed a registration statement relating to the proposed initial public offering of the Company’s common stock
(the “IPO”); 
 WHEREAS, the Company desires to continue to employ the Executive as its Chief Executive Officer following the IPO;

 WHEREAS, the Executive is party to an offer letter agreement with the Company dated August 28, 2019 (the “Existing
Agreement”), which Existing Agreement will be superseded in its entirety by this Agreement; and 
 WHEREAS, the Executive has agreed to
accept continued employment with the Company on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of
the foregoing and of the respective covenants and agreements of the Parties herein contained, the Parties hereto agree as follows: 
 1. Term of
Employment. Subject to the Executive’s continued employment with the Company as of the date on which the registration statement relating to the Company’s IPO is effective (the “Effective Date”), this Agreement and the
Executive’s employment hereunder shall take effect on the Effective Date and shall continue until terminated in accordance with Section 7 below (such period, the “Term of Employment”). During the Term of Employment, the Executive
shall be an at-will employee of the Company and the Executive’s employment shall be freely terminable by either the Executive or the Company, for any reason, at any time, with or without Cause (as defined
below) or notice, subject to the provisions set forth in Section 8 below. 
 2. Position; Travel. During the Term of Employment, the Executive
shall serve as the Chief Executive Officer, working out of the Company’s office in Cambridge, Massachusetts. The Executive will be required to engage in business travel, as required by the Executive’s duties and responsibilities. 

3. Scope of Employment. 
 (a) During the
Term of Employment, the Executive shall be responsible for the performance of those duties consistent with the Executive’s position as Chief Executive Officer, in addition to such other duties as may from time to time be assigned to the
Executive by the Company’s Board of Directors (the “Board”). The Executive shall report to the Board and shall perform and discharge faithfully, diligently, and to the best of the Executive’s ability, the Executive’s duties
and responsibilities hereunder. 

 (b) The Executive agrees to devote the Executive’s full business time, best efforts,
skill, knowledge, attention and energies to the advancement of the business and interests of the Company and to the performance of the Executive’s duties and responsibilities as an employee of the Company; provided that the Executive may
(i) engage in charitable, educational, religious, civic and similar types of activities, (ii) continue in his existing advisory roles, and (iii) serve on the board of directors of up to two
for-profit business enterprises, provided that in each case such service is approved by the Company’s Board of Directors (the “Board”) prior to commencement thereof, which approval shall not be
unreasonably withheld, but only to the extent that such activities are not competitive with the business of the Company, and do not create a potential business or fiduciary conflict. 

(c) The Executive represents and warrants to the Company that the Executive is under no obligations or commitments, whether contractual or
otherwise, that are inconsistent with the Executive’s obligations under this Agreement. In connection with the Executive’s employment hereunder, the Executive shall not use or disclose any trade secrets or other proprietary information or
intellectual property in which the Executive or any other person or entity has any right, title or interest, and Executive’s employment with the Company will not infringe or violate the rights of any other person or entity. The Executive
represents and warrants to the Company that the Executive has returned all property and confidential information belonging to any prior employer. 
 4.
Compensation. As full compensation for all services rendered by the Executive to the Company during the Term of Employment, the Company will provide to the Executive the following: 

(a) Base Salary. Effective as of the Effective Date, the Executive shall receive a base salary at the annualized rate of $510,000.00
(the “Base Salary”). The Executive’s Base Salary shall be paid in equal installments in accordance with the Company’s regularly established payroll procedures. The Executive’s Base Salary will be reviewed from time to time
by the Board (or a committee thereof) in accordance with normal business practice and is subject to change in the discretion of the Board (or a committee thereof), provided it shall not be decreased. 

(b) Annual Discretionary Bonus. Following the end of each fiscal year, the Executive will be eligible to receive an annual performance
bonus of up to 50% of the Executive’s Base Salary (the “Target Bonus”), based upon the Board’s (or a committee thereof) assessment, in its sole discretion, of the Executive’s performance and the Company’s performance
during the applicable fiscal year. Any such bonus shall be paid not later than the end of the first quarter of the subsequent year. No annual bonus or minimum amount thereof is guaranteed, and the Executive must be an employee in good standing on
the date that annual bonuses are paid out in order to be eligible for and to earn any annual bonus, as it also serves as an incentive to remain employed by the Company. 

(c) Equity Award. The Company has granted the Executive, effective as of and contingent upon the commencement of trading of shares of
Common Stock on the Nasdaq Global Market, an option to purchase shares of Common Stock, which option shall have an exercise price equal to the fair market value of the common stock on the date of the grant (the “Option”). This Option will
be subject to the terms and conditions of the Company’s 2021 Stock Incentive Plan and the stock option agreement that the Executive must execute in connection therewith. The Executive will be eligible to receive such future equity awards, if
any, as the Board deems appropriate. 

  
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 (d) Vacation. The Executive shall be eligible for paid vacation days in accordance
with the Company’s vacation policy. 
 (e) Benefits. The Executive may participate in any and all benefit programs that the
Company establishes and makes available to its employees or executives from time to time, provided the Executive is eligible under (and subject to all provisions of) the plan documents governing those programs. The benefit programs made available by
the Company, and the rules, terms and conditions for participation in such benefit programs, may be changed by the Company at any time without advance notice (other than as required by such programs or under law). In addition, the Company shall
reimburse Executive for his attorneys’ fees incurred in connection with the review and negotiation of this Agreement up to $5,000. 

(f) Withholdings. All compensation payable to the Executive shall be subject to applicable taxes and withholdings. 

5. Expenses. The Executive will be reimbursed for the Executive’s actual, necessary and reasonable business expenses pursuant to Company policy,
subject to the provisions of Section 3 of Exhibit A attached hereto. 
 6. Restrictive Covenants Agreements. The Executive hereby
acknowledges that the Executive’s Invention and Non-Disclosure Agreement dated September 12, 2019 and Non-Competition and
Non-Solicitation Agreement signed September 12, 2019 (such agreements, the “Restrictive Covenants Agreements”) remain unaltered in all respects and in full force and effect. 

7. Employment Termination. This Agreement and the employment of the Executive shall terminate upon the occurrence of any of the following: 

(a) Upon the death or “Disability” of the Executive. As used in this Agreement, the term “Disability” shall mean a physical
or mental illness or disability that prevents the Executive from performing the duties of the Executive’s position for a period of more than any three (3) consecutive months or for periods aggregating more than twenty (20) weeks. The
Company shall determine in good faith whether the Executive is unable to perform the services provided for herein, provided, however, that Executive shall be permitted to challenge such a determination by submitting a certification from a healthcare
provider stating that he is able to perform the duties of the job. In the event the Company disputes the certification, the Company and the Executive agree that the Executive shall be examined by an independent medical professional agreed upon by
the parties for the purposes of determining his fitness for duty. 
 (b) At the election of the Company, with or without Cause, immediately
upon written notice by the Company to the Executive. As used in this Agreement, “Cause” shall mean any of (a) the Executive’s conviction of, or plea of guilty or nolo contendere to, any crime involving dishonesty or moral
turpitude or any felony; or (b) a good faith finding by the Company’s Board 

  
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of Directors that the Executive has (i) engaged in dishonesty, willful misconduct or gross negligence that has a material adverse effect on the Company, (ii) committed an act that
materially injures or would reasonably be expected to materially injure the reputation, business or business relationships of the Company, (iii) materially breached the terms of any restrictive covenants or confidentiality agreement with the
Company, including either of the Restrictive Covenants Agreements (and not cured same within any cure period applicable to such covenants or confidentiality agreement); or (iv) failed or refused to comply in any material respect with the
Company’s material policies or procedures and in a manner that materially injures or would reasonably be expected to materially injure the reputation, business or business relationships of the Company, provided that in the case of
(iv) that the Executive was given written notice of such violation or failure by the Board and a period of 30 days to cure (provided that the Board reasonably determines that such violation or failure is curable). 

(c) At the election of the Executive, with or without “Good Reason” (as defined below), immediately upon written notice by the
Executive to the Company (subject, if it is with Good Reason, to the timing provisions set forth in the definition of Good Reason). As used in this Agreement, “Good Reason” shall mean the occurrence (without the Executive’s consent)
of any of the following events: 
  

	 	i.	 a material diminution in the Executive’s base compensation and/or target annual cash incentive
compensation opportunity; 

  

	 	ii.	 a material diminution in the Executive’s authority, duties, or responsibilities; 

 

	 	iii.	 a change in the Executive’s reporting structure so that he is not reporting solely to the Board;

  

	 	iv.	 a material change in the geographic location at which the Executive must perform services for the Company; or

  

	 	v.	 any other action or inaction that constitutes a material breach by the Company of this Agreement;

 provided, however, that no such event shall constitute Good Reason unless (i) the Executive has given written notice to the
Company of the Executive’s intention to terminate the Executive’s employment for Good Reason, describing the grounds for such action, no later than 90 days after the first occurrence of such circumstances, (ii) the Executive has
provided the Company with at least 30 days in which to cure the circumstances, and (iii) if the Company is not successful in curing the circumstances, the Executive ends the Executive’s employment within 30 days following the end of the
cure period in (ii). 

  
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 8. Effect of Termination. 

(a) All Terminations Other Than by the Company Without Cause or by the Executive With Good Reason. If the Executive’s employment is
terminated under any circumstances other than a termination by the Company without Cause or by the Executive with Good Reason (including a voluntary termination by the Executive without Good Reason, a termination by the Company for Cause, or due to
the Executive’s death or Disability), the Company’s obligations under this Agreement shall immediately cease and the Executive shall only be entitled to receive (i) the Base Salary that has accrued and to which the Executive is
entitled as of the effective date of such termination and any accrued but unused vacation days through and including the effective date of such termination, to be paid in accordance with the Company’s established payroll procedure and
applicable law but no later than the next regularly scheduled pay period, (ii) unreimbursed business expenses for which expenses the Executive has timely submitted appropriate documentation in accordance with Section 5 hereof, and
(iii) any amounts or benefits to which the Executive is then entitled under the terms of the benefit plans then sponsored by the Company in accordance with their terms (and not accelerated to the extent acceleration does not satisfy
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the payments described in this sentence, the “Accrued Obligations”). 

(b) Non-Change in Control Termination by the Company Without Cause or by the Executive With Good
Reason. If the Executive’s employment is terminated by the Company without Cause or by the Executive with Good Reason more than three months prior to a Change in Control (as defined below) or more than twelve months following a Change in
Control, the Executive shall be eligible to receive, in addition to the Accrued Obligations and subject to Exhibit A and the conditions of Section 8(d) below, the following: (i) the Company shall continue to pay to the Executive, in
accordance with the Company’s regularly established payroll procedures, the Executive’s Base Salary rate for a period of twelve (12) months, (ii) provided the Executive is eligible for and timely elects to continue receiving group
medical insurance pursuant to the “COBRA” law, the Company shall continue to pay, for up to twelve (12) months following the Executive’s termination date, the share of the premium for such coverage that it pays for active and
similarly-situated employees who receive the same type of coverage (single, family, or other), unless the Company’s provision of such COBRA payments would violate the nondiscrimination requirements of applicable law, in which case this benefit
will not apply, and (iii) the Company shall provide that the vesting of Executive’s then-unvested equity awards that vest based solely on the passage of time shall be accelerated with respect to six additional months of vesting (for the
avoidance of doubt, the vesting on such awards shall pause and no vesting shall occur until the Release (as defined below) becomes effective and the accelerated portion of the award, if an option, may not be exercised until the effectiveness of the
Release) (collectively, the “Non-CIC Severance Benefits”). 
 (c) Change in Control
Termination by the Company Without Cause or by the Executive With Good Reason. If the Executive’s employment is terminated by the Company without Cause or by the Executive with Good Reason within three months prior to a Change in Control or
on or within twelve months following a Change in Control, the Executive shall be eligible to receive, in addition to the Accrued Obligations and subject to Exhibit A and the conditions of Section 8(d) below, the following: (i) the
Company shall pay to the Executive, in one lump sum, an aggregate amount equivalent to (x) eighteen (18) months of the Executive’s then current Base Salary rate, plus (y) the Executive’s full Target Bonus for the year in which
the Executive’s date of termination occurs, provided that, in no event shall the Target Bonus be in an amount less than the previous year’s Target Bonus, (ii) provided the Executive is eligible for and timely elects to continue
receiving group medical insurance pursuant to the “COBRA” law, the Company shall continue to 

  
 5 

 
pay, for up to eighteen (18) months following the Executive’s termination date, the share of the premium for such coverage that it pays for active and similarly-situated employees who
receive the same type of coverage (single, family, or other), unless the Company’s provision of such COBRA payments would violate the nondiscrimination requirements of applicable law, in which case this benefit will not apply, and
(iii) the Company shall provide that the vesting of the Executive’s then-unvested equity awards that vest based solely on the passage of time shall be accelerated, such that all then-unvested equity awards that vest based solely on the
passage of time vest and become fully exercisable or non-forfeitable as of the later of immediately prior to the closing of the Change in Control and the termination date (collectively, the “CIC Severance
Benefits”). 
 (d) Release. As a condition of the Executive’s receipt of the Non-CIC
Severance Benefits or CIC Severance Benefits, as applicable, the Executive must execute and deliver to the Company a severance and general release of claims agreement in a form to be provided by the Company (which shall include, at a minimum, a
release of all releasable claims, non-disparagement, confidentiality, and cooperation obligations, a reaffirmation of the Executive’s continuing obligations to the Company under the Restrictive Covenants
Agreements, and an agreement, to the extent permitted by law, not to compete with the Company for twelve (12) months following the Executive’s termination date) (the “Release”), which Release must become irrevocable within 60
days following the date of the Executive’s termination of employment (or such shorter period as may be directed by the Company). The Non-CIC Severance Benefits or CIC Severance Benefits, as applicable,
will commence being paid or be paid, as applicable, in the first regular payroll cycle beginning after the Release becomes effective, provided that if the foregoing 60 day period would end in a calendar year subsequent to the year in which the
Executive’s employment ends, the Non-CIC Severance Benefits or CIC Severance Benefits, as applicable, will not begin to be paid before the first payroll cycle of the subsequent calendar year. The
Executive must continue to comply with all of the Executive’s obligations under the Release in order to be eligible to receive and/or continue receiving the Non-CIC Severance Benefits or CIC Severance
Benefits, as applicable. For the avoidance of doubt, if the Executive’s employment is terminated by the Company without Cause or by the Executive with Good Reason prior to a Change in Control, (i) any then-outstanding and unvested equity
awards held by the Executive that vest based solely on the passage of time shall remain outstanding (but any vesting shall be suspended) for up to (but no longer than) three months following the date of termination so that, if it is later determined
that such termination occurred during the three-month period prior to the closing of a Change in Control and the Executive is entitled to CIC Severance Benefits rather than Non-CIC Severance Benefits, the
vesting of such awards may be accelerated, in accordance with Section 8(c) immediately prior to the closing of the Change in Control and (ii) any CIC Severance Benefits shall be reduced by any
Non-CIC Severance Benefits previously paid to the Executive, if it is later determined that the termination occurred during the three-month period prior to the closing of a Change in Control and that the
Executive is entitled to CIC Severance Benefits rather than Non-CIC Severance Benefits. 

  
 6 

 (e) Definition of “Change in Control.” For purposes of this
Agreement, “Change in Control” shall mean the occurrence of any of the following events, provided that such event or occurrence constitutes a change in the ownership or effective control of the Company, or a change in the ownership of a
substantial portion of the assets of the Company, as defined in Treasury Regulation §§1.409A-3(i)(5)(v), (vi) and (vii): (i) the acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns
(within the meaning of Rule 13d-3 under the Exchange Act) 50% or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or
(y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this
subsection (i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company or (2) any acquisition by any entity pursuant to a Business Combination (as defined below) which complies
with clauses (x) and (y) of subsection (iii) of this definition; or (ii) a change in the composition of the Board that results in the Continuing Directors (as defined below) no longer constituting a majority of the Board (or, if
applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (x) who was a member of the Board on the Effective Date or (y) who was
nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the
directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any individual whose initial assumption of office occurred as a result of an actual or
threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or (iii) the consummation of a merger,
consolidation, reorganization, recapitalization or share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such
Business Combination, each of the following two conditions is satisfied: (x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote
generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or
substantially all of the Company’s assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as
their ownership of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person (excluding any employee benefit plan (or related trust) maintained
or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, 50% or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding
securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); or (iv) the liquidation or dissolution of the Company. 

  
 7 

 9. Modified Section 280G Cutback. 

(a) Notwithstanding any other provision of this Agreement, except as set forth in Section 9(b), in the event that the Company undergoes a
“Change in Ownership or Control” (as defined below), the Company shall not be obligated to provide to the Executive a portion of any “Contingent Compensation Payments” (as defined below) that the Executive would otherwise be
entitled to receive to the extent necessary to eliminate any “excess parachute payments” (as defined in Section 280G(b)(1) of the Code) for the Executive. For purposes of this Section 9, the Contingent Compensation Payments so
eliminated shall be referred to as the “Eliminated Payments” and the aggregate amount (determined in accordance with Treasury Regulation Section 1.280G-1,
Q/A-30 or any successor provision) of the Contingent Compensation Payments so eliminated shall be referred to as the “Eliminated Amount.” 

(b) Notwithstanding the provisions of Section 9(a), no such reduction in Contingent Compensation Payments shall be made if (i) the
Eliminated Amount (computed without regard to this sentence) exceeds (ii) 100% of the aggregate present value (determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-31 and Q/A-32 or any successor provisions) of the amount of any additional taxes that would be incurred by the Executive if the Eliminated Payments (determined without
regard to this sentence) were paid to the Executive (including, state and federal income taxes on the Eliminated Payments, the excise tax imposed by Section 4999 of the Code payable with respect to all of the Contingent Compensation Payments in
excess of the Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code), and any withholding taxes). The override of such reduction in Contingent Compensation Payments pursuant to this Section 9(b) shall be
referred to as a “Section 9(b) Override.” For purposes of this paragraph, if any federal or state income taxes would be attributable to the receipt of any Eliminated Payment, the amount of such taxes shall be computed by multiplying
the amount of the Eliminated Payment by the maximum combined federal and state income tax rate provided by law. 
 (c) For purposes of this
Section 9 the following terms shall have the following respective meanings: 
  

	 	(i)	 “Change in Ownership or Control” shall mean a change in the ownership or effective control of the
Company or in the ownership of a substantial portion of the assets of the Company determined in accordance with Section 280G(b)(2) of the Code. 

  

	 	(ii)	 “Contingent Compensation Payment” shall mean any payment (or benefit) in the nature of compensation
that is made or made available (under this Agreement or otherwise) to or for the benefit of a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of
Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company. 

 (d) Any payments or other
benefits otherwise due to the Executive following a Change in Ownership or Control that could reasonably be characterized (as determined by the Company) as Contingent Compensation Payments (the “Potential Payments”) shall not be made until
the dates provided for in this Section 9(d). Within 30 days after each date on which the Executive first becomes entitled to receive (whether or not then due) a Contingent Compensation Payment relating

  
 8 

 
to such Change in Ownership or Control, the Company shall determine and notify the Executive (with reasonable detail regarding the basis for its determinations) (i) which Potential Payments
constitute Contingent Compensation Payments, (ii) the Eliminated Amount and (iii) whether the Section 9(b) Override is applicable. Within 30 days after delivery of such notice to the Executive, the Executive shall deliver a response
to the Company (the “Executive Response”) stating either (A) that the Executive agrees with the Company’s determination pursuant to the preceding sentence, or (B) that the Executive disagrees with such determination, in
which case the Executive shall set forth (i) which Potential Payments should be characterized as Contingent Compensation Payments, (ii) the Eliminated Amount, and (iii) whether the Section 9(b) Override is applicable. In the
event that the Executive fails to deliver an Executive Response on or before the required date, the Company’s initial determination shall be final. If and to the extent that any Contingent Compensation Payments are required to be treated as
Eliminated Payments pursuant to this Section 9, then the payments shall be reduced or eliminated, as determined by the Company, in the following order: (i) any cash payments, (ii) any taxable benefits, (iii) any nontaxable
benefits, and (iv) any vesting of equity awards in each case in reverse order beginning with payments or benefits that are to be paid the farthest in time from the date that triggers the applicability of the excise tax, to the extent necessary
to maximize the Eliminated Payments. If the Executive states in the Executive Response that the Executive agrees with the Company’s determination, the Company shall make the Potential Payments to the Executive within three business days
following delivery to the Company of the Executive Response (except for any Potential Payments which are not due to be made until after such date, which Potential Payments shall be made on the date on which they are due). If the Executive states in
the Executive Response that the Executive disagrees with the Company’s determination, then, for a period of 60 days following delivery of the Executive Response, the Executive and the Company shall use good faith efforts to resolve such
dispute. If such dispute is not resolved within such 60-day period, such dispute shall be settled exclusively by arbitration in the Commonwealth of Massachusetts, in accordance with the rules of the American
Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The Company shall, within three business days following delivery to the Company of the Executive Response, make to the
Executive those Potential Payments as to which there is no dispute between the Company and the Executive regarding whether they should be made (except for any such Potential Payments which are not due to be made until after such date, which
Potential Payments shall be made on the date on which they are due). The balance of the Potential Payments shall be made within three business days following the resolution of such dispute. Subject to the limitations contained in Sections 9(a) and
9(b) hereof, the amount of any payments to be made to the Executive following the resolution of such dispute shall be increased by the amount of the accrued interest thereon computed at the prime rate announced from time to time by The Wall Street
Journal, compounded monthly from the date that such payments originally were due. 
 The provisions of this Section 9 are intended to
apply to any and all payments or benefits available to the Executive under this Agreement or any other agreement or plan of the Company under which the Executive may receive Contingent Compensation Payments. 

10. Absence of Restrictions. The Executive represents and warrants that the Executive is not bound by any employment contracts, restrictive covenants
or other restrictions that prevent the Executive from entering into employment with, or carrying out the Executive’s responsibilities for, the Company, or which are in any way inconsistent with any of the terms of this Agreement. 

  
 9 

 11. Notice. Any notice delivered under this Agreement shall be deemed duly delivered three
(3) business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, one (1) business day after it is sent for next-business day delivery via a reputable nationwide overnight courier service, or
immediately upon hand delivery, in each case to the address of the recipient set forth below. 
 To Executive: 

At the address set forth in the Executive’s personnel file 

To Company: 
 Werewolf
Therapeutics, Inc. 
 1030 Massachusetts Avenue, Suite 210 

Cambridge, MA 02138 Attn: President 
 Either
Party may change the address to which notices are to be delivered by giving notice of such change to the other Party in the manner set forth in this Section 11. 

12. Applicable Law and Forum. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts
(without reference to the conflict of laws provisions thereof). Any action, suit or other legal proceeding arising under or relating to any provision of this Agreement shall be commenced only in a court of the Commonwealth of Massachusetts (or, if
appropriate, a federal court located within the Commonwealth of Massachusetts), and the Company and the Executive each consent to the jurisdiction of such a court. 

13. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both Parties and their respective successors and assigns,
including any corporation with which or into which the Company may be merged or which may succeed to its assets or business; provided, however, that the obligations of the Executive are personal and shall not be assigned by the Executive. 

1. Acknowledgment. The Executive states and represents that the Executive has had an opportunity to fully discuss and review the terms of this Agreement
with an attorney and, if the Executive has not done so, has voluntarily declined to seek such counsel. The Executive further states and represents that the Executive has carefully read this Agreement, understands the contents herein, freely and
voluntarily assents to all of the terms and conditions hereof, and signs the Executive’s name of the Executive’s own free act. 
 14. No Oral
Modification, Waiver, Cancellation or Discharge. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Executive. No delay or omission by the Company in exercising any right under this
Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other
occasion. 

  
 10 

 15. Captions and Pronouns. The captions of the sections of this Agreement are for convenience of
reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular forms of nouns and pronouns shall include the plural, and vice versa. 
 16. Interpretation. The Parties agree that this Agreement
will be construed without regard to any presumption or rule requiring construction or interpretation against the drafting Party. References in this Agreement to “include” or “including” should be read as though they said
“without limitation” or equivalent forms. References in this Agreement to the “Board” shall include any authorized committee thereof. 

17. Severability. Each provision of this Agreement must be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement. Moreover, if a court of competent jurisdiction determines any of the provisions contained in this Agreement to be unenforceable because the provision is excessively broad in scope, whether as to duration, activity,
geographic application, subject or otherwise, it will be construed by limiting or reducing it to the extent legally permitted, so as to be enforceable to the extent compatible with then applicable law to achieve the intent of the Parties. 

18. Entire Agreement. This Agreement constitutes the entire agreement between the Parties and, as of the Effective Date, supersedes all prior agreements
and understandings, whether written or oral, relating to the subject matter of this Agreement, including, without limitation, the Existing Agreement; provided, however, and for the avoidance of doubt, nothing herein shall be deemed to supersede the
Restrictive Covenants Agreements, which remains in full force and effect as set forth in Section 6 above. 
 [Signatures on Page
Following] 

  
 11 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year
set forth above. 
  

			
	 WEREWOLF THERAPEUTICS, INC.

		
	 By:
	 	 /s/ ALON LAZARUS

	 Name:
	 	 Alon Lazarus

	 Title:
	 	Chairman of the Compensation Committee

  

	
	EXECUTIVE:
	
	/s/ DANIEL J. HICKLIN
	Daniel J. Hicklin, Ph.D.

  
 12 

 EXHIBIT A 

Payments Subject to Section 409A 

1. Subject to this Exhibit A, any severance payments that may be due under the Agreement shall begin only upon the date of the
Executive’s “separation from service” (determined as set forth below) which occurs on or after the termination of the Executive’s employment. The following rules shall apply with respect to distribution of the severance payments,
if any, to be provided to the Executive under the Agreement, as applicable: 
 (a) It is intended that each installment of the severance
payments provided under the Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Internal Revenue Code (“Section 409A”). Neither the Company nor the Executive shall have the right to
accelerate or defer the delivery of any such payments except to the extent specifically permitted or required by Section 409A. 
 (b)
If, as of the date of the Executive’s “separation from service” from the Company, the Executive is not a “specified employee” (within the meaning of Section 409A), then each installment of the severance payments shall
be made on the dates and terms set forth in the Agreement. 
 (c) If, as of the date of the Executive’s “separation from
service” from the Company, the Executive is a “specified employee” (within the meaning of Section 409A), then: 
  

	 	(i)	 Each installment of the severance payments due under the Agreement that, in accordance with the dates and terms
set forth herein, will in all circumstances, regardless of when the Executive’s separation from service occurs, be paid within the short-term deferral period (as defined under Section 409A) shall be treated as a short-term deferral within
the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A and shall be paid on the dates and terms set forth in the Agreement; and

  

	 	(ii)	 Each installment of the severance payments due under the Agreement that is not described in this Exhibit A,
Section 1(c)(i) and that would, absent this subsection, be paid within the six-month period following the Executive’s “separation from service” from the Company shall not be paid until the
date that is six months and one day after such separation from service (or, if earlier, the Executive’s death), with any such installments that are required to be delayed being accumulated during the
six-month period and paid in a lump sum on the date that is six months and one day following the Executive’s separation from service and any subsequent installments, if any, being paid in accordance with
the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments if and to the maximum extent that that such installment is deemed to be paid under a separation
pay plan that does 

  
 13 

	 	
not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an
involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the Executive’s
second taxable year following the taxable year in which the separation from service occurs. 

 2. The determination of whether
and when the Executive’s separation from service from the Company has occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation
Section 1.409A-1(h). Solely for purposes of Section 2 of this Exhibit A, “Company” shall include all persons with whom the Company would be considered a single employer under
Section 414(b) and 414(c) of the Code. 
 3. All reimbursements and in-kind benefits provided
under the Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including,
where applicable, the requirements that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in the Agreement), (ii) the amount of expenses eligible for reimbursement
during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the
expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 

4. The Company makes no representation or warranty and shall have no liability to the Executive or to any other person if any of the provisions
of the Agreement (including this Exhibit A) are determined to constitute deferred compensation subject to Section 409A but that do not satisfy an exemption from, or the conditions of, that section. 

5. The Agreement is intended to comply with, or be exempt from, Section 409A and shall be interpreted accordingly. 

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