Document:

Exhibit 4.1

 

AMENDED 2015 INCENTIVE STOCK PLAN

		1.	Purpose of the Plan.

The purpose of the Plan is to provide
the Company with a means to assist in recruiting, retaining and rewarding certain employees, directors and consultants and to motivate
such individuals to exert their best efforts on behalf of the Employer by providing incentives through the granting of Awards.
By granting Awards to such individuals, the Company expects that the interests of the recipients will be better aligned with those
of the Employer and its stockholders.

		2.	Definitions.

Unless the context clearly indicates
otherwise, the following capitalized terms shall have the meanings set forth below:

		A.	“Act” means the Securities Exchange Act of 1934, as amended, or any successor thereto.

		B.	“Affiliate” means a member of an affiliated group of corporations, as defined in Code Section 1504 (determined
without regard to subsection (b) thereof).

		C.	“Award” means an a grant under the Plan of an Option, Restricted Stock, Restricted Stock Unit or Cash-Based Award.

		D.	“Award Agreement” means an agreement entered into between the Employer and a Participant setting forth the terms
and provisions applicable to Awards granted under the Plan.

		E.	“Board” means the Board of Directors of the Company.

		F.	“Cash-Based Award” means an Award described in Section 8.

		G.	“Change of Control” means:

		(i)	any “person” or “group,” as those terms are used in Sections 13(d) and 14(d) of the Act or any successors
thereto, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act or any successor thereto), directly
or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding
securities (provided, that the acquisition of additional securities by any person or group that owns 50% or more of the voting
power prior to such acquisition of additional securities shall not be a Change of Control);

		(ii)	during any twelve-month period, individuals who at the beginning of such period constitute the Board and any new Directors
whose election by the Board or nomination for election by the Company’s stockholders was approved by at least a majority
of the Directors then still in office who either were Directors at the beginning of the period or whose election was previously
so approved, cease for any reason to constitute a majority thereof;

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		(iii)	the stockholders of the Company approve a merger or consolidation of the Company with any other corporation and such merger
or consolidation is consummated, other than a merger or consolidation (a) which would result in all or a portion of the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities
of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (b) by which the corporate
existence of the Company is not affected and following which the Company’s chief executive officer and Directors retain their
positions with the Company (and constitute at least a majority of the Board); or

		(iv)	the stockholders of the Company approve a plan of complete liquidation or an agreement for the sale or disposition by the Company
of all or substantially all the Company’s assets and such sale or disposition is consummated.

		H.	“Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto, and the regulations issued
thereunder.

		I.	“Committee” means the committee described in Section 5.

		J.	“Company” means Novation Companies, Inc., a Maryland corporation.

		K.	“Consultant” means any person who provides consulting, advisory or other services to an Employer as an independent
contractor.

		L.	“Director” means a voting member of the Board.

		M.	“Disability” means, except as otherwise provided in an Award Agreement, that (i) in the case of a Participant who
is an Employee, the Participant is disabled for purposes of any long-term disability plan maintained by the Company or any Employer
in which the Participant participates, and (ii) in the case of a Participant other than an Employee, the Participant is unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months;
provided, however, for purposes of an Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section
22(e)(3) of the Code.

		N.	“Employee” means a person employed by an Employer, including (i) officers, and (ii) Directors who are employed
by an Employer.

		O.	“Employer” means the Company and any other entity directly or indirectly controlling, controlled by, or under common
control with, the Company or any other entity designated by the Board in which the Company has an interest.

		P.	“Fair Market Value” means, as of any date, (i) the closing price of a Share as reported on the principal U.S. national
securities exchange on which the Stock is listed and traded on such date, or, if there is no closing price on that date, then on
the last preceding date on which such a closing price was reported; (ii) if the Stock is not listed on any U.S. national securities
exchange but is quoted in an inter-dealer quotation system on a last sale basis, the final ask price of a Share reported on the
inter-dealer quotation system for such date, or, if there is no such sale on such date, then on the last preceding date on which
a sale was reported; or (iii) if the Stock is neither listed on a U.S. national securities exchange nor quoted on an inter-dealer
quotation system on a last sale basis, the amount determined by the Committee to be the fair market value of a Share, in its sole
discretion.

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		Q.	“Incentive Stock Option” means a stock option which is an incentive stock option within the meaning of Code Section
422.

		R.	“Non-Employee Director” means a Director who is not an Employee.

		S.	“Non-Qualified Stock Option” means a stock option which is not an Incentive Stock Option.

		T.	“Option” means both an Incentive Stock Option and a Non-Qualified Stock Option.

		U.	“Outside Director” means a Director who:

		(i)	is not an Employee of the Company or an Affiliate while he or she is a member of the Committee;

		(ii)	is not a former Employee of the Company or an Affiliate who receives compensation for prior services (other than benefits under
a tax-qualified retirement plan) during the taxable year;

		(iii)	has not been an officer of the Company or an Affiliate (as determined in accordance with Treas. Reg. Section 1.162-27(e)(3)
or any successor thereto); and

		(iv)	shall not receive remuneration (as determined in accordance with Treas. Reg. Section 1.162-27(e)(3) or any successor thereto)
from the Company or an Affiliate either directly or indirectly in any capacity other than as a Director.

		V.	“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company
if, at the time of the granting of the Option, each of the corporations other than the Company owns stock possessing 50% or more
of the total combined voting power of all classes of stock in one of the other corporations in such chain, or such other meaning
as may be hereafter ascribed to it in Code Section 424.

		W.	“Participant” means an Employee, Non-Employee Director or Consultant who is selected by the Committee to receive
an Award.

		X.	“Plan” means the Novation Companies, Inc. 2015 Incentive Stock Plan, as set forth herein and amended from time
to time.

		Y.	“Restricted Stock” means any Share issued with the restriction that the holder may not sell, transfer, pledge or
assign such Share and with such vesting restrictions as the Committee, in its sole discretion, may establish, which restrictions
may lapse separately or in combination at such time or times, in installments or otherwise, or based upon such performance goals,
as the Committee may deem appropriate.

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		Z.	“Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one
Share, which amount may be paid to the Participant in Shares or cash as determined by the Committee, in its sole discretion, upon
the satisfaction of such vesting restrictions as the Committee, in its sole discretion, may establish, which restrictions may lapse
separately or in combination at such time or times, in installments or otherwise, or based upon such performance goals, as the
Committee may deem appropriate. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

		AA.	“Share” means one share of Stock.

		BB.	“Share Reserve” means the number of Shares reserved and available for granting Awards under the Plan, as set forth
in Section 3.A.

		CC.	“Stock” means the common stock, par value of $0.01 per share, of the Company, or any securities issued in respect
thereof by the Company or any successor to the Company as a result of an event described in Section 15.

		DD.	“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning with
the Company if, at the time of granting an Award, each of the corporations other than the last corporation in the unbroken chain
owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in
such chain, or such other meaning as may be hereafter ascribed to it in Code Section 424.

		EE.	“2004 Plan” means the Novation Companies, Inc. 2004 Incentive Stock Plan.

		3.	Stock Subject to the Plan; Limits on Awards.

		A.	Number of Shares. Subject to adjustment in accordance with Section 15, the Share Reserve is twelve million (12,000,000)
Shares. All Shares in the Share Reserve shall be available for the grant of Incentive Stock Options or any other Awards under the
Plan. The Share Reserve shall be reduced by one (1) Share for every one (1) Share subject to an Award. The Company may, in its
discretion, use Shares held in the treasury in lieu of authorized but unissued Shares.

		B.	Lapsed Awards. If any Award (or any Award of Stock Options, Restricted Stock or Performance Shares under the 2004 Plan,
as defined therein, granted prior to the effective date of this Plan) shall expire or terminate for any reason, the Shares subject
to the Award shall again be available for the purposes of the Plan. Any Shares that again become available for grant pursuant to
this subsection B shall be added back as (i) one (1) Share for every one (1) Share subject to an Award.

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		C.	Payment of Purchase Price; Tax Withholding; Purchase. Any Shares of Stock which are used by a Participant as full or
partial payment to the Company of the purchase price to exercise an Option (or a Stock Option under the 2004 Plan) shall not be
available again for the purposes of the Plan. To the extent any Shares subject to an Award or an Award under the 2004 Plan are
not delivered to a Participant because such Shares are used to satisfy an applicable tax-withholding obligation, such withheld
Shares shall not be available again for the purposes of the Plan. Shares reacquired by the Company on the open market or otherwise
using cash proceeds from the exercise of Options (or Stock Options under the 2004 Plan) shall not be available for the purposes
of the Plan.

		D.	Limitations.

		(i)	The maximum number of Shares of Stock subject to Awards which may be granted during a calendar year to a Participant shall
be 2,500,000; provided, that if an Award is cancelled, the cancelled Award shall continue to be counted toward such limitation.

		(ii)	Notwithstanding paragraph (i) above, the maximum number of Shares of Stock subject to Awards which may granted under the Plan
to Non-Employee Directors shall be 2,500,000 in the aggregate over the term of the Plan.

		(iii)	The maximum amount of any Cash-Based Award which may be granted during a calendar year to a Participant shall be $1,0000,000.

		4.	Administration.

The Plan shall be administered by the
Committee. Subject to the express provisions of the Plan, the Committee’s charter (if applicable), and applicable law, and
in addition to other express powers and authorities conferred by the Plan, the Committee shall have plenary authority:

		A.	to construe and interpret the Plan and apply its provisions;

		B.	to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;

		C.	to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

		D.	to determine when Awards are to be granted under the Plan and the applicable grant date;

		E.	from time to time to select those Participants to whom Awards shall be granted;

		F.	to determine the number of Shares of Stock to be made subject to each Award, subject to the limitations set forth in the Plan;

		G.	to determine whether each Option is to be an Incentive Stock Option or a Non-Qualified Stock Option;

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		H.	to prescribe the terms and conditions of each Award granted hereunder, including, without limitation, (i) the purchase price,
medium of payment and vesting provisions, and (ii) the restricted period applicable to any Award of Restricted Stock or Restricted
Stock Units and the date or dates on which restrictions applicable thereto shall lapse during such period;

		I.	to designate an Award shall be subject to the satisfaction of performance goals and to select the performance goals applicable
to such Award;

		J.	to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting or restriction, or the
term of any outstanding Award; provided, however, that (i) any such modification or amendment is permitted only if consistent with
the terms of Section 6.I of this Plan, and (ii) if any such amendment impairs a Participant’s rights or increases a Participant’s
obligations under his or her Award or creates or increases a Participant’s federal income tax liability with respect to an
Award, such amendment shall also be subject to the Participant’s consent;

		K.	to determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination
of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees
under the Employer’s employment policies, provided, however, that any such determination shall satisfy the requirements of
Code Section 409A and the regulations thereunder, if applicable;

		L.	to make decisions with respect to outstanding Awards and the Plan that may become necessary upon a Change of Control or an
event that triggers adjustments under Section 15;

		M.	to accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will
vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised
or the time during which it will vest, provided, however, that any such acceleration shall satisfy the requirements of Code Section
409A and the regulations thereunder, if applicable;

		N.	to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and
any instrument or agreement relating to, or Award granted under, the Plan;

		O.	to adopt, alter, and repeal such administrative rules, guidelines, and practices governing the Plan as it shall from time to
time deem advisable and to otherwise supervise the administration of the Plan;

		P.	to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern written instruments
evidencing the Awards; and

		Q.	to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration
of the Plan.

The Committee’s determinations on the matters referred
to in this Section 4 shall be conclusive.

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		5.	Committee.

The Board shall have the discretion to
determine whether or not it intends to comply with the exemption requirements of Rule 16b-3 of the Act. Nothing herein shall create
an inference that an Award is not validly granted under the Plan in the event that the Awards are granted under the Plan when the
Committee does not at all times consist solely of two or more Non-Employee Directors who are also Outside Directors. The Committee
shall be appointed by the Board, which may from time to time appoint members of the Committee in substitution for members previously
appointed and may fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote or the written consent
of the majority of its members or, in the case of a Committee comprised of only two members, the unanimous consent of its members,
whether present or not, and minutes shall be kept of all of its meetings and copies thereof shall be provided to the Board. Subject
to the limitations prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for
the conduct of its business as it may determine to be advisable in the best interests of the Company.

		6.	Options.

The Committee, in its discretion, may
grant Options which are Incentive Stock Options or Non-Qualified Stock Options, as evidenced by an Award Agreement, and shall be
subject to the following terms and conditions and to such other terms and conditions, not inconsistent therewith, as the Committee
shall determine:

		A.	Type of Option. Incentive Stock Options may be granted to any Participant who is an Employee of the Company, a Parent
or a Subsidiary. A Non-Qualified Stock Option may be granted to any Employee, Non-Employee Director or Consultant selected by the
Committee.

		B.	Purchase Prices. The purchase price of the Stock under each Option shall not be less than 100% of the Fair Market Value
of the Stock on the date such Option is granted; provided that, in the case of a Participant who owns more than 10% of the total
combined voting power of all classes of stock of the Company, a Parent or a Subsidiary, the purchase price of the Stock under each
Incentive Stock Option shall not be less than 110% of the Fair Market Value of the Stock on the date such Option is granted.

		C.	Exercise - Elections and Restrictions. The purchase price of the Stock under an Option is to be paid in full upon the
exercise of the Option, either (i) in cash (or cash equivalents acceptable to the Company), (ii) in the discretion of the Committee,
by the tender to the Company (either actually or by attestation) of Shares already owned by the Participant and registered in his
or her name, having a Fair Market Value equal to the cash purchase price under the Option being exercised, (iii) in the discretion
of the Committee, by withholding Shares having a Fair Market Value equal to the cash purchase price under the Option being exercised
which are otherwise issuable in connection with the Option, (iv) in the discretion of the Committee, through a cashless form of
exercise in which the certificate or certificates for the Shares of Stock for which the Option is exercised are delivered to a
licensed broker acceptable to the Company as the agent for the individual exercising the Option and, at the time such certificate
or certificates are delivered, the broker tenders to the Company cash (or cash equivalents acceptable to the Company) equal to
the purchase price for the Shares of Stock purchased pursuant to the exercise of the Option plus the amount (if any) of any withholding
obligations on the part of the Company, (v) in the discretion of the Committee, by any combination of the payment methods specified
in clauses (i), (ii), (iii) and (iv) hereof, or (vi) any other form of legal consideration acceptable to the Committee; provided,
however, that no Shares of Stock may be tendered in exercise of an Incentive Stock Option if such Shares were acquired by the Participant
through the exercise of an Incentive Stock Option unless (a) such Shares have been held by the Participant for at least one year,
and (b) at least two years have elapsed since such prior Incentive Stock Option was granted. The proceeds of sale of Stock subject
to the Option are to be added to the general funds of the Company or to the Shares of the Stock held in its Treasury, and used
for its corporate purposes as the Board shall determine.

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		D.	Option Terms. The term of each Option shall not be more than 10 years from the date of granting thereof or such shorter
period as is prescribed in the Award Agreement; provided that, in the case of a Participant who owns more than 10% of the total
combined voting power of all classes of stock of the Company, a Parent or a Subsidiary, the term of any Incentive Stock Option
shall not be more than five years from the date of granting thereof or such shorter period as prescribed in the Award Agreement.
Within such limit, and subject to subsections E, F and G, Options will be exercisable at such time or times, and subject to such
restrictions and conditions, as the Committee shall, in each instance, approve, which need not be uniform for all Participants.
The holder of an Option shall have none of the rights of a stockholder with respect to the Shares subject to Option until such
Shares shall be issued to him or her upon the exercise of his or her Option.

		E.	Termination of Service. Unless otherwise provided in an Award Agreement, in the event a Participant’s service
terminates (other than upon the Participant’s death or Disability), the Participant may exercise his or her Option (to the
extent that the Participant was entitled to exercise such Option as of the date of termination) but only within such period of
time ending on the earlier of (i) the date three months following the termination of the Participant’s service, or (ii) the
expiration of the term of the Option as set forth in the Award Agreement; provided, however that if the termination of service
is by the Company, an Affiliate or an Employer for cause (as defined in the applicable Award Agreement or, if not defined in such
Award Agreement, in the Participant’s employment or services agreement, if applicable), all outstanding Options (whether
or not vested) shall immediately terminate and cease to be exercisable. If, after termination, the Participant does not exercise
his or her Option within the time specified in the Award Agreement or this subsection E, as applicable, the Option shall terminate.

		F.	Disability. Unless otherwise provided in an Award Agreement, in the event that a Participant’s service terminates
as a result of the Participant’s Disability, the Participant may exercise his or her Option (to the extent that the Participant
was entitled to exercise such Option as of the date of termination), but only within such period of time ending on the earlier
of (i) the date 12 months following such termination or (ii) the expiration of the term of the Option as set forth in the Award
Agreement. If, after termination upon Disability, the Participant does not exercise his or her Option within the time specified
in the Award Agreement or this subsection F, as applicable, the Option shall terminate.

		G.	Death. Unless otherwise provided in an Award Agreement, in the event a Participant’s service terminates as a result
of the Participant’s death, then the Option may be exercised (to the extent the Participant was entitled to exercise such
Option as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option by
bequest or inheritance or by a person designated to exercise the Option upon the Participant’s death, but only within the
period ending on the earlier of (i) the date 12 months following the date of death or (b) the expiration of the term of such Option
as set forth in the Award Agreement. If, after the Participant’s death, the Option is not exercised within the time specified
in the Award Agreement or this subsection G, as applicable, the Option shall terminate.

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		H.	Additional Incentive Stock Option Requirements. The maximum aggregate Fair Market Value (determined at the time an Option
is granted) of the Stock with respect to which Incentive Stock Options are exercisable for the first time by a Participant during
any calendar year (under all plans of the Company, a Parent and a Subsidiary) shall not exceed $100,000. A Participant who disposes
of Stock acquired upon the exercise of an Incentive Stock Option either (i) within two years after the date of grant of such Incentive
Stock Option or (ii) within one year after the transfer of such Shares to the Participant, shall notify the Company of such disposition
and of the amount realized upon such disposition.

		I.	Cancellation/Repricing. Notwithstanding anything herein to the contrary, the Board may not (except pursuant to Section
15), without the approval of the Company’s stockholders, (i) reduce the purchase price of the Stock under an Option, (ii)
cancel an Option in exchange for cash or another Award when the exercise or grant price per Share exceeds the Fair Market Value
of one Share, or (iii) take any action with respect to an Option that would be treated as a repricing under the rules and regulations
of the principal securities exchange on which the Shares are traded.

		7.	Restricted Stock.

The Committee, in its discretion, may
grant Restricted Stock, as evidenced by an Award Agreement, which shall be subject to the following terms and conditions and to
such other terms and conditions, not inconsistent therewith, as the Committee shall determine:

		A.	Grant. All or any part of any Restricted Stock Award may be subject to such conditions and restrictions as may be established
by the Committee, and set forth in the applicable Award Agreement, which may include, but are not limited to, a requirement that
a Participant pay a purchase price for such Award, the provision of services for the Company, an Affiliate or an Employer over
a specified period of time, employment on a specified date, the achievement of specific performance goals established pursuant
to Section 10 and/or applicable securities laws restrictions. Subject to the restrictions set forth in the Award Agreement, during
any period during which an Award of Restricted Stock is restricted and subject to a substantial risk of forfeiture, Participants
holding Restricted Stock Awards may exercise full voting rights with respect to such Shares and shall be entitled to receive all
dividends and other distributions paid with respect to such Shares while they are so restricted. Any dividends or dividend equivalents
may be paid currently or may be credited to a Participant’s account and may be subject to such restrictions and conditions
as the Committee may establish. If the Committee determines that Restricted Stock shall be held by the Company or in escrow rather
than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant
to execute and deliver to the Company an escrow agreement satisfactory to the Committee, if applicable, and an appropriate blank
stock power with respect to the Restricted Stock covered by such agreement.

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		B.	Restrictions. Restricted Stock awarded to a Participant shall be subject to the following restrictions until the expiration
of the period during which the Award is restricted, and to such other terms and conditions as may be set forth in the applicable
Award Agreement: (i) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the stock certificate;
(ii) the Shares shall be subject to the restrictions on transferability set forth in the Award Agreement; (iii) the Shares shall
be subject to forfeiture for such period and subject to satisfaction of any applicable performance goals during such period, to
the extent provided in the applicable Award Agreement; and (iv) to the extent such Shares are forfeited, the stock certificates,
if any, shall be returned to the Company, and all rights of the Participant to such Shares and as a stockholder with respect to
such Shares shall terminate without further obligation on the part of the Company. Each certificate representing Restricted Stock
awarded under the Plan shall bear a legend in such form as the Company deems appropriate.

		8.	Restricted Stock Units.

The Committee, in its discretion, may
grant Restricted Stock Units, as evidenced by an Award Agreement, which shall be subject to the following terms and conditions
and to such other terms and conditions, not inconsistent therewith, as the Committee shall determine:

		A.	Grant. All or any part of any Restricted Stock Unit Award may be subject to such conditions and restrictions as may
be established by the Committee, and set forth in the applicable Award Agreement, which may include, but are not limited to, the
provision of services for the Company, an Affiliate or an Employer over a specified period of time, employment on a specified date,
the achievement of specific performance goals established pursuant to Section 10, and/or applicable securities laws restrictions.
Subject to the restrictions set forth in the Award Agreement, during any period during which an Award of Restricted Stock Units
is restricted and subject to a substantial risk of forfeiture, Participants holding Restricted Stock Units shall have no rights
to dividends or dividend equivalents with respect to Shares subject to such Restricted Stock Units other than as the Committee
so provides, in its discretion, in an Award Agreement, and shall have no voting rights with respect to such Awards. Any dividends
or dividend equivalents may be paid currently or may be credited to a Participant’s account and may be subject to such restrictions
and conditions as the Committee may establish.

		B.	Restrictions. Restricted Stock Units awarded to any Participant shall be subject to (i) forfeiture until the expiration
of the period during which the Award is restricted, and the satisfaction of any applicable performance goals during such period,
to the extent provided in the applicable Award Agreement, and to the extent such Restricted Stock Units are forfeited, all rights
of the Participant to such Restricted Stock Units shall terminate without further obligation on the part of the Company, and (ii)
such other terms and conditions as may be set forth in the applicable Award Agreement.

		C.	Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s)
determined by the Committee and set forth in the Award Agreement, which shall be no later than March 15 of the year following the
year in which the Restricted Stock Unit is no longer subject to a substantial risk of forfeiture. The Committee, in its sole discretion,
may settle earned Restricted Stock Units in cash, Shares or a combination of both.

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		9.	Cash-Based Awards.

Cash-Based Awards may be granted hereunder
by the Committee to Participants (other than Non-Employee Directors) either alone or in addition to other Awards granted under
the Plan. A Cash-Based Award shall be subject to such terms and conditions as may be determined by the Committee, and shall be
subject to the satisfaction of such requirements be established by the Committee and set forth in the Award Agreement (or, if applicable,
in a resolution duly adopted by the Committee), which may include, but are not limited to, the provision of services for the Company,
an Affiliate or an Employer over a specified period of time, employment on a specified date and/or the achievement of specific
performance goals established pursuant to Section 10. Cash-Based Awards granted under this Plan shall be payable in cash no later
than March 15 of the year following the year in which the Cash-Based Award is no longer subject to a substantial risk of forfeiture.

		10.	Performance Goals.

The Committee may, in its sole and absolute
discretion, determine that certain Awards should be subject to the satisfaction of such performance goals as shall be established
by the Committee and provided in an Award Agreement. The performance goals shall be chosen by the Committee, in its sole and absolute
discretion, from among the following: earnings per Share; sales; earnings; cash flow; profitability; revenues; financial return
ratios; market performance; stockholder return and/or value; operating profits (including earnings before income taxes, depreciation
and amortization); net profits; earnings per Share growth; profit returns and margins; Stock price; working capital; business trends;
project milestones; gross margin; operating margin; net margin; market share; expense margins; earnings before interest or taxes;
earnings before interest, taxes, depreciation or amortization; net assets; working capital; asset turnover; working capital turnover;
debt to equity; debt to capital; return on equity; return on assets; return on net assets; return on invested capital; return on
gross assets; cash flow return on investment; cash value added; price to earnings ratio; market to book ratio; market to capital
ratio; cost of capital; cost of debt; cost of equity; market risk premium; Stock price appreciation with or without divisions;
total stockholder return; economic value added; economic profit; sales growth percents; cash flow growth year over year; return
on total capital; new customers; new seat licenses; minutes used; or any combination of the foregoing. The performance goals may
relate to the Company, an Affiliate, an Employer or one or more units of such an entity. The Committee shall determine whether,
with respect to a performance period, the applicable performance goals have been met with respect to an Award and, if they have,
to so certify and ascertain the amount of the applicable Award. The Committee shall have the discretion to adjust Awards subject
to this Section 10 downward.

		11.	Exercisability and Vesting.

Notwithstanding anything herein to the
contrary, Options, Restricted Stock Awards and Restricted Stock Unit Awards granted to Employees shall be subject to the following:

		A.	General Rule. Except as otherwise determined by the Committee, in its sole discretion, and provided in the applicable
Award Agreement, or as provided in subsection B, Options shall vest and become exercisable, and Restricted Stock Awards and Restricted
Stock Unit Awards shall vest over a period of not less than one year.

		B.	Exceptions. Notwithstanding subsection A, the Committee may, in its sole discretion, provide in an Award Agreement for
the accelerated vesting of an Option, Restricted Stock Award or Restricted Stock Unit Award in the event of the Participant’s
death, Disability, involuntary termination of employment by the Company without cause (as defined in the applicable Award Agreement
or, if not defined in such Award Agreement, in the Participant’s employment or services agreement, if applicable), voluntary
termination of employment by the Participant for good reason (as defined in the applicable Award Agreement or, if not defined in
such Award Agreement, in the Participant’s employment or services agreement, if applicable) or retirement at or after an
age specified by the Committee or as set forth in such Award Agreement, or upon the occurrence of a Change of Control to the extent
provided in Section 15.

    	11

    

    

		12.	Tax Withholding.

		A.	Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the
Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient
to satisfy federal, state, local, foreign income, employment or other taxes required to be withheld with respect to such Award
(or exercise thereof).

		B.	Withholding Arrangements. The Committee, in its sole discretion and pursuant to such procedures as it may specify from
time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation)
(i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the
minimum statutory amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value
equal to the statutory amount required to be withheld, provided the delivery of such Shares will not result in any adverse accounting
consequences, as the Committee determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable
to the Participant through such means as the Committee may determine in its sole discretion (whether through a broker or otherwise)
equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to include any amount which
the Committee agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum
federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the
amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or delivered will be determined
as of the date that the taxes are required to be withheld.

		13.	Nontransferability of Awards.

Unless otherwise determined by the Committee
and expressly set forth in an Award Agreement, an Award granted under the Plan shall, by its terms, be non-transferable otherwise
than by will or the laws or descent and distribution and an Award may be exercised, if applicable, during the lifetime of the Participant
thereof, only by the Participant or his or her guardian or legal representative. Notwithstanding the above, the Committee may not
provide in an Award Agreement that an Incentive Stock Option is transferable.

		14.	Investment Purpose.

Each Award under the Plan shall be awarded
only on the condition that all purchases or other acquisitions of Stock thereunder shall be for investment purposes, and not with
a view to resale or distribution, except that the Committee may make such provision with respect to Awards granted under this Plan
as it deems necessary or advisable for the release of such condition upon the registration with the Securities and Exchange Commission
of Stock subject to the Award, or upon the happening of any other contingency warranting the release of such condition.

    	12

    

    

		15.	Adjustments Upon Changes in Capitalization; Change of Control.

Notwithstanding any other provisions
of the Plan, the Award Agreements may contain such provisions as the Committee shall determine to be appropriate for the adjustment
of the number and class of shares subject to each outstanding Award and the purchase prices, if applicable, in the event of changes
in the outstanding Stock by reason of stock dividends, recapitalization, mergers, consolidations, split-ups, combinations or exchanges
of shares and the like, and, in the event of any such change in the outstanding Stock, the aggregate number and class of shares
available under the Plan and the maximum number of shares as to which Awards may be granted to an individual shall be appropriately
adjusted by the Committee, whose determination shall be conclusive. In the event the Company, a Parent or a Subsidiary enters into
a transaction described in Section 424(a) of the Code with any other corporation, the Committee may grant options to employees
or former employees of such corporation in substitution of options previously granted to them upon such terms and conditions as
shall be necessary to qualify such grant as a substitution described in Section 424(a) of the Code. In the event of a Change of
Control, notwithstanding any other provisions of the Plan or an Award Agreement to the contrary, the following provisions shall
apply:

		A.	Plan Assumed, Continued or Replaced. If and to the extent that outstanding Awards under the Plan (i) are assumed by
the successor corporation (or an affiliate of the successor) or continued, or (ii) are replaced with equity awards that preserve
the existing value of the awards at the time of the Change of Control and provide for subsequent payout in accordance with a vesting
schedule and performance goals, as applicable, that are the same or more favorable to the Participants than the vesting schedule
and performance goals applicable to the Awards, then all such Awards or such substitutes for them shall remain outstanding and
be governed by their respective terms and the provisions of the Plan, subject to subsection D below.

		B.	Plan Not Assumed, Continued or Replaced. If and to the extent that outstanding Awards under the Plan are not assumed,
continued or replaced in accordance with subsection A above, then upon the Change of Control the following treatment shall apply
to such Awards: (i) any Awards subject to vesting based only on continued service with the Company, an Affiliate or an Employer
shall immediately become fully vested, and as applicable such Awards shall become exercisable with respect to 100% of the Shares
subject to the Award for a period of three years from the closing date of the Change of Control; (ii) any performance goals applicable
to any Awards shall be deemed to have been achieved at the target performance level and such Awards shall immediately become vested
as to a pro rata portion of such Award based on the portion of the performance period that has been completed at the time of the
Change of Control (or, if subsection D is applicable, termination of employment); and (iii) any other restrictions and conditions
applicable to such Awards shall immediately lapse; provided, however, unless the Change of Control is a change in the ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company (within
the meaning of Code Section 409A), a Change of Control shall not accelerate the time of payment of Awards and amounts payable under
the Plan that are deferred compensation subject to Code Section 409A.

		C.	Cash-out of Awards. If and to the extent that outstanding Awards under the Plan are not assumed, continued or replaced
in accordance with paragraph (i) above, then the Committee, in its sole discretion, may provide for cancellation of such outstanding
Awards at the time of the Change of Control in which case a payment of cash, property or a combination of cash or property shall
be made to each such Participant, upon the consummation of the Change of Control, in an amount that is determined by the Committee
in its sole discretion to be equivalent to the value of the Award (net of any applicable purchase price in the case of Options)
based upon the price per Share of Stock received or to be received by other stockholders of the Company pursuant to the Change
of Control (except that, in the case of Options, such payment shall be limited as necessary to prevent the Option from being subject
to Code Section 409A).

    	13

    

    

		D.	Termination without Cause. If and to the extent that (i) outstanding Awards are assumed, continued or replaced in accordance
with subsection A above, and (ii) a Participant’s employment with, or performance of services for, the Company, an Affiliate,
an Employer or the successor (or an affiliate of the successor) is terminated by the Company, the Affiliate, the Employer or the
successor (or an affiliate of the successor) without cause (as defined in the applicable Award Agreement or, if not defined in
such Award Agreement, in the Participant’s employment or services agreement, if applicable) within the 18 month period commencing
on the closing of the Change of Control, then, as of the date of such Participant’s termination, the Change of Control treatment
in subsection B above shall apply to all assumed, continued or replaced awards of such Participant then outstanding.

		16.	Amendment and Termination.

The Board may at any time terminate the
Plan, or make such modifications to the Plan as it shall deem advisable; provided, however, that the Board may not, without further
approval by the holders of Stock, increase the maximum number of Shares as to which Awards may be granted under the Plan (except
under the anti-dilution provisions of Section 15), or change the class of Employees to whom Incentive Stock Options may be granted,
or withdraw the authority to administer the Plan from a committee whose members satisfy the requirements of Section 5. No termination
or amendment of the Plan may, without the consent of the Participant to whom any Award shall theretofore have been granted, adversely
affect the rights of such Participant under such Award.

		17.	Effectiveness of the Plan.

The Plan shall become effective upon
adoption by the Board subject, however, to its further approval by the stockholders of the Company given within twelve (12) months
of the date the Plan is adopted by the Board at a regular meeting of the stockholders or at a special meeting duly called and held
for such purpose. Grants of Awards may be made prior to such stockholder approval but all Award grants made prior to stockholder
approval shall be subject to the obtaining of such approval and if such approval is not obtained, such Awards shall not be effective
for any purpose.

		18.	Time of Granting of an Award.

An Award grant under the Plan shall be
deemed to be made on the date on which the Committee, by formal action of its members duly recorded in the records thereof, makes
an Award to a Participant (but in no event prior to the adoption of the Plan by the Board); provided that, such Award is evidenced
by a written Award Agreement duly executed on behalf of the Company and on behalf of the Participant within a reasonable time after
the date of the Committee action.

    	14

    

    

		19.	Term of Plan.

This Plan shall terminate 10 years after
the date on which it is approved and adopted by the Board and no Award shall be granted hereunder after the expiration of such
10-year period. Awards outstanding at the termination of the Plan shall continue in accordance with their terms and shall not be
affected by such termination.

		20.	No Right To Continued Employment.

Nothing in the Plan or in any Award granted
pursuant to the Plan shall confer on any individual any right to continue in the employ of the Employer or interfere in any way
with the right of the Employer to terminate his or her employment at any time.

		21.	Choice of Law.

The Plan shall be governed by and construed
in accordance with the laws of the State of Maryland without regard to conflicts of law.

		22.	Data Privacy.

As a condition of acceptance of an Award,
the Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal
data as described in this Section 22 for the exclusive purpose of implementing, administering and managing the Participant’s
participation in the Plan and complying with applicable laws, including securities laws. The Participant understands that the Company
holds certain personal information about the Participant, including the Participant’s name, home address and telephone number,
date of birth, social security number or other identification number, salary, nationality, job title, any Shares of Stock or directorships
held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or
outstanding in the Participant’s favor, for the purpose of implementing, managing and administering the Plan (the “Data”).
The Participant further understands that the Company may transfer the Data internally as necessary for the purpose of implementation,
management and administration of the Participant’s participation in the Plan, and that the Company may further transfer the
Data to any third parties assisting the Company in the implementation, management, and administration of the Plan. The Participant
understands that these recipients may be located in the Participant’s country, or elsewhere, and that the recipient’s
country may have different data privacy laws and protections than the Participant’s country. The Participant understands
that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her
local human resources representative. The Participant, through participation in the Plan and acceptance of an Award under the Plan,
authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes
of implementing, administering and managing the Participant’s participation in the Plan and complying with applicable laws,
including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may
elect to deposit any Shares. The Participant understands that the Data will be held only as long as is necessary to implement,
manage, and administer the Participant’s participation in the Plan and to comply with applicable laws. The Participant understands
that he or she may, at any time, view the Data, request additional information about the storage and processing of the Data, require
any necessary amendments to the Data, or refuse or withdraw the consents herein in writing, in any case without cost, by contacting
his or her local human resources representative. The Participant understands that refusal or withdrawal of consent may affect the
Participant’s ability to participate in the Plan. For more information on the consequences of refusal to consent or withdrawal
of consent, the Participant understands that he or she may contact his or her local human resources representative.

    	15

    

    

		23.	Indemnification.

To the extent allowable pursuant to applicable
law, each member of the Committee or of the Board and any person to whom the Committee has delegated any of its authority under
the Plan shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon
or reasonably incurred by such person in connection with or resulting from any claim, action, suit, or proceeding to which he or
she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against
and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or
her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes
to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights
of indemnification to which such persons may be entitled pursuant to the Company’s certificate of incorporation or bylaws,
as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

		24.	Compliance With Code Section 409A.

Awards will be designed and operated
in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A, except
as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended
to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise
determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof,
is subject to Code Section 409A the Award will be granted, paid, settled or deferred in a manner that will meet the requirements
of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest
applicable under Code Section 409A.

		25.	Cancellation of Award; Forfeiture of Gain.

Notwithstanding anything to the contrary
contained herein, an Award Agreement may provide that:

		A.	Any Award which is subject to recovery under any law, government regulation, stock exchange listing requirement, or Company
policy, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation
or stock exchange listing requirement, or any policy adopted by the Company pursuant to any such law, government regulation or
stock exchange listing requirement or otherwise.

		B.	If the Participant, without the consent of the Company, while employed by or providing services to the Company, Parent or any
Subsidiary Employer or after termination of such employment or service, violates a noncompetition, nonsolicitation or nondisclosure
covenant or agreement or otherwise engages in activity that is in conflict with or adverse to the interest of the Company, Parent
or any Subsidiary or Employer, as determined by the Committee in its sole discretion, then (i) any outstanding, vested or unvested,
earned or unearned portion of the Award may, at the Committee’s discretion, be cancelled, and (ii) the Committee, in its
discretion, may require the Participant or other person to whom any payment has been made or Shares or cash have been transferred
in connection with the Award to forfeit and pay over to the Company, on demand, all or any portion of the gain (whether or not
taxable) realized upon the exercise of any Option and the value realized (whether or not taxable) on the vesting or payment of
any other Award during the time period specified in the Award Agreement.

    	16EX-10.3

 Exhibit 10.3 

PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

1. PURPOSE. The purpose of this Plan is to provide incentives to attract, retain, and motivate eligible persons whose present and
potential contributions are important to the success of the Company, and any Parents, Subsidiaries, and Affiliates that exist now or in the future, by offering them an opportunity to participate in the Company’s future performance through the
grant of Awards. Capitalized terms not defined elsewhere in the text are defined in Section 29. 
 2. SHARES
SUBJECT TO THE PLAN. 
 2.1. Number of Shares Available. Subject to Section 2.6 and
Section 22 and any other applicable provisions hereof, the total number of Shares reserved and available for grant and issuance pursuant to this Plan as of the date of adoption of the Plan by the Board, is Four Million Six
Hundred Eighty Thousand (4,680,000) Shares, plus (a) any reserved Shares not issued or subject to outstanding awards granted under the Company’s 2016 Stock Incentive Plan, as amended and restated (the “Prior Plan”)
on the Effective Date (as defined below), (b) Shares that are subject to awards granted under the Prior Plan that cease to be subject to such awards by forfeiture or otherwise after the Effective Date, (c) Shares issued under the Prior Plan
before or after the Effective Date pursuant to the exercise of stock options that are, after the Effective Date, forfeited, (d) Shares issued under the Prior Plan that are repurchased by the Company at the original issue price, (e) Shares
that are subject to stock options or other awards under the Prior Plan that are used to pay the exercise price of a stock option or withheld to satisfy the tax withholding obligations related to any award, and (f) Shares that are subject to
awards granted prior to the effectiveness of the Prior Plan that are forfeited or otherwise repurchased by the Company. 
 2.2.
Lapsed, Returned Awards. Shares subject to Awards, and Shares issued under the Plan under any Award, will again be available for grant and issuance in connection with subsequent Awards under this Plan to the extent such Shares: (a) are
subject to issuance upon exercise of an Option or SAR granted under this Plan but which cease to be subject to the Option or SAR for any reason other than exercise of the Option or SAR, (b) are subject to Awards granted under this Plan that are
forfeited or are repurchased by the Company at the original issue price, (c) are subject to Awards granted under this Plan that otherwise terminate without such Shares being issued or (d) are surrendered pursuant to an Exchange Program. To
the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan. Shares used to pay the exercise price of an Award or withheld to
satisfy the tax withholding obligations related to an Award will become available for grant and issuance in connection with subsequent Awards under this Plan. For the avoidance of doubt, Shares that otherwise become available for grant and issuance
because of the provisions of this Section 2.2 will not include Shares subject to Awards that initially became available because of the substitution clause in Section 22.2 hereof. 

2.3. Minimum Share Reserve. At all times the Company will reserve and keep available a sufficient number of Shares as will be
required to satisfy the requirements of all outstanding Awards granted under this Plan. 

  
 1 

 2.4. Automatic Share Reserve Increase. The number of Shares available for
grant and issuance under the Plan will be increased on January 1 of each of the first ten (10) calendar years during the term of the Plan by the lesser of (a) five percent (5%) of the number of shares of all classes of the
Company’s common stock issued and outstanding on each December 31 immediately prior to the date of increase or (b) such number of Shares determined by the Board. 

2.5. ISO Limitation. No more than Fourteen Million and Forty Thousand (14,040,000) Shares will be issued pursuant to the
exercise of ISOs granted under the Plan. 
 2.6. Adjustment of Shares. If the number of outstanding Shares is changed by a
stock dividend, extraordinary dividend or distribution (whether in cash, shares, or other property, other than a regular cash dividend), recapitalization, stock split, reverse stock split, subdivision, combination, consolidation, reclassification, spin-off, or similar change in the capital structure of the Company, without consideration, then (a) the number and class of Shares reserved for issuance and future grant under the Plan set forth in
Section 2.1, including Shares reserved under sub-clauses (a)-(e) of Section 2.1, (b) the Exercise Prices of and number and class of Shares subject to
outstanding Options and SARs, (c) the number and class of Shares subject to other outstanding Awards and (d) the maximum number and class of Shares that may be issued as ISOs set forth in Section 2.5, will be
proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and in compliance with applicable securities laws, provided that fractions of a Share will not be issued. 

If, by reason of an adjustment pursuant to this Section 2.6, a Participant’s Award Agreement or other agreement
related to any Award, or the Shares subject to such Award, covers additional or different shares of stock or securities, then such additional or different shares, and the Award Agreement or such other agreement in respect thereof, will be subject to
all of the terms, conditions, and restrictions which were applicable to the Award or the Shares subject to such Award prior to such adjustment. 
 3.
ELIGIBILITY. ISOs may be granted only to Employees. All other Awards may be granted to Employees, Consultants, Directors, and Non-Employee Directors, provided that such Consultants, Directors,
and Non-Employee Directors render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction. 

4. ADMINISTRATION. 

4.1. Committee Composition; Authority. This Plan will be administered by the Committee or by the Board acting as the Committee.
Subject to the general purposes, terms, and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan, except, however, the Board will establish the terms for the grant of an
Award to Non-Employee Directors. The Committee will have the authority to: 
 (a) construe and
interpret this Plan, any Award Agreement, and any other agreement or document executed pursuant to this Plan; 
 (b) prescribe, amend, and
rescind rules and regulations relating to this Plan or any Award; 
 (c) select persons to receive Awards; 

  
 2 

 (d) determine the form and terms and conditions, not inconsistent with the terms of the
Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the Exercise Price, the time or times when Awards may vest and be exercised (which may be based on performance criteria) or settled, any vesting
acceleration or waiver of forfeiture restrictions, the method to satisfy tax withholding obligations or any other tax liability legally due, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on
such factors as the Committee will determine; 
 (e) determine the number of Shares or other consideration subject to Awards; 

(f) determine the Fair Market Value in good faith and interpret the applicable provisions of this Plan and the definition of Fair Market Value
in connection with circumstances that impact the Fair Market Value, if necessary; 
 (g) determine whether Awards will be granted singly, in
combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or any other incentive or compensation plan of the Company or any Parent, Subsidiary, or Affiliate; 

(h) grant waivers of Plan or Award conditions; 

(i) determine the vesting, exercisability, and payment of Awards; 

(j) correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, or any Award Agreement; 

(k) determine whether an Award has been vested and/or earned; 

(l) determine the terms and conditions of any, and to institute any Exchange Program; 

(m) reduce or modify any criteria with respect to Performance Factors; 

(n) adjust Performance Factors to take into account changes in law and accounting or tax rules as the Committee deems necessary or appropriate
to reflect the impact of extraordinary or unusual items, events, or circumstances to avoid windfalls or hardships; 
 (o) adopt terms and
conditions, rules, and/or procedures (including the adoption of any subplan under this Plan) relating to the operation and administration of the Plan to accommodate requirements of local law and procedures outside of the United States or to qualify
Awards for special tax treatment under laws of jurisdictions other than the United States; 
 (p) exercise discretion with respect to
Performance Awards; 
 (q) make all other determinations necessary or advisable for the administration of this Plan; and 

(r) delegate any of the foregoing to a subcommittee or to one or more executive officers pursuant to a specific delegation as permitted by
applicable law, including Section 157(c) of the Delaware General Corporation Law. 

  
 3 

 4.2. Committee Interpretation and Discretion. Any
determination made by the Committee with respect to any Award will be made in its sole discretion at the time of grant of the Award or, unless in contravention of any express term of the Plan or Award, at any later time, and such determination will
be final and binding on the Company and all persons having an interest in any Award under the Plan. Any dispute regarding the interpretation of the Plan or any Award Agreement will be submitted by the Participant or Company to the Committee for
review. The resolution of such a dispute by the Committee will be final and binding on the Company and the Participant. The Committee may delegate to one or more executive officers the authority to review and resolve disputes with respect to Awards
held by Participants who are not Insiders, and such resolution will be final and binding on the Company and the Participant. 
 4.3.
Section 16 of the Exchange Act. Awards granted to Participants who are subject to Section 16 of the Exchange Act must be approved by two or more “non-employee directors” (as defined in
the regulations promulgated under Section 16 of the Exchange Act). 
 4.4. Documentation. The Award Agreement for a given
Award, the Plan, and any other documents may be delivered to, and accepted by, a Participant or any other person in any manner (including electronic distribution or posting) that meets applicable legal requirements. 

4.5. Foreign Award Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws and
practices in other countries in which the Company, its Subsidiaries, and Affiliates operate or have Employees or other individuals eligible for Awards, the Committee, in its sole discretion, will have the power and authority to: (a) determine
which Subsidiaries and Affiliates will be covered by the Plan; (b) determine which individuals outside the United States are eligible to participate in the Plan, which may include individuals who provide services to the Company, Subsidiary or
Affiliate under an agreement with a foreign nation or agency; (c) modify the terms and conditions of any Award granted to individuals outside the United States or foreign nationals to comply with applicable foreign laws, policies, customs, and
practices; (d) establish subplans and modify exercise procedures, vesting conditions, and other terms and procedures to the extent the Committee determines such actions to be necessary or advisable (and such subplans and/or modifications will
be attached to this Plan as appendices, if necessary); and (e) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental
regulatory exemptions or approvals, provided, however, that no action taken under this Section 4.5 will increase the Share limitations contained in Section 2.1 hereof. Notwithstanding the foregoing, the Committee may not take
any actions hereunder, and no Awards will be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law. 

5. OPTIONS. An Option is the right but not the obligation to purchase a Share, subject to certain conditions, if applicable. The
Committee may grant Options to eligible Employees, Consultants, and Directors and will determine whether such Options will be Incentive Stock Options within the meaning of the Code (“ISOs”) or Nonqualified Stock Options
(“NSOs”), the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may vest and be exercised, and all other terms and conditions of the Option, subject to the following
terms of this section. 
 5.1. Option Grant. Each Option granted under this Plan will identify the Option as an ISO or an NSO.
An Option may be, but need not be, awarded upon satisfaction of such Performance Factors during any Performance Period as are set out in advance in the Participant’s individual Award Agreement. If the Option is being earned upon the
satisfaction of Performance Factors, then the Committee will: (a) determine the nature, length, and starting date of any Performance Period for each Option; and (b) select from among the Performance Factors to be used to measure the
performance, if any. Performance Periods may overlap, and Participants may participate simultaneously with respect to Options that are subject to different performance goals and other criteria. 

  
 4 

 5.2. Date of Grant. The date of grant of an Option will be the date on which
the Committee makes the determination to grant such Option, or a specified future date. The Award Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time after the granting of the Option. 

5.3. Exercise Period. Options may be vested and exercisable within the times or upon the conditions as set forth in the Award
Agreement governing such Option, provided, however, that no Option will be exercisable after the expiration of ten (10) years from the date the Option is granted and provided further that no ISO granted to a person who, at the time the
ISO is granted, directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary (“Ten Percent Stockholder”) will be
exercisable after the expiration of five (5) years from the date the ISO is granted. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or
percentage of Shares as the Committee determines. 
 5.4. Exercise Price. The Exercise Price of an Option will be determined
by the Committee when the Option is granted, provided that: (a) the Exercise Price of an Option will be not less than one hundred percent (100%) of the Fair Market Value of the Shares on the date of grant, and (b) the Exercise Price of any
ISO granted to a Ten Percent Stockholder will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased may be made in accordance with
Section 12 and the Award Agreement and in accordance with any procedures established by the Company. 

5.5. Method of Exercise. Any Option granted hereunder will be vested and exercisable according to the terms of the Plan and at
such times and under such conditions as determined by the Committee and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives: (a) notice of
exercise (in such form as the Committee may specify from time to time) from the person entitled to exercise the Option (and/or via electronic execution through the authorized third-party administrator), and (b) full payment for the Shares with
respect to which the Option is exercised (together with applicable withholding taxes). Full payment may consist of any consideration and method of payment authorized by the Committee and permitted by the Award Agreement and the Plan. Shares issued
upon exercise of an Option will be issued in the name of the Participant. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or
receive dividends or any other rights as a stockholder will exist with respect to the Shares, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No
adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 2.6 of the Plan. Exercising an Option in any manner will decrease the
number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 

5.6. Termination of Service. If the Participant’s Service terminates for any reason except for Cause or the
Participant’s death or Disability, then the Participant may exercise such Participant’s Options only to the extent that such Options would have been exercisable by the Participant on the date Participant’s Service terminates no later
than three (3) months after the date Participant’s Service terminates (or such shorter time period not less than thirty (30) days or longer time period as may be determined by the Committee, with any exercise beyond three
(3) months after the date Participant’s Service terminates deemed to be the exercise of an NSO), but in any event no later than the expiration date of the Options. 

  
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 (a) Death. If the Participant’s Service terminates because of the
Participant’s death (or the Participant dies within three (3) months after Participant’s Service terminates other than for Cause or because of the Participant’s Disability), then the Participant’s Options may be exercised
only to the extent that such Options would have been exercisable by the Participant on the date Participant’s Service terminates and must be exercised by the Participant’s legal representative, or authorized assignee, no later than twelve
(12) months after the date Participant’s Service terminates (or such shorter time period not less than six (6) months or longer time period as may be determined by the Committee), but in any event no later than the expiration date of
the Options. 
 (b) Disability. If the Participant’s Service terminates because of the Participant’s Disability, then the
Participant’s Options may be exercised only to the extent that such Options would have been exercisable by the Participant on the date Participant’s Service terminates and must be exercised by the Participant (or the Participant’s
legal representative or authorized assignee) no later than twelve (12) months after the date Participant’s Service terminates (or such shorter time period not less than six (6) months or longer time period as may be determined by the
Committee, with any exercise beyond (a) three (3) months after the date Participant’s Service terminates when the termination of Service is for a Disability that is not a “permanent and total disability” as defined in
Section 22(e)(3) of the Code or (b) twelve (12) months after the date Participant’s Service terminates when the termination of Service is for a Disability that is a “permanent and total disability” as defined in
Section 22(e)(3) of the Code, deemed to be exercise of an NSO), but in any event no later than the expiration date of the Options. 

(c) Cause. Unless as otherwise determined by the Committee, if the Participant’s Service terminates for Cause, then Participant’s
Options (whether or not vested) will expire on the date of termination of Participant’s Service if the Committee has reasonably determined in good faith that such cessation of Services has resulted in connection with an act or failure to act
constituting Cause (or such Participant’s Services could have been terminated for Cause (without regard to the lapsing of any required notice or cure periods in connection therewith) at the time such Participant terminated Services), or at such
later time and on such conditions as are determined by the Committee, but in any event no later than the expiration date of the Options. Unless otherwise provided in an employment agreement, Award Agreement, or other applicable agreement, Cause will
have the meaning set forth in the Plan. 
 5.7. Limitations on Exercise. The Committee may specify a minimum number of Shares
that may be purchased on any exercise of an Option, provided that such minimum number will not prevent any Participant from exercising the Option for the full number of Shares for which it is then exercisable. 

5.8. Limitations on ISOs. With respect to Awards granted as ISOs, to the extent that the aggregate Fair Market Value of the
Shares with respect to which such ISOs are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be
treated as NSOs. For purposes of this Section 5.8, ISOs will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to
such Shares is granted. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, such different
limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment. 

  
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 5.9. Modification, Extension or Renewal. The Committee may modify, extend, or
renew outstanding Options and authorize the grant of new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant, impair any of such Participant’s rights under any Option
previously granted. Any outstanding ISO that is modified, extended, renewed, or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 19 of this Plan, by written notice to
affected Participants, the Committee may reduce the Exercise Price of outstanding Options without the consent of such Participants, provided, however, that the Exercise Price may not be reduced below the Fair Market Value on the date the action is
taken to reduce the Exercise Price. 
 5.10. No Disqualification. Notwithstanding any other provision in this Plan, no term of
this Plan relating to ISOs will be interpreted, amended, or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the
Participant affected, to disqualify any ISO under Section 422 of the Code. 
 6. RESTRICTED STOCK AWARDS. A Restricted Stock Award
is an offer by the Company to sell to an eligible Employee, Consultant, or Director Shares that are subject to restrictions (“Restricted Stock”). The Committee will determine to whom an offer will be made, the number of
Shares the Participant may purchase, the Purchase Price, the restrictions under which the Shares will be subject, and all other terms and conditions of the Restricted Stock Award, subject to the Plan. 

6.1. Restricted Stock Purchase Agreement. All purchases under a Restricted Stock Award
will be evidenced by an Award Agreement. Except as may otherwise be provided in an Award Agreement, a Participant accepts a Restricted Stock Award by signing and delivering to the Company an Award Agreement with full payment of the Purchase Price,
within thirty (30) days from the date the Award Agreement was delivered to the Participant. If the Participant does not accept such Award within thirty (30) days, then the offer of such Restricted Stock Award will terminate, unless the
Committee determines otherwise. 
 6.2. Purchase Price. The Purchase Price for a Restricted Stock Award
will be determined by the Committee and may be less than Fair Market Value on the date the Restricted Stock Award is granted. Payment of the Purchase Price must be made in accordance with Section 12 of the Plan, and the
Award Agreement and in accordance with any procedures established by the Company. 
 6.3. Terms of Restricted Stock Awards.
Restricted Stock Awards will be subject to such restrictions as the Committee may impose or are required by law. These restrictions may be based on completion of a specified period of Service with the Company or upon completion of Performance
Factors, if any, during any Performance Period as set out in advance in the Participant’s Award Agreement. Prior to the grant of a Restricted Stock Award, the Committee will: (a) determine the nature, length, and starting date of any
Performance Period for the Restricted Stock Award; (b) select from among the Performance Factors to be used to measure performance goals, if any; and (c) determine the number of Shares that may be awarded to the Participant. Performance
Periods may overlap, and a Participant may participate simultaneously with respect to Restricted Stock Awards that are subject to different Performance Periods and having different performance goals and other criteria. 

6.4. Termination of Service. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date
Participant’s Service terminates (unless determined otherwise by the Committee). 

  
 7 

 7. STOCK BONUS AWARDS. A Stock Bonus Award is an award to an eligible Employee,
Consultant, or Director of Shares for Services to be rendered or for past Services already rendered to the Company or any Parent, Subsidiary, or Affiliate. All Stock Bonus Awards will be made pursuant to an Award Agreement. No payment from the
Participant will be required for Shares awarded pursuant to a Stock Bonus Award. 
 7.1. Terms of Stock Bonus Awards. The
Committee will determine the number of Shares to be awarded to the Participant under a Stock Bonus Award and any restrictions thereon. These restrictions may be based upon completion of a specified period of Service with the Company or upon
satisfaction of performance goals based on Performance Factors during any Performance Period as set out in advance in the Participant’s Stock Bonus Agreement. Prior to the grant of any Stock Bonus Award the Committee will: (a) determine
the nature, length, and starting date of any Performance Period for the Stock Bonus Award; (b) select from among the Performance Factors to be used to measure performance goals; and (c) determine the number of Shares that may be awarded to
the Participant. Performance Periods may overlap, and a Participant may participate simultaneously with respect to Stock Bonus Awards that are subject to different Performance Periods and different performance goals and other criteria. 

7.2. Form of Payment to Participant. Payment may be made in the form of cash, whole Shares, or a combination thereof, based on
the Fair Market Value of the Shares earned under a Stock Bonus Award on the date of payment, as determined in the sole discretion of the Committee. 

7.3. Termination of Service. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date
Participant’s Service terminates (unless determined otherwise by the Committee). 
 8. STOCK APPRECIATION RIGHTS. A Stock
Appreciation Right (“SAR”) is an award to an eligible Employee, Consultant, or Director that may be settled in cash or Shares (which may consist of Restricted Stock) having a value equal to (a) the difference between the
Fair Market Value on the date of exercise over the Exercise Price multiplied by (b) the number of Shares with respect to which the SAR is being settled (subject to any maximum number of Shares that may be issuable as specified in an Award
Agreement). All SARs will be made pursuant to an Award Agreement. 
 8.1. Terms of SARs. The Committee will determine the
terms of each SAR including, without limitation: (a) the number of Shares subject to the SAR, (b) the Exercise Price and the time or times during which the SAR may be settled, (c) the consideration to be distributed on settlement of
the SAR, and (d) the effect of the Participant’s termination of Service on each SAR. The Exercise Price of the SAR will be determined by the Committee when the SAR is granted and may not be less than Fair Market Value of the Shares on the
date of grant. A SAR may be awarded upon satisfaction of Performance Factors, if any, during any Performance Period as are set out in advance in the Participant’s individual Award Agreement. If the SAR is being earned upon the satisfaction of
Performance Factors, then the Committee will: (i) determine the nature, length, and starting date of any Performance Period for each SAR; and (ii) select from among the Performance Factors to be used to measure the performance, if any.
Performance Periods may overlap, and Participants may participate simultaneously with respect to SARs that are subject to different Performance Factors and other criteria. 

8.2. Exercise Period and Expiration Date. A SAR will be exercisable within the times or upon the occurrence of events determined
by the Committee and set forth in the Award Agreement governing such SAR. The SAR Agreement will set forth the expiration date, provided that no SAR will be exercisable after the expiration of ten (10) years from the date the SAR is granted.
The Committee may also provide for SARs to become exercisable at one time or from time to time, periodically or otherwise (including, without limitation, upon the attainment during a Performance Period of performance goals based on

  
 8 

 
Performance Factors), in such number of Shares or percentage of the Shares subject to the SAR as the Committee determines. Except as may be set forth in the Participant’s Award Agreement,
vesting ceases on the date Participant’s Service terminates (unless determined otherwise by the Committee). Notwithstanding the foregoing, the rules of Section 5.6 also will apply to SARs. 

8.3. Form of Settlement. Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount
determined by multiplying (a) the difference between the Fair Market Value of a Share on the date of exercise over the Exercise Price, by (b) the number of Shares with respect to which the SAR is exercised. At the discretion of the
Committee, the payment from the Company for the SAR exercise may be in cash, in Shares of equivalent value, or in some combination thereof. The portion of a SAR being settled may be paid currently or on a deferred basis with such interest, if any,
as the Committee determines, provided that the terms of the SAR and any deferral satisfy the requirements of Section 409A of the Code to the extent applicable. 

8.4. Termination of Service. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date
Participant’s Service terminates (unless determined otherwise by the Committee). 
 9. RESTRICTED STOCK UNITS. A Restricted Stock
Unit (“RSU”) is an award to an eligible Employee, Consultant, or Director covering a number of Shares that may be settled in cash, or by issuance of those Shares (which may consist of Restricted Stock). All RSUs will be made
pursuant to an Award Agreement. 
 9.1. Terms of RSUs. The Committee will determine the terms of an RSU including, without
limitation: (a) the number of Shares subject to the RSU, (b) the time or times during which the RSU may be settled, (c) the consideration to be distributed on settlement, and (d) the effect of the Participant’s termination
of Service on each RSU, provided that no RSU will have a term longer than ten (10) years. An RSU may be awarded upon satisfaction of such performance goals based on Performance Factors during any Performance Period as are set out in advance in
the Participant’s Award Agreement. If the RSU is being earned upon satisfaction of Performance Factors, then the Committee will: (i) determine the nature, length, and starting date of any Performance Period for the RSU; (ii) select
from among the Performance Factors to be used to measure the performance, if any; and (iii) determine the number of Shares deemed subject to the RSU. Performance Periods may overlap, and Participants may participate simultaneously with respect
to RSUs that are subject to different Performance Periods and different performance goals and other criteria. 
 9.2. Form and
Timing of Settlement. Payment of earned RSUs will be made as soon as practicable after the date(s) determined by the Committee and set forth in the Award Agreement. The Committee, in its sole discretion, may settle earned RSUs in cash, Shares,
or a combination of both. The Committee may also permit a Participant to defer payment under an RSU to a date or dates after the RSU is earned, provided that the terms of the RSU and any deferral satisfy the requirements of Section 409A
of the Code to the extent applicable. 
 9.3. Termination of Service. Except as may be set forth in the Participant’s
Award Agreement, vesting ceases on such date Participant’s Service terminates (unless determined otherwise by the Committee). 

  
 9 

 10. PERFORMANCE AWARDS. 

10.1. Types of Performance Awards. A Performance Award is an award to an eligible Employee, Consultant, or Director of the
Company or any Parent, Subsidiary, or Affiliate that is based upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee, and may be settled in cash, Shares (which may consist
of, without limitation, Restricted Stock), other property, or any combination thereof. Grants of Performance Awards will be made pursuant to an Award Agreement. 

(a) Performance Shares. The Committee may grant Awards of Performance Shares, designate the Participants to whom Performance Shares are
to be awarded, and determine the number of Performance Shares and the terms and conditions of each such Award. Performance Shares will consist of a unit valued by reference to a designated number of Shares, the value of which may be paid to the
Participant by delivery of Shares or, if set forth in the instrument evidencing the Award, of such property as the Committee will determine, including, without limitation, cash, Shares, other property, or any combination thereof, upon the attainment
of performance goals, as established by the Committee, and other terms and conditions specified by the Committee. The amount to be paid under an Award of Performance Shares may be adjusted on the basis of such further consideration as the Committee
will determine in its sole discretion. 
 (b) Performance Units. The Committee may grant Awards of Performance Units, designate the
Participants to whom Performance Units are to be awarded, and determine the number of Performance Units and the terms and conditions of each such Award. Performance Units will consist of a unit valued by reference to a designated amount of property
other than Shares, which value may be paid to the Participant by delivery of such property as the Committee will determine, including, without limitation, cash, Shares, other property, or any combination thereof, upon the attainment of performance
goals, as established by the Committee, and other terms and conditions specified by the Committee. 
 (c) Cash-Settled Performance
Awards. The Committee may also grant cash-based Performance Awards to Participants under the terms of this Plan. Such awards will be based on the attainment of performance goals using the Performance Factors within this Plan that are established
by the Committee for the relevant performance period. 
 10.2. Terms of Performance Awards. The Committee will determine, and
each Award Agreement will set forth, the terms of each Performance Award including, without limitation: (a) the amount of any cash bonus, (b) the number of Shares deemed subject to an award of Performance Shares, (c) the Performance
Factors and Performance Period that will determine the time and extent to which each award of Performance Shares will be settled, (d) the consideration to be distributed on settlement, and (e) the effect of the Participant’s
termination of Service on each Performance Award. In establishing Performance Factors and the Performance Period the Committee will: (i) determine the nature, length, and starting date of any Performance Period; (ii) select from among the
Performance Factors to be used; and (iii) determine the number of Shares deemed subject to the award of Performance Shares. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant. Prior
to settlement the Committee will determine the extent to which Performance Awards have been earned. Performance Periods may overlap, and Participants may participate simultaneously with respect to Performance Awards that are subject to different
Performance Periods and different performance goals and other criteria. 

  
 10 

 10.3. Termination of Service. Except as may be set forth in the
Participant’s Award Agreement, vesting ceases on the date Participant’s Service terminates (unless determined otherwise by the Committee). 

11. CASH AWARDS. A Cash Award (“Cash Award”) is an award that is denominated in, or payable to an eligible
Participant solely in, cash, as deemed by the Committee to be consistent with the purposes of the Plan. Cash Awards shall be subject to the terms, conditions, restrictions, and limitations determined by the Committee, in its sole discretion, from
time to time. Awards granted pursuant to this Section 11 may be granted with value and payment contingent upon the achievement of Performance Factors. 

12. PAYMENT FOR SHARE PURCHASES. Payment from a Participant for Shares purchased pursuant to this Plan may be made in cash or by check
or, where expressly approved for the Participant by the Committee and where permitted by law (and to the extent not otherwise set forth in the applicable Award Agreement): 

(a) by cancellation of indebtedness of the Company to the Participant; 

(b) by surrender of shares of the Company held by the Participant that have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which said Award will be exercised or settled; 
 (c) by waiver of compensation due or accrued
to the Participant for services rendered or to be rendered to the Company or a Parent or Subsidiary; 
 (d) by consideration received by the
Company pursuant to a broker-assisted or other form of cashless exercise program implemented by the Company in connection with the Plan; 

(e) by any combination of the foregoing; or 

(f) by any other method of payment as is permitted by applicable law. 

The Committee may limit the availability of any method of payment, to the extent the Committee determines, in its discretion, such limitation
is necessary or advisable to comply with applicable law or facilitate the administration of the Plan. 
 13. GRANTS TO NON-EMPLOYEE DIRECTORS. 
 13.1. General.
Non-Employee Directors are eligible to receive any type of Award offered under this Plan except ISOs. Awards pursuant to this Section 13 may be automatically made pursuant to policy
adopted by the Board or made from time to time as determined in the discretion of the Board. No Non-Employee Director may receive Awards under the Plan that, when combined with cash compensation received for
service as a Non-Employee Director, exceed Seven Hundred Fifty Thousand ($750,000) in value (as described below) in any calendar year, increased to One Million ($1,000,000) in value (as described below) in the
calendar year of his or her initial services as a Non-Employee Director. The value of Awards for purposes of complying with this maximum will be determined as follows: (a) for Options and SARs, grant date
fair value will be calculated using the Black-Scholes valuation methodology on the date of grant of such Option or SAR, and (b) for all other Awards other than Options and SARs, grant date fair value will be determined by either
(i) calculating the product of the Fair Market Value per Share on the date of grant and the aggregate number of Shares subject to the Award, or (ii) calculating the product using an average of the Fair Market Value over a number of trading
days and the aggregate number of Shares subject to the Award as determined by the Committee. Awards granted to an individual while he or she was serving in the capacity as an Employee or while he or she was a Consultant but not a Non-Employee Director will not count for purposes of the limitations set forth in this Section 13.1. 

  
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 13.2. Eligibility. Awards pursuant to this
Section 13 will be granted only to Non-Employee Directors. A Non-Employee Director who is elected or
re-elected as a member of the Board will be eligible to receive an Award under this Section 13. 

13.3. Vesting, Exercisability and Settlement. Except as set forth in Section 22, Awards will vest,
become exercisable, and be settled as determined by the Board. With respect to Options and SARs, the exercise price granted to Non-Employee Directors will not be less than the Fair Market Value of the Shares
at the time that such Option or SAR is granted. 
 13.4. Election to Receive Awards in Lieu of Cash. A Non-Employee Director may elect to receive his or her annual retainer payments and/or meeting fees from the Company in the form of cash or Awards or a combination thereof, if permitted, and as determined, by the
Committee. Such Awards will be issued under the Plan. An election under this Section 13.4 will be filed with the Company on the form prescribed by the Company. 

14. WITHHOLDING TAXES. 

14.1. Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan or a tax event
occurs, the Company may require the Participant to remit to the Company, or to the Parent, Subsidiary, or Affiliate, as applicable, employing the Participant an amount sufficient to satisfy applicable U.S. federal, state, local, and
international tax or any other tax or social insurance liability (the “Tax-Related Items”) legally due from the Participant prior to the delivery of Shares pursuant to exercise or
settlement of any Award. Whenever payments in satisfaction of Awards granted under this Plan are to be made in cash, such payment will be net of an amount sufficient to satisfy applicable withholding obligations for
Tax-Related Items. Unless otherwise determined by the Committee, the Fair Market Value of the Shares will be determined as of the date that the taxes are required to be withheld and such Shares will be valued
based on the value of the actual trade or, if there is none, the Fair Market Value of the Shares as of the previous trading day. 

14.2. Stock Withholding. The Committee, or its delegate(s), as permitted by applicable law, in its sole discretion and pursuant
to such procedures as it may specify from time to time and to limitations of local law, may require or permit a Participant to satisfy such Tax Related Items legally due from the Participant, in whole or in part by (without limitation)
(a) paying cash, (b) having the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the Tax-Related Items to be withheld, (c) delivering to the Company
already-owned shares having a Fair Market Value equal to the Tax-Related Items to be withheld, or (d) withholding from the proceeds of the sale of otherwise deliverable Shares acquired pursuant to an
Award either through a voluntary sale or through a mandatory sale arranged by the Company. The Company may withhold or account for these Tax-Related Items by considering applicable statutory withholding rates
or other applicable withholding rates, including up to the maximum permissible statutory tax rate for the applicable tax jurisdiction, to the extent consistent with applicable laws. 

15. TRANSFERABILITY. 

15.1. Transfer Generally. Unless determined otherwise by the Committee, an Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution. If the Committee makes an Award transferable, including, without limitation, by instrument to an inter vivos or testamentary trust
in which the Awards are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift or by domestic relations order to a Permitted Transferee, such Award will contain such additional terms and conditions as the Committee deems
appropriate. All Awards will be exercisable: (a) during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal representative; (b) after the Participant’s death, by the legal representative
of the Participant’s heirs or legatees; and (c) in the case of all awards except ISOs, by a Permitted Transferee. 

  
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16. PRIVILEGES OF STOCK OWNERSHIP; RESTRICTIONS ON SHARES. 

16.1. Voting and Dividends. No Participant will have any of the rights of a stockholder with respect to any Shares until the
Shares are issued to the Participant, except for any Dividend Equivalent Rights permitted by an applicable Award Agreement. Any Dividend Equivalent Rights will be subject to the same vesting or performance conditions as the underlying Award. In
addition, the Committee may provide that any Dividend Equivalent Rights permitted by an applicable Award Agreement will be deemed to have been reinvested in additional Shares or otherwise reinvested. After Shares are issued to the Participant, the
Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided, that if
such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital
structure of the Company will be subject to the same restrictions as the Restricted Stock; provided, further, that the Participant will have no right to such stock dividends or stock distributions with respect to Unvested Shares, and
any such dividends or stock distributions will be accrued and paid only at such time, if any, as such Unvested Shares become vested Shares. The Committee, in its discretion, may provide in the Award Agreement evidencing any Award that the
Participant will be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Shares underlying an Award during the period beginning on the date the Award is granted and ending, with respect to each Share subject to the
Award, on the earlier of the date on which the Award is exercised or settled or the date on which it is forfeited provided, that no Dividend Equivalent Right will be paid with respect to the Unvested Shares, and such dividends or stock
distributions will be accrued and paid only at such time, if any, as such Unvested Shares become vested Shares. Such Dividend Equivalent Rights, if any, will be credited to the Participant in the form of additional whole Shares as of the date of
payment of such cash dividends on Shares. 
 16.2. Restrictions on Shares. At the discretion of the Committee, the Company may
reserve to itself and/or its assignee(s) a right to repurchase (a “Right of Repurchase”) a portion of any or all Unvested Shares held by a Participant following such Participant’s termination of Service at any time
within ninety (90) days (or such longer or shorter time determined by the Committee) after the later of the date Participant’s Service terminates and the date the Participant purchases Shares under this Plan, for cash and/or cancellation
of purchase money indebtedness, at the Participant’s Purchase Price or Exercise Price, as the case may be. 
 17. CERTIFICATES.
All Shares or other securities whether or not certificated, delivered under this Plan will be subject to such stock transfer orders, legends, and other restrictions as the Committee may deem necessary or advisable, including restrictions under any
applicable U.S. federal, state, or foreign securities law, or any rules, regulations, and other requirements of the SEC or any stock exchange or automated quotation system upon which the Shares may be listed or quoted, and any non-U.S. exchange controls or securities law restrictions to which the Shares are subject. 
 18. ESCROW;
PLEDGE OF SHARES. To enforce any restrictions on a Participant’s Shares, the Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by
the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated, and the Committee may cause a legend or legends referencing such restrictions
to be placed on the certificates. Any Participant who is permitted to execute a promissory note as partial or full 

  
 13 

 
consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure the payment of the
Participant’s obligation to the Company under the promissory note, provided, however, that the Committee may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the Company will
have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the Shares, the Participant will be required to execute and
deliver a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the promissory note is paid. 

19. REPRICING; EXCHANGE AND BUYOUT OF AWARDS. Without prior stockholder approval the Committee may (a) reprice Options or SARs (and
where such repricing is a reduction in the Exercise Price of outstanding Options or SARs, the consent of the affected Participants is not required provided written notice is provided to them, notwithstanding any adverse tax consequences to them
arising from the repricing), and (b) with the consent of the respective Participants (unless not required pursuant to Section 5.9 of the Plan), pay cash or issue new Awards in exchange for the surrender and
cancellation of any, or all, outstanding Awards. 
 20. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. An Award will not be effective
unless such Award is in compliance with all applicable U.S. and foreign federal and state securities and exchange control and other laws, rules, and regulations of any governmental body, and the requirements of any stock exchange or automated
quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have
no obligation to issue or deliver certificates for Shares under this Plan prior to: (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable and/or (b) completion of any registration or
other qualification of such Shares under any state, federal, or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or
to effect compliance with the registration, qualification, or listing requirements of any foreign or state securities laws, exchange control laws, stock exchange, or automated quotation system, and the Company will have no liability for any
inability or failure to do so. 
 21. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this Plan will confer or
be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent, Subsidiary, or Affiliate or limit in any way the right of the Company or any Parent, Subsidiary, or
Affiliate to terminate Participant’s employment or other relationship at any time. 
 22. CORPORATE TRANSACTIONS. 

22.1.
Assumption or Replacement of Awards by Successor. In the event of a Corporate Transaction any or all outstanding Awards may be (a) continued
by the Company, if the Company is the successor entity; or (b) assumed or substituted by the successor corporation, or a parent or subsidiary of the successor corporation, for substantially equivalent Awards (including, but not limited to, an
award to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction), in each case after taking into account appropriate adjustments for the number and kind of shares and exercise prices. The
successor corporation may also issue, as replacement of outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject to repurchase restrictions no less favorable to the Participant. In the event
such successor corporation refuses to assume, substitute or replace any Award in accordance with this Section 22.1, then notwithstanding any other provision in this Plan to the contrary, each such Award shall become fully vested and, as
applicable, exercisable and any rights of repurchase or forfeiture restrictions thereon shall lapse, immediately prior to 

  
 14 

 
the consummation of the Corporation Transaction. Performance Awards not assumed pursuant to the foregoing shall be deemed earned and vested based on the greater of actual performance (if
determinable) or 100% of target level, unless otherwise indicated pursuant to the terms and conditions of the applicable Award Agreement. 

22.2. Assumption of Awards by the Company. The Company, from time to time, also may substitute or assume outstanding awards
granted by another company, whether in connection with an acquisition of such other company or otherwise, by either: (a) granting an Award under this Plan in substitution of such other company’s award, or (b) assuming such award as if
it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have been
eligible to be granted an Award under this Plan if the other company had applied the rules of this Plan to such grant. In the event the Company assumes an award granted by another company, the terms and conditions of such award will remain unchanged
(except that the Purchase Price or the Exercise Price, as the case may be, and the number and nature of Shares issuable upon exercise or settlement of any such Award will be adjusted appropriately pursuant to Section 424(a) of the Code).
In the event the Company elects to grant a new Option in substitution rather than assuming an existing option, such new Option may be granted with a similarly adjusted Exercise Price. Substitute Awards will not reduce the number of Shares authorized
for grant under the Plan or authorized for grant to a Participant in a calendar year. 
 22.3.
Non-Employee Directors’ Awards. Notwithstanding any provision to the contrary herein, in the event of a Corporate Transaction, the vesting of all Awards granted to
Non-Employee Directors will accelerate and such Awards will become exercisable (as applicable) in full prior to the consummation of such event at such times and on such conditions as the Committee determines.

 23. ADOPTION AND STOCKHOLDER APPROVAL. This Plan will be submitted for the approval of the Company’s stockholders, consistent
with applicable laws, within twelve (12) months before or after the date this Plan is adopted by the Board. 
 24. TERM OF PLAN/GOVERNING
LAW. Unless earlier terminated as provided herein, this Plan will become effective on the Effective Date and will terminate ten (10) years from the date this Plan is adopted by the Board. This Plan and all Awards granted hereunder will
be governed by and construed in accordance with the laws of the State of Delaware (excluding its conflict of laws rules). 
 25. AMENDMENT OR
TERMINATION OF PLAN. The Board may at any time terminate or amend this Plan in any respect, including, without limitation, amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan, provided, however, that
the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval, provided further that a Participant’s Award will be governed by the version of this Plan then in
effect at the time such Award was granted. No termination or amendment of the Plan will affect any then-outstanding Award unless expressly provided by the Committee. In any event, no termination or amendment of the Plan or any outstanding Award may
adversely affect any then outstanding Award without the consent of the Participant, unless such termination or amendment is necessary to comply with applicable law, regulation, or rule. 

26. NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission of this Plan to the stockholders of the
Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of
stock awards and bonuses otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

  
 15 

 27. INSIDER TRADING POLICY. Each Participant who receives an Award will comply with any
policy adopted by the Company from time to time covering transactions in the Company’s securities by Employees, officers, and/or Directors of the Company, as well as with any applicable insider trading or market abuse laws to which the
Participant may be subject. 
 28. ALL AWARDS SUBJECT TO COMPANY CLAWBACK OR RECOUPMENT POLICY. All Awards, subject to applicable
law, will be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Participant’s employment or other service with the Company that is applicable
to officers, Employees, Directors or other service providers of the Company, and in addition to any other remedies available under such policy and applicable law, may require the cancellation of outstanding Awards and the recoupment of any gains
realized with respect to Awards. 
 29. DEFINITIONS. As used in this Plan, and except as elsewhere defined herein, the following terms
will have the following meanings: 
 29.1. “Affiliate” means (a) any entity that, directly or indirectly,
is controlled by, controls, or is under common control with, the Company, and (b) any entity in which the Company has a significant equity interest, in either case as determined by the Committee, whether now or hereafter existing. 

29.2. “Award” means any award under the Plan, including any Option, Performance Award, Cash Award, Restricted
Stock, Stock Bonus, Stock Appreciation Right, or Restricted Stock Unit. 
 29.3. “Award Agreement” means,
with respect to each Award, the written or electronic agreement between the Company and the Participant setting forth the terms and conditions of the Award, and country-specific appendix thereto for grants to
non-U.S. Participants, which will be in substantially a form (which need not be the same for each Participant) that the Committee (or in the case of Award agreements that are not used for Insiders, the
Committee’s delegate(s)) has from time to time approved, and will comply with and be subject to the terms and conditions of this Plan. 

29.4. “Board” means the Board of Directors of the Company. 

29.5. “Cash Award” means an award as defined in Section 11 and granted under the
Plan. 
 29.6. “Cause” means a determination by the Company (and in the case of Participant who is subject to
Section 16 of the Exchange Act, the Committee) that the Participant has committed an act or acts constituting any of the following: (i) dishonesty, fraud, misconduct or negligence in connection with Participant’s duties to the
Company, (ii) unauthorized disclosure or use of the Company’s confidential or proprietary information, (iii) misappropriation of a business opportunity of the Company, (iv) materially aiding Company competitor, (v) a felony
conviction, (vi) failure or refusal to attend to the duties or obligations of the Participant’s position (vii) violation or breach of, or failure to comply with, the Company’s code of ethics or conduct, any of the Company’s
rules, policies or procedures applicable to the Participant or any agreement in effect between the Company and the Participant or (viii) other conduct by such Participant that could be expected to be harmful to the business, interests or
reputation of the Company. The determination as to whether Cause for a Participant’s termination exists will be made in good faith by the Company or Committee, as applicable, and will be final and binding on the Participant. This definition
does not in any way limit the Company’s or any Parent’s or Subsidiary’s ability to terminate a Participant’s employment or services at any time as provided in Section 21 above. Notwithstanding the
foregoing, the foregoing definition of “Cause” may, in part or in whole, be modified or replaced if a definition of Cause is set forth in such individual’s employment agreement, Award Agreement, or other applicable agreement with any
Participant that pertains to Awards under the Plan. 

  
 16 

 29.7. “Code” means the United States Internal Revenue Code of
1986, as amended, and the regulations promulgated thereunder. 
 29.8. “Committee” means the Compensation
Committee of the Board or those persons to whom administration of the Plan, or part of the Plan, has been delegated as permitted by law. 

29.9. “Common Stock” means the common stock of the Company. 

29.10. “Company” means Prelude Therapeutics Incorporated, a Delaware corporation, or any successor corporation.

 29.11. “Consultant” means any natural person, including an advisor or independent contractor, engaged by
the Company or a Parent, Subsidiary, or Affiliate to render services to such entity. 
 29.12. “Corporate
Transaction” means the occurrence of any of the following events: (a) any “Person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then-outstanding voting
securities, provided, however, that for purposes of this subclause (a) the acquisition of additional securities by any one Person who is considered to own more than fifty percent (50%) of the total voting power of the securities of the Company
will not be considered a Corporate Transaction; (b) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; (c) the consummation of a merger or consolidation of the Company with
any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or
consolidation; (d) any other transaction which qualifies as a “corporate transaction” under Section 424(a) of the Code wherein the stockholders of the Company give up all of their equity interest in the Company (except for the
acquisition, sale or transfer of all or substantially all of the outstanding shares of capital stock of the Company), or (e) a change in the effective control of the Company that occurs on the date that a majority of members of the Board is
replaced during any twelve (12) month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purpose of this subclause (e), if
any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Corporate Transaction. For purposes of this definition, Persons will be considered
to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction with the Company. Notwithstanding the foregoing, to the extent that any amount
constituting deferred compensation (as defined in Section 409A of the Code) would become payable under this Plan by reason of a Corporate Transaction, such amount will become payable only if the event constituting a Corporate Transaction would
also qualify as a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, each as defined within the meaning of Code Section 409A, as it has been and may be
amended from time to time, and any proposed or final Treasury Regulations and IRS guidance that has been promulgated or may be promulgated thereunder from time to time. 

29.13. “Director” means a member of the Board. 

  
 17 

 29.14. “Disability” means in the case of incentive stock
options, total and permanent disability as defined in Section 22(e)(3) of the Code and in the case of other Awards, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. 

29.15. “Dividend Equivalent Right” means the right of a Participant, granted at the discretion of the Committee
or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash, stock, or other property dividends in amounts equal equivalent to cash, stock, or other property dividends for each Share
represented by an Award held by such Participant. 
 29.16. “Effective Date” means the day immediately prior
to the Company’s IPO Registration Date, subject to approval of the Plan by the Company’s stockholders. 
 29.17.
“Employee” means any person, including officers and Directors, providing services as an employee to the Company or any Parent, Subsidiary, or Affiliate. Neither service as a Director nor payment of a director’s fee by
the Company will be sufficient to constitute “employment” by the Company. 
 29.18. “Exchange Act”
means the United States Securities Exchange Act of 1934, as amended. 
 29.19. “Exchange Program” means a
program pursuant to which (a) outstanding Awards are surrendered, cancelled, or exchanged for cash, the same type of Award, or a different Award (or combination thereof); or (b) the exercise price of an outstanding Award is increased or
reduced. 
 29.20. “Exercise Price” means, with respect to an Option, the price at which a holder may
purchase the Shares issuable upon exercise of an Option and with respect to a SAR, the price at which the SAR is granted to the holder thereof. 

29.21. “Fair Market Value” means, as of any date, the value of a Share, determined as follows: 

(a) if such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of
determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

(b) if such Common Stock is publicly traded but is neither listed nor admitted to trading on a national securities exchange, the average of
the closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

(c) in the case of an Option or SAR grant made on the IPO Registration Date, the price per share at which Shares are initially offered for
sale to the public by the Company’s underwriters in the initial public offering of Shares as set forth in the Company’s final prospectus included within the registration statement on Form S-1 filed
with the SEC under the Securities Act; or 
 (d) by the Board or the Committee in good faith. 

29.22. “Insider” means an officer or Director of the Company or any other person whose transactions in the
Company’s Common Stock are subject to Section 16 of the Exchange Act. 
 29.23. “IPO Registration
Date” means the date on which the Company’s registration statement on Form S-1 in connection with its initial public offering of common stock is declared effective by the SEC under the
Securities Act. 

  
 18 

 29.24. “IRS” means the United States Internal Revenue
Service. 
 29.25. “Non-Employee Director” means a Director who is
not an Employee of the Company or any Parent, Subsidiary, or Affiliate. 
 29.26. “Option” means an award of
an option to purchase Shares pursuant to Section 5. 
 29.27. “Parent” means any
corporation (other than the Company) in an unbroken chain of corporations ending with the Company if each of such corporations other than the Company owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain. 
 29.28. “Participant” means a person who holds an
Award under this Plan. 
 29.29. “Performance Award” means an Award as defined in
Section 10 and granted under the Plan, the payment of which is contingent upon achieving certain performance goals established by the Committee. 

29.30. “Performance Factors” means any of the factors selected by the Committee and specified in an Award
Agreement, from among the following measures, either individually, alternatively or in any combination, applied to the Company as a whole or any business unit or Subsidiary, either individually, alternatively, or in any combination, on a GAAP or non-GAAP basis, and measured, to the extent applicable on an absolute basis or relative to a pre-established target, to determine whether the performance goals established by
the Committee with respect to applicable Awards have been satisfied: 
 (a) profit before tax; 

(b) billings; 
 (c) revenue;

 (d) net revenue; 
 (e)
earnings (which may include earnings before interest and taxes, earnings before taxes, net earnings, stock-based compensation expenses, depreciation, and amortization); 

(f) operating income; 
 (g)
operating margin; 
 (h) operating profit; 

(i) controllable operating profit or net operating profit; 

(j) net profit; 
 (k) gross
margin; 
 (l) operating expenses or operating expenses as a percentage of revenue; 

(m) net income; 

  
 19 

 (n) earnings per share; 

(o) total stockholder return; 

(p) market share; 
 (q) return
on assets or net assets; 
 (r) the Company’s stock price; 

(s) growth in stockholder value relative to a pre-determined index; 

(t) return on equity; 
 (u)
return on invested capital; 
 (v) cash flow (including free cash flow or operating cash flows); 

(w) cash conversion cycle; 
 (x)
economic value added; 
 (y) individual confidential business objectives; 

(z) contract awards or backlog; 

(aa) overhead or other expense reduction; 

(bb) credit rating; 
 (cc)
strategic plan development and implementation; 
 (dd) succession plan development and implementation; 

(ee) improvement in workforce diversity; 

(ff) customer indicators and/or satisfaction; 

(gg) new product invention or innovation; 

(hh) attainment of research and development milestones; 

(ii) improvements in productivity; 

(jj) bookings; 
 (kk) attainment
of objective operating goals and employee metrics; 
 (ll) sales; 

(mm) expenses; 

  
 20 

 (nn) balance of cash, cash equivalents, and marketable securities; 

(oo) completion of an identified special project; 

(pp) completion of a joint venture or other corporate transaction; 

(qq) employee satisfaction and/or retention; 

(rr) research and development expenses; 

(ss) working capital targets and changes in working capital; and 

(tt) any other metric that is capable of measurement as determined by the Committee. 

The Committee may provide for one or more equitable adjustments to the Performance Factors to preserve the Committee’s original intent
regarding the Performance Factors at the time of the initial award grant, such as but not limited to, adjustments in recognition of unusual or non-recurring items such as acquisition related activities or
changes in applicable accounting rules. It is within the sole discretion of the Committee to make or not make any such equitable adjustments. 

29.31. “Performance Period” means one or more periods of time, which may be of varying and overlapping
durations, as the Committee may select, over which the attainment of one or more Performance Factors will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Award. 

29.32. “Performance Share” means an Award as defined in Section 10 and granted under
the Plan, the payment of which is contingent upon achieving certain performance goals established by the Committee. 
 29.33.
“Performance Unit” means an Award as defined in Section 10 and granted under the Plan, the payment of which is contingent upon achieving certain performance goals established by the Committee. 

29.34. “Permitted Transferee” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law (including adoptive relationships) of the Employee, any
person sharing the Employee’s household (other than a tenant or employee), a trust in which these persons (or the Employee) have more than 50% of the beneficial interest, a foundation in which these persons (or the Employee) control the
management of assets, and any other entity in which these persons (or the Employee) own more than 50% of the voting interests. 

29.35. “Plan” means this Prelude Therapeutics Incorporated, 2020 Equity Incentive Plan. 

29.36. “Purchase Price” means the price to be paid for Shares acquired under the Plan, other than Shares
acquired upon exercise of an Option or SAR. 
 29.37.
“Restricted Stock Award” means an Award as defined in Section 6 and granted under the Plan or issued pursuant to the early exercise
of an Option. 
 29.38. “Restricted Stock Unit” means an Award as defined in
Section 9 and granted under the Plan. 

  
 21 

 29.39. “SEC” means the United States Securities and Exchange
Commission. 
 29.40. “Securities Act” means the United States Securities Act of 1933, as amended. 

29.41. “Service” will mean service as an Employee, Consultant, Director, or
Non-Employee Director, to the Company or a Parent, Subsidiary, or Affiliate, subject to such further limitations as may be set forth in the Plan or the applicable Award Agreement. An Employee will not be
deemed to have ceased to provide Service in the case of (a) sick leave, (b) military leave, or (c) any other leave of absence approved by the Company, provided that such leave is for a period of not more than ninety (90) days
unless reemployment upon the expiration of such leave is guaranteed by contract or statute. Notwithstanding anything to the contrary, an Employee will not be deemed to have ceased to provide Service if a formal policy adopted from time to time by
the Company and issued and promulgated to employees in writing provides otherwise. In the case of any Employee on an approved leave of absence or a reduction in hours worked (for illustrative purposes only, a change in schedule from that of
full-time to part-time), the Committee may make such provisions respecting suspension or modification of vesting of the Award while on leave from the employ of the Company or a Parent, Subsidiary, or Affiliate or during such change in working hours
as it may deem appropriate, except that in no event may an Award be exercised after the expiration of the term set forth in the applicable Award Agreement. In the event of military or other protected leave, if required by applicable laws, vesting
will continue for the longest period that vesting continues under any other statutory or Company approved leave of absence and, upon a Participant’s returning from military leave, he or she will be given vesting credit with respect to Awards to
the same extent as would have applied had the Participant continued to provide Service to the Company throughout the leave on the same terms as he or she was providing Service immediately prior to such leave. An employee will have terminated
employment as of the date he or she ceases to provide Service (regardless of whether the termination is in breach of local employment laws or is later found to be invalid) and employment will not be extended by any notice period or garden leave
mandated by local law, provided, however, that a change in status from an Employee to a Consultant or Non-Employee Director (or vice versa) will not terminate the Participant’s Service,
unless determined by the Committee, in its discretion. The Committee will have sole discretion to determine whether a Participant has ceased to provide Service and the effective date on which the Participant ceased to provide Service. 

29.42. “Shares” means shares of the Common Stock and the common stock of any successor entity of the Company.

 29.43. “Stock Appreciation Right” means an Award defined in Section 8 and
granted under the Plan. 
 29.44. “Stock Bonus” means an Award defined in
Section 7 and granted under the Plan. 
 29.45. “Subsidiary” means any corporation
(other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain. 
 29.46. “Treasury
Regulations” means regulations promulgated by the United States Treasury Department. 
 29.47. “Unvested
Shares” means Shares that have not yet vested or are subject to a right of repurchase in favor of the Company (or any successor thereto). 

  
 22 

 PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

NOTICE OF STOCK OPTION GRANT 
 Unless
otherwise defined herein, the terms defined in the Prelude Therapeutics Incorporated (the “Company”) 2020 Equity Incentive Plan (the “Plan”) will have the same meanings in this Notice of Stock Option
Grant and the electronic representation of this Notice of Stock Option Grant established and maintained by the Company or a third party designated by the Company (this “Notice”). 

Name: 
 Address:

 You (the “Participant”) have been granted an option to purchase shares of Common Stock of the Company (the
“Option”) under the Plan subject to the terms and conditions of the Plan, this Notice, and the Stock Option Award Agreement (the “Option Agreement”), including any applicable country-specific
provisions in any appendix attached hereto (the “Appendix”), which constitutes part of the Option Agreement. 

Grant Number: 
 Date of
Grant: 
 Vesting Commencement Date: 

Exercise Price per Share: 

Total Number of Shares: 
  

			
	 Type of Option:
	  	____ Non-Qualified Stock Option
		
		  	____ Incentive Stock Option
		
	 Expiration Date:
	  	________ __, 20__; the Option expires earlier if Participant’s Service terminates earlier, as described in the Option Agreement.
		
	 Vesting Schedule:
	  	Subject to the limitations set forth in this Notice, the Plan, and the Agreement, the Option will vest in accordance with the following schedule: [insert applicable vesting schedule, which may include performance
metrics]

 By accepting (whether in writing, electronically, or otherwise) the Option, Participant acknowledges and agrees to the
following: 
  

	 	1)	 Participant understands that Participant’s Service with the Company or a Parent, Subsidiary, or Affiliate
is for an unspecified duration, can be terminated at any time (i.e., is “at-will”) except where otherwise prohibited by applicable law, and that nothing in this Notice, the Option Agreement,
or the Plan changes the nature of that relationship. Participant acknowledges that the vesting of the Option pursuant to this Notice is subject to Participant’s continuing Service as an Employee, Director, or Consultant. Participant agrees and
acknowledges that the Vesting Schedule may change prospectively in the event that Participant’s Service status changes between full- and part-time and/or in the event the Participant is on a leave of absence, in accordance with Company policies
relating to work schedules and vesting of Awards or as determined by the Committee. Furthermore, the period during which Participant may exercise the Option after termination of Service, if any, will commence on the Termination Date (as defined in
the Option Agreement). 

  

	 	2)	 This grant is made under and governed by the Plan, the Agreement, and this Notice, and this Notice is subject
to the terms and conditions of the Agreement and the Plan, both of which are incorporated herein by reference. Participant has read the Notice, the Option Agreement and, the Plan. 

 

	 	3)	 Participant has read the Company’s Insider Trading Policy, and agrees to comply with such policy, as it
may be amended from time to time, whenever Participant acquires or disposes of the Company’s securities. 

	 	4)	 By accepting the Option, Participant consents to electronic delivery and participation as set forth in the
Option Agreement. 

  

			
	 PARTICIPANT
	  	                    PRELUDE THERAPEUTICS INCORPORATED
		
	 Signature:
                                         
               
	  	
                   
 By:                                       
                          

		
	 Print Name:
                                         
           
	  	
                   
 Its: 
                                         
                       

  
 2 

 PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT 

Unless otherwise defined in this Stock Option Award Agreement (this “Option Agreement”), any capitalized terms used
herein will have the same meaning ascribed to them in the Prelude Therapeutics Incorporated 2020 Equity Incentive Plan (the “Plan”). 

Participant has been granted an option to purchase Shares (the “Option”) of Prelude Therapeutics Incorporated (the
“Company”), subject to the terms, restrictions, and conditions of the Plan, the Notice of Stock Option Grant (the “Notice”), and this Option Agreement, including any applicable country-specific
provisions in any appendix attached hereto (the “Appendix”), which constitutes part of this Option Agreement. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of the Notice
or this Option Agreement, the terms and conditions of the Plan will prevail. 
 1. Vesting Rights. Subject to
the applicable provisions of the Plan and this Option Agreement, the Option may be exercised, in whole or in part, in accordance with the Vesting Schedule set forth in the Notice. Participant acknowledges and agrees that the Vesting Schedule may
change prospectively in the event Participant’s Service status changes between full and part-time and/or in the event Participant is on a leave of absence, in accordance with Company policies relating to work schedules and vesting of Awards or
as determined by the Committee. Participant acknowledges that the vesting of the Option pursuant to this Notice and Agreement is subject to Participant’s continuing Service as an Employee, Director, or Consultant. 

2. Grant of Option. Participant has been granted an Option for the number of Shares set forth in the Notice at the
exercise price per Share in U.S. Dollars set forth in the Notice (the “Exercise Price”). If designated in the Notice as an Incentive Stock Option (“ISO”), the Option is intended to qualify as an
Incentive Stock Option under Section 422 of the Code. However, if the Option is intended to be an ISO, to the extent that it exceeds the U.S. $100,000 rule of Code Section 422(d) it will be treated as a Nonqualified Stock Option
(“NSO”). 
 3. Termination Period. 

(a) General Rule. If Participant’s Service terminates for any reason except death or Disability, and other than for Cause, then
the Option will expire at the close of business at Company headquarters on the date three (3) months after Participant’s Termination Date (as defined below) (or such shorter time period not less than thirty (30) days or longer time
period as may be determined by the Committee, with any exercise beyond three (3) months after the date Participant’s Service terminates deemed to be the exercise of an NSO). The Company determines when Participant’s Service terminates
for all purposes under this Option Agreement. 
 (b) Death; Disability. If Participant dies before Participant’s Service
terminates (or Participant dies within three (3) months of Participant’s termination of Service other than for Cause), then the Option will expire at the close of business at Company headquarters on the date twelve (12) months after
the date of death (or such shorter time period not less than six (6) months or longer time period as may be determined by the Committee, subject to the expiration details in Section 7). If Participant’s Service terminates because of
Participant’s Disability, then the Option will expire at the close of business at Company headquarters on the date twelve (12) months after Participant’s Termination Date (or such shorter time period not less than six (6) months
or longer time period as may be determined by the Committee, subject to the expiration details in Section 7). 

  
 1 

 (c) Cause. Unless otherwise determined by the Committee, the Option (whether or not
vested) will terminate immediately upon the Participant’s cessation of Services if the Company reasonably determines in good faith that such cessation of Services has resulted in connection with an act or failure to act constituting Cause (or
the Participant’s Services could have been terminated for Cause (without regard to the lapsing of any required notice or cure periods in connection therewith) at the time the Participant terminated Services). 

(d) No Notification of Exercise Periods. Participant is responsible for keeping track of these exercise periods following
Participant’s termination of Service for any reason. The Company will not provide further notice of such periods. In no event will the Option be exercised later than the Expiration Date set forth in the Notice. 

(e) Termination. For purposes of this Option, Participant’s Service will be considered terminated as of the date Participant is no
longer providing Services to the Company, its Parent or one of its Subsidiaries or Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where
Participant is employed or the terms of Participant’s employment agreement, if any) (the “Termination Date”). The Committee will have the exclusive discretion to determine when Participant is no longer actively providing
services for purposes of Participant’s Option (including whether Participant may still be considered to be providing services while on an approved leave of absence). Unless otherwise provided in this Option Agreement or determined by the
Company, Participant’s right to vest in this Option under the Plan, if any, will terminate as of the Termination Date and will not be extended by any notice period (e.g., Participant’s period of services would not include any
contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if any). Following the
Termination Date, Participant may exercise the Option only as set forth in the Notice and this Section, provided that the period (if any) during which Participant may exercise the Option after the Termination Date, if any, will commence on the date
Participant ceases to provide services and will not be extended by any notice period mandated under employment laws in the jurisdiction where Participant is employed or terms of Participant’s employment agreement, if any. If Participant does
not exercise this Option within the termination period set forth in the Notice or the termination periods set forth above, the Option will terminate in its entirety. In no event, may any Option be exercised after the Expiration Date of the Option as
set forth in the Notice. 
 4. Exercise of Option. 

(a) Right to Exercise. The Option is exercisable during its term in accordance with the Vesting Schedule set forth in the Notice and
the applicable provisions of the Plan and this Option Agreement. In the event of Participant’s death, Disability, termination for Cause, or other cessation of Service, the exercisability of the Option is governed by the applicable provisions of
the Plan, the Notice, and this Option Agreement. The Option may not be exercised for a fraction of a Share. 
 (b) Method of
Exercise. The Option is exercisable by delivery of an exercise notice in a form specified by the Company (the “Exercise Notice”), which will state the election to exercise the Option, the number of Shares in respect of
which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice will be delivered in
person, by mail, via electronic mail or facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all
Exercised Shares together with any applicable Tax-Related Items (as defined in Section 8 below). The Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise
Notice accompanied by such aggregate Exercise Price and payment of any applicable Tax-Related Items. No Shares will be issued pursuant to the exercise of the Option unless such issuance and exercise complies
with all relevant provisions of law and the requirements of any stock exchange or quotation service upon which the Shares are then listed. Assuming such compliance, for United States income tax purposes the Exercised Shares will be considered
transferred to Participant on the date the Option is exercised with respect to such Exercised Shares. 

  
 2 

 (c) Exercise by Another. If another person wants to exercise the Option after it has
been transferred to him or her in compliance with this Option Agreement, that person must prove to the Company’s satisfaction that he or she is entitled to exercise the Option. That person must also complete the proper Exercise Notice form (as
described above) and pay the Exercise Price (as described below) and any applicable Tax-Related Items (as described below). 

5. Method of Payment. Payment of the aggregate Exercise Price will be by any of the following, or a combination
thereof, at the election of Participant: 
 (a) Participant’s personal check (or readily available funds), wire transfer, or a
cashier’s check; 
 (b) certificates for shares of Company stock that Participant owns, along with any forms needed to effect a
transfer of those shares to the Company; the value of the shares, determined as of the effective date of the Option exercise, will be applied to the Exercise Price. Instead of surrendering shares of Company stock, Participant may attest to the
ownership of those shares on a form provided by the Company and have the same number of shares subtracted from the Option shares issued to Participant. However, Participant may not surrender, or attest to the ownership of, shares of Company stock in
payment of the Exercise Price of Participant’s Option if Participant’s action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes; 

(c) cashless exercise through irrevocable directions to a securities broker approved by the Company to sell all or part of the Shares covered
by the Option and to deliver to the Company from the sale proceeds an amount sufficient to pay the Exercise Price and any applicable Tax-Related Items. The balance of the sale proceeds, if any, will be
delivered to Participant. The directions must be given by signing a special notice of exercise form provided by the Company; or 
 (d) other
method authorized by the Company; 
 provided, however, that the Company may restrict the available methods of payment due to facilitate compliance with
applicable law or administration of the Plan. In particular, if Participant is located outside the United States, Participant should review the applicable provisions of the Appendix for any such restrictions that may currently apply. 

6. Non-Transferability of Option. The Option may not be sold, assigned,
transferred, pledged, hypothecated, or otherwise disposed of other than by will or by the laws of descent or distribution or court order and may be exercised during the lifetime of Participant only by Participant or unless otherwise permitted by the
Committee on a case-by-case basis. The terms of the Plan and this Option Agreement will be binding upon the executors, administrators, heirs, successors, and assigns of
Participant. 
 7. Term of Option. The Option will in any event expire on the expiration date set forth in the
Notice, which date is ten (10) years after the Date of Grant (five (5) years after the Date of Grant if this option is designated as an ISO in the Notice of Stock Option Grant and Section 5.3 of the Plan applies). 

8. Taxes. 
 (a)
Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, a Parent, Subsidiary, or Affiliate employing or retaining Participant (the “Employer”), the
ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account, or other tax related items related to Participant’s participation in the Plan and legally applicable to Participant (“Tax-Related Items”) is and remains Participant’s responsibility and 

  
 3 

 
may exceed the amount actually withheld by the Company or the Employer, if any. Participant further acknowledges that the Company and/or the Employer (i) make no representations or
undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Option, including, but not limited to, the grant, vesting, or exercise of this Option; the subsequent sale of
Shares acquired pursuant to such exercise; and the receipt of any dividends; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of this Option to reduce or eliminate Participant’s
liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction, Participant
acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. PARTICIPANT SHOULD CONSULT A
TAX ADVISER APPROPRIATELY QUALIFIED IN THE COUNTRY OR COUNTRIES IN WHICH PARTICIPANT RESIDES OR IS SUBJECT TO TAXATION. 
 (b)
Withholding. Prior to any relevant taxable or tax withholding event, as applicable, Participant agrees to make arrangements satisfactory to the Company and/or the Employer to satisfy all
Tax-Related Items. In this regard, Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy any withholding obligations for Tax-Related Items by one or a combination of the following, all under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable: 
  

	 	(i)	 withholding from Participant’s wages or other cash compensation paid to Participant by the Company and/or
the Employer; or 

  

	 	(ii)	 withholding from proceeds of the sale of Shares acquired at exercise of this Option either through a voluntary
sale or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization and without further consent); 

  

	 	(iii)	 withholding Shares to be issued upon exercise of the Option, provided the Company only withholds the number of
Shares necessary to satisfy no more than the maximum applicable statutory withholding amounts; 

  

	 	(iv)	 Participant’s payment of a cash amount (including by check representing readily available funds or a wire
transfer); or 

  

	 	(v)	 any other arrangement approved by the Committee and permitted under applicable law; 

provided, however, that if Participant is a Section 16 officer of the Company under the Exchange Act, then the Committee (as constituted
in accordance with Rule 16b-3 of the Exchange Act) shall establish the method of withholding from alternatives (i) – (v) above prior to the Tax-Related Items
withholding event. 
 Depending on the withholding method, the Company may withhold or account for
Tax-Related Items by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum permissible statutory rate for Participant’s tax jurisdiction(s)
in which case Participant will have no entitlement to the equivalent amount in Shares and will receive a refund of any over-withheld amount in cash in accordance with applicable law. If the obligation for
Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Exercised Shares; notwithstanding that a number of the Shares are held
back solely for the purpose of satisfying the withholding obligation for Tax-Related Items. 

Finally, Participant agrees to pay to the Company and/or the Employer any amount of Tax-Related Items
that the Company and/or the Employer may be required to withhold or account for as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the
Shares or the proceeds of the sale of Shares, if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items. 

  
 4 

 (c) Notice of Disqualifying Disposition of ISO Shares. If Participant is subject to Tax-Related Items in the United States and sells or otherwise disposes of any of the Shares acquired pursuant to an ISO on or before the later of (i) two (2) years after the grant date, or (ii) one
(1) year after the exercise date, Participant will immediately notify the Company in writing of such disposition. Participant agrees that he or she may be subject to income tax withholding by the Company on the compensation income recognized
from such early disposition of ISO Shares by payment in cash or out any wages or other cash compensation paid to Participant by the Company and/or the Employer. 

9. Nature of Grant. By accepting the Option, Participant acknowledges, understands and agrees that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended, suspended or terminated
by the Company at any time, to the extent permitted by the Plan; 
 (b) the grant of the Option is exceptional, voluntary, and occasional,
and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted in the past; 

(c) all decisions with respect to future options or other grants, if any, will be at the sole discretion of the Company; 

(d) Participant is voluntarily participating in the Plan; 

(e) the Option and Participant’s participation in the Plan will not create a right to employment or be interpreted as forming or amending
an employment or service contract with the Company or the Employer, and will not interfere with the ability of the Company or the Employer, as applicable, to terminate Participant’s employment or service relationship (if any); 

(f) the Option and the Shares subject to the Option, and the income and value of same, are not intended to replace any pension rights or
compensation; 
 (g) the Option and the Shares subject to the Option, and the income and value of same, are not part of normal or expected
compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments,
bonuses, long-service awards, pension or retirement, or welfare benefits or similar payments; 
 (h) unless otherwise agreed with the
Company, the Option, and the Shares subject to the Option, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Parent, Subsidiary, or Affiliate; 

(i) the future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty; if the underlying
Shares do not increase in value, the Option will have no value; if Participant exercises the Option and acquires Shares, the value of such Shares may increase or decrease, even below the Exercise Price; 

(j) no claim or entitlement to compensation or damages will arise from forfeiture of the Option resulting from Participant’s termination
of Service (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s employment agreement, if
any), and in consideration of the grant of the Option to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Employer, the Company, and any Parent, Subsidiary, or Affiliate; waives

  
 5 

 
his or her ability, if any, to bring any such claim; and releases the Employer, the Company, and any Parent, Subsidiary, or Affiliate from any such claim; if, notwithstanding the foregoing, any
such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant will be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal
or withdrawal of such claim; 
 (k) unless otherwise provided in the Plan or by the Company in its discretion, the Option and the benefits
evidenced by this Option Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any Corporate Transaction
affecting the Shares; and 
 (l) neither the Employer, the Company, or any Parent, Subsidiary or Affiliate will be liable for any foreign
exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to the exercise of the Option or the subsequent sale of any Shares
acquired upon exercise. 
 (m) the following provisions apply only if Participant is providing services outside the United States: 

 

	 	(i)	 the Option and the Shares subject to the Option are not part of normal or expected compensation or salary for
any purpose; and 

  

	 	(ii)	 Participant acknowledges and agrees that neither the Company, the Employer nor any Parent or Subsidiary or
Affiliate will be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Option or of any amounts due to Participant pursuant to the exercise of the
Option or the subsequent sale of any Shares acquired upon exercised 

 10. No Advice Regarding
Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan or Participant’s acquisition or sale of the underlying
Shares. Participant acknowledges, understands, and agrees that he or she should consult with his or her own personal tax, legal, and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. 

11. Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and
transfer, in electronic or other form, of Participant’s personal data as described in this Option Agreement and any other Option grant materials by and among, as applicable, the Employer, the Company and any Parent, Subsidiary or Affiliate for
the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan. 
 Participant understands
that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant’s name, home address, email address and telephone number, date of birth, social insurance number, passport
number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or
outstanding in Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. 

Participant understands that Data will be transferred to the stock plan service provider as may be designated by the Company from time to time
or its affiliates or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the
recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Participant’s country. Participant understands
that if he or 

  
 6 

 
she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources
representative. Participant authorizes the Company, the stock plan service provider as may be designated by the Company from time to time, and its affiliates, and any other possible recipients which may assist the Company (presently or in the
future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the
Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan. Participant understands that if he or she resides outside the United States, he or
she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or
her local human resources representative. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his
or her employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant’s consent is that the Company would not be able to grant Participant options or
other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in the Plan. For more information on the consequences
of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative. 

12. Language. If Participant has received this Option Agreement, or any other document related to the Option
and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

13. Appendix. Notwithstanding any provisions in this Option Agreement, the Option will be subject to any special
terms and conditions set forth in any Appendix to this Option Agreement for Participant’s country. Moreover, if Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply
to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Option Agreement. 

14. Imposition of Other Requirements. The Company reserves the right to impose other requirements on
Participant’s participation in the Plan, on the Option, and on any Shares purchased upon exercise of the Option, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant
to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 
 15.
Acknowledgement. The Company and Participant agree that the Option is granted under and governed by the Notice, this Option Agreement and the Plan (incorporated herein by reference). Participant: (a) acknowledges receipt of
a copy of the Plan and the Plan prospectus, (b) represents that Participant has carefully read and is familiar with their provisions, and (c) hereby accepts the Option subject to all of the terms and conditions set forth herein and those
set forth in the Plan and the Notice. 
 16. Entire Agreement; Enforcement of Rights. This Option Agreement, the
Plan, and the Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments, or negotiations concerning the purchase
of the Shares hereunder are superseded. No adverse modification of, or adverse amendment to, this Option Agreement, nor any waiver of any rights under this Option Agreement, will be effective unless in writing and signed by the parties to this
Option Agreement (which writing and signing may be electronic). The failure by either party to enforce any rights under this Option Agreement will not be construed as a waiver of any rights of such party. 

  
 7 

 17. Compliance with Laws and Regulations. The issuance of Shares
and the sale of Shares will be subject to and conditioned upon compliance by the Company and Participant with all applicable state, federal, local and foreign laws and regulations and with all applicable requirements of any stock exchange or
automated quotation system on which the Company’s Shares may be listed or quoted at the time of such issuance or transfer. Participant understands that the Company is under no obligation to register or qualify the Common Stock with any state,
federal, or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Further, Participant agrees that the Company will have unilateral authority to amend the Plan and this
Option Agreement without Participant’s consent to the extent necessary to comply with securities or other laws applicable to issuance of Shares. Finally, the Shares issued pursuant to this Option Agreement will be endorsed with appropriate
legends, if any, determined by the Company. 
 18. Severability. If one or more provisions of this Option
Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then
(a) such provision will be excluded from this Option Agreement, (b) the balance of this Option Agreement will be interpreted as if such provision were so excluded and (c) the balance of this Option Agreement will be enforceable in
accordance with its terms. 
 19. Governing Law and Venue. This Option Agreement and all acts and transactions
pursuant hereto and the rights and obligations of the parties hereto will be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to such state’s conflict of laws rules. 

Any and all disputes relating to, concerning or arising from this Option Agreement, or relating to, concerning or arising from the
relationship between the parties evidenced by the Plan or this Option Agreement, will be brought and heard exclusively in the United States District Court for the District of Delaware or any state court in New Castle County, Delaware. Each of the
parties hereby represents and agrees that such party is subject to the personal jurisdiction of said courts; hereby irrevocably consents to the jurisdiction of such courts in any legal or equitable proceedings related to, concerning, or arising from
such dispute, and waives, to the fullest extent permitted by law, any objection which such party may now or hereafter have that the laying of the venue of any legal or equitable proceedings related to, concerning, or arising from such dispute which
is brought in such courts is improper or that such proceedings have been brought in an inconvenient forum. 
 20. No Rights as
Employee, Director or Consultant. Nothing in this Option Agreement will affect in any manner whatsoever any right or power of the Employer or the Company to terminate Participant’s Service, for any reason, with or without Cause.

 21. Consent to Electronic Delivery of All Plan Documents and Disclosures. By Participant’s acceptance of
the Notice (whether in writing or electronically), Participant and the Company agree that the Option is granted under and governed by the terms and conditions of the Plan, the Notice, and this Option Agreement. Participant has reviewed the Plan, the
Notice, and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Notice and Agreement, and fully understands all provisions of the Plan, the Notice, and this Option Agreement.
Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice, and this Option Agreement. Participant further agrees to notify the Company
upon any change in Participant’s residence address. By acceptance of the Option, Participant agrees to participate in the Plan through an on-line or electronic system established and maintained by the
Company or a third party designated by the Company and consents to the electronic delivery of the Notice, this Option Agreement, the Plan, account statements, Plan prospectuses required by the U.S. Securities and Exchange Commission, U.S. financial
reports of the Company, and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements), or other communications or information related to the Option and
current or future participation in the Plan. Electronic delivery may include the delivery 

  
 8 

 
of a link to the Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail, or
such other delivery determined at the Company’s discretion. Participant acknowledges that Participant may receive from the Company a paper copy of any documents delivered electronically at no cost if Participant contacts the Company by
telephone, through a postal service, or electronic mail to Stock Administration. Participant further acknowledges that Participant will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly,
Participant understands that Participant must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. Also, Participant understands that Participant’s
consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if Participant has provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent
by telephone, postal service, or electronic mail to Stock Administration. Finally, Participant understands that Participant is not required to consent to electronic delivery if local laws prohibit such consent. 

22. Insider Trading Restrictions/Market Abuse Laws. Participant acknowledges that, depending on Participant’s
country, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant’s ability to acquire or sell the Shares or rights to Shares under the Plan during such times as Participant is considered
to have “inside information” regarding the Company (as defined by the laws in Participant’s country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any
applicable Company insider trading policy. Participant acknowledges that it is Participant’s responsibility to comply with any applicable restrictions and understands that Participant should consult his or her personal legal advisor on such
matters. In addition, Participant acknowledges that he or she has read the Company’s Insider Trading Policy, and agrees to comply with such policy, as it may be amended from time to time, whenever Participant acquires or disposes of the
Company’s securities. 
 23. Award Subject to Company Clawback or Recoupment. To the extent permitted by
applicable law, the Option will be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Participant’s employment or other Service that is
applicable to Participant. In addition to any other remedies available under such policy and applicable law, the Company may require the cancellation of Participant’s Option (whether vested or unvested) and the recoupment of any gains realized
with respect to Participant’s Option. 
 BY ACCEPTING THIS OPTION, PARTICIPANT AGREES TO ALL OF THE TERMS AND CONDITIONS DESCRIBED
ABOVE AND IN THE PLAN. 

  
 9 

 APPENDIX 

PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT 

COUNTRY SPECIFIC PROVISIONS FOR EMPLOYEES OUTSIDE THE U.S. 

Terms and Conditions 
 This Appendix includes
additional terms and conditions that govern the Option granted to Participant under the Plan if Participant resides and/or works in one of the countries below. This Appendix forms part of the Option Agreement. Any capitalized term used in this
Appendix without definition will have the meaning ascribed to it in the Notice, the Option Agreement, or the Plan, as applicable. 
 If Participant is a
citizen or resident of a country, or is considered resident of a country, other than the one in which Participant is currently working, or Participant transfers employment and/or residency between countries after the Date of Grant, the Company will,
in its sole discretion, determine to what extent the additional terms and conditions included herein will apply to Participant under these circumstances. 

Notifications 
 This Appendix also includes
information relating to exchange control, securities laws, foreign asset/account reporting, and other issues of which Participant should be aware with respect to Participant’s participation in the Plan. The information is based on the
securities, exchange control, foreign asset/account reporting, and other laws in effect in the respective countries as of ________. Such laws are complex and change frequently. As a result, Participant should not rely on the information herein as
the only source of information relating to the consequences of Participant’s participation in the Plan because the information may be out of date at the time that Participant exercises the Option, sells Shares acquired under the Plan, or takes
any other action in connection with the Plan. 
 In addition, the information is general in nature and may not apply to Participant’s particular
situation, and the Company is not in a position to assure Participant of any particular result. Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant’s country may apply to
Participant’s situation. 
 Finally, if Participant is a citizen or resident of a country, or is considered resident of a country, other than the one
in which Participant is currently working and/or residing, or Participant transfers employment and/or residency after the Date of Grant, the information contained herein may not apply to Participant in the same manner. 

  
 10 

 APPENDIX 

PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

STOCK OPTION AWARD AGREEMENT 

COUNTRY SPECIFIC PROVISIONS FOR EMPLOYEES OUTSIDE THE U.S. 

None 

  
 11 

 PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK UNIT AWARD 

Unless otherwise defined herein, the terms defined in the Prelude Therapeutics Incorporated (the “Company”) 2020 Equity Incentive Plan
(the “Plan”) will have the same meanings in this Notice of Restricted Stock Unit Award and the electronic representation of this Notice of Restricted Stock Unit Award established and maintained by the Company or a third party
designated by the Company (this “Notice”). 
 Name: 

Address: 
 You (the
“Participant”) have been granted an award of Restricted Stock Units (“RSUs”) under the Plan subject to the terms and conditions of the Plan, this Notice and the attached Restricted Stock Unit Award
Agreement (the “Agreement”), including any applicable country-specific provisions in any appendix attached hereto (the “Appendix”), which constitutes part of the Agreement. 

Grant Number: 
 Number
of RSUs: 
 Date of Grant: 

Vesting Commencement Date: 
  

			
	   Expiration Date:
	  	The earlier to occur of: (a) the date on which settlement of all RSUs granted hereunder occurs, and (b) the tenth anniversary of the Date of Grant. This RSU expires earlier if Participant’s Service terminates
earlier, as described in the Agreement.
		
	   Vesting Schedule:
	  	Subject to the limitations set forth in this Notice, the Plan, and the Agreement, the RSUs will vest in accordance with the following schedule: [insert applicable vesting schedule, which may include performance
metrics]

 By accepting (whether in writing, electronically or otherwise) the RSUs, Participant acknowledges and agrees to the following:

  

	 	1)	 Participant understands that Participant’s Service with the Company or a Parent, Subsidiary, or Affiliate
is for an unspecified duration, can be terminated at any time (i.e., is “at-will”), except where otherwise prohibited by applicable law, and that nothing in this Notice, the Agreement, or the
Plan changes the nature of that relationship. Participant acknowledges that the vesting of the RSUs pursuant to this Notice is subject to Participant’s continuing Service as an Employee, Director or Consultant. Participant agrees and
acknowledges that the Vesting Schedule may change prospectively in the event that Participant’s Service status changes between full- and part-time and/or in the event the Participant is on a leave of absence, in accordance with Company policies
relating to work schedules and vesting of Awards or as determined by the Committee. 

  

	 	2)	 This grant is made under and governed by the Plan, the Agreement, and this Notice, and this Notice is subject
to the terms and conditions of the Agreement and the Plan, both of which are incorporated herein by reference. Participant has read the Notice, the Agreement, and the Plan. 

 

	 	3)	 Participant has read the Company’s Insider Trading Policy, and agrees to comply with such policy, as it
may be amended from time to time, whenever Participant acquires or disposes of the Company’s securities. 

  

	 	4)	 By accepting the RSUs, Participant consents to electronic delivery and participation as set forth in the
Agreement. 

							
	PARTICIPANT	 		 	PRELUDE THERAPEUTICS INCORPORATED
				
	Signature:                                    
                                     	 		 	By:	 	                                      
                                       
				
	Print Name:
                                         
                            	 		 	Its:	 	                                      
                                       

  
 1 

 PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Unless otherwise defined in this Restricted Stock Unit Award Agreement (this “Agreement”), any capitalized terms used
herein will have the same meaning ascribed to them in the Prelude Therapeutics Incorporated 2020 Equity Incentive Plan (the “Plan”). 

Participant has been granted Restricted Stock Units (“RSUs”) subject to the terms, restrictions, and conditions of the
Plan, the Notice of Restricted Stock Unit Award (the “Notice”), and this Agreement, including any applicable country-specific provisions in any appendix attached hereto (the “Appendix”), which
constitutes part of this Agreement. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of the Notice or this Agreement, the terms and conditions of the Plan will prevail. 

1. Settlement. Settlement of RSUs will be made within thirty (30) days following the applicable date of vesting under the
Vesting Schedule set forth in the Notice. Settlement of RSUs will be in Shares. No fractional RSUs or rights for fractional Shares will be created pursuant to this Agreement. 

2. No Stockholder Rights. Unless and until such time as Shares are issued in settlement of vested RSUs, Participant will have no
ownership of the Shares allocated to the RSUs and will have no rights to dividends or to vote such Shares. 
 3. Dividend
Equivalents. Dividends, if any (whether in cash or Shares), will not be credited to Participant. 
 4. Non-Transferability of RSUs. The RSUs and any interest therein will not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of in any manner other than by will or by the laws
of descent or distribution or court order or unless otherwise permitted by the Committee on a case-by-case basis. 

5. Termination; Leave of Absence; Change in Status. If Participant’s Service terminates for any reason, all unvested RSUs
will be forfeited to the Company immediately, and all rights of Participant to such RSUs automatically terminate without payment of any consideration to Participant. Participant’s Service will be considered terminated as of the date Participant
is no longer providing services (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s
employment agreement, if any) and will not, subject to the laws applicable to Participant’s Award, be extended by any notice period mandated under local laws (e.g., Service would not include a period of “garden leave” or similar
period). Participant acknowledges and agrees that the Vesting Schedule may change prospectively in the event Participant’s service status changes between full- and part-time status and/or in the event Participant is on an approved leave of
absence in accordance the Company’s policies relating to work schedules and vesting of awards or as determined by the Committee. Participant acknowledges that the vesting of the Shares pursuant to this Notice and Agreement is subject to
Participant’s continued Service. In case of any dispute as to whether termination of Service has occurred, the Committee will have sole discretion to determine whether such termination of Service has occurred and the effective date of such
termination (including whether Participant may still be considered to be providing services while on an approved leave of absence). 

  

 6. Taxes. 

(a) Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, a Parent,
Subsidiary or Affiliate employing or retaining Participant (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant’s participation in the Plan and legally applicable to Participant (“Tax-Related Items”) is and remains
Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer, if any. Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding
the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs and the subsequent sale of Shares acquired pursuant
to such settlement and the receipt of any dividends, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction, Participant acknowledges that
the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. PARTICIPANT SHOULD CONSULT A TAX ADVISER
APPROPRIATELY QUALIFIED IN THE COUNTRY OR COUNTRIES IN WHICH PARTICIPANT RESIDES OR IS SUBJECT TO TAXATION. 
 (b) Withholding.
Prior to any relevant taxable or tax withholding event, as applicable, Participant agrees to make arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard,
Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy any withholding obligations for Tax-Related Items by one or a combination of the following:

  

	 	(i)	 withholding from Participant’s wages or other cash compensation paid to Participant by the Company and/or
the Employer; or 

  

	 	(ii)	 withholding from proceeds of the sale of Shares acquired upon settlement of the RSUs either through a voluntary
sale or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization and without further consent); 

  

	 	(iii)	 withholding Shares to be issued upon settlement of the RSUs, provided the Company only withholds the number of
Shares necessary to satisfy no more than the maximum applicable statutory withholding amounts; 

  

	 	(iv)	 Participant’s payment of a cash amount (including by check representing readily available funds or a wire
transfer); or 

  

	 	(v)	 any other arrangement approved by the Committee and permitted under applicable law; 

all under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided however, that if Participant is a Section 16 officer of the Company under the Exchange Act, then the Committee (as constituted in accordance with Rule 16b-3 under the Exchange Act) will establish the method of withholding from alternatives (i)-(v) above prior to the Tax-Related Items withholding event. 

  
 1 

 Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum permissible statutory rate for Participant’s tax jurisdiction(s) in
which case Participant will have no entitlement to the equivalent amount in Shares and will receive a refund of any over-withheld amount in cash in accordance with applicable law. If the obligation for
Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the
Shares are held back solely for the purpose of satisfying the withholding obligation for Tax-Related Items. 

Finally, Participant agrees to pay to the Company and/or the Employer any amount of Tax-Related Items
that the Company and/or the Employer may be required to withhold or account for as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the
Shares or the proceeds of the sale of Shares, if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items. 

7. Nature of Grant. By accepting the RSUs, Participant acknowledges, understands and agrees that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated
by the Company at any time, to the extent permitted by the Plan; 
 (b) the grant of the RSUs is exceptional, voluntary, and occasional, and
does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; 

(c) all decisions with respect to future RSUs or other grants, if any, will be at the sole discretion of the Company; 

(d) Participant is voluntarily participating in the Plan; 

(e) the RSUs and Participant’s participation in the Plan will not create a right to employment or be interpreted as forming or amending
an employment or service contract with the Company or the Employer and will not interfere with the ability of the Company or the Employer, as applicable, to terminate Participant’s employment or service relationship (if any); 

(f) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension rights or
compensation; 
 (g) the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of normal or expected
compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments,
bonuses, long-service awards, pension or retirement, or welfare benefits or similar payments; 
 (h) unless otherwise agreed with the
Company, the RSUs, and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Parent, Subsidiary, or Affiliate; 

(i) the future value of the underlying Shares is unknown, indeterminable, and cannot be predicted with certainty; 

  
 2 

 (j) no claim or entitlement to compensation or damages will arise from forfeiture of the
RSUs resulting from Participant’s termination of Service (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms
of Participant’s employment agreement, if any), and in consideration of the grant of the RSUs to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Employer, the Company, and any
Parent, Subsidiary or Affiliate; waives his or her ability, if any, to bring any such claim; and releases the Employer, the Company, and any Parent, Subsidiary, or Affiliate from any such claim; if, notwithstanding the foregoing, any such claim is
allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant will be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal
of such claim; 
 (k) unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits evidenced by this
Agreement do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any Corporate Transaction affecting the Shares; and

 (l) the following provisions apply only if Participant is providing services outside the United States: 

(i) the RSUs and the Shares subject to the RSUs are not part of normal or expected compensation or salary for any purpose; 

(ii) Participant acknowledges and agrees that neither the Company, the Employer nor any Parent or Subsidiary or Affiliate will be liable for
any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to Participant pursuant to the settlement of the RSUs or the subsequent sale of
any Shares acquired upon settlement. 
 8. No Advice Regarding Grant. The Company is not providing any tax, legal, or financial
advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares. Participant acknowledges, understands and agrees he or she should
consult with his or her own personal tax, legal, and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. 

9. Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in
electronic or other form, of Participant’s personal data as described in this Agreement and any other RSU grant materials by and among, as applicable, the Employer, the Company and any Parent, Subsidiary or Affiliate for the exclusive purpose
of implementing, administering and managing Participant’s participation in the Plan. 
 Participant understands that the Company and
the Employer may hold certain personal information about Participant, including, but not limited to, Participant’s name, home address, email address and telephone number, date of birth, social insurance number, passport number or other
identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all RSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in
Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. 

  
 3 

 Participant understands that Data will be transferred to the stock plan service provider as
may be designated by the Company from time to time or its affiliates or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of
the Plan. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than
Participant’s country. Participant understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources
representative. Participant authorizes the Company, the stock plan service provider as may be designated by the Company from time to time, and its affiliates, and any other possible recipients which may assist the Company (presently or in the
future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the
Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan. Participant understands that if he or she resides outside the United States, he or
she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or
her local human resources representative. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his
or her employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant’s consent is that the Company would not be able to grant Participant RSUs or
other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in the Plan. For more information on the consequences
of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative. 

10. Language. If Participant has received this Agreement or any other document related to the RSU and/or the Plan translated into
a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

11. Appendix. Notwithstanding any provisions in this Agreement, the RSUs will be subject to any special terms and conditions set
forth in any Appendix to this Agreement for Participant’s country. Moreover, if Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to Participant, to the extent
the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. 

12. Imposition of Other Requirements. The Company reserves the right to impose other requirements on Participant’s
participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements or
undertakings that may be necessary to accomplish the foregoing. 
 13. Acknowledgement. The Company and Participant agree that
the RSUs are granted under and governed by the Notice, this Agreement, and the Plan (incorporated herein by reference). Participant: (a) acknowledges receipt of a copy of the Plan and the Plan prospectus, (b) represents that Participant
has carefully read and is familiar with their provisions, and (c) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice. 

  
 4 

 14. Entire Agreement; Enforcement of Rights. This Agreement, the Plan, and the
Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments, or negotiations concerning the purchase of the Shares
hereunder are superseded. No adverse modification of or adverse amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the parties to this Agreement (which writing and
signing may be electronic). The failure by either party to enforce any rights under this Agreement will not be construed as a waiver of any rights of such party. 

15.
Compliance with Laws and Regulations. The issuance of Shares and the sale of Shares will be
subject to and conditioned upon compliance by the Company and Participant with all applicable state, federal, local and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which
the Company’s Shares may be listed or quoted at the time of such issuance or transfer. Participant understands that the Company is under no obligation to register or qualify the Common Stock with any state, federal, or foreign securities
commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Further, Participant agrees that the Company will have unilateral authority to amend the Plan and this RSU Agreement without
Participant’s consent to the extent necessary to comply with securities or other laws applicable to issuance of Shares. Finally, the Shares issued pursuant to this RSU Agreement will be endorsed with appropriate legends, if any, determined by
the Company. 
 16. Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law,
the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision will be excluded from this Agreement,
(b) the balance of this Agreement will be interpreted as if such provision were so excluded and (c) the balance of this Agreement will be enforceable in accordance with its terms. 

17. Governing Law and Venue. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the
parties hereto will be governed, construed, and interpreted in accordance with the laws of the State of Delaware, without giving effect to such state’s conflict of laws rules. 

Any and all disputes relating to, concerning or arising from this Agreement, or relating to, concerning, or arising from the relationship
between the parties evidenced by the Plan or this Agreement, will be brought and heard exclusively in the United States District Court for the District of Delaware or any state court in New Castle County, Delaware. Each of the parties hereby
represents and agrees that such party is subject to the personal jurisdiction of said courts; hereby irrevocably consents to the jurisdiction of such courts in any legal or equitable proceedings related to, concerning, or arising from such dispute,
and waives, to the fullest extent permitted by law, any objection which such party may now or hereafter have that the laying of the venue of any legal or equitable proceedings related to, concerning, or arising from such dispute which is brought in
such courts is improper or that such proceedings have been brought in an inconvenient forum. 
 18. No Rights as Employee, Director or
Consultant. Nothing in this Agreement will affect in any manner whatsoever any right or power of the Employer or the Company to terminate Participant’s Service, for any reason, with or without Cause. 

19. Consent to Electronic Delivery of All Plan Documents and Disclosures. By Participant’s acceptance of the Notice (whether
in writing or electronically), Participant and the Company agree that the RSUs are granted under and governed by the terms and conditions of the Plan, the Notice, and this Agreement. Participant has reviewed the Plan, the Notice, and this Agreement
in their entirety, has had an 

  
 5 

 
opportunity to obtain the advice of counsel prior to executing this Notice and Agreement, and fully understands all provisions of the Plan, the Notice, and this Agreement. Participant hereby
agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice, and this Agreement. Participant further agrees to notify the Company upon any change in
Participant’s residence address. By acceptance of the RSUs, Participant agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party
designated by the Company and consents to the electronic delivery of the Notice, this Agreement, the Plan, account statements, Plan prospectuses required by the U.S. Securities and Exchange Commission, U.S. financial reports of the Company, and all
other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements), or other communications or information related to the RSUs and current or future participation in
the Plan. Electronic delivery may include the delivery of a link to the Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail, or
such other delivery determined at the Company’s discretion. Participant acknowledges that Participant may receive from the Company a paper copy of any documents delivered electronically at no cost if Participant contacts the Company by
telephone, through a postal service, or electronic mail to Stock Administration. Participant further acknowledges that Participant will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly,
Participant understands that Participant must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. Also, Participant understands that Participant’s
consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if Participant has provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent
by telephone, postal service, or electronic mail to Stock Administration. Finally, Participant understands that Participant is not required to consent to electronic delivery if local laws prohibit such consent. 

20. Insider Trading Restrictions/Market Abuse Laws. Participant acknowledges that, depending on Participant’s country,
Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant’s ability to acquire or sell the Shares or rights to Shares under the Plan during such times as Participant is considered to have
“inside information” regarding the Company (as defined by the laws in Participant’s country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any
applicable Company insider trading policy. Participant acknowledges that it is Participant’s responsibility to comply with any applicable restrictions and understands that Participant should consult his or her personal legal advisor on such
matters. In addition, Participant acknowledges that he or she read the Company’s Insider Trading Policy, and agrees to comply with such policy, as it may be amended from time to time, whenever Participant acquires or disposes of the
Company’s securities. 
 21. Code Section 409A. For purposes of this Agreement, a
termination of employment will be determined consistent with the rules relating to a “separation from service” as defined in Section 409A of the Internal Revenue Code and the regulations thereunder
(“Section 409A”). Notwithstanding anything else provided herein, to the extent any payments provided under this RSU Agreement in connection with Participant’s termination of employment
constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of such termination of employment to be a “specified employee” under Section 409A, then such payment will not be made or commence
until the earlier of (a) the expiration of the six (6) month period measured from Participant’s separation from service to the Employer or the Company, or (b) the date of Participant’s death following such a separation from
service; provided, however, that such deferral will only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under
Section 409A(a)(1)(B) in the absence of such a deferral. To the extent any payment under this RSU Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment

  
 6 

 
will be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this section are
intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

22. Award Subject to Company Clawback or Recoupment. To the extent permitted by applicable law, the RSUs will be subject to
clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Participant’s employment or other Service that is applicable to Participant. In addition to any other
remedies available under such policy and applicable law, the Company may require the cancellation of Participant’s RSUs (whether vested or unvested) and the recoupment of any gains realized with respect to Participant’s RSUs. 

BY ACCEPTING THIS AWARD OF RSUS, PARTICIPANT AGREES TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN. 

  
 7 

 APPENDIX 

PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

COUNTRY SPECIFIC PROVISIONS FOR EMPLOYEES OUTSIDE THE U.S. 

Terms and Conditions 
 This Appendix includes
additional terms and conditions that govern the RSUs granted to Participant under the Plan if Participant resides and/or works in one of the countries below. This Appendix forms part of the Agreement. Any capitalized term used in this Appendix
without definition will have the meaning ascribed to it in the Notice, the Agreement, or the Plan, as applicable. 
 If Participant is a citizen or resident
of a country, or is considered resident of a country, other than the one in which Participant is currently working, or Participant transfers employment and/or residency between countries after the Date of Grant, the Company will, in its sole
discretion, determine to what extent the additional terms and conditions included herein will apply to Participant under these circumstances. 

Notifications 
 This Appendix also includes
information relating to exchange control, securities laws, foreign asset/account reporting, and other issues of which Participant should be aware with respect to Participant’s participation in the Plan. The information is based on the
securities, exchange control, foreign asset/account reporting, and other laws in effect in the respective countries as of _________. Such laws are complex and change frequently. As a result, Participant should not rely on the information herein as
the only source of information relating to the consequences of Participant’s participation in the Plan because the information may be out of date at the time that Participant vests in the RSUs, sells Shares acquired under the Plan, or takes any
other action in connection with the Plan. 
 In addition, the information is general in nature and may not apply to Participant’s particular situation,
and the Company is not in a position to assure Participant of any particular result. Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant’s country may apply to Participant’s
situation. 
 Finally, if Participant is a citizen or resident of a country, or is considered resident of a country, other than the one in which
Participant is currently working and/or residing, or Participant transfers employment and/or residency after the Date of Grant, the information contained herein may not apply to Participant in the same manner. 

  
 8 

 APPENDIX 

PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

COUNTRY SPECIFIC PROVISIONS FOR EMPLOYEES OUTSIDE THE U.S. 

None 

  
 9 

 PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

NOTICE OF PERFORMANCE STOCK UNIT AWARD 

Unless otherwise defined herein, the terms defined in the Prelude Therapeutics Incorporated (the “Company”) 2020 Equity Incentive Plan
(the “Plan”) will have the same meanings in this Notice of Performance Stock Unit Award and the electronic representation of this Notice of Performance Stock Unit Award established and maintained by the Company or a third
party designated by the Company (this “Notice”). 
 Name: 

Address: 
 You (the
“Participant”) have been granted an award of Performance Stock Units (“PSUs”) under the Plan subject to the terms and conditions of the Plan, this Notice and the attached Performance Stock Unit Award
Agreement (the “Agreement”), including any applicable country-specific provisions in any appendix attached hereto (the “Appendix”), which constitutes part of the Agreement. 

 

			
	 Grant Number:
	 	
		
	 Number of PSUs:
	 	
		
	 Date of Grant:
	 	
	
	 Vesting Commencement Date:

		
	 Expiration Date:
	 	The earlier to occur of: (a) the date on which settlement of all PSUs granted hereunder occurs, and (b) the tenth anniversary of the Date of Grant. This RSU expires earlier if Participant’s Service terminates earlier,
as described in the Agreement.
		
	 Vesting Schedule:
	 	Subject to the limitations set forth in this Notice, the Plan, and the Agreement, the PSUs will vest in accordance with the following schedule: [insert applicable vesting schedule, which may include performance
metrics]

 By accepting (whether in writing, electronically or otherwise) the PSUs, Participant acknowledges and agrees to the following:

  

	 	1)	 Participant understands that Participant’s Service with the Company or a Parent, Subsidiary, or Affiliate
is for an unspecified duration, can be terminated at any time (i.e., is “at-will”), except where otherwise prohibited by applicable law, and that nothing in this Notice, the Agreement, or the
Plan changes the nature of that relationship. Participant acknowledges that the vesting of the PSUs pursuant to this Notice is subject to Participant’s continuing Service as an Employee, Director or Consultant. Participant agrees and
acknowledges that the Vesting Schedule may change prospectively in the event that Participant’s Service status changes between full- and part-time and/or in the event the Participant is on a leave of absence, in accordance with Company policies
relating to work schedules and vesting of Awards or as determined by the Committee. 

  

	 	2)	 This grant is made under and governed by the Plan, the Agreement, and this Notice, and this Notice is subject
to the terms and conditions of the Agreement and the Plan, both of which are incorporated herein by reference. Participant has read the Notice, the Agreement, and the Plan. 

 

	 	3)	 Participant has read the Company’s Insider Trading Policy, and agrees to comply with such policy, as it
may be amended from time to time, whenever Participant acquires or disposes of the Company’s securities. 

  

	 	4)	 By accepting the PSUs, Participant consents to electronic delivery and participation as set forth in the
Agreement. 

							
	PARTICIPANT	 		 	PRELUDE THERAPEUTICS INCORPORATED
				
	Signature:                                    
                                     	 		 	By:	 	                                      
                                       
				
	Print Name: 
                                         
                            	 		 	Its:	 	                                      
                                       

  
 1 

 PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

PERFORMANCE STOCK UNIT AWARD AGREEMENT 

Unless otherwise defined in this Performance Stock Unit Award Agreement (this “Agreement”), any capitalized terms used
herein will have the same meaning ascribed to them in the Prelude Therapeutics Incorporated 2020 Equity Incentive Plan (the “Plan”). 

Participant has been granted Performance Stock Units (“PSUs”) subject to the terms, restrictions, and conditions of
the Plan, the Notice of Performance Stock Unit Award (the “Notice”), and this Agreement, including any applicable country-specific provisions in any appendix attached hereto (the “Appendix”), which
constitutes part of this Agreement. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of the Notice or this Agreement, the terms and conditions of the Plan will prevail. 

1. Settlement. Settlement of PSUs will be made within thirty (30) days following the applicable date of vesting under the
Vesting Schedule set forth in the Notice. Settlement of PSUs will be in Shares. No fractional PSUs or rights for fractional Shares will be created pursuant to this Agreement. 

2. No Stockholder Rights. Unless and until such time as Shares are issued in settlement of vested PSUs, Participant will have no
ownership of the Shares allocated to the PSUs and will have no rights to dividends or to vote such Shares. 
 3. Dividend
Equivalents. Dividends, if any (whether in cash or Shares), will not be credited to Participant. 
 4. Non-Transferability of PSUs. The PSUs and any interest therein will not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of in any manner other than by will or by the laws
of descent or distribution or court order or unless otherwise permitted by the Committee on a case-by-case basis. 

5. Termination; Leave of Absence; Change in Status. If Participant’s Service terminates for any reason, all unvested PSUs
will be forfeited to the Company immediately, and all rights of Participant to such PSUs automatically terminate without payment of any consideration to Participant. Participant’s Service will be considered terminated as of the date Participant
is no longer providing services (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant’s
employment agreement, if any) and will not, subject to the laws applicable to Participant’s Award, be extended by any notice period mandated under local laws (e.g., Service would not include a period of “garden leave” or similar
period). Participant acknowledges and agrees that the Vesting Schedule may change prospectively in the event Participant’s service status changes between full- and part-time status and/or in the event Participant is on an approved leave of
absence in accordance the Company’s policies relating to work schedules and vesting of awards or as determined by the Committee. Participant acknowledges that the vesting of the Shares pursuant to this Notice and Agreement is subject to
Participant’s continued Service. In case of any dispute as to whether termination of Service has occurred, the Committee will have sole discretion to determine whether such termination of Service has occurred and the effective date of such
termination (including whether Participant may still be considered to be providing services while on an approved leave of absence). 

 6. Taxes. 

(a) Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, a Parent,
Subsidiary or Affiliate employing or retaining Participant (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant’s participation in the Plan and legally applicable to Participant (“Tax-Related Items”) is and remains
Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer, if any. Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding
the treatment of any Tax-Related Items in connection with any aspect of the PSUs, including, but not limited to, the grant, vesting or settlement of the PSUs and the subsequent sale of Shares acquired pursuant
to such settlement and the receipt of any dividends, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the PSUs to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction, Participant acknowledges that
the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. PARTICIPANT SHOULD CONSULT A TAX ADVISER
APPROPRIATELY QUALIFIED IN THE COUNTRY OR COUNTRIES IN WHICH PARTICIPANT RESIDES OR IS SUBJECT TO TAXATION. 
 (b) Withholding.
Prior to any relevant taxable or tax withholding event, as applicable, Participant agrees to make arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard,
Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy any withholding obligations for Tax-Related Items by one or a combination of the following:

  

	 	(i)	 withholding from Participant’s wages or other cash compensation paid to Participant by the Company and/or
the Employer; or 

  

	 	(ii)	 withholding from proceeds of the sale of Shares acquired upon settlement of the PSUs either through a voluntary
sale or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization and without further consent); 

  

	 	(iii)	 withholding Shares to be issued upon settlement of the PSUs, provided the Company only withholds the number of
Shares necessary to satisfy no more than the maximum applicable statutory withholding amounts; 

  

	 	(iv)	 Participant’s payment of a cash amount (including by check representing readily available funds or a wire
transfer); or 

  

	 	(v)	 any other arrangement approved by the Committee and permitted under applicable law; 

all under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided however, that if Participant is a Section 16 officer of the Company under the Exchange Act, then the Committee (as constituted in accordance with Rule 16b-3 under the Exchange Act) will establish the method of withholding from alternatives (i)-(v) above prior to the Tax-Related Items withholding event. 

  
 1 

 Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum permissible statutory rate for Participant’s tax jurisdiction(s) in
which case Participant will have no entitlement to the equivalent amount in Shares and will receive a refund of any over-withheld amount in cash in accordance with applicable law. If the obligation for
Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested PSUs, notwithstanding that a number of the
Shares are held back solely for the purpose of satisfying the withholding obligation for Tax-Related Items. 

Finally, Participant agrees to pay to the Company and/or the Employer any amount of Tax-Related Items
that the Company and/or the Employer may be required to withhold or account for as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the
Shares or the proceeds of the sale of Shares, if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items. 

7. Nature of Grant. By accepting the PSUs, Participant acknowledges, understands and agrees that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated
by the Company at any time, to the extent permitted by the Plan; 
 (b) the grant of the PSUs is exceptional, voluntary, and occasional, and
does not create any contractual or other right to receive future grants of PSUs, or benefits in lieu of PSUs, even if PSUs have been granted in the past; 

(c) all decisions with respect to future PSUs or other grants, if any, will be at the sole discretion of the Company; 

(d) Participant is voluntarily participating in the Plan; 

(e) the PSUs and Participant’s participation in the Plan will not create a right to employment or be interpreted as forming or amending
an employment or service contract with the Company or the Employer and will not interfere with the ability of the Company or the Employer, as applicable, to terminate Participant’s employment or service relationship (if any); 

(f) the PSUs and the Shares subject to the PSUs, and the income and value of same, are not intended to replace any pension rights or
compensation; 
 (g) the PSUs and the Shares subject to the PSUs, and the income and value of same, are not part of normal or expected
compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments,
bonuses, long-service awards, pension or retirement, or welfare benefits or similar payments; 
 (h) unless otherwise agreed with the
Company, the PSUs, and the Shares subject to the PSUs, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Parent, Subsidiary, or Affiliate; 

(i) the future value of the underlying Shares is unknown, indeterminable, and cannot be predicted with certainty; 

  
 2 

 (j) no claim or entitlement to compensation or damages will arise from forfeiture of the
PSUs resulting from Participant’s termination of Service (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms
of Participant’s employment agreement, if any), and in consideration of the grant of the PSUs to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Employer, the Company, and any
Parent, Subsidiary or Affiliate; waives his or her ability, if any, to bring any such claim; and releases the Employer, the Company, and any Parent, Subsidiary, or Affiliate from any such claim; if, notwithstanding the foregoing, any such claim is
allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant will be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal
of such claim; 
 (k) unless otherwise provided in the Plan or by the Company in its discretion, the PSUs and the benefits evidenced by this
Agreement do not create any entitlement to have the PSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any Corporate Transaction affecting the Shares; and

 (l) the following provisions apply only if Participant is providing services outside the United States: 

(i) the PSUs and the Shares subject to the PSUs are not part of normal or expected compensation or salary for any purpose; 

(ii) Participant acknowledges and agrees that neither the Company, the Employer nor any Parent or Subsidiary or Affiliate will be liable for
any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the PSUs or of any amounts due to Participant pursuant to the settlement of the PSUs or the subsequent sale of
any Shares acquired upon settlement. 
 8. No Advice Regarding Grant. The Company is not providing any tax, legal, or financial
advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares. Participant acknowledges, understands and agrees he or she should
consult with his or her own personal tax, legal, and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. 

9. Data Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in
electronic or other form, of Participant’s personal data as described in this Agreement and any other RSU grant materials by and among, as applicable, the Employer, the Company and any Parent, Subsidiary or Affiliate for the exclusive purpose
of implementing, administering and managing Participant’s participation in the Plan. 
 Participant understands that the Company and
the Employer may hold certain personal information about Participant, including, but not limited to, Participant’s name, home address, email address and telephone number, date of birth, social insurance number, passport number or other
identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all PSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in
Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan. 

  
 3 

 Participant understands that Data will be transferred to the stock plan service provider as
may be designated by the Company from time to time or its affiliates or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of
the Plan. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than
Participant’s country. Participant understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources
representative. Participant authorizes the Company, the stock plan service provider as may be designated by the Company from time to time, and its affiliates, and any other possible recipients which may assist the Company (presently or in the
future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the
Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan. Participant understands that if he or she resides outside the United States, he or
she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or
her local human resources representative. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his
or her employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant’s consent is that the Company would not be able to grant Participant PSUs or
other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant’s ability to participate in the Plan. For more information on the consequences
of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative. 

10. Language. If Participant has received this Agreement or any other document related to the RSU and/or the Plan translated into
a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

11. Appendix. Notwithstanding any provisions in this Agreement, the PSUs will be subject to any special terms and conditions set
forth in any Appendix to this Agreement for Participant’s country. Moreover, if Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to Participant, to the extent
the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. 

12. Imposition of Other Requirements. The Company reserves the right to impose other requirements on Participant’s
participation in the Plan, on the PSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements or
undertakings that may be necessary to accomplish the foregoing. 
 13. Acknowledgement. The Company and Participant agree that
the PSUs are granted under and governed by the Notice, this Agreement, and the Plan (incorporated herein by reference). Participant: (a) acknowledges receipt of a copy of the Plan and the Plan prospectus, (b) represents that Participant
has carefully read and is familiar with their provisions, and (c) hereby accepts the PSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice. 

  
 4 

 14. Entire Agreement; Enforcement of Rights. This Agreement, the Plan, and the
Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments, or negotiations concerning the purchase of the Shares
hereunder are superseded. No adverse modification of or adverse amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the parties to this Agreement (which writing and
signing may be electronic). The failure by either party to enforce any rights under this Agreement will not be construed as a waiver of any rights of such party. 

15.
Compliance with Laws and Regulations. The issuance of Shares and the sale of Shares will be
subject to and conditioned upon compliance by the Company and Participant with all applicable state, federal, local and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which
the Company’s Shares may be listed or quoted at the time of such issuance or transfer. Participant understands that the Company is under no obligation to register or qualify the Common Stock with any state, federal, or foreign securities
commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Further, Participant agrees that the Company will have unilateral authority to amend the Plan and this RSU Agreement without
Participant’s consent to the extent necessary to comply with securities or other laws applicable to issuance of Shares. Finally, the Shares issued pursuant to this RSU Agreement will be endorsed with appropriate legends, if any, determined by
the Company. 
 16. Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law,
the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision will be excluded from this Agreement,
(b) the balance of this Agreement will be interpreted as if such provision were so excluded and (c) the balance of this Agreement will be enforceable in accordance with its terms. 

17. Governing Law and Venue. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the
parties hereto will be governed, construed, and interpreted in accordance with the laws of the State of Delaware, without giving effect to such state’s conflict of laws rules. 

Any and all disputes relating to, concerning or arising from this Agreement, or relating to, concerning, or arising from the relationship
between the parties evidenced by the Plan or this Agreement, will be brought and heard exclusively in the United States District Court for the District of Delaware or any state court in New Castle County, Delaware. Each of the parties hereby
represents and agrees that such party is subject to the personal jurisdiction of said courts; hereby irrevocably consents to the jurisdiction of such courts in any legal or equitable proceedings related to, concerning, or arising from such dispute,
and waives, to the fullest extent permitted by law, any objection which such party may now or hereafter have that the laying of the venue of any legal or equitable proceedings related to, concerning, or arising from such dispute which is brought in
such courts is improper or that such proceedings have been brought in an inconvenient forum. 
 18. No Rights as Employee, Director or
Consultant. Nothing in this Agreement will affect in any manner whatsoever any right or power of the Employer or the Company to terminate Participant’s Service, for any reason, with or without Cause. 

  
 5 

 19. Consent to Electronic Delivery of All Plan Documents and Disclosures. By
Participant’s acceptance of the Notice (whether in writing or electronically), Participant and the Company agree that the PSUs are granted under and governed by the terms and conditions of the Plan, the Notice, and this Agreement. Participant
has reviewed the Plan, the Notice, and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and Agreement, and fully understands all provisions of the Plan, the Notice, and this
Agreement. Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice, and this Agreement. Participant further agrees to notify the
Company upon any change in Participant’s residence address. By acceptance of the PSUs, Participant agrees to participate in the Plan through an on-line or electronic system established and maintained by
the Company or a third party designated by the Company and consents to the electronic delivery of the Notice, this Agreement, the Plan, account statements, Plan prospectuses required by the U.S. Securities and Exchange Commission, U.S. financial
reports of the Company, and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements), or other communications or information related to the PSUs and
current or future participation in the Plan. Electronic delivery may include the delivery of a link to the Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail, or such other delivery determined at the Company’s discretion. Participant acknowledges that Participant may receive from the Company a paper copy of any documents delivered electronically at no cost if
Participant contacts the Company by telephone, through a postal service, or electronic mail to Stock Administration. Participant further acknowledges that Participant will be provided with a paper copy of any documents delivered electronically if
electronic delivery fails; similarly, Participant understands that Participant must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. Also,
Participant understands that Participant’s consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if Participant has provided an electronic mail address), at any time by
notifying the Company of such revised or revoked consent by telephone, postal service, or electronic mail to Stock Administration. Finally, Participant understands that Participant is not required to consent to electronic delivery if local laws
prohibit such consent. 
 20. Insider Trading Restrictions/Market Abuse Laws. Participant acknowledges that, depending on
Participant’s country, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant’s ability to acquire or sell the Shares or rights to Shares under the Plan during such times as
Participant is considered to have “inside information” regarding the Company (as defined by the laws in Participant’s country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions
that may be imposed under any applicable Company insider trading policy. Participant acknowledges that it is Participant’s responsibility to comply with any applicable restrictions and understands that Participant should consult his or her
personal legal advisor on such matters. In addition, Participant acknowledges that he or she read the Company’s Insider Trading Policy, and agrees to comply with such policy, as it may be amended from time to time, whenever Participant acquires
or disposes of the Company’s securities. 
 21. Code Section 409A. For purposes of this
Agreement, a termination of employment will be determined consistent with the rules relating to a “separation from service” as defined in Section 409A of the Internal Revenue Code and the regulations thereunder
(“Section 409A”). Notwithstanding anything else provided herein, to the extent any payments provided under this RSU Agreement in connection with Participant’s termination of employment
constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of such termination of employment to be a “specified employee” under Section 409A, then such payment will not be made or commence
until the earlier of (a) the expiration of the six (6) month period measured from Participant’s separation from service to the Employer or the Company, or (b) the date of Participant’s death following such a separation from
service; provided, 

  
 6 

 
however, that such deferral will only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant
would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. To the extent any payment under this RSU Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such
payment will be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this section are intended to constitute separate payments for
purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 22. Award Subject to Company
Clawback or Recoupment. To the extent permitted by applicable law, the PSUs will be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term
of Participant’s employment or other Service that is applicable to Participant. In addition to any other remedies available under such policy and applicable law, the Company may require the cancellation of Participant’s PSUs (whether
vested or unvested) and the recoupment of any gains realized with respect to Participant’s PSUs. 
 BY ACCEPTING THIS AWARD OF RSUS,
PARTICIPANT AGREES TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN. 

  
 7 

 APPENDIX 

PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

COUNTRY SPECIFIC PROVISIONS FOR EMPLOYEES OUTSIDE THE U.S. 

Terms and Conditions 
 This Appendix includes
additional terms and conditions that govern the PSUs granted to Participant under the Plan if Participant resides and/or works in one of the countries below. This Appendix forms part of the Agreement. Any capitalized term used in this Appendix
without definition will have the meaning ascribed to it in the Notice, the Agreement, or the Plan, as applicable. 
 If Participant is a citizen or resident
of a country, or is considered resident of a country, other than the one in which Participant is currently working, or Participant transfers employment and/or residency between countries after the Date of Grant, the Company will, in its sole
discretion, determine to what extent the additional terms and conditions included herein will apply to Participant under these circumstances. 

Notifications 
 This Appendix also includes
information relating to exchange control, securities laws, foreign asset/account reporting, and other issues of which Participant should be aware with respect to Participant’s participation in the Plan. The information is based on the
securities, exchange control, foreign asset/account reporting, and other laws in effect in the respective countries as of _________. Such laws are complex and change frequently. As a result, Participant should not rely on the information herein as
the only source of information relating to the consequences of Participant’s participation in the Plan because the information may be out of date at the time that Participant vests in the PSUs, sells Shares acquired under the Plan, or takes any
other action in connection with the Plan. 
 In addition, the information is general in nature and may not apply to Participant’s particular situation,
and the Company is not in a position to assure Participant of any particular result. Accordingly, Participant should seek appropriate professional advice as to how the relevant laws in Participant’s country may apply to Participant’s
situation. 
 Finally, if Participant is a citizen or resident of a country, or is considered resident of a country, other than the one in which
Participant is currently working and/or residing, or Participant transfers employment and/or residency after the Date of Grant, the information contained herein may not apply to Participant in the same manner. 

  
 8 

 APPENDIX 

PRELUDE THERAPEUTICS INCORPORATED 

2020 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

COUNTRY SPECIFIC PROVISIONS FOR EMPLOYEES OUTSIDE THE U.S. 

None 

  
 9

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