Document:

Exhibit

Exhibit 10.16

UNITED STATES OF AMERICA Before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 78017 / June 8, 2016

ACCOUNTING AND AUDITING ENFORCEMENT Release No. 3782 / June 8, 2016

ADMINISTRATIVE PROCEEDING File No. 3-17278
	
			
	 
	 
	ORDER INSTITUTING ADMINISTRATIVE

	In the Matter of
	 
	AND CEASE-AND-DESIST PROCEEDINGS,

	 
	 
	PURSUANT TO SECTIONS 4C AND 21C OF

	IEC ELECTRONICS CORP.,
	 
	THE SECURITIES EXCHANGE ACT OF

	RONALD J. YEARS, CPA,
	 
	1934, AND RULE 102(e) OF THE

	and DONALD S. DOODY,\
	 
	COMMISSION’S RULES OF PRACTICE,

	 
	 
	MAKING FINDINGS, AND IMPOSING

	Respondents.
	 
	REMEDIAL SANCTIONS AND A CEASE-

	 
	 
	AND-DESIST ORDER

	 
	 
	 

 
  
   
I.

The Securities and Exchange Commission (“Commission”) deems it appropriate that cease- and-desist proceedings be, and hereby are, instituted pursuant to Section 21C of the Securities Exchange Act of 1934 (“Exchange Act”) against IEC Electronics Corp., Ronald J. Years, CPA, and Donald S. Doody (collectively, “Respondents”).

Exhibit 10.16

Additionally, the Commission deems it appropriate that administrative proceedings be, and hereby are, instituted pursuant to Section 4C of the Exchange Act1 and Rule 102(e)(1)(iii) of the Commission’s Rules of Practice2 against Years.

II.

In anticipation of the institution of these proceedings, Respondents have submitted Offers of Settlement (the “Offers”) which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission’s jurisdiction over them and the subject matter of these proceedings, which are admitted, and except as provided herein in Section V, Respondents consent to the entry of this Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the
Commission’s Rules of Practice, Making Findings, and Imposing Remedial Sanctions and a Cease- and-Desist Order (“Order”), as set forth below.

III.

On the basis of this Order and Respondents’ Offers, the Commission finds that:

Summary

IEC Electronics Corp. (“IEC”) filed false financial statements for Q3 2012, FYE 2012, and Q1 2013 as a result of misconduct that occurred at IEC’s now-former subsidiary, Southern California Braiding, Inc. (“SCB”). Former SCB controller, Ronald Years, and former IEC executive vice president of operations, Donald Doody, engaged in misconduct relating to SCB’s work-in-process inventory (“WIP”). Years made false accounting entries into a WIP spreadsheet that Years prepared, and these entries were based in part on amounts provided by Doody to Years that were false. Years and Doody also kept material in WIP that had already been used and added inventory to WIP that was missing. Years and Doody engaged in this misconduct to meet SCB’s
                                                   
1 Section 4C provides, in relevant part, that:

The Commission may censure any person, or deny, temporarily or permanently, to any person the privilege of appearing or practicing before the Commission in any way, if that person is found . . . to have willfully violated, or willfully aided and abetted the violation of, any provision of the securities laws or
the rules and regulations thereunder.

2 Rule 102(e)(1)(iii) provides, in pertinent part, that:

The Commission may . . . deny, temporarily or permanently, the privilege of appearing or practicing before it . . . to any person who is found . . . to have willfully violated, or willfully aided and abetted the violation of any provision of the Federal securities laws or the rules and regulations thereunder.

budgeted gross profit margins (“GPMs”). In addition, Years failed to consider the percentage completion of WIP and consequently capitalized too many weeks of labor and overhead costs to WIP. As a result of Years’ and Doody’s misconduct, IEC materially understated cost of goods sold, and materially overstated gross profit and net income before taxes in its financial statements for Q3 2012 and FYE 2012, and, in the case of Years, Q1 2013. In Q2 2013, IEC’s then-CFO discovered potential issues with respect to SCB’s WIP, and after IEC determined that the prior accounting was incorrect, it announced the need for a restatement in May 2013 and filed the restatement in July 2013.

Respondents

1.          IEC Electronics Corp., (“IEC”) is a Delaware corporation headquartered in Newark, New York. IEC manufactures, among other things, circuit cards, cable and wire harnesses, and sheet metal components that can withstand harsh environments, such as extreme hot and cold temperatures. IEC services the medical, aerospace, defense, industrial, and transportation industries. In February 2015, IEC’s board of directors was replaced with a new board as a result of a proxy contest. The new board terminated the CEO, and elected a new CEO. IEC’s common stock is registered with the Commission pursuant to Exchange Act Section 12(b) and is listed on NYSE MKT under ticker symbol IEC.

2.          Ronald J. Years, (“Years”) age 52, of La Habra, California, worked for IEC from
April 2008 through February 2013. Years was SCB’s controller from May 2011 through February
2013. Years has been a licensed CPA in Massachusetts since August 2012.

3.          Donald S. Doody, (“Doody”) age 49, of Mukilteo, Washington, is the former executive vice president of operations for IEC. Doody worked in operations for IEC from 2004 through January 2014.

Other Relevant Entity

4.          Southern California Braiding, Inc., is a Delaware corporation headquartered in Bell Gardens, California. SCB was an IEC subsidiary from December 2010 to July 2015. IEC sold SCB in July 2015 to a privately held company. SCB has never been registered with the Commission in any capacity.

Facts

A.        Background

5.         IEC acquired SCB in December 2010.  In May 2011, Years became SCB’s controller.  Years reported to IEC’s then-CFO.  In the summer of 2011, IEC’s then-CEO asked Doody to become involved in SCB’s operations because SCB was not performing financially as IEC’s CEO had expected.  Doody reported directly to IEC’s CEO.

6.         SCB mainly manufactured custom cables and wire harnesses for the aerospace and defense industries.  It took SCB on average about six weeks to assemble/manufacture a product for a customer.  SCB’s inventory mainly consisted of raw material and WIP.  WIP consists of the material in production, the labor used to produce the product, and a portion of the factory overhead.  SCB held few finished goods because when a product was complete, it was shipped to the customer.

7.         Prior to IEC acquiring SCB, SCB was a privately held company that operated on a cash basis and lacked an adequate system of internal accounting controls.  Years worked on implementing internal accounting controls over SCB’s inventory.  Years, however, failed to implement an adequate system of internal accounting controls for WIP.  Specifically, Years did not consider the percentage completion of WIP when he calculated how much labor and overhead should be capitalized to WIP at the end of each quarter.  By not considering the percentage completion of WIP, Years capitalized too much labor and overhead to WIP and inappropriately inflated WIP.  This resulted in the overstatement of labor and overhead in WIP and an understatement of cost of goods sold (“COGS”) and an overstatement of gross profit and net income before taxes for Q1 2012 through Q1 2013.3   IEC’s and SCB’s fiscal year is from October 1 through September 30.

8.         In addition, at the end of Q3 2012, both Years and Doody started inappropriately inflating WIP.  At the end of Q3 2012 and Q4 2012, Years made false accounting entries that capitalized additional amounts of labor and overhead to WIP, and these entries were based in part on amounts provided by Doody to Years that were false.  At the end of Q4 2012, Years and Doody also kept material in WIP that had already been used and added inventory to WIP that was missing.  Years and Doody engaged in this misconduct to meet SCB’s budgeted GPMs.

9.         As a result of their misconduct, Years and Doody overstated WIP and materially understated COGS and materially overstated gross profit and net income before taxes for Q3
2012 and FYE 2012, and, in the case of Years, Q1 2013.  Thus, IEC filed a materially false Form
10-Q for Q3 2012, Form 10-K for FY 2012, and Form 10-Q for Q1 2013.  IEC also filed multiple materially false Forms 8-K, and IEC’s earnings calls for Q3 2012 through Q1 2013 contained materially false information about IEC’s financial results.
                                                   
3  When WIP is overstated on the balance sheet, COGS is understated by the same amount on the income statement.  When COGS is understated, then gross profit and net income are overstated on the income statement.

B.         Years  an d  Doody  I n f lated  S CB’s  WIP 

i.         Failure to Consider Percentage Completion of WIP

10.       Years failed to develop a methodology that accurately reflected the value of SCB’s WIP because he failed to consider the percentage completion of WIP.  In addition, Years did not do any testing on WIP to determine the percentage completion.  Thus, Years failed to implement adequate internal accounting controls over WIP, and, and as a result, Years inflated WIP from Q1 2012 through Q1 2013.  In addition, there was lack of adequate internal accounting controls over the review of Years’ work.  The IEC accounting personnel who reviewed Years’ WIP spreadsheet each month failed to see that Years was not considering the percentage completion of WIP.  As a result of the lack of internal accounting controls over WIP, IEC had a material weakness in internal control over financial reporting related to WIP.  IEC stated in its amended Form 10-K for FYE 2012 that it had this material weakness, and it stated in its Form 10-Q for Q3 2014 that this material weakness had been remediated.

11.       SCB’s inventory mainly consisted of raw materials and WIP (SCB held few finished goods because generally when a product was complete, it was shipped to the customer). SCB’s WIP consisted of material, labor, and overhead.  Although there was a system to track material, SCB never developed a system to track the actual amount of labor and overhead applied to each job in WIP.  As a result, Years had to determine the appropriate amount of labor and overhead to capitalize to WIP each quarter.  From Q2 2011 through Q4 2011, Years capitalized four weeks of labor and overhead to WIP each quarter.  Starting in Q1 2012, Years developed a methodology to calculate labor and overhead capitalized to WIP.  Years’ methodology was captured in a WIP spreadsheet.  Years used this spreadsheet to calculate labor
and overhead to be capitalized to WIP on a monthly basis.  Years’ methodology, however, failed to consider the percentage completion of WIP.  From Q1 2012 through Q4 2012, because Years failed to consider the percentage completion of WIP, Years gradually increased the number of weeks that he capitalized labor and overhead to WIP from five weeks to eleven weeks.  By the end of Q1 2013, Years was capitalizing thirteen weeks of labor and overhead to WIP.

12.       In each quarter of FY 2012 and Q1 2013, it took SCB on average about six weeks to assemble/manufacture a product, and on average a product in WIP was about 25% complete at each quarter-end.  This meant that on average only one and a half weeks (six weeks multiplied
by 25%) of labor and overhead should have been capitalized to WIP at each quarter-end versus the five to thirteen weeks that Years was capitalizing to WIP from Q1 2012 through Q1 2013. Because Years inappropriately capitalized too many weeks of labor and overhead to WIP, WIP was overstated during FY 2012 and for Q1 2013.

13.       By at least October 2012, prior to SCB filing its FYE 2012 Form 10-K in November 2012, Years knew, or was reckless in not knowing, that he was capitalizing too many weeks of labor and overhead to WIP for Q4 2012.

ii.        False Accounting Entries to WIP in Q3 2012 and Q4 2012

14.       At quarter-ends Q3 2012 and Q4 2012, WIP was inappropriately inflated through false accounting entries that capitalized additional amounts of labor and overhead to WIP. Years made these false accounting entries into his WIP spreadsheet by hard coding, i.e. forcing, these amounts into the spreadsheet without any supporting formulas, and these entries were based in part on amounts provided by Doody to Years that were false. Years and Doody engaged in this misconduct to meet SCB’s budgeted GPMs for Q3 2012 and FYE 2012. At the end of Q3 2012, the accounting entry capitalized an additional $104,000 of labor and $265,000 of overhead to WIP that should not have been capitalized. At the end of Q4 2012, the accounting entry capitalized an additional $124,000 of labor and $346,000 of overhead to WIP that should not have been capitalized. As a result of these entries, inventory was overstated on IEC’s balance sheet, COGS was understated on IEC’s income statement, and gross profit and net income before taxes were overstated on IEC’s income statement for Q3 2012 and FYE 2012.

15.       As part of IEC’s FYE 2012 audit, IEC’s auditors asked Years about the $124,000 of
labor and the $346,000 of overhead added to WIP for Q4 2012. Years emailed Doody and told him that the auditors were asking about the $124,000 of labor and the $346,000 of overhead that “doesn’t have backup.” Years attached to his email a spreadsheet that he created as support for the false accounting entry. He asked Doody if Doody had additional information that Years could use to support a percentage number in his spreadsheet. Years also said, “Going forward we all realize we have to do something with this and the other material in WIP. I will come up with a way to make it less visible in the future, but I have to get past this for now. Thanks for the input. Last thing I have to do... I hope.” Doody responded to Years by telling him where he could find additional information for the percentage number. Years gathered this additional information and sent it and the spreadsheet to the auditors as support for the false accounting entry.

iii.       Keeping Material in WIP That Already Had Been Used

16.       In Q4 2012, Years and Doody inappropriately inflated WIP on SCB’s balance sheet by keeping material in WIP that already had been used for a SCB customer on two job orders. Years kept this material in WIP by not recognizing enough COGS material related to these two job orders on SCB’s income statement during FY 2012 and Q1 2013. As a result of keeping this material in WIP, inventory was overstated on IEC’s balance sheet, COGS was understated on IEC’s income statement, and gross profit and net income before taxes were overstated on IEC’s income statement during FY 2012 and Q1 2013.

17.       By late August 2012, following a physical inventory count, Years knew, or was reckless in not knowing, that at least $312,724 of material related to these two job orders for this customer had already been used and no longer existed in inventory. Years told Doody that this $312,724 of material was missing from inventory. Doody believed that Years was going to write- off this missing material from SCB’s balance sheet. Years, however, did not write-off this material, and by the end of Q4 2012, the balance grew to $395,138. In mid and late October 2012, prior to IEC filing its Form 10-K for FYE 2012, Years sent Doody emails reminding Doody that this inventory was still in WIP at the end of Q4 2012 and “shouldn’t be there.”

18.       As part of IEC’s FYE 2012 audit, IEC’s auditors asked Years about this $395,138 of material in WIP. Years did not tell the auditors that the $395,138 of material had already been used on jobs shipped to a customer and that this material no longer existed in inventory. Instead, Years, among other things, falsely told the auditors that SCB had not yet shipped these job orders to the customer. Years had emailed Doody and told Doody that the auditors had asked about the
$395,138 of material still in WIP, and Years also told Doody what he planned to tell the auditors. Even though Doody knew, or was reckless in not knowing, that this material was missing from inventory and had not been written-off, Doody did not respond to Years and failed to take corrective action.

19.       By the end of Q1 2013, the balance of this material grew to $422,132 because no
COGS for this material had been recognized by Years.

iv.       Adding Missing Finished Goods Inventory to WIP

20.       Lastly, in Q4 2012, Years and Doody inflated WIP by adding $116,227 of missing finished goods inventory (acquired during IEC’s acquisition of SCB) to WIP. As a result of adding this missing finished goods inventory to WIP, inventory was overstated on IEC’s balance sheet, COGS was understated on IEC’s income statement, and gross profit and net income before taxes were overstated on IEC’s income statement at FYE 2012.

21.       By late August 2012, following a physical inventory count, Years and Doody knew, or were reckless in not knowing, that this finished goods inventory was missing. In the beginning of October 2012, Years emailed Doody seeking direction on what Years should do with the $116,227 of missing finished goods, writing, “Should go to [Cost of Goods Sold], or can go to WIP...” Doody responded, “...my sense is WIP for now...” Years then moved the inventory
from finished goods inventory to WIP in the general ledger. In mid and late October 2012, prior to IEC filing its Form 10-K for FYE 2012, Years sent Doody emails reminding Doody that this missing finished goods inventory (as well as the $395,128 of already used inventory) was still in WIP at the end of Q4 2012 and “shouldn’t be there.”

22.       Years sent the auditors a spreadsheet that showed that Years was writing-off the
$116,227 of finished goods inventory. Years, however, did not write-off the $116,227 and instead moved the $116,227 into WIP. Years emailed Doody, informing him that the auditors had asked about the $395,138 of missing customer material (discussed above), and added that “[The auditors] haven’t seen the $116k of [finished goods] transferred into WIP.” Doody did not respond to Years and failed to take corrective action.

C.        IEC Restated its FY 2012 and Q1 2013 Financial Statements

23.       IEC restated its Q1 through Q3 2012, FYE 2012, and Q1 2013 financial statements because SCB overstated WIP, gross profit, and net income, and understated COGS.
In May 2013, IEC filed a Form 8-K that announced the restatement of its financials and provided the restated net income amounts for Q1 through Q3 2012, FYE 2012, and Q1 2013.  In July
2013, IEC filed an amended Form 10-K for FYE 2012 and a Form 10-Q for Q1 2013.  IEC

included its Q1 2012 through Q3 2012 restated financial statements in its amended Form 10-K
for FYE 2012.

24.       The table below summarizes the impact of the misstatement on IEC’s net income before taxes from Q1 2012 through Q1 2013.4   The overstatement of SCB’s WIP was material to IEC’s net income before taxes for Q3 2012, FYE 2012, and Q1 2013.

	
					
	Period End
	Net Income Before Taxes
– Originally Reported
	Net Income Before Taxes
– Restated5
	$ Difference
	% Difference of Restated

	Q1 2012
	$1,503,157
	$1,460,017
	$43,140
	(3)%

	Q2 2012
	$4,136,520
	$3,962,678
	$173,842
	(4)%

	Q3 2012
	$3,452,045
	$2,888,635
	$563,410
	(20)%

	Q4 2012
	$2,921,742
	$2,180,500
	$741,242
	(34)%

	FYE 2012
	$12,013,436
	$10,491,801
	$1,521,635
	(15)%

	Q1 2013
	$378,990
	($160,070)
	$539,060
	Profit to loss

	FYE 2012 +
Q1 2013
	 
	 
	$2,060,695
	 

25.       IEC’s FYE 2012 net income before taxes was overstated by $1,521,635, of which
$924,991, 6 or 61%, was the result of both Years and Doody inappropriately inflating WIP in
Q3 2012 and Q4 2012.  The remainder of IEC’s overstated income in FYE 2012 was mainly
from Years failing to consider the percentage completion of WIP and thus, capitalizing too many weeks of labor and overhead to WIP from Q1 2012 through Q4 2012.

26.       IEC’s Q1 2013 net income before taxes was overstated by $539,060, the majority of which was from Years failing to consider the percentage completion of WIP.  The $539,060 overstatement in Q1 2013 took IEC’s net income before taxes from a profit to a loss for that quarter.

                                                   
4 The restated net income before taxes amounts in this table for Q1 2012, Q4 2012, and FYE 2012 are different than the restated amounts reported by IEC for two reasons.  First, for FY 2011, WIP was overstated by $245,328.  Because this amount was not material to IEC’s FY 2011 financial statements, IEC included this overstatement in its Q1 2012 restated net income before taxes; this $245,328 overstatement is not included in the table above because the amount related to FY 2011.  Second, during the restatement process, IEC did not discover the $116,227 of missing finished goods inventory that Years and Doody moved to WIP.  As a result, IEC did not deduct the $116,227 from IEC’s Q4 2012 restated net income before taxes.

5  For Q1 2012 through Q1 2013, the restated figures also include small amounts of additional material that IEC wrote-off from WIP and deducted from net income before taxes.  For FYE 2012 and Q1 2013, IEC wrote-off additional material of $70,408 and $74,068, respectively.

6 The total $924,991 is arrived at by adding the Q4 2012 false accounting entry of $124,000 of labor and
$346,000 of overhead, plus the $395,138 of material that had already been shipped and no longer existed in WIP but was still held in WIP (less an inventory reserve of $56,374), plus the $116,227 of missing
finished goods inventory that was moved to WIP.

27.       As a result, IEC filed a materially false Form 10-Q for Q3 2012, Form 10-K for FY 2012, and Form 10-Q for Q1 2013.  IEC also filed multiple false Forms 8-K for Q3 2012 through Q1 2013.7   In addition, IEC’s earnings calls for Q3 2012, Q4 2012 / FYE 2012, and Q1
2013 contained false information about IEC’s financial results, including its net income.

D.        Later Developments at IEC

28.       Both Years and Doody no longer work for IEC. Years left IEC in February 2013, and Doody voluntarily left in January 2014. IEC is also under new management, including a new CEO and new Board of Directors, as a result of activist shareholders waging a proxy battle in early
2015. In addition, IEC no longer owns SCB; IEC sold SCB in July 2015 to a privately held company.

Violations

29.       As a result of the conduct described above, IEC and Doody violated, and Years willfully violated, Section 10(b) of the Exchange Act and Rules 10b-5(a) and (c) thereunder, and IEC violated, Years willfully aided and abetted and caused IEC’s violations of, and Doody caused IEC’s violations of, Section 10(b) of the Exchange Act and Rule 10b-5(b) thereunder, which prohibit fraudulent conduct in connection with the purchase or sale of securities.

30.       As a result of the conduct described above, IEC violated, Years willfully aided and abetted and caused IEC’s violations of, and Doody caused IEC’s violations of, Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder, which requires an issuer to file with the Commission accurate annual, current, and quarterly reports.

31.       As a result of the conduct described above, IEC violated, Years willfully aided and abetted and caused IEC’s violations of, and Doody caused IEC’s violations of, Section 13(b)(2)(A) of the Exchange Act, which requires an issuer to make and keep books, records, and accounts, which in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the issuer.

32.       As a result of the conduct described above, IEC violated, and Years willfully aided and abetted and caused IEC’s violations of, Section 13(b)(2)(B), which requires an issuer to devise and maintain an adequate system of internal accounting controls.

33.       As a result of the conduct described above, Years willfully violated, and Doody violated, Section 13(b)(5) of the Exchange Act, which prohibits any person from knowingly circumventing or knowingly failing to implement a system of internal accounting controls or knowingly falsifying any book, record, or account of an issuer.

                                                   
7 Form 8-K, Q3 2012 Earnings Release 7/31/12; Form 8-K, Q4 2012 / FYE 2012 Earnings Release
11/20/12; Form 8-K, Presentation - Noble Financial Conference 1/22/13; Form 8-K, Presentation - Annual
IEC Shareholders Meeting 1/30/13; Form 8-K, Q1 2013 Earnings Release 2/5/13.

34.       As a result of the conduct described above, Years willfully violated, and Doody violated, Rule 13b2-1 of the Exchange Act, which prohibits any person from, directly or indirectly, falsifying or causing to be falsified, any book, record, or account that the Exchange Act requires an issuer to maintain.

35.       As a result of the conduct described above, Years willfully violated, and Doody violated, Rule 13b2-2 of the Exchange Act, which prohibits a director or officer of an issuer, or any other person acting under the direction thereof, directly or indirectly, from making or causing to be made, a materially false or misleading statement or omission to an accountant in connection with a required audit or the preparation or filing of a required document or report.

IV.

In view of the foregoing, the Commission deems it appropriate to impose the sanctions
agreed to in Respondents’ Offers.

Accordingly, it is hereby ORDERED that:

A.        Pursuant to Section 21C of the Exchange Act, IEC cease and desist from committing or causing any violations and any future violations of Sections 10(b), 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act and Rules 10b-5, 12b-20, 13a-1, 13a-11, and 13a-13 thereunder.

B.        Pursuant to Section 21C of the Exchange Act, Years cease and desist from committing or causing any violations and any future violations of Sections 10(b), 13(a), 13(b)(2)(A), 13(b)(2)(B), 13(b)(5) of the Exchange Act and Rules 10b-5, 12b-20, 13a-1, 13a-11, 13a-13, 13b2-1, and 13b2-2 thereunder.

C.        Pursuant to Section 21C of the Exchange Act, Doody cease and desist from committing or causing any violations and any future violations of Sections 10(b), 13(a), 13(b)(2)(A), and 13(b)(5) of the Exchange Act and Rules 10b-5, 12b-20, 13a-1, 13a-11, 13a-13, 13b2-1, and 13b2-2 thereunder.

D.        Years is denied the privilege of appearing or practicing before the Commission as an accountant.

E.        Doody is prohibited for a period of five (5) years from the date of the Order from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act, or that is required to file reports pursuant to Section 15(d) of the Exchange Act.

F.        IEC shall, within 10 days of the entry of this Order, pay a civil money penalty of
$200,000 to the Securities and Exchange Commission for transfer to the general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3). If timely payment of the civil money penalty is not made, additional interest shall accrue pursuant to 31 U.S.C. § 3717.

G.        Years shall pay a civil money penalty of $40,000 to the Securities and Exchange Commission for transfer to the general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3). Payment shall be made in the following installments: (1) $30,000 within 10 days of the entry of this Order; (2) $2,500 within 90 days of entry of this Order; (3) $2,500 within 180 days of entry of this Order; (4) $2,500 within 270 days of entry of this Order; and (5) $2,500 within 360 days of entry of this Order. If any payment is not made by the date the payment is required by this Order, the entire outstanding balance of the civil money penalty, plus any additional interest accrued pursuant to 31 U.S.C. § 3717, shall be due and payable immediately, without further application.

H.        Doody shall pay disgorgement of $26,368, prejudgment interest of $2,836.48, and a civil money penalty of $25,000 to the Securities and Exchange Commission for transfer to the general fund of the United States Treasury, subject to Exchange Act Section 21F(g)(3). Payment shall be made in the following installments: (1) $29,204.48 within 10 days of the entry of this Order; (2) $12,500 within 90 days of entry of this Order; and (3) $12,500 within 180 days of entry of this Order. If any payment is not made by the date the payment is required by this Order, the entire outstanding balance of disgorgement, prejudgment interest, and the civil money penalty, plus any additional interest accrued pursuant to SEC Rule of Practice 600 and 31 U.S.C. § 3717, shall be due and payable immediately, without further application.

		
	I.
	All payments required by this Order must be made in one of the following ways: 

(1)       Respondents may transmit payment electronically to the Commission,
which will provide detailed ACH transfer/Fedwire instructions upon request;

(2)       Respondents may make direct payment from a bank account via Pay.gov through the SEC website at http://www.sec.gov/about/offices/ofm.htm; or

(3)       Respondents may pay by certified check, bank cashier’s check, or United States postal money order, made payable to the Securities and Exchange Commission and hand-delivered or mailed to:

Enterprise Services Center
Accounts Receivable Branch
HQ Bldg., Room 181, AMZ-341
6500 South MacArthur Boulevard
Oklahoma City, OK 73169

Payments by check or money order must be accompanied by a cover letter identifying Respondent as a Respondent in these proceedings, and the file number of these proceedings; a copy of the cover letter and check or money order must be sent to Victoria A. Levin, Assistant Regional Director, Division of Enforcement, Securities and Exchange

Commission, Los Angeles Regional Office, 444 South Flower Street, Suite 900, Los Angeles, California 90071.

J.         Amounts ordered to be paid as civil money penalties pursuant to this Order shall be treated as penalties paid to the government for all purposes, including all tax purposes. To
preserve the deterrent effect of the civil penalty, Respondents agree that in any Related Investor Action, they shall not argue that they are entitled to, nor shall they benefit by, offset or reduction of any award of compensatory damages by the amount of any part of Respondents’ payment of a civil penalty in this action (“Penalty Offset”). If the court in any Related Investor Action grants such a Penalty Offset, Respondents agree that they shall, within 30 days after entry of a final order granting the Penalty Offset, notify the Commission’s counsel in this action and pay the amount of the Penalty Offset to the Securities and Exchange Commission. Such a payment shall not be deemed an additional civil penalty and shall not be deemed to change the amount of the civil penalty imposed in this proceeding. For purposes of this paragraph, a “Related Investor Action” means a private damages action brought against Respondents by or on behalf of one or more investors based on substantially the same facts as alleged in the Order instituted by the
Commission in this proceeding.

V.

It is further Ordered that, solely for purposes of exceptions to discharge set forth in Section
523 of the Bankruptcy Code, 11 U.S.C. §523, the findings in this Order are true and admitted by Respondents Years and Doody, and further, any debt for disgorgement, prejudgment interest, civil penalty or other amounts due by Respondents Years and Doody under this Order or any other judgment, order, consent order, decree, or settlement agreement entered in connection with this proceeding, is a debt for the violation by Respondents Years and Doody of the federal securities laws or any regulation or order issued under such laws, as set forth in Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. §523(a)(19).

By the Commission.

Brent J. Fields
SecretaryEX-10.1

 Exhibit 10.1 

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CONSENT TO ASSIGNMENTS, LICENSING AND COMMON OWNERSHIP AND 

INVENTION MANAGEMENT AGREEMENT FOR 

A PROGRAMMABLE DNA RESTRICTION ENZYME FOR GENOME EDITING 

UC Case No: BK-2012-115 
 CRISPR
Reference: CHARPENTIER-2012 
 Caribou Reference: UC-UV Agreement 
  

 
  

This Consent to Assignments, Licensing and Common Ownership and Invention Management Agreement for a Programmable DNA Restriction Enzyme for
Genome Editing (the “Invention Management Agreement,” “IMA” or “Agreement”) is effective as of December 15, 2016 (the “Effective Date”), and is by and among the following
individual and entities: 
 Dr. Emmanuelle Charpentier, an individual having an address at the Max Planck Institute for
Infection Biology, Department of Regulation in Infection Biology, Chariteplatz 1, 10117 Berlin, Germany, (“Charpentier”); 

The Regents of the University of California, a California public corporation, having its statewide administrative offices
located at 1111 Franklin Street, Twelfth Floor, Oakland, CA 946075200, United States, acting through its Office of Technology Licensing, at the University of California, Berkeley, 2150 Shattuck Avenue, Suite 510, Berkeley, CA 94704-1347, United
States (“Regents”); 
 University of Vienna, having an address at Universitatsring 1, A-1010 Vienna,
Austria, acting through its office of Research Services and Career Development, University of Vienna, Berggasse 7, 2nd floor, 1090 Vienna, Austria (“Vienna”); 

CRISPR Therapeutics AG, a Swiss company (Aktiengesellschaft) having an address at Aeschenvorstadt 36, CH-4051 Basel,
Switzerland (“CRISPR”); 
 ERS Genomics Ltd., a limited liability company incorporated in Ireland and having
an address at 88 Harcourt Street, Dublin 2, Ireland (“ERS”); 
 TRACR Hematology Ltd., a limited liability
company incorporated in England & Wales and having an address at 85 Tottenham Court Road, London W1T 4TQ, United Kingdom (“TRACR”); 

Caribou Biosciences, Inc., a Delaware corporation, having an address at 2929 7th Street, Suite 105, Berkeley, CA 94710, United
States (“Caribou”); and 

  

					
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 Intellia Therapeutics, Inc., a Delaware corporation, having an address at 40 Erie Street,
Suite 130, Cambridge, MA 02139, United States (“Intellia”); each of the foregoing is individually referred to as a “Party” to this Agreement, and collectively as “Parties” to this Agreement. 

PART A. 

BACKGROUND AND RECITALS 

A-1. As set forth herein, all the Parties have certain interests in the patents and patent applications defined and set forth in Exhibit
A (the “Patent Applications”), including technologies and/or products described or claimed in the Patent Applications (the “Inventions”), whether as inventor(s) and/or co-inventor(s), assignee(s), and/or
licensees. 
 A-2. Charpentier has certain rights in the Patent Applications as an inventor and/or co-inventor thereof and has not assigned
her rights in the Patent Applications to any entity or institution, such rights being referred to herein as “Charpentier’s Rights.” Charpentier has delegated her rights with respect to the development, management and
enforcement of the Patent Applications (individually and collectively “Invention Management Rights”) to CRISPR and ERS. In particular, Charpentier has delegated to CRISPR Invention Management Rights (including without limitation her
rights of invention management under this Agreement as well as certain corresponding obligations including without limitation the duty to pay costs and fees associated with the Patent Applications and related proceedings), except for certain Patent
Applications for which ERS has been delegated Invention Management Rights by Charpentier (“ERS Patent Delegation” and “ERS-Delegated Patent Applications,” each as described in Exhibit B). Each of CRISPR and
ERS is referred to herein as a “Charpentier Delegee” and collectively as the “Charpentier Delegees.” (For clarity, Charpentier has not delegated to TRACR any Invention Management Rights and TRACR is not a
Charpentier Delegee.) 
 A-3. Charpentier has exclusively licensed her commercialization rights in the Patent Applications, including her
rights to commercialize products and methods described and/or claimed in the Patent Applications, to CRISPR, ERS and TRACR (pursuant to the “CRISPR License,” the “ERS License” and the “TRACR
License”), each of CRISPR, ERS and TRACR being individually and collectively the “Charpentier Licensee(s)” and each of the CRISPR License, the ERS License and the TRACR License, being individually and collectively the
“Charpentier License(s),” each Charpentier License being subject to Charpentier’s retained non-transferable right, without the right for Charpentier to license or sublicense, for her to use the Inventions for her own research
purposes and in her own non-commercial research collaborations to which she is party. 
 A-4. Regents has certain rights in the Patent
Applications as a co-owner by virtue of assignments (the “Assignments to Regents”) of any and all rights, title and interests of the following inventors and/or co-inventors in the Patent Applications (either directly, or through the
Howard Hughes Medical Institute (“HHMI”) in the case of certain rights of Jennifer Doudna, Martin Jinek and Wendell Lim): Jennifer Doudna, Martin Jinek, James H. Doudna Cate, Wendell Lim and/or Lei S. Qi (the “Regents
Assignors”), such rights being referred to herein as “Regents’ Rights.” 

  

					
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 A-5. Vienna has certain rights in the Patent Applications as a co-owner by virtue of an
assignment (the “Assignment to Vienna”) of any and all rights, title and interest of inventor and/or co-inventor Krzysztof Chylinski in the Patent Applications (the “Vienna Assignor”), such rights being referred to
herein as “Vienna’s Rights.” 
 A-6. Regents’ Rights are subject to obligations to HHMI, and any license or
sublicense to the Regents’ Rights is subject to obligations to HHMI, including HHMI’s paid-up, non-exclusive, irrevocable license to use the Inventions for research purposes (“HHMI’s Retained Rights”), Regents’ Rights
also are subject to the U.S. Government rights, as described in 35 U.S.C. §§ 200-212, and Regents’ Rights and Vienna’s Rights are subject to a retained right to practice the Inventions on their own behalf and allow other
educational and non-profit institutions to use the Inventions for research and educational purposes. 
 A-7. Regents represents its own
interests with respect to Invention Management Rights in the Patent Applications, and Regents has also been authorized by Vienna (under an “Inter-Institutional Agreement,” attached hereto as Exhibit D) to take the lead in
management of patent prosecution and licensing with respect to the Patent Applications on behalf of Vienna, and such Inter-Institutional Agreement is not affected by provisions of this Agreement. 

A-8. Regents and Vienna have exclusively licensed their commercialization rights in the Patent Applications pursuant to an agreement with
Caribou (the “Caribou License”), and Caribou has granted a sublicense of certain of its rights in a defined field of human therapeutics to Intellia (the “Intellia Sublicense”), the Caribou License and the Intellia
Sublicense being individually and collectively the “Regents License(s),” and Caribou and Intellia being individually and collectively the “Regents Licensee(s).” Regents Licenses are not affected by any provision of
this Agreement and, in the exercise of rights and performance of obligations under this Agreement, Regents and Regents Licensees shall comply with all obligations in Regents Licenses. 

A-9. Additionally, Caribou, Intellia and the Charpentier Licensees have granted sublicenses to the Patent Applications to other third parties,
who are not parties to this Agreement. 
 A-10. Charpentier, Regents and Vienna are individually referred to as a “Co-Owner”
and collectively as the “Co-Owners.” Charpentier’s Rights, Regents’ Rights, and Vienna’s Rights are collectively referred to as the “Patent Rights.” Each of Regents and CRISPR, or any of their
authorized representatives, is sometimes individually referred to herein as an “Invention Manager” and collectively referred to herein as the “Invention Managers”; provided, however, that ERS shall be the Invention
Manager in the stead of CRISPR with respect to ERS-Delegated Patent Applications and, in the case of ERS-Delegated Patent Applications, shall be deemed to be an Invention Manager together with Regents in connection with the procedures set forth
under Section C-1.3(b) and mediation or arbitration under Section D-1.2. Each of CRISPR, ERS, TRACR, Caribou and Intellia is sometimes individually referred to herein as a “Licensee” and multiply or collectively referred to herein
as “Licensees,” and their licenses (i.e. the Charpentier Licenses and the Regents Licenses) are sometimes individually, multiply or collectively referred to herein as “License(s).” 

  

					
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 WHEREAS, it has been and it remains the mutual desire of the Parties to enter into this
Agreement to cooperate regarding development and management of the Patent Rights and to facilitate the full commercial exploitation of their rights in the Patent Applications, including by permitting the licensing and sublicensing of the same in
order to develop and market products based upon or employing the Inventions both in the United States and in other jurisdictions worldwide; 

NOW, THEREFORE, and in consideration of the commitments provided herein, the Parties agree as follows: 

PART B. 

CONSENT TO ASSIGNMENTS, LICENSING AND 

MAINTENANCE OF COMMON OWNERSHIP INTERESTS 

B-1. CONSENT TO ASSIGNMENTS 

B-1.1 Charpentier consents, retroactively to the greatest extent required and permitted by applicable laws in the jurisdictions in which the
Patent Applications have been filed, to the Assignments to Regents by Regents Assignors, in each case without application of any rights of accounting, compensation or remuneration or other consideration, reporting, notification, assignment
“buy-in” rights (e.g., rights of pre-emption), or other rights or qualifications reserved in connection with such assignments under applicable laws or governmental regulations (such rights collectively referred to as “Rights
Arising in Connection with Assignments”). To the extent that such consent to the Assignments to Regents cannot be applied retroactively in certain jurisdictions in which the Patent Applications have been filed, and/or additional
documentation or assistance is required in order to perfect such assignments of rights, Charpentier agrees to assist Regents as reasonably required and at its expense in the perfection of such assignments. 

B-1.2 Charpentier consents, retroactively to the greatest extent required and permitted by applicable laws in the jurisdictions in which the
Patent Applications have been filed, to the Assignment to Vienna by the Vienna Assignor, in each case without application of any Rights Arising in Connection with Assignments. To the extent that such consent to the Assignment to Vienna cannot be
applied retroactively in certain jurisdictions in which the Patent Applications have been filed, and/or additional documentation or assistance is required in order to perfect such assignments of rights, Charpentier agrees to assist Vienna as
reasonably required and at its expense in the perfection of such assignment. 
 B-1.3 Going forward, and subject to any restrictions provided
for in the Inter-Institutional Agreement with respect to Vienna and Regents (which shall only have effect as between Vienna and Regents), each Co-Owner permits each other Co-Owner to assign its interests in the Patent Applications without
application of any Rights Arising in Connection with 

  

					
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Assignments, provided that (a) no assignment shall be permitted to be made to an Adverse Claimant (as defined in Section C-1.3) except by mutual agreement of all of the Co-Owners, and
(b) any assignee(s) must fully assume and agree to be bound by all of the assignor’s obligations under this Agreement, to which they shall become a signatory, in connection with which, each other Co-Owner shall be deemed to have consented
to such assignment (to the extent necessary in accordance with applicable laws in the jurisdictions in which the Patent Applications have been filed) and shall provide any additional documentation or assistance required in order to perfect such
assignment of rights, and assist as reasonably required by the assignor, at the assignor’s expense, in the perfection of such assignment. 

B-2. CONSENT TO LICENSING AND SUBLICENSING 

B-2.1 The Co-Owners provide the following consents: (a) Charpentier consents (i) to Regents’ and Vienna’s grant of a
license to Caribou under Regents’ Rights and Vienna’s Rights to research, develop, make, have made, use, sell, have sold, offer for sale, import and practice (individually and collectively to “Commercialize”) Inventions,
subject to any limitations and qualifications contained in the Caribou License, and (ii) to Caribou’s grant of a sublicense of certain of its rights to Intellia, subject to any limitations and qualifications contained in the Intellia
Sublicense, and to any further grants of sublicenses pursuant to the Caribou License or the Intellia Sublicense; (b) Regents and Vienna consent to Charpentier’s grant of licenses to CRISPR, TRACR and ERS under Charpentier’s Rights to
Commercialize Inventions, subject to any limitations and qualifications contained in the CRISPR License, the TRACR License and the ERS License, respectively, and consent to any sublicenses granted pursuant to the Charpentier Licenses, and to any
further grants of sublicenses pursuant to such licenses or sublicenses; (c) all of the Co-Owners agree that going forward, each of the Co-Owners may provide licenses under their rights in the Patent Applications and/or transfer or otherwise
modify such licenses without requirement for any further consent of the other Co-Owners; (d) each licensee of a Co-Owner and each of their sublicensees shall be entitled to sublicense through multiple tiers, subject to any restrictions provided
in their individual licenses and/or sublicenses and/or the Inter-Institutional Agreement with respect to Vienna and Regents, and provided that for each license or sublicense of Regents’ rights, such license or sublicense shall include licensing
terms as are required pursuant to the Regents’ agreement with HHMI; and (e) except as explicitly provided herein no accounting, compensation or remuneration or other consideration, reporting, or notification, is owed, or shall be owed, by
one Co-Owner or by its licensees or sublicensees to the other Co-Owners or to their licensees or sublicensees for prior or future licensing and sublicensing of the Patent Applications; provided that in connection with the foregoing consents by the
Co-Owners under (a-d), each Co-Owner does not by virtue of this Section B-2.1 consent to any licensing, sublicensing or transfer of the Patent Rights by the other Co-Owners or their licensees or sublicensees, past or future, to an Adverse Claimant
(as defined in Section C-1.3), with respect to any Patent Rights, other than in accordance with the provisions set forth in Section C-1.3(b); and provided further that if any of the preceding consents cannot be granted prospectively in any
particular jurisdiction in which the Patent Applications have been filed, and/or additional documentation or assistance is required in connection with approval of such licenses and sublicenses, each Co-Owner and (if applicable) other Party agrees to
provide such consents when and as required, [***] in connection with the approval of such licenses or sublicenses. 

  

					
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 B-2.2 The foregoing consents, to the extent they apply to licenses or sublicenses already
provided (“Preexisting Licenses and Sublicenses”), shall be deemed to apply retroactively to the greatest extent permitted by applicable laws in the jurisdictions in which the Patent Applications have been filed, in each case
without application of any rights of Co-Owners with respect to accounting, compensation or remuneration or other consideration, reporting, notification, or other rights or qualifications reserved in connection with such licenses under applicable
laws or governmental regulations. To the extent that such consent to the Preexisting Licenses and Sublicenses cannot be applied retroactively in certain jurisdictions in which the Patent Applications have been filed, and/or additional documentation
or assistance is required in connection with approval of such licenses or sublicenses, each Co-Owner and (if applicable) other Party agrees to provide such consents when and as required, [***] in connection with the approval of such licenses and
sublicenses. 
 B-2.3 Subject to the foregoing and with regard to exclusivity, Regents and/or Vienna and/or their licensees or sublicensees
are permitted to have granted and to grant licenses and sublicenses that are “exclusive” (whether in general or by a field of the Patent Rights (a “Field”) or territory for example) by such licensor(s) solely as to rights
held by them, and Charpentier’s consent to such license(s) and sublicense(s) as provided herein shall neither exclude nor limit Charpentier’s or Charpentier’s Licensees’ rights to practice and/or Commercialize Inventions
(including without limitation the granting of licenses and sublicenses through multiple tiers as contemplated in this Section B-2); and similarly Charpentier and/or her licensees or sublicensees are permitted to have granted and to grant licenses
that are exclusive by such licensor(s) as to rights held by them, and Regents’ and Vienna’s consents to such license(s) as provided herein shall neither exclude nor limit Regents’ or Vienna’s or Regents Licensees’ rights to
practice and/or Commercialize Inventions (including without limitation the granting of licenses and sublicenses through multiple tiers as contemplated in this Section B-2. The resulting holders of licenses or sublicenses with overlapping or
co-extensive exclusive scope (whether in general or by particular field or territory for example) originating from both Regents and Vienna on the one hand and Charpentier on the other hand are regarded as co-exclusive licensee(s) or sublicensee(s)
(“Co-Exclusive Licensee(s)”) for purposes of this Agreement. For the avoidance of doubt, such Co-Exclusive Licensee(s) shall be free (to the extent empowered by their own rights) to practice and/or Commercialize Inventions but shall
not be required to enter into agreements among themselves and/or with current or prospective licensees or sublicensees to effectively provide individual licensees and/or sublicensees with additional levels of exclusivity or co-exclusivity by such
mutual agreements. 
 B-3. MAINTENANCE OF COMMON OWNERSHIP INTERESTS 

B-3.1 It is the understanding and intent of the Co-Owners that the Patent Applications have been and will continue to be jointly owned among
them regardless of inventorship, which understanding and intent are reflected in the following provisions: 
 (a) [***]. 

(b) [***]. 

  

					
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 (c) Each Party hereby consents to, if and to the extent required in any and all applicable
jurisdictions, and agrees to provide any required assistance to the Co-Owner(s) to enable them to provide the applicable assignment or license to the Co-Owners jointly in accordance with Section B-3.1(b)(i) and (ii), respectively. 

B-4. RESPONSIBILITIES AND COOPERATION OF CO-OWNERS 

B-4.1 The responsibilities of Charpentier, UC and Vienna in their capacities as Co-Owners are as defined in this Part B. Charpentier, UC and
Vienna shall execute any documents (including without limitation terminal disclaimers) and provide any assistance in their capacities as Co-Owners as may be required in order to effectuate the Invention Management Activities jointly approved by the
Invention Managers, or alternatively through dispute resolution, as described in Part C and Section D-1, respectively. 
 B-5. PROMOTION
OF SCIENCE 
 B-5.1 A common goal of the Parties is to promote the progress of science and the useful arts, and nothing in this Agreement
is intended to impair or prevent the Parties from licensing, sublicensing and/or assigning the Inventions in a manner that does so. 

PART C. 

INVENTION MANAGEMENT ACTIVITIES 

C-1. DEVELOPMENT AND DEFENSE OF THE PATENT APPLICATIONS 

C-1.1 The Invention Managers will cooperate in good faith regarding the development and defense of the Patent Applications, including without
limitation filing, prosecution, issuance, and maintenance of Patent Applications, as well as interferences, oppositions, reissues, reexaminations, derivations, inter partes reviews, post-grant reviews, and other post-grant proceedings in the U.S. or
foreign patent offices involving any Patent Applications; revocation, cancellation, or nullity actions involving any Patent Applications that do not involve issues of infringement; and patent term restorations, patent term adjustments and patent
term extensions involving any Patent Applications (individually and collectively the “Patent Activities”); provided, however, that in no event will a Party be required to join as a named party in any suit, counterclaim or other
proceeding, absent a separate written agreement, into which a Party in its sole discretion may enter. 
 C-1.2 Regents, on behalf of itself
and Vienna, shall have the right to appoint one U.S. law firm for U.S. prosecution and for developing and transmitting instructions to foreign counsel (as provided below), and one U.S. interference law firm in connection with the shared rights of
the Patent Applications (“Regents Co-Counsel”). CRISPR, on behalf of itself and Charpentier and ERS, shall have the right to appoint one U.S. law firm for U.S. prosecution and for developing instructions to be transmitted by Regents
Co-Counsel to foreign counsel (as provided below), and one U.S. interference law firm in connection with the shared rights of the Patent Applications (“Charpentier Co-Counsel”); provided, however, that in connection with the
prosecution of ERS-Delegated Patent Applications and/or interference proceedings directed to 

  

					
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ERS-Delegated Patent Applications, ERS, on behalf of itself and Charpentier and CRISPR, shall have the right to appoint one U.S. law firm for U.S. prosecution and for developing instructions to
be transmitted by Regents Co-Counsel to foreign counsel (as provided below) and/or one U.S. interference law firm in connection with the shared rights of such Patent Applications (“ERS Co-Counsel”). Each of these law firms is
referred to individually and collectively as “Co-Counsel.” If any of Regents, ERS or CRISPR is an Abandoning Party, as set forth in Section C-1.5, then such Abandoning Party shall lose its rights under this Section C-1.2 to appoint
its Co-Counsel with respect to such Non-elected Patent or Non-elected Application (as defined in Section C-1.5), and only the Prosecuting Party may appoint counsel to represent its interests in connection with such particular Patent Rights. In all
cases, the Party entitled to appoint Co-Counsel shall have the right to replace its Co-Counsel at any time in its sole discretion or to have one law firm for both U.S. prosecution and U.S. interference matters. Co-Counsel will be directed by the
Invention Managers and shall confer and endeavor to reach positions in furtherance of the Patenting Objectives (as defined in Section C-1.4(b)) regarding the shared Patent Activities, including without limitation agreeing with respect to Regents
Co-Counsel instructions to a single foreign counsel in each applicable jurisdiction outside of the United States. Drafts, submissions, and correspondence and any supporting documents or information pertaining thereto relating to Patent Activities
(“Prosecution Matters”) will be supplied to, or made available to be reviewed, by all Parties and Parties counsel (or, in the case of Prosecuting Parties pursuant to Section C-1.5, the Parties having rights in such cases and their
counsel), if permitted pursuant to their License, provided that such communications being deemed (unless otherwise expressly provided by the participating Parties) to be Common Interest Information as defined in, and subject to, the CLIA (as
defined in Section D-4.1). Co-Counsel shall consider and respond in good faith to timely received comments or questions from the Parties or their counsel regarding the Patent Activities. Final submissions in any Prosecution Matter will be dependent
upon approval by the Invention Managers (or, in the case of Prosecuting Parties pursuant to Section C-1.5, the Parties having rights in such cases), subject to the procedures of Section C-1.4 in the event of a failure to reach agreement on a
particular course of action. 
 C-1.3 Certain third parties have filed and are pursuing patent applications identified in Exhibit E
that claim one or more of the Inventions (such third parties and their exclusive licensees being individually and collectively referred to as “Adverse Claimants” and such patent applications and/or resulting patents and their
foreign counterparts being individually and collectively referred to as “Adverse Filings”). In connection with the Adverse Claimants’ pursuit of Adverse Filings in the United States, one or more patent interferences may be
declared between or among one or more Patent Applications and one or more patents and/or patent applications comprising Adverse Filings, a first interference (Interference No. 106,048) having recently been declared in connection with the first
issued U.S. patents comprising Adverse Filings. In addition, other adverse procedures or proceedings have already occurred and/or may occur in the United States and/or in other jurisdictions, including without limitation: (i) application of the
Adverse Filings as allegedly anticipating and/or rendering obvious inventions claimed in the Patent Applications, (ii) challenges by Adverse Claimants as to the patentability of one or more aspects of the Patent Rights, (iii) challenges by
or assertions made by the Invention Managers as to priority of invention and/or patentability of one or more aspects of the Patent Applications vis-a-vis the Adverse Filings, and/or (iv) challenges undertaken by the

  

					
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Invention Managers as to priority of invention and/or patentability of the Adverse Filings (individually and collectively “Adverse Proceedings”). In order to coordinate the
Patent Activities and promote the development and defense of the Patent Applications and/or the Patent Rights vis-a-vis certain patent applications filed by third parties that purport to claim one or more of the Inventions, and in consideration of
the other commitments and obligations undertaken by the Parties to this Agreement, the Parties acknowledge and agree as follows: 
 (a) In
the event that the Invention Managers are successful in one or more of such Adverse Proceedings they undertake, and/or the Invention Managers elect to settle one or more of such Adverse Proceedings, they shall establish terms of compensation by the
Adverse Claimants and any of their licensees [***]; 
 (b) The Parties acknowledge and agree that their commitments to each other under this
Agreement, including without limitation the consents provided by each Co-Owner to Licenses granted by other Co-Owner(s) and to sublicenses granted by other Co-Owner(s)’ Licensee(s), in each case for the benefit of such other Co-Owner(s) and
their licensee(s) and sublicensee(s) and without any additional accounting, compensation or remuneration or other consideration, reporting, or notification, the commitments to maintain common ownership regardless of inventorship, and the interests
of the Parties and their respective licensee(s) and sublicensee(s) in the successful development and management of the Patent Applications and in the success of the Adverse Proceedings initiated by or asserted against the Co-Owners, are based in
substantial part and dependent upon cooperation with respect to the Adverse Proceedings and coordination with respect to Adverse Filings that are expressly related to the patentability or validity of the Patent Rights (including without limitation
potential settlement and/or licensing discussions), and further acknowledge and agree that their common interests with respect to the Adverse Proceedings and Adverse Filings could potentially become divergent and materially adverse to each other,
and/or cooperation with respect to the Adverse Proceedings materially affected, in the event that a Party unilaterally (i.e., without inclusion or agreement of other affected or potentially affected Parties) pursued or entered into an agreement
(which shall include written and oral, binding and non-binding contracts, licenses, term sheets, options and any other form of agreement that could be legally considered such) related to the Patent Applications or Adverse Filings with an Adverse
Claimant (or an individual or entity holding some or all of an Adverse Claimant’s proprietary interests in the Adverse Filings as a transferee or licensee with rights to grant licenses in the Adverse Filings) (a “Unilateral Transaction
with Adverse Claimants”) during the pendency of any Adverse Proceedings or their potential appeal, until the last final, non-appealable decision by an applicable court, agency, or similar binding dispute resolution organization making a
determination regarding the last Adverse Proceeding (the “Term of the Adverse Proceedings”), and accordingly the Parties agree that they have not concluded and will only engage in such settlement, licensing or other discussions
(“Resolution”) related to or enter into a Unilateral Transaction with Adverse Claimants during the Term of the Adverse Proceedings as follows: (i) [***]; (ii) [***]; or (iii) [***]; provided further that, in each of
these cases, the Parties engaged in the Resolution (the “Resolution Parties”) [***]. For the avoidance of doubt, notwithstanding this Section C-1.3 or any other provision of this Agreement, other than a Unilateral Transaction with
an Adverse Claimant during the Term of the Adverse Proceedings, each Party shall be free to enter into any agreement with an Adverse Claimant; and, 

  

					
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further, with the exception of interferences involving the Patent Rights and the Adverse Filings, nothing in this Agreement shall prevent, or create a duty of coordination or cooperation upon,
any Party from challenging the patentability, validity, enforceability or infringement of any Adverse Filing; and, further, that a licensee or sublicensee that is not a Party to this Agreement as defined on page 1 (or a majority-owned subsidiary or
other commonly-controlled affiliate of such a Party), such as a non-Party sublicensee of one of the Parties to this Agreement, is not restricted in any way by, or subject to, Section C-1.3 of this Agreement; 

(c) Failure to adhere to any of the commitments and undertakings of this Section C-1.3 will be considered a material breach of this Agreement,
for which any Party or Invention Manager may seek specific performance in accordance with the procedures of Section D-1.2; and 
 (d)
Notwithstanding anything to the contrary in this Agreement, and in view of the Parties’ common goal expressed in Section B-5.1, nothing in this Agreement prevents, impairs or otherwise affects the ability of third-party beneficiary HHMI to
enter into any agreement or arrangement relating to scientific research involving HHMI or any of its officers, employees and/or agents. 

C-1.4 If the Invention Managers or Prosecuting Parties cannot agree regarding cooperation or a proposed course of action as set forth in
Sections C-1.1 through C-1.3, as applicable, or on a costs and fees estimate as set forth in Section C-2.1: 
 (a) The Invention Managers
will refer the disagreement to [***], or their equivalent, to discuss in a good faith attempt to resolve the disagreement; provided, however, that any resolution shall not breach the Invention Managers’ respective Licenses without the prior
written agreement from each Licensee that is a party to a License that would be breached. 
 (b) If the Invention Managers still disagree
after the discussion in Section C-1.4(a), they shall promptly and in good faith appoint mutually agreeable independent patent counsel (“Patent Rights Trustee”) neutral to the Parties, who will make the decision [***] (individually
and collectively the “Patenting Objectives”), and will consider, and to the extent reasonably advisable incorporate, the requests, comments, and suggestions of the Invention Managers. Regents on the one hand, and the Charpentier
Delegee on the other hand shall each pay such Patents Rights Trustee directly for [***] of all costs and expenses incurred by the Patent Rights Trustee. The Invention Managers may, by mutual written agreement, replace the Patent Rights Trustee at
any time. 
 (c) If action has to be taken by a Co-Counsel appointed under Section C-1.2 in a short time frame in order to preserve rights,
including without limitation making timely filings within an administrative proceeding, such Co-Counsel shall use all [***] efforts to immediately notify the Invention Managers and Patent Rights Trustee (if one has been selected), and, if due to
time constraints it is not feasible to first obtain agreement of all Invention Managers or decision from the Patent Rights Trustee, if the Invention Managers have not agreed on a response, such Co-Counsel will take such action as is required to
preserve those rights in light of the previously agreed objectives of the Invention Managers for that proceeding and the Patenting Objectives as specified in Section C-1.4(b). 

  

					
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 C-1.5 If an Invention Manager elects to not pursue (through a decision to not nationalize or
otherwise), to abandon, or to cease prosecution or maintenance of any Patent Application (each a “Non-elected Application” or “Non-elected Patent”) in any country, either on a country-by-country basis or in
connection with a divisional or other continuing Patent Application that an Invention Manager does not wish to support and share responsibility for associated expenses, such Invention Manager (the “Abandoning Party”) will provide at
least thirty (30) days’ prior written notice to the other Invention Manager and all Parties of such intention to not pursue, to abandon, or to cease prosecution or maintenance, following which notification the Abandoning Party shall be
under no continuing obligation to share in future corresponding costs and expenses as provided under Section C-2. Following such written notification, the other Invention Manager (the “Prosecuting Party”) may elect to pursue or
continue prosecution of and/or maintenance of the Non-elected Patent/Non-elected Application at its sole cost and expense and the Abandoning Party (and its licensees and any sublicensees) shall have no rights in the Non-elected Patent/Non-elected
Application, subject only to Regents’ and Vienna’s retained right to allow non-profit entities to use the Inventions for research and educational purposes, and further, with respect to Regents, subject to the rights of HHMI and the U.S.
Government, if applicable, as provided in Section A-6, and Charpentier’s retained right with respect to research activities of Charpentier as provided in Section A-3. 

(a) During the [***] phase of [***], Regents and CRISPR as Charpentier Delegee jointly elected certain non-U.S. countries in which to pursue
regional or national phase counterparts (the “Jointly Elected Jurisdictions” as identified in Exhibit F); and CRISPR as Charpentier Delegee elected certain additional jurisdictions in which to pursue regional or national
phase counterparts that Regents did not elect to enter (the “Additional Jurisdictions” as identified in Exhibit F). Regents has a one-time option to add the Additional Jurisdictions, exercisable during the [***] period
following the Effective Date of this Agreement, by written notification to CRISPR, provided that Regents shall upon exercise be responsible for [***] of all costs and fees incurred in connection with the Additional Jurisdictions at the time of
exercising the option, and shall be responsible for [***] of such costs and fees on an ongoing basis. 
 (b) In the event that Regents does
not exercise the option to add the Additional Jurisdictions, then CRISPR as Charpentier Delegee will be responsible for [***] of the costs and fees incurred in connection with the Additional Jurisdictions and only Charpentier, CRISPR and other
Charpentier Licensees and their sublicensees will have patent rights in such non-elected Additional Jurisdictions; provided, however, that the Charpentier Delegee shall apprise the other Invention Manager of any newly-cited art and any new arguments
(i.e., those that are not substantially repetitive of or consistent with arguments already made in connection with Patent Activities) to be made in connection with such Additional Jurisdiction patent applications and patents, and provide at least
[***] advance written notice with a copy of such proposed arguments so that the other Invention Managers have an opportunity to review and provide suggestions regarding said proposed arguments. 

C-1.6 Notwithstanding any other provision of this Agreement, no Invention Manager may abandon the prosecution or the maintenance of any of the
Patent Applications without giving prior written notice to the other Invention Manager. Furthermore, and for the 

  

					
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avoidance of doubt, the provisions of Section C-1.5 shall not relieve any Party of any additional procedural requirements or other obligations it may have to its licensor(s) with respect to the
abandoning or ceasing of prosecution or maintenance of any Patent Application pursuant to its License or otherwise. 
 C-1.7 Applications for
patent term extension, patent term restoration, SPCs (as defined in Exhibit C), and listing in regulatory publications (such as the FDA Orange Book and any foreign equivalent) will be at the sole discretion of the Party whose approved
product, or whose licensee’s or sublicensee’s approved product, is first proposed and statutorily ready to be relied upon for such filings in a particular jurisdiction, after written notice to the other Parties. Any other Party will
promptly execute any documents reasonably required to effect such applications. 
 C-2. COST SHARING 

C-2.1 The Invention Managers will discuss and agree on expected costs and fees of Regents Co-Counsel performing Patent Activities in accordance
with the Patenting Objectives, based on [***] estimates of Regents Co-Counsel, and will establish and deliver to Caribou a corresponding budget for Patent Activities, which will be updated [***] in consultation with Regents Co-Counsel, subject to
the procedures of Section C-1.4 in the event of a failure to reach agreement. Regents Co-Counsel shall notify the Invention Managers if the costs and fees are expected to exceed an approved [***] budget and will confer and agree on any updates to
the [***] budget, also subject to the procedures of Section C-1.4 in the event of a failure to reach agreement. Regents Co-Counsel shall use reasonable efforts not to exceed [***] budgets or updates, but the Parties recognize that it is impossible
to predict with accuracy or control how Patent Activities will progress, or the costs and fees that will be required to accomplish necessary tasks, and accordingly, notwithstanding any budget limitations, Regents Co-Counsel shall take such action as
Regents Co-Counsel deems necessary in light of the previously-agreed objectives of the Invention Managers for a proceeding and the Patenting Objectives. Budgets and updates will be made available for review by all Parties and shall be deemed to be
Common Interest Information (as defined in the CLIA). 
 C-2.2 If and to the extent it has not already done so, CRISPR will pay [***]
of costs and fees associated with the Additional Jurisdictions within [***] of the Effective Date. CRISPR will pay [***] of such total within [***] (a) Regents’ decision to not exercise its option with respect to such Additional
Jurisdictions under Section C-1.5(a), or (b) the termination of the option period. Within [***] of the exercise of its option with respect to such Additional Jurisdictions under Section C-1.5(a), Regents will pay [***] of costs and fees
associated with the Additional Jurisdictions. 
 C-2.3 In accordance with, and subject to, a separate agreement by and between CRISPR and
Caribou (“Cost-Sharing Agreement,” attached hereto as Exhibit G) that will be executed contemporaneously with the execution of this Agreement, CRISPR, on its behalf and on behalf of Charpentier and ERS, agrees to reimburse,
in the amounts set forth in the Cost-Sharing Agreement, Caribou for costs and fees associated with Patent Activities performed or to 

  

					
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be performed by Regent Co-Counsel that Caribou has paid, or is required to pay Regents under the Caribou License. CRISPR and Caribou will promptly provide the Parties with any amendments to the
Cost-Sharing Agreement. Any material breach by CRISPR or Caribou of the Cost-Sharing Agreement also shall constitute a material breach of this Agreement. For avoidance of doubt, other than as set forth in the Cost-Sharing Agreement or in their
respective Licenses or by separate written agreement, no Party shall be responsible for paying the costs or fees of another Party’s counsel. 

C-2.4 In any country and/or for any divisional or continuing application, for which only one Invention Manager undertakes Patent Activities
pursuant to Section C-1.5, the corresponding expenses and fees shall be [***], in accordance with Section C-1.5. 
 C-3. RECORDS AND
REPORTS 
 C-3.1 Regents shall keep complete, true, and accurate accounts of all expenses and shall permit the other Invention Manager to
allow its agents or a certified public accounting firm that is reasonably acceptable to Regents to examine its books and records, and those of its underlying billers in the case of rebilling, in order to verify the payments owing under this
Agreement. The requesting Invention Manager shall pay the cost of each examination and shall request no more than [***] examination per [***], unless an examination shall reveal a discrepancy of greater than [***], in which case Regents shall pay
the cost of examination and the requesting Invention Manager shall be entitled to request [***] examinations. 
 C-3.2 No less than [***]
each [***] during the Term, Regents Co-Counsel responsible for Patent Activities, which as of the Effective Date of this Agreement is [***], shall deliver to the Invention Managers and Licensees a written report setting forth the status of all
Patent Applications; provided, however, if Regents are an Abandoning Party pursuant to Section C-1.5, then the Prosecuting Party(ies)’ counsel shall deliver to Regents a written report setting forth the status of the Non-elected Application(s)
or Non-elected Patent also at no less than [***] each [***] during the Term. 
 C-4. PATENT INFRINGEMENT 

C-4.1 In the event that an Invention Manager or other Party (to the extent of the actual knowledge of the licensing professional responsible
for administration of this Agreement) learns of the infringement of any of the Patent Rights that it deems to be substantial (“Substantial Infringement”), such Invention Manager or other Party shall promptly notify all of the other
Parties of such infringement by providing written evidence of the infringement (“Infringement Notice”). 
 C-4.2 If the
efforts of the Invention Managers and/or other Parties, individually or jointly, are not successful in abating such infringement within [***] after the Infringement Notice is sent, then each Invention Manager may (subject, in the case of Vienna, to
limitations undertaken in connection with the Inter-Institutional Agreement between Vienna and Regents; and, in the case of all Parties, subject to any rights, limitations and obligations that a Party may have in its License): 

  

					
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 (a) [***]; and/or 

(b) [***]; and/or 
 (c) [***].

 Notwithstanding the foregoing, in the event that a statute, regulation, or other legal provision (such as, for example, the Drug Price
Competition and Patent Term Restoration Act (Hatch-Waxman), as amended, the Biologics Price Competition and Innovation Act, amended, or similar laws outside of the United States) require that an infringement or similar action be commenced prior to
the [***] period set forth above, the [***] period will be shortened to effectively be [***] prior to the final deadline imposed by the applicable legal requirement. Within [***] days after the Infringement Notice, the Party seeking to shorten the
[***] period due to an applicable legal requirement shall inform the other Parties of the need and basis for shortening the time period. A Party will immediately forward to the other Parties any and all notices of infringement received pursuant to
such regulatory procedures. 
 C-4.3 [***]. 

C-4.4 A legal action brought pursuant to Section C-4.2 (“Legal Action”) will be at the full expense of [***], and all
recoveries obtained as a result of any Legal Action, whether by settlement or otherwise, will be shared according to the following order: (a) reimbursement of all costs [***]; provided that any separate agreements between particular Parties and
their licensee(s) or sublicensee(s) and/or Co-Exclusive Licensee(s) related to the potential sharing of amounts received by them, and any separate agreements between Regents and HHMI related to sharing of costs, expenses and revenues, shall be
unaffected by the foregoing terms of this Agreement. 
 C-4.5 [***]. 

PART D. 

MISCELLANEOUS PROVISIONS 

D-1. GOVERNING LAWS AND DISPUTE RESOLUTION 

D-1.1 The scope and validity of any Patent Applications are governed by the applicable laws of the relevant jurisdiction to which the Patent
Applications relate. This Agreement shall otherwise be governed by New York law, without regard to its conflict of laws principles; provided that all Parties shall be entitled to all defenses available to it under New York law and, additionally,
Regents shall also be entitled to all defenses available to it under California law. 
 D-1.2 Due to the nature and subject matter of this
Agreement, as well as commitments already undertaken by the Parties or which may be undertaken by the Parties with respect to their licensees, and by their licensees with respect to sublicensees, a termination of this Agreement for material breach
by another Party would not place the non-breaching Parties 

  

					
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and/or their beneficiaries in the same or an equivalent position to that which they would be in without the breach. Accordingly, the Parties agree that specific performance is deemed to be the
appropriate remedy in order to ensure that the Parties’ respective commitments and obligations undertaken to each other, and for the further benefit of their licensees and sublicensees, be fulfilled as agreed to herein, absent the Parties’
mutual agreement to another form of remedy or to an amendment to this Agreement. It is also the desire of the Parties to avoid the need to litigate in order to address any potential dispute between them regarding the subject matter of this
Agreement, which would likewise be expected to be significantly disruptive to the interests of the Parties and to their preexisting and future commitments with respect to, and the activities of, their licensees and sublicensees. Accordingly, in the
case of any dispute, claim or controversy arising under this Agreement, including any matter that is not resolved by the Parties and/or the Invention Managers, and/or the Patent Rights Trustee pursuant to the procedure specified in Section C-1.4, or
in the event that the Invention Managers should be unable to reach agreement regarding the selection and appointment of a Patent Rights Trustee pursuant to Section C-1.4(b), or if the Patent Rights Trustee should be unable or unwilling to resolve a
particular contested matter, each of the forgoing being an “Unresolved Dispute,” then the Invention Managers shall participate in mediation designed to encourage them to settle the matter between them, and if the Invention Managers
are unsuccessful in settling the matter through mediation, then the Invention Managers and other Parties shall submit the matter to binding arbitration which shall be directed to ensure that the Invention Managers’ and other Parties’
specific commitments and obligations to each other are fulfilled as originally agreed herein and with consideration of the Patenting Objectives as specified in Section C-1.4(b), unless the Invention Managers and other Parties mutually agree to waive
or modify any particular commitments or obligations as provided herein. Mediation and arbitration shall be conducted in accordance with the rules and procedures as set forth in Exhibit H (Dispute Resolution); and for the avoidance of doubt,
no Party shall initiate or pursue alternative legal proceedings or remedies in connection with an Unresolved Dispute other than according to the procedures as set forth in Section C-1.4, this Section D-1.2, and the accompanying Exhibit H.

 D-1.3 [***]. 
 D-1.4
Notwithstanding anything to the contrary in this Agreement, binding arbitration shall not be effective as to any interests (including, without limitation, rights or obligations) of third-party beneficiary HHMI without HHMI’s prior written
consent to binding arbitration on a case-by-case basis. 
 D-2. NOTICES 

D-2.1 Any notice required or permitted to be given to the Parties hereto is properly given if delivered, in writing, in person, sent by
registered mail or courier, with copies by email (which shall not alone constitute notice), to the following addresses, or to such other addresses as may be designated in writing by the Parties from time to time during the term of this Agreement:

  

					
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 Prof. Dr. Emmanuelle Charpentier 

Max Planck Institute for Infection Biology 

Department of Regulation in Infection Biology 

Chariteplatz 1 
 10117 Berlin 

Germany 
 (with copies by email
to: LEGAL@crisprtx.com and 
 Legalnotices@ersgenomics.com) 

CRISPR Therapeutics AG 

Aeschenvorstadt 36 
 CH-4051 Basel

 Switzerland 
 Attention:
Chief Legal Officer 
 (with a copy by email to: LEGAL@crisprtx.com) 

ERS Genomics Ltd. 
 88 Harcourt
Street 
 Dublin 2 
 Ireland

 (with a copy by email to: Legalnotices@ersgenomics.com) 

TRACR Hematology Ltd. 
 85
Tottenham Court Road 
 London W1T 4TQ 

United Kingdom 
 Attention: Chief
Legal Officer 
 (with a copy by email to: LEGAL@crisprtx.com) 

Regents of the University of California 

Office of Technology Licensing 

2150 Shattuck Avenue, Suite 510 

Berkeley, CA 94704-1347 
 United
States 
 Attention: Director 

(Case No. BK-2012-115) 

University of Vienna 
 Research
Services and Career Development 
 Berggasse 7, 2nd floor 

1090 Vienna 
 Austria 

Attention: Vice-Rector for Research and International Affairs 

(with a copy by email to: techtransfer@univie.ac.at) 

  

					
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 Caribou Biosciences, Inc. 

2929 7th Street, Suite 105 

Berkeley, CA 94710 
 United States

 Attention: Chief Legal Officer 

(with a copy by email to: legalnotices@cariboubio.com) 

Intellia Therapeutics, Inc. 
 40
Erie Street, Suite 130 
 Cambridge, MA 02139 

United States 
 (with a copy by
email to: NTLANOTICE@intelliatx.com) 
 D-2.2 If Regents or Vienna terminates their Inter-Institutional Agreement, or if Charpentier, CRISPR
or ERS materially change the rights or obligations of CRISPR or ERS as Invention Manager under this Agreement, they will promptly notify the other Parties of such change in writing, and the Parties agree to amend this Agreement if and as necessary
to reflect such change. 
 D-3. TERM AND TERMINATION 

D-3.1 This Agreement is in full force and effect from the Effective Date and remains in effect for the life of the last-to-expire patent or
last-to-be-abandoned Patent Application, whichever is later (the “Term”), unless earlier terminated by operation of law or by agreement of the Parties. 

D-4. CONFIDENTIALITY AND COMMON INTEREST INFORMATION 

D-4.1 Subject to the California Public Records Act as it affects Regents, the Parties shall hold each other’s confidential and/or
proprietary business and patent prosecution information in confidence using at least the same degree of care as that Party uses to protect its own confidential and/or proprietary information of a like nature, and shall comply with their
responsibilities under the Confidential Common Legal Interest and Nondisclosure Agreement, entered into as of [***], a copy of which is attached hereto as Exhibit I, as amended by the First Amendment to the Confidential Common Legal Interest
and Disclosure Agreement [***] (“CLIA”), [***]. 
 D-4.2 Notwithstanding Section D-4.1, nothing in this Agreement in any way
restricts or impairs the right of Parties to use, disclose, or otherwise deal with any information or data that: 
 (a) recipient can
demonstrate by written records was previously known to it; 
 (b) is now, or becomes in the future, public knowledge other than through acts
or omissions of recipient; 

  

					
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 (c) is lawfully obtained without restrictions by recipient from sources independent of the
disclosing Party that were not under any obligations of confidentiality to the disclosing Party; 
 (d) was made independently without the
access to or use of proprietary information received hereunder as evidenced by contemporaneous written records; or 
 (e) is required by law
to be disclosed, provided the Party required to disclose notifies the other Parties promptly upon learning about any legal requirement that purports to compel disclosure and thereafter cooperates with and assists the nondisclosing Parties in the
exercise of any rights to protect the confidentiality of all or portions of its confidential or proprietary information before any tribunal or governmental agency, and in the event disclosure is required to disclose only the minimum amount of
information required to be disclosed. 
 D-4.3 The confidentiality obligations of the recipient under these terms will remain in effect for
[***] after the termination or expiration date of this Agreement. 
 D-4.4 This Agreement may be disclosed by a Party on a confidential
basis, under terms no less restrictive than Section D-4.1, to actual or potential contracting parties and advisors (i.e., actual or potential licensees, investors, acquirors, joint venturers and the like, and/or auditors, counsel and financial or
other advisors), and as required by applicable law or governmental regulation. 
 D-5. MISCELLANEOUS PROVISIONS 

D-5.1 Use of Names and Trademarks; Publicity. This Agreement does not confer any right to use any name, trade name, trademark, or other
designation of any Party to this Agreement (including contraction, abbreviation, or simulation of any of the foregoing) in advertising, publicity, or other promotional activities, and the use of the name, “The Regents of the University of
California” or the name of any campus of the University of California is prohibited in such contexts; provided that the Parties agree to cooperate to develop agreed forms of language for press release and related publicity that may be employed
by the Parties in connection with this Agreement, to which Regents and other Parties agree to be named as a party in connection with this Agreement. The name, trade name, trademark, or other designation of HHMI in advertising, publicity or other
promotional activities shall be not be used without HHMI’s written consent. 
 D-5.2 No Waiver or Amendment Other than in
Writing. No provision of or right under this Agreement shall be deemed to have been waived or amended by any act or acquiescence on the part of any Party, or any of its licensees or sublicensees, directors, employees, consultants, advisors or
agents, but only by an instrument in writing signed by an authorized representative of each Party. No waiver by any Party of any breach of this Agreement by another Party shall be effective as to any other breach, whether of the same or any other
term or condition and whether occurring before or after the date of such waiver. The Parties irrevocably agree that this Agreement may only be amended by a writing executed by all of the Parties. 

  

					
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 D-5.3 No Implied License. This Agreement does not confer by implication, estoppel, or
otherwise any license or rights under any patents of any Party other than the Patent Applications, regardless of whether such patents are dominant or subordinate to the Patent Applications. 

D-5.4 No Joint Venture, Partnership or Ability to Bind Other Parties. This Agreement does not create by implication or otherwise any
joint venture or partnership between or among the Parties, nor does it confer any authority to bind another Party. 
 D-5.5 Terminology
and Interpretation. 
 (a) Headings and captions are for convenience only and are not be used in the interpretation of this Agreement.

 (b) The definitions of the terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. The word “will” shall be construed to have the same meaning and effect as the word “shall.” The word “any” shall mean
“any and all” unless otherwise clearly indicated by context. The word “including” shall be construed as “including without limitation,” whether or not the latter is expressly stated. The word “or” is
disjunctive but not necessarily exclusive. 
 (c) Unless the context requires otherwise, (i) any definition of or reference to any
agreement, instrument, or other document herein shall be construed as referring to such agreement, instrument, or other document as from time to time amended, supplemented, or otherwise modified (subject to any restrictions on such amendments,
supplements, or modifications set forth herein or therein), (ii) any reference to any applicable laws herein shall be construed as referring to such applicable laws as from time to time enacted, repealed, or amended, (iii) any reference
herein to any person or entity shall be construed to include the person’s or entity’s successors and assigns, and (iv) all references herein to Parts, Sections, or Exhibits, unless otherwise specifically provided, shall be construed
to refer to Parts, Sections, and Exhibits of this Agreement. 
 (d) Each of the Parties acknowledges and agrees that this Agreement has been
diligently reviewed by and negotiated by and between them, that in such negotiations each of them has been represented by competent counsel, and that the final agreement contained herein, including the language whereby it has been expressed,
represents the joint efforts of the Parties and their counsel. Accordingly, in interpreting this Agreement or any provision hereof, no presumption shall apply against any Party as being responsible for the wording or drafting of this Agreement or
any such provision, and ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored such provision. 

D-5.6 Complete Agreement. Other than the Inter-Institutional Agreement (Exhibit D), the CLIA (Exhibit I) and the Licenses,
this Agreement (including Exhibits A, B, C, E, F, G, H and J) constitutes the entire agreement, both written and oral, by and among the 

  

					
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Execution Copy 
  

 
Co-Owners, and all other prior agreements regarding the subject matter of this Agreement, both written and oral, express or implied, are hereby cancelled. For the avoidance of doubt, this
Agreement does not affect any License. Additionally, as provided in Section A-6, Regents’ Rights are subject to certain U.S. Government rights and also obligations to HHMI. Nothing in this Agreement affects such U.S. Government rights. Nor does
anything in this Agreement affect any rights or obligations as between HHMI and Regents under any other agreement, nor shall any assignment, license or sublicense granted pursuant to or as a result of this Agreement limit HHMI’s Retained
Rights. Any assignment, license or sublicense of Regents’ Rights granted pursuant to or as a result of this Agreement shall, moreover, be reviewed by Regents or Regents Licensees, as appropriate, to ensure inclusion of HHMI’s licensing
terms. 
 D-5.7 HHMI. HHMI is not a party to this Agreement and has no liability to the Parties under this Agreement or to any
licensee, sublicensee or assignee of rights by virtue of this Agreement, but HHMI is an intended third-party beneficiary of, and has the right to enforce in its own name, any provision of this Agreement affecting HHMI. This Section D-5.7 shall
survive any termination or expiration of the Agreement. 
 D-5.8 Severability. All of the covenants and provisions of this Agreement
are severable. In the event that any of these covenants or provisions shall for any reason be adjudged, decreed, or ordered by any arbitrator or court of competent jurisdiction to be invalid or unenforceable in any respect, such covenants or
provisions shall be deemed modified to the extent necessary to render them valid and enforceable, while maintaining the expressed intention of the parties to the greatest extent permissible, and such judgment, decree, or order shall not affect,
impair or invalidate any of the remaining covenants or provisions of this Agreement. 
 D-5.9 Successors and Assignees. This Agreement
shall be binding upon and shall inure to the benefit of the Parties and their respective acquirors, successors (including any personal successors by law or otherwise), permitted assignees, heirs, executors, transferees, administrators, receivers, or
other corporate successors or representatives of the Parties. 
 D-5.10 Authority. Each Co-Owner (to the extent of actual knowledge of
the licensing professional responsible for the administration of this Agreement as of the Effective Date, as applicable) represents and warrants that it currently owns the rights, title, and interest in and to the Patent Applications in order to
carry out its undertakings to the other Parties and obligations hereunder. Each Party represents and warrants that this Agreement is legally binding upon such Party, enforceable in accordance with its terms, and does not conflict with any agreement,
instrument or understanding, oral or written, to which such Party is currently bound. Each Party agrees that it will not enter into any agreement, instrument or understanding, oral or written, that is inconsistent with the terms of this Agreement.

 D-5.11 Counterparts. This Agreement may be executed in counterparts (whether delivered by facsimile, electronically by image or PDF
or otherwise) with the same effect as if each Party had executed the same physical document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. 

[Signature Page Follows] 

  

					
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Execution Copy 
  

 The Parties hereto have executed this Agreement as of the Effective Date, as attested by the
signatures below of authorized representatives of each Party. 
  

									
	DR. EMMANUELLE CHARPENTIER	 		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	Signature	 	 /s/ Emmanuelle Charpentier
	 		 	Signature	 	 /s/ Javed Afzal

		 		 		 	Name	 	Javed Afzal
		 		 		 	Title	 	Associate Director
	Date	 	December 15, 2016	 		 	Date	 	December 6, 2016

  

											
		 	UNIVERSITY OF VIENNA	 		 	CRISPR THERAPEUTICS AG
						
		 	Signature	 	 /s/ Heinz Fassmann
	 		 	Signature	 	 /s/ Rodger Novak

		 	Name	 	Heinz Fassmann	 		 	Name	 	Rodger Novak
		 	Title	 	Vice Rector for Research and International Affairs	 		 	Title	 	CEO
		 	Date	 	December 6, 2016	 		 	Date	 	December 13, 2016

  

											
		 	ERS GENOMICS LTD.	 		 	TRACR HEMATOLOGY LTD.
						
		 	Signature	 	 /s/ Derek O’Reilly
	 		 	Signature	 	 /s/ Tyler Dylan-Hyde

		 	Name	 	Derek O’Reilly	 		 	Name	 	Tyler Dylan-Hyde
		 	Title	 	Director	 		 	Title	 	Chief Legal Officer
		 	Date	 	December 6, 2016	 		 	Date	 	December 15, 2016

  

											
		 	CARIBOU BIOSCIENCES, INC.	 		 	INTELLIA THERAPEUTICS INC.
						
		 	Signature	 	 /s/ Rachel E. Haurwitz
	 		 	Signature	 	 /s/ Nessan Bermingham

		 	Name	 	Rachel E. Haurwitz, Ph.D.	 		 	Name	 	Nessan Bermingham
		 	Title	 	President and CEO	 		 	Title	 	CEO and President
		 	Date	 	December 2, 2016	 		 	Date	 	December 15, 2016

  

					
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Execution Copy 
  

 LIST OF EXHIBITS 

 

			
		
	Exhibit A	  	Patent Applications
		
	Exhibit B	  	ERS Patent Delegation
		
	Exhibit C	  	Definition of SPCs
		
	Exhibit D	  	Inter-Institutional Agreement between The Regents of the University of California and University of Vienna (copy)
		
	Exhibit E	  	Adverse Claimants
		
	Exhibit F	  	Non-U.S. Filings
		
	Exhibit G	  	Cost-Sharing Agreement
		
	Exhibit H	  	Dispute Resolution
		
	Exhibit I	  	Confidential Common Legal Interest and Nondisclosure Agreement (copy)
		
	Exhibit J	  	First Amendment to the Confidential Common Legal Interest and Nondisclosure Agreement

  

					
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 Exhibit A to 

Invention Management Agreement 

Patent Applications 
 Patent
Applications refer to any and all of the following: 
 (i) any of the following U.S. and PCT patent applications: 

 

					
	 Patent Application Number
	  	 Filing Date
	  	UC Case Number
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]

 (ii) any U.S. patent application that claims priority to or common priority with any of the above-referenced
patent applications, regardless of inventorship, including but not limited to, any divisions, continuations, or continuations-in-part thereof; 

(iii) any non-U.S. patent applications claiming priority to or common priority with any of the above-referenced patent applications, or
constituting the national phase counterparts of the above-referenced PCT application, as well as divisionals or continuations of such non-U.S. patent applications; 

  

			
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 (iv) any U.S. or non-U.S. patents issued from any of the foregoing applications; and 

(v) any reissues, renewals, substitutions, registrations, revalidations, reexaminations, patent term restorations, patent term extensions,
patent term adjustments, supplementary protection certificates (“SPCs”) and the like arising from any of the foregoing cases. 

  

			
		  	

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 Exhibit B to 

Invention Management Agreement 

ERS Patent Delegation 
 ERS has
been delegated certain invention management rights by Charpentier (the “ERS Patent Delegation”) within the ERS field. The delegated rights are: 
  

	 	1.	Prosecution and maintenance rights for Patent Applications that have applicability or utility exclusively in the ERS field (“ERS-Delegated Patent Applications”) and has comment rights in respect of all other
Patent Applications that have applicability or utility in the ERS field. 

  

	 	2.	Patent enforcement rights in the ERS field for all Patent Applications including any Patent Applications that have applicability or utility in both the ERS and CRISPR/TRACR fields. 

The ERS field is [***]. The CRISPR and TRACR fields means: 

Researching, developing, making, using or selling: 
  

	 	(1)	Therapeutic Products - [***], or 

  

	 	(2)	Diagnostic Products - [***]. 

 Companion Diagnostics means companion diagnostic tools and/or diagnostic assays
developed and used to (i) [***], (ii) [***], and/or (iii) [***]. 
 Covered Product means [***]. 

Covered Animal means an animal [***]. 
 Covered Animal-Derived
Product means [***]. 
 Covered Method means any process or method, [***]. 

Invention means the invention entitled “[***]” as described in the Patent Applications, including all improvements thereto that are disclosed in the
Patent Applications. 
 Technology means the Invention, the Patent Applications and certain know-how. 

  

			
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 Exhibit C to 

Invention Management Agreement 

Definition of SPCs 

“SPCs” refer to Supplementary Protection Certificates that extend patent terms based on regulatory filings for marketing authorization
undertaken and approved in the United Kingdom (UK), countries of the European Union (EU) and the European Economic Area (EEA) and certain other countries in Europe including, but not limited to, Switzerland, and equivalents thereto available in
other jurisdictions (including, but not limited to, Australia, Canada (effective with the Comprehensive Economic and Trade Agreement (CETA) implementation), Chile, Costa Rica, Israel, Japan, Russia and Commonwealth of Independent States (CIS)
countries, Singapore, South Korea and Taiwan), as well as “pediatric extensions” to SPC terms available in the UK, EU/EEA and other countries, and other such patent term extensions currently available or which become available during the
Term. 

  

			
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 Exhibit D to 

Invention Management Agreement 

Inter-Institutional Agreement between The Regents of the University of California and 

University of Vienna (copy) 

[***] 

  

			
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 Exhibit E to 

Invention Management Agreement 

Adverse Claimants 
 The Adverse
Claimants are the applicants and the direct, first-tier exclusive licensees of patent applications and/or issued patents claiming priority to or common priority with the applications identified below, which claim subject matter comprising all or
portions of the Patent Rights: 
  

							
	 Patent
 Application

Number
	  	 Filing Date /

Claimed
 Priority
Date
	  	Inventors	  	Applicant(s) / Direct, First-Tier
Exclusive Licensee(s)
(known as of the Effective Date)
	[***]	  	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]	  	[***]

 and further including any U.S. patent application that claims priority to or common priority with such patent applications,
regardless of inventorship, including but not limited to, any divisions, continuations, or continuations-in-part thereof; any non-U.S. patent applications claiming priority to or common priority with any of the above-referenced U.S. patent
applications, or constituting the national phase counterparts of the above-referenced PCT application, as well as divisionals or continuations of such non-U.S. patent applications; and any U.S. or non-U.S. patents issued thereon; as well as
reissues, renewals, substitutions, registrations, revalidations, reexaminations, patent term restorations, patent term extensions, patent term adjustments, SPCs arising from any of the preceding cases, and the like. 

  

			
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 Exhibit F to 

Invention Management Agreement 

Non-U.S. Filings 
 The
“Jointly Elected Jurisdictions” are the following: 
 [***] 

The “Additional Jurisdictions” are the following: 

[***] 

  

			
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 Exhibit G to 

Invention Management Agreement 

Cost-Sharing Agreement 

This Cost-Sharing Agreement (“Agreement”), having a date of December 15, 2016 (“Effective Date”), is by and between CRISPR
Therapeutics AG, having a corporate address at Aeschenvorstadt 36, CH-4051 Basel, Switzerland (“CRISPR”), and Caribou Biosciences, Inc., having a corporate address at 2929 7th Street,
Suite 105, Berkeley, CA 94710 USA (“Caribou”). CRISPR and Caribou are each referred to as a “Party,” and jointly as the “Parties.” 

WHEREAS, CRISPR and Caribou are parties to a Consent to Assignments, Licensing and Common Ownership and Invention Management Agreement for a
Programmable DNA Restriction Enzyme for Genome Editing Agreement (“IMA”), to which this Agreement is attached as Exhibit G thereto and having the same date as this Agreement; 

WHEREAS, pursuant to an Exclusive License Agreement, by and among Caribou, University of Vienna (“Vienna”), and The Regents of the
University of California (“Regents”), dated April 16, 2013 (“Caribou License”), Caribou has been reimbursing and will continue to reimburse Regents for patent costs and attorney fees for prosecuting and maintaining the
Patent Applications (as defined in the IMA), including [***] relating to [***], as set forth in the Caribou License (collectively, “Patent Costs”); 

WHEREAS, as of the date of this Agreement, [***] is Regents’ counsel for [***], and [***] is Regents’ counsel for all other Patent
Applications (collectively, “Regents’ Counsel”); 
 WHEREAS, the Parties desire to come to a resolution regarding
reimbursement of past and future Patent Costs of Regents’ Counsel; and 
 NOW, THEREFORE, in consideration of the mutual agreements
contained in this Agreement, and for good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 

1. Within [***] of the Effective Date of this Agreement, CRISPR will reimburse Caribou $[***], as an adjusted settlement of [***] of the Patent
Costs invoiced by UC and paid by Caribou during the period [***] through [***]. Caribou will provide wire instructions to CRISPR within [***] of the Effective Date. 

2. For all invoices that Caribou received or will receive from UC for Patent Costs that were not paid by Caribou on or before [***], and which
are: (i) invoiced by UC to Caribou before [***], for which payment was not due until after [***]; (ii) invoiced by UC to Caribou after [***], but prior to the effective date of the IMA (whether or not payment was or is due before the
effective date of the IMA), or (iii) invoiced by UC to Caribou after the effective date of the IMA, Caribou will invoice CRISPR for [***] of the invoiced amount within [***] after Caribou’s payment to Regents, together with a copy of the
invoice(s) received from Regents and proof of payment to Regents. Within [***] after receipt of each such Caribou invoice, CRISPR will wire the amount set forth on the invoice to Caribou. 

  

			
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 3. As long as CRISPR has and is making the timely payments as set forth in Sections 1 and 2,
Caribou will indemnify and defend CRISPR in any collection actions taken by Regents against CRISPR for Patent Costs. 
 4. In the event that
Caribou is required to take legal action to collect amounts due to it by CRISPR under this Agreement, CRISPR will pay all costs, including attorneys’ fees, incurred in such collection. 

5. Reimbursed Patent Costs shall not include fees or costs of attorneys retained by and/or representing CRISPR, Caribou, or any third party
(including but not limited to Emmanuelle Charpentier and ERS Genomics Ltd.). As of the Effective Date of this Agreement, Patent Costs include those of [***], [***], and all foreign associates prosecuting the Patent Applications under the instruction
of, and invoiced by, [***] (collectively and individually, the “Foreign Associates”), in accordance with Section C of the IMA. CRISPR acknowledges that Regents may, at its sole discretion, replace [***], [***], or any of the Foreign
Associates as Regents’ Counsel, and that, in such event, CRISPR’s obligations with respect to the Patent Costs associated with replacement Regents’ Counsel (including Foreign Associates) shall be subject to this Agreement. 

6. This Agreement shall be governed in accordance with the Governing Laws and Dispute Resolution procedures as provided in Section D of the
IMA. 
 7. This Agreement may be executed in any number of counterparts, including facsimile or scanned PDF documents. Each such counterpart,
facsimile, or scanned PDF document shall be deemed an original instrument and all of which together shall constitute one and the same Agreement. 

IN WITNESS WHEREOF, the Parties have caused this Cost-Sharing Agreement to be executed by their respective authorized representations as of
the Effective Date. 
  

									
	CRISPR Therapeutics AG	 		 	Caribou Biosciences, Inc.
					
	By:	 	 /s/ Rodger Novak
	 		 	By:	 	 /s/ Rachel E. Haurwitz

		 	Rodger Novak	 		 		 	Rachel E. Haurwitz, Ph.D.
		 	Chief Executive Officer	 		 		 	President & Chief Executive Officer
					
	Date:	 	December 13, 2016	 		 	Date:	 	December 2, 2016
			
	 Copies of Invoices to be delivered to:

Legal@crisprtx.com
 Finance@crisprtx.com

	 		 	Copies of remittance statements to be delivered to: accounts.receivable@cariboubio.com 
			
	Address for Notice:	 		 	Address for Notice:
	 CRISPR Therapeutics Limited
 85
Tottenham Court Road
 London W1T 4TQ
 United Kingdom
	 		 	 Caribou Biosciences, Inc.
 2929 7th Street, Suite 105
 Berkeley, CA 94710

United States

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

Legal@crisprtx.com 
	 		 	 With a copy (which shall not constitute notice) to:

legalnotices@cariboubio.com 

  

			
		  	

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 Exhibit H to 

Invention Management Agreement 

Dispute Resolution 
 Disputes of
any nature between the Parties arising under this Agreement (a “Dispute”) will be resolved exclusively through mediation and binding arbitration as set forth in this Exhibit H (“Mediation/Arbitration”), including without
limitation the determination of the scope or applicability of this Agreement to arbitrate. The Parties agree and acknowledge that any good faith dispute in Mediation/Arbitration will not be deemed to be a material breach of this Agreement. For the
purposes of provisions (b) through (j), the term “Parties” shall mean the Parties involved in the Dispute. 
 (a) The Mediation/Arbitration
will be conducted in [***] and shall be administered by JAMS (formerly Judicial Arbitration and Mediation Services, Inc.) strictly in accordance with the below-described process. 

(b) The Parties will appoint a single mediator and a single arbitrator to be selected by mutual agreement or, if the Parties are unable to agree on an
arbitrator within [***] after such matter is referred to Mediation/Arbitration (all days being calendar days unless otherwise specifically provided herein), the Parties will request that JAMS select the arbitrator, in each case satisfying the
criteria set forth below to the maximum extent possible. 
  

	(c)	In all cases: 

  

	 	1.	involving a disagreement over patent matters (including without limitation the conduct of the Patent Activities), the arbitrator should be a patent attorney registered to practice by the U.S. Patent & Trademark
Office with [***]; 

  

	 	2.	not involving patent matters patent matters, the arbitrator should be an attorney with [***]. 

Under no circumstances shall the arbitrator be a current or former employee or consultant of any of the Parties, an affiliated company that
controls or is controlled by or is under common control with any of the Parties, an exclusive licensee of any of the Parties, or a non-exclusive licensee of any of the Parties that is involved in the dispute or has a direct interest in its outcome.
In all cases, the arbitrator shall be fluent in the English language. 
  

	(d)	Within [***] after such matter is referred to Mediation/Arbitration, each Party will provide the arbitrator with its one proposed resolution and a written memorandum in support of its position regarding the Dispute and
its proposed resolution (each an “Opening Brief), which shall not exceed thirty (30) pages in total. In connection with the submission of an Opening Brief, a Party may also submit documentary evidence in support thereof which had
both (x) existed prior to commencement of such Mediation/Arbitration and (y) been shared with the other Parties at least [***] prior to the date for submission of the Opening Brief. The arbitrator will provide each Party’s Opening
Brief, along with copies of any supporting documentation, to the other Parties after he or she has received an Opening Briefs from all Parties. The arbitrator shall not consider any untimely Opening Brief(s) received after the arbitrator has
provided copies of the Opening Briefs received to the other Party(ies). 

  

			
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	(e)	Within [***] after a Party receives another Party’s Opening Brief from the arbitrator, such receiving Party will have the right to submit to the arbitrator a response to the other Party’s Opening Brief (each,
a “Response Brief), which shall not exceed twenty (20) pages in total. In connection with the submission of a Response Brief, a Party may also submit documentary evidence in support thereof which had both (x) existed prior to
commencement of such Mediation/Arbitration and (y) been shared with the other Parties at least [***] prior to the date for submission of the Response Brief. The arbitrator will provide each Party’s Response Brief, along with copies of any
supporting documentation, if any, to the other Parties after he or she has received a Response Brief from all Parties (or at the expiration of such [***] period if any Party fails to submit a Response Brief). 

 

	(f)	Within [***] of the timely receipt by the arbitrator of each Party’s Response Brief (or expiration of such [***] period if any Party fails to submit a Response Brief), the mediator will conduct a single [***]
meeting during which each Party will have present, in addition to its counsel, a person with authority to reach a binding agreement resolving the dispute. 

  

	(g)	If the dispute is not resolved by mediation within [***] following the meeting referred to in (f) above, the arbitrator will conduct a single [***] hearing during which each Party will have [***] to present its
position. At the hearing, each Party will have the right to call up to [***] witnesses, [***] of whom may be an employee, consultant or other advisor to another Party. Each Party will notify the other Parties and the arbitrator of the identity of
the witnesses it intends to call at least [***] in advance of the hearing. Notwithstanding the foregoing, the time periods and other aspects of this provision may be modified if (x) the Parties agree to such modification, (y) the
arbitrator determines that such modification is reasonably necessary in view of the factual circumstances of the matter to be decided, or (z) if more than two Parties are participating in the Dispute and the arbitrator determines that more than
two of the Parties (or sets of Parties) are in good faith seeking different resolutions. 

  

	(h)	The Parties shall submit Opening Briefs and Response Briefs, as well as any documentary evidence, to the arbitrator in electronic form by midnight Eastern Standard/Daylight Time of the applicable deadline and, if the
arbitrator so requests, will also submit a hard copy to the arbitrator. 

  

	(i)	There shall be no discovery in the Mediation/Arbitration (e.g., document requests, interrogatories, depositions, etc.), except as follows: 

 

	 	1.	Opposing Parties may take a deposition of any declarant of the other Party and obtain copies of all documents on which each declarant relies upon in his or her declaration; provided that the Party(ies) taking such
deposition must complete questioning of the declarant within [***]; 

  

			
		  	

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	 	2.	As may be ordered by the arbitrator following request(s) of a Party; provided, however, that the arbitrator’s decision to grant any discovery shall be subject to the following conditions: (a) the arbitrator
must conclude that the requested discovery will result in information that is necessary and essential under applicable laws to reach a fair and equitable decision; no interrogatories or requests to admit shall be allowed under any circumstances; no
more than [***] depositions of non-declarants or non-witnesses shall be permitted and the Party seeking 

  

	 	3.	the deposition must complete questioning within [***] for each deponent; and no more than [***] document requests shall be allowed, and each request must identify the document(s) sought with particularity (e.g., a Party
may request a particular email sent from one individual to another on a certain date, but cannot request all emails sent by a particular individual). 

All discovery must be completed prior to [***] in advance of the hearing. If a Party refuses or cannot provide the requested discovery in a
timely manner (the “Refusing Party”), such Refusing Party shall lose its right to take discovery (or, if such Refusing Party already took discovery, shall lose its right to present the discovery obtained to the arbitrator) and the
arbitrator shall not consider discovery evidence presented by the Refusing Party during the hearing to reach a decision. 
 The arbitrator
will also have the right to perform independent research and analysis and to request any Party to provide additional documentary evidence that existed and was controlled by such Party prior to the arbitrator making such request. 

 

	(j)	Within [***] of such hearing, or within such other time to which the Parties and the arbitrator agree or the arbitrator determines is reasonably necessary in view of the factual circumstances of the matter to be
decided, the arbitrator will deliver his/her decision regarding the Dispute in writing. The arbitrator may but shall not be required to select the resolution or position proposed by one of the Parties. As part of any such decision, the arbitrator
may also mandate that the Party or Parties whose proposed resolution is further from the resolution determined by the arbitrator to pay some or all of the other Party’s or Parties’ reasonable attorneys’ fees and expenses in connection
with the Mediation/Arbitration, as well as the costs and expenses of such Mediation/Arbitration (“Costs”). 

  

	(k)	Each of the Parties irrevocably and unconditionally submits to the exclusive jurisdiction of the [***] (and, if such federal court rejects jurisdiction for any reason, then solely and exclusively in the state courts of
the [***]) solely and specifically for the purposes of compelling arbitration or enforcing the decision in any Mediation/Arbitration, with the proportioning of Costs of any court proceeding to enforce the decision in any Mediation/Arbitration to be
established by the arbitrator in connection with the decision of the arbitrator. 

 Nothing set forth herein shall be deemed to preclude
either Party from seeking appropriate judicial injunctive relief from any court of competent jurisdiction in order to prevent immediate and irreparable injury, loss, or damage on a provisional basis, pending a decision on the ultimate merits of any
dispute. 

  

			
		  	

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL 

TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE 

SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE 

SECURITIES EXCHANGE ACT OF 1934, AS AMENDED 
  

 Exhibit I to 

Invention Management Agreement 

Confidential Common Legal Interest and Nondisclosure Agreement (copy) 

[***] 

  

			
	Invention Management Agreement	  	CONFIDENTIAL

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL 

TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE 

SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE 

SECURITIES EXCHANGE ACT OF 1934, AS AMENDED 
  

 Exhibit J to 

Invention Management Agreement 

First Amendment to the Confidential Common Legal Interest and 

Nondisclosure Agreement 

This First Amendment to the Confidential Common Legal Interest and Nondisclosure Agreement (“First Amendment”), is entered into as
of December 15, 2016 (the “First Amendment Effective Date”), [***]. 
 RECITALS 

WHEREAS, The Original Parties are parties to that certain Confidential Common Legal Interest and Nondisclosure Agreement (the
“CLIA”), dated as of [***]; and 
 WHEREAS, pursuant to Section D-4.1 of the Consent to Assignments, Licensing and
Common Ownership and Invention Management Agreement for a Programmable DNA Restriction Enzyme for Genome Engineering, by and among The Regents, Caribou, TRACR, CRISPR, ERS, Vienna, Charpentier, and Intellia, (“IMA”), [***] and having the
same date as this First Amendment, [***] has the right to become part of the CLIA under the terms and conditions set forth in the IMA, the CLIA, and this First Amendment; 

NOW, THEREFORE, in consideration of the covenants and agreements contained in this First Amendment, the Parties hereby agree as
follows: 
  

	 	1.	[***]. 

  

	 	2.	The Original Parties hereby accept [***] as a Party to the CLIA. 

  

	 	3.	Each Original Party acknowledges that the CLIA is in full force and effect and that each such Original Party has no claims, causes of action, defenses, or rights of offset with respect to its obligations under the CLIA.

  

	 	4.	Except as explicitly set forth in this First Amendment, all terms and conditions of the CLIA shall remain in full force and effect, and the CLIA, as modified by this First Amendment, is ratified and confirmed in all
respects. 

  

	 	5.	This First Amendment may be executed in counterparts (whether delivered by facsimile, electronically by image or PDF or otherwise) with the same effect as if each Party had executed the same physical document. All such
counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. 

IN WITNESS WHEREOF, the Parties, through their authorized representatives, have executed this First Amendment to the Confidential
Common Legal Interest and Nondisclosure Agreement as of the First Amendment Effective Date. 
 [Signatures set forth on the
following page] 

  

			
	Invention Management Agreement	  	CONFIDENTIAL

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL 

TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE 

SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE 

SECURITIES EXCHANGE ACT OF 1934, AS AMENDED 
  

			
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	
	[***]	  	[***]

  

			
	Invention Management Agreement	  	CONFIDENTIAL

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