Document:

Exhibit 10(b)

  

  

  POWER OF ATTORNEY

  

  

  We, the undersigned directors and/or officers of The Lincoln National Life Insurance Company, hereby constitute and appoint Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Donald E. Keller, Michelle Grindle,  Jeffrey L. Smith, Jassmin McIver-Jones, Carolyn Augur and John D. Weber,  individually, our true and lawful
    attorneys-in-fact, with full power to each of them to sign for us, in our names and in the capacities indicated below, any Registration Statements and any and all amendments to Registration Statements; including exhibits, or other documents filed on
    Forms N-6, N-4 or S-3 or any successors or amendments to these Forms, filed with the Securities and Exchange Commission, under the Securities Act of 1933 and/or Securities Act of 1940, on behalf of the Company in its own name or in the name of one of
    its Separate Accounts, hereby ratifying and confirming our signatures as they may be signed by any of our attorneys-in-fact to any such amendments to said Registration Statements as follows:

  

  

  Variable Life Insurance Separate Accounts:

  

  

  
    
      

  

  	
          Account

        	
          Product name

        
	
          Lincoln Life Flexible Premium Variable Life Account D (811-04592)

        	
          Variable Universal Life Leadership Series

        
	
          Lincoln Life Flexible Premium Variable Life Account F (811-05164)

        	
          American Legacy Life

          American Legacy Estate Builder

        
	
          Lincoln Life Flexible Premium Variable Life Account G (811-05585)

        	
          VUL-III

        
	
          Lincoln Life Flexible Premium Variable Life Account J (811-08410)

        	
          American Legacy Variable Life

        
	
          Lincoln Life Flexible Premium Variable Life Account K (811-08412)

        	
          Multi Fund Variable Life

        
	
          Lincoln Life Flexible Premium Variable Life Account M (811-08557)

        	
          VULdb / VULdb ES

          VULdb-II ES

          VUL-I / VULcv

          VULcv-II / VULcvII ES / VUL Flex

          VULcv-III ES

          MoneyGuard VUL

          VULone ES / VULone 2005 ES

          Momentum VULone / Momentum VULone 2005

          VULcv-IV ES

          VULdb-IV ES

          Momentum VULone 2007

          VULone 2007

          AssetEdge VUL

          AssetEdge VUL2015/AssetEdge Exec VUL 2015

          VULone2012

          VULone2014

          InReach VULone2014

          VULone2019

          AssetEdge VUL2019/AssetEdge Exec VUL 2019

          AssetEdge VUL2019-2/AssetEdge Exec VUL 2019-2

          AssetEdge VUL2020/AssetEdge Exec VUL 2020

        
	
          Lincoln Life Flexible Premium Variable Life Account R (811-08579)

        	
          SVUL / SVUL-I

          SVUL-II / SVUL-II ES

          SVUL-III ES

          SVUL-IV ES / PreservationEdge SVUL

          SVULone ES

          Momentum SVULone

          SVULone 2007 ES

          Momentum SVULone 2007

          SVULone2013

          SVULone2016

          SVULone2019

        
	
          Lincoln Life Flexible Premium Variable Life Account S (811-09241)

        	
          CVUL / CVUL Series III / CVUL Series III ES

          LCV4 ES

          LCV5 ES / LCC VUL

          Lincoln Corporate Executive VUL

        
	
          Lincoln Life Flexible Premium Variable Life Account Y (811-21028)

        	
          American Legacy VULcv-III

          American Legacy VULdb-II

          American Legacy SVUL-II

          American Legacy SVUL-III

          American Legacy VULcv-IV

          American Legacy VULdb-IV

          American Legacy SVUL-IV/PreservationEdge SVUL

          American Legacy AssetEdge

        

  

  

  

  

  Variable Annuity Separate Accounts:

  

  

  	
          Account

        	
          Product name

        
	
          Lincoln National Variable Annuity Account C (811-03214)

        	
          Multi-Fund

          Multi-Fund Select

          Multi-Fund 5 Retirement Annuity

        
	
          Lincoln National Variable Annuity Account E (811-04882)

        	
          The American Legacy

        
	
          Lincoln National Variable Annuity Account H (811-05721)

        	
          American Legacy II

          American Legacy III

          American Legacy III B Class

          American Legacy III C Share

          American Legacy III Plus

          American Legacy III View

          American Legacy Design

          American Legacy Signature

          American Legacy Fusion

          American Legacy Series

          American Legacy Advisory

          American Legacy Target Date Income B Share

          American Legacy Target Date Income Advisory

          Shareholder’s Advantage

          Shareholder’s Advantage A Class

          Shareholder’s Advantage purchased on and after May 21, 2018

        
	
          Lincoln National Variable Annuity Account L (811-07645)

        	
          Group Variable Annuity

          Secured Retirement Income Version 1

          Secured Retirement Income Version 2

          Secured Retirement Income Version 3

          Secured Retirement Income Version 4

          Retirement Income Rollover Version 1

          Retirement Income Rollover Version 2

          Retirement Income Rollover Version 3

          Retirement Income Rollover Version 4

        
	 	 
	
          Lincoln Life Variable Annuity Account N (811-08517)

        	
          ChoicePlus Assurance (A Share)

          ChoicePlus Assurance (A Class)

          ChoicePlus Assurance (B Share)

          ChoicePlus Assurance (B Class)

          ChoicePlus Assurance (C Share)

          ChoicePlus Assurance (L Share)

          ChoicePlus Assurance (Bonus)

          Choice Plus

          Choice Plus II

          ChoicePlus Access

          ChoicePlus II Access

          ChoicePlus Bonus

          ChoicePlus II Bonus

        
	 	
          ChoicePlus II Advance

          ChoicePlus Design

          ChoicePlus Signature

          ChoicePlus Rollover

          ChoicePlus Fusion

          ChoicePlus Series

          ChoicePlus Prime

          ChoicePlus Advisory

          ChoicePlus Select B-Share

          InvestmentSolutions

          InvestmentSolutions RIA

          Lincoln Investor Advantage

          Lincoln Invester Advantage 2018

          Lincoln Investor Advantage Fee-Based

          Lincoln Investor Advantage RIA

          Lincoln Investor Advantage Advisory

          Lincoln Investor Advantage RIA Class

          Lincoln Investor Advantage Advisory Choice

          Lincoln Level Advantage B Share Indexed Variable Annuity

          Lincoln Level Advantage Advisory Indexed Variable Annuity

          Lincoln Level Advantage B Class Indexed Variable Annuity

          Lincoln Level Advantage Advisory Class Indexed Variable Annuity

          Lincoln Level Advantage Fee-Based Indexed Variable Annuity

          Lincoln Level Advantage Select B-Share Indexed Variable Annuity

          Lincoln Level Advantage Design B-Share Indexed Variable Annuity

          Lincoln Level Advantage Design Advisory Indexed Variable Annuity

          Core Income

        
	
          Lincoln Life Variable Annuity Account Q (811-08569)

        	
          Multi-Fund Group

        
	
          Lincoln Life S-3 Filing

        	
          Lincoln Level Advantage B Share Indexed Variable Annuity

          Lincoln Level Advantage Advisory Indexed Variable Annuity

          Lincoln Level Advantage B Class Indexed Variable Annuity

          Lincoln Level Advantage Advisory Class Indexed Variable Annuity

          Lincoln Level Advantage Fee-Based Indexed Variable Annuity

          Lincoln Level Advantage Select B Share Indexed Variable Annuity

          Lincoln Level Advantage Design B-Share Indexed Variable Annuity

          Lincoln Level Advantage Design Advisory Indexed Variable Annuity

        

  

  

  

  

  Except as otherwise specifically provided herein, the power-of-attorney granted herein shall not in any manner revoke in whole or in part any power-of-attorney that
    each person whose signature appears below has previously executed.  This power-of-attorney shall not be revoked by any subsequent power-of-attorney each person whose signature appears below may execute, unless such subsequent power specifically refers
    to this power-of-attorney or specifically states that the instrument is intended to revoke all prior general powers-of-attorney or all prior powers-of-attorney.

  

  

  This Power-of-Attorney may be executed in separate counterparts each of which when executed and delivered shall be an original; but all such counterparts shall
    together constitute one and the same instrument.  Each counterpart may consist of a number of copies, each signed by less than all, but together signed by all, of the undersigned.

  

  

  

  

  

  

  Signature                                                                                    Title

  

  

  /s/Dennis R. Glass

  	______________________________	
          President, Chairman and Director

        

  Dennis R. Glass

  

  

  /s/Ellen G. Cooper

  	_____________________________	
          Executive Vice President, Chief Investment Officer

        

  Ellen G. Cooper                                                                                                  and Director

  

  

  /s/Randal J. Freitag

  	_____________________________	
          Executive Vice President; Chief Financial Officer and Director

        

  Randal J. Freitag

  

  

  /s/Christine A. Janofsky

  	_____________________________	
          Senior Vice President and Controller

        

  Christine A. Janofsky

  

  

  /s/Leon E. Roday

  	_____________________________	
          Executive Vice President, General Counsel and Director

        

  Leon E. Roday

  

  

  /s/Wilford H. Fuller

  	_____________________________	
          Executive Vice President and Director

        

  Wilford H. Fuller

  

  

  /s/Keith J. Ryan

  ______________________________                                                                                                  Vice President and Director

  Keith J. Ryan

  

  

  

  

  We, Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Donald E. Keller, Michelle Grindle, Jeffrey L. Smith, Jassmin McIver-Jones,
    Carolyn Augur and John D. Weber, have read the foregoing Power of Attorney.  We are the person(s) identified therein as agent(s) for the principal named therein.  We acknowledge our legal responsibilities.

  

  

  	
          /s/Delson R. Campbell                                                      

          Delson R. Campbell

           

        	
          /s/Scott C. Durocher  

          Scott C. Durocher

        
	
          /s/Kimberly A. Genovese                                                      

          Kimberly A. Genovese

           

        	
          /s/Daniel P. Herr                                                      

          Daniel P. Herr

        
	
          /s/Donald E. Keller                                                      

          Donald E. Keller

           

        	
          /s/Michelle Grindle                                                      

          Michelle Grindle

        
	
          /s/Jeffrey L. Smith                                                      

          Jeffrey L. Smith

           

        	
          /s/John D. Weber                                                      

          John D. Weber

        
	
          /s/Jassmin McIver-Jones                                                      

          Jassmin McIver-Jones

        	
          /s/Carolyn Augur                                                      

          Carolyn Augur

        

  

  

  

  

  

  

  

  

  

  

  Version dated: 5/2020EX-10.1

 Exhibit 10.1 

Execution Copy 

SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of August 12, 2020 by and between
Seres Therapeutics, Inc., a Delaware corporation (the “Company”), and Société des Produits Nestlé S.A., a société anonyme organized under the laws of Switzerland (the
“Investor”). 
 RECITALS 

A. The Investor wishes to purchase from the Company, and the Company wishes to sell and issue to the Investor, upon the terms and subject to
the conditions stated in this Agreement, shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”); 

B. The Company has prepared and filed with the Securities and Exchange Commission (the “SEC”), in accordance with the
provisions of the Securities Act of 1933, as amended (the “1933 Act”), and the applicable rules and regulations thereunder, an automatic registration statement on Form S-3 (File No. 333-237033) (the “Registration Statement”); and 
 C. The Company intends to
offer, issue and sell shares of Common Stock in an offering to the public (the “Public Offering”), and the Company and the Investor will consummate the transactions contemplated by this Agreement concurrently with, and contingent
upon, a portion of the Public Offering. 
 In consideration of the mutual promises made herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions.
For the purposes of this Agreement, the following terms shall have the meanings set forth below: 
 “Affiliate” means, with
respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is controlled by, or is under common Control with, such Person. 

“Closing” has the meaning set forth in Section 3.1. 

“Control” (including the terms “controlling”, “controlled by” or “under common control with”)
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Financial Statements” has the meaning set forth in Section 4.6. 

“HSR” has the meaning set forth in Section 7. 

 “HSR Clearance” has the meaning set forth in
Section 3.1. 
 “HSR Closing” has the meaning set forth in Section 3.1.

 “HSR Filings” has the meaning set forth in Section 7. 

“HSR Shares” has the meaning set forth in Section 3.1. 

“Initial Closing” has the meaning set forth in Section 3.1. 

“Initial Closing Number” has the meaning set forth in Section 3.1. 

“Material Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations,
financial condition or business of the Company and its Subsidiaries taken as a whole, (ii) the legality or enforceability of any of this Agreement or (iii) the ability of the Company to perform its obligations under this Agreement;
provided, however, that in no event shall any of the following occurring after the date hereof, alone or in combination, be deemed to constitute, or be taken into account in determining whether a Material Adverse Effect has occurred:
(i) any change in the Company’s stock price or trading volume, or (ii) any effect caused by the announcement or pendency of the transactions contemplated by this Agreement, or the identity of any Investor or any of its Affiliates as
the purchaser in connection with the transactions contemplated by this Agreement. 
 “Material Contract” means any
contract, instrument or other agreement to which the Company is a party or by which it is bound which is material to the business of the Company, including those that have been filed as an exhibit to the SEC Filings pursuant to Item 601(b)(10) of
Regulation S-K. 
 “Nasdaq” means The Nasdaq Global Select Market. 

“Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint
stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

“Public Offering” has the meaning set forth in the Recitals. 

“Purchase Price” means 97% of the price per share to the public of the shares of Common Stock sold in the Public Offering.

 “Registration Statement” has the meaning set forth in the Recitals. 

“SEC Documents” has the meaning set forth in Section 4.6. 

“SEC Filings” has the meaning set forth in Section 4. 

“Shares” has the meaning set forth in the Recitals. 

  
 2 

 “Subscription Amount” means, as to the Investor, the aggregate amount to be
paid for the Shares purchased hereunder by the Investor in U.S. Dollars and in immediately available funds. 

“Subsidiaries” has the meaning set forth in Section 4.1. 

“Total Share Number” has the meaning set forth in Section 3.1. 

“1933 Act” has the meaning set forth in the Recitals. 

“1934 Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 2. Purchase and Sale of the Shares. Upon the terms and subject to the conditions set forth herein, the
Company agrees to issue and sell, and the Investor agrees to purchase and sell the number of Shares equal to the result obtained by dividing $20.0 million by the Purchase Price, rounded down to the nearest whole share of Common Stock, at a
price per share equal to the Purchase Price. 
 3. Closing. 

3.1. The initial closing of the purchase and sale of Shares pursuant to this Agreement (the “Initial Closing”) shall occur on
the second business day following the closing of the Public Offering. The subsequent closing of the purchase and sale of Shares pursuant to this Agreement (the “HSR Closing” and, together with the Initial Closing, the
“Closings”) shall occur on the second business day following the expiration or termination of the waiting period under the HSR Act relating to the sale of such Shares to be sold in the HSR Closing (the “HSR
Clearance”); provided, however, that, notwithstanding anything herein to the contrary, to the extent that the underwriters in the Public Offering exercise their option to purchase additional shares of Common Stock (the
“Option”), and the Investor could purchase an incremental number of Shares on the closing date for the Option without HSR Clearance that together with the Initial Closing Number would equal the Total Share Number, then the HSR
Closing shall occur on the closing date of the Option. 
 3.2. In the Closings, the Investor shall collectively purchase a number of Shares
equal to $20.0 million divided by the Purchase Price (such quotient, the “Total Share Number”). At the Initial Closing, the Investor shall purchase, and the Company shall issue and sell, the maximum number of Shares (not
greater than the Total Share Number) that may be purchased by the Investor without requiring HSR Clearance (such number of shares, the “Initial Closing Number”) for a price per share equal to the Purchase Price, which shall be paid
by the Investor by wire transfer of immediately available funds pursuant to wire instructions delivered to the Investor by the Company; provided that the aggregate portion of the Purchase Price to be paid by Investor at the Initial Closing shall not
exceed $16.0 million. At the HSR Closing, the Investor shall purchase, and the Company shall issue and sell, a number of Shares equal to the Total Share Number less the Initial Closing Number (the “HSR Shares”), for a price per
share equal to the Purchase Price, which shall be paid by the Investor by wire transfer of immediately available funds pursuant to wire instructions delivered to the Investor by the Company. In the event that the Investor determines in its
reasonable discretion that it is unable to acquire any Shares at the Initial Closing without first obtaining HSR Clearance, it shall pay the entire Purchase Price at the HSR Closing, and the Total Share Number will be issued to it at that HSR
Closing. 

  
 3 

 3.3. At the Initial Closing and the HSR Closing, the Company shall deliver or cause to be
delivered to the Investor the Shares to be purchased by the Investor at the applicable closing. The Shares shall be issued in book entry form or, upon request by the Investor, certificated form. 

4. Representations and Warranties of the Company. The Company hereby represents and warrants to the Investor that, except as otherwise
described in the Company’s filings pursuant to the 1934 Act (collectively, the “SEC Filings”), which qualify these representations and warranties in their entirety, as of the date hereof: 

4.1. Organization, Good Standing and Qualification. The Company is an entity duly incorporated, validly existing and in good standing
under the laws of the State of Delaware, with the requisite corporate power and authority to own or lease and use its properties and assets, to execute and deliver this Agreement, to carry out the provisions of this Agreement, to issue and sell the
Shares and to carry on its business as presently conducted as described in the SEC Filings. Each of the Company’s subsidiaries required to be disclosed pursuant to Item 601(b)(21) of Regulation S-K
in an exhibit to its annual report on Form 10-K filed with the SEC for the year ended December 31, 2019 (the “Subsidiaries”) is an entity duly incorporated or otherwise organized, validly
existing and in good standing (to the extent such concept exists in the relevant jurisdiction) under the laws of the jurisdiction of its incorporation or organization, as applicable, and has all requisite power and authority to carry on its business
and to own and use its properties. Neither the Company nor any of its Subsidiaries is in violation or default in any material respect of any of the provisions of its respective articles of association, charter, certificate of incorporation, bylaws,
limited partnership agreement or other organizational or constitutive documents. Each of the Company and its Subsidiaries is duly qualified to do business as a foreign entity and is in good standing (to the extent such concept exists in the relevant
jurisdiction) in each jurisdiction in which the conduct of its business or its ownership or leasing of property makes such qualification necessary, except to the extent any failure to so qualify has not had and would not reasonably be expected to
have a Material Adverse Effect. 
 4.2. Authorization. The Company has the requisite corporate power and authority and has taken all
requisite corporate action necessary for, and no further action on the part of the Company, its officers, directors and stockholders is necessary for, (i) the authorization, execution and delivery of this Agreement, (ii) the authorization
of the performance of all obligations of the Company hereunder or thereunder, and (iii) the authorization, issuance and delivery of the Shares. This Agreement has been duly executed and delivered by the Company and, assuming due authorization,
execution and delivery by the Investor, constitute valid and binding obligations of the Company enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors’ rights, (b) general principles of equity that restrict the availability of equitable remedies and (c) to the extent that the enforceability of indemnification provisions may be
limited by applicable laws. 

  
 4 

 4.3. Valid Issuance. The Shares have been duly and validly authorized and, when
issued and paid for pursuant to this Agreement, will be validly issued, fully paid and nonassessable, and shall be free and clear of all security interests, liens, other encumbrances and restrictions (other than those created by the Investor),
except for restrictions on transfer set forth in this Agreement or imposed by applicable securities laws. 
 4.4. Consents. The
execution, delivery and performance by the Company of this Agreement and the offer, issuance and sale of the Shares require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or official other than
filings that have been made pursuant to applicable state securities laws and post-sale filings pursuant to applicable state and federal securities laws and the rules and regulations of Nasdaq, which the Company undertakes to file within the
applicable time periods and the filings contemplated by Section 7 and the HSR Clearance. 
 4.5. No Conflict,
Breach, Violation or Default. The execution, delivery and performance of this Agreement by the Company and the issuance and sale of the Shares in accordance with the provisions thereof will not (i) conflict with or result in a breach or
violation of (a) any of the terms and provisions of, or constitute a default under, the Company’s Restated Certificate of Incorporation or Amended and Restated Bylaws, both as in effect on the date hereof (true and complete copies of which
have been made available to the Investors through the EDGAR system), or (b) assuming the accuracy of the representations and warranties in Section 5, any applicable statute, rule, regulation or order of any
governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company or its Subsidiaries, or any of their assets or properties, or (ii) conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, result in the creation of any lien, encumbrance or other adverse claim upon any of the properties or assets of the Company or its Subsidiaries or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any Material Contract except, in the case of clauses (i)(b) and (ii) only, for such conflicts, breaches, violations and defaults as have not and would not
reasonably be expected to have a Material Adverse Effect. 
 4.6. SEC Documents; Financial Statements. The Company has filed in a
timely manner all documents that the Company was required to file with the SEC under Sections 13, 14(a) and 15(d) of the 1934 Act, since becoming subject to the requirements of the 1934 Act. As of their respective filing dates (or, if amended prior
to the date of this Agreement, when amended), all documents filed by the Company with the SEC (the “SEC Documents”) complied as to form in all material respects with the requirements of the 1934 Act and the rules and regulations of
the SEC promulgated thereunder. None of the SEC Documents as of their respective dates contained any untrue statement of material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made
therein, in light of the circumstances under which they were made, not misleading. The consolidated financial statements of the Company and its subsidiaries included in the SEC Documents (the “Financial Statements”) present fairly
the financial condition, results of operations and cash flows of the Company on a consolidated basis as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements of the 1934 Act and have been prepared
in conformity with United States generally accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted therein). 

  
 5 

 4.7. Compliance with Nasdaq Continued Listing Requirements. The Company is in
compliance with applicable Nasdaq Stock Market, LLC continued listing requirements. There are no proceedings pending or, to the Company’s knowledge, threatened against the Company relating to the continued listing of the Common Stock on Nasdaq
and the Company has not received any notice of, nor to the Company’s knowledge is there any reasonable basis for, the delisting of the Common Stock from Nasdaq. 

4.8. Capitalization. All of the issued and outstanding shares of the Company’s capital stock have been duly authorized and validly
issued and are fully paid, nonassessable and none of such shares were issued in violation of any pre-emptive rights and such shares were issued in compliance in all material respects with applicable state and
federal securities law and any rights of third parties. Except as described in the SEC Filings, no Person is entitled to pre-emptive or similar statutory or contractual rights with respect to the issuance by
the Company of any securities of the Company. Except as described in the SEC Filings, there are no outstanding warrants, options, convertible securities or other rights, agreements or arrangements of any character under which the Company is or may
be obligated to issue any equity securities of any kind and except as contemplated by this Agreement and by the Public Offering. 
 5.
Representations and Warranties of the Investor. The Investor hereby represents and warrants to the Company that: 
 5.1.
Organization and Existence. The Investor is a validly existing société anonyme, organized under the laws of Switzerland and has all requisite corporate power and authority to enter into and consummate the transactions
contemplated by this Agreement and to carry out its obligations hereunder and thereunder, and to invest in the Shares pursuant to this Agreement. 

5.2. Authorization. The execution, delivery and performance by such Investor of this Agreement to which such Investor is a party have
been duly authorized and each has been duly executed and when delivered will constitute the valid and legally binding obligation of such Investor, enforceable against such Investor in accordance with their respective terms, except: (i) as
limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

5.3. No Government Recommendation or Approval. Such Investor understands that no United States federal or state agency, or similar
agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the purchase of the Shares. 

5.4. No Conflicts. The execution, delivery and performance by such Investor of this Agreement and the consummation by such Investor of
the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Investor or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment, 

  
 6 

 
acceleration or cancellation of, any agreement, indenture or instrument to which such Investor is a party, or (iii) assuming HSR Clearance, result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to such Investor, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder. 

6. Conditions to Closing. 

6.1. Conditions to the Investor’s Obligations to Initial Closing. The obligation of the Investor to purchase Shares at the Initial
Closing is subject to the fulfillment to such Investor’s satisfaction of the following conditions, any of which may be waived by the Investor: 

(a) The Public Offering shall have closed or will close concurrently with the Initial Closing. 

(b) The Shares to be purchased by the Investor in the Initial Closing shall have been registered under the Registration Statement. 

(c) The representations and warranties made by the Company in Section 4 hereof shall be true and correct in all
material respects as of the date hereof and as of the Initial Closing, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of
such earlier date. The Company shall have performed in all material respects all obligations and covenants herein required to be performed by it on or prior to the Initial Closing. 

(d) The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for consummation of the
purchase and sale of the Shares and the consummation of the other transactions contemplated by this Agreement, all of which shall be in full force and effect. 

(e) No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court
or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated
hereby. 
 (f) No stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory
body with respect to public trading in the Common Stock. 
 6.2. Conditions to the Investor’s Obligations to HSR Closing. The
obligation of the Investor to purchase Shares at the HSR Closing is subject to the fulfillment to such Investor’s satisfaction of the following conditions, any of which may be waived by the Investor: 

(a) The HSR Clearance shall have occurred. 

  
 7 

 (b) The Shares to be purchased by the Investor in the HSR Closing shall have been registered
under the Registration Statement. 
 (c) The representations and warranties made by the Company in Section 4
hereof shall be true and correct in all material respects as of the date hereof and as of the HSR Closing, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty
shall be true and correct as of such earlier date. The Company shall have performed in all material respects all obligations and covenants herein required to be performed by it on or prior to the HSR Closing. 

(d) The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for consummation of the
purchase and sale of the Shares and the consummation of the other transactions contemplated by this Agreement, all of which shall be in full force and effect. 

(e) No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court
or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated
hereby. 
 (f) No stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory
body with respect to public trading in the Common Stock. 
 6.3. Conditions to Obligations of the Company. The Company’s
obligation to sell and issue Shares at each Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the applicable Closing of the following conditions, any of which may be waived by the Company: 

(a) The Public Offering shall have closed or will close concurrently with the Closing. 

(b) The representations and warranties made by the Investors in Section 5 hereof shall be true and correct in all
material respects when made, and shall be true and correct in all material respects as of the applicable Closing with the same force and effect as if they had been made on and as of said date. The Investors shall have performed in all material
respects all obligations and covenants herein required to be performed by them on or prior to the applicable Closing. 
 (c) The Investor
shall have paid in full its Subscription Amount to the Company for the Shares to be purchased by the Investor as such Closing. 
 6.4.
Termination of Obligations to Effect Closing; Effects. 
 (a) The obligations of the Company, on the one hand, and the Investor, on
the other hand, under this Agreement shall terminate as follows: 

  
 8 

 (i) On September 1, 2020, if the Public Offering has not closed by such date; 

(ii) If the HSR Clearance has not occurred within 90 days of submission of the HSR Filings; 

(iii) Upon the mutual written consent of the Company and Investor; 

(iv) By the Company if any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment,
and shall not have been waived by the Company; or 
 (v) By the Investor if any of the conditions set forth in
Section 6.1 shall have become incapable of fulfillment, and shall not have been waived by the Investor; 
 provided,
however, that, except in the case of clauses (iii) and (iv) above, the party seeking to terminate its obligation to effect a Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained
in this Agreement if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect such Closing. 

(b) Nothing in this Section 6.3 shall be deemed to release any party from any liability for any breach by such party
of the terms and provisions of this Agreement or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement. 

7. HSR Filing. The Company and the Investor shall cooperate with each other and use their reasonable best efforts to make, as soon as
reasonably practical after the date hereof but no later than five (5) business days following the date of this Agreement, all necessary filings and submissions that may be required (the “HSR Filings”) under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”). Each of the parties hereto agrees to use its reasonable best efforts to furnish or cause to be furnished, as promptly as practicable, all information
and documents requested with respect to the HSR Act and shall otherwise cooperate with the applicable governmental body in order to comply with the HSR Act. Each of the parties hereto shall consult, subject to applicable law and redaction where
necessary, and share drafts of any filings or substantive communications, a reasonable period of time in advance with respect to and consider in good faith the comments and views of the other party in connection with any filing, communication,
defense, litigation, negotiation or strategy and any final decisions with respect thereto in each case relating to the HSR Act or any antitrust or unfair competition law regarding any of the transactions contemplated hereby, to the extent reasonably
practicable and to the extent permitted by applicable law, and shall give the other party and its representatives a reasonable advance opportunity to attend and participate in any substantive in-person or
telephonic meeting or conference with any governmental authority or, in connection with any litigation by a private party, relating to the HSR Act or any antitrust or unfair competition law regarding any of the transactions contemplated hereby, and
shall provide concurrent copies to the other party of any substantive material written communications or filings with respect thereto. Each of the parties hereto shall use reasonable commercial efforts to resolve such objections, if any, as any
governmental body may assert with respect to this Agreement and the transactions 

  
 9 

 
contemplated hereby in connection with the HSR Act or any antitrust or unfair competition law. Subject to applicable laws and redaction where necessary, each party shall, upon request by any
other party, furnish the other parties with all information concerning itself, its subsidiaries, directors, officers and stockholders and such other matters as may reasonably be necessary or advisable in connection with any statement, filing, ruling
request, notice or application made by or on behalf of the parties or any of their respective subsidiaries to any third party and/or any governmental body with respect to the HSR Act or any antitrust or unfair competition law. Notwithstanding
anything in this Section 7 or this Agreement to the contrary, nothing in this Section 7 or this Agreement shall require, or be deemed to require, the Company or the Investor (a) to propose,
negotiate, offer to, commit to or effect any sale, divestiture, or disposition of assets or businesses, or licenses, (b) to agree to hold separate any assets or agree to any similar arrangements or to commit to restrict the dominion or control
of its business or to conduct its business in a specified manner or (c) to agree to any other remedy in order to secure the HSR Clearance. 

8. Miscellaneous. 
 8.1.
Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the Company or the Investor, as applicable; provided, however, that the Investor may assign its rights and
delegate its duties hereunder in whole or in part to an Affiliate without the prior written consent of the Company, provided such assignee agrees in writing to be bound by the provisions hereof that apply to the Investor. The provisions of this
Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their
respective permitted successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

8.2. Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

8.3. Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement. 
 8.4. Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business
hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or
(d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at
their address as set forth below, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 8.4. 

  
 10 

 If to the Company: 

Seres Therapeutics, Inc. 
 200
Sidney Street – 4th Floor 
 Cambridge, MA 20139 

Attention: General Counsel 

Email: tdesrosier@serestherapeutics.com 

With a copy (which will not constitute notice) to: 

Latham & Watkins LLP 

200 Clarendon Street 
 Boston,
MA 02116 
 Facsimile: (617) 948-6001 

Attention: Peter N. Handrinos; Wesley C. Holmes 

If to the Investor: 
 to the
contact information set forth on the signature pages hereto. 
 8.5. Expenses. The parties hereto shall pay their own costs and
expenses in connection herewith regardless of whether the transactions contemplated hereby are consummated. 
 8.6. Amendments and
Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the
Company and the Investor. 
 8.7. Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the
maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the
parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect. 
 8.8. Entire
Agreement. This Agreement, including the signature pages hereto, constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and
written, between the parties with respect to the subject matter hereof and thereof. 

  
 11 

 8.9. Further Assurances. The parties shall execute and deliver all such further
instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 

8.10. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of New York without regard to the choice of law principles thereof (other than Sections 5-1401 and 5-1402 of the General Obligations
Law) that would result in the application of the laws of any other jurisdiction. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States
District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such
suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement, or in the case of the Investor, by serving the registered agent of Nestlé
USA, Inc. in the state of Delaware. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any
objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF
THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.  

[remainder of page intentionally left blank] 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

					
	 COMPANY:

	
	SERES THERAPEUTICS, INC.
		
	 By:
	 	 /s/ Eric D. Shaff

		 	 Name:
	 	 Eric D. Shaff

		 	 Title:
	 	 President and Chief Executive

Officer

 [Seres Therapeutics, Inc. – Securities Purchase Agreement – Signature Page] 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

					
	 INVESTOR:

	
	 SOCIÉTÉ DES PRODUITS NESTLÉ S.A.

		
	By:	 	 /s/ Claudio Kuoni

		 	Name:	 	 Claudio Kuoni

		 	Title:	 	 General Counsel

 

							
	 	 	 Investor Information
	  	 	  	 
				
		 	Entity Name:	  	Société des Produits Nestle S.A.	  	
				
		 	Contact Person:	  	Claudio Kuoni	  	
				
		 	Address:	  	Avenue Nestlé 55	  	
				
		 	City:	  	Vevey	  	
				
		 	Country:	  	Switzerland	  	
				
		 	Zip Code:	  	1800	  	
				
		 	Telephone:	  	+41 21 924 4228	  	
				
		 	Facsimile:	  		  	
				
		 	Email:	  	Claudio.kuoni@nestle.com	  	
				
		 	Tax ID # or Social Security #:	  	Not Applicable	  	
				
		 	Name in which Shares should be issued:	  	Société des Produits Nestlé S.A.	  	

 [Seres Therapeutics, Inc. – Securities Purchase Agreement – Signature Page]

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