Document:

EX-10.8

 Exhibit 10.8 

[CERTAIN INFORMATION IN THIS EXHIBIT IDENTIFIED BY [***] IS CONFIDENTIAL AND HAS BEEN EXCLUDED BECAUSE IT (I) IS NOT MATERIAL AND (II) THE
REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL.] 
 PRIVILEGED AND CONFIDENTIAL 

DEVELOPMENT, EVALUATION AND LICENSE AGREEMENT 

between 
 PFENEX INC.

 and 
 ARCELLX,
INC. 
 Dated as of December 24, 2018 

 TABLE OF CONTENTS 

 

									
	 BACKGROUND
	  	 	1	 
			
	1.	  	Definitions	  	 	1	 
			
	2.	  	Development Programs	  	 	8	 
				
		  	2.1	  	Development Plans	  	 	8	 
		  	2.2	  	Conduct	  	 	9	 
		  	2.3	  	Termination	  	 	10	 
		  	2.4	  	Alliance Managers	  	 	11	 
		  	2.5	  	Joint Development Committee	  	 	11	 
		  	2.6	  	Recordkeeping	  	 	12	 
		  	2.7	  	Regulatory Communications	  	 	12	 
			
	3.	  	Delivery; Restrictions	  	 	12	 
				
		  	3.1	  	Delivery	  	 	12	 
		  	3.2	  	Evaluation	  	 	12	 
		  	3.3	  	No Sale	  	 	13	 
		  	3.4	  	Limitations on Access and Transfer	  	 	13	 
		  	3.5	  	Modifications and Derivations	  	 	13	 
		  	3.6	  	Care in Use of the Deliverables	  	 	13	 
		  	3.7	  	Acknowledgement	  	 	13	 
			
	4.	  	Evaluation Licenses	  	 	14	 
				
		  	4.1	  	License	  	 	14	 
		  	4.2	  	Sublicenses	  	 	14	 
		  	4.3	  	Subcontractors	  	 	14	 
			
	5.	  	Commercial Licenses	  	 	14	 
				
		  	5.1	  	Commercial Option	  	 	14	 
		  	5.2	  	Commercial License	  	 	15	 
		  	5.3	  	Exclusivity of Manufacturing Strain and Related IP	  	 	16	 
		  	5.4	  	Technology Transfer	  	 	16	 
			
	6.	  	Fees, Royalties and Other Payments	  	 	16	 
				
		  	6.1	  	Development Fees	  	 	16	 
		  	6.2	  	Commercial Fees and Royalties	  	 	17	 
		  	6.3	  	Methods of Payment	  	 	17	 
		  	6.4	  	Currency Conversion	  	 	18	 
		  	6.5	  	Acknowledgement	  	 	18	 
		  	6.6	  	Records	  	 	18	 
			
	7.	  	Inventions and Patents	  	 	19	 
				
		  	7.1	  	Ownership of Program Inventions and Technology	  	 	19	 
		  	7.2	  	Improvements	  	 	19	 
		  	7.3	  	Assignment	  	 	19	 
		  	7.4	  	Retention of Rights	  	 	19	 

  
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		  	7.5	  	Prosecution and Maintenance	  	 	19	 
		  	7.6	  	Cooperation	  	 	20	 
		  	7.7	  	Disclosure	  	 	20	 
			
	8.	  	Compliance	  	 	20	 
				
		  	8.1	  	General	  	 	20	 
		  	8.2	  	Export Controls	  	 	20	 
			
	9.	  	Confidentiality	  	 	21	 
				
		  	9.1	  	General	  	 	21	 
		  	9.2	  	Exceptions	  	 	21	 
		  	9.3	  	Authorized Disclosure	  	 	21	 
		  	9.4	  	Publication	  	 	22	 
		  	9.5	  	Confidential Terms	  	 	23	 
			
	10.	  	Term and Termination	  	 	23	 
				
		  	10.1	  	Term	  	 	23	 
		  	10.2	  	Termination of Commercial Licenses by Arcellx	  	 	23	 
		  	10.3	  	Termination for Cause	  	 	23	 
		  	10.4	  	Termination for Patent Challenge	  	 	24	 
		  	10.5	  	Effects of Expiration or Termination of the Agreement	  	 	24	 
		  	10.6	  	Effects of Termination of a Commercial License	  	 	25	 
		  	10.7	  	Accrued Obligations	  	 	25	 
		  	10.8	  	Survival of Certain Obligations	  	 	25	 
		  	10.9	  	Bankruptcy	  	 	25	 
			
	11.	  	Representations, Warranties and Covenants	  	 	26	 
				
		  	11.1	  	Mutual Representations, Warranties and Covenants	  	 	26	 
		  	11.2	  	Additional Representations and Warranties of Pfenex	  	 	26	 
		  	11.3	  	Additional Covenants of Pfenex	  	 	27	 
		  	11.4	  	DISCLAIMER	  	 	27	 
			
	12.	  	Indemnity	  	 	28	 
				
		  	12.1	  	General	  	 	28	 
		  	12.2	  	By Arcellx	  	 	28	 
		  	12.3	  	By Pfenex	  	 	28	 
		  	12.4	  	Procedure	  	 	28	 
			
	13.	  	Assignment	  	 	29	 
			
	14.	  	Insurance	  	 	29	 
			
	15.	  	Dispute Resolution	  	 	29	 
				
		  	15.1	  	Initial Escalation	  	 	29	 
		  	15.2	  	Dispute Resolution	  	 	30	 
		  	15.3	  	Provisional Relief	  	 	30	 
			
	16.	  	Force Majeure / Delays	  	 	30	 
			
	17.	  	Relationship of the Parties	  	 	30	 

  
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	18.    	  	Notices	  	 	31	 
			
	19.	  	Governing Law	  	 	31	 
			
	20.	  	Severability	  	 	31	 
			
	21.	  	Waiver and Non-Exclusion of Remedies	  	 	31	 
			
	22.	  	Equitable Relief	  	 	32	 
			
	23.	  	Changes and Modification	  	 	32	 
			
	24.	  	LIMITATION OF LIABILITY	  	 	32	 
			
	25.	  	No Benefit to Third Parties	  	 	32	 
			
	26.	  	Construction	  	 	32	 
			
	27.	  	Counterparts	  	 	33	 
			
	28.	  	Entire Agreement	  	 	33	 
			
	29.	  	Further Assurances	  	 	33	 

 Exhibits 
 [***] 

  
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 DEVELOPMENT, EVALUATION AND LICENSE AGREEMENT 

This DEVELOPMENT, EVALUATION AND LICENSE
AGREEMENT (this “Agreement”) is entered into as of December 24, 2018 (the “Effective Date”) by and between Pfenex Inc., a Delaware corporation, with its principal place
of business at 10790 Roselle Street, San Diego, CA 92121 (“Pfenex”), and Arcellx, Inc., a Delaware corporation, with its principal place of business at 20271 Goldenrod Lane, Suite 2099, Germantown, MD 20876
(“Arcellx”). Pfenex and Arcellx are sometimes referred to herein individually as a “Party” and collectively as the “Parties”. 

BACKGROUND 

A.    Pfenex has technology to express
difficult-to-produce proteins and other biologic products using its proprietary Pseudomonas fluorescens expression platform (the “Pfenex
System”); 
 B.    Arcellx desires Pfenex to use the Pfenex Technology to develop Manufacturing Strains
(as defined below) and production processes for the production of Arcellx’s proprietary sparX Proteins for its evaluation; and 

C.    Upon completion of such evaluation and payment of certain fees, as described herein below, Arcellx will have the
rights and licenses to incorporate the applicable sparX Proteins in Protein Products (as defined below), all on the terms and conditions set forth below. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises,
covenants and conditions contained in this Agreement, the Parties agree as follows: 
 1.    Definitions.

 1.1    “Accounting Standards” means, with respect to a Party or its Affiliates or its or their
sublicensees, generally accepted accounting principles, consistently applied by such Party, its Affiliate or its or their sublicensee. 

1.2    “Affiliate” means, with respect to any Person, any other Person that directly or indirectly
controls, is directly or indirectly controlled by, or is under direct or indirect common control with, such first Person. For the purposes of this definition, the word “control” (including, with correlative meaning, the terms
“controlled by” or “under common control with”) means the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such Person, whether by
the ownership of fifty percent (50%) or more of the voting stock of such Person, or by contract or otherwise. For clarity, a Person shall be deemed an Affiliate only for so long as this definition is satisfied with respect to such Person. 

1.3    “Alliance Manager” has the meaning set forth in Section 2.4. 

1.4    “Annual Maintenance Fee” has the meaning set forth in the Collaboration Memorandum. 

  
 -1- 

 1.5    “Applicable Law” means any applicable federal,
state, local or foreign constitution, treaty, law, statute, ordinance, rule, regulation, interpretation, guidance document, directive, policy, order, writ, award, decree, injunction, judgment, stay or restraining order of any governmental authority
or regulatory authority, the terms of any permit, and any other ruling or decision of, agreement with or by, or any other requirement of, any governmental authority or regulatory authority having proper jurisdiction over the matter. 

1.6    “ARC-T Cell” means an antigen-receptor complex T cell
designed to assist in, or useful for, the administration of a Protein Product. 
 1.7    “Arcellx
Indemnitee” has the meaning set forth in Section 12.1. 
 1.8    “Arcellx Inventions” has
the meaning set forth in Section 7.1. 
 1.9    “Arcellx Materials” means, with respect to a
particular Development Program those materials identified in the applicable Development Plan to be provided or otherwise provided by Arcellx to Pfenex in connection with Pfenex’s performance of such Development Program. 

1.10    “Claims” has the meaning set forth in Section 12.1. 

1.11    “CMO” has the meaning set forth in Section 5.2.2. 

1.12    “Collaboration Memorandum” means that certain memorandum referencing this Agreement and agreed by
Pfenex and Arcellx coincident with the Parties entering into this Agreement, which memorandum incorporates (a) the Development Plan for each Named sparX Protein as of the Effective Date and (b) certain economic terms associated with this
Agreement. 
 1.13    “Combination Product” means a Protein Product that is comprised of or contains
[***]. 
 1.14    “Commercial License” has the meaning set forth in Section 5.2.1. 

1.15    “Commercial Option” has the meaning set forth in Section 5.1. 

1.16    “Commercially Reasonable Efforts” means, with respect to a Party, the efforts and resources
normally applied by such Party to its other activities of similar nature taking into consideration all relevant factors. Without limiting the foregoing, Commercially Reasonable Efforts shall require the applicable Party to: (a) promptly assign
responsibilities for activities for which it is responsible to specific employee(s) who are held accountable for the progress, monitoring and completion of such activities, (b) set and consistently seek to achieve meaningful objectives for
carrying out such activities, and (c) consistently make and implement decisions and allocate the full complement of resources necessary or appropriate to advance progress with respect to and complete such objectives in an expeditious manner. In
considering a product’s commercial potential a Party shall not consider any payment required to be made by such Party hereunder. 

  
 -2- 

 1.17    “Confidential Information” has the meaning set
forth in Section 9.1. 
 1.18    “Control” means, with respect to any particular Know-How, Patent, material or other intellectual property right, possession by the Party granting the applicable right or release to the other Party as provided herein of the power and authority, whether arising by
ownership, license, or other authorization, to disclose and deliver such Know-How, Patent, material or other intellectual property right to the other Party, and to grant and authorize under such Know-How, Patent, material or other intellectual property right the right or release, as applicable, of the scope granted to such other Party in this Agreement without giving rise to any violation of the terms of
any written agreement with any Third Party existing at the time such right or release first comes into effect hereunder. “Controlled” and “Controlling” have their correlative meanings. [***]. 

1.19    “Controlled Technology” has the meaning set forth in Section 8.2. 

1.20    “Deliverable” has the meaning set forth in Section 2.1.2. 

1.21    “Development Plan” has the meaning set forth in Section 2.1.1. 

1.22    “Development Program” means, with respect to a particular Named sparX Protein, a program to be
conducted by the Parties for the development, construction and optimization of (a) Manufacturing Strain(s) for the Expression of such Named sparX Protein (b) [***], all as to be specified in reasonable detail in the Development Plan for the
particular Named sparX Protein. 
 1.23    “Development Term” means, with respect to a particular
Development Program, the period beginning on the execution of the applicable Development Plan (which is, in the case of the Development Plan(s) included in the Collaboration Memorandum, the Effective Date) and, unless extended by decision of the JDC
pursuant to Section 2.1.1, ending upon the date that is the earlier to occur of (a) the expiration of the Option Period therefor and (b) termination of such Development Program pursuant to Section 2.3. 

1.24    “Dispute” has the meaning set forth in Section 15.1. 

1.25    “Disputed Portion” has the meaning set forth in Section 2.3. 

1.26    “Disclosing Party” has the meaning set forth in Section 9.1. 

1.27    “Evaluation Activities” has the meaning set forth in Section 3.2. 

1.28    “Evaluation License” has the meaning set forth in Section 4.1. 

1.29    “Expression” means, with respect to a particular protein, the expression, extraction and
purification of such protein, together with all bioanalytical testing, validation and processes associated therewith. “Express” and “Expressed” have their correlative meanings. 

1.30    “FDA” means the United States Food and Drug Administration, or any successor agency thereto. 

  
 -3- 

 1.31    “Field” means, with respect to a Protein
Product, all prophylactic, therapeutic and diagnostic uses for any and all human conditions. 
 1.32    “Force
Majeure” has the meaning set forth in Section 16.1. 
 1.33    “Indemnitee” has the
meaning set forth in Section 12.4. 
 1.34    “Indemnitor” has the meaning set forth in
Section 12.4. 
 1.35    “Infringement Notice” has the meaning set forth in Section 7.5. 

1.36    “JDC” has the meaning set forth in Section 2.5. 

1.37    “Know-How” means all confidential and non-public information, know-how and data, including trade secrets, inventions (whether patentable or not), discoveries, methods, specifications, processes, expertise,
technology, other non-clinical, pre-clinical and clinical data, documentation and results (including pharmacological, toxicological, biological, chemical, physical,
safety and manufacturing data and results), analytical and quality control data and results, regulatory filings and other technical information. Know-How excludes in any event any Patents. 

1.38    “Liabilities” has the meaning set forth in Section 12.1. 

1.39    “Licensed sparX Protein” means a Named sparX Protein that is Expressed from a Manufacturing
Strain for which Arcellx has provided the applicable Option Notice within the Option Period therefor. 

1.40    “Manufacturing Process” has the meaning set forth in Section 5.4. 

1.41    “Manufacturing Strain” means, with respect to a Named sparX Protein, a production strain
developed by Pfenex in which an Optimized Nucleic Acid Sequence is incorporated into the Pfenex System to Express such Named sparX Protein pursuant to the applicable Development Plan. 

1.42    “Material Transfer and Feasibility Agreement” has the meaning set forth in Section 2.1.1.

 1.43    “Named sparX Protein” means a sparX Protein that the Parties have designated for the conduct
of a Development Program as set forth in a Development Plan for such sparX Protein in accordance with Section 2.1.1. The Named sparX Proteins as of the Effective Date are set forth in Exhibit 1.43. 

1.44    “Net Sales” means, with respect to a particular Protein Product, [***], less deductions for the
following: (a) actual bad debts related to the Protein Product or amounts invoiced for sales of a Protein Product that are written off as uncollectible after reasonable collection efforts, in accordance with standard practices of Arcellx;
(b) normal and customary trade, quantity and cash discounts, credits, price adjustments or allowances for damaged Protein Products, and any other adjustments, allowances, fees, reimbursements, chargeback payments

  
 -4- 

 
and rebates (or the equivalent thereof), including granted on account of price adjustments, billing errors, rejected goods, damaged or defective goods, recalls, returns or rejections of Protein
Products, rebates, chargeback rebates, reimbursements or similar payments granted or given to wholesalers or other distributors, group purchasing organizations or buying groups, managed health care organizations, pharmacy benefit management
companies, health maintenance organizations and any other providers of health insurance coverage, health care institutions (including hospitals) or other health care organizations, Third Party health care administrators or patient assistance or
other similar programs, or to wholesalers, distributors or other trade customers, health care insurance carriers or other institutions, adjustments arising from consumer discount programs, in each case actually allowed and taken with respect to
sales of the Protein Product; (c) any payment or cash rebate in respect of sales of such Protein Product to any federal, state/provincial, local and other government (including any agency or department thereof) or with respect to any
government-subsidized program or managed care organization, including required chargebacks and retroactive price reductions, to the extent allowed and taken, and including government levied fees as a result of healthcare reform policies, to the
extent such fees are reasonably allocated to sales of such Protein Product, including that portion of the annual fee on prescription drug manufacturers imposed by the Patient Protection and Affordable Care Act, Pub. L.
No. 111-148 (as amended) that Arcellx, its Affiliate or its or their sublicensee, as applicable, allocates to sales of the Protein Products in accordance with Arcellx’s, its Affiliate’s or its
or their sublicensee’s standard policies and procedures consistently applied across its products, as applicable; (d) sales taxes, excise taxes or similar taxes, including tariffs, duties or other governmental charges imposed on the sale of
the Protein Product to such Third Parties, including value added taxes or other governmental charges otherwise measured by the billing amount, but excluding any taxes imposed on or measured by the net income or profits of the Selling Party in each
case to the extent incurred by or for the account of the Selling Party; and (e) freight, insurance, transportation and handling fees actually invoiced (to the extent that the Selling Party actually incurs the cost of freight, insurance,
transportation and handling fees for the Protein Product), in each case as determined from books and records of the Selling Party maintained in accordance with Accounting Standards. For clarity, no item may be offset more than once. 

Sales of the Protein Product between or among Arcellx, its Affiliates and sublicensees shall be excluded from the computation of Net Sales if
such sales are not sold by such Person to Third Party customers, but Net Sales shall include the subsequent final sales to Third Party customers by Arcellx or any such Affiliates or sublicensees. Disposition of a Protein Product for, or use of the
Protein Product in clinical trials or other scientific testing or as free samples shall not result in any Net Sales. Disposition of a Protein Product for, or use of the Protein Product (i) on a named patient use, compassionate use, patient
assistance, or on an “Affordable Basis”, or (ii) in test marketing programs or other similar programs or studies, in each case ((i) - (ii)) shall result in Net Sales only to the extent such Protein Product is sold above the
fully-allocated cost of such disposition. If a sale, transfer or other disposition of the Protein Product involves consideration other than cash or is not at arm’s length, then the Net Sales from such sale, transfer or other disposition shall
be the arm’s length fair market value, which generally will mean the Selling Party’s average sales price for the calendar quarter in the country where such sale took place. 

  
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 With respect to Net Sales not denominated in U.S. dollars, Arcellx shall convert such Net
Sales from the applicable foreign currency into U.S. dollars in accordance with Section 6.4. 
 In the event a Protein Product is a
Combination Product, then the Net Sales attributable to such Combination Product shall be determined by the Parties in good faith taking into account [***]; provided, that if the Parties cannot agree on such relative value, the Dispute shall be
resolved pursuant to Section 12.5. 
 1.45    “Optimized Nucleic Acid Sequence” means the nucleic
acid sequence developed pursuant to the Development Program that is codon optimized for expression of a particular Named sparX Protein. 

1.46    “Option Notice” has the meaning set forth in Section 5.1. 

1.47    “Option Period” has the meaning set forth in Section 5.1. 

1.48    “Other Active Agent” has the meaning set forth in the definition of Combination Product. 

1.49    “Other Inventions” has the meaning set forth in Section 7.1. 

1.50    “Patent” means any of the following, whether existing now or in the future anywhere in the world:
(a) any issued patent, including inventor’s certificates, substitutions, extensions, confirmations, reissues, re-examination, renewal or any like governmental grant for protection of inventions; and
(b) any pending application for any of the foregoing, including any continuation, divisional, substitution, continuation-in-part, provisional and converted
provisional applications. 
 1.51    “Permitted Modifications” has the meaning set forth in
Section 3.5. 
 1.52    “Person” means any individual, corporation, partnership, association,
joint-stock company, trust, unincorporated organization or government or political subdivision thereof. 

1.53    “Pfenex Know-How” means, with respect to a Named sparX
Protein or a Licensed sparX Protein, as applicable, the Know-How Controlled by Pfenex or any of its Affiliates that is [***] by Pfenex pursuant to this Agreement (other than any Manufacturing Strain) to
Express such Named sparX Protein or Licensed sparX Protein using the applicable Manufacturing Strain(s). Pfenex Know-How includes any Pfenex Inventions, Other Inventions or System Improvements Controlled by
Pfenex or any of its Affiliates. 
 1.54    “Pfenex Indemnitee” has the meaning set forth in
Section 12.1. 
 1.55    “Pfenex Inventions” has the meaning set forth in Section 7.1. 

1.56    “Pfenex Materials” has the meaning set forth in Section 2.3.3. 

  
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 1.57    “Pfenex Patents” means, with respect to a Named
sparX Protein or Licensed sparX Protein, as applicable, any Patent Controlled by Pfenex or any of its Affiliates that covers or claims any Pfenex Know-How for such Named sparX Protein or Licensed sparX
Protein, any Licensed sparX Protein or the Expression of any Named sparX Protein or the making, having made, importing, use, sale, offering for sale or exploitation of any such Licensed sparX Protein, including any Patents necessary or useful with
respect to (a) the composition of such Named sparX Protein, (b) process for Expression of such Named sparX Protein using the applicable Manufacturing Strain(s), and (c) the incorporation of such Named sparX Protein into any Protein
Product. Pfenex Patents include any Patents Controlled by Pfenex or any of its Affiliates that cover or claim any Pfenex Inventions, Other Inventions or System Improvements. 

1.58    “Pfenex System” has the meaning set forth in the Recitals. 

1.59    “Pfenex Technology” means Pfenex Patents and Pfenex
Know-How. 
 1.60    “Prior Confidentiality Agreement” has the
meaning set forth in Section 9.1. 
 1.61    “Product Information” has the meaning set forth in
Section 9.1. 
 1.62    “Program Invention” means any discovery, finding, technology or
other subject matter, whether or not patentable, conceived, created or first reduced to practice during the conduct of the Development Program or the Evaluation Activities by or on behalf of either Party (alone or with other Persons). 

1.63    “Protein Improvements” has the meaning set forth in Section 7.2. 

1.64    “Protein Product” means, with respect to one or more Licensed sparX Proteins, any product in
finished form containing such Licensed sparX Protein(s), including any Combination Product incorporating such a product. For purposes of this definition, a Protein Product includes [***]. 

1.65    “Publication” has the meaning set forth in Section 9.4. 

1.66    “Receiving Party” has the meaning set forth in Section 9.1. 

1.67    “Royalty Term” means, on a Licensed sparX Protein-by-Licensed sparX Protein and country-by-country basis the shorter of: (a) [***] from the date of first commercial sale
of the first Protein Product containing such Licensed sparX Protein in such country and (b) [***] after the launch of a Generic Product in such country. For purposes of this definition and with respect to a particular Protein Product,
“Generic Product” means, with respect to any Protein Product, any biosimilar product (or combination product incorporating a biosimilar product) that (a) is sold by a Third Party that is not an Affiliate of Arcellx and (b)(i)
is subject to a license under 351(k) of the PHSA is “biosimilar” (as defined in Section 351(i)(2) of the PHSA) regardless of whether such product has been found to be “interchangeable” (as defined in Section 351(i)(3)
of the PHSA) with such Protein Product, (ii) has been licensed as a similar biological medicinal product by the EMA pursuant to Directive 2001/83/EC, as may be amended, or any subsequent or superseding law, stature or regulation, or
(iii) is under a marketing approval 

  
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granted by the regulatory authority in such country in reliance on a prior regulatory or marketing approval for the Protein Product granted to Arcellx or its Affiliate or sublicensee and may be
substituted for or is otherwise interchangeable with, the applicable Protein Product. 
 1.68    “Selected
Pfenex Patent” has the meaning set forth in Section 7.5. 
 1.69    “Selling Party” has
the meaning set forth in the definition of Net Sales. 
 1.70    “Senior Officer” means, (a) with
respect to Arcellx, its Chief Executive Officer and (b) with respect to Pfenex, its Chief Executive Officer. 

1.71    “sparX Protein” means a soluble protein antigen-receptor
x-linker (sparX) that is composed of an antigen binding domain and a tag that has the capability of binding an ARC-T Cell. 

1.72    “Stage Gate” means, with respect to a Development Plan, a point identified in such Development
Plan as requiring Arcellx to provide an Authorization to Proceed (as defined in the Collaboration Memorandum) in order for work under such Development Plan to proceed. 

1.73    “Successful Technology Transfer” means, with respect to the Technology Transfer of a particular
Manufacturing Process, the first integrated purification run by Arcellx or Arcellx’s designee, the output of which meets the applicable target specifications as defined in the Development Plan for the applicable Licensed sparX Protein, as such
target specifications may be modified in accordance with Section 2.5. 
 1.74    “System
Improvements” has the meaning set forth in Section 7.2. 
 1.75     “Technology Transfer”
has the meaning set forth in Section 5.4. 
 1.76    “Term” has the meaning set forth in
Section 10.1. 
 1.77    “Third Party” means any entity other than Arcellx or Pfenex and their
respective Affiliates. 
 1.78     “Transferred Technology” has the meaning set forth in
Section 3.4. 
 2.    Development Programs. 

2.1    Development Plans. 

2.1.1    General. The Parties have established a plan for each sparX Protein that has been designated a Named
sparX Protein as of the Effective Date, which plans are included in the Collaboration Memorandum, and the Parties may after the Effective Date establish additional plans for other sparX Proteins, in each case that outlines the activities that will
be performed by or on behalf of Pfenex in the conduct of the Development Program for such sparX Protein (each, a “Development Plan”), which Development Plan shall include a reasonable estimate of aggregate out-of-pocket costs for the materials and Third Party services 

  
 -8- 

 
identified therein, but shall not include costs for general overhead, postage, communications, photocopying, printing or internet expense, professional dues, operating supplies, laboratory
supplies, printers, photocopiers or other office equipment, laboratory equipment, computers or computer service charges. Once agreed upon by the Parties, each Party shall have its authorized representative sign the applicable Development Plan; and
thereupon, the subject sparX Protein shall be a Named sparX Protein. During the Development Term of a Development Program, Arcellx, directly or through its representatives on the JDC, may propose any amendment to the applicable Development Plan,
including in light of changed circumstances, and, if the JDC determines the Development Term is be extended pursuant to Section 2.5, the Parties shall update the Development Plan to include such additional period(s). Any and all such amendments
or updates shall be subject to approval by the JDC, subject to the dispute resolution procedures set forth in Section 2.5. For clarity, the Development Plan shall be deemed to include any task set forth in the [***]. 

2.1.2    Contents. Each Development Plan will include [***]. 

2.1.3    Third Party Materials and Services. All materials and services to be provided by Third Parties (e.g.,
gene synthesis) will be expressly described and forecasted as part of each Development Plan with an aggregate good faith estimate therefor and actual expenses, consistent with such estimate, for materials and Third Party services will be passed
through to Arcellx [***]. Such Third Parties will be subject to the same confidentiality obligations as the Parties under this Agreement. Pfenex shall notify Arcellx in advance of any Third Party it intends to utilize in the performance of Third
Party services hereunder, [***]. The terms of each subcontract agreement entered into by Pfenex under this Section 2.1.3 shall be consistent with the applicable provisions of this Agreement, including those relating to intellectual property,
confidentiality, and restrictions on use and transfer of the Arcellx Materials. Pfenex shall cause its Affiliates and Third Party contractors to comply with all such provisions of this Agreement in connection with such performance, and Pfenex shall
remain responsible and liable to Arcellx for all activities of its Affiliates and Third Party contractors to the same extent as if such activities had been undertaken by Pfenex itself. 

2.1.4    Incorporated Into Agreement. Once executed by both Parties, each Development Plan is hereby incorporated
by reference into this Agreement in its entirety, and together with this Agreement (but separate and apart from any other Development Plan), will collectively constitute the entire agreement between Pfenex and Arcellx with respect to the Development
Program of the applicable Named sparX Protein. Terms or conditions in a Development Plan that differ from those in this Agreement take precedence over the terms and conditions in the main body of the Agreement only with respect to the description of
the activities to be conducted for the Development Program under that particular Development Plan, and only where such Development Plan sets forth, by section number and title, those terms and conditions in the main body of this Agreement that are
intended to be superseded. 
 2.2    Conduct. 

2.2.1    General. Subject to the terms and conditions of this Agreement, each Party shall perform the activities
assigned to it in each Development Plan and conduct each Development Program in accordance with such Development Plan, and use Commercially 

  
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Reasonable Efforts to achieve the objectives thereof. Pfenex shall be responsible for day-to-day implementation and
operation of each Development Program, provided that such implementation is in accordance with the terms of this Agreement, the applicable Development Plan and all Applicable Law. 

2.2.2    Use of Arcellx Materials. Pfenex agrees that the Arcellx Materials shall be: (a) kept only at
Pfenex’s facilities, (b) stored and handled in accordance with Arcellx’s written instructions, (c) used only by Pfenex and its employees and approved subcontractors and only for purposes of performing the Development Program
applicable to such Arcellx Materials, and (d) used in accordance with all Applicable Law. Pfenex shall not distribute or otherwise allow the release of the Arcellx Materials to any Third Party other than any subcontractor approved in accordance
with Section 2.1.3 with respect to such Arcellx Materials or to any of its employees not involved in the performance of the applicable Development Program. Pfenex and its Affiliates shall not, and shall not allow or encourage its or their
employees or any Third Party to, modify, make improvements to or otherwise “reverse engineer” any Arcellx Materials, or replicate or manufacture any Arcellx Materials, except as expressly provided in the Development Plan. 

2.2.3    Acknowledgments. Pfenex acknowledges that the Arcellx Materials are experimental in nature and that they
are provided “AS IS” AND WITHOUT ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR ANY WARRANTY THAT THE USE OF THE MATERIALS
WILL NOT INFRINGE OR VIOLATE ANY PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY. 
 2.3    Termination.
Arcellx may terminate any Development Program on [***] prior written notice to Pfenex, in which case Pfenex shall promptly wind down all activities under the Development Plan for such terminated Development Program; provided that with respect to any
activities actually performed under the Development Plan for such terminated Development Program for which Arcellx has provided an Authorization to Proceed or a payment, (a) Arcellx shall remain responsible for the actual cost, consistent with
estimated amounts, of any materials and Third Party services [***] for such activities to the extent uncancellable and non-refundable and not reasonably usable by Pfenex in other aspects of its business,
(b) Arcellx shall pay Pfenex any unpaid amount associated with any Deliverable that Pfenex delivered under such Development Plan and (c) Pfenex shall refund to Arcellx any prepaid amount associated with activities under the Development
Plan (prorated based on work actually performed by Pfenex) associated with [***]. Additionally, a Development Program shall be deemed terminated if Arcellx fails to pay the undisputed amount associated with [***] of the date of notice from Pfenex
that such amount is delinquent; provided, however, that if Arcellx in good faith disputes that such amount is due under this Agreement, Arcellx may prior to the date such amount is due provide Pfenex with written notice specifying the
disputed portion (the “Disputed Portion”) and the reasons for such dispute and may withhold the Disputed Portion and the Parties shall use diligent and good faith efforts to resolve the dispute in accordance with Article 15, and
Arcellx’s payment obligation with respect to the Disputed Portion shall be tolled until the dispute is resolved in favor of Pfenex (or earlier if and when Arcellx (but not Pfenex) ceases to use diligent and good faith efforts to resolve the
dispute), 

  
 -10- 

 
provided, further, that if the dispute with respect to such Disputed Portion remains unresolved for more than [***] after submission to the Senior Officers in
accordance with Section 15.1, then Pfenex may suspend its performance of any activities related to such Disputed Portion until such dispute is resolved. Upon the effective date of any such termination of a Development Program: 

2.3.1    the applicable Development Term with respect thereto shall be deemed expired; 

2.3.2    Pfenex shall promptly destroy (or with respect to the Arcellx Materials, return), as directed by Arcellx, all
Arcellx Materials provided to Pfenex for such Development Program and all tangible items comprising, bearing or containing any Protein Improvements or Confidential Information of Arcellx (including any material incorporating or derived from any of
the foregoing) and if requested to destroy any such Arcellx Materials or tangible items comprising, bearing or containing any Protein Improvements or Confidential Information of Arcellx, Pfenex shall promptly certify in writing to Arcellx that all
such Arcellx Materials, all tangible items comprising, bearing or containing any Protein Improvements or Confidential Information of Arcellx have been destroyed; and 

2.3.3    Arcellx shall destroy, if requested by Pfenex, all tangible items comprising, bearing or containing any Pfenex Know-How or Confidential Information of Pfenex that is in Arcellx’s possession, including any and all Manufacturing Strains (but excluding any Protein Improvements and any Deliverables or any Pfenex Know-How or Confidential Information of Pfenex applicable to any ongoing Development Program or any Licensed sparX Protein) (collectively, “Pfenex Materials”), and if requested by Pfenex, Arcellx
shall promptly certify in writing to Pfenex that all such tangible items have been destroyed. 
 2.4    Alliance
Managers. Promptly after the Effective Date, each Party shall appoint an individual to act as alliance manager for that Party (each, an “Alliance Manager”). The Alliance Managers shall be the primary point of contact for the
Parties during the Development Term. The name and contact information for the Alliance Managers, as well as any replacement(s) chosen by either Party in its sole discretion from time to time, shall be provided to the other Party in writing. 

2.5    Joint Development Committee. Within [***] after the Effective Date or earlier upon the request of Arcellx,
the Parties shall establish a joint development committee (the “JDC”) composed of an equal number of appointed representatives of each Party. The chairperson for the JDC shall be a representative of Arcellx and shall be selected by
Arcellx. The JDC shall direct and monitor the activities under the Development Plan, including any third-party pass-through costs, and shall have the authority to amend or update the Development Plan, including extending the Development Term
therefor and modifying or replacing the target specifications for any Named sparX Protein under the applicable Development Plan. If the JDC cannot, or does not, reach consensus on an issue within [***] after such issue is first presented to the JDC
for consideration, then the JDC shall refer such issue to Senior Officers of the Parties for resolution pursuant to the provisions of Section 15.1. If such issue has not been resolved in accordance with the provisions of Section 15.1, then
Arcellx shall have the right to finally and definitively resolve such issue in good faith in a manner consistent with this Agreement but excluding (a) any amendment to a Development Plan that would materially increase, or

  
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materially change the scope or nature of, the activities to be performed by Pfenex in the aggregate as compared to the activities included in such Development Plan prior to the proposed amendment
and (b) any modification to or replacement of the target specifications for any Named sparX Protein set forth in the applicable Development Plan, which in each case ((a), and (b)) must be resolved by consensus. 

2.6    Recordkeeping. Pfenex shall prepare and maintain complete and accurate records of its activities under this
Agreement in a manner acceptable for the collection of data for submission to, or review by, appropriate patent or regulatory authorities, and in compliance with Applicable Law. Such records shall include activities performed pursuant to this
Agreement and shall not include or be commingled with records of activities outside the scope of this Agreement. Arcellx shall have the right, at reasonable times and on reasonable notice to Pfenex, to inspect and make copies of the records prepared
pursuant to this Section 2.6. Without limiting Pfenex’s obligations under any Development Plan, Pfenex shall keep the JDC reasonably informed regarding its activities with respect to each Development Plan and under this Agreement,
including through periodic telephonic or face-to-face meetings of the JDC to discuss the status of each Development Plan and for the JDC to provide Pfenex direction on
activities to be performed under each such Development Plan, provided that such meetings shall occur no less frequently than once per calendar quarter. 

2.7    Regulatory Communications. Pfenex shall submit to all inquiries, audits and inspections by the FDA and
other applicable regulatory authorities related to activities hereunder. Pfenex shall promptly inform Arcellx if any governmental or regulatory authority (a) conducts, or gives notice of intent to conduct, an audit of the documentation
generated under this Agreement or an inspection of Pfenex’s facilities where any activities under this Agreement are performed or (b) takes, or gives notice of its intent to take, legal or regulatory action alleging improper or inadequate
practices in the performance of the activities hereunder or potentially impacting performance of the activities hereunder. Pfenex shall provide Arcellx with copies of any such notices and summaries of related correspondence following receipt
thereof. Pfenex shall further inform Arcellx of the findings of any such action or such inspection that may have a material adverse impact on the performance of the activities hereunder and any related quality systems. 

3.    Delivery; Restrictions. 

3.1    Delivery. As provided in the applicable Development Plan, Pfenex shall deliver to Arcellx the Deliverables
for evaluation by Arcellx pursuant to Section 3.2. If prior to [***] after Arcellx’s receipt of all applicable Deliverables, Arcellx identifies specific additional information for use in connection with the evaluation thereof, then Pfenex
shall promptly provide such additional information then in Pfenex’s possession or Control that Arcellx reasonably requests for such purposes; provided that Arcellx may request such additional information [***] per Named sparX Protein. 

3.2    Evaluation. Pursuant to the Evaluation License granted by Pfenex to Arcellx, upon delivery to Arcellx of the
Deliverables with respect to a particular Work Package under the applicable Development Plan, Arcellx shall have the right to evaluate, within the time periods set forth in the applicable Development Plan and in this Agreement, the Deliverables and

  
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determine whether to provide the applicable Authorization to Proceed or exercise the Commercial Option, in each case for the applicable Named sparX Protein and in accordance with the Development
Plan (the “Evaluation Activities”). 
 3.3    No Sale. Nothing herein shall be deemed to be a
sale of any Deliverable. Without limiting Article 7 and subject to the provisions of this Section 3.3 and Sections 3.4, 3.5, and 3.6, the physical embodiment of the Deliverables, including of each Named sparX Protein and any Optimized
Nucleic Acid Sequence (other than the Manufacturing Strain contained within Deliverables, which shall remain the sole property of Pfenex), all materials [***], and all other materials derived by Arcellx, its Affiliates, Third Party contractors and
permitted sublicensees, in whole or in part therefrom under this Agreement, shall be the sole property of Arcellx. For clarity, Pfenex shall retain ownership rights in and to the Pfenex System and any Pfenex Technology which is embodied or otherwise
incorporated in such Deliverables. 
 3.4    Limitations on Access and Transfer. Arcellx shall not, and shall not
cause or authorize any Person to, use any Pfenex Materials, Pfenex Know-How or System Improvements or any other Pfenex Technology (other than the Protein Improvements) (the “Transferred
Technology”) except (a) to conduct Evaluation Activities pursuant to Section 4.1 or (b) if Arcellx has exercised its Commercial Option, then to develop and commercialize corresponding Protein Products pursuant to
Section 5.2. 
 3.5    Modifications and Derivations. Arcellx may alter or modify the Transferred Technology
comprising methods and materials (other than the Manufacturing Strain or constituents thereof) for the expression, extraction, purification and testing of the corresponding Named sparX Protein (“Permitted Modifications”). For
clarity, Pfenex shall have no obligation to transfer or provide any additional Pfenex Technology not otherwise provided to Arcellx under this Agreement for evaluation of the Deliverables pursuant to Section 3.2 in order to enable any Permitted
Modifications. 
 3.6    Care in Use of the Deliverables. Arcellx acknowledges that the Transferred Technology is
experimental in nature and may have unknown characteristics and therefore agrees to use reasonable care in the use, handling, storage, containment, transportation and disposition of such Transferred Technology. 

3.7    Acknowledgement. Arcellx acknowledges that the use or modification of a Manufacturing Strain other than as
permitted under this Agreement could cause irreparable damage to Pfenex. As such, Arcellx agrees that: (a) [***] shall be considered a material breach of the Agreement and Arcellx shall be required to cure such breach within [***], (b) Pfenex
shall have the right to receive an assignment of all right, title and interest in and to any patent or patent application that contains, discloses or claims any invention relating to an impermissible modification or use of any Manufacturing Strain,
and (c) the remedies set forth in (a) and (b) of this Section 3.7 shall not prejudice Pfenex’s right to pursue any legal or equitable remedy available to Pfenex for any violations of this Article 3. 

  
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 4.    Evaluation Licenses. 

4.1    License. Subject to the terms and conditions of this Agreement, Pfenex grants to Arcellx on a Named sparX Protein-by-Named sparX Protein basis, a royalty-free, co-exclusive license, without the right to sublicense, during the Development
Term for such Named sparX Protein, under the Pfenex Technology, including the use of the applicable Manufacturing Strain(s) with respect to such Named sparX Protein, to conduct Evaluation Activities on such Named sparX Protein (“Evaluation
License”). 
 4.2    Sublicenses. The Evaluation License granted under Section 4.1 with respect to
a Named sparX Protein, includes the right to grant sublicenses through multiple tiers; [***]. Arcellx shall include in its sublicense agreements a requirement for the sublicensee to comply with the provisions of this Agreement in connection with
[***], and Arcellx shall remain responsible to Pfenex for all activities of its sublicensees to the same extent as if such activities had been undertaken by Arcellx itself. 

4.3    Subcontractors. Notwithstanding Sections 4.1 and 4.2, Arcellx shall have the right to exercise the
Evaluation License granted under Section 4.1 through its Affiliates and Third Party contractors (to which Pfenex has no reasonable objection), which exercise shall not be construed as a sublicense for purposes of this Agreement. In any event,
Arcellx shall cause its Affiliates and Third Party contractors to comply with the provisions of this Agreement in connection with their conduct of the applicable Evaluation Activities (including compliance with applicable confidentiality terms and
restrictions on use and transfer of the Pfenex Technology and the Deliverables and any other materials derived by Arcellx, its Affiliates, Third Party contractors, in whole or in part therefrom under this Agreement set forth herein), and Arcellx
shall remain responsible to Pfenex for all activities of its Affiliates and Third Party contractors to the same extent as if such activities had been undertaken by Arcellx itself. 

5.    Commercial Licenses. 

5.1    Commercial Option. Pfenex hereby grants Arcellx an exclusive option with respect to each Named sparX Protein
to obtain an exclusive license to use the applicable Manufacturing Strain to manufacture or have manufactured such Named sparX Protein and to develop and commercialize Protein Products incorporating such Named sparX Protein, as further described in
Section 5.2 (each, a “Commercial Option”). Arcellx may exercise each such Commercial Option by providing Pfenex with written notice referencing this Section 5.1 and specifying the particular Manufacturing Strain and
corresponding Named sparX Protein (each such notice, an “Option Notice”) at any time from the Effective Date until [***] from the delivery of all Deliverables for the Named sparX Protein pursuant to Section 3.1 (an
“Option Period”); provided, however, (x) if prior to [***]after receipt of all applicable Deliverables Arcellx identifies specific additional information for use in connection with the evaluation of the Commercial
Option, then Pfenex shall promptly provide such additional information then in Pfenex’s possession or Control that Arcellx reasonably requests for such purposes, and the Option Period shall be extended [***] until [***] from the date Arcellx
receives such additional information from Pfenex, and (y) if the applicable Development Term is terminated pursuant to Section 2.3, then the applicable Option Period shall expire upon the effective date of such termination. If Arcellx
provides to Pfenex an Option Notice within the Option Period, then 

  
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Pfenex shall and does hereby automatically grant to Arcellx the Commercial License as set forth in Section 5.2 and the applicable Named sparX Protein shall become a Licensed sparX Protein.
If Arcellx does not provide an Option Notice within the Option Period, (A) the Commercial Option with respect to such Manufacturing Strain and the corresponding Named sparX Protein and Protein Products shall expire; (B) such corresponding
Named sparX Protein shall cease to be a Named sparX Protein; (C) Pfenex shall have no further obligations to Arcellx under this Agreement with respect to such sparX Protein, except as otherwise provided in Section 10.8 (Survival of Certain
Obligations); (D) Arcellx shall either return to Pfenex or destroy, as directed by Pfenex, all Manufacturing Strains and other Transferred Technology related to the Expression of such sparX Protein and, if requested to destroy any such
Manufacturing Strains, certify in writing to Pfenex that all such Manufacturing Strains have been destroyed; and (E) Pfenex shall promptly destroy (or with respect to the Arcellx Materials, return), as directed by Arcellx, all Arcellx Materials
provided to Pfenex for the applicable Development Program and all tangible items comprising, bearing or containing any Protein Improvements or Confidential Information of Arcellx (including any material incorporating or derived from any of the
foregoing) and if requested to destroy any such Arcellx Materials or tangible items comprising, bearing or containing any Protein Improvements or Confidential Information of Arcellx, Pfenex shall promptly certify in writing to Arcellx that all such
Arcellx Materials, all tangible items comprising, bearing or containing any Protein Improvements or Confidential Information of Arcellx have been destroyed. 

5.2    Commercial License. 

5.2.1    License. Upon the receipt of each Option Notice for a particular Manufacturing Strain and corresponding
Licensed sparX Protein and Protein Products pursuant to Section 5.1 Pfenex hereby grants to Arcellx, subject to the terms and conditions of this Agreement, a worldwide, sublicenseable (through multiple tiers) (subject to Section 5.2.2),
exclusive license under the Pfenex Technology (a) to use such Manufacturing Strain to Express such Licensed sparX Protein and for purposes of effecting the applicable Technology Transfer, and (b) to make, have made, use, sell, offer to
sell and import Protein Products incorporating such Licensed sparX Protein for use in the Field (each, a “Commercial License”); provided, that Arcellx shall not exercise its rights under the foregoing clause (b) unless
and until Arcellx has made complete payment of the first Annual Maintenance Fee. 
 5.2.2    Sublicensees. The
Commercial License granted under Section 5.2.1, with respect to a particular Manufacturing Strain and corresponding Licensed sparX Protein and Protein Products, includes the right to grant sublicenses through multiple tiers; provided,
however, that Arcellx may not grant or authorize sublicenses through multiple tiers under such Commercial License without the prior written consent of Pfenex, which shall not be unreasonably withheld, conditioned or delayed; [***]. In any event,
Arcellx shall ensure that each of its permitted sublicensees is bound by a written agreement containing provisions at least as protective of Pfenex and the Pfenex Technology and the Deliverables and any other materials derived by Arcellx, its
Affiliates, Third Party contractors and permitted sublicensees, in whole or in part therefrom under this Agreement (including compliance with applicable confidentiality terms and restrictions on use and transfer thereof set forth herein); and
Arcellx shall remain responsible to Pfenex for all activities of its permitted sublicensees to the same extent as if such activities had been undertaken by Arcellx itself. 

  
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 5.2.3    Subcontractors. Notwithstanding Section 5.2.2,
Arcellx shall have the right to exercise the Commercial License granted under Section 5.2.1 through its Affiliates and Third Party contractors, which exercise shall not be construed as a sublicense for purposes of this Agreement;
provided, however, that Arcellx may not exercise the Commercial License through a Third Party CMO without the prior written consent of Pfenex, which shall not be unreasonably withheld, conditioned or delayed; [***]. In any event, Arcellx
shall cause its Affiliates and Third Party contractors to comply with the provisions of this Agreement in connection with such performance (including compliance with applicable confidentiality terms set forth herein), and Arcellx shall remain
responsible to Pfenex for all activities of its Affiliates and Third Party contractors to the same extent as if such activities had been undertaken by Arcellx itself. 

5.3    Exclusivity of [***]. Pfenex acknowledges the highly competitive nature of the industry in which Arcellx and
Pfenex operate and, accordingly, agrees that, in consideration of Arcellx entering into this Agreement and the promises contained herein, Pfenex shall not, and shall cause its Affiliates not to, by itself or through any Third Party, (a) use,
produce, transfer, lease, sell, or grant any license or other rights to any Third Party to use, produce, transfer, lease or sell [***], or (b) undertake any research, development, manufacturing (including Expression) or commercialization
activities, with respect to any [***]. 
 5.4    Technology Transfer. Upon Arcellx’s request
after the exercise by Arcellx of any Commercial Option, within [***] following such request with respect to the applicable Licensed sparX Protein, Pfenex shall effect a transfer to Arcellx or its designee of (i) Pfenex’s then-current
process (i.e., established during WP3 under the applicable Development Plan) for the Expression of such Licensed sparX Protein and (ii) the corresponding Manufacturing Strain, including, in each case (i) and (ii), all applicable analytical
methods (each, a “Manufacturing Process”) and to implement each Manufacturing Process at a single facility (assuming Successful Technology Transfer at such facility) per Licensed sparX Protein designated by Arcellx (such transfer,
as more fully described below in this Section 5.4, the “Technology Transfer”). Arcellx shall (or shall cause its designee to) timely implement such Technology Transfer and the associated Manufacturing Process at the applicable
facility, including making available necessary personnel, equipment and materials reasonably requested by Pfenex or its designee. Pfenex shall provide, and shall cause its Affiliates and any of its Third Party manufacturers to provide, all
reasonable assistance requested by Arcellx to enable Arcellx (or its Affiliate or designated Third Party manufacturer, as applicable) to implement each Manufacturing Process at the facility designated by Arcellx to receive such Manufacturing
Process, including (a) a report describing unit operations for integrated runs and an estimate bill of materials, and (b) ad hoc support, consisting of phone calls and on-site support from
Pfenex’s personnel. [***]. 
 6.    Fees, Royalties and Other Payments. 

6.1    Development Fees. In consideration of Pfenex’s performance of each Development Program, Arcellx shall
pay Pfenex: 
 6.1.1    Development Fees. The applicable Development Fees as specified in the Collaboration
Memorandum; and 

  
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 6.1.2    Materials/Services Fees. The documented cost, [***], of
materials and Third Party services, each in accordance with the applicable Development Plan and consistent with the aggregate estimate therefor. 

6.1.3    Invoices. Arcellx shall not owe, and Pfenex shall not issue, any invoice for any payments under or in
connection with this Agreement except as provided in Section 6.1.1 or Section 6.1.2. 
 Pfenex will issue invoices to Arcellx for
such amounts (i) at the time of provision of the applicable Deliverables or (ii) upon its issuance of a purchase order for the corresponding materials or Third Party services, in each case ((i) and (ii)) in accordance with the applicable
Development Plan and the terms of the Collaboration Memorandum. For clarity, the payments set forth in this Section 6.1 represent Arcellx’s total financial obligation with respect to work performed by Pfenex under any Development Plan.

 6.2    Commercial Fees and Royalties. Arcellx will pay to Pfenex the following amounts in consideration of the
grant of each Commercial License: 
 6.2.1    Annual Maintenance Fees. Arcellx shall pay [***] of the first
corresponding Annual Maintenance Fee within [***] after delivery by Arcellx of an Option Notice to Pfenex. Arcellx shall pay the [***] of the first corresponding Annual Maintenance Fee within [***] after the completion of a Successful Technology
Transfer in accordance with Section 5.4. Thereafter, Arcellx shall pay the corresponding Annual Maintenance Fee within [***] after each anniversary of the completion of the Successful Technology Transfer until the first commercial sale of a
Protein Product incorporating the corresponding Licensed sparX Protein. [***]. 
 6.2.2    Milestone Payments.
Subject to Section 6.2.1, Arcellx will pay to Pfenex the Milestone Payments specified in the Collaboration Memorandum with respect to each Protein Product. 

6.2.3    Royalty Payments. Subject to Section 6.2.1, during the applicable Royalty Term for a Protein
Product, Arcellx will pay to Pfenex as a royalty the applicable percentage of Net Sales of such Protein Product as specified in the Collaboration Memorandum. For clarity, upon expiration of the Royalty Term for a particular Protein Product, the
Commercial License granted by Pfenex to Arcellx with respect to such Protein Product will be deemed to be perpetual, irrevocable and fully paid-up. 

6.3    Methods of Payment. 

6.3.1    Unless otherwise specified in this Agreement, all undisputed payments hereunder will be paid by Arcellx to
Pfenex by wire transfer to an account designated by Pfenex within [***] of the date of receipt by Arcellx of an invoice from Pfenex. Except as expressly provided herein, such payments shall be non-refundable
not creditable against any other payments to be made by Arcellx to Pfenex under this Agreement. 
 6.3.2    Any
undisputed payments or portions thereof due hereunder which are not paid when due shall bear interest equal to the lesser of (a) the rate equal to the thirty (30) 

  
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day U.S. dollar LIBOR rate effective as of the date such payment was due, as published by The Wall Street Journal, Internet Edition at www.wsj.com in the “Money Rates” tab, on
the date such payment was due, plus an additional [***], or (b) the maximum rate permitted by Applicable Law, calculated based on the number of days such payment is delinquent. This Section 6.3 shall in no way limit any other remedies
available to Pfenex. If Arcellx in good faith disputes that such amount is due under this Agreement, Arcellx may provide Pfenex with written notice of the Disputed Portion and the reasons for such dispute and may withhold the Disputed Portion and
the Parties shall use diligent and good faith efforts to resolve the dispute in accordance with Article 15, and Arcellx’s payment obligations with respect to the Disputed Portion shall be tolled until the dispute is resolved in favor of Pfenex
(or earlier if and when Arcellx (but not Pfenex) ceases to use diligent and good faith efforts to resolve the dispute). 

6.4    Currency Conversion. If any currency conversion shall be required in connection with the calculation of
amounts payable hereunder, such conversion shall be made using the same exchange rates used by Arcellx for its own financial reporting purposes, or if none is used, then the average of the buying and selling rates on the last business day of the
calendar quarter to which the amount applies as published by The Wall Street Journal, Internet Edition at www.wsj.com. 

6.5    Acknowledgement. The Parties acknowledge that the economic terms and conditions set forth herein were
negotiated and agreed to and represent a fair and equitable allocation of the value of the Protein Product for the Field. The Parties further acknowledge that there is considerable value in the Pfenex Technology (including the Pfenex Know-How) that is consistent with the economic terms and conditions herein. 

6.6    Records. Each Party shall keep, and cause its Affiliates and sublicensees to keep, complete, true and
accurate books of accounts and records for the purpose of determining the amounts payable to the other Party pursuant to this Agreement. Each Party shall permit the other Party, by independent qualified public accountants engaged by such other Party
and reasonably acceptable to the audited Party, to examine such books and records at any reasonable time. The foregoing right of review may be exercised only once during each [***] period, [***]. Such accountants may be required by the audited Party
to enter into a reasonably acceptable confidentiality agreement. The opinion of said independent accountants regarding such reports, accountings and payments shall be binding on the Parties other than in the case of clear error. The auditing Party
shall bear the cost of any such examination and review; provided that if the inspection and audit shows an underpayment of more than the greater of [***] of the amount due for the applicable period and [***], then the audited Party shall promptly
reimburse the auditing Party for all reasonable and verifiable costs incurred in connection with such examination and review. The audited Party shall promptly pay to the auditing Party the amount of any underpayment revealed by an examination and
review. Any overpayment by the audited Party revealed by an examination and review shall be fully-creditable against future payments owed by the audited Party to the auditing Party under this Article 6 or, if no future payments are owed by the
audited Party, refunded to the audited Party. 

  
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 7.    Inventions and Patents. 

7.1    Ownership of Program Inventions and Technology. Except as provided in Section 7.2, as between the
Parties, (a) Program Inventions and intellectual property rights therein invented by or on behalf of employees, agents or consultants of Pfenex, independently of employees, agents or consultants of Arcellx, its Affiliates or their respective
sublicensees, will be [***]; and (b) Program Inventions and intellectual property rights therein invented by or on behalf of employees, agents or consultants of Arcellx, its Affiliates or their respective sublicensees, independently of
employees, agents or consultants of Pfenex, will be [***]; and (c) Program Inventions and intellectual property rights therein jointly invented by or on behalf of one or more employees, agents or consultants of Pfenex and one or more employees,
agents or consultants of Arcellx, its Affiliates or their respective sublicensees (“Other Inventions”) will be owned [***]; and subject to and without limiting any licenses granted under Article 4 and Section 5.2, each
Party agrees to grant, and hereby grants, to the other Party a worldwide, non-exclusive, royalty-free, fully paid-up perpetual and irrevocable license, with the right to
grant and authorize sublicenses (through multiple tiers), under the Other Inventions for all purposes. For purposes of this Article 7, “invented” means Program Inventions and intellectual property rights therein conceived, created
and/or first reduced to practice as determined in accordance with U.S. federal and state intellectual property laws. 

7.2    Improvements. Notwithstanding Section 7.1, (a) [***] any and all Arcellx Inventions and Other
Inventions that are specifically related to the Pfenex System other than Protein Improvements (“System Improvements”); (b) [***] any and all Pfenex Inventions and Other Inventions that are specifically related to a Licensed sparX
Protein or one or more sparX Proteins and not otherwise generally applicable to proteins other than sparX Proteins, other than (except as provided in clause (c) below) any Optimized Nucleic Acid Sequence (“Protein
Improvements”); and (c) upon the earlier of [***] and the [***], Arcellx shall own any and all [***]. 

7.3    Assignment. Each Party agrees to assign and hereby assigns, without additional compensation, to the other
Party all of its right, title and interest in and to any Program Inventions and intellectual property rights therein as is necessary to fully effect, as applicable, the ownership provided for in Sections 7.1 and 7.2, and shall cause its
Affiliates and its and their sublicensees, as applicable, to do the same. 
 7.4    Retention of Rights. Subject
to the licenses granted herein and Sections 7.1, 7.2 and 7.3, as between the Parties: (a) Pfenex will retain all right, title and interest in and to the Pfenex Technology; and (b) Arcellx will retain all right, title and interest in
and to the Named sparX Proteins and Arcellx Materials, in each case, existing as of the commencement of the Development Program pursuant to Article 2. 

7.5    Prosecution and Maintenance. Except as otherwise provided in this Section 7.5, each Party shall have
the sole right to file, prosecute, maintain and enforce and defend Patents directed to Program Inventions that are owned by such Party under this Agreement. [***], if either Party becomes aware of an infringement or misappropriation of the Pfenex
Technology with respect to any Protein Product or the Manufacturing Strain with respect thereto, it shall promptly notify the other Party and provide such other Party with all details of such infringement of which it is aware (an
“Infringement Notice”). [***]. 

  
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 7.6    Cooperation. With respect to any Patent filed, prosecuted,
maintained or enforced covering or claiming Program Inventions, the Party filing, prosecuting, maintaining or enforcing such Patents shall keep the other Party reasonably informed of filing, prosecution, maintenance and thereof, including by
providing the other Party with a copy of material communications to and from any patent authority regarding such Patent, and by providing the drafts of any material filings or responses to be made to such Patent authorities sufficiently in advance
of submitting such filings or responses so as to allow for a reasonable opportunity for such other Party to review and comment thereon. The Party filing, prosecuting, maintaining or enforcing such Patents shall consider in good faith any comments
and proposed strategies of the other Party. Each Party shall provide the other Party all reasonable assistance and cooperation in the patent-related efforts under Section 7.5, including providing any necessary powers of attorney and executing
any other required documents or instruments for such efforts. In the event a Party enforcing a Patent covering any Program Invention finds it necessary or desirable for the other Party to join the prosecuting Party as a party to any related claim,
suit or proceeding, such other Party shall, upon written request, join as a party to such claim, suit or proceeding and participate with its own counsel at its own cost and expense. 

7.7    Disclosure. Each Party will promptly disclose to the other Party the making, conception or first reduction
to practice of any Program Inventions, including System Improvements and Protein Improvements ([***]). The Parties shall at all times fully cooperate in order to reasonably implement the provisions of Sections 7.1 through 7.5. Such cooperation
may include the execution of necessary legal documents, coordinating prosecution to avoid or mitigate any patentability issues raised during prosecution including, for instance, enablement, estoppel and double patenting, and the provision of any
other assistance to its relevant personnel. Further, notwithstanding anything to the contrary herein, neither Party shall disclose Confidential Information of the other Party in a patent application of such Party, except as otherwise permitted under
the provisions of Article 9. 
 8.    Compliance. 

8.1    General. Each Party agrees to comply with all Applicable Law in conducting the activities under this
Agreement, including with respect to the development, production, storage, handling and transportation of sparX Proteins, Manufacturing Strains, and all other materials developed, produced, stored, handled or transported in connection with this
Agreement. 
 8.2    Export Controls. Neither Pfenex nor Arcellx will export, directly or indirectly, Arcellx
Materials, Named sparX Proteins, Manufacturing Strains, Pfenex Know-How or Pfenex Technology provided by the other Party or arising under this Agreement or any materials or products using or embodying such
technical information, to any country or foreign national for which the United States government or any agency thereof at the time of export requires an export license or other governmental approval (“Controlled Technology”),
without first obtaining the written consent to do so from the Department of Commerce or other agency of the United States government when required by an applicable statute or regulation. The transfer,

  
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re-export or other disposition of such Controlled Technology in a manner that is not in compliance with the export control laws and regulations of the
United States is strictly prohibited. 
 9.    Confidentiality. 

9.1    General. Each Party agrees that during the Term and for [***] thereafter, it will maintain proprietary and
confidential information of the other Party (“Disclosing Party”) disclosed or otherwise made available to such first Party (“Receiving Party”), directly or indirectly, in writing, orally or by inspection of tangible
objects and of the type generally deemed to be proprietary in the biotechnology or pharmaceutical industries (“Confidential Information”), and will not use for any purpose or disclose any Confidential Information of the Disclosing
Party to a Third Party, without the express written consent of the Disclosing Party. Confidential Information shall also include the terms of this Agreement. Each Receiving Party agrees to use the same degree of care to prevent any unauthorized
access, disclosure or publication of the Confidential Information of the Disclosing Party as such Receiving Party uses to protect its own Confidential Information, but in no event less than a reasonable degree of care. All information disclosed by a
Party to the other Party pursuant to either the Confidentiality Agreement between the Parties dated June 6, 2018 (the “Prior Confidentiality Agreement”) or the Material Transfer and Feasibility Agreement, shall be deemed
Confidential Information of such first Party as if it were disclosed hereunder. All Confidential Information generated in connection with any Development Program, including all information relating any research and development with respect to
Manufacturing Strains and Named sparX Proteins, shall be the Confidential Information of both Parties (and each Party shall be the Disclosing Party and Receiving Party, respectively, with respect thereto) [***]. For clarity, any Pfenex Know-How other than Product Information shall be deemed Pfenex’s Confidential Information. 

9.2    Exceptions. Confidential Information does not include information of the Disclosing Party which: 

9.2.1    is in the public domain at the time of disclosure; 

9.2.2    after disclosure, becomes part of the public domain by publication or otherwise, except through breach of this
agreement by the Receiving Party; 
 9.2.3    the Receiving Party can establish by competent proof was in its
possession at the time of disclosure, without confidentiality restrictions; provided that this Section 9.2.3 shall not apply with respect to Product Information; 

9.2.4    is disclosed to the Receiving Party from a Third Party(ies) who are entitled to disclose the information without
an obligation to maintain the confidentiality thereof; provided that this Section 9.2.4 shall not apply with respect to Product Information; 

9.2.5    is approved for disclosure by written authorization of the Disclosing Party. 

9.3    Authorized Disclosure. Notwithstanding the provisions of Section 9.1 and subject to this
Section 9.3 and Section 9.4, each Party hereto may use and disclose 

  
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Confidential Information of the other Party to its employees, agents or consultants and its Affiliates, licensees, sublicensees, and any other Third Parties to the extent such use and/or
disclosure is reasonably necessary to exercise the rights granted to it, under this Agreement, filing or prosecuting Patents, prosecuting or defending litigation, complying with applicable governmental laws or regulations, submitting information to
tax or other governmental authorities or conducting clinical trials hereunder with respect to any Protein Product. If a Party is required by law, administrative or judicial order to disclose Confidential Information of the other Party, such Party
will give the other Party prompt notice of such fact so that the other Party may obtain a protective order or other appropriate remedy concerning any such disclosure and/or waive compliance with the
non-disclosure provisions of this Agreement. Each Party will fully cooperate with the other Party in connection with the other Party’s efforts to obtain any such order or other remedy. If any such order
or other remedy does not fully preclude disclosure or the Party having rights to such Confidential Information waives such compliance, the Party required to make such disclosure as set forth under this Section 9.3 may make such disclosure only
to the extent that such disclosure is legally required; provided that such Confidential Information disclosed accordingly shall only lose its confidentiality protection for purposes of such disclosure. For any other permitted disclosures of
Confidential Information of the other Party, including to a Party’s employees, agents or consultants or its Affiliates, licensees, or any other Third Parties, each Party shall ensure, where practicable, that the recipient thereof is bound by a
written confidentiality agreement as materially protective of such Confidential Information as this Article 9. 

9.4    Publication. Neither Party shall make any public announcement relating to this Agreement or the transactions
covered by it or mention or otherwise use the name, insignia, symbol, trademark, trade name or logotype of the other Party or its Affiliates in any press release, promotional material or other form of publicity without the prior written approval of
that Party in each instance. [***], neither Party may publish, present or announce results of such Development Program or Evaluation Activities with respect thereto, either orally or in writing, or Confidential Information of the other Party (a
“Publication”) unless (a) it receives the prior written consent of the other Party or (b) necessary to comply with Applicable Law, including securities laws, regulations or guidance; provided that in the case of clause
(b) the disclosing Party shall promptly notify the other Party and (other than in the case where such disclosure is necessary, in the reasonable opinion of the disclosing Party’s legal counsel, to comply with securities laws, regulations
or guidance) allow the other Party a reasonable opportunity to oppose with the body initiating the process and, to the extent allowable by law, to seek limitations on the portion of Confidential Information that is required to be disclosed. [***],
Arcellx may freely make Publications with respect to the Development Program to which such Commercial Option applies and Pfenex shall not make any Publication with respect to such Development Plan unless (x) it receives the prior written
consent of Arcellx or (y) necessary to comply with Applicable Law, including securities laws, regulations or guidance; provided that in the case of clause (y) Pfenex shall promptly notify Arcellx and (other than in the case where such
disclosure is necessary, in the reasonable opinion of Pfenex’s legal counsel, to comply with securities laws, regulations or guidance) allow Arcellx a reasonable opportunity to oppose with the body initiating the process and, to the extent
allowable by law, to seek limitations on the portion of the Confidential Information that is required to be disclosed. 

  
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 9.5    Confidential Terms. Each Party agrees not to disclose to
any Third Party the terms of this Agreement without the prior written consent of the other Party hereto, except each Party may disclose the terms of this Agreement: (a) to advisors (including financial advisors, attorneys and accountants),
actual or potential acquisition partners or private investors, and others on a need to know basis, in each case under appropriate confidentiality provisions consistent with the nature of the terms so disclosed; or (b) to the extent necessary to
comply with Applicable Law, including securities laws, regulations or guidance; provided that in the case of clause (b) the disclosing Party shall promptly notify the other Party and (other than in the case where such disclosure is necessary,
in the reasonable opinion of the disclosing Party’s legal counsel, to comply with securities laws, regulations or guidance) allow the other Party a reasonable opportunity to oppose with the body initiating the process and, to the extent
allowable by law, to seek limitations on the portion of this Agreement that is required to be disclosed. The Parties will agree on the content, timing and logistics for a joint press release to announce the execution of this Agreement; thereafter,
each Party may disclose to Third Parties the information contained in such press release without the need for further approval by the other. 

10.    Term and Termination. 

10.1    Term. Unless earlier terminated pursuant to this Article 10, the term of this Agreement (the
“Term”) shall commence on the Effective Date and shall continue until the later of the expiration or termination of all (a) Development Terms, (b) Commercial Options in accordance with Section 5.1, and (c) if a
Commercial Option is exercised, the last-to-expire Royalty Term for all Protein Products. Accordingly, if Arcellx exercises a Commercial Option with respect to a Named
sparX Protein and corresponding Manufacturing Strain hereunder, the Term shall continue on a Protein Product-by-Protein Product basis until expiration of the Royalty
Term for each such Protein Product. 
 10.2    Termination of Commercial Licenses by Arcellx. In the event
Arcellx exercises a Commercial Option, Arcellx will have the right to separately terminate each Commercial License with respect to a Protein Product under this Agreement upon [***] prior written notice to Pfenex referencing this Section 10.2
and specifying the Protein Product for which it is so terminating this Agreement. In the event that all Commercial Licenses and all Commercial Options have expired or been terminated pursuant to this Section 10.2, this Agreement shall terminate
in its entirety, subject to Section 10.8 (Survival of Certain Obligations). 
 10.3    Termination for
Cause. Subject to the further provisions of this Section 10.3, in the event of any material breach of this Agreement by a Party, the non-breaching Party shall have the right to terminate this
Agreement in its entirety upon [***] prior written notice to the breaching Party referencing this Section 10.3 and specifying in reasonable detail the facts and circumstances constituting the material breach of this Agreement, unless the
breaching Party cures such breach within such [***] period. If the breaching Party has not cured such material breach within such [***] period, then this Agreement shall terminate effective on the expiration of such [***] period; provided,
however, if the Party alleged to be in breach of this Agreement disputes such breach by written notice to the other Party within such [***] period, the non-breaching Party shall not have the right to terminate
this Agreement unless and until it has been determined that this Agreement was materially breached in accordance with Article 15, and the breaching Party fails to comply with its obligations hereunder within [***] after such determination. 

  
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 10.4    Termination for Patent Challenge. Subject to the further
provisions of this Section 10.4, in the event Arcellx or any of its Affiliates or its or their respective sublicensees challenges (other than in response to infringement claims brought or threatened by Pfenex or its Affiliates or licensees) any
Pfenex Patent licensed to Arcellx pursuant to Section 5.2 that covers the manufacture, use or sale of a Protein Product before any court or governmental authority having jurisdiction (except where such challenge action is ordered by a court,
patent office or other tribunal or is required by Applicable Law), Pfenex shall have the right to terminate the Commercial License solely with respect to such challenged Pfenex Patent and Protein Product upon [***] prior written notice to Arcellx
referencing this Section 10.4 and specifying the Pfenex Patent so challenged, unless [***]. 
 10.5    Effects
of Expiration or Termination of the Agreement. If this Agreement is terminated in its entirety pursuant to Section 10.1, 10.2, 10.3, 10.4 or 16.3: 

10.5.1    Licenses. Effective upon such termination of this Agreement, all rights and licenses granted to Arcellx
under this Agreement shall terminate (except as otherwise expressly provided under Section 10.8); provided that Arcellx shall have a non-exclusive right under Pfenex Technology to perform its rights and
obligations under Section 10.5.4 until the expiration of the period described therein, if applicable; and 

10.5.2    Return of Materials. Promptly upon the later of (a) the effective date of any such termination of
this Agreement or (b) expiration of the period described in Section 10.5.4, if applicable, Arcellx shall destroy all Pfenex Materials and if requested to destroy any such Pfenex Materials, Arcellx shall promptly certify in writing to
Pfenex that all such Pfenex Materials have been destroyed; 
 10.5.3    Sublicensees. Except as provided in this
Section 10.5.3, any sublicenses granted under any Commercial Licenses hereunder shall terminate coincident with the termination of such Commercial Licenses, and Arcellx shall ensure that its Affiliates and such sublicensees shall if directed by
Pfenex destroy any Pfenex Materials in their possession in the manner set forth in this Section 10.5 as if such Affiliate or sublicensee were named herein. In the event Pfenex terminates this Agreement pursuant to Section 10.4, any
sublicenses granted by Arcellx under any Commercial Licenses hereunder in accordance with the terms of this Agreement will continue in force; provided that each such sublicensee is not in breach of the applicable sublicense or this Agreement
and agrees to enter into a direct agreement with Pfenex upon the terms of this Agreement; and 

10.5.4    Disposition of Inventories of Protein Products. Except in the event Pfenex terminates this Agreement
pursuant to Section 10.4, upon notice of any such termination of this Agreement, Arcellx and its Affiliates and their respective sublicensees shall have the right to continue to sell their existing inventories of such Protein Products for a
period not to exceed [***] after the date of notice of such termination and Arcellx shall pay any royalties payable in connection with such sales due under this Agreement. 

  
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 10.6    Effects of Termination of a Commercial License. If a
Commercial License is terminated pursuant to Section 10.2, then the foregoing provisions of Section 10.5 shall apply but only with respect to such Commercial License and the applicable Manufacturing Strain and corresponding Licensed sparX
Protein and Protein Products. 
 10.7    Accrued Obligations. Expiration or termination of this Agreement in its
entirety or with respect to a Protein Product for any reason shall not release any Party hereto from any liability that, at the time of such termination, has already accrued to the other Party or that is attributable to a period prior to such
expiration or termination, nor will any termination of this Agreement preclude either Party from pursuing all rights and remedies it may have under this Agreement, or at law or in equity, with respect to any breach of this Agreement. 

10.8    Survival of Certain Obligations. The following provisions will survive expiration or termination of this
Agreement in its entirety for the applicable period if so specified therein: Sections 2.2.2, 2.2.3, 3.3, 10.5, 10.6, 10.7, 10.8, 10.9.2, 11.4, and Articles 7, 9, 12, 14, 15 and 17–28. 

10.9    Bankruptcy. 

10.9.1    Termination. Either Party may terminate this Agreement if, at any time, (a) the other Party shall
file in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition for liquidating bankruptcy or (b) such other Party shall propose or be a Party to any dissolution or liquidation that is not
dismissed within [***] after the filing thereof. 
 10.9.2    Rights. All rights and licenses granted under this
Agreement are, and shall be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code, or any analogous provisions in any other country or jurisdiction, licenses of rights to “intellectual property” as defined
under Section 101(56) of the United States Bankruptcy Code. The Parties agree that the Parties, as licensees of such rights under this Agreement, shall retain and may fully exercise all of their rights and elections under the U.S. Bankruptcy
Code or any analogous provisions in any other country or jurisdiction. The Parties further agree that in the event of the commencement of a bankruptcy proceeding by or against one Party hereunder under the United States Bankruptcy Code or any
analogous provisions in any other country or jurisdiction, the other Party shall be entitled to complete access to any such intellectual property, and all embodiments of such intellectual property, pertaining to the rights granted in the licenses
hereunder of the Party by or against whom a bankruptcy proceeding has been commenced, subject, however, to payment of the fees, milestone payments and royalties set forth in this Agreement through the effective date of any termination hereunder. If
not already in the non-debtor Party’s possession, such intellectual property and such embodiments thereof shall be promptly delivered to it (a) upon any such commencement of a bankruptcy proceeding
upon the non-debtor Party’s written request therefor, unless the Party subject to such proceeding elects to continue to perform all of its obligations under this Agreement, or (b) if not delivered
under clause (a) above, following the rejection of this Agreement by or on behalf of the Party subject to such proceeding upon written request therefor by the non-debtor Party. The Parties acknowledge and
agree that payments made under Sections 6.2.1, 6.2.2 and 6.2.3 shall not (x) constitute royalties within the meaning of Section 365(n) of the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction or
(y) relate to licenses of intellectual property hereunder. 

  
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 11.    Representations, Warranties and Covenants. 

11.1    Mutual Representations, Warranties and Covenants Each Party represents and warrants to the other Party
that, [***]: 
 11.1.1    This Agreement has been duly executed and delivered by each Party and constitutes the valid
and binding obligation of each Party, enforceable against such Party in accordance with its terms, except as enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium or other laws relating to or
affecting creditors’ rights generally and by general equitable principles. The execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of each Party, its officers and directors. 

11.1.2    The execution, delivery and performance of this Agreement by each Party does not conflict with any agreement,
instrument or understanding, oral or written, to which it is a Party or by which it is bound, nor violate any law or regulation of any court, governmental body or administrative or other agency having jurisdiction over it. 

11.2    Additional Representations and Warranties of Pfenex Pfenex represents and warrants that, [***]: 

11.2.1     (i) it has the right to grant the licenses granted herein, it has validly granted such licenses and it has
no knowledge of any rights of any Third Party that would be infringed by the practice of the Pfenex Technology in connection with activities to be conducted or the licenses to be granted hereunder; (ii) there are no claims, judgments or
settlements against Pfenex pending or to its knowledge, threatened, seeking to invalidate the Pfenex Patents; (iii) all employees of Pfenex who may conduct the research have a written obligation to assign all intellectual property developed
during the course of their employment to Pfenex; and (iv) the activities to be conducted and the licenses to be granted under this Agreement do not constitute or involve the misappropriation of trade secrets or other rights or property of any
Person other than the Parties; 
 11.2.2    none of Pfenex or any of its Affiliates has previously entered into any
agreement, whether written or oral, with respect to, or otherwise assigned, transferred, licensed, conveyed, or otherwise encumbered its right, title, or interest in or to the Pfenex Technology (including by granting any covenant not to sue with
respect thereto), or any Patent or other intellectual property or proprietary right that would be Pfenex Technology but for such assignment, transfer, license, conveyance, or encumbrance, except in each case where such assignment, transfer, license,
conveyance, or encumbrance is (a) terminated and no longer in force or effect or (b) not inconsistent with the rights and licenses proposed to be granted to Arcellx under this Agreement; 

11.2.3    to the actual knowledge of Pfenex after due inquiry, no Person is infringing or threatening to infringe, or
misappropriating or threatening to misappropriate, the Pfenex Technology; 

  
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 11.2.4    to the actual knowledge of Pfenex after due inquiry, the use
of the Pfenex System, including the applicable Manufacturing Strain, to Express each Named sparX Protein, does not infringe and is not covered or claimed by the intellectual property rights or property of any Person other than the intellectual
property rights licensed by Pfenex under Sections 4.1 or 5.2; and 
 11.2.5    neither Arcellx nor any of its Affiliates
has been debarred or is subject to debarment pursuant to Section 306 of the Federal Food, Drug, and Cosmetics Act, or is the subject of a conviction described in such section. 

11.3    Additional Covenants of Pfenex Pfenex covenants that: 

11.3.1    none of Pfenex or any of its Affiliates shall enter into any agreement, whether written or oral, with respect
to, or otherwise assign, transfer, license, convey, or otherwise encumber its right, title, or interest in or to the Pfenex Technology, or any Patent or other intellectual property or proprietary right that would be Pfenex Technology but for such
assignment, transfer, license, conveyance, or encumbrance, in each case where such assignment, transfer, license, conveyance, or encumbrance is inconsistent with the rights and licenses proposed to be granted to Arcellx under this Agreement; 

11.3.2    none of Pfenex or any of its Affiliates shall use in any capacity, in connection with the activities to be
performed under this Agreement, any Person who has been debarred pursuant to Section 306 of the Federal Food, Drug, and Cosmetics Act, or who is the subject of a conviction described in such section. Pfenex agrees to inform Arcellx in writing
immediately if it or any Person who is performing services hereunder is debarred or is the subject of a conviction described in Section 306 of the Federal Food, Drug, and Cosmetics Act, or if any action, suit, claim, investigation or legal or
administrative proceeding is pending or is threatened, relating to the debarment or conviction of Pfenex or any Person performing such services activities; and 

11.3.3    not to knowingly take, or knowingly allow any Person to take, any action in the course of performance of the
Development Program that will cause the use of the Pfenex System, including the applicable Manufacturing Strain, to Express each Named sparX Protein, to infringe, be covered or claimed by the intellectual property rights of any Person other than the
intellectual property rights licensed by Pfenex under Sections 4.1 or 5.2. 
 11.4    DISCLAIMER. EXCEPT AS
EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PFENEX PATENTS AND PFENEX KNOW-HOW LICENSED HEREUNDER ARE PROVIDED AND LICENSED TO ARCELLX “AS IS” AND EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES
OR CONDITIONS, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, WITH RESPECT TO ANY OF THE PATENTS, KNOW-HOW, INVENTIONS, OR RESULTS OBTAINED, OR PRODUCTS DEVELOPED, CREATED OR PRODUCED IN WHOLE OR PART THROUGH
APPLICATION OF THE PATENTS OR KNOW-HOW OR ANY OTHER SUBJECT MATTER OF THIS AGREEMENT, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NONINFRINGEMENT OR VALIDITY OF
INTELLECTUAL PROPERTY RIGHTS. 

  
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WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, EACH PARTY ACKNOWLEDGES AND DISCLAIMS ANY WARRANTY AS TO THE COMMERCIAL SUCCESS OF ANY PRODUCT OR THE ACHIEVEMENT OF DESIRED GOALS THROUGH USE OF
THE PATENTS OR KNOW-HOW LICENSED HEREUNDER. FOR CLARITY, THE FOREGOING DOES NOT LIMIT PFENEX’S OBLIGATIONS UNDER SECTION 2.2.1 OR SECTION 12.3. 

12.    Indemnity. 

12.1    General. Each Party will defend, indemnify and hold harmless the other Party and its Affiliates and their
officers, directors, employees and agents and their respective successors and assigns (individually and collectively, a “Pfenex Indemnitee” when the other Party is Pfenex and individually and collectively a “Arcellx
Indemnitee” when the other Party is Arcellx) from and against liabilities, losses, damages, and expenses, including reasonable attorneys’ fees and costs incurred by a Pfenex Indemnitee or Arcellx Indemnitee, as applicable
(collectively, the “Liabilities”) resulting from all claims made by a Third Party, including suits, actions, terminations or demands (collectively, the “Claims”) that are incurred, relate to or arise out of
(a) the inaccuracy of any representation or warranty made by such Party in this Agreement, or (b) the negligence, gross negligence, recklessness, unlawful acts or willful misconduct of the indemnifying Party in connection with the
performance of its obligations hereunder. 
 12.2    By Arcellx. Arcellx will defend, indemnify and hold harmless
Pfenex Indemnitees from and against all Liabilities resulting from all Claims relating to or arising out of (a) the development or commercialization of Protein Products by or on behalf of Arcellx, (b) a material breach of this Agreement by
Arcellx, or (c) the negligence, recklessness or willful misconduct of any Arcellx Indemnitee; except in each case ((a) - (c)) for those Liabilities for which Pfenex must indemnify Arcellx under Section 12.1 or Section 12.3, as to
which Liabilities each Party shall indemnify the other to the extent of their respective liability for the Liabilities. 

12.3    By Pfenex. Pfenex will defend, indemnify and hold harmless Arcellx Indemnitees from and against all
Liabilities resulting from all Claims relating to or arising out of (a) a material breach of this Agreement made by Pfenex, (b) the negligence, recklessness or willful misconduct of any Pfenex Indemnitee, except in each case ((a) and (b))
for those Liabilities for which Arcellx must indemnify Pfenex under Section 12.1, Section 12.2(b) or Section 12.2(c), as to which Liabilities each Party shall indemnify the other to the extent of their respective liability for the
Liabilities. For clarity, Pfenex’s breach of Section 11.2 shall be deemed a material breach of this Agreement. 

12.4    Procedure. All indemnification claims in respect of an Pfenex Indemnitee or Arcellx Indemnitee shall be
made solely by Pfenex or Arcellx, respectively (the “Indemnitee”) by promptly providing notice to the other Party (the “Indemnitor”) of any Liability or action in respect of which the Indemnitee intends to claim
such indemnification, which notice will include a reasonable identification of the alleged facts giving rise to such Liability. The Indemnitee will reasonably cooperate with all reasonable requests of the Indemnitor with respect thereto. The
Indemnitor will assume the defense thereof, at the sole cost of the Indemnitor, with counsel selected by the Indemnitor. However, notwithstanding the 

  
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foregoing, the Indemnitee will have the right to retain its own counsel, with the fees and expenses to be paid by the Indemnitor, if representation of such Indemnitee by the counsel retained by
the Indemnitor would be inappropriate due to actual or potential differing interests between such Indemnitee and any other Party represented by such counsel in such proceedings. Any settlement of a Liability for which any Indemnitee seeks to be
indemnified, defended or held harmless under this Article 12 that could adversely affect the Indemnitee will be subject to prior consent of such Indemnitee, provided that such consent will not be unreasonably withheld. The Indemnitee may not
settle any such claim, demand, action or other proceeding or otherwise consent to an adverse judgment in any such action or other proceeding or make any admission as to liability or fault without the express written permission of the Indemnitor,
which will not be unreasonably withheld. 
 13.    Assignment. This Agreement, and any rights or
obligations hereunder, will not be assigned by either Party without the written consent of the other Party, except that either Party may otherwise assign its respective rights and transfer its respective duties to any [***]. Without limiting the
foregoing, if any permitted assignment of this Agreement by a Party would in and of itself (but without regard to any assignment by the other Party) result in withholding or other similar taxes becoming due on payments hereunder to the other Party,
the assigning Party shall be responsible for all such taxes and the amount of such taxes shall not be withheld or otherwise deducted from the amounts payable to such other Party. If, in such event, such other Party actually reduces the amount of
income tax paid by such Party as a result of using a credit for the amount of such withholding or similar taxes paid by the assigning Party, then such other Party shall promptly refund to the assigning Party the amount of such reduction in income
tax resulting from the use of such credit. 
 14.    Insurance. Each Party shall at all times maintain
insurance policies in such amounts and with such scope of coverage as are normal and customary in the pharmaceutical industry for a Person of comparable size and engaged in activities comparable to the activities in which such Party engages
hereunder. If requested by the other Party, the insured Party shall furnish a certificate of insurance or other reasonable proof of coverage (which may be a certificate or other evidence issued by a Party under a program of self-insurance)
evidencing the requisite coverage required under this Article 14 during the Term. The insurance policies shall be under an occurrence form, but if only a claims-made form is available to a Party, then such Party shall continue to maintain such
insurance after the expiration or termination of this Agreement for a period of five (5) years. 

15.    Dispute Resolution. 

15.1    Initial Escalation. Except as otherwise provided herein, any disputes arising out of or in connection with
this Agreement (and including the applicability of this Article 15 to any such dispute) (each a “Dispute”) shall be first submitted by either Party, by written notice to the other Party referencing this Section 15.1 and
specifying the particular Dispute, to a Senior Officer of each of Pfenex and Arcellx for attempted resolution by good faith negotiations within [***] of such notice in the case of a Dispute relating to a Disputed Portion and within [***] of such
notice for all other Disputes. In such event, each Party shall cause its Senior Officer to meet and be available to attempt to resolve such issue. If the Parties should resolve such dispute or claim, a memorandum setting forth their agreement will
be prepared and 

  
 -29- 

 
signed by both Parties if requested by either Party. The Parties shall cooperate in an effort to limit the issues for consideration in such manner as narrowly as reasonably practicable in order
to resolve the Dispute. 
 15.2    Dispute Resolution. 

15.2.1    Arbitration. Except with respect to a dispute within the JDC, which shall be resolved in accordance with
Section 2.5, if the Parties are unable to resolve a Dispute under Section 15.1, [***]. The determination resulting from such alternative dispute resolution shall be final, binding and non-appealable
for purposes of this Agreement. Nothing in Section 15.1 or this Section 15.2.1 shall limit any Party’s right to seek and obtain in any such alternative dispute resolutions any equitable relief to which such Party is entitled
hereunder. 
 15.2.2    Patent Disputes. Any Dispute relating to the ownership, scope, validity, enforceability
or infringement of any Patent shall be submitted to the governmental authority of competent jurisdiction in the country where such Patent exists. 

15.3    Provisional Relief. For the avoidance of doubt, the dispute resolution procedures set forth under this
Article 15 will not limit a Party from seeking or a court from granting a temporary restraining order or a preliminary injunction or other provisional relief with respect to any Dispute in order to preserve the status quo of the Parties pending
resolution of such Dispute. 
 16.    Force Majeure / Delays. 

16.1    In the event either Party shall be delayed or hindered in or prevented from the performance of any act required
hereunder by reasons of strike, lockouts, labor troubles, restrictive government or judicial orders, or decrees riots, insurrection, war, Acts of God, inclement weather or other similar reason or a cause beyond such Party’s reasonable control
(a “Force Majeure”), then performance of such act shall be excused for the period of such delay; provided that the non-performing Party shall exert all reasonable efforts to eliminate, cure or
overcome any such event of Force Majeure and to resume performance of its obligations under this Agreement promptly. Notice of the start and stop of any such force majeure shall be provided to the other Party. Notwithstanding the foregoing, a Party
shall not be excused from making payments owed hereunder because of a Force Majeure affecting such Party. 
 16.2    To
the extent either Party is delayed because of a Force Majeure, any timeline or milestone obligations of said Party shall be extended for a period of time equal to the number of days of the delay reasonably caused by the Force Majeure. 

16.3    In the event a Party is delayed because of a Force Majeure for more than ninety (90) days, either Party shall
have the right to require the Parties negotiate in good faith either (a) a resolution of the event of Force Majeure, if possible or (b) an extension by mutual agreement of the time period to resolve, eliminate, cure or overcome such event
of Force Majeure. 
 17.    Relationship of the Parties. The relationship of the Parties under this
Agreement is that of independent contractors. Nothing contained in this Agreement, nor the 

  
 -30- 

 
performance of any obligations under this Agreement, shall create an association, partnership, joint venture or relationship of principal and agent, master and servant, or employer and employee
between the Parties. Neither Party has or shall have any express or implied right or authority under this Agreement to assume or create any obligations or make any representations or warranties on behalf of or in the name of the other Party or such
other Party’s Affiliates, nor shall it represent to any Person that it has any such right or authority. 

18.    Notices. Any notice, request, approval or consent required or permitted to be given under this
Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered in person, transmitted by email (receipt verified) or by overnight courier service (signature required) to the Party to which it is directed at its
address or such other address as such Party will have last given by notice to the other Party. 
  

							
		 	If to Pfenex:	    	Pfenex Inc.	  	
		 		    	10790 Roselle Street	  	
		 		    	San Diego, CA 92121	  	
		 		    	[***]	  	
				
		 	With a copy to:	    	Wilson Sonsini Goodrich & Rosati	  	
		 		    	650 Page Mill Road	  	
		 		    	Palo Alto, CA 94304	  	
		 		    	[***]	  	
				
		 	If to Arcellx:	    	Arcellx, Inc.	  	
		 		    	20271 Goldenrod Lane, Suite 2099	  	
		 		    	Germantown, MD 20876	  	
		 		    	[***]	  	

 19.    Governing Law. This Agreement or the performance, enforcement, breach
or termination hereof shall be interpreted, governed by and construed in accordance with the laws of the State of [***], United States, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of this Agreement to the substantive law of another jurisdiction; provided, that all questions concerning (a) inventorship and ownership of Patents under this Agreement shall be determined in accordance with Section 7.1 and
(b) the construction or effect of Patents shall be determined in accordance with the laws of the country or other jurisdiction in which the particular Patent has been filed or granted, as the case may be. The Parties agree to exclude the
application to this Agreement of the United Nations Convention on Contracts for the International Sale of Goods. 

20.    Severability. If any provision of this Agreement shall be declared void or unenforceable by any
judicial or administrative authority, or clearly in conflict with any public policy, the validity of the other provisions of this Agreement and of the entire Agreement shall not be affected thereby and the affected vision of this Agreement affected
only to the extent necessary to bring it within the Applicable Law. 
 21.    Waiver and Non-Exclusion of Remedies. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a
written instrument duly executed by or on 

  
 -31- 

 
behalf of the Party waiving such term or condition. The waiver by either Party of any right hereunder or of the failure to perform or of a breach by the other Party shall not be deemed a waiver
of any other right hereunder or of any other breach or failure by such other Party whether of a similar nature or otherwise. The rights and remedies provided herein are cumulative and do not exclude any other right or remedy provided by Applicable
Law or otherwise available except as expressly set forth herein. 
 22.    Equitable
Relief. Each Party acknowledges and agrees that the restrictions and obligations set forth in Section 5.3 and Articles 7 and 9 are reasonable and necessary to protect the legitimate interests of the other Party and that such
other Party would not have entered into this Agreement in the absence of such restrictions and that any breach or threatened breach of any provision of such Section or Article shall result in irreparable injury to such other Party for which there
shall be no adequate remedy at law. In the event of a breach or threatened breach of any provision of such Section or Articles, the non-breaching Party shall be authorized and entitled to obtain from any court
of competent jurisdiction injunctive relief, whether preliminary or permanent, specific performance and an equitable accounting of all earnings, profits and other benefits arising from such breach (subject at all times to the damages limitation set
forth in Article 24), which rights shall be cumulative and in addition to any other rights or remedies to which such non-breaching Party may be entitled in law or equity. Each Party hereby waives any
requirement that the other Party (a) post a bond or other security as a condition for obtaining any such relief or (b) show irreparable harm, balancing of harms, consideration of the public interest or inadequacy of monetary damages as a
remedy. Nothing in this Section 22 is intended or should be construed, to limit either Party’s right to equitable relief or any other remedy for a breach of any other provision of this Agreement. 

23.    Changes and Modification. No changes, modifications, release or discharge of this Agreement shall be
deemed effective or binding on the Parties unless in writing and executed by the Parties hereto. 

24.    LIMITATION OF LIABILITY. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT OR OTHERWISE, [***], NEITHER
PARTY SHALL BE LIABLE TO THE OTHER WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT (WHETHER UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY) FOR ANY INCIDENTAL, INDIRECT, SPECIAL, EXEMPLARY, PUNITIVE OR
CONSEQUENTIAL DAMAGES; [***]. 
 25.    No Benefit to Third Parties. Except as provided for in Article 12,
nothing in this Agreement shall be construed as giving any Person, other than the Parties and their successors and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision hereof. 

26.    Construction. Unless the context of this Agreement otherwise requires: (a) words of any gender
include each other gender; (b) words using the singular or plural number also include the plural or singular number, respectively; (c) the terms “hereof,” “herein,” “hereby” and derivative or similar words
refer to this entire Agreement; (d) the terms “Article,” “Section,” “Schedule,” “Exhibit,” “Appendix” or “clause” refer to the specified Article, Section, Schedule, Exhibit, Appendix
or clause of this Agreement; (e) the term “or” has, except where 

  
 -32- 

 
otherwise indicated, the inclusive meaning represented by the phrase “and/or”; (f) the term “including” or “includes” means “including without limitation”
or “includes without limitation”; (g) the term “will” means “shall” and (h) references to any agreement, instrument or other document in this Agreement refer to such agreement, instrument or other document as
originally executed or, if subsequently amended, replaced or supplemented from time to time, as so amended, replaced or supplemented and in effect at the relevant time of reference thereto. Whenever this Agreement refers to a number of days, such
number shall refer to calendar days unless business days are specified. The captions and headers of this Agreement are for convenience of reference only and in no way define, describe, extend, or limit the scope or intent of this Agreement or the
intent of any provision contained in this Agreement. The language of this Agreement shall be deemed to be the language mutually chosen by the Parties and no rule of strict construction shall be applied against either Party. 

27.    Counterparts. This Agreement may be executed in counterparts, each of which is an original, but all
of which together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement (and each amendment, modification and waiver in respect of it) by electronic transmission shall be as effective as
delivery of a manually executed original counterpart of each such instrument. 
 28.    Entire Agreement.
This Agreement, together with the Collaboration Memorandum and the Exhibits attached hereto, constitutes the entire understanding of the Parties with respect to the subject matter hereof. All prior express or implied agreements, understandings,
promises and representations, either oral or written, including the Prior Confidentiality Agreement and the Material Transfer and Feasibility Agreement, with regard to the subject matter hereunder are superseded by the terms of this Agreement. The
foregoing shall not be interpreted as a waiver of any remedies available to either Party as a result of any breach, prior to the Effective Date, by the other Party of its obligations pursuant to the Material Transfer and Feasibility Agreement or the
Prior Confidentiality Agreement. 
 29.    Further Assurances. Each Party shall duly execute and deliver,
or cause to be duly executed and delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents and instruments as may be necessary or as the other Party
may reasonably request in connection with this Agreement or to carry out more effectively the provisions and purposes hereof or to better assure and confirm unto such other Party its rights and remedies under this Agreement. 

  
 -33- 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. 

 

									
	Pfenex Inc.	 		 	Arcellx, Inc.
					
	By:	 	 /s/ Eef Schimmelpennink
	 		 	By:	 	 /s/ Han Lee

					
	Name:	 	 E. Schimmelpennink
	 		 	Name:	 	 Han Lee

					
	Title:	 	 CEO
	 		 	Title:	 	 CBO/Head of Finance

					
		 		 		 	By:	 	 /s/ David Hilbert

					
		 		 		 	Name:	 	 David Hilbert

					
		 		 		 	Title:	 	 CEO and President

  
 Signature Page of the Development,
Evaluation and License Agreement 

 [***] 

 Pfenex Inc. 

10790 Roselle Street 
 San Diego, CA 92121 

December 24, 2018 
 Arcellx, Inc. 

20271 Goldenrod Lane, Suite 2099 
 Germantown, MD 20876 

Re:    Collaboration Memorandum under the Development Agreement 

Dear Han: 
 Reference is made to that certain Development,
Evaluation and License Agreement (the “Development Agreement”) dated as of the date hereof between Pfenex Inc. (“Pfenex”) and Arcellx, Inc. (“Arcellx”). Capitalized terms not defined herein shall
have the meaning set forth in the Development Agreement. 
 This letter is the Collaboration Memorandum identified in the Development Agreement and sets
forth (a) in Exhibit A attached hereto the Development Plans for each Named sparX Protein as of the Effective Date and the Development Fees for such Development Plans and (b) in Exhibit B attached hereto certain financial
terms pertaining to the Annual Maintenance Fees, Milestone Payments and royalties. 
 Pfenex and Arcellx acknowledge and agree that this Collaboration
Memorandum may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together, shall constitute one and the same instrument and subject to the terms and conditions of the Development Agreement. 

[Remainder of page intentionally left blank] 

 Please confirm Arcellx’s acceptance of, and agreement with, the terms and conditions set out above and
attached by signing this letter and returning an executed copy of this letter to Pfenex. Once signed by both Parties, this letter shall be governed by and incorporated into the Development Agreement. 

Sincerely, 
 Pfenex Inc. 

 

	
	 By: /s/ Eef
Schimmelpennink                

	
	 Name: E.
Schimmelpennink                 

	
	
Title: CEO                
                             

 ACKNOWLEDGED AND AGREED 

Arcellx, Inc. 
  

	
	 By:/s/ Han
Lee                                         
       

	
	 Name: Han
Lee                                         
      

	
	 Title: CBO/Head of
Finance                           

	
	 By: /s/ David
Hilbert                                       

	
	 Name: David
Hilbert                                       

	
	 Title: CEO and
President                                

 [***] 

 APPENDIX 1 

TABLE OF CONTENTS 
 [***]

 APPENDIX 2 

[***] 

 EXHIBIT B 

FINANCIAL TERMS 
  

	 	1.	 Annual Maintenance Fee: Arcellx shall pay Pfenex the following Annual Maintenance Fee in accordance with
Section 6.2.1 of the Development Agreement for the applicable Licensed sparX Protein: 

  

	 	•	 	 [***] 

  

	 	2.	 Milestone Payments: Arcellx shall pay Pfenex each of the following “Milestone Payments”
in accordance with Section 6.2.2 of the Development Agreement: 

  

	 	•	 	 [***] 

“BLA Approval” means the approval by the FDA of a Biologics License Application as more fully defined in 21 C.F.R. Part 600 (including a New
Drug Application defined in 21 C.F.R. Part 300 filed with the FDA), or the European Medicines Agency pursuant to the centralized approval procedure or by the applicable regulatory authority of a country in Europe with respect to the mutual
recognition or any other national approval procedure for a biologic product (or combination product incorporating a biologic product). 

“Registrational Trial” means any human clinical trial with respect to a biologic product (or combination product incorporating a biologic
product), which is prospectively designed with a sufficient number of patients to demonstrate statistically whether such product is effective and safe for use in a particular indication or otherwise evaluate the efficacy and safety and the overall
benefit-risk relationship of such product, in either case in a manner sufficient to support BLA Approval, including as required under 21 C.F.R. § 312.21(c); and any such trial shall be deemed “initiated” upon the dosing of the first
subject in such trial. 
 [***] 
  

	 	3.	 Royalties: During the applicable Royalty Term for a Licensed sparX Protein, Arcellx shall pay Pfenex
[***] of annual Net Sales of Protein Products containing such Licensed sparX Protein in accordance with Section 6.2.3 of the Development Agreement. 

[***]Exhibit 101

		
			Exhibit 10.1
		

		
			Franklin Covey co.
2022 OMNIBUS INCENTIVE PLAN
		

		
			Section 1.       Purpose
		

		
			The purpose of the Plan is to promote the interests of Franklin Covey Co. and its shareholders by aiding the Company in attracting and retaining employees, officers, consultants, advisors and non‐employee Directors capable of assuring the future success of the Company, to offer such persons incentives to put forth maximum efforts for the success of the Company’s business and to compensate such persons through various stock-based arrangements and provide them with opportunities for stock ownership in the Company, thereby aligning the interests of such persons with the Company’s shareholders.
		

		
			Section 2.       Definitions
		

		
			As used in the Plan, the following terms shall have the meanings set forth below:
		

		
			(a)       “Affiliate” shall mean any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company.
		

		
			(b)       “Award” shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or Other Stock-Based Award granted under the Plan.
		

		
			(c)       “Award Agreement” shall mean any written agreement, contract or other instrument or document evidencing an Award granted under the Plan (including a document in an electronic medium) executed in accordance with the requirements of Section 9(b).
		

		
			(d)       “Board” shall mean the Board of Directors of the Company.
		

		
			(e)“Change in Control” shall mean the occurrence of any of the following events:
		

		
			(i)a change in control required to be reported pursuant to Item 6(e) of Schedule 14A of Regulation 14A under the Exchange Act;
		

		
			(ii)a change in the composition of the Board, as a result of which fewer than fifty percent of the incumbent Directors are Directors who either (i) had been directors of the Company 24 months prior to such change or (ii) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Directors who had been Directors of the Company 24 months prior to such change and who were still in office at the time of the election or nomination;
		

		
			(iii)any “person” (as such term is used in Section 13(d) of the Exchange Act) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 30 percent or more of the combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing under special circumstances) having the right to vote at elections of Directors (the “Base Capital Stock”); provided, however, that any change in the relative beneficial ownership of securities of any person resulting solely from a reduction in the aggregate number of outstanding shares of Base Capital Stock, and any 
		

		 

 

		decrease thereafter in such person’s ownership of securities, shall be disregarded until such person increases in any manner, directly or indirectly, such person’s beneficial ownership of any securities of the Company; or
		

		
			(iv)The consummation of a merger or consolidation of the Company with or into another person or the sale, transfer, or other disposition of all or substantially all of the Company’s assets to one or more other persons in a single transaction or series of related transactions that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in such transaction (a Business Combination), unless in connection with such Business Combination securities possessing more than 50% of the total combined voting power of the survivor’s or acquiror’s outstanding securities (or the securities of any parent thereof) are held by a person or persons who held securities possessing more than 50% of the total combined voting power of the Company’s outstanding securities (the Company Voting Securities) immediately prior to such Business Combination and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to such Business Combination.
		

		
			(f)       “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder.
		

		
			(g)       “Committee” shall mean the Organization and Compensation Committee of the Board or such other committee designated by the Board to administer the Plan.  The Committee shall be comprised of not less than such number of Directors as shall be required to permit Awards granted under the Plan to qualify under Rule 16b‐3, and at least two members of the Committee shall be a  “non‐employee director” within the meaning of Rule 16b‐3.
		

		
			(h)       “Company” shall mean Franklin Covey Co. and any successor corporation.
		

		
			(i)       “Director” shall mean a member of the Board.
		

		
			(j)       “Eligible Person” shall mean any employee, officer, non‐employee Director, consultant, independent contractor or advisor providing services to the Company or any Affiliate, or any such person to whom an offer of employment or engagement with the Company or any Affiliate is extended.
		

		
			(k)       “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
		

		
			(l)       “Fair Market Value” with respect to one Share as of any date shall mean (a) if the Share is listed on any established stock exchange, the price of one Share at the close of the regular trading session of such market or exchange on such date, as reported by The New York Stock Exchange or a comparable reporting service, or, if no sale of Shares shall have occurred on such date, on the next preceding date on which there was a sale of Shares; (b) if the Shares are not so listed on any established stock exchange, the average of the closing “bid” and “asked” prices quoted by the OTC Bulletin Board, the National Quotation Bureau, or any comparable reporting service on such date or, if there are no quoted “bid” and “asked” prices on such date, on the next preceding date for which there are such quotes for a Share; or (c) if the Shares are not publicly traded as of such date, the per share value of a Share, as determined by the Board, or any duly authorized Committee of the Board, in its sole discretion, by applying principles of valuation with respect thereto.
		

		 

		

			‐2‐

		

 

		
			(m)       “Incentive Stock Option” shall mean an option granted under Section 6(a) of the Plan that is intended to meet the requirements of Section 422 of the Code or any successor provision.
		

		
			(n)       “Non‐Qualified Stock Option” shall mean an option granted under Section 6(a) of the Plan that is not intended to be an Incentive Stock Option.
		

		
			(o)       “Option” shall mean an Incentive Stock Option or a Non‐Qualified Stock Option to purchase shares of the Company.
		

		
			(p)       “Other Stock-Based Award” shall mean any right granted under Section 6(d) of the Plan.
		

		
			(q)       “Participant” shall mean an Eligible Person designated to be granted an Award under the Plan.
		

		
			(r)       “Person” shall mean any individual or entity, including a corporation, partnership, limited liability company, association, joint venture or trust.
		

		
			(s)       “Plan” shall mean the Franklin Covey Co. 2022 Omnibus Incentive Plan, as amended from time to time.
		

		
			(t)       “Prior Stock Plans” shall mean the Franklin Covey Co. 2019 Omnibus Incentive Plan and the Franklin Covey Co. 2015 Omnibus Incentive Plan, as amended from time to time.
		

		
			(u)       “Restricted Stock” shall mean any Share granted under Section 6(c) of the Plan.
		

		
			(v)       “Restricted Stock Unit” shall mean any unit granted under Section 6(c) of the Plan evidencing the right to receive a Share (or a cash payment equal to the Fair Market Value of a Share) at some future date.
		

		
			(w)       “Rule 16b‐3” shall mean Rule 16b‐3 promulgated by the Securities and Exchange Commission under the Exchange Act or any successor rule or regulation.
		

		
			(x)       “Section 409A” shall mean Section 409A of the Code, or any successor provision, and applicable Treasury Regulations and other applicable guidance thereunder.
		

		
			(y)       “Securities Act” shall mean the Securities Act of 1933, as amended.
		

		
			(z)       “Share” or “Shares” shall mean common shares in the capital of the Company (or such other securities or property as may become subject to Awards pursuant to an adjustment made under Section 4(c) of the Plan).
		

		
			(aa)       “Specified Employee” shall mean a specified employee as defined in Section 409A(a)(2)(B) of the Code or applicable proposed or final regulations under Section 409A, determined in accordance with procedures established by the Company and applied uniformly with respect to all plans maintained by the Company that are subject to Section 409A.
		

		
			(bb)       “Stock Appreciation Right” shall mean any right granted under Section 6(b) of the Plan.
		

		
			Section 3.       Administration
		

		
			(a)       Power and Authority of the Committee.  The Plan shall be administered by the Committee.  Subject to the express provisions of the Plan and to applicable law, the Committee shall have full power and authority to:  (i) designate Participants; (ii) determine the type or types of Awards to be 
		

		 

		

			‐3‐

		

 

		granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or the method by which payments or other rights are to be calculated in connection with) each Award; (iv) determine the terms and conditions of any Award or Award Agreement, including any terms relating to the forfeiture of any Award and the forfeiture, recapture or disgorgement of any cash, Shares or other amounts payable with respect to any Award; (v) amend the terms and conditions of any Award or Award Agreement, subject to the limitations under Section 7;  (vi) accelerate the exercisability of any Award or the lapse of any restrictions relating to any Award, subject to the limitations in Section 6 and Section 7,  (vii) determine whether, to what extent and under what circumstances Awards may be exercised in cash, Shares, other securities, other Awards or other property (excluding promissory notes), or canceled, forfeited or suspended, subject to the limitations in Section 7;  (viii) determine whether, to what extent and under what circumstances amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or the Committee, subject to the requirements of Section 409A; (ix) interpret and administer the Plan and any instrument or agreement, including an Award Agreement, relating to the Plan; (x) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (xi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan; and (xii) adopt such modifications, rules, procedures and subplans as may be necessary or desirable to comply with provisions of the laws of non‐U.S. jurisdictions in which the Company or an Affiliate may operate, including, without limitation, establishing any special rules for Affiliates, Eligible Persons or Participants located in any particular country, in order to meet the objectives of the Plan and to ensure the viability of the intended benefits of Awards granted to Participants located in such non‐United States jurisdictions.  Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any Award or Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon any Participant, any holder or beneficiary of any Award or Award Agreement, and any employee of the Company or any Affiliate.
		

		
			(b)       Delegation.  The Committee may delegate to one or more officers or Directors of the Company, subject to such terms, conditions and limitations as the Committee may establish in its sole discretion, the authority to grant Awards; provided,  however, that the Committee shall not delegate such authority (i) with regard to grants of Awards to be made to officers of the Company or any Affiliate who are subject to Section 16 of the Exchange Act or (ii) in such a manner as would cause the Plan not to comply with the requirements of applicable exchange rules or applicable corporate law.
		

		
			(c)       Power and Authority of the Board.  Notwithstanding anything to the contrary contained herein, (i) the Board may, at any time and from time to time, without any further action of the Committee, exercise the powers and duties of the Committee under the Plan, unless the exercise of such powers and duties by the Board would cause the Plan not to comply with the requirements of Rule 16b‐3; and (ii) only the Committee (or another committee of the Board comprised of directors who qualify as independent directors within the meaning of the independence rules of any applicable securities exchange where the Shares are then listed) may grant Awards to Directors who are not also employees of the Company or an Affiliate.
		

		
			(d)       Indemnification.  To the full extent permitted by law, (i) no member of the Board, the Committee or any person to whom the Committee delegates authority under the Plan shall be liable for any action or determination taken or made in good faith with respect to the Plan or any Award made under the Plan, and (ii) the members of the Board, the Committee and each person to whom the Committee delegates authority under the Plan shall be entitled to indemnification by the Company with regard to such actions and determinations.  The provisions of this paragraph shall be in addition to such other rights of indemnification as a member of the Board, the Committee or any other person may have by virtue of such person’s position with the Company.
		

		 

		

			‐4‐

		

 

		
			Section 4.       Shares Available for Awards
		

		
			(a)       Shares Available.  Subject to adjustment as provided in Section 4(c) of the Plan, the aggregate number of Shares that may be issued under all Awards under the Plan shall equal:
		

		
			(i)1,000,000 Shares, plus
		

		
			(ii)any Shares subject to any outstanding award under the Prior Stock Plans that, after November 30, 2021, are not purchased or are forfeited or reacquired by the Company, or otherwise not delivered to the Participant due to termination or cancellation of such award, subject to the share counting provisions of Section 4(b) below, less
		

		
			(iii)any Shares subject to any award issued under the Prior Stock Plans after November 30, 2021.  On and after shareholder approval of this Plan, no awards shall be granted under the Prior Stock Plans, but all outstanding awards previously granted under the Prior Stock Plans shall remain outstanding and subject to the terms of the Prior Stock Plans.
		

		
			The aggregate number of Shares that may be issued under all Awards under the Plan shall be reduced by Shares subject to Awards issued under the Plan in accordance with the Share counting rules described in Section 4(b) below.  When determining the Shares added to and subtracted from the aggregate reserve under paragraphs (ii) and (iii) above, the number of Shares added or subtracted shall be also determined in accordance with the Share counting rules described in Section 4(b) below (including, for avoidance of doubt the Share recycling rules).
		

		
			(b)       Counting Shares.  For purposes of this Section 4, except as set forth in this Section 4(b) below, if an Award entitles the holder thereof to receive or purchase Shares, the number of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award against the aggregate number of Shares available for granting Awards under the Plan.
		

		
			(i)Shares Added Back to Reserve.  Subject to the limitations in (ii) below, if any Shares covered by an Award or to which an Award relates are not purchased or are forfeited or are reacquired by the Company, then the number of Shares counted against the aggregate number of Shares available under the Plan with respect to such Award, to the extent of any such forfeiture, reacquisition by the Company, termination or cancellation, shall again be available for granting Awards under the Plan.
		

		
			(ii)Shares Not Added Back to Reserve.  Notwithstanding anything to the contrary in (i) above, the following Shares will not again become available for issuance under the Plan:  (A) any Shares which would have been issued upon any exercise of an Option but for the fact that the exercise price was paid by a “net exercise” pursuant to Section 6(a)(iii)(B) or any Shares tendered in payment of the exercise price of an Option; (B) any Shares withheld by the Company or Shares tendered to satisfy any tax withholding obligation; (C) Shares covered by a stock-settled Stock Appreciation Right issued under the Plan that are not issued in connection with settlement in Shares upon exercise; or (D) Shares that are repurchased by the Company using Option exercise proceeds.
		

		 

		

			‐5‐

		

 

		
			(iii)Cash-Only Awards.  Awards that do not entitle the holder thereof to receive or purchase Shares shall not be counted against the aggregate number of Shares available for Awards under the Plan.
		

		
			(iv)Substitute Awards Relating to Acquired Entities.  Shares issued under Awards granted in substitution for awards previously granted by an entity that is acquired by or merged with the Company or an Affiliate shall not be counted against the aggregate number of Shares available for Awards under the Plan.
		

		
			(c)       Adjustments.  In the event that any dividend (other than a regular cash dividend) or other distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split‐up, spin‐off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company or other similar corporate transaction or event affects the Shares such that an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares (or other securities or other property) that thereafter may be made the subject of Awards, (ii) the number and type of Shares (or other securities or other property) subject to outstanding Awards, (iii) the purchase price or exercise price with respect to any Award and (iv) the limitations contained in Sections 4(d)(i) and (ii) below; provided,  however, that the number of Shares covered by any Award or to which such Award relates shall always be a whole number.  Such adjustment shall be made by the Committee or the Board, whose determination in that respect shall be final, binding and conclusive.
		

		
			(d)       Award Limitations Under the Plan.  The limitation contained in this Section 4(d) shall apply only with respect to any Award or Awards granted under this Plan, and limitations on awards granted under any other shareholder‐approved incentive plan maintained by the Company will be governed solely by the terms of such other plan.
		

		
			(i)Limitation for Employees and Officers.  No Eligible Person who is an employee or officer may be granted any Award or Awards denominated in Shares for more than 250,000 Shares (subject to adjustment as provided for in Section 4(c) of the Plan), in the aggregate in any fiscal year.
		

		
			(ii)Limitation for Consultants, Independent Contractors and Advisors.  No Eligible Person who is a consultant, independent contractor or advisor may be granted any Award or Awards denominated in Shares for more than 250,000 Shares (subject to adjustment as provided for in Section 4(c) of the Plan), in the aggregate in any fiscal year.
		

		
			(iii)Limitation of Awards Granted to Non-Employee Directors.  Notwithstanding any provision to the contrary in the Plan, the sum of the grant date fair value of equity-based Awards (such value computed as of the date of the grant in accordance with applicable financial accounting rules) and the amount of any cash-based compensation granted to a non-employee Director for service on the Board during any fiscal year shall not exceed $300,000.  The independent members of the Board may make exceptions to this limit for a non-executive chair of the Board, provided that the non-employee Director receiving such additional compensation may not participate in the decision to award such compensation.
		

		 

		

			‐6‐

		

 

		
			Section 5.       Eligibility
		

		
			Any Eligible Person shall be eligible to be designated as a Participant.  In determining which Eligible Persons shall receive an Award and the terms of any Award, the Committee may take into account the nature of the services rendered by the respective Eligible Persons, their present and potential contributions to the success of the Company or such other factors as the Committee, in its discretion, shall deem relevant.  Notwithstanding the foregoing, an Incentive Stock Option may only be granted to employees (which term as used herein includes, without limitation, officers and Directors who are also employees), and an Incentive Stock Option shall not be granted to an employee of an Affiliate unless such Affiliate is also a “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code or any successor provision.
		

		
			Section 6.       Awards
		

		
			(a)       Options.  The Committee is hereby authorized to grant Options to Eligible Persons with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine:
		

		
			(i)Exercise Price.  The purchase price per Share purchasable under an Option shall be determined by the Committee and shall not be less than 100% of the Fair Market Value of a Share on the date of grant of such Option; provided, however, that the Committee may designate a purchase price below Fair Market Value on the date of grant if the Option is granted in substitution for a stock option previously granted by an entity that is acquired by or merged with the Company or an Affiliate.
		

		
			(ii)Option Term.  The term of each Option shall be fixed by the Committee at the time but shall not be longer than 10 years from the date of grant.  Notwithstanding the foregoing, the Committee may provide in the terms of an Option (either at grant or by subsequent modification) that, to the extent consistent with Section 409A, in the event that on the last business day of the term of an Option (other than an Incentive Stock Option) (i) the exercise of the Option is prohibited by applicable law or (ii) Shares may not be purchased or sold by certain employees or directors of the Company due to a “black-out period” within Company policy or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company, the Options shall be automatically exercised on a “net exercise” basis consistent with the terms and conditions of the Plan.
		

		
			(iii)Time and Method of Exercise.  Subject to Section 6(a)(iii)(B), the Committee shall determine the time or times at which an Option may be exercised in whole or in part and the method or methods by which, and the form or forms, including, but not limited to, cash, Shares (actually or by attestation), other securities, other Awards or other property, or any combination thereof, having a Fair Market Value on the exercise date equal to the applicable exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made.
		

		
			(A)Promissory Notes.  Notwithstanding the foregoing, the Committee may not accept a promissory note as consideration.
		

		 

		

			‐7‐

		

 

		
			(B)Net Exercises.  Notwithstanding anything to the contrary herein, the Participant may, in his or her discretion, exercise an Option by requesting that the Company deliver to the Participant a number of Shares having an aggregate Fair Market Value (determined as of the date of exercise) equal to the excess, if positive, of the Fair Market Value of the Shares underlying the Option being exercised on the date of exercise, over the exercise price of the Option for such Shares.
		

		
			(iv)Incentive Stock Options.  Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the grant of stock options which are intended to qualify as Incentive Stock Options:
		

		
			(A)The aggregate number of Shares that may be issued under all Incentive Stock Options under the Plan shall be 1,000,000 Shares.
		

		
			(B)The Committee will not grant Incentive Stock Options in which the aggregate Fair Market Value (determined as of the time the Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under this Plan and all other plans of the Company and its Affiliates) shall exceed $100,000.
		

		
			(C)All Incentive Stock Options must be granted within ten years from the earlier of the date on which this Plan was adopted by the Board or the date this Plan was approved by the shareholders of the Company.
		

		
			(D)Unless sooner exercised, all Incentive Stock Options shall expire and no longer be exercisable no later than 10 years after the date of grant; provided,  however, that in the case of a grant of an Incentive Stock Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of its Affiliates, such Incentive Stock Option shall expire and no longer be exercisable no later than five years from the date of grant.
		

		
			(E)The purchase price per Share for an Incentive Stock Option shall be not less than 100% of the Fair Market Value of a Share on the date of grant of the Incentive Stock Option; provided,  however, that, in the case of the grant of an Incentive Stock Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of its Affiliates, the purchase price per Share purchasable under an Incentive Stock Option shall be not less than 110% of the Fair Market Value of a Share on the date of grant of the Incentive Stock Option.
		

		
			(F)Any Incentive Stock Option authorized under the Plan shall contain such other provisions as the Committee shall deem advisable, but shall in all events be consistent with and contain all provisions required in order to qualify the Option as an Incentive Stock Option.
		

		
			
		

		 

		

			‐8‐

		

 

		(b)       Stock Appreciation Rights.  The Committee is hereby authorized to grant Stock Appreciation Rights to Eligible Persons subject to the terms of the Plan and any applicable Award Agreement.  A Stock Appreciation Right granted under the Plan shall confer on the holder thereof a right to receive upon exercise thereof the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the Stock Appreciation Right as specified by the Committee, which price shall not be less than 100% of the Fair Market Value of one Share on the date of grant of the Stock Appreciation Right; provided, however, that the Committee may designate a grant price below Fair Market Value on the date of grant if the Stock Appreciation Right is granted in substitution for a stock appreciation right previously granted by an entity that is acquired by or merged with the Company or an Affiliate.  Subject to the terms of the Plan and any applicable Award Agreement, the grant price, term, methods of exercise, dates of exercise, methods of settlement and any other terms and conditions of any Stock Appreciation Right shall be as determined by the Committee (except that the term of each Stock Appreciation Right shall be subject to the same limitations in Section 6(a)(ii) applicable to Options).  The Committee may impose such conditions or restrictions on the exercise of any Stock Appreciation Right as it may deem appropriate.
		

		
			(c)       Restricted Stock and Restricted Stock Units.  The Committee is hereby authorized to grant an Award of Restricted Stock and Restricted Stock Units to Eligible Persons with the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine:
		

		
			(i)Restrictions.  Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to receive any property with respect thereto), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise as the Committee may deem appropriate.  For purposes of clarity and without limiting the Committee’s general authority under Section 3(a), vesting of such Awards may, at the Committee’s discretion, be conditioned upon the Participant’s completion of a minimum period of service with the Company or an Affiliate, or upon the achievement of one or more performance goals established by the Committee, or upon any combination of service-based and performance-based conditions.  As provided in Section 6(e)(ix) below, the holders of Restricted Stock will not have any voting, dividend, or other rights until the Restricted Stock restrictions lapse or are waived.  The holders of Restricted Stock Units shall have no voting rights and shall have no dividend rights until the applicable restrictions lapse or are waived.
		

		
			(ii)Issuance and Delivery of Shares.  Shares representing Restricted Stock that are no longer subject to restrictions shall be delivered (including by updating the book‐entry registration) to the Participant promptly after the applicable restrictions lapse or are waived.  In the case of Restricted Stock Units, no Shares shall be issued at the time such Awards are granted.  Upon the lapse or waiver of restrictions and the restricted period relating to Restricted Stock Units evidencing the right to receive Shares, such Shares shall be issued and delivered to the holder of the Restricted Stock Units.
		

		
			(d)       Other Stock-Based Awards.  The Committee is hereby authorized to grant to Eligible Persons such other Awards that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares), as are deemed by the Committee to be consistent with the purpose of the Plan.  The Committee 
		

		 

		

			‐9‐

		

 

		shall determine the terms and conditions of such Awards, subject to the terms of the Plan and any applicable Award Agreement.  No Award issued under this Section 6(d) shall contain a purchase right or an option-like exercise feature.
		

		
			(e)       General Consideration for Awards.  Awards may be granted for no cash consideration or for any cash or other consideration as may be determined by the Committee or required by applicable law.
		

		
			(i)Awards May Be Granted Separately or Together.  Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with or in substitution for any other Award or any award granted under any other plan of the Company or any Affiliate.  Awards granted in addition to or in tandem with other Awards or in addition to or in tandem with awards granted under any other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards.
		

		
			(ii)Forms of Payment under Awards.  Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers to be made by the Company or an Affiliate upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall determine (including, without limitation, cash, Shares, other securities (but excluding promissory notes), other Awards or other property or any combination thereof), and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee.  Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments.
		

		
			(iii)Limits on Transfer of Awards.  No Award (other than fully vested and unrestricted Shares issued pursuant to any Award) and no right under any such Award shall be transferable by a Participant other than by will or by the laws of descent and distribution, and no Award (other than fully vested and unrestricted Shares issued pursuant to any Award) or right under any such Award may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate.  Notwithstanding the foregoing, the Committee may permit the transfer of an Award other than a fully vested and unrestricted Share to family members,  provided that such permitted transfer shall be for no value and in accordance with the rules of Form S-8.  The Committee may also establish procedures as it deems appropriate for a Participant to designate a person or persons, as beneficiary or beneficiaries, to exercise the rights of the Participant and receive any property distributable with respect to any Award in the event of the Participant’s death.
		

		
			(iv)Restrictions; Securities Exchange Listing.  All Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such restrictions as the Committee may deem advisable under the Plan, applicable federal or state securities laws and regulatory requirements, and the Committee may cause appropriate entries to be made with respect to such Shares or other securities to reflect such restrictions.  The Company shall not be required to deliver any Shares or other securities covered by an Award unless and until the 
		

		 

		

			‐10‐

		

 

		requirements of any federal or state securities or other laws, rules or regulations (including the rules of any securities exchange) as may be determined by the Company to be applicable are satisfied.
		

		
			(v)Prohibition on Option and Stock Appreciation Right Repricing.  Except as provided in Section 4(c) hereof, the Committee may not, without prior approval of the Company’s shareholders, seek to effect any re-pricing of any previously granted, “underwater” Option or Stock Appreciation Right by:  (i) amending or modifying the terms of the Option or Stock Appreciation Right to lower the exercise price; (ii) canceling the underwater Option or Stock Appreciation Right and granting either (A) replacement Options or Stock Appreciation Rights having a lower exercise price; or (B) Restricted Stock, Restricted Stock Units, or Other Stock-Based Award in exchange; or (iii) cancelling or repurchasing the underwater Option or Stock Appreciation Right for cash or other securities.  An Option or Stock Appreciation Right will be deemed to be “underwater” at any time when the Fair Market Value of the Shares covered by such Award is less than the exercise price of the Award.
		

		
			(vi)Minimum Vesting.  No Award shall be granted to a Participant (other than a non-employee Director) with terms providing for any right of exercise or lapse of any vesting obligations earlier than a date that is at least one (1) year following the date of grant (or, in the case of vesting based upon performance-based objectives, exercise and vesting restrictions cannot lapse earlier than the one (1) year anniversary measured from the commencement of the period over which the performance is evaluated).  In the case of any Award granted to a non-employee Director, no Award shall be granted with terms providing for any right of exercise or lapse of any vesting obligations earlier than the date of the Company’s next annual Shareholder meeting which is at least fifty (50) weeks after the immediately preceding year’s annual meeting.  Notwithstanding the foregoing, the following Awards that do not comply with the one (1) year minimum exercise and vesting requirements may be issued:
		

		
			(A)Substitute Awards granted in connection with awards that are assumed, converted, or substituted pursuant to a merger, acquisition, or similar transaction entered into by the Company or any of its subsidiaries;
		

		
			(B)shares delivered in lieu of fully vested cash Awards or any cash incentive compensation earned by a Participant, provided that the performance period for such incentive compensation was at least one fiscal year; and
		

		
			(C)any additional Awards the Committee may grant, up to a maximum of five percent (5%) of the aggregate number of Shares available for issuance under this Plan.  For purposes of counting Shares against the five percent (5%) limitation, the Share counting rules under Sections 4(a) and 4(b) of the Plan apply.
		

		
			Nothing in this Section 6 shall limit the authority of the Committee to provide in any Award for the acceleration of the exercisability of any Award or the lapse of any restrictions relating to any Award except where expressly limited in Section 6(e)(viii).
		

		 

		

			‐11‐

		

 

		
			(vii)Section 409A Provisions.  Notwithstanding anything in the Plan or any Award Agreement to the contrary, to the extent that any amount or benefit that constitutes “deferred compensation” to a Participant under Section 409A and applicable guidance thereunder is otherwise payable or distributable to a Participant under the Plan or any Award Agreement solely by reason of the occurrence of a change in control event or due to the Participant’s disability or “separation from service” (as such term is defined under Section 409A), such amount or benefit will not be payable or distributable to the Participant by reason of such circumstance unless the Committee determines in good faith that (i) the circumstances giving rise to such change in control event, disability or separation from service meet the definition of a change in control event, disability, or separation from service, as the case may be, in Section 409A(a)(2)(A) of the Code and applicable proposed or final regulations, or (ii) the payment or distribution of such amount or benefit would be exempt from the application of Section 409A by reason of the short‐term deferral exemption or otherwise.  Any payment or distribution that otherwise would be made to a Participant who is a Specified Employee (as determined by the Committee in good faith) on account of separation from service may not be made before the date which is six months after the date of the Specified Employee’s separation from service (or if earlier, upon the Specified Employee’s death) unless the payment or distribution is exempt from the application of Section 409A by reason of the short‐term deferral exemption or otherwise.
		

		
			(viii)Acceleration of Vesting or Exercisability upon Change in Control.  No Award Agreement shall accelerate time-based vesting of any Award solely in connection with any corporate transaction as described in Section 7(b);  provided, that an Award Agreement may accelerate time-based vesting for events occurring in connection with a corporate transaction that are materially adverse to the Participant (e.g., termination without cause, resignation for good reason, death or disability, as such terms are determined by the Committee).  The Committee may, pursuant to its general authority under Section 3(a), waive the foregoing limitation and accelerate time-based vesting under an Award, but only upon the consummation of (or effective immediately prior to the consummation of, provided that the consummation subsequently occurs) a corporate transaction that qualifies as a Change in Control where the definitive agreement among the parties to the Change in Control contemplates that the Award will be cancelled in exchange for an immediate right to cash in accordance with Section 7(b)(i).  The foregoing limitation shall not be construed to limit the Committee’s ability to modify performance vesting conditions (as opposed to time-based vesting provisions) in connection with a corporate transaction.
		

		
			(ix)Dividend Rights.  Except as provided in Section 4(c) (with respect to equitable adjustments), the holders of Awards shall have no voting rights and shall have no dividend or equivalent rights (including no right to accrue dividends or dividend equivalent amounts that become payable upon vesting, lapse of restrictions, or settlement of an Award).  In the event of any non-regular dividend or similar equitable adjustment to an Award under Section 4(c), such dividend or other adjustment amount shall be subject to the same vesting and other restrictions as apply to the underlying Award Shares.  The foregoing limitations shall not apply to fully vested, unrestricted Shares issued under any Award.
		

		 

		

			‐12‐

		

 

		
			Section 7.       Amendment and Termination; Corrections
		

		
			(a)       Amendments to the Plan and Awards.  The Board may from time to time amend, suspend or terminate this Plan, and the Committee may amend the terms of any previously granted Award, provided that no amendment to the terms of any previously granted Award may, (except as expressly provided in the Plan) materially and adversely alter or impair the terms or conditions of the Award previously granted to a Participant under this Plan without the written consent of the Participant or holder thereof.  Any amendment to this Plan, or to the terms of any Award previously granted, is subject to compliance with all applicable laws, rules, regulations and policies of any applicable governmental entity or securities exchange, including receipt of any required approval from the governmental entity or stock exchange.  For greater certainty and without limiting the foregoing, the Board may, unless the New York Stock Exchange or any other securities exchange that is applicable to the Company requires otherwise, amend, suspend, terminate or discontinue the Plan, and the Committee may amend or alter any previously granted Award, as applicable, without obtaining the approval of shareholders of the Company in order to:
		

		
			(i)amend the eligibility for, and limitations or conditions imposed upon, participation in the Plan;
		

		
			(ii)amend any terms relating to the granting or exercise of Awards, including but not limited to terms relating to the amount and payment of the exercise price, or the vesting, expiration, assignment or adjustment of Awards, or otherwise waive any conditions of or rights of the Company under any outstanding Award, prospectively or retroactively;
		

		
			(iii)make changes that are necessary or desirable to comply with applicable laws, rules, regulations and policies of any applicable governmental entity or stock exchange (including amendments to Awards necessary or desirable to maximize any available tax deduction or to avoid any adverse tax results, and no action taken to comply with such tax provision shall be deemed to impair or otherwise adversely alter or impair the rights of any holder of an Award or beneficiary thereof); or
		

		
			(iv)amend any terms relating to the administration of the Plan, including the terms of any administrative guidelines or other rules related to the Plan.
		

		
			For greater certainty, prior approval of the shareholders of the Company shall be required for any amendment to the Plan or an Award that would:
		

		
			(i)require shareholder approval under the rules or regulations of the Securities and Exchange Commission, the New York Stock Exchange or any other securities exchange that is applicable to the Company;
		

		
			(ii)increase the number of shares authorized under the Plan as specified in Section  4(a) of the Plan;
		

		
			(iii)increase the number of shares or value subject to the limitations contained in Section 4(d) of the Plan;
		

		
			(iv)permit repricing of Options or Stock Appreciation Rights, which is currently prohibited by Section 6(e)(v) of the Plan;
		

		 

		

			‐13‐

		

 

		
			(v)permit the award of Options or Stock Appreciation Rights at a price less than 100% of the Fair Market Value of a Share on the date of grant of such Option or Stock Appreciation Right, contrary to the provisions of Section 6(a)(i) and Section 6(b) of the Plan; or
		

		
			(vi)increase the maximum term permitted for Options and Stock Appreciation Rights as specified in Section 6(a)(ii) and Section 6(b).
		

		
			(b)       Corporate Transactions.  In the event of any reorganization, merger, consolidation, split‐up, spin‐off, combination, plan of arrangement, take-over bid or tender offer, Change in Control, repurchase or exchange of Shares or other securities of the Company or any other similar corporate transaction or event involving the Company (or the Company shall enter into a written agreement to undergo such a transaction or event), the Committee or the Board may, in its sole discretion but subject to the limitation in Section 6(e)(viii), provide for any of the following to be effective upon the consummation of the event (or effective immediately prior to the consummation of the event, provided that the consummation of the event subsequently occurs), and no action taken under this Section 7(b) shall be deemed to impair or otherwise adversely alter the rights of any holder of an Award or beneficiary thereof:
		

		
			(i)either (A) termination of the Award, whether or not vested, in exchange for an amount of cash and/or other property, if any, equal to the amount that would have been attained upon the exercise of the Award or realization of the Participant’s rights (and, for the avoidance of doubt, if, as of the date of the occurrence of the transaction or event described in this Section 7(b)(i)(A), the Committee or the Board determines in good faith that no amount would have been attained upon the exercise of the Award or realization of the Participant’s rights, then the Award may be terminated by the Company without any payment) or (B) the replacement of the Award with other rights or property selected by the Committee or the Board, in its sole discretion;
		

		
			(ii)that the Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices;
		

		
			(iii)that, subject to the limitation in Section 6(e)(viii), the Award shall be exercisable or payable or fully vested with respect to all Shares covered thereby, notwithstanding anything to the contrary in the applicable Award Agreement; or
		

		
			(iv)that the Award cannot vest, be exercised or become payable after a date certain in the future, which may be the effective date of the event.
		

		
			(c)       Correction of Defects, Omissions and Inconsistencies.  The Committee may, without prior approval of the shareholders of the Company, correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award or Award Agreement in the manner and to the extent it shall deem desirable to implement or maintain the effectiveness of the Plan.
		

		 

		

			‐14‐

		

 

		
			Section 8.       Income Tax Withholding
		

		
			In order to comply with all applicable federal, state, local or foreign income tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable federal, state, local or foreign payroll, withholding, income or other taxes, which are the sole and absolute responsibility of a Participant, are withheld or collected from such Participant.  In order to assist a Participant in paying all or a portion of the applicable taxes to be withheld or collected upon exercise or receipt of (or the lapse of restrictions relating to) an Award, a Participant may, in his or her discretion, satisfy such tax obligation by (a) electing to have the Company withhold a portion of the Shares otherwise to be delivered upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes (not to exceed the limitations stated in ASC Topic 718 to avoid adverse accounting treatment) or (b) delivering to the Company Shares other than Shares issuable upon exercise or receipt of (or the lapse of restrictions relating to) such Award with a Fair Market Value equal to the amount of such taxes.  The election, if any, must be made on or before the date that the amount of tax to be withheld is determined.
		

		
			Section 9.       General Provisions
		

		
			(a)       No Rights to Awards.  No Eligible Person, Participant or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Eligible Persons, Participants or holders or beneficiaries of Awards under the Plan.  The terms and conditions of Awards need not be the same with respect to any Participant or with respect to different Participants.
		

		
			(b)       Award Agreements.  No Participant shall have rights under an Award granted to such Participant unless and until an Award Agreement shall have been signed by the Participant (if requested by the Company), or until such Award Agreement is delivered and accepted through an electronic medium in accordance with procedures established by the Company.  An Award Agreement need not be signed by a representative of the Company unless required by the Committee.  Each Award Agreement shall be subject to the applicable terms and conditions of the Plan and any other terms and conditions (not inconsistent with the Plan) determined by the Committee.
		

		
			(c)       Plan Provisions Control.  In the event that any provision of an Award Agreement conflicts with or is inconsistent in any respect with the terms of the Plan as set forth herein or subsequently amended, the terms of the Plan shall control.
		

		
			(d)       No Rights of Shareholders.  Except with respect to Shares issued under Awards (and subject to such conditions as the Committee may impose on such Awards pursuant to Section 6(c)(i)), neither a Participant nor the Participant’s legal representative shall be, or have any of the rights and privileges of, a shareholder of the Company with respect to any Shares issuable upon the exercise or payment of any Award, in whole or in part, unless and until such Shares have been issued.
		

		
			(e)       No Limit on Other Compensation Arrangements.  Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation plans or arrangements, and such plans or arrangements may be either generally applicable or applicable only in specific cases.
		

		
			(f)       No Right to Employment.  The grant of an Award shall not be construed as giving a Participant the right to be retained as an employee of the Company or any Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate a Participant’s employment at any time, with or without cause, in accordance with applicable law.  In addition, the Company or an Affiliate may 
		

		 

		

			‐15‐

		

 

		at any time dismiss a Participant from employment free from any liability or any claim under the Plan or any Award, unless otherwise expressly provided in the Plan or in any Award Agreement.  Nothing in this Plan shall confer on any person any legal or equitable right against the Company or any Affiliate, directly or indirectly, or give rise to any cause of action at law or in equity against the Company or an Affiliate.  Under no circumstances shall any person ceasing to be an employee of the Company or any Affiliate be entitled to any compensation for any loss of any right or benefit under the Plan which such employee might otherwise have enjoyed but for termination of employment, whether such compensation is claimed by way of damages for wrongful or unfair dismissal, breach of contract or otherwise.  By participating in the Plan, each Participant shall be deemed to have accepted all the conditions of the Plan and the terms and conditions of any rules and regulations adopted by the Committee and shall be fully bound thereby.
		

		
			(g)       Governing Law.  The internal law, and not the law of conflicts, of the State of Utah shall govern all questions concerning the validity, construction and effect of the Plan or any Award, and any rules and regulations relating to the Plan or any Award.
		

		
			(h)       Severability.  If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award, and the remainder of the Plan or any such Award shall remain in full force and effect.
		

		
			(i)       No Trust or Fund Created.  Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person.  To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.
		

		
			(j)       Other Benefits.  No compensation or benefit awarded to or realized by any Participant under the Plan shall be included for the purpose of computing such Participant’s compensation or benefits under any pension, retirement, savings, profit sharing, group insurance, disability, severance, termination pay, welfare or other benefit plan of the Company, unless required by law or otherwise provided by such other plan.
		

		
			(k)       No Fractional Shares.  No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash shall be paid in lieu of any fractional Share or whether such fractional Share or any rights thereto shall be canceled, terminated or otherwise eliminated.
		

		
			(l)       Headings.  Headings are given to the sections and subsections of the Plan solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.
		

		
			Section 10.       Clawback or Recoupment
		

		
			All Awards under this Plan shall be subject to forfeiture or other penalties pursuant to (i) any Company clawback policy, as may be adopted or amended from time to time, (ii) any applicable law, rule or regulation or applicable stock exchange rule, including, without limitation, Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 10D of the Securities Exchange Act of 1934 and any applicable stock exchange 
		

		 

		

			‐16‐

		

 

		listing rule adopted pursuant thereto, and (iii) such forfeiture and/or penalty conditions or provisions as determined by the Committee.  By accepting an Award hereunder, the Participant agrees to such recovery or other penalties.
		

		
			Section 11.       Effective Date of the Plan
		

		
			The Plan was adopted by the Board on November 12, 2021.  The Plan shall be subject to approval by the shareholders of the Company at the annual meeting of shareholders of the Company to be held on January 14, 2022, and the Plan shall be effective as of the date of such shareholder approval.  On and after shareholder approval of the Plan, no awards shall be granted under the Prior Stock Plan, but all outstanding awards previously granted under the Prior Stock Plans shall remain outstanding and subject to the terms of the Prior Stock Plan.
		

		
			Section 12.       Term of the Plan
		

		
			No Award shall be granted under the Plan, and the Plan shall terminate, on January 14, 2032 or any earlier date of discontinuation or termination established pursuant to Section 7(a) of the Plan.  Unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such dates, and the authority of the Committee provided for hereunder with respect to the Plan and any Awards, and the authority of the Board to amend the Plan, shall extend beyond the termination of the Plan.
		

		 

		

			‐17‐

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