Document:

EX-10.15

 Exhibit 10.15 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 MODCLOTH PARTNERS,
LLC 
 THIS LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of ModCloth Partners, LLC (the
“Company”), a limited liability company organized pursuant to the Delaware Limited Liability Company Act, is executed effective as of April 6, 2021, by and among the Company and the Persons executing this Agreement as the
Members and the Managers (each as defined below). The parties hereto agree that this Agreement shall amend and restate in its entirety any previous limited liability company Agreement of the Company as of the date hereof, and further agree that any
such previous limited liability company agreement shall be of no further force or effect. 
 NOW, THEREFORE, in consideration of the
foregoing, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

ARTICLE 1 - DEFINITIONS 

1.1 Definitions. The following terms used in this Agreement shall have the following meanings (unless otherwise expressly provided
herein): 
 (a) “Act” means the Delaware Limited Liability Company Act, as the same may be amended from time to time. 

(b) “Adjusted Capital Account” means, with respect to an Interest Owner, the balance in such Interest Owner’s Capital
Account at the end of the relevant fiscal year, as determined in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv). 

(c) “Certificate of Formation” means the Certificate of Formation of the Company filed with the Secretary of State, as amended
or restated from time to time. 
 (d) “Capital Account” means for each Interest Owner the account established pursuant to
Section 8.2 hereof and maintained in accordance with the provisions of this Agreement. 
 (e) “Capital
Contribution” means any contribution to the capital of the 
 Company in cash or property by an Interest Owner, including
contributions made with respect to the Interest Owner’s Interest, whenever made. 
 (f) “Code” means the Internal
Revenue Code of 1986, as amended from time to time (and any corresponding provisions of succeeding law). 
 (g)
“Depreciation” means for each Fiscal Year or other period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for federal income tax purposes with respect to an asset for the Fiscal Year or
other period; provided, however, that if the Gross Asset Value of an asset differs from that asset’s adjusted basis for 

 
federal income tax purposes at the beginning of a Fiscal Year or other period, Depreciation shall be an amount that bears the same ratio to the beginning Gross Asset Value of such asset as the
federal income tax depreciation, amortization or other cost recovery deduction for such Fiscal Year or other period bears to the beginning adjusted tax basis of such year or other period; provided, further, that if the federal income
tax depreciation, amortization or other cost recovery deduction for such period is zero, the Company shall determine Depreciation with reference to such beginning Gross Asset Value using a reasonable method selected by the Company. 

(h) “Distributable Cash” means, with respect to the Company for a period of time, all funds of the Company on hand or in bank
accounts of the Company as, in the discretion of the Managers, is available for distribution to the Interest Owners after provision has been made for (i) payment of all operating expenses of the Company as of such time, (ii) provision for
payment of all outstanding and unpaid current obligations of the Company as of such time, and (iii) provision for such reserves as the Managers deem necessary or appropriate for Company operations. 

(i) “Economic Interest Owner” means each Person designated as an economic interest owner of the Company on Schedule I
hereto, or any additional economic interest owner admitted as an economic interest owner of the Company in accordance with Article 11. “Economic Interest Owners” refers to such Persons as a group. 

(j) “Fiscal Year” means the calendar year; provided, however, that the Company’s first Fiscal Year shall
begin on the date of the filing of the Certificate of Formation and end on the following December 31. 
 (k) “Gross Asset
Value” with respect to any Company asset means the value placed on such asset in connection with the maintenance of Capital Accounts and will be that asset’s adjusted basis for federal income tax purposes except as follows: 

(i) The initial Gross Asset Value of assets contributed to the capital of the Company by a Member will be the gross fair market
value of the contributed assets on the date of contribution. 
 (ii) The Company will increase or decrease the Gross Asset
Value of Company assets to reflect any adjustments to the adjusted basis of the assets pursuant to Code section 734(b) or 743(b), but only to the extent that the Company must take the adjustments into account in determining Capital Accounts pursuant
to Regulations section 1.704-1(b)(2)(iv)(m); provided, however, that the Company will not adjust the Gross Asset Values of Company assets pursuant to this paragraph (ii) to the extent that the
Managers reasonably determine that an adjustment pursuant to paragraph (iii) below is appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (ii). 

  
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 (iii) Except as provided in this Agreement, the Company may adjust the Gross
Asset Value of all Company assets to equal their respective gross fair market values upon the occurrence of any of the following events: (A) the acquisition of an additional Interest by any new or existing Member in exchange for more than a de
minimis capital contribution; (B) the grant of more than a de minimis Interest as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in his, her or its capacity as a Member, or by a new
Member acting in his, her or its capacity as such or in anticipation of being a Member; (C) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for all or a portion of a Member’s
Interest; or (D) the liquidation of the Company within the meaning of Regulations section 1.704-1(b)(2)(ii)(g). 

(iv) The Company will adjust the Gross Asset Value of any Company asset by any Depreciation with respect to such Company asset
for purposes of computing Net Income and Net Losses. 
 (v) The Company will adjust the Gross Asset Value of any Company
asset distributed to any Member to equal the gross fair market value of the asset on the date of distribution. 
 For purposes of this
definition, the gross fair market value of Company assets will be determined by the Managers. 
 (l) “Income” means, for
each Fiscal Year or other period, each item of income and gain as determined, recognized, and classified for federal income tax purposes, provided that any income or gain that is exempt from federal income tax shall be included as if it were an item
of taxable income. 
 (m) “Initial Capital Contribution” means the initial contribution to the capital of the Company made
by a Member pursuant to Section 8.1(a) of this Agreement. 
 (n) “Interest” means all of an
Interest Owner’s rights in the Company, including, without limitation, the Interest Owner’s share of the profits and losses of the Company, the right to receive distributions of the Company’s assets, any right to vote, and any right
to participate in the management of the Company as provided in the Act and this Agreement. 
 (o) “Interest Owner” means an
Economic Interest Owner or a Member. 
 (p) “Loss” means, for each Fiscal Year or other period, each item of loss or
deduction as determined, recognized, and classified for federal income tax purposes, increased by: (i) expenditures described in Section 705(a)(2)(B) of the Code; (ii) expenditures contemplated by Section 709 of the Code (except
for amounts with respect to which an election is properly made under Section 709(b) of the Code); and (iii) expenditures resulting in a deduction for a loss incurred in connection with the sale or exchange of Company property that is
disallowed to the Company under Section 267(a)(1) or Section 707(b). 

  
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 (q) “Manager” means each Manager listed on Schedule II to this
Agreement or any other Person that succeeds such Manager in their capacity as manager or any other Person elected to act as manager of the Company as provided herein. “Managers” refers to such Persons as a group. 

(r) “Member” means any Person designated as a member of the Company on Schedule I hereto, or any additional member
admitted as a Member of the Company in accordance with Article 11. “Members” refers to such Persons as a group. 

(s) “Net Income” or “Net Loss” means, for each Fiscal Year or other relevant period: (i) the excess of
the Income for such period over the Loss for such period, or (ii) the excess of the Loss for such period over the Income for such period, respectively; provided, however, that Net Income and Net Loss for a Fiscal Year or other relevant
period shall be computed by excluding from such computation any Income specially allocated under Section 10.1. 

(t) “Percentage Interest” means the percentage set forth opposite such Interest Owner’s name on Schedule I hereto,
which shall equal the number of Units set forth opposite such Interest Owner’s name on Schedule I hereto divided by the aggregate number of Units set forth opposite all Interest Owners’ names on Schedule I hereto. 

(u) “Permitted Transferee” means (i) another Member; (ii) the Company; or (iii) a trust, limited liability company,
limited partnership, or limited liability partnership created solely for the benefit of one or more of the transferring Member, such Member’s spouse, and/or such Member’s lineal descendants, but only if, and only for so long as, the
transferring Member serves as the sole trustee, sole manager or sole general partner, as applicable, thereof. Upon the transferring Member’s ceasing to be the sole trustee, sole manager or sole general partner, as applicable, of a trust,
limited liability company, limited partnership, or limited liability partnership otherwise qualifying as a Permitted Transferee, such Permitted Transferee shall become an Economic Interest Owner and shall no longer be a Member of the Company. 

(v) “Person” means an individual, a trust, an estate, a corporation, a professional corporation, a partnership, a limited
partnership, a limited liability company, an unincorporated association, or another entity. 
 (w) “Revised Partnership Audit
Procedures” means the provisions of Subchapter C of Subtitle A, Chapter 63 of the Code, as amended by the Bipartisan Budget Act of 2015, P.L. 114-74, together with any subsequent amendments thereto,
Regulations promulgated thereunder or administrative interpretations thereof. 
 (x) “Secretary of State” means the
Secretary of State of Delaware. 
 (y) “Treasury Regulations” means the Income Tax Regulations and Temporary Regulations
promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

(z) “Units” means the measure used to reflect an Interest Owner’s Interest. 

  
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 ARTICLE 2 - FORMATION OF THE COMPANY 

2.1 Formation. The Company was formed on April 6, 2021, upon the filing with the Secretary of State of the Certificate of
Formation. In consideration of the mutual promises and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the rights and obligations of
the parties and the administration and termination of the Company shall be governed by this Agreement, the Certificate of Formation, and the Act. 

2.2 Name. The business and affairs of the Company shall be conducted under the name “ModCloth Partners, LLC”. The name of the
Company may be changed from time to time by amendment of the Certificate of Formation. The Company may transact business under an assumed name by filing an assumed name certificate in the manner prescribed by applicable law. 

2.3 Registered Office and Registered Agent. The Company’s registered office within the State of Delaware and its registered agent
at such address shall be as the Managers from time to time deem necessary or advisable. 
 2.4 Principal Place of Business. The
principal place of business of the Company within the State of Delaware shall be at such place or places as the Managers may from time to time deem necessary or advisable. 

2.5 Term. The Company shall continue in perpetual existence unless the Company is earlier dissolved and its affairs wound up in
accordance with the provisions of this Agreement or the Act. 
 2.6 Purposes and Powers. 

(a) The Company may engage in any lawful business for which limited liability companies may be organized under the Act unless
the Certificate of Formation is amended to provide a more limited purpose. 
 (b) The Company shall have any and all powers
which are necessary or desirable to carry out the purposes and business of the Company to the extent the same may be legally exercised by limited liability companies under the Act. The Company shall carry out the foregoing activities pursuant to the
arrangements set forth in the Certificate of Formation and this Agreement. 
 2.7 Nature of Interest Owners’ Interests. The
Interest Owners’ Interests in the Company shall constitute personal property for all purposes. Legal title to all Company assets shall be held in the name of the Company. Neither any Interest Owner, nor a successor, representative, or assign of
such Interest Owner, shall have any right, title, or interest in or to any Company property or the right to partition any real property owned by the Company. Interests may, but need not, be evidenced by a certificate of Units issued by the Company,
in such form as the Managers may determine. 

  
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 ARTICLE 3 - RIGHTS AND DUTIES OF MANAGERS 

3.1 Management. The business and affairs of the Company shall be managed by the Managers. In addition to the powers and authorities
expressly conferred upon the Managers by this Agreement, the Managers shall have full and complete authority, power, and discretion to manage and control the business of the Company, to make all decisions regarding those matters, and to perform any
and all other acts or activities customary to or incident to the management of the Company’s business, except only as to those acts and things as to which approval by the Members is expressly required by the Certificate of Formation, this
Agreement (including Section 3.10 hereof), the Act, or other applicable law, and the Managers agree to assist the Members in causing the Company to carry out any such acts or things once they have been properly approved by
the Members. Approval of both Managers shall be required for any material action of the Company, but any one Manager may take action provided such action has been approved by both Managers. The Managers may elect one or more officers who may but
need not be Interest Owners or Managers of the Company, with such titles, duties, and compensation as may be designated by the Managers, subject to any applicable restrictions specifically provided in this Agreement or contained in the Act. 

3.2 Number and Qualifications. The names and addresses of the Managers are set forth on Schedule II attached hereto and made a
part hereof. The Company shall have two (2) Managers as of the date hereof, provided, however, that the number of Managers of the Company may be fixed from time to time by the unanimous vote of the Members. Managers need not be
residents of the State of Delaware or Interest Owners of the Company. 
 3.3 Election and Term of Office. Each Member shall designate
one (1) Manager. Each Manager shall hold office until the Manager’s successor shall have been elected and qualified, or until the death or dissolution of such Manager, or until his or her resignation or removal from office in the manner
provided in this Agreement or in the Act. 
 3.4 Resignation. Any Manager of the Company may resign at any time by giving written
notice to all of the Members of the Company. The resignation of any Manager shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective. 
 3.5 Removal. At any special meeting of the Members called expressly for
that purpose, all or any lesser number of Managers may be removed at any time, either with or without cause, by the unanimous vote of the Members then entitled to vote at any election of Managers. 

3.6 Vacancies. Any Manager vacancy occurring for any reason may be filled by the Member that originally designated the Manager whose
position is now vacant. 
 3.7 Inspection of Books and Records. Any Manager shall have the right to examine all books and records of
the Company for a purpose reasonably related to such Manager’s position as a Manager. 

  
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 3.8 Compensation. Managers shall not be compensated for their service as Managers.
The Company shall reimburse Managers for all reasonable, documented out-of-pocket expenses incurred in connection with their duties as Managers. 

3.9 Committees of the Managers. The Managers, by resolution, may designate from among the Managers one or more committees, each of which
shall be comprised of one or more of the Managers. Any such committee, to the extent provided in such resolution or in this Agreement, shall have and may exercise all of the authority of the Managers, subject to any restrictions contained in this
Agreement or the Act. 
 3.10 Approval Rights of the Members. The Managers shall not, without the unanimous written consent of the
Members, take any of the following actions or cause the Company to do any of the following: 
 (a) amend or repeal any provision of, or add
any provision to, the Company’s Certificate of Formation or this Agreement; 
 (b) sell, lease, license, pledge, convey or otherwise
dispose of or transfer all or substantially all of its assets, property or business (other than in the ordinary course of business); 
 (c)
enter into any merger or consolidation with or into any other entity; 
 (d) create, incur, guarantee, assume, refinance or amend any
indebtedness for money borrowed by the Company in excess of $50,000 in the aggregate; 
 (e) cause the Company to make any capital
expenditure in excess of $50,000, or cause the Company to enter into any agreement or commitment that will, in the aggregate, commit the Company to spend more than $100,000; 

(f) alter or change the rights, preferences, or privileges of the Units; 

(g) authorize or create or issue any new class or series of Units; 

(h) effect a conversion of the Company into another form of legal entity; 

(i) liquidate, dissolve, or wind up the business and affairs of the Company; 

(j) increase or decrease the number of Managers of the Company; 

(k) appoint or terminate the Company’s independent auditors or legal counsel; 

(l) effect any material transactions by the Company or any of its subsidiaries with affiliates (other than with the Company or any of its
wholly-owned subsidiaries); or 
 (m) file for bankruptcy or make an assignment for the benefit of the creditors of the Company. 

  
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 ARTICLE 4 - MEETINGS OF MANAGERS 

4.1 Place of Meeting. The Managers of the Company may hold their meetings, both regular and special, at any place within or without the
State of Delaware. 
 4.2 Notice of Meetings. The Managers may meet at such intervals and at such time and place as they shall
schedule. Any scheduled meetings of the Managers may be held without notice. Special meetings of the Managers may be called at any time by any serving Manager for any purpose or purposes. Notice of such special meetings, unless waived by attendance
or by written consent to the holding of the special meeting, shall be given at least five (5) days before the date of such meeting to all Managers not calling the meeting. Notice of such special meeting shall state that the special meeting will
be held at the principal place of business of the Company, the date and hour of the special meeting, and its purpose or purposes. Absent the written consent of all Managers to take other action, the business transacted at such special meeting shall
be limited to such purpose or purposes as stated in the notice. 
 4.3 Action by Managers; Voting; Action Without a Meeting. 

(a) Managers may participate in any meeting of the Managers by means of conference telephone or similar communications equipment, provided all
persons participating in the meeting can hear one another, and such participation in a meeting shall constitute presence in person at the meeting. 

(b) All votes required of Managers hereunder may be by voice vote unless a written ballot is requested, which request may be made by any
Manager. 
 (c) Any action which under any provision of the Act or this Agreement is to be taken at a meeting of the Managers may be taken
without a meeting by written consent if the action taken is approved in writing by all of the Managers. Such written consent must be kept with the records of the Company. 

4.4 Adjournment. Any Manager present at a meeting may adjourn any meeting of the Managers until another stated day and hour or until the
time fixed for the next regular meeting of the Managers. 
 ARTICLE 5 - INTEREST OWNERS 

5.1 Names and Addresses of Interest Owners. The names, addresses, Percentage Interest, Units, and classifications of the Interest
Owners are as reflected in Schedule I attached hereto and made a part hereof, which Schedule shall be amended by the Company as of the effectiveness of any transfer or subsequent issuance of any Units. 

5.2 Admission of Members. 

(a) In the case of a Person acquiring a Unit directly from the Company, the Person is an Economic Interest Owner and may become a Member with
respect to the Unit upon compliance with the requirements of Article 11. 

  
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 (b) An assignee of a Unit or an Economic Interest Owner shall become a Member upon
compliance with the requirements of Article 11. 
 (c) Any Person may become a Member unless such Person lacks capacity or is
otherwise prohibited from being admitted by applicable law. 
 5.3 Economic Interest Owners. An Economic Interest Owner is only
entitled to allocations and distributions with respect to its Interest. Economic Interest Owners are not entitled to any rights, powers, or privileges of a Member, including, but not limited to, voting, notice, and inspection rights. 

ARTICLE 6 - MEETINGS OF MEMBERS 

6.1 Annual Meetings of Members. An annual meeting of the Members may be held at such time and date at the principal office of the
Company or at such other place within or without the State of Delaware as shall be designated by the Managers from time to time and stated in the notice of the meeting. The purposes of the annual meeting need not be enumerated in the notice of such
meeting. 
 6.2 Special Meetings of Members. Special meetings of the Members may be called by the Managers or any Member or group of
Members who collectively own ten percent (10%) or more of all Units held by Members. Business transacted at all special meetings shall be confined to the purpose or purposes stated in the notice. 

6.3 Notice of Meetings of Members. Written notice stating the place, day, and hour of the meeting and, additionally in the case of
special meetings, stating the principal place of business of the Company as the location and the purpose or purposes for which the meeting is called, shall be delivered not less than ten (10) nor more than sixty (60) days before the date
of the meeting, to each Member of record entitled to vote at such meeting. 
 6.4 Record Date. For the purpose of determining Members
entitled to notice of or to vote at any meeting of Members, or Interest Owners entitled to receive payment of any distribution, or to make a determination of Interest Owners for any other purpose, the date on which notice of the meeting is mailed or
the date on which such distribution is declared, as the case may be, shall be the record date for such determination of Interest Owners. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this
Section, such determination shall apply to any adjournment thereof. 
 6.5 Quorum. All of the Members shall constitute a quorum at all
meetings of the Members, except as otherwise provided by law or this Agreement. Once a quorum is present at the meeting of the Members, the subsequent withdrawal from the meeting of any Member prior to adjournment or the refusal of any Member to
vote shall not affect the presence of a quorum at the meeting. If, however, such quorum shall not be present at the opening of any meeting of the Members, the Members entitled to vote at such meeting shall have the power to adjourn the meeting from
time to time, without notice other than announcement at the meeting, until the holders of the requisite amount of Units shall be present or represented. 

  
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 6.6 Actions by Members. Except for a matter for which the affirmative vote of the
holders of a greater portion of the Units entitled to vote is required by law, the Certificate of Formation, or this Agreement, the act of Members shall be the unanimous vote of the Members represented and voting at the meeting. All actions of the
Members provided for herein may be taken by written consent without a meeting. Any such action which may be taken by the Members without a meeting shall be effective only if the consents are in writing, set forth the action so taken, and are signed
by each of the Membes. Members may participate in any meeting of the Members by means of telephone conference or similar communications equipment, provided all persons participating in the meeting can hear one another, and such participation in a
meeting shall constitute presence in person at the meeting. 
 6.7 List of Members Entitled to Vote. The Managers shall make, at least
ten (10) days before each meeting of Members, a complete list of the Members entitled to vote at such meeting, or any adjournment of such meeting, which list, for a period of ten (10) days prior to such meeting, shall be kept on file at
the registered office of the Company and shall be subject to inspection by any Member at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to inspection of
any Member during the whole time of the meeting. However, failure to comply with the requirements of this Section shall not affect the validity of any action taken at such meeting. 

6.8 Registered Holders. The Company shall be entitled to treat the holder of record of any Unit as the holder in fact of such Unit for
all purposes, and accordingly shall not be bound to recognize any equitable or other claim to or interest in such Unit on the part of any other person, whether or not it shall have express or other notice of such claim or interest, except as
expressly provided by this Agreement or the laws of Delaware. 
 ARTICLE 7 - LIMITATION OF LIABILITY AND INDEMNIFICATION OF 

MANAGERS AND MEMBERS 

7.1 Limitation of Liability. No Manager or Member of the Company shall be liable to the Company or its Interest Owners for monetary
damages for an act or omission in such person’s capacity as a Manager or a Member, so long as such Manager or Member acted in good faith and in a manner such Manager or Member reasonably believed to be in, or not opposed to, the best interests
of the Company, and such costs, losses, liabilities, and damages did not result from such Manager’s or Member’s gross negligence, willful misconduct, or breach of duty of loyalty. If the Act is amended to authorize action further
eliminating or limiting the liability of Managers and Members, then the liability of a Manager or Member of the Company shall be eliminated or limited to the fullest extent permitted by the Act as so amended. Any repeal or modification of this
Section shall not adversely affect the right or protection of a Manager or Member existing at the time of such repeal or modification. 

7.2 Indemnification. The Company shall indemnify the Managers and Members to the fullest extent permitted by the Act, as amended from
time to time, and the Company may advance expenses incurred by the Managers or Members upon the approval of the Managers and the receipt by the Company of an undertaking by such Manager or Member to reimburse the Company unless it shall ultimately
be determined that such Manager or Member is entitled to be indemnified by the Company against such expenses. The Company may also indemnify its officers, employees, and other representatives or agents up to the fullest extent permitted under the
Act or other applicable law. 

  
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 7.3 Other Rights. The indemnification provided by this Agreement shall: (a) be
deemed exclusive of any other rights to which a person seeking indemnification may be entitled under any statute, agreement, vote of Members or disinterested Managers, or otherwise, both as to action in official capacities and as to action in
another capacity while holding such office; (b) continue as to a Person who ceases to be a Manager or Member; (c) inure to the benefit of the estate, heirs, executors, administrators, or other successors of an indemnitee; and (d) not be
deemed to create any rights for the benefit of any other Person or entity. 
 7.4 Report to Members. The details concerning any action
to limit the liability of, indemnify, or advance expenses to a Manager, Member or other, taken by the Company shall be reported in writing to the Members: (a) with or before the notice or waiver of notice of the next Members’ meeting;
(b) with or before the next submission to Members of a consent to action without a meeting; or (c) if sooner, separately within ninety (90) days immediately following the date of the action. 

ARTICLE 8 - CONTRIBUTIONS TO CAPITAL AND CAPITAL ACCOUNTS; LOANS 

8.1 Capital Contribution; Loans. 

(a) The Interest Owners or their predecessors-in-interest have
each contributed cash and/or property to the Company, and such contributions are reflected in the Interest Owners’ respective Capital Account balances, which for purposes of this Agreement shall be deemed each Interest Owner’s respective
Initial Capital Contribution. 
 (b) If the Managers determine that the Initial Capital Contributions are insufficient to carry out the
purposes of the Company, the Managers may request that the Members vote on making additional contributions to the capital of the Company. If all of the Members approve such request, then the Members shall be obligated to make such additional
contributions (each an “Additional Capital Contribution”) to the Company, pro rata in accordance with such Members’ then-existing Units, within the time period approved by all of the Members. In the event any Member fails to
fulfill any commitment to make an Additional Capital Contribution (the “Defaulting Member”), the Managers may elect to allow the remaining Members (the “Lending Members”) to contribute to the Company, pro rata in
accordance with such Members’ then-existing Units, such Additional Capital Contribution. All amounts so contributed by the Lending Members shall be considered a loan to the Defaulting Member bearing interest at the U.S. prime rate, as set out
in The Wall Street Journal on the date of the loan, plus one percent (1%) simple interest, until repaid. In addition, until all of such loans are repaid by the Defaulting Member, all distributions from the Company which would have been paid
to the Defaulting Member shall be paid to the Lending Members in proportion to the then-outstanding interest and principal of such loans. 

  
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 (c) No Interest Owner shall be paid interest on any Capital Contribution to the Company.

 (d) In addition to the loans to the Defaulting Member provided for in Section 8.1(b) above, upon approval of the
terms thereof by the Managers, any Interest Owner may make a loan to the Company at agreed-upon terms. Loans by an Interest Owner to the Company shall not be considered Capital Contributions. 

8.2 Capital Accounts. 

(a) The Company shall maintain a separate Capital Account for each Interest Owner pursuant to the principles of this
Section 8.2 and Treasury Regulation Section 1.704-1(b)(2)(iv). Such Capital Account shall be: (i) increased by (A) the amount of the subsequent Capital Contributions of
such Interest Owner to the Company under Section 8.1 and (B) such Interest Owner’s allocable share of Income and Net Income pursuant to Section 10.1; and (ii) decreased by (X) the
amount of cash or other property distributed to the Interest Owners by the Company pursuant to Section 10.2 and (Y) such Interest Owner’s allocable share of Loss and Net Loss pursuant to
Section 10.1. 
 (b) The provisions of this Section 8.2 and other portions of this
Agreement relating to the proper maintenance of Capital Accounts are designed to comply with the requirements of Treasury Regulation Section 1.704-1(b). The Interest Owners intend that such provisions be
interpreted and applied in a manner consistent with such Treasury Regulations. The Managers are authorized to modify the manner in which the Capital Accounts are maintained if the Managers determine that such modification: (i) is required or
prudent to comply with the Treasury Regulations; and (ii) is not likely to have a material effect on the amounts distributable to any Interest Owner upon the dissolution of the Company. 

8.3 Withdrawal or Reduction of Capital Contributions. 

(a) No Interest Owner shall have the right to withdraw all or any part of its Capital Contribution or to receive any return on any portion of
its Capital Contribution, except as may be otherwise specifically provided in this Agreement. Under circumstances involving a return of any Capital Contribution, no Interest Owner shall have the right to receive property other than cash. 

(b) No Interest Owner shall have priority over any other Interest Owner, either as to the return of Capital Contributions or as to Net Income,
Net Losses or distributions; provided that this subsection shall not apply to loans (as distinguished from Capital Contributions) which an Interest Owner has made to the Company. 

8.4 Liability of Interest Owners. No Interest Owner shall be liable for the debts, liabilities, or obligations of the Company beyond
its respective Initial Capital Contribution and any Additional Capital Contribution, including additional contributions made with respect to the Interest Owner’s Interest. Except as otherwise expressly provided herein, no Interest Owner shall
be required to contribute to the capital of, or to loan any funds to, the Company. 

  
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 ARTICLE 9 - RESERVED 

ARTICLE 10 - ALLOCATIONS, DISTRIBUTIONS, ELECTIONS, AND REPORTS 

10.1 Allocations. Subject to the provisos below, for purposes of maintaining Capital Accounts and in determining the rights of the
Interest Owners among themselves, Net Income or Net Loss, if any, for a Fiscal Year or other period shall be allocated among the Interest Owners such that the Capital Account of each Interest Owner, immediately after giving effect to such
allocations, shall equal, as nearly as possible, the amount of the distributions that would be made to such Interest Owner on the last day of the Fiscal Year if: (a) the Company were dissolved; (b) its affairs were wound up and each asset were
sold for its Gross Asset Value; (c) all liabilities of the Company were satisfied; and (d) the net assets of the Company were distributed to the Interest Owners in accordance with Section 10.2; provided,
however, notwithstanding the provisions of the preceding clause of this Section 10.1, in the event any Interest Owner unexpectedly receives any adjustments, allocations, or distributions described in Treasury
Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.7041(b)(2)(ii)(d)(6), items of Income shall be specially allocated to such Interest Owner
(consisting of a pro rata portion of each item of Income, including gross income, for such year) in an amount and manner sufficient to eliminate such deficit, if any, in such Interest Owner’s Adjusted Capital Account, as quickly as possible.
The foregoing provision is intended to constitute a “qualified income offset” within the meaning of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and this provision shall be
interpreted consistently with such Treasury Regulation. 
 10.2 Distributions. The Company shall distribute Distributable Cash and
other property at such times and in such amounts as the Managers may determine. All distributions of Distributable Cash or other property shall be made to the Interest Owners in proportion to their respective Units, subject to the provisions of
Section 8.1(b). Except as provided in Section 10.3, all distributions of Distributable Cash and property shall be made at such time as determined by the Managers. 

10.3 Limitation Upon Distributions. No distribution shall be declared and paid if payment of such distribution would cause the Company
to violate any limitation on distributions provided in the Act. 
 10.4 Allocations for Tax Purposes. Except as otherwise provided
herein, each item of Income, Net Income, Loss, or Net Loss of the Company shall be allocated to the Interest Owners in the same manner as such allocations are made for book purposes pursuant to Section 10.1. In the event of
a transfer of, or other change in, an Interest in the Company during a Fiscal Year, each item of taxable income and loss shall be prorated in accordance with Section 706 of the Code, using any convention permitted by law and selected by the
Managers. 
 10.5 Tax Status, Elections and Modifications to Allocations. 

(a) Notwithstanding any provision contained in this Agreement to the contrary, solely for federal income tax purposes, each of the Interest
Owners hereby recognizes that the Company will be subject to all provisions of Subchapter K of the Code; provided, however, that the filing of all required returns thereunder shall not be construed to extend the purposes of the Company
or expand the obligations or liabilities of the Interest Owners. 

  
 13 

 (b) The Managers, in their sole discretion, may cause the Company to elect pursuant to
Section 754 of the Code and the Treasury Regulations to adjust the basis of the Company assets as provided by Section 743 or 734 of the Code and the Treasury Regulations thereunder. The Company shall make such elections for federal income
tax purposes as may be determined by the Managers. 
 (c) The Managers shall prepare and execute any amendments to this Agreement necessary
for the Company to comply with the provisions of Treasury Regulations Sections 1.704-1(b), 1.704-1(c) and 1.704-2 upon the
happening of any of the following events: (i) incurring any liability which constitutes a “nonrecourse liability” as defined in Treasury Regulation Section 1.704-2(b)(3) or a “partner
nonrecourse debt” as defined in Treasury Regulations Section 1.704-2(b)(4); (ii) a constructive termination of the Company pursuant to Code Section 708(b)(1)(B); or (iii) the contribution
or distribution of any property, other than cash, to or by the Company. 
 10.6 Partnership Representative. 

(a) In the event of any controversy with the Internal Revenue Service or any other taxing authority involving the Company or any Member the
outcome of which may adversely affect the Company, directly or indirectly, or the amount of the allocation of income, gain, loss, deduction, or credit of the Company to a Member, the Managers shall have the authority to cause the Company to incur
expenses it deems necessary or advisable in the interest of the Company in connection with any such controversy, including, without limitation, attorneys’ and accountants’ fees. 

(b) Diana Little is designated as the “Partnership Representative” (as defined in Code Section 6223(a)) for tax years in which
the Revised Partnership Audit Procedures apply. The Partnership Representative shall have all of the powers and responsibilities of such position as provided in the Code; provided, that the Partnership Representative shall have the authority
to cause the Company to elect out of the application of the Revised Partnership Audit Procedures if the Company is otherwise eligible for such election pursuant to Code Section 6221(b). In the event that the Company is required to make any
payment pursuant to the Revised Partnership Audit Procedures with respect to any “reviewed year,” the Partnership Representative shall allocate such payment to the Members for such reviewed year in such a manner that reflects their
distributive share of income, gain, loss, or deduction for such reviewed year. Any such payment allocated to a Member for such reviewed year shall, at the sole and absolute discretion of the Partnership Representative, be (i) treated as an
advance towards and credited against future distributions of the Company; or (ii) payable by such Member to the Company within ten (10) days after the receipt of notice from the Partnership Representative. 

  
 14 

 10.7 Records and Reports. At the expense of the Company, the Managers shall maintain
records and accounts of all operations and expenditures of the Company. The Company shall keep at its principal place of business the records required by the Act to be maintained there. 

10.8 Books of Account. 

(a) The Company shall maintain the Company’s books and records and shall determine all items of Income, Loss, Net Income, and Net Loss in
accordance with the method of accounting selected by the Managers, consistently applied. All of the records and books of account of the Company, in whatever form maintained, shall at all times be maintained at the principal office of the Company and
shall be open to the inspection and examination of the Members or their representatives during reasonable business hours. Such right may be exercised through any agent or employee of a Member designated by it or by an attorney or independent
certified public accountant designated by such Member. Such Member shall bear all expenses incurred in any action taken on behalf of such Member. 

(b) All expenses in connection with the keeping of the books and records of the Company and the preparation of audited or unaudited financial
statements required to implement the provisions of this Agreement or otherwise needed for the conduct of the Company’s business shall be borne by the Company as an ordinary expense of its business. 

10.9 Company Tax Return and Annual Statement. The Manager shall cause the Company to file a federal income tax return and all other tax
returns required to be filed by the Company for each Fiscal Year or part thereof, and shall provide to each Person who at any time during the Fiscal Year was an Interest Owner with an annual statement (including a copy of Schedule K-1 to Internal Revenue Service Form 1065) indicating such Interest Owner’s share of the Company’s income, loss, gain, expense, and other items relevant for federal income tax purposes. 

10.10 Bank Accounts. The bank account or accounts of the Company shall be maintained in the bank approved by the Managers. The terms
governing such accounts shall be determined by the Managers and withdrawals from such bank accounts shall only be made by such parties as may be approved by the Managers. 

ARTICLE 11 - TRANSFERABILITY OF UNITS; ECONOMIC INTEREST OWNERS; 

ADMISSION OF MEMBERS 

11.1 Transferability of Units. The term “transfer” when used in this Agreement with respect to a Unit includes a sale,
assignment, gift, pledge, exchange, encumbrance, hypothecation, or other disposition. An Interest Owner shall not at any time transfer its Units except in accordance with the conditions and limitations set out in
Section 11.2. Any transferee of a Unit by any means shall have only the rights, powers, and privileges of an Economic Interest Owner set out in Sections 5.3 and 11.4 or otherwise provided by law and shall not
become a Member of the Company except as provided in Section 11.5. 

  
 15 

 11.2 Restrictions on Transfers of Units. All or part of a Unit may be transferred
only with the prior written approval of the Managers, which approval may be granted or denied in the sole discretion of the Managers. 

11.3 Permitted Transfers. All or part of a Unit may be transferred to a Permitted Transferee without the prior written approval of the
Managers and without triggering any other restrictions on transfer under this Agreement. Notwithstanding the foregoing, a Permitted Transferee who has been transferred Units shall be required to comply with the terms of
Section 11.5(b) and (c) hereof in order to be admitted as a Member of the Company. 
 11.4 Rights of
Transferee and Economic Interest Owners. Unless and until admitted as a Member of the Company in accordance with Section 11.5, the transferee of a Unit shall be an Economic Interest Owner and shall not be entitled to
any of the rights, powers, or privileges of a Member. Economic Interest Owners are entitled to receive the distributions and allocations to which the former Interest Owner would be entitled but for the transfer of its Units. A Person may be an
Economic Interest Owner with respect to a portion of its Units and a Member with respect to another portion of its Units. 
 11.5
Admission of Economic Interest Owners or Transferees as Members. A transferee of Units or an Economic Interest Owner may be admitted as a Member of the Company upon furnishing to the Company all of the following: 

(a) The written consent of the Managers (unless such transferee is a Permitted Transferee, in which case such Manager consent is not required);

 (b) Execution of an agreement, in a form satisfactory to the Managers, to be bound by all the terms and conditions of this Agreement; and

 (c) Payment of such reasonable expenses as the Company may incur in connection with its admission as a Member. 

11.6 Admission of New Members. New Members to the Company may only be admitted in compliance with Section 11.5
and, if required by the Managers in their sole discretion, upon receipt by the Company of an opinion of counsel, satisfactory in form and substance to the Managers, that neither the offering nor the proposed sale of the Units will violate any
federal or applicable state securities law and that neither such offering nor such sale will adversely affect the Company from being taxed as a partnership for federal income tax purposes. 

ARTICLE 12 - DISSOLUTION AND TERMINATION 

12.1 Withdrawal. Except as otherwise provided in this Agreement, no Interest Owner shall at any time retire or withdraw from the
Company or withdraw any amount out of its Capital Account. Any Interest Owner retiring or withdrawing in contravention of this Section 12.1 shall indemnify, defend, and hold harmless the Company and all other Interest
Owners (other than an Interest Owner who is, at the time of such withdrawal, in material default under this Agreement) from and against any losses, expenses, judgments, fines, settlements, or damages suffered or incurred by the Company or any such
other Interest Owner arising out of or resulting from such retirement or withdrawal. 

  
 16 

 12.2 Dissolution. 

(a) The Company shall be dissolved upon the first of the following to occur: 

(i) Upon the election to dissolve the Company by the Managers and a all of the Members; or 

(ii) The entry of a decree of judicial dissolution or the issuance of a certificate for administrative dissolution under the Act. 

(b) Upon dissolution of the Company, the business and affairs of the Company shall terminate and be wound up, and the assets of the Company
shall be liquidated pursuant to this Article 12. 
 (c) Dissolution of the Company shall be effective as of the day on which the event
occurs giving rise to the dissolution, but the Company shall not terminate until there has been a winding up of the Company’s business and affairs, and the assets of the Company have been distributed as provided in
Section 12.4. 
 (d) Upon dissolution of the Company, the Managers may cause any part or all of the assets of the
Company to be sold in such manner as the Managers shall determine in an effort to obtain the best prices for such assets; provided, however, that the Managers may distribute assets of the Company in kind to the Interest Owners to the
extent practicable. 
 12.3 Certificate of Cancellation. Upon the dissolution and commencement of the winding up of the Company, the
Managers shall cause a Certificate of Cancellation to be executed on behalf of the Company and filed with the Secretary of State, and a Manager or authorized Member shall execute, acknowledge, and file any and all other instruments necessary or
appropriate to reflect the dissolution of the Company. 
 12.4 Distribution of Assets Upon Dissolution. In settling accounts after
dissolution, the assets of the Company shall be paid in the following order: 
 (a) First, to creditors (including any loans from Interest
Owners), in the order of priority as provided by law; 
 (b) Second, to the Interest Owners pro rata in proportion to their respective
positive Capital Account balances until such Capital Account balances are reimbursed in full; 
 (c) Third, the excess, if any, to the
Interest Owners pro rata in proportion to their respective Units. 

  
 17 

 12.5 Distributions in Kind. If any assets of the Company are distributed in kind,
such assets shall be distributed to the Interest Owners entitled thereto as tenants-in-common in the same proportions as the Interest Owners would have been entitled to
cash distributions if such property had been sold for cash and the net proceeds thereof distributed to the Interest Owners. In the event that distributions in kind are made to the Interest Owners upon dissolution and liquidation of the Company, the
Capital Account balances of such Interest Owners shall be adjusted to reflect the Interest Owners’ allocable shares of gain or loss which would have resulted if the distributed property had been sold at its fair market value. 

ARTICLE 13 - MISCELLANEOUS PROVISIONS 

13.1 Notice. 
 (a) All
notices, demands, or requests provided for or permitted to be given pursuant to this Agreement must be in writing. 
 (b) All notices,
demands, and requests to be sent to any Manager, Member, or the Company pursuant to this Agreement shall be deemed to have been properly given or served if addressed to such person at the address as it appears on the Company records and
(i) personally delivered, (ii) deposited for next day delivery by Federal Express, or other similar overnight courier services, (iii) deposited in the United States mail, prepaid and registered or certified with return receipt
requested, or (iv) delivered via email or facsimile, with confirmation of delivery thereof reflected or obtained. 
 (c) All notices,
demands, and requests so given shall be deemed received: (i) when actually received, if personally delivered, deposited for next day delivery with an overnight courier, (ii) as indicated upon the return receipt if deposited in the United States
mail, or (iii) on the business day transmitted by facsimile or email, if sent by 5:00 P.M., Eastern Time, and confirmation of receipt thereof is reflected or obtained, or otherwise on the next business day following transmission by facsimile or
email. 
 (d) The Managers and Members shall have the right from time to time, and at any time during the term of this Agreement, to change
their respective addresses by delivering to the Managers and Members written notice of such change in the manner prescribed in Section 13.1(b). Economic Interest Owners shall have the right from time to time, and at any
time during the term of this Agreement, to change their respective addresses by delivering to the Company written notice of such change in the manner prescribed in Section 13.1(b). 

(e) All distributions to any Interest Owner shall be made at the address on the Company records unless otherwise specified in writing by any
such Interest Owner. 
 13.2 No Action. No Interest Owner shall have any right to maintain any action for partition with respect to
the property of the Company. 
 13.3 Amendments. Any amendment, restatement, modification, or repeal of all or any portion of this
Agreement or the Certificate of Formation shall require the written consent of the Managers and all of the Members; provided, however, that in no event shall any such amendment, restatement, modification, or repeal: (a) adversely
affect the rights or obligations of any one Member without the prior written consent of such Member unless such amendment, 

  
 18 

 
restatement, modification, or repeal adversely affects the same rights and obligations of all Members owning the same class of Units as such Member in the same manner and to the same extent;
(b) adversely affect the rights or obligations of any one Economic Interest Owner without the prior written consent of such Economic Interest Owner unless such amendment, restatement, modification, or repeal adversely affects the same rights
and obligations of all Economic Interest Owners owning the same class of Units as such Economic Interest Owner in the same manner and to the same extent; or (c) create an additional liability or obligation of any Member, including, without
limitation, by increasing any Member’s required Capital Contributions, without the prior written consent of such Member. 
 13.4
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof. Any judicial proceeding brought with respect to this Agreement
must be brought in any court of competent jurisdiction in the State of Delaware, and, by execution and delivery of this Agreement, each party: (a) accepts, generally and unconditionally, the exclusive jurisdiction of such courts and any related
appellate court, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement, and (b) irrevocably waives any objection it may now or hereafter have as to the venue of any such suit, action, or
proceeding brought in such a court or that such court is an inconvenient forum. Each party unconditionally and irrevocably waives any right it might have to a trial by jury in respect of any legal action arising out of or relating to the
transactions relating to this Agreement. 
 13.5 Entire Agreement. This Agreement, including all schedules and exhibits hereto, as
amended from time to time in accordance with the terms of this Agreement, contains the entire agreement among the parties relative to the subject matters hereof. 

13.6 Waiver. No consent or waiver, express or implied, by any Interest Owner to or for any breach or default by any other Interest Owner
in the performance by such other Interest Owner of his or her obligations under this Agreement shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such other Interest Owner of the same or
any other obligations of such other Interest Owner under this Agreement. Failure on the part of any Interest Owner to complain of any act or failure to act of any of the other Interest Owners or to declare any of the other Interest Owners in
default, regardless of how long such failure continues, shall not constitute a waiver by such Interest Owner of its rights hereunder. 

13.7 Severability. If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or
unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other persons or circumstances shall not be affected thereby, and the intent of this Agreement shall be enforced to the greatest extent permitted
by law. 
 13.8 Binding Agreement. Subject to the restrictions on transferability set forth in this Agreement, this Agreement shall
inure to the benefit of and be binding upon the undersigned Interest Owners and their respective legal representatives, successors, and assigns. 

  
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 13.9 Tense and Gender. Unless the context clearly indicates otherwise, the singular
shall include the plural and vice versa. Whenever the masculine, feminine, or neuter gender is used inappropriately in this Agreement, this Agreement shall be read as if the appropriate gender were used. 

13.10 Headings. Headings are included solely for convenience of reference and if there is any conflict between headings and the text of
this Agreement, the text shall control. 
 13.11 Benefits of Agreement. Nothing in this Agreement expressed or implied is intended or
shall be construed to give to any creditor of the Company or any creditor of any Interest Owner or any other person or entity whatsoever, other than the Interest Owners and the Company, any legal or equitable right, remedy, or claim under or in
respect of this Agreement or any covenant, condition, or provisions herein contained, and such provisions are and shall be held to be for the sole and exclusive benefit of the Interest Owners and the Company. 

13.12 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall he deemed an original for all purposes
and all of which when taken together shall constitute a single counterpart instrument. Executed signature pages to any counterpart instrument may be detached and affixed to a single counterpart, which single counterpart with multiple executed
signature pages affixed thereto shall constitute the original instrument. 
 [Remainder of page intentionally left blank.] 

  
 20 

 IN WITNESS WHEREOF, the undersigned do hereby assume and agree to be bound by and to perform
all of the terms and provisions set forth in this Agreement as of the date first written above. 
  

			
	COMPANY:
	
	MODCLOTH PARTNERS, LLC
		
	By:	 	 /s/ Ryan Davis

	Name: Ryan Davis
	Title: Manager
		 	
		
	By:	 	 /s/ Geoffrey Van Haeren

	Name: Geoffrey Van Haeren
	Title: Manager
	
	MEMBERS:
	
	TIGER CAPITAL GROUP, LLC
		
	By:	 	 /s/ Ryan Davis

	Name: Ryan Davis
	Title: Authorized Person
	
	NATIVE BRANDS GROUP LLC
		
	By:	 	 /s/ Geoffrey Van Haeren

	Name: Geoffrey Van Haeren
	Title: Manager

  
 21 

 SCHEDULE I 

SCHEDULE OF INTEREST OWNERS 

EFFECTIVE AS OF APRIL 6, 2021 
  

													
	 Names and Addresses of Interest Owners
	  	Percentage
Interest	 	 	Units	 	  	Type of
Interest	 
	 Tiger Capital Group, LLC
	  	 	50	% 	 	 	50	 	  	 	Member	 
	 Attn: Mark Naughton

60 State Street, 11th Floor
	  				 				  			
	 Boston, MA 02109
	  				 				  			
	 Email: mnaughton@tigergroup.com
	  				 				  			
	 Native Brands Group LLC
	  	 	50	% 	 	 	50	 	  	 	Member	 
	 Attn: Mike Bassiri

1775 Flight Way, Suite 400
	  				 				  			
	 Tustin, CA 92782
	  				 				  			
	 Email: mbassiri@nogin.com
	  				 				  			
		  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	100	% 	 	 	100	 	  	 	—  	 
		  	  
	  
	 	 	  
	  
	 	  	  
	  
	 

 SCHEDULE II 

Names and Contact Information of Managers 
 Ryan Davis

 60 State Street, 11th Floor Boston, MA 02109 

Email: RDavis@TigerGroup.com 
 Geoffrey Van Haeren 

1775 Flight Way, Suite 400 
 Tustin, CA 92782Document

			
	DocuSign Envelope ID: 21A55229-52A4-4DD4-8E7B-6355675C11F9

EXECUTIVE EMPLOYMENT AGREEMENT

This EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) by and between Vijay Chiruvolu (“Executive”) and Instil Bio Inc. (the “Company”) is effective as of the date of the closing of the first sale of the Company’s Series B Preferred Stock (the “Effective Date”).

The Company desires to employ the Executive as Chief Technical Officer and, in connection therewith, to compensate the Executive for Executive’s personal services to the Company; and

The Executive wishes to be employed by the Company as Chief Technical Officer and provide personal services to the Company in return for certain compensation.

This Agreement supersedes any and all prior and contemporaneous oral or written employment agreements or arrangements between Executive and the Company or any predecessor thereof.

Accordingly, in consideration of the mutual promises and covenants contained herein, the parties agree to the following:

1.EMPLOYMENT BY THE COMPANY.

1.1Position. Subject to the terms set forth herein, the Company agrees to employ Executive in the position of Chief Technical Officer and Executive hereby accepts such employment, beginning on July 17, 2020 (the “Start Date”). During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business time and attention to the business of the Company.

1.2Duties. Executive will report to the Chief Executive Officer of the Company (the “CEO”). Executive will perform such duties as are normally associated with his position, as assigned from time to time by the CEO. Executive shall perform his duties under this Agreement principally out of the Company’s offices in California, or such other location as assigned. In addition, the Executive shall make such business trips to such places as may be necessary or advisable for the efficient operations of the Company.

1.3Company Policies and Benefits. The employment relationship between the parties shall be subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion, and Executive will be eligible to participate on the same basis as similarly situated employees in the Company’s benefit plans in effect from time to time during his employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.

			
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2.COMPENSATION.

2.1Salary. Executive shall receive for Executive’s services to be rendered hereunder an initial annualized base salary of $425,000, subject to annual review and adjustment by the Company’s Board of Directors (the “Board”) in its sole discretion, payable subject to standard federal and state payroll withholding requirements in accordance with Company’s standard payroll practices (“Base Salary”).

2.2Signing Bonus. Executive shall be advanced on his first regular payroll a signing/retention bonus in the amount of $100,000, less applicable deductions and withholdings (the “Signing Bonus”), which will be earned on the twelve (12)-month anniversary of the Start Date. If Executive resigns without Good Reason (as defined below) or is terminated for Cause (as defined below) before the twelve (12)-month anniversary of the Start Date, Executive shall be obligated to, and hereby agrees to, repay that portion of the Signing Bonus unearned prior to the effective termination date. Executive agrees that if he is obligated to repay all or a portion of the Signing Bonus, the Company may deduct, in accordance with applicable law, any such unearned but advanced amount from any payments the Company owes Executive, including but not limited to any regular payroll amount and any expense payments. Executive further agrees to pay to the Company, within thirty (30) days of the effective termination date, any remaining unpaid balance of the unearned Signing Bonus not covered by such deductions.

2.3Target Bonus. While this Agreement is in effect, Executive shall be eligible for a discretionary annual target bonus of up to 50% of Executive’s then-current Base Salary (“Target Bonus”), determined by the Company in its sole discretion, and payable subject to standard federal and state payroll withholding requirements. The Target Bonus will be paid in a single annual installment paid no later than March 15 of the following year. Other than as set forth in Section 6.2(a)(ii), whether or not Executive earns any bonus will be dependent upon (a) Executive’s continuous performance of services to the Company through the date any bonus is paid; and (b) the actual achievement of the applicable individual performance targets and goals by Executive during the relevant bonus year as such targets and goals are reasonably established by the Board. The Board (or any authorized committee thereof) will determine in its sole discretion the extent to which Executive has achieved the performance targets and goals upon which the bonus is based and the amount of the bonus, which could be zero. Executive’s eligibility for a bonus is subject to change in the discretion of the Board (or any authorized committee thereof). For the 2020 calendar year, Executive shall be eligible for a bonus up to the amount of the Target Bonus pro rated for the months of Executive’s employment by the Company in 2020.

2.4Stock Options. Subject to approval by the Board, the Company shall grant Executive options to purchase a total of 863,993 shares of the Company’s common stock, of which an option to acquire 478,400 shares shall be granted as soon as practicable following the Effective Date (the “Closing Option”) and options to acquire 385,593 shares shall be granted in three tranches of 128,531 shares of the Company’s common stock (the “Milestone Options”) with each tranche granted based on achieving the milestones below. The Closing Option and Milestone Options shall each have an exercise price equal to the fair market value of a share of common stock as determined by the Board as of the date of grant, pursuant to the terms of the Company’s 2018 Equity Incentive Plan (the “Plan”) and the individual stock option grant notice and related agreements to be provided to Executive based on the following: (i) 128,531 Milestone Options

			
	228298382 v1

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	DocuSign Envelope ID: 21A55229-52A4-4DD4-8E7B-6355675C11F9

shall be granted upon completion and filing of the CMC portion of the IND package for ITIL-168 before March 31, 2021, (ii) 128,531 Milestone Options shall be granted upon first successful patient treated using TIL therapy manufactured from the CTF facility before September 30, 2021, and (iii) 128,531 Milestone Options shall be granted upon completing and filing of the CMC portion of the IND package for CoSTaR before December 31, 2021. The Closing Option and Milestone Options shall vest subject to the terms and conditions of the Plan and Executive’s grant agreement, with 25% of the shares subject to the Closing Option vesting upon the first anniversary of the Effective Date for the Closing Option and 25% of the shares subject to the Milestone Option vesting upon the first anniversary of the applicable grant date, and the remaining 75% of the shares subject to the Closing Option and the Milestone Options vesting over the subsequent 3-year period in substantially equal monthly installments at a rate of 1/48th of the total shares subject to the Closing Option and Milestone Options each month, subject to Executive’s continuous service as of each such vesting date.

2.5Expense Reimbursement. The Company will reimburse Executive for reasonable business expenses with proper documentation and in accordance with the Company’s standard expense reimbursement policy. The Company will reimburse Executive for reasonable business expenses in accordance with the Company’s standard expense reimbursement policy. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”):
(a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

3.CONFIDENTIAL INFORMATION, INVENTIONS, NON-SOLICITATION AND NON- COMPETITION OBLIGATIONS. As a condition of employment, Executive must execute and abide by the Employee Confidential Information and Inventions Assignment Agreement attached as Exhibit A (the “Confidential Information Agreement”), which may be amended by the parties from time to time without regard to this Agreement. The Confidential Information Agreement contains provisions that are intended by the parties to survive and do survive termination or expiration of this Agreement.

4.OUTSIDE ACTIVITIES. Except as otherwise stated herein, during the term of Executive’s employment with the Company, Executive will be required to faithfully serve the Company and devote his full time and attention to the business and affairs of the Company and the performance of Executive’s duties and responsibilities. Executive will not, while employed by the Company, undertake or engage in any other employment, occupation or business enterprise, including accepting any appointment to the board of directors of another company, that would interfere or conflict, either directly or indirectly, with Executive’s responsibilities and the performance of Executive’s duties hereunder except for (i) reasonable time devoted to personal financial affairs or volunteer services for or on behalf of such religious, educational, non-profit and/or other charitable organization as Executive may wish to serve, (ii) reasonable time devoted to activities in the non-profit and business communities consistent with Executive’s duties, and
(iii) such other activities as may be specifically approved by the Board. This restriction shall not, however, preclude the Executive (x) from owning less than one percent (1%) of the total

			
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	DocuSign Envelope ID: 21A55229-52A4-4DD4-8E7B-6355675C11F9

outstanding shares of a publicly traded company, or (y) from employment or service in any capacity with Affiliates of the Company. As used in this Agreement, “Affiliates” means an entity under common management or control with the Company.

5.NO CONFLICT WITH EXISTING OBLIGATIONS. Executive represents that Executive’s performance of all the terms of this Agreement and as an Executive of the Company do not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with prior employers or entities for which Executive has provided services. Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith.

6.TERMINATION OF EMPLOYMENT. The parties acknowledge that Executive’s employment relationship with the Company is at-will. Either Executive or the Company may terminate the employment relationship at any time, with or without Cause. The provisions in this Section govern the amount of compensation, if any, to be provided to Executive upontermination of employment and do not alter this at-will status.

6.1Termination by the Company without Cause or Resignation by Executive for Good Reason Not in Connection with a Change in Control.

(a)The Company shall have the right to terminate Executive’s employment with the Company pursuant to this Section 6.1 at any time, in accordance with Section 6.7, without “Cause” (as defined in Section 6.3(b) below) by giving notice as described in Section
7.1 of this Agreement. A termination pursuant to Section 6.5 or 6.6 below is not a termination without Cause for purposes of receiving the benefits described in this Section 6.1.

(b)If the Company terminates Executive’s employment at any time, not in connection with a “Change in Control” (as that term is defined in the Company’s 2018 Stock Incentive Plan), without Cause or Executive terminates his employment with the Company for “Good Reason” (as defined in Section 6.1(g) below) and provided that such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), then Executive shall be entitled to receive the Accrued Obligations (defined in 6.1(d) below). If Executive complies with the obligations in Section 6.1(c) below (including but not limited to the Release requirement), Executive shall also be eligible to receive the following “Severance Benefits:”

(i)The Company will pay Executive an amount equal to Executive’s then current Base Salary for twelve (12) months, less all applicable withholdings and deductions (“Severance”), paid in equal installments beginning on the Company’s first regularly scheduled payroll date following the Release Effective Date (as defined in Section 6.1(c) below), with the remaining installments occurring on the Company’s regularly scheduled payroll dates thereafter;

(ii)Provided Executive timely elects continued coverage under COBRA under the Company’s group health plans following such termination, the Company will pay Executive’s COBRA premiums, to continue Executive’s health insurance coverage in effect

			
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on the termination date until the earliest of: (1) twelve (12) months following the termination date;
(2) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (3) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the termination date through the earlier of (1)-(3), (the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA premiums on Executive’s behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding, for the remainder of the COBRA Payment Period. Nothing in this Agreement shall deprive Executive of his rights under COBRA or ERISA for benefits under plans and policies arising under his employment by the Company;

(iii)acceleration of the vesting of all outstanding unvested time- based equity awards that are held by Executive as of the date of Executive’s Separation from Service as to the number of shares that would have vested in accordance with the applicable vesting schedule as if Executive had been in service for an additional six (6) months as of Executive’s termination date (based upon months of service and not the occurrence of corporate events or milestones).

(c)Executive will be paid all of the Accrued Obligations on the Company’s first payroll date after Executive’s date of termination from employment or earlier if required by law. Executive shall receive the Severance Benefits pursuant to Section 6.1(b) of this Agreement if: (i) within the timeframe provided by the Company, which shall be no later thanthe 60th day following the date of Executive’s Separation from Service, he has signed and delivered to the Company a separation agreement containing an effective, general release of claims in favor of the Company and its affiliates and representatives, in the form presented by the Company (the “Release”), which cannot be revoked in whole or part by such date (the date that the Release can no longer be revoked is referred to as the “Release Effective Date””); (ii) if he holds any other positions with the Company or any Affiliate, including a position on the Board, he resigns such position(s) to be effective no later than the date of Executive’s termination date (or such other date as requested by the Board); (iii) he returns all Company property; (iv) he complies with his post- termination obligations under this Agreement and the Confidential Information Agreement; and
(v) he complies with the terms of the Release, including without limitation any non-disparagement and confidentiality provisions contained in the Release. To the extent that any severance payments are deferred compensation under Section 409A of the Code, and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive may consider and sign the Release spans two calendar years, the payment of Severance will not be made or begin until the later calendar year.

(d)For purposes of this Agreement, “Accrued Obligations” are (i) Executive’s accrued but unpaid salary through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense reimbursement policies, and (iii) benefits owed to Executive under any qualified

			
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retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

(e)The Severance Benefits or Change in Control Severance Benefits provided to Executive pursuant to this Section 6.1 or Section 6.2 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program.

(f)Any damages caused by the termination of Executive’s employment without Cause would be difficult to ascertain; therefore, the Severance Benefits or Change in Control Severance Benefits for which Executive is eligible pursuant to Section 6.1(b) or 6.2(a) in exchange for the Release are agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

(g)For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events without Executive’s consent: (i) a material reduction in Executive’s Base Salary, which the parties agree is a reduction of at least ten percent (10%) of Executive’s Base Salary (unless pursuant to a salary reduction program applicable generally to the Company's similarly situated employees); (ii) a material reduction in Executive’s duties, authority, or responsibilities for the Company relative to Executive’s duties, authority, or responsibilities in effect immediately prior to such reduction; (iii) a material breach by the Company or any successor entity of any employment-related contract between the Company and Executive; or (iv) the relocation of Executive’s principal place of employment, without Executive’s consent, in a manner that lengthens his one-way commute distance by fifty (50) or more miles from his then-current principal place of employment immediately prior to such relocation; provided, however, that, any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if: (1) Executive gives the Company written notice of his intent to terminate for Good Reason within thirty (30) days following Executive’s first learning of the condition(s) that he believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to receiving such notice from Executive, already informed Executive that his employment with the Company is being terminated; and (4) Executive voluntarily terminates his employment within thirty (30) days following the end of the Cure Period.

6.2Termination by the Company without Cause or Resignation by Executive for Good Reason in Connection with a Change in Control.

(a)In the event that the Company terminates Executive’s employment without Cause or Executive resigns for Good Reason within three (3) months prior to or twelve
(12)months following the effective date of a Change in Control (“Change in Control Termination Date”), then Executive shall be entitled to the Accrued Obligations and, subject to Executive’s compliance with Section 6.1(b) and (c) above, including but not limited to the Release requirement and Executive’s continued compliance with his obligations to the Company under his Confidential Information Agreement, then Executive will be eligible for the following “Change in Control Severance Benefits”:

			
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(i)Executive shall be eligible to receive the Severance Benefits set forth in Sections 6.1(b)(i) and 6.1(b)(ii) under the terms and conditions described in Section 6.1;

(ii)The Company shall pay Executive an amount equal to Executive’s full Target Bonus for the calendar year in which Executive’s termination occurs, which shall be equivalent to 50% of Executive’s then-current Base Salary, payable subject to standard federal and state payroll withholding requirements on the Company’s first regularly scheduled payroll date following the Release Effective Date; and

(iii)Effective as of the later of Executive’s Change in Control Termination Date or the effective date of the Change in Control, the vesting and exercisability of all outstanding unvested equity awards that are held by Executive as of immediately prior to the Change in Control Termination Date shall be accelerated (and lapse, in the case of reacquisition or repurchase rights) in full.

6.3Termination by the Company for Cause.

(a)The Company shall have the right to terminate Executive’s employment with the Company at any time for Cause by giving notice as described in Section 6.7 of this Agreement.

(b)“Cause” for termination shall mean that the Company has determined in its sole discretion that the Executive has engaged in any of the following: (i) a material breach of any covenant or condition under this Agreement or any other agreement between the parties; (ii) any act constituting dishonesty, fraud, immoral or disreputable conduct which is reasonably likely to cause harm (including reputational harm) to the Company; (iii) any conduct which constitutes a felony under applicable law; (iv) material violation of any Company policy, after the expiration of ten (10) days without cure after written notice of such violation to the extent such violation is curable; (v) refusal to follow or implement a clear, lawful and reasonable directive of Company after the expiration of ten (10) days without cure after written notice of such failure to the extent such failure is curable; (vi) gross negligence or incompetence in the performance of Executive’s duties after the expiration of ten (10) days without cure after written notice of such failure; or (vii) breach of fiduciary duty.

(c)In the event Executive’s employment is terminated at any time for Cause, Executive will not receive the Severance Benefits, Change in Control Severance Benefits or any other severance compensation or benefit, except that, consistent with the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations.

6.4Resignation by Executive (other than for Good Reason).

(a)Executive may resign from Executive’s employment with the Company at any time by giving notice as described in Section 6.7.

(b)In the event Executive resigns from Executive’s employment with the Company (other than for Good Reason), Executive will not receive the Severance Benefits, Change in Control Severance Benefits, or any other severance compensation or benefit, except

			
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that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations.

6.5Termination by Virtue of Death or Disability of Executive.

(a)In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, provide to the Executive’s legal representatives Executive’s Accrued Obligations.

(b)Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, to terminate this Agreement based on the Executive’s Disability (as defined below). Termination by the Company of the Executive’s employment based on “Disability” shall mean termination because the Executive is unable due to a physical or mental condition to perform the essential functions of his position with or without reasonable accommodation for six (6) months in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based on the Executive’s Disability, Executive will not receive the Severance Benefits, Change in Control Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations.

6.6Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.6, Executive will not receive any of the Severance Benefits, Change in Control Severance Benefits, or any other compensation or benefits, except that, pursuant to the Company's standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

6.7Notice; Effective Date of Termination.

(a)Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of:

(i)immediately after the Company gives notice to Executive of Executive’s termination, with or without Cause, unless pursuant to Sections 6.3(b)(vi), 6.3(b)(v), or 6.3(b)(vi) in which case ten (10) days after notice if not cured or unless the Company specifies a later date, in which case, termination shall be effective as of such later date;

(ii)immediately upon the Executive’s death;

			
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(iii)ten (10) days after the Company gives notice to Executive of Executive’s termination on account of Executive’s Disability, unless the Company specifies a later date, in which case, termination shall be effective as of such later date, provided that Executive has not returned to the full time performance of Executive’s duties prior to such date;

(iv)ten (10) days after the Executive gives written notice to the Company of Executive’s resignation not for Good Reason, provided that the Company may set a termination date at any time between the date of notice and the date of resignation, in which case the Executive’s resignation shall be effective as of such other date. Executive will receive compensation through any required notice period; or

(v)for a termination for Good Reason, immediately upon Executive’s full satisfaction of the requirements of Section 6.1(g).

(b)In the event notice of a termination under subsections (a)(i) and (iii) is given orally, at the other party’s request, the party giving notice must provide written confirmation of such notice within five (5) business days of the request in compliance with the requirement of Section 7.1 below. In the event of a termination for Cause, written confirmation shall specify the subsection(s) of the definition of Cause relied on to support the decision to terminate.

6.8Cooperation With Company After Termination of Employment. Following termination of Executive’s employment for any reason, Executive shall fully cooperate with the Company in all matters relating to the winding up of Executive’s pending work including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any such pending work to such other employees as may be designated by the Company.

6.9Section 409A.

(a)Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein are subject to the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”). Severance shall not commence until the Executive has a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “separation from service”). Each installment of severance is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance is intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if such exemptions are not available and the Executive is, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the severance payments shall be delayed until the earlier of (i) six (6) months and one day after the Executive’s separation from service, or (ii) the Executive’s death. The parties acknowledge that the exemptions from application of Section 409A to severance benefits are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of severance benefits may preclude the ability of severance benefits provided under this Agreement to qualify for an exemption.

			
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(b)It is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the Company shall in no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement.

6.10Certain Excise Taxes.

(a)Notwithstanding anything to the contrary in this Agreement, if any payment or benefit Executive would receive from the Company or any other party whether in connection with the provisions of this Agreement or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either
(x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt of the greatest economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount will give rise to the greater after tax benefit, the reduction in the Payments shall occur in the following order: (a) reduction of cash payments; (b) cancellation of accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits paid to Executive. Within any such category of payments and benefits (that is, (a), (b), (c) or (d)), a reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration of compensation from Executive’s equity awards is to be reduced, such acceleration of vesting shall be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant.

(b)The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code shall perform the foregoing calculations. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting such event, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such independent registered public accounting firm required to be made hereunder. The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within thirty (30) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as reasonably requested by the Company or Executive. Any good faith determinations of the independent registered public accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive.

			
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7.GENERAL PROVISIONS.

7.1Notices. Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the 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) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at its primary office location and to Executive at Executive’s address as listed on the Company payroll or Executive’s company-provided email address, or at such other address as the Company or the Executive may designate by ten (10) days advance written notice to the other.

7.2Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein.

7.3Waiver. If either party should waive any breach of any provisions of this Agreement, Executive or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.

7.4Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the subject matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and agreements. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company. The parties have entered into a separate Confidential Information Agreement. Any such separate agreement governs other aspects of the relationship between the parties, has or may have provisions that survive termination of the Executive’s employment under this Agreement, may be amended or superseded by the parties without regard to this agreement and are enforceable according to their terms without regard to the enforcement provision of this Agreement.

7.5Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement.

7.6Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.

7.7Successors and Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any Company or other entity with or

			
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into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such case said Company or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. The Executive may not assign or transfer this Agreement or any rights or obligations hereunder, other than to his estate upon his death.

7.8Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of Delaware.

7.9Resolution of Disputes. To ensure the rapid and economical resolution of disputes that may arise in connection with Executive’s employment with the Company, Executive and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, Executive’s employment with the Company, or the termination of Executive’s employment, shall be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. § 1-16, to the fullest extent permitted by law, by final, binding and confidential arbitration conducted by JAMS or its successor, under JAMS’ then applicable rules and procedures for employment disputes before a single arbitrator (available upon request and also currently available at http://www.jamsadr.com/rules-employment-arbitration/). Executive acknowledges that by agreeing to this arbitration procedure, both Executive and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. In addition, all claims, disputes, or causes of action under this paragraph, whether by Executive or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person or entity. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. This paragraph shall not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law, including, without limitation, claims brought pursuant to the California Private Attorneys General Act of 2004, as amended, the California Fair Employment and Housing Act, as amended, and the California Labor Code, as amended, to the extent such claims are not permitted by applicable law(s) to be submitted to mandatory arbitration and the applicable law(s) are not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the “Excluded Claims”). In the event Executive intends to bring multiple claims, including one of the Excluded Claims listed above, the Excluded Claims may be filed with a court, while any other claims will remain subject to mandatory arbitration. Executive will have the right to be represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to arbitration under this Agreement shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the final disposition are also matters for the arbitrator. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The arbitrator shall be authorized to award

			
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all relief that Executive or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the administrative fees that Executive would be required to pay if the dispute were decided in a court of law. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction.

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IN WITNESS WHEREOF, the parties have executed this Executive Employment Agreement on the day and year first written above.

INSTIL BIO INC.

By:             Name:    Bronson Crouch
Title:    Chief Executive Officer

Executive:

By:             Name:    Vijay Chiruvolu
Title:    Chief Technical Officer

			
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EXHIBIT A

EMPLOYEE CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT

			
	DocuSign Envelope ID: 21A55229-52A4-4DD4-8E7B-6355675C11F9

INSTIL BIO INC.
EMPLOYEE CONFIDENTIAL INFORMATION AND INVENTIONS ASSIGNMENT AGREEMENT
In consideration of my employment or continued employment by Instil Bio Inc. (“Employer”), and its subsidiaries, parents, affiliates, successors and assigns (together with Employer, “Company”), the compensation paid to me now and during my employment with Company, and Company’s agreement to provide me with access to its Confidential Information (as defined below), I enter into this Employee Confidential Information and Inventions Assignment Agreement with Employer (the “Agreement”). Accordingly, in consideration of the mutual promises and covenants contained herein, Employer (on behalf of itself and Company) and I agree as follows:

1.Confidential Information Protections.
Recognition of Company’s Rights; Nondisclosure. My employment by Company creates a relationship of confidence and trust with respect to Confidential Information (as defined below) and Company has a protectable interest in the Confidential Information. At all times during and after my employment, I will hold in confidence and will not disclose, use, lecture upon, or publish any Confidential Information, except as required in connection with my work for Company, or as approved by an officer of Company. I will obtain written approval by an officer of Company before I lecture on or submit for publication any material (written, oral, or otherwise) that discloses and/or incorporates any Confidential Information. I will take all reasonable precautions to prevent the disclosure of Confidential Information. Notwithstanding the foregoing, pursuant to 18 U.S.C. Section 1833(b), I will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. I agree that Company information or documentation to which I have access during my employment, regardless of whether it contains Confidential Information, is the property of Company and cannot be downloaded or retained for my personal use or for any use that is outside the scope of my duties for Company.

Confidential Information. “Confidential Information” means any and all confidential knowledge or data of Company, and includes any confidential knowledge or data that Company has received, or receives in the future, from third parties that Company has agreed to treat as confidential and to use for only certain limited purposes. By way of illustration but not limitation, Confidential Information includes (a) trade secrets, inventions, ideas, processes, formulas, software in source or object code, data, technology, know-how, designs and techniques, and any other work product of any nature, and all Intellectual Property Rights (defined below) in all of the foregoing (collectively, “Inventions”), including all Company Inventions (defined in Section 2.1); (b) information regarding research, development, new products, business and operational plans, budgets, unpublished financial statements and projections, costs, margins, discounts, credit terms, pricing, quoting procedures, future plans and strategies, capital-raising plans, internal services, suppliers and supplier information;
(c)information about customers and potential customers of Company, including customer lists, names, representatives, their needs or desires with respect to the types of products or services offered by Company, and other non-public information;
(d)information about Company’s business partners and their services, including names, representatives, proposals, bids, contracts, and the products and services they provide; (e) information regarding personnel, employee lists, compensation, and employee skills; and (f) any other non-public information that a competitor of Company could use to Company’s competitive disadvantage. However, Company agrees that I am free to use information that I knew prior to my employment with Company or that is, at the time of use, generally known in the trade or industry through no breach of this Agreement by me. Company further agrees that this Agreement does not limit my right to discuss my employment or unlawful acts in Company’s workplace, including but not limited to sexual harassment, or report possible violations of law or regulation with any federal, state or local government agency, or to discuss the terms and conditions of my employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act, or to the extent that such disclosure is protected under the applicable provisions of law or regulation, including but not limited to “whistleblower” statutes or other similar provisions that protect such disclosure, to the extent any such rights are not permitted by applicable law to be the subject of nondisclosure obligations.
Term of Nondisclosure Restrictions. I will only use or disclose Confidential Information as provided in this Section 1 and I agree that the restrictions in Section 1.1 are intended to continue indefinitely, even after my employment by

Employee Confidential Information and Inventions Assignment Agreement
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Company ends. However, if a time limitation on my obligation not to use or disclose Confidential Information is required under applicable law, and the Agreement or its restriction(s) cannot otherwise be enforced, Company and I agree that the two year period after the date my employment ends will be the time limitation relevant to the contested restriction; provided, however, that my obligation not to disclose or use trade secrets that are protected without time limitation under applicable law shall continue indefinitely.
No Improper Use of Information of Prior Employers and Others. During my employment by Company, I will not improperly use or disclose confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality, and I will not bring onto Company’s premises any unpublished documents or property belonging to a former employer or any other person to whom I have an obligation of confidentiality unless that former employer or person has consented in writing.

2.Assignments of Inventions.
Definitions. The term (a) “Intellectual Property Rights” means all past, present and future rights of the following types, which may exist or be created under the laws of any jurisdiction in the world: trade secrets, Copyrights, trademark and trade name rights, mask work rights, patents and industrial property, and all proprietary rights in technology or works of authorship (including, in each case, any application for any such rights and any rights to apply for any such rights, as well as all rights to pursue remedies for infringement or violation of any such rights); (b) “Copyright” means the exclusive legal right to reproduce, perform, display, distribute and make derivative works of a work of authorship (for example, a literary, musical, or artistic work) recognized by the laws of any jurisdiction in the world; (c) “Moral Rights” means all paternity, integrity, disclosure, withdrawal, special and similar rights recognized by the laws of any jurisdiction in the world; and (d) “Company Inventions” means any and all Inventions (and all Intellectual Property Rights related to Inventions) that are made, conceived, developed, prepared, produced, authored, edited, amended, reduced to practice, or learned or set out in any tangible medium of expression or otherwise created, in whole or in part, by me, either alone or with others, during my employment by Company, and all printed, physical, and electronic copies, and other tangible embodiments of Inventions.
California Limited Exclusion Notification.
 I acknowledge that California Labor Code section 2870(a) provides that I cannot be required to assign to Company any Invention that I develop entirely on my own time without using Company’s equipment, supplies, facilities or trade secret information, except for Inventions that either (i) relate at the time of conception or reduction to practice to Company’s business, or actual or demonstrably anticipated research or development, or (ii) result from any work performed by me for Company (“Nonassignable Inventions”).
 To the extent that a provision in this Agreement purports to require me to assign a Nonassignable Invention to Company, the provision is against the public policy of the state of California and is unenforceable.
 This limited exclusion does not apply to any patent or Invention covered by a contract between Company and the United States or any of its agencies requiring full title to such patent or Invention to be in the United States.
Prior Inventions.
 On Exhibit A to this Agreement is a list describing any Inventions that (i) are owned by me or in which I have an interest and that were made or acquired by me prior to my date of first employment by Company, and (ii) may relate to Company’s business or actual or demonstrably anticipated research or development, and (iii) are not to be assigned to Company (“Prior Inventions”). If no such list is attached, I represent and warrant that no Inventions that would be classified as Prior Inventions exist as of the date of this Agreement.
 I agree that if I use any Prior Inventions and/or Nonassignable Inventions in the scope of my employment, or if I include any Prior Inventions and/or Nonassignable Inventions in any product or service of Company, or if my rights in any Prior Inventions and/or any Nonassignable Inventions may block or interfere with, or may otherwise be required for, the exercise by Company of any rights assigned to Company under this Agreement (each, a “License

			
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Event”), (i) I will immediately notify Company in writing, and (ii) unless Company and I agree otherwise in writing, I hereby grant to Company a non-exclusive, perpetual, transferable, fully-paid, royalty-free, irrevocable, worldwide license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works of, distribute, publicly perform, and publicly display in any form or medium (whether now known or later developed), make, have made, use, sell, import, offer for sale, and exercise any and all present or future rights in, such Prior Inventions and/or Nonassignable Inventions. To the extent that any third parties have any rights in or to any Prior Inventions or any Nonassignable Inventions, I represent and warrant that such third party or parties have validly and irrevocably granted to me the right to grant the license stated above. For purposes of this paragraph, “Prior Inventions” includes any Inventions that would be classified as Prior Inventions, whether or not they are listed on the Exhibit A to this Agreement.
Assignment of Company Inventions. I hereby assign to Employer all my right, title, and interest in and to any and all Company Inventions other than Nonassignable Inventions and agree that such assignment includes an assignment of all Moral Rights. To the extent such Moral Rights cannot be assigned to Employer and to the extent the following is allowed by the laws in any country where Moral Rights exist, I hereby unconditionally and irrevocably waive the enforcement of such Moral Rights, and all claims and causes of action of any kind against Employer or related to Employer’s customers, with respect to such rights. I further agree that neither my successors-in-interest nor legal heirs retain any Moral Rights in any Company Inventions. Nothing contained in this Agreement may be construed to reduce or limit Company’s rights, title, or interest in any Company Inventions so as to be less in any respect than that Company would have had in the absence of this Agreement.
Obligation to Keep Company Informed. During my employment by Company, I will promptly and fully disclose to Company in writing all Inventions that I author, conceive, or reduce to practice, either alone or jointly with others. At the time of each disclosure, I will advise Company in writing of any Inventions that I believe constitute Nonassignable Inventions; and I will at that time provide to Company in writing all evidence necessary to substantiate my belief. Subject to Section 2.3(b), Company agrees to keep in confidence, not use for any purpose, and not disclose to third parties without my consent, any confidential information relating to Nonassignable Inventions that I disclose in writing to Company.
Government or Third Party. I agree that, as directed by Company, I will assign to a third party, including without limitation the United States, all my right, title, and interest in and to any particular Company Invention.
Ownership of Work Product. I acknowledge that all original works of authorship that are made by me (solely or jointly with others) within the scope of my employment and that are protectable by Copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section 101).
Enforcement of Intellectual Property Rights and Assistance. I will assist Company, in every way Company requests, including signing, verifying and delivering any documents and performing any other acts, to obtain and enforce United States and foreign Intellectual Property Rights and Moral Rights relating to Company Inventions in any jurisdictions in the world. My obligation to assist Company with respect to Intellectual Property Rights relating to Company Inventions will continue beyond the termination of my employment, but Company will compensate me at a reasonable rate after such termination for the time I actually spend on such assistance. If Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions specified in this paragraph, I hereby irrevocably designate and appoint Employer and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and on my behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this Agreement with the same legal force and effect as if executed by me. I hereby waive and quitclaim to Company any and all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any Intellectual Property Rights assigned to Employer under this Agreement.
Incorporation of Software Code. I agree not to incorporate into any Inventions, including any Company software, or otherwise deliver to Company, any software code licensed under the GNU General Public License, Lesser General Public License, or any other license that, by its terms, requires or conditions the use or distribution of such code on the disclosure, licensing, or distribution of any source code owned or licensed by Company, except in strict compliance with Company’s policies regarding the use of such software or as directed by Company.

			
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3.Records. I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that is required by Company) of all Confidential Information developed by me and all Company Inventions made by me during the period of my employment at Company, which records will be available to and remain the sole property of Employer at all times.

4.Duty of Loyalty During Employment. During my employment by Company, I will not, without Company’s written consent, directly or indirectly engage in any employment or business activity that is directly or indirectly competitive with, or would otherwise conflict with, my employment by Company.

5.No Solicitation of Employees, Consultants or Contractors. To the extent permitted by applicable law, I agree that during my employment and for the one year period after the date my employment ends for any reason, including but not limited to voluntary termination by me or involuntary termination by Company, I will not, as an officer, director, employee, consultant, owner, partner, or in any other capacity, either directly or through others (except on behalf of Company) solicit, induce, encourage any person known to me to be an employee, consultant, or independent contractor of Company to terminate his, her or its relationship with Company.

6.Reasonableness of Restrictions. I have read this entire Agreement and understand it. I agree that (a) this Agreement does not prevent me from earning a living or pursuing my career, and (b) the restrictions contained in this Agreement are reasonable, proper, and necessitated by Company’s legitimate business interests. I represent and agree that I am entering into this Agreement freely, with knowledge of its contents and the intent to be bound by its terms. If a court finds this Agreement, or any of its restrictions, are ambiguous, unenforceable, or invalid, Company and I agree that the court will read the Agreement as a whole and interpret such restriction(s) to be enforceable and valid to the maximum extent allowed by law. If the court declines to enforce this Agreement in the manner provided in this Section and/or Section 12.2, Company and I agree that this Agreement will be automatically modified to provide Company with the maximum protection of its business interests allowed by law, and I agree to be bound by this Agreement as modified.

7.No Conflicting Agreement or Obligation. I represent that my performance of all the terms of this Agreement and as an employee of Company does not and will not breach any agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment by Company. I have not entered into, and I agree I will not enter into, any written or oral agreement in conflict with this Agreement.

8.Return of Company Property. When I cease to be employed by Company, I will deliver to Company any and all materials, together with all copies thereof, containing or disclosing any Company Inventions, or Confidential Information. I will not copy, delete, or alter any information contained upon my Company computer or Company equipment before I return it to Company. In addition, if I have used any personal computer, server, or e-mail system to receive, store, review, prepare or transmit any Company information, including but not limited to, Confidential Information, I agree to provide Company with a computer-useable copy of all such information and then permanently delete such information from those systems; and I agree to provide Company access to my system as reasonably requested to verify that the necessary copying and/or deletion is completed. I further agree that any property situated on Company’s premises and owned by Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company’s personnel at any time during my employment, with or without notice. Prior to leaving, I hereby agree to: provide Company any and all information needed to access any Company property or information returned or required to be returned pursuant to this paragraph, including without limitation any login, password, and account information; cooperate with Company in attending an exit interview; and complete and sign Company’s termination statement if required to do so by Company.

9.Legal and Equitable Remedies. I agree that (a) it may be impossible to assess the damages caused by my violation of this Agreement or any of its terms, (b) any threatened or actual violation of this Agreement or any of its terms will constitute immediate and irreparable injury to Company, and (c) Company will have the right to enforce this Agreement by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that Company may have for a breach or threatened breach of this Agreement. If Company enforces this Agreement through a court order, I agree that the restrictions of Section 5 will remain in effect for a period of 12 months from the effective date of the order enforcing the Agreement.

			
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10.Notices. Any notices required or permitted under this Agreement will be given to Company at its headquarters location at the time notice is given, labeled “Attention Chief Executive Officer,” and to me at my address as listed on Company payroll, or at such other address as Company or I may designate by written notice to the other. Notice will be effective upon receipt or refusal of delivery. If delivered by certified or registered mail, notice will be considered to have been given five business days after it was mailed, as evidenced by the postmark. If delivered by courier or express mail service, notice will be considered to have been given on the delivery date reflected by the courier or express mail service receipt.

11.Publication of This Agreement to Subsequent Employer or Business Associates of Employee. If I am offered employment, or the opportunity to enter into any business venture as owner, partner, consultant or other capacity, while the restrictions in Section 5 of this Agreement are in effect, I agree to inform my potential employer, partner, co-owner and/or others involved in managing the business I have an opportunity to be associated with, of my obligations under this Agreement and to provide such person or persons with a copy of this Agreement. I agree to inform Company of all employment and business ventures which I enter into while the restrictions described in Section 5 of this Agreement are in effect and I authorize Company to provide copies of this Agreement to my employer, partner, co-owner and/or others involved in managing the business I have an opportunity to be associated with and to make such persons aware of my obligations under this Agreement.

12.General Provisions.
Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of the State of California without regard to any conflict of laws principles that would require the application of the laws of a different jurisdiction. I expressly consent to the personal jurisdiction and venue of the state and federal courts located in California for any lawsuit filed there against me by Company arising from or related to this Agreement.
Severability. If any portion of this Agreement is, for any reason, held to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability will not affect the other provisions of this Agreement, and this Agreement will be construed as if such provision had never been contained in this Agreement. If any portion of this Agreement is, for any reason, held to be excessively broad as to duration, geographical scope, activity or subject, it will be construed by limiting and reducing it, so as to be enforceable to the extent allowed by the then applicable law.
Successors and Assigns. This Agreement is for my benefit and the benefit of Company and its and their successors, assigns, parent corporations, subsidiaries, affiliates, and purchasers, and will be binding upon my heirs, executors, administrators and other legal representatives.
Survival. This Agreement will survive the termination of my employment, regardless of the reason, and the assignment of this Agreement by Company to any successor in interest or other assignee.
Employment At-Will. I understand and agree that nothing in this Agreement will change my at-will employment status or confer any right with respect to continuation of employment by Company, nor will it interfere in any way with my right or Company’s right to terminate my employment at any time, with or without cause or advance notice.
Waiver. No waiver by Company of any breach of this Agreement will be a waiver of any preceding or succeeding breach. No waiver by Company of any right under this Agreement will be construed as a waiver of any other right. Company will not be required to give notice to enforce strict adherence to all terms of this Agreement.
Export. I agree not to export, reexport, or transfer, directly or indirectly, any U.S. technical data acquired from Company or any products utilizing such data, in violation of the United States export laws or regulations.
Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will 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, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

			
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Advice of Counsel. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT WILL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION OF THIS AGREEMENT.
Entire Agreement. The obligations in Sections 1 and 2 (except Section 2.2 and Section 2.7, in each case, with respect to a consulting relationship) of this Agreement will apply to any time during which I was previously engaged, or am in the future engaged, by Company as a consultant, employee or other service provider if no other agreement governs nondisclosure and assignment of inventions during such period. This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter of this Agreement and supersedes and merges all prior discussions between us, provided, however, if, prior to execution of this Agreement, Company and I were parties to any agreement regarding the subject matter hereof, that agreement will be superseded by this Agreement prospectively only. No modification of or amendment to this Agreement will be effective unless in writing and signed by the party to be charged. Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.

[Signatures to follow on next page]

			
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This Agreement will be effective as of the date signed by the Employee below.

EMPLOYER: Instil Bio Inc.    EMPLOYEE:
(Signature)    (Signature)
Bronson crouch    vijay chiruvolu

(Printed Name)    (Printed Name)
			
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chairman

6/24/2020

(Title)    (Date Signed)

Employee Confidential Information and Inventions Assignment Agreement
Signature Page
			
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EXHIBIT A PRIOR INVENTIONS
1.Prior Inventions Disclosure. Except as listed in Section 2 below, the following is a complete list of all Prior Inventions:

No Prior Inventions. See below:

Additional sheets attached.

2.Due to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to the Prior Inventions generally listed below, the intellectual property rights and duty of confidentiality with respect to which I owe to the following party(ies):

    Excluded Invention            Party(ies)            Relationship    
1.

2.

3.

Additional sheets attached.

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Employee Confidential Information and Inventions Assignment Agreement
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