Document:

EX-10.21

 Exhibit 10.21 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 
 EXCLUSIVE LICENSE AGREEMENT 

BETWEEN 
 THE JOHNS
HOPKINS UNIVERSITY 
 & 

UNITY BIOTECHNOLOGY, INC. 

JHU Agreement: A30652 

 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (the “Agreement”) is entered into by and between THE JOHNS HOPKINS UNIVERSITY, a Maryland corporation having
an address at 3400 N. Charles Street, Baltimore, Maryland, 21218-2695 (“JHU”) and Unity Biotechnology, Inc., a Delaware corporation having an address at 3280 Brisbane Blvd, Brisbane CA 94005 (“Company”), with respect to the
following: 
 RECITALS 

WHEREAS, as a center for research and education, JHU is interested in licensing PATENT RIGHTS (hereinafter defined) in a manner that will
benefit the public by facilitating the distribution of useful products and the utilization of new processes, but is without capacity to commercially develop, manufacture, and distribute any such products or processes; and 

WHEREAS, a valuable invention entitled “Improvement of Cartilage Tissue Forming Ability by Clearance of Senescent Cells” (JHU Ref. #
C13890) was developed during the course of research conducted by Drs. Jennifer Elisseeff, Okhee Jeon Chaekyu Kim, and Sona Rathod (all hereinafter, “Inventors”); and 

WHEREAS, JHU has acquired through assignment all rights, title and interest, with the exception of certain retained rights by the United
States Government, in its interest in said valuable inventions; and 
 WHEREAS, Company desires to obtain certain rights in such inventions
as herein provided, and to commercially develop, manufacture, use and distribute products and processes based upon or embodying said valuable inventions throughout the world. 

NOW THEREFORE, in consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE 1

 DEFINITIONS 
 All
references to particular Exhibits, Articles or Paragraphs shall mean the Exhibits to, and Paragraphs and Articles of, this Agreement, unless otherwise specified. For the purposes of this Agreement and the Exhibits hereto, the following words and
phrases shall have the following meanings: 
 1.1 “AFFILIATED COMPANY” as used herein in either singular or plural
shall mean any corporation, company, partnership, joint venture or other entity, which controls, is controlled by or is under common control with Company. For purposes of this Paragraph 1.1, control shall mean the direct or indirect ownership of at
least fifty percent (50%). 
 1.2 “EFFECTIVE DATE” of this License Agreement shall mean the date the last party
hereto has executed this Agreement. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

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 1.3 “EXCLUSIVE LICENSE” shall mean a grant by JHU to Company of its
entire right and interest in the PATENT RIGHTS subject to rights retained by the United States Government, if any, in accordance with the Bayh-Dole Act of 1980 (established by P.L. 96-517 and amended by P.L. 98-620, codified at 35 USC § 200 et. seq. and implemented according to 37 CFR Part 401), and subject to the retained right of JHU to practice for its and The Johns Hopkins Health Systems’ non-commercial academic research and teaching purposes the PATENT RIGHTS, including the ability to distribute any biological material disclosed and/or claimed in PATENT RIGHTS for nonprofit non-commercial academic research use to non-commercial entities as is customary in the scientific community. 

1.4 “KNOW-HOW AND MATERIALS” shall mean JHU’s interest in proprietary
materials, information, records, and data developed by Inventors and in the custody and control of JHU that are supplied to the LICENSEE by JHU on or before or after the EFFECTIVE DATE of this Agreement directly related to the use of and practice of
PATENT RIGHTS. Provided, however, that although JHU may supply additional KNOW HOW AND MATERIALS after the EFFECTIVE DATE, JHU shall have no obligation to do so unless specifically and clearly stated in this Agreement. 

1.5 “LICENSED FIELD” shall mean all fields of use. 

1.6 “LICENSED PRODUCT(S)” as used herein in either singular or plural shall mean any material, compositions, drug, or
other product, the manufacture, use or sale of which by Company, AFFILIATED COMPANIES and/or SUBLICENSEES would constitute, but for the license granted to Company pursuant to this Agreement, an infringement of a VALID CLAIM of PATENT RIGHTS
(infringement shall include, but is not limited to, direct, contributory, or inducement to infringe). 
 1.7
“NEOCHONDROGENESIS CLAIM” shall mean a VALID CLAIM of the PATENT RIGHTS that claims a method for treatment of cartilage defects resulting from osteoarthritis through the administering of a senolytic agent to induce
neochondrogenesis. 
 1.8 “NET SALES” shall mean gross sales revenues and fees actually received by Company,
AFFILIATED COMPANY and SUBLICENSEES from the sale of ROYALTY PRODUCT(S) less (i) trade, quantity or cash discounts allowed, (ii) refunds, credits or allowances for returns, rejections and recalls; (iii) rebates and chargebacks,
(iv) sales, use or other taxes and tariffs, duties or other charges levied by a governmental entity on the production, sale, delivery or use of ROYALTY PRODUCT(S), and (iv) packing, freight, shipping and insurance charges. 

In the event that Company, AFFILIATED COMPANY or SUBLICENSEE sells a ROYALTY PRODUCT as part of a combination, then: 

(i) in the event that Company, AFFILIATED COMPANY or SUBLICENSEE sells in a particular country during a particular year a ROYALTY PRODUCT
together with other non-therapeutic ingredients or substances or as part of a kit, and Company or AFFILIATED COMPANY also sells such ROYALTY PRODUCT in such country in such year separately the NET SALES for
purposes of royalty payments shall be based on the sales revenues and fees that would be received from the separate sale of the same quantity of ROYALTY PRODUCT as is contained in the combination. 

  
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document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

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 (ii) in the event that Company, AFFILIATED COMPANY or SUBLICENSEE sells, in a particular country
during a particular year, a ROYALTY PRODUCT for therapeutic purposes in combination with a therapeutically active ingredient which is not a LICENSED PRODUCT (“Other Items”), the NET SALES for purposes of royalty payments shall be
calculated as follows: 
 (a) If all ROYALTY PRODUCTS and Other Items contained in the combination are available separately in the particular
country during such year, the NET SALES for purposes of royalty payments will be calculated by multiplying the NET SALES of the combination by the fraction A/A+B, where A is the separately available price of all ROYALTY PRODUCTS in the combination
in the particular country during such year, and B is the separately available price for all Other Items in the combination in the particular country during such year. 

(b) If a ROYALTY PRODUCT or Other Item contained in the combination is not sold separately in the particular country during such year, the
parties agree to negotiate a reduction in the royalty rate to reflect the fair value that the ROYALTY PRODUCT attributed to the overall product sold. 

The term “Other Items” does not include solvents, diluents, carriers, excipients, buffers or the like used in formulating a product.

 (c) In no event shall Company apply the credit in both paragraphs above to the same sale of a LICENSED PRODUCT. 

In the event that Company enters into a sublicense agreement hereunder, and receives payments based upon the SUBLICENSEE’s sales of ROYALTY PRODUCTS,
Company may upon consent of JHU, which consent shall not be unreasonably withheld, substitute the definition of “net sales” used in said sublicense agreement by the SUBLICENSEE to calculate payments to Company in place of the foregoing
definition of “NET SALES” for purposes of calculating royalties payable to JHU on such SUBLICENSEE’s sales under such sublicense agreement. For clarity, JHU shall be entitled to withhold its consent to any proposed alteration to the
definition of “net sales” that would materially alter the royalty payments due to JHU on the applicable SUBLICENSEE’s sales of ROYALTY PRODUCTS. 

1.9 “PARTNERSHIP PROCEEDS” shall mean consideration received by Company to the extent attributable to a grant of a
sublicense under the PATENT RIGHTS with respect to a ROYALTY PRODUCT, including licensing fees, equity investments above fair market value, and any other sublicensing revenue received by Company to the extent attributable to a grant of a sublicense
under the PATENT RIGHTS with respect to a ROYALTY PRODUCT, but specifically excluding consideration received: (i) as royalties for sales of products, (ii) payments for the occurrence of specified development, regulatory or
commercialization milestones, (iii) for the performance of or reimbursement for research or activities performed by or on behalf of 

  
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Company, (iv) for the sale of capital stock or other equity interests in Company, (v) as reimbursement for costs incurred by Company (e.g., patent costs), (vi) for grants of rights to
technology other than PATENT RIGHTS, (vii) for the supply of ROYALTY PRODUCTS, or other products, materials to such SUBLICENSEE, and (viii) for the sale of substantially all of the business or assets of Company, whether by merger, sale of
stock, sale of assets or otherwise. 
 1.10 “PATENT RIGHTS” shall mean the patent application listed in EXHIBIT D
together with any subsequently filed patent applications owned by JHU that claim inventions made in the laboratory of Inventor, Dr. Jennifer Elisseeff, prior to the Effective Date, which inventions arose from the use of funds provided by
Company and pertain to the mechanisms by which senescent cells give rise to aging and/or disease, and all continuations, divisions, continuations-in- part and continued
prosecution applications with respect to any of the foregoing, all patents issuing from such patent applications, and all reissues, renewals, reexaminations, extensions and supplemental protection certificates thereof, and any corresponding foreign
patent applications, and any patents, or other equivalent foreign patent rights issuing, granted or registered thereon. 
 1.11
“ROYALTY PRODUCT” shall mean a LICENSED PRODUCT sold for treatment of osteoarthritis pursuant to a marketing approval from the FDA, European Medicines Agency or comparable foreign regulatory authority. 

1.12 “ROYALTY TERM” shall mean with respect to a particular ROYALTY PRODUCT, the period commencing on the first
commercial sale of such ROYALTY PRODUCT and continuing on a country-by-country basis, until the earlier of (i) such time as neither the manufacture, sale nor use of
such ROYALTY PRODUCT would infringe a VALID CLAIM in the country in which such ROYALTY PRODUCT is sold, and (ii) such time as there is no U.S. or EP patent within the PATENT RIGHTS containing a NEOCHONDROGENESIS CLAIM. 

1.13 “SUBLICENSEE(S)” as used herein in either singular or plural shall mean any person or entity other than an
AFFILIATED COMPANY to which Company or an AFFILIATED COMPANY has granted a sublicense under this Agreement. 
 1.14 “VALID
CLAIM” shall mean either: (a) a claim of an issued and unexpired patent included within the PATENT RIGHTS which has not been revoked or held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency
of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been disclaimed, denied or admitted to be invalid or unenforceable through reexamination, reissue, disclaimer or otherwise; or (b) a
claim of a pending patent application included within the PATENT RIGHTS, which claim has not been abandoned or finally disallowed without the possibility of appeal or refiling of such application, and has been pending for less than five
(5) years from the date such claim takes priority, unless and so long as the claim is still being pursued with reasonable diligence, in which case less than seven (7) years; in each case to the extent such pending claim has not been
(i) canceled, (ii) withdrawn from consideration, (iii) finally determined to be unallowable by the applicable governmental authority (and from which no appeal is or can be taken), or (iv) abandoned. Determination of whether a claim of
any patent 

  
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document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

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within the PATENT RIGHTS is a VALID CLAIM shall be made on a country-by-country or
jurisdiction-by- jurisdiction basis and shall be based solely on the decisions of the patent office and/or the courts having jurisdiction within that particular country
or jurisdiction. For purposes of this Agreement, any decision adverse to the PATENT RIGHTS in a particular country or jurisdiction shall not affect said PATENT RIGHTS in any other country or jurisdiction. 

ARTICLE 2 
 LICENSE GRANT

 2.1 Grant. Subject to the terms and conditions of this Agreement, JHU hereby grants to Company 

(i) a world-wide EXCLUSIVE LICENSE to research, have researched, develop, have developed, make, have made, use, have used, import, have
imported, offer for sale, have offered for sale, sell and have sold the LICENSED PRODUCT(S) in the United States and worldwide under the PATENT RIGHTS in the LICENSED FIELD, and 

(ii) a world-wide nonexclusive license to use the KNOW HOW AND MATERIALS in the LICENSED FIELD. 

This Grant shall apply to the Company and any AFFILIATED COMPANY. If any AFFILIATED COMPANY exercises rights under this Agreement, such
AFFILIATED COMPANY shall be bound by all terms and conditions of this Agreement, including but not limited to indemnity and insurance provisions and royalty payments, which shall apply to the exercise of the rights, to the same extent as would apply
had this Agreement been directly between JHU and the AFFILIATED COMPANY. In addition, Company shall remain fully liable to JHU for all acts and obligations of AFFILIATED COMPANY such that acts of the AFFILIATED COMPANY shall be considered acts of
the Company. KNOW HOW AND MATERIALS may be transferred by JHU to Company from time-to-time, provided that it is understood that JHU shall not be obligated to make any
such transfers. 
 2.2 Sublicense. Company may grant and authorize sublicenses through multiple tiers under the licenses
granted to it pursuant to Paragraph 2.1, subject to the terms and conditions of this Paragraph 2.2. As a condition to its validity and enforceability, each sublicense agreement shall: (a) reference and give recognition to this Agreement,
(b) be consistent with the terms, conditions and limitations of this Agreement, (c) name JHU as an intended third party beneficiary of the obligations of SUBLICENSEE with respect to provisions to be included in the sublicense agreement for
JHU’s benefit in accordance with subsection (d) below, in each case without imposition of obligation or liability on the part of JHU or its Inventors to the SUBLICENSEE, and (d) specifically incorporate Paragraphs 6.2
“Representations by JHU”, 7.1 “Indemnification”, 10.1 “Use of Name”, 10.4 “Product Liability” into the body of the sublicense agreement, and cause the terms used in therein to have the same meaning as in this
Agreement, provided that notwithstanding the terms of Paragraph 10.4, SUBLICENSEE, if it is an organization with a market capitalization in excess of [***] US Dollars (USD$[***]), may self insure so long as SUBLICENSEE represents and warrants that
it is self insured for potential amounts payable pursuant to obligations under this Agreement, shall have the right to self-insure to the extent consistent with its normal business practices. Company shall provide to JHU a copy

  
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of each fully executed sublicense agreement, within thirty (30) days of execution by both Company and proposed SUBLICENSEE, provided that Company may redact from such copy any confidential
terms that are not necessary to determine compliance with this Agreement. To the extent that any terms, conditions or limitations of any sublicense agreement are inconsistent with this Agreement, those terms, conditions and limitations are null and
void against JHU. 
 2.3 Government Rights. The United States Government may have acquired a nonexclusive, nontransferable,
irrevocable, paid-up license to practice or have practiced for or on behalf of the United States the inventions described in PATENT RIGHTS throughout the world. To the extent that the inventions claimed in the
PATENT RIGHTS were funded by grants, awards or contracts with the United States government, the rights granted herein are additionally subject to: (i) the requirement that any LICENSED PRODUCT(S) produced for use or sale within the United
States shall be substantially manufactured in the United States (unless a waiver under 35 USC § 204 or equivalent is granted by the appropriate United States government agency), (ii) the right of the United States government to
require JHU, or its licensees, including Company, to grant sublicenses to responsible applicants on reasonable terms when necessary to fulfill health or safety needs, and, (iii) other rights acquired by the United States government under the
laws and regulations applicable to the grant/contract award under which the inventions were made. 
 ARTICLE 3 

FEES, ROYALTIES & PAYMENTS 

3.1 Minimum Annual Royalties. Company shall pay to JHU minimum annual royalties as set forth in
Exhibit A. These minimum annual royalties shall be due, without invoice from JHU, within sixty (60) days of December 31 of each year, commencing with December 31, 2020 Running royalties accrued under
Paragraph 3.2 and milestones accrued under Paragraph 3.5 and paid to JHU during each calendar year, commencing with calendar year 2020 shall be credited against the minimum annual royalties due at the end of such calendar year. 

3.2 Running Royalties. Company shall pay to JHU a running royalty in accordance with Exhibit A for
each ROYALTY PRODUCT sold by Company, AFFILIATED COMPANIES and SUBLICENSEES during the ROYALTY TERM. Such payments shall be made quarterly, as set forth in subsection 5.1(a). All non-US taxes related to
LICENSED PRODUCT(S) sold under this Agreement shall be paid by Company and shall not be deducted from royalty or other payments due to JHU, but shall be deducted from gross sales revenues in the calculation of NET SALES to the extent such taxes have
been included in gross sales revenues and fees. JHU shall be responsible for paying any and all taxes (other than withholding taxes or deduction of tax at source required by applicable law to be paid by Company) levied on it by account of its
receipt of any payments it receives under this Agreement. If applicable laws require that taxes be withheld or deducted at source from any amounts due to JHU under this Agreement, the Company shall (a) deduct these taxes from the remittable
amount, (b) pay the taxes to the proper taxing authority, and (c) deliver to JHU a statement including the amount of tax withheld and justification therefor, and such other information as may be necessary for tax credit purposes. Company
shall cooperate with JHU in any action by JHU for a refund of such taxes withheld. 

  
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 In order to insure JHU the full royalty payments contemplated hereunder, Company agrees that in
the event any ROYALTY PRODUCT(S) shall be sold by the Company to an AFFILIATED COMPANY, by an AFFILIATED COMPANY to the Company, or among AFFILIATED COMPANIES the royalties to be paid hereunder for such LICENSED PRODUCT(S) shall be based upon the
greater of: 1) the NET SALES at which the purchaser of ROYALTY PRODUCT(S) resells such product to the end user, or 2) the NET SALES of ROYALTY PRODUCT(S) paid by the purchaser (either COMPANY or AFFILIATED COMPANY in this case). Notwithstanding the
foregoing, no royalties shall be payable under this Paragraph 3.2 with respect to sales of ROYALTY PRODUCT(S) for use in research and/or development, in clinical trials or as samples. 

In the event that consideration in lieu of money is received by Company, an AFFILIATED COMPANY or SUBLICENSEE from the sale of LICENSED
PRODUCT(S), the fair market value of such consideration shall be included in the determination of NET SALES for such sale. Such fair market value shall be determined by the Company or AFFILIATED COMPANY, as applicable, in good faith. 

3.3 Partnership Proceeds. In addition to the running royalty as set forth under Paragraph 3.2, Company shall pay to JHU a
percentage of PARTNERSHIP PROCEEDS as set forth in Exhibit A. This percentage of PARTNERSHIP PROCEEDS shall be due, without the need for invoice from JHU, within sixty (60) days after the end of each calendar quarter
in which PARTNERSHIP PROCEEDS are received. 
 3.4 Equity. Within thirty (30) days of achievement of the triggering
events described in Exhibit A and subject to JHU’s execution and delivery to Company of a Stock Issuance Agreement in substantially the form attached hereto as Exhibit E, Company shall issue
to JHU the number of shares of Company common stock as set forth in Exhibit A (which number of shares shall be subject to adjustment for any stock split, reverse stock split, stock dividend, recapitalization or similar
action impacting Company’s capitalization as further described in the Stock Issuance Agreement). 
 3.5 Milestones.
Company shall pay to JHU the development and sales milestones as set forth in Exhibit A. Development milestones shall be due, without invoice from JHU, within sixty (60) days of achievement of such milestone. Sales
milestones shall be due, without invoice from JHU, within ninety (90) days following the close of the calendar year in which they are achieved. 

3.6 Patent Reimbursement. In the event Company licenses JHU Owned Patent Rights, Company will reimburse JHU for the costs
associated with preparing, filing, maintaining and prosecuting JHU Owned Patent Rights both incurring before the EFFECTIVE DATE and thereafter for the TERM of this AGREEMENT. Company will reimburse within sixty (60) days of the receipt of
invoice from JHU, for all such costs. 
 3.7 Form of Payment. All payments under this Agreement shall be made in U.S. Dollars
by either check or wire transfer. 

  
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 3.8 Payment Information. All check payments from Company to JHU shall be sent to:

 Director 
 Johns Hopkins
Technology Ventures 
 The Johns Hopkins University 

100 N. Charles Street, 5th Floor 

Baltimore, MD 21201 
 Attn: JHU
Agrmt# A30652 
 or such other addresses which JHU may designate in writing from time to time. Checks are to be made payable to “The
Johns Hopkins University”. Wire transfers may be made through: 
 [***] 

(JHU Agrmt. #A30652) 
 Attn:
Financial Manager 
 Company shall be responsible for any and all costs associated with wire transfers. 

Via ACH 
 Johns Hopkins University
Central Lockbox 
 [***] 

3.9 Late Payments. In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning
on the tenth day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate quoted by The Wall Street Journal on the date said payment is due, the interest being
compounded on the last day of each calendar quarter, provided however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such payment when made shall be accompanied by all interest so
accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of JHU to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment including, but not limited
to termination of this Agreement as set forth in Paragraph 9.2, subject to the cure provisions set forth therein. 
 ARTICLE 4 

PATENT PROSECUTION, MAINTENANCE, & INFRINGEMENT 

4.1 Prosecution & Maintenance. 

(a) Company shall be responsible, at its expense, for filing, prosecuting and maintaining all jointly owned patents and patent
applications within the PATENT RIGHTS (“JOINTLY OWNED PATENT RIGHTS”) using counsel of its choice. Company shall have control over all patent matters in connection with the JOINTLY OWNED PATENT RIGHTS, provided however, that Company shall
(i) cause its patent counsel to timely copy JHU on all correspondence regarding strategy, filing and prosecution of all patents and patent applications within the JOINTLY OWNED PATENT RIGHTS, between Company’s patent counsel and any

  
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patent office, including without limitation all official actions and written correspondence with any patent office, and (ii) allow JHU an opportunity to comment and advise Company in advance
of any patent filings or major prosecution events. Notwithstanding the foregoing, if JHU disagrees with Company regarding the prosecution strategy Company is pursuing with respect to a NEOCHONDROGENESIS CLAIM and the parties are unable to resolve
such disagreement despite their using good faith efforts to do so, JHU shall have the right to refer such dispute to a mutually selected neutral third party for resolution. Company shall reasonably consider all comments and advice provided by JHU.
If at any time Company determines that it does not wish to file a patent application in any particular country or to pay the expenses associated with prosecuting or maintaining any patent application or patent within the JOINTLY OWNED PATENT RIGHTS
in any particular country, Company shall provide JHU with written notice at least thirty (30) days in advance of any filing or response deadline, or fee due date. Upon such notification, JHU may file, prosecute, and/or maintain such patent
applications or patent in such country at its own expense. If JHU elects to exercise its back-up rights under the preceding sentence to file, prosecute or maintain any patent application or patent within
JOINTLY OWNED PATENT RIGHTS in a Major Country, Company’s license with respect to such patent applications or patent shall terminate in such country. As used in this subsection 4.1(a), “Major Country” shall mean the United States,
Canada, United Kingdom, France, Germany, Italy, Spain, Australia and Japan. 
 (b) JHU, at Company’s expense, shall file,
prosecute and maintain all patents and patent applications within the PATENT RIGHTS that are solely owned by JHU (“JHU OWNED PATENT RIGHTS”) using counsel of JHU’s choice reasonably acceptable to Company and, subject to the terms and
conditions of this Agreement, Company shall be licensed thereunder. Title to all such patents and patent applications shall reside in JHU. JHU shall have control over all patent matters in connection with the JHU OWNED PATENT RIGHTS, provided
however, that JHU shall (i) cause its patent counsel to timely copy Company on all correspondence regarding strategy, filing and prosecution of all patents and patent applications within the PATENT RIGHTS, between JHU’s patent counsel and
JHU and/or any patent office, including without limitation all official actions and written correspondence with any patent office, and (ii) allow Company an opportunity to comment and advise JHU in advance of any patent filings or major
prosecution events. JHU shall consider and reasonably incorporate all comments and advice unless detrimental to JHU’s intellectual property rights. By concurrent written notification to JHU and its patent counsel at least thirty (30) days
in advance (or later at JHU’s discretion) of any filing or response deadline, or fee due date, Company may elect not to have a patent application filed in any particular country or not to pay expenses associated with prosecuting or maintaining
any patent application or patent, provided that Company pays for all costs incurred up to JHU’s receipt of such notification. Failure to provide such notification can be considered by JHU to be Company’s authorization to proceed at
Company’s expense. Upon such notification, JHU may file, prosecute, and/or maintain such patent applications or patent in such country at its own expense and for its own benefit, and in the event the affected patent applications or patents are
in a Major Country, the rights or license granted hereunder held by Company, AFFILIATED COMPANIES or SUBLICENSEE(S) relating to such patent applications or patent shall terminate in such Major Country. 

  
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 4.2 Notification. Each party will notify the other promptly in writing when any
infringement by another is uncovered or suspected. 
 4.3 Infringement. Company shall have the first right to enforce any
patent within PATENT RIGHTS against any infringement or alleged infringement thereof, and, if such enforcement action is against a COMPETING PRODUCT, shall at all times keep JHU informed as to the status thereof. Before Company commences an action
with respect to any infringement of such patents, Company shall give careful consideration to the views of JHU and to potential effects on the public interest in making its decision whether or not to sue. Thereafter, Company may, at its own expense,
institute suit against any such infringer or alleged infringer and control and defend such suit in a manner consistent with the terms and provisions hereof and recover any damages, awards or settlements resulting therefrom, subject to Paragraph 4.5.
If required by law, JHU shall permit action under this Paragraph to be brought in its name, including being joined as party-plaintiff. However, no settlement, consent judgment or other voluntary final disposition of the suit against a COMPETING
PRODUCT that concedes the invalidity or unenforceability of any patent within PATENT RIGHTS may be entered into without the prior written consent of JHU, which consent shall not be unreasonably withheld. This right to sue for infringement shall not
be used in an arbitrary or capricious manner. JHU shall reasonably cooperate in any such litigation at Company’s expense. Company may delegate its right to enforce the PATENT RIGHTS under this Paragraph 4.3 to AFFILIATED COMPANIES or
SUBLICENSEES, provided that such AFFILIATED COMPANIES and SUBLICENSEES agree to comply with the applicable terms of this Paragraph 4.3. 
 If within
ninety (90) days following a request by JHU that Company take action to abate any commercially significant infringement of a patent within the JHU OWNED PATENT RIGHTS by a COMPETING PRODUCT, such infringing activity has not been abated and if
Company has not brought suit against the infringer or begun negotiations regarding the terms under which Company would grant a sublicense to the infringer, then JHU may, in its sole judgment and at its own expense, take steps to enforce any patent
within the JHU OWNED PATENT RIGHTS against such COMPETING PRODUCT and control, settle, and defend such suit in a manner consistent with the terms and provisions hereof, and recover, for its own account, any damages, awards or settlements resulting
therefrom. However, no settlement, consent judgment or other voluntary final disposition of the suit that concedes the invalidity or unenforceability of any patent within PATENT RIGHTS may be entered into without the prior written consent of
Company, which consent shall not be unreasonably withheld. As used in this Article 4, “COMPETING PRODUCT” means a product for treatment of osteoarthritis sold by a third party without authorization from Company, the manufacture, use or
sale of which would infringe one or more claims of an issued valid patent within the PATENT RIGHTS. 
 4.4 Patent Invalidity
Suit. If a declaratory judgment action is brought naming Company as a defendant and alleging invalidity of any of the JHU OWNED PATENT RIGHTS, JHU may elect to take over the sole defense of the action at its own expense. Each Party shall
cooperate fully with the other in connection with any such action. 
 4.5 Recovery. In the event of a recovery by Company
pursuant to any enforcement action brought by Company under Paragraph 4.3 against a COMPETING PRODUCT, Company 

  
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shall, to the extent that there is at the time such recovery is obtained a pending or issued NEOCHONDROGENSIS CLAIM, pay to JHU [***] percent ([***]%) of the recovery, net of all reasonable costs
and expenses associated with each suit or settlement. If the cost and expenses of such action exceed the recovery, then [***] ([***]) of the excess shall be credited against royalties payable by Company to JHU hereunder in connection with sales of
ROYALTY PRODUCTS covered in the PATENT RIGHTS which are the subject of the infringement suit, in the country of such legal proceedings, provided, however, that any such credit under this Paragraph shall not exceed [***] percent ([***]%) of the
royalties otherwise payable to JHU with regard to sales in the country of such action in any one calendar year, with any excess credit being carried forward to future calendar years. 

4.6 Cooperation. Each party agrees to cooperate in any action under this Article which is controlled by the other party,
provided that the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such assistance. 

ARTICLE 5 
 OBLIGATIONS
OF THE PARTIES 
 5.1 Reports. Company shall provide to JHU the following written reports according to the following
schedules. 
 (a) Company shall provide quarterly Royalty Reports, substantially in the format of Exhibit B and
due within sixty (60) days of the end of each calendar quarter following the first commercial sale of a ROYALTY PRODUCT by Company, an AFFILIATED COMPANY or a SUBLICENSEE(S). Royalty Reports shall disclose (i) the amount of ROYALTY
PRODUCT(S) sold, the total NET SALES of such ROYALTY PRODUCT(S) received by Company, AFFILIATED COMPANIES and SUBLICENSEES, and the running royalties due to JHU as a result of NET SALES by Company and AFFILIATED COMPANIES thereof, and (ii) the
amount of PARTNERSHIP PROCEEDS received and the percentage thereof payable to JHU pursuant to Paragraph 3.3. Payment of any such royalties and percentage of PARTNERSHIP PROCEEDS due shall accompany such Royalty Reports. 

(b) Until Company, an AFFILIATED COMPANY or a SUBLICENSEE(S) has achieved a first commercial sale of a LICENSED PRODUCT, or received FDA
market approval, Company shall provide semiannual Diligence Reports, due within sixty (60) days of the end of every June and December following the EFFECTIVE DATE of this Agreement. These Diligence Reports shall describe Company’s,
AFFILIATED COMPANIES’ and any SUBLICENSEE(S)’s technical efforts towards meeting its obligations under the terms of this Agreement. 

(c) Company shall provide Annual Reports within sixty (60) days of the end of every December following the EFFECTIVE DATE of this
Agreement. Annual Reports shall include: 
 (i) evidence of insurance as required under Paragraph 10.4, or, a statement of why such insurance
is not currently required, and 
 (ii) identification of all AFFILIATED COMPANIES which have exercised rights pursuant to Paragraph 2.1, or,
a statement that no AFFILIATED COMPANY has exercised such rights, and 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

12 

 (iii) notice of all FDA approvals of any LICENSED PRODUCT(S) obtained by COMPANY, AFFILIATED
COMPANY or SUBLICENSEE, the patent(s) or patent application(s) licensed under this Agreement upon which such product is based, and the commercial name of such product, or, in the alternative, a statement that no FDA approvals have been obtained.

 5.2 Records. Company shall make and retain, for a period of three (3) years following the period of each report
required by Paragraph 5.1, true and accurate records, files and books of account containing all the data reasonably required for the full computation and verification of sales and other information required in Paragraph 5.1. Such books and records
shall be in accordance with generally accepted accounting principles consistently applied. Company shall permit the inspection of such records, files and books of account by an independent certified public accountant selected by JHU and acceptable
to Company in its reasonable judgment during regular business hours upon ten (10) business days’ written notice to Company. Such inspection shall not be made more than once each calendar year. All costs of such inspection shall be paid by
JHU, provided that if any such inspection shall reveal that an error in Company’s favor has been made in the amount of payments hereunder for any calendar year equal to [***] percent ([***]%) or more of such payments, such costs shall be borne
by Company. 
 5.3 Commercially Reasonable Efforts. Company shall exercise commercially reasonable efforts to develop and to
introduce the LICENSED PRODUCT(S) into the commercial market, through itself, its AFFILIATED COMPANIES and/or its SUBLICENSEE(S), consistent with sound and reasonable business practice and judgment. 

Following the introduction of a LICENSED PRODUCT into the commercial market, and until the expiration or termination of this Agreement, Company shall endeavor
to keep LICENSED PRODUCT(S) reasonably available to the public consistent with sound and reasonable business practice and judgment. 

5.4 Patent Acknowledgement. Company agrees that all packaging containing individual LICENSED PRODUCT(S) sold by Company,
AFFILIATED COMPANIES and SUBLICENSEE(S) of Company will be marked with the number of the applicable patent(s) licensed hereunder in accordance with each country’s patent laws to the extent reasonably practical. 

ARTICLE 6 

REPRESENTATIONS 

6.1 Duties of the Parties. JHU is not a commercial organization. It is an institute of research and education. Therefore, JHU
has no ability to evaluate the commercial potential of any PATENT RIGHTS or LICENSED PRODUCT or other license or rights granted in this Agreement. It is therefore incumbent upon Company to evaluate the rights and products in question, to examine the
materials and information provided by JHU, and to determine for itself the validity of any PATENT RIGHTS, its freedom to operate, and the value of any LICENSED PRODUCTS or other rights granted. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

13 

 6.2 Representations by JHU. JHU warrants that (a) it has good and marketable
title to its interest in the inventions claimed under PATENT RIGHTS with the exception of certain retained rights of the United States Government, which may apply if any part of the JHU research was funded in whole or in part by the United States
Government and (b) that Johns Hopkins Technology Ventures has not granted any rights or licenses that may conflict with the rights and licenses granted herein. JHU does not warrant the validity of any patents or that practice under such patents
shall be free of infringement. EXCEPT AS EXPRESSLY SET FORTH IN THIS PARAGRAPH 6.2, (I) COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) AGREE THAT THE PATENT RIGHTS ARE PROVIDED “AS IS”, AND THAT JHU MAKES NO REPRESENTATION OR WARRANTY
WITH RESPECT TO THE PERFORMANCE OF LICENSED PRODUCT(S) INCLUDING THEIR SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY, AND (II) JHU DISCLAIMS ALL WARRANTIES WITH REGARD TO PRODUCT(S) LICENSED UNDER THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO,
ALL WARRANTIES, EXPRESSED OR IMPLIED, OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, JHU ADDITIONALLY DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF JHU AND INVENTORS, FOR
DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, SPECIAL, AND CONSEQUENTIAL DAMAGES, ATTORNEYS’ AND EXPERTS’ FEES, AND COURT COSTS (EVEN IF JHU HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS), ARISING OUT OF OR
IN CONNECTION WITH THE MANUFACTURE, USE, OR SALE OF THE PRODUCT(S) LICENSED UNDER THIS AGREEMENT. COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) ASSUME ALL RESPONSIBILITY AND LIABILITY FOR LOSS OR DAMAGE CAUSED BY A PRODUCT MANUFACTURED, USED, OR
SOLD BY COMPANY, ITS SUBLICENSEE(S) AND AFFILIATED COMPANIES WHICH IS A LICENSED PRODUCT AS DEFINED IN THIS AGREEMENT. 
 ARTICLE 7

 INDEMNIFICATION 

7.1 Indemnification. JHU and the Inventors would have no legal liability exposure to third parties if JHU did not license the
LICENSED PRODUCT(S), and any royalties JHU and the Inventors may receive is not adequate compensation for such legal liability exposure. Therefore, JHU requires Company to protect JHU and Inventors from such exposure to the same manner and extent to
which insurance, if available, would protect JHU and Inventors. Furthermore, JHU and the Inventors will not, under the provisions of this Agreement or otherwise, have control over the manner in which Company or its AFFILIATED COMPANIES or its
SUBLICENSEE(S) or those operating for its account or third parties who purchase LICENSED PRODUCT(S) from any of the foregoing entities, develop, manufacture, market or practice the inventions of LICENSED PRODUCT(S). Therefore, Company, AFFILIATED
COMPANY and SUBLICENSEE, each solely with respect to its own practice of such Inventions, shall indemnify, defend with counsel reasonably acceptable to JHU, and hold JHU, The Johns Hopkins Health Systems, their present and former trustees, officers,
Inventors of PATENT RIGHTS, agents, faculty, employees and students harmless as against any judgments, fees, expenses, or other costs arising from or incidental to any product liability or other lawsuit,

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

14 

 
claim, demand or other action brought by a third party as a consequence of its own practice of said inventions, whether or not JHU or said Inventors, either jointly or severally, is named as a
party defendant in any such lawsuit and whether or not JHU or the Inventors are alleged to be negligent or otherwise responsible for any injuries to persons or property, except and to the extent that such judgments, fees, expenses or other costs
arise from or are related to (i) an alleged breach by JHU of any of the representations or warranties set forth in Paragraph 6.2, or (ii) JHU having granted conflicting rights under the PATENT RIGHTS to a third party. Practice of the
inventions covered by LICENSED PRODUCT(S), by an AFFILIATED COMPANY, SUBLICENSEE, or an agent or a third party on behalf of or for the account of Company or by a third party who purchases LICENSED PRODUCT(S) from Company, shall be considered
Company’s practice of said inventions for purposes of this Paragraph. The obligation of Company to defend and indemnify as set out in this Paragraph shall survive the termination of this Agreement, shall continue even after assignment of rights
and responsibilities to an affiliate or sublicensee, and shall not be limited by any other limitation of liability elsewhere in this Agreement. JHU shall (a) provide prompt written notice to Company of any claim, demand or action arising out of
the indemnified activities after JHU has knowledge of such claim, demand or action; (b) permit Company to assume full responsibility to investigate, prepare for and defend against any such claim or demand; (c) assist Company, at
Company’s reasonable expense, in the investigation of, preparation for and defense of any such claim or demand; and (d) not compromise or settle such claim or demand without Company’s written consent. 

ARTICLE 8 

CONFIDENTIALITY 

8.1 Confidentiality. If necessary, the parties will exchange information, which they consider to be confidential. The recipient
of such information agrees to accept the disclosure of said information which is marked as confidential at the time it is sent to the recipient, and to employ all reasonable efforts to maintain such information (“Confidential Information”)
secret and confidential, such efforts to be no less than the degree of care employed by the recipient to preserve and safeguard its own confidential information, and in any event no less than a reasonable degree of care. Except in connection with
the activities contemplated by this Agreement, Confidential Information disclosed by a party to the other party shall not be used by the receiving party and shall not be disclosed or revealed to anyone except employees, consultants, collaborators,
investors and prospective investors of the recipient who have a need to know the information and who have entered into a secrecy agreement with the recipient under which such employees are required to maintain confidential the proprietary
information of the recipient and such employees shall be advised by the recipient of the confidential nature of the information and that the information shall be treated accordingly. 

The obligations of this Paragraph 8.1 shall also apply to AFFILIATED COMPANIES and/or SUBLICENSEE(S) provided such information of JHU by
Company. JHU’s, Company’s, AFFILIATED COMPANIES, and SUBLICENSEES’ obligations under this Paragraph 8.1 shall extend until three (3) years after the termination of this Agreement. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

15 

 8.2 Exceptions. The recipient’s obligations under Paragraph 8.1 shall not
extend to any part of the information: 
  

	 	a.	that can be demonstrated to have been in the public domain or publicly known and readily available to the trade or the public prior to the date of the disclosure; or 

 

	 	b.	that can be demonstrated, from written records to have been in the recipient’s possession or readily available to the recipient from another source not under obligation of secrecy to the disclosing party
prior to the disclosure; or 

  

	 	c.	that becomes part of the public domain or publicly known by publication or otherwise, not due to any unauthorized act by the recipient; or 

 

	 	d.	that is demonstrated from written records to have been developed by or for the receiving party without reference to confidential information disclosed by the disclosing party. 

8.3 Permitted Use. The receiving party may use or disclose Confidential Information of the disclosing party to the extent
necessary to exercise its rights hereunder (including in the case of Company, commercialization and/or sublicensing of LICENSED PRODUCTS) or fulfill its obligations and/or duties hereunder and in filing for, prosecuting or maintaining any
proprietary rights, prosecuting or defending litigation, complying with applicable governmental regulations and/or submitting information to tax, regulatory agencies or other governmental authorities; provided that if the receiving party is required
by law to make any public disclosures of Confidential Information of the disclosing party, to the extent it may legally do so, it will give reasonable advance notice to the disclosing party of such disclosure and will use its reasonable efforts to
secure confidential treatment of Confidential Information prior to its disclosure (whether through protective orders or otherwise). 

8.4 Confidential Terms. Except as expressly provided herein, each party agrees not to disclose any terms of this Agreement to
any third party without the consent of the other party, except (a) as required by securities or other applicable laws or by the disclosure requirements of any securities exchange or other stock market on which a party’s securities are or
are to be traded, (b) to prospective and other investors, SUBLICENSEES and acquirers and (c) to such party’s accountants, attorneys and other professional advisors. Additionally, Company consents to (i) JHU’s disclosure of
the terms and conditions of this Agreement to all INVENTORS upon their request, and (ii) JHU’s acknowledging to third parties the existence of this Agreement and the extent of the licenses granted to LICENSEE and AFFILIATES under
Article 3 hereof. 
 8.5 Right to Publish. JHU may publish manuscripts, abstracts or the like describing the inventions
disclosed in the PATENT RIGHTS, subject to the terms set forth below. To avoid loss of patent rights as a result of premature public disclosure of patentable information and/or inadvertent disclosure of Company CONFIDENTIAL INFORMATION, JHU agrees
to submit to Company, at least sixty (60) days prior to submission for publication or disclosure, materials intended for publication or disclosure describing the inventions disclosed in the PATENT

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

16 

 
RIGHTS. Company shall notify JHU within thirty (30) days of receipt of such materials whether or not Company (a) desires to file (or have filed) pursuant to Paragraph 4.1 a patent
application on any invention disclosed in such materials to in order to protect such invention(s) in advance of publication or public disclosure or (b) believes that such materials contain CONFIDENTIAL INFORMATION of Company that Company wishes
to have removed from the publication. In the event that Company informs JHU within such thirty (30) day period that it desires to file (or have filed) a patent application on any invention disclosed in such materials, JHU agrees to withhold
publication and disclosure of such materials until such time as (i) a patent application claiming and disclosing such invention has been filed or, (ii) sixty (60) days have elapsed since the materials intended for publication or disclosure
were submitted to Company for review, whichever occurs first. In the event that within such thirty (30) day period Company requests that JHU remove Company’s CONFIDENTIAL INFORMATION from such materials, JHU agrees to remove all
CONFIDENTIAL INFORMATION identified by Company prior to making such filing or disclosure. Subject to foregoing, JHU and Inventors shall be free to publish manuscripts and abstracts or the like directed to work done at JHU related to the PATENT
RIGHTS, KNOW-HOW AND MATERIALS. 
 ARTICLE 9 

TERM & TERMINATION 

9.1 Term. The term of this Agreement shall commence on the EFFECTIVE DATE and shall continue, in each country, until the date of
expiration of the last to expire patent included within PATENT RIGHTS in that country or if no patents issue then for a term of twenty (20) years from the EFFECTIVE DATE of this Agreement. Company’s license to the KNOW-HOW AND MATERIALS, as well as Company’s right to use JHU confidential information under Paragraph 8.1, shall survive the expiration, (but not an earlier termination) of this Agreement. 

9.2 Termination By Either Party. This Agreement may be terminated by either party, in the event that the other party
(a) files or has filed against it a petition under the Bankruptcy Act that is not dismissed within sixty (60) days, makes an assignment for the benefit of creditors, has a receiver appointed for it or a substantial part of its assets and
such receivership is not terminated within sixty (60) days, or otherwise takes advantage of any statute or law designed for relief of debtors or (b) fails to perform or otherwise breaches any of its obligations hereunder, if, following the
giving of notice by the terminating party of its intent to terminate and stating the grounds therefor, the party receiving such notice shall not have cured the failure or breach within sixty (60) days; provided, however, that in the event the
party receiving the notice disputes the alleged failure to perform or breach in good faith, such sixty (60) day cure period shall commence upon determination by a court of competent jurisdiction (or arbitrator if the parties agree to arbitrate
the matter) that the alleged failure to perform or breach exists. In no event, however, shall such notice or intention to terminate be deemed to waive any rights to damages or any other remedy which the party giving notice of breach may have as a
consequence of such failure or breach. 
 9.3 Termination by Company. Company may terminate this Agreement and the license
granted herein, for any reason, upon giving JHU ninety (90) days written notice. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

17 

 Company may terminate its license with respect to any particular patent or patent application, or as to any
particular LICENSED PRODUCT, with 60 days’ notice to JHU. From and after the effective date of a termination under this Paragraph 9.3 with respect to a particular patent or application, such patent(s) and patent application(s) in the particular
country shall cease to be within the PATENT RIGHTS for all purposes of this Agreement, and all rights and obligations of Company under this Agreement with respect to such patent(s) and patent application(s) shall terminate and Exhibit D shall be
considered amended accordingly. Company will not be required to reimburse JHU for patent costs incurred after the 60-day notice period for such patents or patent applications. From and after the effective date
of a termination under this Paragraph 9.3 with respect to a particular LICENSED PRODUCT, the license granted under Paragraph 2.1 above shall terminate with respect to such LICENSED PRODUCT, and the same shall cease to be a LICENSED PRODUCT for all
purposes of this Agreement. Upon a termination of this Agreement in its entirety under this Paragraph 9.3, all rights and obligations of the parties shall terminate, except as provided in Paragraph 9.4 below. 

9.4 Obligations and Duties upon Termination. If this Agreement is terminated, both parties shall be released from all
obligations and duties imposed or assumed hereunder to the extent so terminated, except as expressly provided to the contrary in this Agreement. Upon termination, both parties shall cease any further use of the confidential information disclosed to
the receiving party by the other party. Termination of this Agreement, for whatever reason, shall not affect the obligation of either party to make any payments for which it is liable prior to or upon such termination. Termination shall not affect
JHU’s right to recover unpaid royalties, fees, reimbursement for patent expenses, or other forms of financial compensation incurred prior to termination. Upon termination Company shall submit a final royalty report to JHU and any royalty
payments, fees, unreimbursed patent expenses and other financial compensation due JHU shall become immediately payable. Notwithstanding any other provision of this Agreement, upon termination of this Agreement, any sublicenses granted in accordance
with Paragraph 2.2 shall survive and, upon request, each SUBLICENSEE shall become a direct licensee of JHU, provided that JHU’s obligations to SUBLICENSEE(S) are no greater than JHU’s obligations to Company under this Agreement and that
such SUBLICENSEE’S obligations to JHU shall be no greater than Company’s obligations to JHU under this Agreement. Company shall provide written notice of such to each SUBLICENSEE(S) with a copy of such notice provided to JHU. 

ARTICLE 10 

MISCELLANEOUS 
 10.1
Use of Name. 
  

	 	10.1.1	Except as specifically permitted in Sections 16.2.3, 16.2.4 and 16.2.5 below, nothing contained in this Agreement confers any right to either party hereto to use in advertising, publicity, or other promotional
activities any name, trade name, trademark, or other designation of the other party hereto (including any contraction, abbreviation or simulation of any of the foregoing). 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

18 

	 	10.1.2	Unless otherwise required by law, LICENSEE is prohibited from using the name “The Johns Hopkins University” or the name of any affiliate of the Johns Hopkins University, including but not limited to The Johns
Hopkins Health System Corporation, or any of its hospitals or affiliates, or the names of any of their respective faculty, employees, students or INVENTORS, in advertising, publicity, or other promotional activities, without JHU’s prior written
approval of such use. 

  

	 	10.1.3	LICENSEE hereby grants JHU permission to include LICENSEE’s name and a link to LICENSEE’s website in JHU’s annual reports and on JHU’s website to showcase technology transfer-related stories.

  

	 	10.1.4	JHU shall have the right to list LICENSEE and display the logotype or symbol of LICENSEE on JHU’s website and on JHU publications as a licensee startup company based upon JHU technology. 

10.2 No Partnership. Nothing in this Agreement shall be construed to create any agency, employment, partnership, joint venture
or similar relationship between the parties other than that of a licensor/licensee. Neither party shall have any right or authority whatsoever to incur any liability or obligation (express or implied) or otherwise act in any manner in the name or on
the behalf of the other, or to make any promise, warranty or representation binding on the other. 
 10.3 Notice of Claim.
Each party shall give the other or its representative immediate notice of any suit or action filed, or prompt notice of any claim made, against them arising out of the performance of this Agreement or arising out of the practice of the inventions
licensed hereunder. 
 10.4 Product Liability. Prior to initial human testing or first commercial sale of any LICENSED
PRODUCT(S) as the case may be in any particular country, Company shall establish and maintain, covering the Company’s liability in each country in which Company, an AFFILIATED COMPANY or SUBLICENSEE(S) shall test or sell LICENSED PRODUCT(S),
product liability or other appropriate insurance coverage in the minimum amount of [***] ($[***]) per claim and will annually present evidence to JHU that such coverage is being maintained. Upon JHU’s request, Company will furnish JHU with a
Certificate of Insurance of each product liability insurance policy obtained. JHU shall be listed as an additional insured in Company’s said insurance policies. If such Product Liability insurance is underwritten on a ‘claims made’
basis, Company agrees that any change in underwriters during the term of this Agreement will require the purchase of ‘prior acts’ coverage to ensure that coverage will be continuous throughout the term of this Agreement. 

10.5 Governing Law. This Agreement shall be construed, and legal relations between the parties hereto shall be determined, in
accordance with the laws of the State of Maryland applicable to contracts solely executed and wholly to be performed within the State of Maryland without giving effect to the principles of conflicts of laws. Any disputes between the parties to this
Agreement shall be brought in the state or federal courts of Maryland. Both parties agree to waive their right to a jury trial. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

19 

 10.6 Notice. All notices or communication required or permitted to be given by
either party hereunder shall be deemed sufficiently given if mailed by registered mail or certified mail, return receipt requested, or sent by overnight courier providing evidence of delivery, such as Federal Express, to the other party at its
respective address set forth below or to such other address as one party shall give notice of to the other from time to time hereunder. Mailed notices shall be deemed to be received on the third business day following the date of mailing. Notices
sent by overnight courier shall be deemed received the following business day. 
  

			
	 If to Company:
	  	Unity Biotechnology, Inc.
		  	3280 Brisbane Blvd
		  	Brisbane CA 94005
		  	Attn: CEO
		  	(415) 328-5504

  

			
	 If to JHU:
	  	Director
		  	Technology Ventures
		  	Johns Hopkins University
		  	100 N. Charles Street
		  	5th Floor
		  	Baltimore, MD 21201
		  	Attn: Agrmt A30652

 10.7 Compliance with All Laws. In all activities undertaken pursuant to this Agreement, both JHU
and Company covenant and agree that each will in all material respects comply with such Federal, state and local laws and statutes, as may be in effect at the time of performance and all valid rules, regulations and orders thereof regulating such
activities. 
 10.8 Successors and Assigns. Neither this Agreement nor any of the rights or obligations created herein, except
for the right to receive any remuneration hereunder, may be assigned by either party, in whole or in part, without the prior written consent of the other party, except that either party shall be free to assign this Agreement in connection with its
merger or consolidation or any sale of substantially all of its assets without the consent of the other. This Agreement shall bind and inure to the benefit of the successors and permitted assigns of the parties hereto. 

10.9 No Waivers; Severability. No waiver of any breach of this Agreement shall constitute a waiver of any other breach of the
same or other provision of this Agreement, and no waiver shall be effective unless made in writing. Any provision hereof prohibited by or unenforceable under any applicable law of any jurisdiction shall as to such jurisdiction be deemed ineffective
and deleted herefrom without affecting any other provision of this Agreement. It is the desire of the parties hereto that this Agreement be enforced to the maximum extent permitted by law, and should any provision contained herein be held by any
governmental agency or court of competent jurisdiction to be void, illegal and unenforceable, the parties shall negotiate in good faith for a substitute term or provision which carries out the original intent of the parties. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

20 

 10.10 Entire Agreement; Amendment. Company and JHU acknowledge that they have read
this entire Agreement and that this Agreement, including the attached Exhibits constitutes the entire understanding and contract between the parties hereto and supersedes any and all prior or contemporaneous oral or written communications with
respect to the subject matter hereof, all of which communications are merged herein. It is expressly understood and agreed that (i) there being no expectations to the contrary between the parties hereto, no usage of trade, verbal agreement or
another regular practice or method dealing within any industry or between the parties hereto shall be used to modify, interpret, supplement or alter in any manner the express terms of this Agreement; and (ii) this Agreement shall not be
modified, amended or in any way altered except by an instrument in writing signed by both of the parties hereto. 
 10.11 Delays
or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party hereto, shall impair any such right, power or remedy to such party nor shall it be construed to be a waiver of
any such breach or default, or an acquiescence therein, or in any similar breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on
the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in
such writing. All remedies either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

10.12 Force Majeure. If either party fails to fulfill its obligations hereunder (other than an obligation for the payment of
money), when such failure is due to an act of God, or other circumstances beyond its reasonable control, including but not limited to fire, flood, civil commotion, riot, war (declared and undeclared), revolution, or embargoes, then said failure
shall be excused for the duration of such event and for such a time thereafter as is reasonable to enable the parties to resume performance under this Agreement, provided however, that in no event shall such time extend for a period of more than one
hundred eighty (180) days. 
 10.13 Further Assurances. Each party shall, at any time, and from time to time, prior to or
after the EFFECTIVE DATE of this Agreement, at reasonable request of the other party, execute and deliver to the other such instruments and documents and shall take such actions as may be required to more effectively carry out the terms of this
Agreement. 
 10.14 Survival. All representations, warranties, covenants and agreements made herein and which by their express
terms or by implication are to be performed after the execution and/or termination hereof, or are prospective in nature, shall survive such execution and/or termination, as the case may be. This shall include Paragraphs 3.7 (Late Payments), 5.2
(Records), and Articles 6, 7, 8, 9, and 10. 
 10.15 No Third Party Beneficiaries. Nothing in this Agreement shall be
construed as giving any person, firm, corporation or other entity, other than the parties hereto and their successors and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision hereof. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

21 

 10.16 Headings. Article headings are for convenient reference and not a part of
this Agreement. All Exhibits are incorporated herein by this reference. 
 10.17 Counterparts. This Agreement may be executed
in counterparts, each of which shall be deemed an original and all of which when taken together shall be deemed but one instrument. 
 IN
WITNESS WHEREOF, this Agreement shall take effect as of the EFFECTIVE DATE when it has been executed below by the duly authorized representatives of the parties. 
  

							
	THE JOHNS HOPKINS UNIVERSITY	 	 	  	UNITY BIOTECHNOLOGY, INC.	  	 
				
	 /s/ Neil Veloso
	 		  	 /s/ Nathaniel David
	  	
	 Neil Veloso
 Executive Director

Johns Hopkins Technology Ventures
	 		  	 Nathaniel David
 Title:
	  	
				
	 11/3/2016
	 		  	 11/3/2016
	  	
	(Date)	 		  	(Date)	  	

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

22 

 I have read and agree to abide by the terms of this Agreement: 

 

			
	 /s/ Jennifer Elisseeff
	    	 11/28/2016

	Dr. Jennifer Elisseeff	    	Date

 EXHIBIT A. LICENSE FEE & ROYALTIES. 

EXHIBIT B. SALES & ROYALTY REPORT FORM. 
 EXHIBIT C.
INTENTIONALLY LEFT BLANK. 
 EXHIBIT D. PATENT APPLICATIONS. 

EXHIBIT E. FORM OF STOCK ISSUANCE AGREEMENT 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

23 

 EXHIBIT A 

FEES & ROYALTIES 
 1. Minimum
Annual Royalties: The minimum annual royalties pursuant to Paragraph 3.1 are twelve thousand dollars ($[***]). 
 2. Royalties: The running
royalty rate payable by Company under Paragraph 3.2 for NET SALES of ROYALTY PRODUCTS by Company, AFFILIATED COMPANIES and SUBLICENSEES is: 
  

			
	 Portion of Annual Sales
	  	 Royalty Rate

	[***]	  	[***]
	>[***]	  	[***]

 For clarity, no royalty shall be payable with respect to NET SALES of ROYALTY PRODUCTS unless at such time as the applicable
NET SALES accrue, there is within the PATENT RIGHTS either a U.S. or EP patent containing a NEOCHONDROGENESIS CLAIM. 
 If Company, its AFFILIATED COMPANY
or SUBLICENSEE is required to pay a third party amounts with respect to a ROYALTY PRODUCT under agreements for patent rights or other technologies which Company, its AFFILIATED COMPANY or SUBLICENSEE, determines are necessary to license or acquire
with respect to such ROYALTY PRODUCT, Company may deduct such amount owing to such third parties (prior to any reductions) from the royalty owing to JHU for the sale of such ROYALTY PRODUCT. Notwithstanding the foregoing, in no event shall the total
aggregate amount payable to JHU in any royalty period be reduced to less than [***] percent ([***]%) of the amounts that would otherwise be due JHU in such royalty period, and (b) Company shall not be entitled to deduct any royalties or other
payments made under the Existing Agreements. If, in any royalty period, Company is not able to fully recover its [***] percent ([***]%) portion of the payments due to a third party, it shall be entitled to carry forward such right of off-set to future semi-annual periods with respect to the excess amount. As used herein, “Existing Agreements means (a) that certain Exclusive License Agreement between Company and the Mayo Foundation for
Medical Education and Research originally entered into by the parties effective June 28th, 2013; (b) that certain Exclusive License Agreement between Company and the Buck Institute for Research on Aging originally entered into by the parties
effective February 3rd, 2014; (c) that certain Exclusive License Agreement between Company and the Board of Trustees of the University of Arkansas originally entered into by the parties effective April 28th, 2015, and (d) the Ascentage
Agreements, where “Ascentage Agreements” means (i) that certain Compound Library and Option Agreement entered into by and between Company and Ascentage Pharma Group Corp. Ltd., (“Ascentage”) as of February 2nd, 2016, (ii)
that certain APG-1252 License Agreement entered into by and between Company and Ascentage as of February 2nd, 2016, and (iii) any Compound License Agreements entered into by and between Company and
Ascentage as of the Effective Date of the definitive license agreement or at any time thereafter. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

24 

 3. Partnership Proceeds: The percent of PARTNERSHIP PROCEEDS payable under Paragraph 3.3 is [***]%,
provided that: 
 Company shall only be obligated to share [***]% of that portion of the PARTNERSHIP PROCEEDS that exceeds the then
current aggregate amount spent by Company on the development of the LICENSED PRODUCTS included in such sublicense as of the date such PARTNERSHIP PROCEEDS were received; and 

Company’s total payment obligations to JHU with respect to PARTNERSHIP PROCEEDS shall be capped at [***] U.S. Dollars (USD$[***]). 

4. Equity Grant. Company shall issue to JHU 65,000 shares of Company common stock upon the first to occur of (i) acceptance for review by the U.S.
Food and Drug Administration of a new drug application for a Royalty Product, or (ii) or acceptance for review by the European Medicines Agency of a marketing approval application for a Royalty Product. The events described in subsections
(i) and (ii) above, each a “triggering event”. 
 Notwithstanding the foregoing, if at the time of the occurrence of the triggering event,
there is not either a U.S. or EP patent within the PATENT RIGHTS containing a NEOCHONDROGENESIS CLAIM, then the issuance of shares of Company common stock shall be deferred until such time as there is a NEOCHONDROGENESIS CLAIM. 

5. Milestones. The milestones payable under Paragraph 3.5 are: 

Approval Milestones 
  

	(i)	[***] U.S. Dollars (USD$[***]) upon first receipt by Company, an AFFILIATED COMPANY or SUBLICENSEE of marketing approval for a ROYALTY PRODUCT from the U.S. Food and Drug Administration. 

 

	(ii)	[***] U.S. Dollars (USD$[***]) upon first receipt by Company, an AFFILIATED COMPANY or SUBLICENSEE of marketing approval for a ROYALTY PRODUCT from the European Medicines Agency. 

 

	(iii)	[***] U.S. Dollars (USD$[***]) upon first receipt by Company, an AFFILIATED COMPANY or SUBLICENSEE of marketing approval for a ROYALTY PRODUCT from the Ministry Health Labor and Welfare in Japan. 

Notwithstanding the foregoing, in the event that at the time of achievement of one or more of the foregoing development milestones there is not
either a U.S. or EP patent within the PATENT RIGHTS containing a NEOCHONDROGENESIS CLAIM, then payment of such milestones shall be deferred until such time as there is a NEOCHONDROGENESIS CLAIM. 

Each of the foregoing development milestone payments shall be payable only once and the overall payments due with respect to the foregoing
milestones shall in no event exceed [***] U.S. Dollars (USD$[***]). 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

25 

 Sales Milestones 
  

	(i)	[***] U.S. Dollars (USD$[***]) upon the total annual royalty-bearing Net Sales for a ROYALTY PRODUCT on a worldwide basis first reaching $[***]. 

 

	(ii)	[***] U.S. Dollars (USD$[***]) upon the total annual royalty-bearing Net Sales for a ROYALTY PRODUCT on a worldwide basis first reaching $[***]. 

 

	(iii)	[***] U.S. Dollars (USD$[***]) upon the total annual royalty-bearing Net Sales for a ROYALTY PRODUCT on a worldwide basis first reaching $[***]. 

 

	(iv)	[***] U.S. Dollars (USD$[***]) upon the total annual royalty-bearing Net Sales for a ROYALTY PRODUCT on a worldwide basis first reaching $[***]. 

Each of the foregoing sales milestone payments shall be payable only once and the overall payments due with respect to the foregoing milestones shall in no
event exceed [***] U.S. Dollars (USD$[***]). 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

26 

 EXHIBIT B 

QUARTERLY SALES & ROYALTY AND PARTNERSHIP PROCEEDS REPORT 

FOR LICENSE AGREEMENT BETWEEN ___________________ AND 

THE JOHNS HOPKINS UNIVERSITY DATED 
  

 
 FOR PERIOD OF
                         TO
                         

TOTAL ROYALTIES DUE FOR THIS PERIOD $___________________ 
  

													
	 PRODUCT

ID
	 	 PRODUCT

NAME
	 	 *JHU

REFERENCE
	  	 1st COMMERCIAL
SALE DATE
	  	 TOTAL NET
SALES
	  	 ROYALTY
RATE
	  	 AMOUNT

DUE

		 		 		  		  		  		  	
		 		 		  		  		  		  	
		 		 		  		  		  		  	
		 		 		  		  		  		  	
		 		 		  		  		  		  	

 Report of Partnership Proceeds: 

Name of Sublicensee:
                                         
                            

Date of Sublicense:
                                         
                                

Partnership Proceeds Received:
                                         
          
 Amount due:
                                         
                                         

  

	*	Please provide the JHU Reference Number or Patent Reference 

 This report format is to be used
to report quarterly royalty statements to JHU. It should be placed on Company letterhead and accompany any royalty payments due for the reporting period. This report shall be submitted even if no sales are reported. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

27 

 EXHIBIT C – INTENTIONALLY LEFT BLANK 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

28 

 EXHIBIT D – PATENT APPLICATIONS 

C13890 – 
 [***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

29 

 EXHIBIT E – FORM STOCK ISSUANCE AGREEMENT 

UNITY BIOTECHNOLOGY, INC. 

RESTRICTED STOCK ISSUANCE AGREEMENT 

This Restricted Stock Issuance Agreement (the “Agreement”) is made as of [ ], 20[ ] by and between Unity Biotechnology, Inc., a Delaware
corporation (the “Company”), and The Johns Hopkins University, a Maryland corporation (the “Grantee”). Reference is made to that certain License Agreement effective as of [ ], 2016 by and between the Company and the Grantee (the
“License Agreement”). Capitalized terms not otherwise defined herein shall have the applicable meaning in the License Agreement. 
 In
consideration of the mutual covenants and representations set forth below, the Company and Grantee agree as follows: 

1.    Grant of the Shares. Subject to the terms and conditions of this Agreement, the Company
agrees to grant to Grantee, and Grantee agree to acquire from the Company, on the Closing (as defined below) [65,000] shares of the Company’s Common Stock, $0.0001 par value per share (the “Shares”). The number of shares is in full
and complete satisfaction of the Company’s obligations under Section 3.4 of the License Agreement for achievement of the following Milestone Event: [INSERT MILESTONE EVENT]. 

2.    Closing. The transfer of the Shares shall occur at a closing (the “Closing”) to be
held on the date first set forth above, or at any other time mutually agreed upon by the Company and Grantee. The Closing will take place at the principal office of the Company or at such other place as shall be designated by the Company. As
promptly after the Closing as practicable, the Company will issue a stock certificate, registered in the name of Grantee, reflecting the Shares. 

3.    Restrictions on Transfer. 

A.    Investment Representations and Legend Requirements. The Grantee hereby make the investment
representations listed on Exhibit A to the Company as of the date of this Agreement and as of the date of the Closing, and agrees that such representations are incorporated into this Agreement by this reference, such that the Company may rely on
them in issuing the Shares. Grantee understand and agree that the Company shall cause the legends set forth below, or substantially equivalent legends, to be placed upon any certificate(s) evidencing ownership of the Shares, together with any other
legends that may be required by the Company or by applicable state or federal securities laws: 
 THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED
UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

30 

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER, A RIGHT OF FIRST REFUSAL, AND A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE RESTRICTED STOCK ISSUANCE AGREEMENT BETWEEN
THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS, RIGHT OF FIRST REFUSAL AND LOCK-UP PERIOD ARE BINDING ON
TRANSFEREES OF THESE SHARES. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN
OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

B.    Stop-Transfer Notices. Grantee agree that to ensure compliance with the restrictions referred to
herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own
records. 
 C.    Refusal to Transfer. The Company shall not be required
(i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to
treat as owner of such Shares or to accord the right to vote or pay dividends to any acquirer or other transferee to whom such Shares shall have been so transferred. 

D.    Lock-Up Period. Grantee hereby agree that Grantee shall not
sell, offer, pledge, contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, grant any right or warrant to purchase, lend or otherwise transfer or encumber, directly or indirectly, any Shares or other
securities of the Company, nor shall Grantee enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Shares or other securities of the Company, during the
period from the filing of the first registration statement of the Company filed under the Securities Act of 1933, as amended (the “Securities Act”), that includes securities to be sold on behalf of the Company to the public in an
underwritten public offering under the Securities Act through the end of the 180-day period following the effective date of such registration statement (or such other period as may be requested by the Company
or the underwriters to accommodate regulatory restrictions on (i) the publication or other  

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

31 

 
distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or
any successor provisions or amendments thereto). The obligations described in this section shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the
future. Grantee further agree, if so requested by the Company or any representative of its underwriters, to enter into such underwriter’s standard form of “lockup” or “market standoff” agreement in a form satisfactory to the
Company and such underwriter. The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of any such restriction period. 

4.    Company’s Right of First Refusal. Before any Shares acquired by the Grantee pursuant to
this Agreement (or any beneficial interest in such Shares) may be sold, transferred, encumbered or otherwise disposed of in any way (whether by operation of law or otherwise) by the Grantee or any subsequent transferee (each a “Holder”),
such Holder must first offer such Shares or beneficial interest to the Company and/or its assignee(s) as follows: 

A.    Notice of Proposed Transfer. The Holder shall deliver to the Company a written notice stating:
(i) the Holder’s bona fide intention to sell or otherwise transfer the Shares; (ii) the name of each proposed transferee; (iii) the number of
Shares to be transferred to each proposed transferee; (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares; and (v) that by
delivering the notice, the Holder offers all such Shares to the Company and/or its assignee(s) pursuant to this section and on the same terms described in the notice. 

B.    Exercise of Right of First Refusal. At any time within 30 days after receipt of the Holder’s
notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the proposed transferees, at the purchase price
determined in accordance with Section 4.C. 
 C.    Purchase
Price. The purchase price for the Shares purchased by the Company and/or its assignee(s) under this section shall be the price listed in the Holder’s notice. If the price listed in the Holder’s notice includes consideration other than
cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company in its sole discretion. 

D.    Payment. Payment of the purchase price shall be made, at the option of the Company and/or its
assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company and/or its assignee(s), or by any combination thereof within 30 days after receipt by the Company of the Holder’s
notice (or at such later date as is called for by such notice). 
 E.    Holder’s Right to
Transfer. If all of the Shares proposed in the notice to be transferred to a given proposed transferee are not purchased by the Company and/or its assignee(s) as provided in this section, then the Holder may sell or otherwise transfer such Shares to
that proposed transferee; provided that: (i) the transfer is made only on the terms provided for in the notice, with the exception of the purchase price, which may be either the price listed in the notice or any
higher price; (ii) such transfer is consummated within 60 days after the date the notice is delivered to the Company; (iii) the transfer is effected in accordance 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

32 

 
with any applicable securities laws, and if requested by the Company, the Holder shall have delivered an opinion of counsel acceptable to the Company to that effect; and (iv) the proposed
transferee agrees in writing to receive and hold the Shares so transferred subject to all of the provisions of this Agreement, including but not limited to this section, and there shall be no further transfer of such Shares except in accordance with
the terms of this section. If any Shares described in a notice are not transferred to the proposed transferee within the period provided above, then before any such Shares may be transferred, a new notice shall be given to the Company, and the
Company and/or its assignees shall again be offered the right of first refusal described in this section. 

F.    Exception for Certain Family Transfers. Notwithstanding anything to the contrary
contained elsewhere in this section, the transfer of any or all of the Shares during the Holder’s lifetime or on the Holder’s death by will or intestacy to (i) the Holder’s spouse; (ii) the Holder’s lineal descendants
or antecedents, siblings, aunts, uncles, cousins, nieces and nephews (including adoptive relationships and step relationships), and their spouses; (iii) the lineal descendants or antecedents, siblings, cousins, aunts, uncles, nieces and nephews
of Holder’s spouse (including adoptive relationships and step relationships), and their spouses; and (iv) a trust or other similar estate planning vehicle for the benefit of the Holder or any such person, shall be exempt from the
provisions of this section; provided that, in each such case, the transferee agrees in writing to receive and hold the Shares so transferred subject to all of the provisions of this Agreement, including but not limited to this section, and there
shall be no further transfer of such Shares except in accordance with the terms of this section; and provided further, that without the prior written consent of the Company, which may be withheld in the sole discretion of the Company, no more than
three transfers may be made pursuant to this section, including all transfers by the Holder and all transfers by any transferee. 

G.    Termination of Right of First Refusal. The right of first refusal contained in this
section shall terminate as to all Shares acquired hereunder upon the earlier of: (i) the closing date of the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective
by the Securities and Exchange Commission under the Securities Act, and (ii) the closing date of a Change of Control pursuant to which the holders of the outstanding voting securities of the Company receive securities of a class registered
pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. For purposes of this Agreement, a “Change of Control” means either: (i) the acquisition of the Company by another entity by means of any transaction or
series of related transactions (including, without limitation, any reorganization, merger or consolidation or stock transfer, but excluding any such transaction effected primarily for the purpose of changing the domicile of the Company), unless the
Company’s stockholders of record immediately prior to such transaction or series of related transactions hold, immediately after such transaction or series of related transactions, at least 50% of the voting power of the surviving or acquiring
entity (provided that the sale by the Company of its securities for the purposes of raising additional funds shall not constitute a Change of Control hereunder); or (ii) a sale of all or substantially all of the assets of the Company.

 5.    General Provisions. 

A.    Choice of Law. This Agreement shall be governed by the internal substantive laws, but not the choice of law
rules, of the State of California. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

33 

 B.    Integration. This Agreement, including all
exhibits hereto, together with the License Agreement, represents the entire agreement between the parties with respect to the acquisition of the Shares by the Grantee and supersedes and replaces any and all prior written or oral agreements regarding
the subject matter of this Agreement and the License Agreement including, but not limited to, any representations made during any interviews, relocation discussions or negotiations whether written or oral. 

C.    Notices. Any notice, demand, offer, request or other communication required or permitted
to be given by either the Company or the Grantee pursuant to the terms of this Agreement shall be in writing and shall be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one business
day after being delivered by facsimile (with receipt of appropriate confirmation), (iv) one business day after being deposited with an overnight courier service or (v) four days after being deposited in the U.S. mail, First Class with
postage prepaid and return receipt requested, and addressed to the parties at the addresses provided to the Company (which the Company agrees to disclose to the other parties upon request) or such other address as a party may request by notifying
the other in writing. 
 D.    Successors. Any successor to the Company (whether
direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform
the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall
include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this section or which becomes bound by the terms of this Agreement by operation of law. Subject to the restrictions
on transfer set forth in this Agreement, this Agreement shall be binding upon Grantee and their heirs, executors, administrators, successors and assigns. 

E.    Assignment; Transfers. Except as set forth in this Agreement, this Agreement, and any and
all rights, duties and obligations hereunder, shall not be assigned, transferred, delegated or sublicensed by the Grantee without the prior written consent of the Company. Any attempt by the Grantee without such consent to assign, transfer, delegate
or sublicense any rights, duties or obligations that arise under this Agreement shall be void. Except as set forth in this Agreement, any transfers in violation of any restriction upon transfer contained in any section of this Agreement shall be
void, unless such restriction is waived in accordance with the terms of this Agreement. 

F.    Waiver. Either party’s failure to enforce any provision of this Agreement shall not
in any way be construed as a waiver of any such provision, nor prevent that party from thereafter enforcing any other provision of this Agreement. The rights granted both parties hereunder are cumulative and shall not constitute a waiver of either
party’s right to assert any other legal remedy available to it. 
 G.    Grantee
Investment Representations and Further Documents. The Grantee agree upon request to execute any further documents or instruments necessary or reasonably desirable in the view of the Company to carry out the purposes or intent of this Agreement,
including (but not limited to) the applicable exhibits and attachments to this Agreement. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

34 

 H.    Severability. Should any provision of this Agreement be
found to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable to the greatest extent permitted by law. 

I.    Rights as Stockholder. Subject to the terms and conditions of this Agreement, Grantee shall have all of
the rights of a stockholder of the Company with respect to the Shares from and after the date that Grantee deliver a fully executed copy of this Agreement (including the applicable exhibits and attachments to this Agreement) and full payment for the
Shares to the Company, and until such time as Grantee dispose of the Shares in accordance with this Agreement. Upon such transfer, Grantee shall have no further rights as a holder of the Shares so purchased except (in the case of a transfer to the
Company) the right to receive payment for the Shares so purchased in accordance with the provisions of this Agreement, and Grantee shall forthwith cause the certificate(s) evidencing the Shares so purchased to be surrendered to the Company for
transfer or cancellation. 
 J.    Adjustment for Stock Split. All references to the number
of Shares and the purchase price of the Shares in this Agreement shall be adjusted to reflect any stock split, stock dividend or other change in the Shares which may be made after the date of this Agreement. 

K.    Reliance on Counsel and Advisors. Grantee acknowledge that
Latham & Watkins LLP, is representing only the Company in this transaction. Grantee acknowledges that he or she has had the opportunity to review this Agreement, including all attachments hereto,
and the transactions contemplated by this Agreement with his or her own legal counsel, tax advisors and other advisors. Grantee are relying solely on his or her own counsel and advisors and not on any statements or representations of the Company or
its agents for legal or other advice with respect to this investment or the transactions contemplated by this Agreement. 

L.    Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same agreement. Facsimile copies of signed signature pages shall be binding originals. 

(Signature page follows) 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

35 

 The parties represent that they have read this Agreement in its entirety, have had an opportunity to obtain
the advice of counsel prior to executing this Agreement and fully understand this Agreement. 
 COMPANY: 

UNITY BIOTECHNOLOGY, INC. 
  

			
	By:	 	  

	Name:	 	Dr. Nathaniel E. David
	Title:	 	President and Chief Executive Officer

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 The parties represent that they have read this Agreement in its entirety, have had an opportunity to obtain
the advice of counsel prior to executing this Agreement and fully understand this Agreement. The Grantee agrees to notify the Company of any change in its address below. 

GRANTEE: 
 THE JOHNS HOPKINS UNIVERSITY 

 

	
	  

	 Name:

	 Title:

	
	 Address:

	
	 3400 N. Charles Street

	
	 Baltimore, Maryland, 21218-2695

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT A to Stock Grant Agreement 

INVESTMENT REPRESENTATION STATEMENT 
  

							
	 GRANTEE
	 	 	:	 	  	 THE JOHNS HOPKINS UNIVERSITY

	 COMPANY
	 	 	:	 	  	 UNITY BIOTECHNOLOGY, INC.

	 SECURITY
	 	 	:	 	  	 COMMON STOCK

			
	 AMOUNT
	 	 	:	 	  	 [            ]
SHARES

	 DATE
	 	 	:	 	  	[                    ]

 In connection with the acquisition of the above-listed shares, The Johns Hopkins University represents to the Company as
follows. For the sake of convenience of the parties, “I,” “me,” and “my” refer to The Johns Hopkins University. 

1.    The Company may rely on these representations. I understand that the Company’s sale of
the shares to me has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), because the Company believes, relying in part on my representations in this document, that an exemption from such registration
requirement is available for such sale. I understand that the availability of this exemption depends upon the representations I am making to the Company in this document being true and correct. 

2.    I am purchasing for investment. I am purchasing the shares solely for investment purposes,
and not for further distribution. My entire legal and beneficial ownership interest in the shares is being acquired and shall be held solely for my account, except to the extent I intend to hold the shares jointly with my spouse. I am not a party
to, and do not presently intend to enter into, any contract or other arrangement with any other person or entity involving the resale, transfer, grant of participation with respect to or other distribution of any of the shares. My investment intent
is not limited to my present intention to hold the shares for the minimum capital gains period specified under any applicable tax law, for a deferred sale, for a specified increase or decrease in the market price of the shares, or for any other
fixed period in the future. 
 3.    I can protect my own interests. I can properly evaluate
the merits and risks of an investment in the shares and can protect my own interests in this regard, whether by reason of my own business and financial expertise, the business and financial expertise of certain professional advisors unaffiliated
with the Company with whom I have consulted, or my preexisting business or personal relationship with the Company or any of its officers, directors or controlling persons. 

4.    I am informed about the Company. I am sufficiently aware of the Company’s business
affairs and financial condition to reach an informed and knowledgeable decision to acquire the shares. I have had opportunity to discuss the plans, operations and financial condition of the Company with its officers, directors or controlling
persons, and have received all information I deem appropriate for assessing the risk of an investment in the shares. 

5.    I recognize my economic risk. I realize that the acquisition of the shares involves a high
degree of risk, and that the Company’s future prospects are uncertain. I am able to hold the shares indefinitely if required, and am able to bear the loss of my entire investment in the shares. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 6.    I know that the shares are restricted
securities. I understand that the shares are “restricted securities” in that the Company’s sale of the shares to me has not been registered under the Securities Act in reliance upon an exemption for non-public offerings. In this regard, I also understand and agree that: 

A.    I must hold the shares indefinitely, unless any subsequent proposed resale by me is registered under the
Securities Act, or unless an exemption from registration is otherwise available (such as Rule 144); 
 B.    the
Company is under no obligation to register any subsequent proposed resale of the shares by me; and 

C.    the certificate evidencing the shares will be imprinted with a legend which prohibits the transfer of the shares
unless such transfer is registered or such registration is not required in the opinion of counsel for the Company. 

7.    I am familiar with Rule 144. I am familiar with Rule 144 adopted under the Securities Act,
which in some circumstances permits limited public resales of “restricted securities” like the shares acquired from an issuer in a non-public offering. I understand that my ability to sell the shares
under Rule 144 in the future is uncertain, and may depend upon, among other things: (i) the availability of certain current public information about the Company; (ii) the resale occurring more than a specified period after my acquisition
and full payment (within the meaning of Rule 144) for the shares; and (iii) if I am an affiliate of the Company (A) the sale being made in an unsolicited “broker’s transaction”, transactions directly with a market maker or
riskless principal transactions, as those terms are defined under the Securities Exchange Act of 1934, as amended, (B) the amount of shares being sold during any three-month period not exceeding the specified limitations stated in Rule 144,
and (C) timely filing of a notice of proposed sale on Form 144, if applicable. 

8.    I know that Rule 144 may never be available. I understand that the requirements of Rule 144
may never be met, and that the shares may never be saleable under the rule. I further understand that at the time I wish to sell the shares, there may be no public market for the Company’s stock upon which to make such a sale, or the current
public information requirements of Rule 144 may not be satisfied, either of which may preclude me from selling the shares under Rule 144 even if the relevant holding period had been satisfied. 

9.    I know that I am subject to further restrictions on resale. I understand that in the event
Rule 144 is not available to me, any future proposed sale of any of the shares by me will not be possible without prior registration under the Securities Act, compliance with some other registration exemption (which may or may not be available), or
each of the following: (i) my written notice to the Company containing detailed information regarding the proposed sale, (ii) my providing an opinion of my counsel to the effect that such sale will not require
registration, and (iii) the Company notifying me in writing that its counsel concurs in such opinion. I understand that neither the Company nor its counsel is obligated to provide me with any such opinion. I understand that although Rule 144 is
not exclusive, the Staff of the SEC has stated that persons proposing to sell private placement securities other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from
registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 10.    I know that I may have tax liability due to the uncertain
value of the shares. I understand that the Board of Directors believes its valuation of the shares represents a fair appraisal of their worth, but that it remains possible that, with the benefit of hindsight, the Internal Revenue Service
may successfully assert that the value of the shares on the date of my acquisition is substantially greater than the Board’s appraisal. I understand that any additional value ascribed to the shares by such an IRS determination will constitute
ordinary income to me as of the acquisition date, and that any additional taxes and interest due as a result will be my sole responsibility payable only by me, and that the Company need not and will not reimburse me for that tax liability. 

11.    Non-U.S. Investor. If I am not a United States
person, I hereby represents that I am satisfied as to the full observance of the laws of my jurisdiction in connection with any invitation to receive the shares issuable pursuant to this Agreement, or any use of this Agreement, including
(i) the legal requirements within my jurisdiction for the acquisition of the shares pursuant to this Agreement, (ii) any foreign exchange restrictions applicable to such receipt or transfer, (iii) any governmental or other consents
that may need to be obtained and (iv) the income tax and other tax consequences, if any, that may be relevant to the acquisition, holding, redemption, sale or transfer of such securities. My subscription for, and my continued beneficial
ownership of the shares will not violate any applicable securities or other laws of my jurisdiction. 

12.    Principal Place of Business. The address of a principal place of business of The Johns
Hopkins University is set forth on the signature page below. 
 By signing below, the undersigned acknowledge their agreement with each of the
statements contained in this Investment Representation Statement as of the date first set forth above, and their intent for the Company to rely on such statements in issuing the shares to me. 

 

			
	THE JOHNS HOPKINS UNIVERSITY
		
		 	 By:

		 	  

		
		 	 Name:

		 	  

		
		 	Title:
		 	  

  

	
	Address of Grantee Principal Place of Business:
	
	 3400 N. Charles Street

	
	 Baltimore, Maryland, 21218-2695

  
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	 Certificate Of Completion

		
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	 Subject: Please DocuSign: A30652 JHU LIcense Agreement (final) VT1.pdf
	 	
			
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Exhibit 10.1
KAMAN CORPORATION
AMENDED AND RESTATED 2013 MANAGEMENT INCENTIVE PLAN
1.Purpose.
The purpose of the Kaman Corporation Amended and Restated 2013 Management Incentive Plan as set forth herein (this “Plan”) is to attract and retain Employees, Non-Employee Directors, and Consultants (including prospective service providers) and to provide additional incentives for these persons consistent with the long-term success of the business of Kaman Corporation (the “Company”).  This Plan was originally approved by stockholders on April 17, 2013 as the Kaman Corporation 2013 Management Incentive Plan (the “2013 MIP”).  This amendment and restatement is subject to the approval of the Company’s stockholders, and shall have no effect prior to that time.  The amendments made to the 2013 MIP shall affect only Awards granted on or after the Effective Date (as hereinafter defined herein).  Awards granted prior to the Effective Date shall be governed by the terms of the 2013 MIP and Award Agreements as in effect prior to the Effective Date.  The terms of this Plan are not intended to affect the interpretation of the terms of the 2013 MIP as they existed prior to the Effective Date.  For the avoidance of doubt, nothing in this Plan shall in any manner affect the treatment of Awards issued under the 2013 MIP that were granted to Executive Officers with the intention of qualifying as performance-based compensation under Section 162(m) of the Code.
2.Definitions.  As used in this Plan, the following terms shall be defined as set forth below:
2.1“2013 MIP” means the Kaman Corporation 2013 Management Incentive Plan, as in effect prior to the Effective Date.
2.2“Act” means the Securities Exchange Act of 1934, as amended.
2.3“Affiliate” means any corporation or any other entity (including, but not limited to, a partnership) that is affiliated with the Company through stock ownership or otherwise.  For avoidance of doubt, an Affiliate shall include a Subsidiary.
2.4“Award” or “Awards” means, individually or collectively, except where referring to a particular category of grant under this Plan, a grant under this Plan of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Performance Share Awards, Cash-Based Awards, or Other Stock-Based Awards, in each case subject to the terms hereunder.
2.5“Award Agreement” means an agreement, certificate, resolution or other form of writing or other evidence approved by the Committee which sets forth the terms and conditions of an Award.  An Award Agreement may be in an electronic medium, may be limited to a notation on the Company’s books and records and, if approved by the Committee, need not be signed by a representative of the Company or a Participant.
2.6“Base Price” shall have the meaning given to it in Section 6.2.
2.7“Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Act.
2.8“Board” means the Board of Directors of the Company.
2.9“Cash-Based Award” means an Award granted to a Participant as described in Section 11.
2.10“Change in Control” shall have the meaning given to it in Section 13.3.
2.11“Code” means the Internal Revenue Code of 1986, as amended from time to time.
2.12“Committee” means the committee of the Board described in Section 4.
2.13“Consultant” means any natural person, including an advisor, engaged by the Company or any Subsidiary to render bona fide services to such entity (other than in connection with the offer or sale of securities in a capital-raising transaction or to promote or maintain a market for the Company’s securities).
2.14“Company” means Kaman Corporation or its successor.
2.15“Deferred Stock Unit” means an Award that is vested on the Grant Date that entitles the recipient to receive Shares after a designated period of time.  Deferred Stock Units shall be subject to such restrictions and conditions as set forth in the Award Agreement, which shall be consistent with the provisions for Restricted Stock Units set forth in Section 8 below except for the requirement to have a Restricted Period or Performance Goals.
2.16“Effective Date” means the date this Plan is approved by the stockholders of the Company in accordance with the rules of the New York Stock Exchange and other applicable law.

2.17“Employee” means any person designated as an employee of the Company, any of its Affiliates, and/or any of its or their Subsidiaries on the payroll records thereof.
2.18“Executive Officer” means an “executive officer” of the Company as defined by Rule 3b-7 under the Act. To the extent that the Board takes action to designate the persons who are the “executive officers” of the Company, the persons so designated (and no others) shall be deemed to be the “executive officers” of the Company for all purposes of this Plan.
2.19“Family Member” means a Participant’s spouse, parents, children and grandchildren.
2.20“Fair Market Value” means a price that is based on the opening, closing, actual, high, low, or average selling prices of a Share reported on the New York Stock Exchange or other established stock exchange (or exchanges) on the applicable date, the preceding trading day, the next succeeding trading day, an average of trading days or on any other basis consistent with the requirements of the stock rights exemption under Section 409A of the Code using actual transactions involving Shares, as determined by the Committee in its discretion.  In the event Shares are not publicly determined at the time a determination of their value is required to be made hereunder, the determination of their Fair Market Value shall be made by the Committee in such manner as it deems appropriate.  Such definition(s) of Fair Market Value shall be specified in each Award Agreement and may differ depending on whether Fair Market Value is in reference to the grant, exercise, vesting, settlement, or payout of an Award; provided, however, that upon a broker-assisted exercise of an Option, the Fair Market Value shall be the price at which the Shares are sold by the broker.
2.21“Full Value Award” means an Award other than a Nonqualified Stock Option, an Incentive Stock Option or a Stock Appreciation Right and which is settled by the issuance of Shares.
2.22“Grant Date” means the date specified by the Committee on which a grant of an Award shall become effective, which shall not be earlier than the date on which the Committee takes action with respect thereto.
2.23“Incentive Stock Option” means any Option that is intended to qualify as an “incentive stock option” under Section 422 of the Code or any successor provision.
2.24“Non-Employee Director” means a member of the Board who is not an Employee.
2.25“Nonqualified Stock Option” means an Option that is not intended to qualify as an Incentive Stock Option.
2.26“Option” means any option to purchase Shares granted under Section 5.
2.27“Option Price” means the purchase price payable upon the exercise of an Option.
2.28“Other Stock-Based Awards” means an equity-based or equity-related Award not otherwise described by the terms of this Plan granted under Section 10.
2.29“Participant” means an Employee, Non-Employee Director or a Consultant who is selected by the Committee to receive benefits under this Plan, provided that only Employees shall be eligible to receive grants of Incentive Stock Options.  The Committee may also designate an individual who is not yet an Employee, Non-Employee Director or Consultant but has entered into a written or verbal commitment to become an Employee, Non-Employee Director or Consultant a "Participant".
2.30“Performance Cycle” means one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a grantee’s right to and the payment of a Restricted Share Award, Restricted Stock Unit, Performance Share Award or Cash-Based Award.
2.31“Performance Goal” means, with respect to a Restricted Share Award, a Restricted Stock Unit Award, a Performance Share Award or a Cash-Based Award, the specific goal or goals established in writing by the Committee for the Performance Cycle applicable to such Award.  Performance Goals may be based on attaining specific levels of individual performance and/or performance of the Company and/or one or more of its Subsidiaries, Affiliates, divisions or operations and/or business units, product lines, brands, business segments, administrative departments or any combination of the foregoing with respect to such financial, operational and/or other performance criteria as it deems appropriate in its sole discretion.
2.32“Performance Share Award” means an Award denominated in either Shares or share units granted pursuant to Section 9.
2.33“Plan” means the Kaman Corporation Amended and Restated 2013 Management Incentive Plan, as described herein and as hereafter amended from time to time.
2.34“Restricted Period” means a period of time established under Section 8 with respect to Restricted Stock Units.
2.35“Restricted Shares” means Shares granted under Section 7 subject to a substantial risk of forfeiture.

2.36“Restricted Stock Units” means an Award pursuant to Section 8 of the right to receive Shares at the end of a specified period.
2.37“Share Authorization” means the maximum number of Shares available for grant under this Plan, as described in Section 3.
2.38“Shares” means the common stock of the Company.
2.39“Spread” means, in the case of a Stock Appreciation Right, the amount by which the Fair Market Value on the date when any such right is exercised exceeds the Base Price specified in such right.
2.40“Stock Appreciation Right” means a right granted under Section 6.
2.41“Subsidiary” means any corporation or other entity, whether domestic or foreign, in which the Company has or obtains, directly or indirectly, a proprietary interest of more than fifty percent (50%) by reason of stock ownership or otherwise.
2.42“Substitute Award” means any Award granted or issued to a Participant in assumption or substitution of either outstanding awards or the right or obligation to make future awards by an entity acquired by the Company or a Subsidiary or with which the Company or a Subsidiary combines.
2.43“Unrestricted Shares” means a grant of Shares free of any Restricted Period, Performance Goals or any substantial risk of forfeiture.  Unrestricted Shares may be granted in respect of past services or other valid consideration, or in lieu of cash compensation due to an Employee.
3.Shares Available Under this Plan.
3.1Number of Shares Reserved for Awards.  
(a)Subject to adjustment as provided in Section 12 below, the aggregate total number of Shares that may be delivered pursuant to Awards granted under this Plan and the 2013 MIP shall not exceed 4,500,000, all of which can be deliverable pursuant to the exercise of Incentive Stock Options.   No further Awards shall be granted pursuant to the terms of the 2013 MIP.   Shares that may be delivered pursuant to Awards may be authorized but unissued Shares or authorized and issued Shares held in the Company’s treasury or otherwise acquired for the purposes of this Plan.
(b)To the extent that a Share is granted pursuant to a Full Value Award, it shall reduce the Share Authorization by three (3) Shares; and, to the extent that a Share is granted pursuant to an Award other than a Full Value Award, it shall reduce the Share Authorization by one (1) Share.
(c)Subject to the limits set forth in Section 3.1(a) on the number of Shares that may be granted in the aggregate under this Plan, a Non-Employee Director may not receive Awards with a value greater than $600,000 on the date of grant in any calendar year.  With respect to Awards granted during a calendar year, the amount to be applied against this limit shall be the Grant Date fair value, as determined by the Company for financial reporting purposes, for such Awards.  For the avoidance of doubt, in a calendar year in which a Non-Employee Director serves the Company in another capacity (including as an interim officer), the limit described in this Section 3.1(c) shall not apply to Awards granted by the Board to such director in respect of such service as an Employee or consultant.
(d)Subject to the limits set forth in Section 3.1(a) on the number of Shares that may be granted in the aggregate under this Plan, the following limits shall apply to grants of Awards under the Plan:
i.The maximum aggregate number of Shares subject to Options granted or Shares subject to Stock Appreciation Rights granted in any one calendar year to any one Participant shall be 500,000 plus the amount of the Participant’s unused annual limit for Options and for Stock Appreciation Rights under this paragraph as of the close of the previous calendar year.
ii.The maximum aggregate grant with respect to Awards of Restricted Shares or Restricted Stock Units in any one calendar year to any one Participant shall be 100,000 plus the amount of the Participant’s unused annual limit for Restricted Shares or Restricted Stock Units under this paragraph as of the close of the previous calendar year.
iii.The maximum number of Shares subject to a Performance Share Award in any one calendar year to any one Participant shall be 100,000 plus the amount of the Participant’s unused annual limit for Performance Share Awards under this paragraph denominated in Shares or share units as of the close of the previous calendar year.
iv.The maximum aggregate amount awarded or credited with respect to a Cash-Based Award to any Executive Officer or other key employee in any calendar year that is subject to a Performance Cycle that is more than twelve (12) months may not exceed ten million dollars ($10,000,000).

v.The maximum aggregate amount awarded or credited with respect to a Cash-Based Award to any Executive Officer or other key employee in any calendar year that is subject to a Performance Cycle that is twelve (12) months or less may not exceed four million dollars ($4,000,000).
vi.The maximum aggregate grant with respect to other equity-based Awards in any one calendar year to any one Participant shall be 100,000 plus the amount of the Participant’s unused annual limit for other equity-based Awards as of the close of the previous calendar year.
(e)Except with respect to a maximum of five percent (5%) of the Shares authorized under this Section 3.1 as of the Effective Date, as may be adjusted under Section 12, any equity-based Award that vests on the basis of the Participant’s continued employment with or provision of service to the Company shall not provide for vesting before the first (1st) anniversary of the Grant Date. Notwithstanding the foregoing, the 5% limit described in the preceding sentence shall not apply to any Cash-Based Awards or Substitute Awards or any Awards granted to Non-Employee Directors. 
3.2Share Usage.
(a)Any Shares related to Awards, whether granted under this Plan or the 2013 MIP, that at any time on or after the Effective Date terminate by expiration, forfeiture, cancellation, or otherwise without the issuance of such Shares, are settled in cash in lieu of Shares, or are exchanged with the Committee’s permission, prior to the issuance of Shares, for Awards not involving Shares, shall be available again for grant under this Plan.  In addition, Restricted Shares, whether granted under this Plan or the 2013 MIP, that are forfeited on or after the Effective Date shall again be available for grant under this Plan.
(b)The full number of Nonqualified Stock Options, Incentive Stock Options and Stock Appreciation Rights granted that are to be settled by the issuance of Shares shall be counted against the number of Shares available for award under this Plan, regardless of the number of Shares actually issued upon settlement of any such Award.
(c)Any Shares withheld to satisfy tax withholding obligations on an Award issued under this Plan other than with respect to a Full Value Award, Shares tendered to pay the exercise price of an Award under this Plan, and Shares repurchased on the open market with the proceeds of an Option exercise will not be eligible to be again available for grant under this Plan.
(d)Substitute Awards shall not be counted against the Shares available for granting Awards under this Plan.
3.3Dividend Equivalents.  The Committee may on or after the Grant Date authorize the payment of dividend equivalents on Shares subject to any Award on a current, deferred or contingent basis with respect to any or all dividends or other distributions paid by the Company.  Notwithstanding the foregoing, any such dividend equivalents shall be subject to the same restrictions as the underlying Award, and no dividend equivalents shall be payable on (i) Options or Stock Appreciation Rights, or (ii) any Shares issuable pursuant to Awards that are subject to Performance Goals unless and until such Shares are earned and vested.
4.Plan Administration.
4.1Board Committee Administration.  This Plan shall be administered by the Personnel & Compensation Committee appointed by the Board from among its members, provided that the full Board may at any time act as the Committee.  The interpretation and construction by the Committee of any provision of this Plan or of any Award Agreement and any determination by the Committee pursuant to any provision of this Plan or any such agreement, notification or document shall be final and conclusive. No member of the Committee shall be liable to any person for any such action taken or determination made in good faith.
4.2Terms and Conditions of Awards.  The Committee shall have final discretion, responsibility, and authority to:
(a)grant Awards;
(b)determine the Participants to whom and the times at which Awards shall be granted;
(c)determine the type and number of Awards to be granted, the number of Shares to which an Award may relate, and the applicable terms, conditions, and restrictions, including the length of time for which any restriction shall remain in effect;
(d)establish and administer Performance Goals and Performance Cycles relating to any Award;
(e)determine the rights of Participants with respect to an Award upon termination of     employment or service as a director; 
(f)determine whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; 

(g)accelerate the vesting of an Award;
(h)interpret the terms and provisions of Award Agreements;
(i)provide for forfeiture of outstanding Awards and recapture of realized gains and other realized value in such events as determined by the Committee; 
(j)make such adjustments to Awards as are permitted under Sections 9.5 and 11; and
(k)make all other determinations deemed necessary or advisable for the administration of this Plan. 
The Committee may solicit recommendations from the Company’s Chief Executive Officer with respect to the grant of Awards under this Plan.  The Committee (or, as permitted under Section 4.3, the Company’s Chief Executive Officer) shall determine the terms and conditions of each Award at the time of grant.  No Participant or any other person shall have any claim to be granted an Award under this Plan at any time, and the Company is not obligated to extend uniform treatment to Participants under this Plan.  The terms and conditions of Awards need not be the same with respect to each Participant.
4.3Committee Delegation.  The Committee may delegate to the Company’s Chief Executive Officer the authority to grant Awards to Participants who are not Non-Employee Directors or Executive Officers and to interpret and administer Awards for such Non-Employee Directors and Executive Officers.  Any such delegation shall be subject to the limitations of Section 33-675(c) of the Connecticut Business Corporation Act.  The Committee may also delegate the authority to grant Awards to any subcommittee(s) consisting of members of the Board.
4.4Awards to Non-employee Directors.  Notwithstanding any other provision of this Plan to the contrary, all Awards to Non-employee Directors must be authorized by the Board.
4.5Employee’s Service as Non-Employee Director or Consultant.  An Employee who receives an Award, terminates employment, and immediately thereafter begins performing service as a Non-Employee Director or Consultant shall have such service treated as service as an Employee for purposes of the Award.  The previous sentence shall not apply when (a) the Award is an Incentive Stock Option or (b) prohibited by law.
5.Options.  The Committee may authorize grants to Participants of Options to purchase Shares upon such terms and conditions as the Committee may determine in accordance with the following provisions:
5.1Number of Shares.  Each grant shall specify the number of Shares to which it pertains.
5.2Option Price.  Each grant shall specify an Option Price per Share, which shall be equal to or greater than the Fair Market Value per Share on the Grant Date, except in the case of Substitute Awards or as provided in Section 12. 
5.3Consideration.  Each grant shall specify the form of consideration to be paid in satisfaction of the Option Price and the manner of payment of such consideration, which may include in the Committee’s sole discretion: (a) cash in the form of currency or check or other cash equivalent acceptable to the Company, (b) nonforfeitable, unrestricted Shares owned by the Participant which have a value at the time of exercise that is equal to the Option Price, (c) a reduction in Shares issuable upon exercise which have a value at the time of exercise that is equal to the Option Price (a “net exercise”), (d) to the extent permitted by applicable law, the proceeds of sale from a broker-assisted cashless exercise, (e) any other legal consideration that the Committee may deem appropriate on such basis as the Committee may determine in accordance with this Plan or (f) any combination of the foregoing.  For the avoidance of doubt, Participants who receive Options to purchase Shares shall have no legal right to own or receive Shares withheld from delivery upon exercise pursuant to Section 5.3(c), and otherwise shall have no rights in respect of such Shares whether as a shareholder or otherwise. 
5.4Vesting.  Any grant may specify (a) a waiting period or periods before Options shall become exercisable, and (b) permissible dates or periods on or during which Options shall be exercisable, and any grant may provide for the earlier exercise of such rights in the event of a termination of employment.  Vesting may be further conditioned upon the attainment of Performance Goals established by the Committee. 
5.5Provisions Governing Incentive Stock Options.  Options granted under this Plan may be Incentive Stock Options, Nonqualified Stock Options or a combination of the foregoing, provided that only Nonqualified Stock Options may be granted to Non-Employee Directors.  Each grant shall specify whether (or the extent to which) the Option is an Incentive Stock Option or a Nonqualified Stock Option.  Notwithstanding any such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under all plans of the Company) exceeds $100,000, such Options shall be treated as Nonqualified Stock Options.  Options failing to qualify as Incentive Stock Options for any reason will be treated as Nonqualified Stock Options, rather than being forfeited.

5.6Exercise Period.  
(a)Subject to Section 18.9, no Option granted under this Plan may be exercised more than ten years from the Grant Date.  
(b)If the Fair Market Value exceeds the Option Price on the last day that an Option may be exercised under an Award Agreement, the affected Participant shall be deemed to have exercised the vested portion of such Option in a net exercise under Section 5.3(c) above without the requirement of any further action.
5.7Award Agreement.  Each grant shall be evidenced by an Award Agreement containing such terms and provisions as the Committee may determine consistent with this Plan.
6.Stock Appreciation Rights.  The Committee may authorize grants to Participants of Stock Appreciation Rights.  A Stock Appreciation Right is the right of the Participant to receive from the Company an amount, which shall be determined by the Committee and shall be expressed as a percentage (not exceeding 100 percent) of the Spread at the time of the exercise of such right.  Any grant of Stock Appreciation Rights under this Plan shall be upon such terms and conditions as the Committee may determine in accordance with the following provisions:
6.1Payment in Cash or Shares.  Any grant may specify that the amount payable upon the exercise of a Stock Appreciation Right will be paid by the Company in cash, Shares or any combination thereof or may grant to the Participant or reserve to the Committee the right to elect among those alternatives. 
6.2Base Price. Each grant shall specify a price to be used as the basis for determining the Spread upon the exercise of a Stock Appreciation Right (the “Base Price”), which shall be equal to or greater than the Fair Market Value per Share on the Grant Date, except in the case of Substitute Awards or as provided in Section 12.
6.3Vesting.  Any grant may specify (a) a waiting period or periods before Stock Appreciation Rights shall become exercisable and (b) permissible dates or periods on or during which Stock Appreciation Rights shall be exercisable, and any grant may provide for the earlier exercise of such rights in the event of a termination of employment.  Vesting may be further conditioned upon the attainment of Performance Goals established by the Committee.
6.4Exercise Period.  Subject to Section 18.9, no Stock Appreciation Right granted under this Plan may be exercised more than ten years from the Grant Date.  If a Spread exists on the last day that a Stock Appreciation Right may be exercised under an Award Agreement, the affected Participant shall be deemed to have exercised the vested portion of such Stock Appreciation Right without the requirement of any further action.
6.5Award Agreement.  Each grant shall be evidenced by an Award Agreement containing such terms and provisions as the Committee may determine consistent with this Plan.
7.Restricted Shares.  The Committee may authorize grants to Participants of Restricted Shares upon such terms and conditions as the Committee may determine in accordance with the following provisions:
7.1Transfer of Shares.  Each grant shall constitute an immediate transfer of the ownership of Shares to the Participant in consideration of the performance of services, subject to the substantial risk of forfeiture and restrictions on transfer hereinafter referred to.
7.2Consideration.  To the extent permitted by Connecticut law, each grant may be made without additional consideration from the Participant or in consideration of a payment by the Participant that is less than the Fair Market Value on the Grant Date.
7.3Substantial Risk of Forfeiture.  Each grant shall provide that the Restricted Shares covered thereby shall be subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code for a period to be determined by the Committee on the Grant Date, and any grant or sale may provide for the earlier termination of such risk of forfeiture in the event of a termination of employment. 
7.4Dividend, Voting and Other Ownership Rights.  Unless otherwise determined by the Committee, an award of Restricted Shares shall entitle the Participant to dividend, voting and other ownership rights (except for any rights to a liquidating distribution) during the period for which such substantial risk of forfeiture is to continue.  Except as otherwise determined by the Committee, any or all dividends or other distributions paid on the Restricted Shares during the period of such forfeiture restrictions shall be accumulated or reinvested in additional Shares, which shall be subject to the same restrictions as the underlying Award or such other restrictions as the Committee may determine.
7.5Restrictions on Transfer.  Each grant shall provide that, during the period for which such substantial risk of forfeiture is to continue, the transferability of the Restricted Shares shall be prohibited or restricted in the manner and to the extent prescribed by the Committee on the Grant Date.

7.6Performance-Based Restricted Shares.  Any grant or the vesting thereof may be further conditioned upon the attainment of Performance Goals established by the Committee in accordance with the applicable provisions of Section 9 regarding Performance Share Awards.
7.7Award Agreement; Certificates.  Each grant shall be evidenced by an Award Agreement containing such terms and provisions as the Committee may determine consistent with this Plan.  Unless otherwise directed by the Committee, all certificates representing Restricted Shares, together with a stock power that shall be endorsed in blank by the Participant with respect to such Shares, shall be held in custody by the Company until all restrictions thereon lapse.
8.Restricted Stock Units.  The Committee may authorize grants of Restricted Stock Units to Participants upon such terms and conditions as the Committee may determine in accordance with the following provisions:
8.1Restricted Period.  Each grant shall provide that the Restricted Stock Units covered thereby shall be subject to a Restricted Period, which shall be fixed by the Committee on the Grant Date, and any grant or sale may provide for the earlier termination of such period in the event of a termination of employment. 
8.2Ownership Rights.  During the Restricted Period, the Participant shall not have any right to transfer any rights under the subject Award and shall not have any rights of ownership in the Shares underlying the Restricted Stock Units, including the right to vote such Shares. 
8.3Performance-Based Restricted Share Units.  Any grant or the vesting thereof may be further conditioned upon the attainment of Performance Goals established by the Committee in accordance with the applicable provisions of Section 9 regarding Performance Share Awards.
8.4Award Agreement.  Each grant shall be evidenced by an Award Agreement containing such terms and provisions as the Committee may determine consistent with this Plan.
9.Performance Share Awards.  The Committee shall determine whether and to whom Performance Share Awards shall be granted and such terms, limitations and conditions as it deems appropriate in its sole discretion in accordance with the following provisions:
9.1Number of Performance Share Awards.  Each grant shall specify the number of Shares or share units to which it pertains, which may be subject to adjustment to reflect changes in compensation or other factors.
9.2Performance Cycle.  The Performance Cycle with respect to each Performance Share Award shall be determined by the Committee and set forth in the Award Agreement and may be subject to earlier termination in the event of a termination of employment.
9.3Performance Goals.  Each grant shall specify the Performance Goals that are to be achieved by the Participant and a formula for determining the amount of any payment to be made if the Performance Goals are achieved. 
9.4Payment of Performance Share Awards.  Each grant shall specify the time and manner of payment of Performance Share Awards that shall have been earned.
9.5Adjustments.  If the Committee determines after the Performance Goals have been established that a change in the business, operations, corporate structure or capital structure of the Company or its Subsidiaries, or the manner in which it conducts its business, or other events or circumstances, including but not limited to changes in law or accounting rules, render the Performance Goals unsuitable, the Committee may modify such Performance Goals, in whole or in part, as the Committee deems appropriate and equitable.  The Committee shall also have the right to increase or decrease the amount payable under a Performance Share Award to adjust for events or other circumstances not considered in setting Performance Goals for a Performance Share Award.
9.6Award Agreement.  Each grant shall be evidenced by an Award Agreement containing such terms and provisions as the Committee may determine consistent with this Plan.
10.Other Equity Awards.  The Committee may grant other types of equity-based or equity-related Awards not otherwise described by the terms of this Plan (including the grant or offer for sale of unrestricted Shares and grant of Deferred Stock Units) in such amounts and subject to such terms and conditions, as the Committee shall determine.  Such Awards may involve the transfer of actual Shares to Participants, or payment in cash or otherwise of amounts based on the value of Shares and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.  
11.Cash-Based Awards.  The Committee may, in its sole discretion, grant Cash-Based Awards to Executive Officers and key employees in such amounts and upon such terms, and subject to such conditions, as the Committee shall determine at the time of grant.  The Committee shall determine the maximum duration of the Cash-Based Award, the amount of cash to which the Cash-Based Award pertains, the conditions upon which the Cash-Based Award shall become vested or payable, and such other provisions 

as the Committee shall determine. Each Cash-Based Award shall specify a cash-denominated payment amount, formula or payment ranges as determined by the Committee.  Payment, if any, with respect to a Cash-Based Award shall be made in accordance with the terms of the Award and shall be made in cash, except as otherwise provided in any guidelines the Company may maintain regarding stock ownership or in individual Award Agreements.  The Committee in its sole discretion may increase or decrease the amount payable to adjust for events or other circumstances not considered in setting Performance Goals for a Cash-Based Award, and shall also have the right in its sole discretion to increase or decrease the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant to the assessment of individual or corporate performance for any Performance Cycle.
12.Adjustments.  The Committee shall make or provide for such adjustments in the (a) aggregate and per-person limitations specified in Section 3, (b) number of Shares covered by outstanding Awards, (c) Option Price or Base Price applicable to outstanding Options and Stock Appreciation Rights, and (d) kind of shares available for grant and covered by outstanding Awards (including shares of another issuer), as the Committee in its sole discretion may in good faith determine to be equitably required in order to prevent dilution or enlargement of the rights of Participants that otherwise would result from (x) any stock dividend, stock split, combination or exchange of Shares, recapitalization, extraordinary cash dividend, or other change in the capital structure of the Company, (y) any merger, consolidation, spin-off, spin-out, split-off, split-up, reorganization, partial or complete liquidation or other distribution of assets (other than a normal cash dividend), issuance of rights or warrants to purchase securities, or (z) any other corporate transaction or event having an effect similar to any of the foregoing.  In addition, in the event of any such transaction or event, the Committee may provide in substitution for any or all outstanding Awards under this Plan such alternative consideration as it may in good faith determine to be equitable under the circumstances and may require in connection therewith the cancellation or surrender of all Awards so replaced.  In the case of Substitute Awards, the Committee may make such adjustments, not inconsistent with the terms of this Plan, in the terms of Awards as it shall deem appropriate in order to achieve reasonable comparability or other equitable relationship between the assumed awards and the Awards granted under this Plan as so adjusted.
13.Change in Control.  
13.1General Rule.  Except as otherwise provided in an Award Agreement, in the event of a Change in Control, the Committee may, but shall not be obligated to do any one or more of the following, in each case without Participant consent: (a) accelerate, vest or cause the restrictions to lapse with respect to, all or any portion of an Award, (b) cancel Awards for a cash payment equal to their fair value (as determined in the sole discretion of the Committee) which, in the case of Options and Stock Appreciation Rights, shall be deemed to be equal to the excess, if any, of the consideration to be paid in connection with the Change in Control to holders of the same number of Shares subject to such Options or Stock Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares subject to such Options or Stock Appreciation Rights) over the aggregate Option Price (in the case of Options) or Base Price (in the case of Stock Appreciation Rights), (c) provide for the issuance of replacement awards that will substantially preserve the otherwise applicable terms of any affected Awards previously granted hereunder as determined by the Committee in its sole discretion, (d) terminate Options without providing accelerated vesting or (e) take any other action with respect to the Awards the Committee deems appropriate.  For avoidance of doubt, the treatment of Awards upon a Change in Control may vary among Participants and Types of Awards in the Committee’s sole discretion.
13.2Settlement of Awards Subject to Performance Goals Upon a Change in Control.  Awards subject to satisfying a Performance Goal or Goals shall be settled upon a Change in Control.  The settlement amount shall be determined by the Committee in its sole discretion based upon the extent to which the Performance Goals for any such Awards have been achieved after evaluating actual performance from the start of the Performance Cycle until the date of the Change in Control and the level of performance anticipated with respect to such Performance Goals as of the date of the Change in Control.
13.3Change in Control. shall mean the earliest to occur of the following events, provided that such event is not also a Management Buyout (as defined below):
(a)Any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding voting securities generally entitled to vote in the election of directors of the Company, provided, however, that no Change in Control will be deemed to have occurred as a result of a change in ownership percentage resulting solely from an acquisition of securities by the Company or a transaction described in clause (i) of paragraph (b) below;
(b)There is consummated a Merger of the Company with any other business entity other than (i) a Merger which would result in the securities of the Company generally entitled to vote in the election of directors of the Company outstanding immediately prior to such Merger continuing to represent (either by remaining outstanding or by being converted into such securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding such securities under an employee benefit plan of the Company or any Subsidiary, at least 50% of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such Merger generally entitled to vote in the election of directors of the Company 

or such surviving entity or any parent thereof and, in the case of such surviving entity or any parent thereof, of a class registered under Section 12 of the Act, or (ii) a Merger effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes a Beneficial Owner, directly or indirectly, of securities of the Company’s then outstanding voting securities of the Company generally entitled to vote in the election of directors of the Company;
(c)The stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity where the outstanding securities generally entitled to vote in the election of directors of the Company immediately prior to the transaction continue to represent (either by remaining outstanding or by being converted into such securities of the surviving entity or any parent thereof) 50% or more of the combined voting power of the outstanding voting securities of any such entity generally entitled to vote in such entity’s election of directors immediately after such sale and of a class registered under Section 12 of the Act; or
(d)A change in the composition of the Board such that the individuals who, as of the date hereof, constitute the Board (such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that, any individual who becomes a member of the Board subsequent to the date hereof, whose election, or nomination for election by the Company’s shareholders, was approved by a vote (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director without objection to such nomination) of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such under this provision)  shall be considered as though such individual were a member of the Incumbent Board.
(e)As used in this Section 13:
i.    “Management Buyout” means any event or transaction which would otherwise constitute a Change in Control (a “Transaction”) if, in connection with the Transaction, the Participant, the Participant’s Family Members and/or the Participant’s Affiliates participate, directly or beneficially, as an equity investor in, or have the option or right to acquire, whether vested or not vested, equity interests of, the acquiring entity or any of its Affiliates (as defined in Rule 12b-2 under the Act) (the “Acquiror”) having a percentage interest therein greater than 1%.  For purposes of the preceding sentence, a party shall not be deemed to have participated as an equity investor in the Acquiror by virtue of (i) obtaining Beneficial Ownership of any equity interest in the Acquiror as a result of the grant to the party of an incentive compensation award under one or more incentive plans of the Acquiror (including, but not limited to, the conversion in connection with the Transaction of incentive compensation awards of the Company into incentive compensation awards of the Acquiror), on terms and conditions substantially equivalent to those applicable to other employees of the Company at a comparable level as such party immediately before the Transaction, after taking into account normal differences attributable to job responsibilities, title and the like, (ii) obtaining beneficial interest of any equity interest in the Acquiror on terms and conditions substantially equivalent to those obtained in the Transaction by all other shareholders of the Company or (iii) the party’s interests in any tax-qualified defined benefit or defined contribution pension or retirement plan in which such party or any Family Member of such party is a participant or beneficiary.
ii.    “Merger” means a merger, share exchange, consolidation or similar business consolidation under applicable law.
iii.    “Participant’s Affiliates” at any time consist of any entity in which the Participant and/or the Participant’s Family Members then own, directly or beneficially, or have the option or right to acquire, whether or not vested, greater than 10% of such entity’s equity interests, and all then current directors and Executive Officers of the Company who are members of any group that also includes the Participant, a Family Member and/or any such entity in which the members have agreed to act together for the purpose of participating in the Transaction.
iv.    “Person” shall have the meaning given in Section 3(a)(9) of the Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions and with substantially the same voting rights as their ownership and voting rights with respect to the Company.
14.Term of this Plan.  Unless sooner terminated as provided herein, this Plan shall terminate ten (10) years from the Effective Date.  After this Plan is terminated, no further Awards may be granted but Awards previously granted shall remain outstanding in accordance with their applicable terms and conditions and this Plan’s terms and conditions. 

15.Withholding.
15.1In General.  As a condition to the delivery of any Shares, other property or cash pursuant to any Award or the lifting or lapse of restrictions on any Award, or in connection with any other event that gives rise to a minimum federal or other governmental tax withholding obligation on the part of the Company or its Subsidiaries relating to an Award (including, without limitation, employment taxes), (a) the Company or its Subsidiaries may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to the Participant, whether or not pursuant to this Plan, (b) the Committee shall be entitled to require that the Participant remit cash to the Company or its Subsidiaries (through payroll deduction or otherwise) or (c) the Company may enter into any other suitable arrangements to withhold, in each case in an amount sufficient in the Company’s opinion to satisfy such withholding obligation. 
15.2Share Withholding.  With respect to withholding required upon the exercise of Options or Stock Appreciation Rights, upon the lapse of restrictions on Restricted Shares and Restricted Stock Units, or upon the achievement of Performance Goals related to Performance Share Awards, or any other taxable event arising as a result of an Award granted hereunder, Participants may elect, subject to the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax that could be imposed on the transaction. All such elections shall be irrevocable, made in writing or electronically, and signed or acknowledged electronically by the Participant, and shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate.
16.Certain Terminations of Employment, Hardship and Approved Leaves of Absence.  Notwithstanding any other provision of this Plan to the contrary, in the event of a Participant’s termination of employment (including by reason of death, disability or retirement) or in the event of hardship or other special circumstances, the Committee may in its sole discretion take any action that it deems to be equitable under the circumstances or in the best interests of the Company, including, without limitation, waiving or modifying any limitation or requirement with respect to any Award under this Plan.  The Committee shall have the discretion to determine whether and to what extent the vesting of Awards shall be tolled during any leave of absence, paid or unpaid; provided however, that in the event of military leave, vesting shall toll during any unpaid portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with respect to the Award to the same extent as would have applied had the Participant continued to provide services to the Company throughout the leave on the same terms as he or she was providing services immediately prior to such leave.  Any actions taken by the Committee shall be taken consistent with the requirements of Section 409A of the Code.
17.Authorization of Sub-Plans.  The Committee may from time to time establish one or more sub-plans under this Plan for purposes of satisfying applicable blue sky, securities, and/or tax laws of various jurisdictions.  The Committee shall establish such sub-plans by adopting supplements to this Plan containing (a) such limitations as the Committee deems necessary or desirable, and (b) such additional terms and conditions not otherwise inconsistent with this Plan as the Committee shall deem necessary or desirable.  All sub-plans adopted by the Committee shall be deemed to be part of this Plan, but each sub-plan shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide copies of any sub-plans to Participants in any jurisdiction which is not the subject of such sub-plan.
18.Amendments and Other Matters.
18.1Plan Amendments.  The Board may amend, suspend or terminate this Plan or the Committee’s authority to grant Awards under this Plan at any time.  Notwithstanding the foregoing, no amendments shall be effective without approval of the Company’s stockholders if (a) stockholder approval of the amendment is then required pursuant to the Code, the rules of the primary stock exchange or stock market on which the Shares are then traded, applicable U.S. state corporate laws or regulations, applicable U.S. federal laws or regulations, and the applicable laws of any foreign country or jurisdiction where Awards are, or shall be, granted under this Plan, or (b) such amendment would (i) modify Section 18.4, (ii) materially increase benefits accruing to Participants, (iii) increase the aggregate number of Shares issued or issuable under this Plan, (iv) increase any limitation set forth on the number of Shares which may be issued or the aggregate value of Awards or the per-person limits under Section 3 except as provided in Section 12, (v) modify the eligibility requirements for Participants in this Plan, or (vi) reduce the minimum Option Price and Base Price as set forth in Sections 5 and 6, respectively.  Notwithstanding any other provision of this Plan to the contrary, except as provided in Section 18.8, no termination, suspension or amendment of this Plan may adversely affect any outstanding Award without the consent of the affected Participant.
18.2Award Deferrals.  The Committee may permit Participants to elect to defer the issuance of Shares or the settlement of Awards in cash under this Plan pursuant to such rules, procedures or programs as it may establish for purposes of this Plan.  However, any Award deferrals which the Committee permits must comply with the provisions of Section 22 and the requirements of Section 409A of the Code.
18.3Conditional Awards.  The Committee may condition the grant of any Award or combination of Awards under this Plan on the surrender or deferral by the Participant of his or her right to receive a cash bonus or other compensation otherwise 

payable by the Company or any Affiliate to the Participant, provided that any such grant must comply with the provisions of Section 22 and the requirements of Section 409A of the Code.
18.4Repricing Prohibited.  The terms of outstanding Awards may not be amended, and action may not otherwise be taken, to (i) reduce the Option Price of outstanding Options or Base Price of outstanding Stock Appreciation Rights, (ii) cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an Option Price or Base Price that is less than the Option Price or Base Price of the original Options or Stock Appreciation Rights, (iii) cancel outstanding Options or Stock Appreciation Rights with an exercise price or strike price that is less than the then current Fair Market Value of a Share in exchange for other Awards, cash or other property; or (iv) otherwise effect a transaction that would be considered a “repricing” for purposes of the stockholder approval rules of the applicable securities exchange or inter-dealer quotation system on which the Shares are listed or quoted without stockholder approval, provided that nothing herein shall prevent the Committee from taking any action provided for in Section 12 above.  This Section 18.4 shall not be construed to apply to “issuing or assuming a stock option in a transaction to which Section 424(a) applies”, within the meaning of Section 424 of the Code.   
18.5No Employment Rights.  Nothing in this Plan or an Award Agreement shall interfere with or limit in any way the right of the Company, its Affiliates, and/or its Subsidiaries to terminate any Participant’s employment or service on the Board or to the Company at any time or for any reason not prohibited by law, nor confer upon any Participant any right to continue his employment or service as a director for any specified period of time.  Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company, its Affiliates, and/or its Subsidiaries and, accordingly, subject to Section 18.1, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving rise to any liability on the part of the Company, its Affiliates, and/or its Subsidiaries.
18.6Tax Qualification.  To the extent that any provision of this Plan would prevent any Option that was intended to qualify under particular provisions of the Code from so qualifying, such provision of this Plan shall be null and void with respect to such Option, provided that such provision shall remain in effect with respect to other Options, and there shall be no further effect on any provision of this Plan.
18.7Leave of Absence or Transfer.  A transfer between the Company and any Affiliate or between Affiliates, or a leave of absence duly authorized by the Company, shall not be deemed to be a termination of employment.  Periods of time while on a duly authorized leave of absence shall be disregarded for purposes of determining whether a Participant has satisfied a Restricted Period or Performance Cycle under an Award.
18.8Amendments to Comply with Laws, Regulations or Rules.  Notwithstanding any other provision of this Plan or any Award Agreement to the contrary, in its sole and absolute discretion and without the consent of any Participant, the Board may amend this Plan, and the Committee may amend any Award Agreement, to take effect retroactively or otherwise as it deems necessary or advisable for the purpose of conforming this Plan or such Award Agreement to any present or future law, regulation or rule applicable to this Plan, including, but not limited to, Section 409A of the Code.
18.9Tolling.  In the event a Participant is prevented from exercising an Option or the Company is unable to settle an Award due to either any trading restrictions applicable to the Company’s Shares, the Participant’s physical infirmity or administrative error by the Company relied upon and not caused by the Participant, then unless otherwise determined by the Committee, the length of time applicable to any such restriction, condition or event shall toll any exercise period (i) until such restriction lapses, (ii) until the Participant (or his representative) is able to exercise the Award or (iii) until such error is corrected, as applicable. 
18.10No Duty to Inform Regarding Exercise Rights.  Neither the Company, its Subsidiaries, any Affiliate, the Committee nor the Board shall have any duty to inform a Participant of the pending expiration of the period in which a Stock Appreciation Right may be exercised or in which an Option may be exercised.
19.Issuance of Shares; Fractional Shares.
19.1Form for Issuing Shares; Legends.  Shares may be issued on a certificated or uncertificated basis.  Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer of such Shares.  
19.2Delivery of Title.  The Company shall have no obligation to issue or deliver evidence of title for Shares issued under this Plan prior to: (i) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and (ii) completing any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. 
19.3Inability to Obtain Authority.  The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

19.4Investment Representations.  The Committee may require any individual receiving Shares pursuant to an Award under this Plan to represent and warrant in writing that the individual is acquiring the Shares for investment and without any present intention to sell or distribute such Shares,
19.5Fractional Shares.  The Company shall not be required to issue any fractional Shares pursuant to this Plan.  The Committee may provide for the elimination of fractions or for the settlement thereof in cash. 
20.Limitations Period.  Any person who believes he or she is being denied any benefit or right under this Plan may file a written claim with the Committee.  Any claim must be delivered to the Committee within forty-five (45) days of the specific event giving rise to the claim.  Untimely claims will not be processed and shall be deemed denied.  The Committee, or its designated agent, will notify the Participant of its decision in writing as soon as administratively practicable.  Claims not responded to by the Committee in writing within ninety (90) days of the date the written claim is delivered to the Committee shall be deemed denied.  The Committee’s decision shall be final, conclusive and binding on all persons.  No lawsuit relating to this Plan may be filed before a written claim is filed with the Committee and is denied or deemed denied, and any lawsuit must be filed within one year of such denial or deemed denial or be forever barred.  The venue for any lawsuit shall be Hartford, Connecticut.
21.Governing Law.  The validity, construction and effect of this Plan and any Award hereunder will be determined in accordance with the laws of the State of Connecticut except to the extent governed by applicable federal law. 
22.Compliance with Section 409A.
22.1In General.  This Plan is intended to be administered in a manner consistent with the requirements, where applicable, of Section 409A.  For avoidance of doubt, Stock Options and Stock Appreciation Rights are intended to qualify for the stock rights exemptions from Section 409A.  Where reasonably possible and practicable, this Plan shall be administered in a manner to avoid the imposition on Participants of immediate tax recognition and additional taxes pursuant to such Section 409A.  Notwithstanding the foregoing, neither the Company nor the Committee shall have any liability to any person in the event Section 409A applies to any such Award in a manner that results in adverse tax consequences for the Participant or any of his or her transferees.
22.2Elective Deferrals.  No elective deferrals or re-deferrals other than in regard to Restricted Stock Units are permitted under this Plan.
22.3Applicable Requirements.  To the extent any of the Awards granted under this Plan are deemed “deferred compensation” and hence subject to Section 409A, the following rules shall apply to such Awards:
(a)Mandatory Deferrals.  If the Company decides that the payment of compensation under this Plan shall be deferred within the meaning of Section 409A, then, except as provided under Treas. Reg. Section 1.409A-1(b)(4)(ii), on granting of the Award to which such compensation payment relates, the Company shall specify the date(s) at which such compensation will be paid in the Award Agreement.
(b)Initial Deferral Elections.  For Awards of Restricted Stock Units where the Committee provides the opportunity to elect the timing and form of the payment of the underlying Shares at some future time once any requirements have been satisfied, the Participant must make his or her initial deferral election for such Award in accordance with the requirements of Section 409A, i.e., within thirty (30) days of first becoming eligible to receive such award or prior to the start of the year in which the Award is granted to the Participant, in each case pursuant to the requirements of Section 409A and Treas. Reg. Section 1.409A-2.
(c)Subsequent Deferral Elections.  To the extent the Company or Committee decides to permit compensation subject to Section 409A to be re-deferred pursuant to Treas. Reg. Section 1.409A-2(b), then the following conditions must be met: (i) such election will not take effect until at least 12 months after the date on which it is made; (ii) in the case of an election not related to a payment on account of disability, death or an unforeseeable emergency, the payment with respect to which such election is made must be deferred for a period of not less than five years from the date such payment would otherwise have been paid; and (iii) any election related to a payment at a specified time or pursuant to a fixed schedule (within the meaning of Treas. Reg. Section 1.409A-3(a)(4)) must be made not less than 12 months before the date the payment is scheduled to be paid.
(d)Timing of Payments.  Payment(s) of compensation that is subject to Section 409A shall only be made upon an event or at a time set forth in Treas. Reg. Section 1.409A-3, i.e., the Participant’s separation from service, the Participant’s becoming disabled, the Participant’s death, at a time or a fixed schedule specified in this Plan or an Award Agreement, a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, or the occurrence of an unforeseeable emergency.
(e)Certain Delayed Payments.  Notwithstanding the foregoing, to the extent an amount was intended to be paid such that it would have qualified as a short-term deferral under Section 409A and the applicable regulations, then such payment is or could be delayed if the requirements of Treas. Reg. 1.409A-1(b)(4)(ii) are met.

(f)Acceleration of Payment.  Any payment made under this Plan to which Section 409A applies may not be accelerated, except in accordance with Treas. Reg. 1.409A-3(j)(4), i.e., upon a Participant’s separation from service, the Participant becoming disabled, the Participant’s death, a change of ownership or effective control, or in the ownership of a substantial portion of the assets, or upon an unforeseeable emergency (all as detailed in Treas. Reg. Section 1.409A-3(a)).
(g)Payments upon a Change in Control.  Notwithstanding any provision of this Plan to the contrary, to the extent an Award subject to Section 409A shall be deemed to be vested or restrictions lapse, expire or terminate upon the occurrence of a Change in Control and such Change in Control does not constitute a “change in the ownership or effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A(a)(2)(A)(v), then even though such Award may be deemed to be vested or restrictions lapse, expire or terminate upon the occurrence of the Change in Control or any other provision of this Plan, payment will be made, to the extent necessary to comply with the provisions of Section 409A, to the Participant on the earliest of (i) the Participant’s “separation from service” with the Company (determined in accordance with Section 409A), (ii) the date payment otherwise would have been made pursuant to the regular payment terms of the Award in the absence of any provisions in this Plan to the contrary (provided such date is permissible under Section 409A) or (iii) the Participant’s death.
(h)Payments to Specified Employees.  Payments due to a Participant who is a “specified employee” within the meaning of Section 409A on account of the Participant’s “separation from service” with the Company (determined in accordance with Section 409A) shall be made on the date that is six months after the date of the Participant’s separation from service or, if earlier, the Participant’s date of death.
22.4Determining “Controlled Group”.  In order to determine for purposes of Section 409A whether a Participant or eligible individual is employed by a member of the Company’s controlled group of corporations under Section 414(b) of the Code (or by a member of a group of trades or businesses under common control with the Company under Section 414(c) of the Code) and, therefore, whether the Shares that are or have been purchased by or awarded under this Plan to the Participant are shares of “service recipient” stock within the meaning of Section 409A, a Participant or eligible employee of a Subsidiary shall be considered employed by the Company’s controlled group (or by a member of a group of trades or businesses under common control with the Company, as applicable).  Notwithstanding the above, to the extent that the Company finds that legitimate business criteria exist within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E)(1), then, solely for purposes of this Section 22.5, “at least 50 percent” in the definition of “Subsidiary” shall instead be “at least 20 percent”.
23.Transferability.
23.1Transfer Restrictions.  Except as provided in Sections 23.2 and 23.4, no Award granted under this Plan shall be transferable by a Participant other than upon death by will or the laws of descent and distribution, and Options and Stock Appreciation Rights shall be exercisable during a Participant’s lifetime only by the Participant or, in the event of the Participant’s legal incapacity, by his guardian or legal representative acting in a fiduciary capacity on behalf of the Participant under state law.  Any attempt to transfer an Award in violation of this Plan shall render such Award null and void.
23.2Limited Transfer Rights.  The Committee may expressly provide in an Award Agreement that a Participant may transfer such Award (other than an Incentive Stock Option), in whole or in part, to a Family Member, a trust for the exclusive benefit of Family Members, or a partnership or other entity in which all the beneficial owners are Family Members.  Subsequent transfers of Awards shall be prohibited except in accordance with this Section 23.2.  All terms and conditions of the Award, including provisions relating to the termination of the Participant’s employment or service with the Company or a Subsidiary, shall continue to apply following a transfer made in accordance with this Section 23.2.
23.3Additional Restrictions on Transfer.  Any Award made under this Plan may provide that all or any part of the Shares that are to be issued or transferred by the Company upon exercise, vesting or settlement shall be subject to further restrictions upon transfer.
23.4Domestic Relations Orders. Notwithstanding the foregoing provisions of this Section 23, any Award made under this Plan may be transferred as necessary to fulfill any domestic relations order as defined in Section 414(p)(1)(B) of the Code.
24.Forfeiture and Recoupment.  Without limiting in any way the generality of the Committee’s power to specify any terms and conditions of an Award consistent with law, and for greater clarity, the Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award, including any payment of Shares received upon exercise or in satisfaction of an Award under this Plan shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions, without limit as to time.  Such events shall include, but not be limited to, failure to accept the terms of the Award Agreement, termination of service under certain or all circumstances, violation of material Company policies, misstatement of financial or other material information about the Company, fraud, misconduct, breach of noncompetition, confidentiality, nonsolicitation, noninterference, corporate property 

protection, or other agreements that may apply to the Participant, or other conduct by the Participant that the Committee determines is detrimental to the business or reputation of the Company and its Affiliates, including facts and circumstances discovered after termination of service.  Awards granted under this Plan shall be subject to any compensation recovery policy or minimum stock holding period requirement as may be adopted or amended by the Company from time to time.
25.No Constraint on Corporate Action.  Nothing in this Plan shall be construed to: (i) limit, impair, or otherwise affect the Company’s or an Affiliate’s or a Subsidiary’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets; or, (ii) limit the right or power of the Company or an Affiliate or a Subsidiary to take any action which such entity deems to be necessary or appropriate.
26.Effect of Disposition of Facility or Operating Unit.  If the Company or any of its Affiliates closes or disposes of the facility at which a Participant is located or the Company or any of its Affiliates diminish or eliminate ownership interests in any operating unit of the Company or any of its Affiliates so that such operating unit ceases to be majority owned by the Company or any of its Affiliates then, with respect to Awards held by Participants who subsequent to such event will not be Employees, the Committee may, to the extent consistent with Section 409A (if applicable), take any of the actions described in Section 13.1 with respect to a Change in Control.  If the Committee takes no special action with respect to any disposition of a facility or an operating unit, then the Participant shall be deemed to have terminated his or her employment with the Company and its Subsidiaries and Affiliates and the terms and conditions of the Award Agreement and the other terms and conditions of this Plan shall control. 
27.Indemnification.  Subject to requirements of applicable state law, each individual who is or shall have been a member of the Board, or a Committee appointed by the Board, or an officer of the Company to whom authority was delegated in accordance with Section 3, shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him in connection with or resulting from any claim, action, suit, or proceeding to which he may be a party or in which he or she may be involved by reason of any action taken or failure to act under this Plan and against and from any and all amounts paid by him in settlement thereof, with the Company’s approval, or paid by him in satisfaction of any judgment in any such action, suit, or proceeding against him, provided he shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf, unless such loss, cost, liability, or expense is a result of his own willful misconduct or except as expressly provided by statute.   The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such individuals may be entitled under the Company’s Certificate of Incorporation or by-laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.
28.Nonexclusivity of this Plan.  The adoption of this Plan shall not be construed as creating any limitations on the power of the Board or Committee to adopt such other compensation arrangements as it may deem desirable for any Participant.
29.Miscellaneous. 
29.1Gender and Number.  Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural. 
29.2Severability.  In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included.
29.3Requirements of Law.  The granting of Awards and the issuance of Shares under this Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.
29.4Successors.  All obligations of the Company under this Plan with respect to Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
29.5Payment Following a Participant’s Death.  Any remaining vested rights or benefits under this Plan upon a Participant’s death shall be paid or provided to the Participant’s legal spouse or, if no such spouse survives the Participant, to the Participant’s estate.
29.6Rights as a Shareholder.  Except as otherwise provided herein, a Participant shall have none of the rights of a shareholder with respect to Shares covered by any Award until the Participant becomes the record holder of such Shares.

IN WITNESS WHEREOF, the Company has caused this Plan to be executed in its name and behalf as of this 18th of April 2018, by its duly authorized officer, effective as of the Effective
Date.

KAMAN CORPORATION

By: ___/s/ Gregory T. Troy________________________________________
Gregory T. Troy
Senior Vice President - Human Resources and Chief Human Resources Officer

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