Document:

EX-10.11

 Exhibit 10.11 

EXECUTION COPY 
 Certain identified
information has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the Company, if publicly disclosed. Double asterisks denote omissions. 

SECOND AMENDED AND RESTATED ASSIGNMENT 

AND LICENSE AGREEMENT 

This Second Amended and Restated Assignment and License Agreement (this “Agreement”) is entered into as of December 20,
2019 (the “Second Amendment Date”), by and between Werewolf Therapeutics, Inc., a Delaware corporation, with a place of business at 1030 Massachusetts Avenue, 2nd Floor,
Cambridge, MA 02138 (“Werewolf”), and Harpoon Therapeutics, Inc., a Delaware corporation with a place of business at 4000 Shoreline Court, Suite 250, South San Francisco, CA 94080 (“Harpoon”). 

RECITALS 
 Harpoon and
Werewolf were parties to that certain Assignment and License Agreement (the “Original Agreement”) dated March 19, 2018 (the “Effective Date”) and are parties to that certain First Amended and Restated
Assignment and License Agreement (the “First Amended and Restated Agreement”) dated October 19, 2018, which previously amended and restated the Original Agreement in its entirety; and 

Harpoon and Werewolf seek to amend and restate the First Amended and Restated Agreement in its entirety as set forth herein; 

Now, therefore, in consideration of the premises and the mutual covenants contained herein, the parties hereby agree as follows: 

 

	1.	 Definitions. 

As used in this Agreement, the following capitalized terms shall have the meanings indicated: 

1.1    “Affiliate” means any person or entity directly or indirectly controlled by, controlling or
under common control with a party. A person or entity is deemed to be in “control” if it: (a) owns fifty percent (50%) (or such lesser percentage which is the maximum allowed to be owned by a foreign entity or investor in a particular
jurisdiction) or more of the outstanding voting stock or other ownership interest of the other entity, or (b) possesses the power to (i) elect, appoint, direct or remove fifty percent (50%) or more of the members of the governing body of
the entity or (ii) otherwise direct or cause the direction of the management or policies of the entity by contract, law or otherwise. Notwithstanding anything to the contrary in this Agreement, Werewolf and Harpoon shall not be deemed to be
Affiliates of each other for purposes of this Agreement. 
 1.2    “Control” means, with respect
to any patent or patent application, the possession of the right, whether directly or indirectly, and whether by ownership, license or otherwise (other than by operation of the license or other grants set forth in this Agreement), to grant a
license, sublicense or other right to or under such patent or patent application as provided for in this Agreement without violating the terms of, or incurring any royalty or other expense under, any agreement or other arrangement with any third
party. 

 1.3    “Covered Products” means Harpoon Licensed
Patent Covered Products and/or Harpoon Disclosing Patent Covered Products, as the context requires. 

1.4    “[**]” means [**]. 

1.5    “[**] Patent” is any patent or patent application of which the applicable party obtains
Control on or before the first anniversary of the Second Amendment Date that is [**] of an immunoglobulin. The [**] Patents do not include [**]. For clarity, [**] Patents exclude patents and patent applications directed to inventions or discoveries
developed or purchased independently by an acquirer of the applicable party without reference to or reliance upon any of such party’s Confidential Information. [**] Patents shall be set forth on Exhibit 1.5 attached hereto, which may be
updated from time to time upon written notice from the applicable party, provided, however that failure to include any [**] Patent on Exhibit 1.5 shall not affect whether or not an applicable patent or patent application is a [**] Patent.

 1.6    “[**] Product” means any product [**], the manufacture, use or sale of which would,
but for the license under Section 2.2.1, infringe a Valid Claim of the other party’s [**] Patent. 

1.7    “Harpoon Assigned Patents” means: (a) the patent applications listed in Exhibit
1.7 attached hereto; (b) all patent applications that claim priority to any patent application referenced in the foregoing clause (a) that are filed in any jurisdiction;(c) all patents issuing on the patent applications referenced in
the foregoing clauses (a) and (b); and (d) all reissues and extensions of any of the patents referenced in the foregoing clause (c). 

1.8    “Harpoon Disclosing Patents” means: (a) the patent applications listed in Exhibit
1.8 attached hereto; (b) any other patent applications filed by Harpoon from [**] to [**], including but not limited to [**]; (c) all patent applications that claim priority to any patent application referenced in the foregoing clause
(b) that are filed in any jurisdiction; (d) all patents issuing on the patent applications referenced in the foregoing clauses (a) through (c); and (e) all reissues and extensions of any of the patents referenced in the foregoing
clause (d). Any patent assigned to Werewolf pursuant to Section 3.5 is also deemed to be a Harpoon Disclosing Patent for purposes of Sections 1.11, 1.21, 4.5.3 and 4.5.4. 

1.9    “Harpoon Licensed Patents” means: (a) the patent applications listed in Exhibit
1.9 attached hereto; (b) all patent applications that claim priority to any patent application referenced in the foregoing clause (a) that are filed in any jurisdiction; (c) all patents issuing on the patent applications
referenced in the foregoing clauses (a) and (b); and (d) all reissues and extensions of any of the patents referenced in the foregoing clause (c). 

1.10    “Harpoon Licensed Patent Covered Product” means any product, the manufacture, use or sale
of which would, but for the license under Section 2.1.1(a), infringe a Valid Claim of the Harpoon Licensed Patents. 

  
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 1.11    “Harpoon Disclosing Patent Covered
Product” means any product, the manufacture, use or sale of which would, but for the license under Section 2.1.1(b), infringe a Valid Claim of the Harpoon Disclosing Patents. 

1.12    “Harpoon Subject Matter” means [**]. 

1.13    “huSA” means human serum albumin. 

1.14    “Licensed Field” means [**]. 

1.15    “Licensed Sequence” means any amino acid sequence for a polypeptide binding to huSA that
is disclosed or claimed in a Harpoon Licensed Patent, including any such sequence that is used in any of Harpoon’s product candidates under development as of the Effective Date. 

1.16    “Net Sales” means the gross amount invoiced by Werewolf and its Affiliates and licensees
(each, a “Selling Party”) for the sale, transfer or other disposition of applicable Covered Products less the following deductions (in each case, to the extent actually incurred, allowed, paid, accrued or allocated with respect to
such sale, transfer or disposition): (a) normal and customary trade, quantity and cash discounts; (b) rebates and chargebacks; (c) credits or allowances for returns, rejections and billing errors; (d) sales taxes, value added taxes or
similar taxes, including duties or other governmental charges, imposed on the sale of applicable Covered Products to third parties, to the extent included in the invoice price and not reimbursable, refundable or creditable to the Selling Party; and
(e) prepaid freight, insurance and handling fees to the extent included in the invoice price, in each case (clauses (a) through (e)) as determined from books and records of the Selling Party maintained in accordance with GAAP. Sales of
applicable Covered Products between or among Werewolf and its Affiliates and licensees shall be excluded from the computation of Net Sales if such sales are not intended for end use, but Net Sales shall include the subsequent final sales to third
parties by such Affiliates and licensees. If a sale, transfer or other disposition with respect to applicable Covered Products involves consideration other than cash or is not at arm’s length, then the Net Sales from such sale, transfer or
other disposition shall be calculated based upon the arm’s length fair market value of the applicable Covered Product, which generally shall mean the Selling Party’s average sales price for the quarter in the country where such sale took
place. 
 1.17    “Period of Collaboration” means the period starting on the Second Amendment
Date and ending [**] thereafter. 
 1.18    “Territory” means worldwide. 

1.19    “Werewolf Assigned Patents” means: (a) the patent applications listed in
Exhibit 1.19 attached hereto; (b) all patent applications that claim priority to any patent application referenced in the foregoing clause (a) that are filed in any jurisdiction; (c) all patents issuing on the patent
applications referenced in the foregoing clauses (a) and (b); and (d) all reissues and extensions of any of the patents referenced in the foregoing clause (c). 

1.20    “Werewolf Subject Matter” means [**]. 

  
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 1.21    “Valid Claim” means: (a) a claim of
a Harpoon Licensed Patent or a Harpoon Disclosing Patent, as applicable, that has not expired, been cancelled or been held unenforceable or invalid by an agency or a court of competent jurisdiction without possibility of appeal, and that has not
been admitted to be invalid or unenforceable through reissue, disclaimer or otherwise, or (b) a claim of a pending Harpoon Licensed Patent or Harpoon Disclosing Patent, as applicable, that has not been withdrawn, abandoned or finally rejected
without possibility of appeal or re- filing, provided that a claim of a patent application pending for more than [**] from the date of first examination thereof shall thereupon cease to be a Valid Claim unless
and until such claim subsequently issues. 
  

	2.	 License; Assignment. 

2.1    Licenses. 

2.1.1    License Grants. Subject to the terms and conditions set forth in this Agreement, Harpoon hereby
grants to Werewolf: (a) a non-exclusive, royalty-bearing, sublicenseable (subject to Section 2.1.2) license under the Harpoon Licensed Patents solely to make, have made, use, sell, offer for sale and
import Harpoon Licensed Patent Covered Products in the Licensed Field in the Territory; and (b) an exclusive (even as to Harpoon), irrevocable, royalty-bearing, transferable, assignable, sublicenseable (subject to Section 2.1.2) license
under the Harpoon Disclosing Patents solely to make, have made, use, sell, offer for sale and import Harpoon Disclosing Patent Covered Products in the Licensed Field in the Territory. 

2.1.2    Sublicensing. Werewolf may grant and authorize the further grant of sublicenses of not greater
scope than the licenses granted to Werewolf under Section 2.1.1, provided that (a) Werewolf shall promptly provide Harpoon with a copy of each sublicense agreement (which copy may be redacted with respect to information not pertinent to
compliance with this Agreement) and (b) Werewolf shall remain fully liable for the performance of such sublicensees (“Sublicensees”). 

2.2    [**] Patent Cross Licenses. 

2.2.1    Cross License Grants. Subject to the terms and conditions set forth in this Agreement, each party
hereby grants to the other party a perpetual, non-exclusive, irrevocable, royalty-free license under its rights in the [**] Patents Controlled by such party to make, have made, use, sell, offer for sale and
import [**] Products, in the case of Werewolf, within the Werewolf Subject Matter and in the case of Harpoon, within the Harpoon Subject Matter. Each such license granted under this Section 2.2.1 shall only be: (a) transferable or
assignable in connection with a permitted assignment of all of such party’s rights under this Agreement pursuant to Section 10.6; and (b) sublicensable to the extent each such sublicense is limited to [**] Products, (i) with
respect to Werewolf, which are within the Werewolf Subject Matter and as to which Werewolf has materially contributed to the discovery or development, and (ii) with respect to Harpoon, which are within the Harpoon Subject Matter and as to which
Harpoon has materially contributed to the discovery or development (the foregoing criteria under this clause (b), the “Sublicensing Criteria”). For clarity and without limitation, for purposes of this Section 2.2.1, a [**]
Product shall be deemed not “within” the Werewolf Subject Matter or Harpoon Subject Matter, as applicable, if any component of such product (including any portion not covered by the 

  
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applicable Cytokine Binding Domain Patent), falls within the Harpoon Subject Matter (in the case of a sublicense by Werewolf) or within the Werewolf Subject Matter (in the case of a sublicense by
Harpoon). 
 2.2.2    Expedited Arbitration. In the event any dispute or disagreement arises between the
parties relating to whether the applicable Sublicensing Criteria have been satisfied, either party may, by written notice to the other party, elect to submit such dispute or disagreement for final settlement via binding arbitration conducted in New
York in accordance with the Expedited Procedures of the ICC arbitration rules. The arbitration will be conducted by a single, mutually acceptable arbitrator who shall not be a current or former employee or director, or a current stockholder, of
either party or any of their respective Affiliates and who shall have at least fifteen (15) years of pharmaceutical industry experience. The arbitrator will, in rendering his/her decision, apply the intellectual property laws of the United
States and the substantive law of the State of California, without reference to its conflict of laws principles, as applicable. The decision rendered by the arbitrator shall be limited to the Sublicensing Criteria. The decision rendered by the
arbitrator shall be final, binding and non-appealable, and judgment may be entered upon it in any court of competent jurisdiction. Each party shall bear its own attorney’s fees, costs, and disbursements
arising out of the arbitration, and shall pay an equal share of the fees and costs of the arbitrator. 

2.3    Harpoon Assignment. Harpoon hereby sells, assigns and transfers the Harpoon Assigned Patents to
Werewolf, to the extent not previously sold, assigned and transferred to Werewolf pursuant to the Original Agreement or the First Amended and Restated Agreement. Upon request, Harpoon shall execute and deliver such reasonable documents and
instruments as necessary to effect the foregoing assignment. 
 2.4    Werewolf Assignment. Werewolf
hereby sells, assigns and transfers the Werewolf Assigned Patents to Harpoon, to the extent not previously sold, assigned and transferred to Harpoon pursuant to the Original Agreement or the First Amended and Restated Agreement. Upon request,
Werewolf shall execute and deliver such reasonable documents and instruments as necessary to effect the foregoing assignment. 

2.5    No Other Grant of Rights. Each party acknowledges that the rights and licenses granted under this
Agreement are limited to the licenses expressly granted in Sections 2.1 and 2.2 and the assignments expressly granted in Sections 2.3, 2.4 and 3.5. No other right, title, or interest of any nature whatsoever is granted, whether by implication,
estoppel, reliance, or otherwise. Werewolf shall not practice under the Harpoon Licensed Patents or Harpoon Disclosing Patents outside the scope of the licenses granted to Werewolf in Section 2.1.1. Neither party shall practice under the other
party’s [**] Patents outside the scope of the license granted such party in Section 2.2.1. 
  

	3.	 Intellectual Property. 

3.1    Prosecution of Harpoon Licensed Patents. As between the parties, Harpoon shall have the sole right to
file for, prosecute and maintain the Harpoon Licensed Patents, using patent counsel of its choice, and all decision-making authority with regard to such filing, prosecution and maintenance shall vest in Harpoon (including as to whether to maintain
or abandon any patent, patent application or claim within the Harpoon Licensed Patents). 

  
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 3.2    Enforcement of Harpoon Licensed Patents and Harpoon
Disclosing Patents. In the event that Werewolf reasonably believes that the Harpoon Licensed Patents or the Harpoon Disclosing Patents are being infringed by a third party, Werewolf shall promptly notify Harpoon and provide Harpoon with its
evidence thereof. Except with respect to [**], in no event shall Werewolf contact or otherwise notify any such third party regarding such infringement without the prior written consent of Harpoon; provided that [**]. As between the parties, Harpoon
shall have the sole right to enforce the Harpoon Licensed Patents and, except as provided herein, the Harpoon Disclosing Patents with respect to any infringement thereof, or to defend any declaratory judgment action with respect to the Harpoon
Licensed Patents and, except as provided herein, the Harpoon Disclosing Patents. In addition, as between the parties, Harpoon shall have the sole right to defend any challenges to the scope, validity or enforceability of any of the Harpoon Licensed
Patents and, except as provided herein, the Harpoon Disclosing Patents. Werewolf shall have the initial right to (i) enforce or defend (as applicable) Harpoon Disclosing Patent Werewolf Infringements; and (ii) defend any challenges to the
scope, validity or enforceability of any of the Harpoon Disclosing Patents impacting claims thereof covering Werewolf Subject Matter (“Harpoon Disclosing Patent Werewolf Patent Actions”); provided that Harpoon shall [**]. In the
event that, within [**] days after first becoming aware thereof, Werewolf does not initiate action, or thereafter discontinues such action, to (a) enforce or defend (as applicable) any Harpoon Disclosing Patent Werewolf Subject Matter
Infringement; or (b) respond to or defend any Harpoon Disclosing Patent Werewolf Patent Action, then (in either case (a) or (b)), Werewolf shall [**] and Harpoon shall [**] provided that Werewolf shall [**]. 

3.3    Maintenance of Harpoon Assigned Patents and Werewolf Assigned Patents. To the extent allowed by
applicable law, Werewolf and its Affiliates shall [**]. To the extent allowed by applicable law, Harpoon and its Affiliates shall [**]. 

3.4    Sequence Modifications. For the avoidance of doubt, Werewolf has the [**], and, as between the
parties, [**]. 
 3.5    Prosecution of Harpoon Disclosing Patents. As between the parties, Harpoon
shall have the sole right to file for, prosecute and maintain the Harpoon Disclosing Patents, using patent counsel of its choice, and all decision-making authority with regard to such filing, prosecution and maintenance shall vest in Harpoon
(including as to whether to maintain or abandon any patent, patent application or claim within the Harpoon Disclosing Patents), provided, however, that [**]. In such event, [**]. Upon [**] will [**]. Except as provided above in this
paragraph, both parties may [**]. In the event of any dispute regarding filing or prosecution of any Harpoon Disclosing Patent that claims Werewolf Subject Matter, the matter will be [**]. 

3.6    Disclosure of Patents in Werewolf Subject Matter. During the Period of Collaboration, [**] shall
[**], and [**]. For clarity, this Section 3.66 will not apply with respect to [**]. 

  
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	4.	 Payments. 

4.1    Upfront Fee. The parties agree and acknowledge that, within [**] after the Effective Date, Werewolf
previously paid to Harpoon an upfront fee in the amount of Five Hundred Thousand Dollars ($500,000) pursuant to the Original Agreement. Such upfront fee shall be non-refundable, and shall not be creditable
against any other amount due hereunder. 
 4.2    Legal Fees. Promptly (and in any event within [**])
following receipt of an invoice, Werewolf shall reimburse Harpoon for (or pay directly) Harpoon’s reasonable legal costs incurred in connection with the negotiation and drafting of the Original Agreement, in an amount not to exceed [**].
Promptly (and in any event within [**]) following receipt of an invoice, Harpoon shall reimburse Werewolf for (or pay directly) Werewolf’s legal costs incurred in connection with the negotiation and drafting of this Agreement, in an amount not
to exceed [**]. 
 4.3    Payment Methods. All payments due under this Agreement to Harpoon shall be made
by bank wire transfer in immediately available funds to an account designated by Harpoon. All payments due under this Agreement shall be made in the legal currency of the United States of America, and all references to “$” or
“Dollars” shall refer to United States dollars. For conversion of foreign currency to United States dollars, the conversion rate shall be the exchange rate quoted in The Wall Street Journal on the day that the payment is due. 

4.4    Withholdings Taxes. Any withholding or other tax that is required by law to be withheld with respect
to payments owed by Werewolf pursuant to this Agreement shall be deducted by Werewolf from such payment prior to remittance and paid to the applicable tax authority. Werewolf shall promptly furnish Harpoon evidence of any such taxes withheld and
paid and reasonably assist Werewolf in obtaining applicable credits and refunds with respect thereto. 

4.5    Royalties. 

4.5.1    Royalty Payment. Werewolf shall pay to Harpoon a royalty of (a) [**] of Net Sales of Harpoon
Licensed Patent Covered Products; and (b) [**] of Net Sales of Harpoon Disclosing Patent Covered Products, provided that [**] (collectively, the “Earned Royalty”). The Earned Royalty shall be due and payable within [**] after the
end of the calendar quarter during which the corresponding Net Sales are made. 
 4.5.2    Minimum Annual
Royalty. Beginning with the first commercial sale by Werewolf, or its Affiliate or licensee, of the first Harpoon Licensed Patent Covered Product (the “First Commercial Sale”), Werewolf shall pay to Harpoon minimum annual
royalties of [**], which amount shall be pro-rated for any partial calendar year (the “Minimum Annual Royalty”). The Minimum Annual Royalty shall be due and payable within [**] after the end
of each calendar year following the First Commercial Sale, and all Earned Royalty payments made with respect to a particular calendar year shall be offset against the Minimum Annual Royalty for such calendar year (provided that such Minimum Annual
Royalty shall not be reduced to less than zero). 
 4.5.3    Royalty Term. The obligation to pay the
Earned Royalty with respect to a Covered Product shall expire on a country-by-country basis upon expiration of the last to expire Valid Claim of a Harpoon Licensed
Patent or Harpoon Disclosing Patent covering the manufacture, use or sale of such Covered Product in the applicable country. The obligation to pay the Minimum Annual Royalty shall expire when no further Earned Royalty is due with respect to any
Harpoon Licensed Patent Covered Products in accordance with the preceding sentence. 

  
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 4.5.4    No Multiple Royalties. The obligation to pay the
Earned Royalty is imposed only once with respect to Net Sales of the same unit of a Covered Product such that if the manufacture, use, sale or import of any Covered Product is Covered by more than one Valid Claim of any Harpoon Licensed Patents or
Harpoon Disclosing Patents, multiple royalties shall not be due. 
 4.5.5    Reports. Together with each
payment under Sections 4.5.1 and 4.5.2, Werewolf shall deliver a written report to Harpoon stating in each such report the total Net Sales during the applicable reporting period; (ii) the calculation of royalties; and (iii) the total
royalties so calculated and due to Harpoon. 
 4.5.6    Records; Audit. Werewolf shall, and shall cause
its Affiliates and Sublicensees to, keep complete and accurate books and records setting forth gross sales of Covered Products, Net Sales of Covered Products, itemized deductions from gross sales taken to calculate Net Sales and amounts payable
hereunder to Harpoon for each Covered Product. Upon reasonable prior notice from Harpoon, Werewolf shall permit an independent public accounting firm engaged by Harpoon to examine and audit such books and records, during Werewolf’s regular
business hours, to verify the amounts reported by Werewolf in accordance with Section 4.5.5 and the payment of royalties hereunder. The foregoing audit right may be exercised only once during each [**] period and shall be limited to the
pertinent books and records for any calendar year ending not more than [**] before the date of the audit request. The opinion of said independent accountants regarding such reports and payments shall be binding on the parties other than in the case
of clear error. Harpoon shall bear the cost of any such audit, provided that if the audit identifies an underpayment of royalties payable hereunder of more than [**] of the amount due for the applicable period, then Werewolf shall promptly reimburse
Harpoon for all costs incurred in connection with such audit. Werewolf shall promptly pay to Harpoon the amount of any underpayment of royalties revealed by an audit, including any interest on such underpayment at the rate specified in
Section 4.6 calculated from the date such payment was originally due. Any overpayment of royalties by Werewolf revealed by an audit shall be fully- creditable against future royalty payments under Section 4.5.1. 

4.6    Late Payment. Any amounts due hereunder which are not paid when due shall bear interest at the rate
of [**] or the maximum rate allowable by law, whichever is less. This Section 4.6 shall in no way limit any other remedies available to Harpoon. 
  

	5.	 Confidentiality. 

5.1    Confidentiality; Exceptions. During and after the term of this Agreement, except to the extent
expressly authorized by this Agreement or otherwise agreed by the parties in writing, the parties agree that the receiving party shall keep confidential and shall not publish or otherwise disclose or use for any purpose other than as provided for in
this Agreement any confidential or proprietary information or materials furnished to it by the other party pursuant to this Agreement (collectively, “Confidential Information”). The terms and conditions of this Agreement shall be
the Confidential Information of both parties and, for clarity, any data, information, or know-how 

  
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provided by a party pursuant to Sections 3.5 and 3.6 shall be the Confidential Information of such party. Notwithstanding the foregoing, Confidential Information shall not be deemed to include
information or materials to the extent that it can be established by written documentation by the receiving party that such information or material (a) was already known to or possessed by the receiving party without any obligation of
confidentiality, at the time of its disclosure to the receiving party hereunder; (b) was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving party hereunder; (c) became
generally available to the public or otherwise part of the public domain after its disclosure to the receiving party hereunder other than through any act or omission of the receiving party in breach of this Agreement; (d) was independently
developed by the receiving party without use of or reference to the other party’s Confidential Information as demonstrated by documented evidence prepared by the receiving party contemporaneously with such independent development; or
(e) was disclosed to the receiving party, other than under an obligation of confidentiality, by a third party who had no obligation to the disclosing party not to disclose such information to others. 

5.2    Authorized Use and Disclosure. Each party may use and disclose Confidential Information of the other
party as follows: (a) under appropriate confidentiality and non-use provisions substantially equivalent to those in this Agreement in connection with the performance of its obligations or exercise of
rights granted to such party in this Agreement; (b) to the extent such disclosure is reasonably necessary for prosecuting or defending litigation or complying with applicable laws or regulations, provided, however, that if a party is required
by law or regulation to make any such disclosure of the other party’s Confidential Information it shall, to the extent practicable, give reasonable advance notice to the other party of such disclosure requirement and, upon request, reasonably
assist the other party to secure confidential treatment of such Confidential Information; (c) to the extent such disclosure is reasonably necessary for filing, prosecution and maintenance of the Harpoon Assigned Patents, Harpoon Disclosing
Patents or the Werewolf Assigned Patents, as the case may be; and (d) to the extent mutually agreed to by the parties in writing. In addition, each party may disclose the terms and conditions of this Agreement to actual and potential investors,
acquirers, licensees, collaborators, advisors and other business partners on a reasonable need-to-know basis under reasonable conditions of confidentiality. 

 

	6.	 Representations and Warranties; Limitation of Liability. 

6.1    Representations and Warranties of Both Parties. Each party represents and warrants to the other party
that: (i) it is duly incorporated and validly existing under the laws of the jurisdiction of its incorporation, and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; (ii) the terms
of this Agreement do not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any material applicable law; and (iii) it is not aware of any action, suit,
inquiry or investigation instituted by any third party which threatens the validity of this Agreement. 

6.2    Additional Representations and Warranties of Harpoon. Harpoon further represents and warrants to
Werewolf that, to its knowledge, Harpoon owns all right, title and interest in and to the Harpoon Licensed Patents and Harpoon Disclosing Patents and, as of immediately prior to the Effective Date, owned all right, title and interest in and to the
Harpoon Assigned Patents. Additionally, Harpoon represents and warrants to Werewolf that, as of the 

  
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Second Amendment Date, it has disclosed to Werewolf all (a) Harpoon patent applications claiming or disclosing Werewolf Subject Matter, (b) Harpoon patent applications required to be
disclosed under Section 3.3 of the First Amended and Restated Agreement, and (c) all [**] Patents. 

6.3    Additional Representations and Warranties of Werewolf. Werewolf further represents and warrants to
Harpoon that, to its knowledge, as of immediately prior to the Effective Date, Werewolf owned all right, title and interest in and to the Werewolf Assigned Patents. Additionally, Werewolf represents and warrants to Harpoon that, as of the Second
Amendment Date, it has disclosed to Harpoon all (a) Werewolf patent applications claiming or disclosing Werewolf Subject Matter, (b) Werewolf patent applications required to be disclosed under Section 3.3 of the First Amended and
Restated Agreement, and (c) all [**] Patents. 
 6.4    No Other Warranty. 

6.4.1    NOTHING CONTAINED HEREIN SHALL BE DEEMED TO BE A WARRANTY BY HARPOON THAT HARPOON CAN OR SHALL BE ABLE TO
OBTAIN PATENTS ON PATENT APPLICATIONS INCLUDED IN THE HARPOON LICENSED PATENTS, THE HARPOON DISCLOSING PATENTS OR HARPOON’S [**] PATENTS OR THAT WEREWOLF CAN OR SHALL BE ABLE TO OBTAIN PATENTS ON PATENT APPLICATIONS INCLUDED IN THE HARPOON
ASSIGNED PATENTS, OR THAT ANY OF THE HARPOON LICENSED PATENTS, THE HARPOON DISCLOSING PATENTS, HARPOON’S [**] PATENTS OR THE HARPOON ASSIGNED PATENTS SHALL AFFORD ADEQUATE OR COMMERCIALLY WORTHWHILE PROTECTION. 

6.4.2    NOTHING CONTAINED HEREIN SHALL BE DEEMED TO BE A WARRANTY BY WEREWOLF THAT WEREWOLF CAN OR SHALL BE ABLE
TO OBTAIN PATENTS ON PATENT APPLICATIONS INCLUDED IN WEREWOLF’S [**] PATENTS OR THAT HARPOON CAN OR SHALL BE ABLE TO OBTAIN PATENTS ON PATENT APPLICATIONS INCLUDED IN THE WEREWOLF ASSIGNED PATENTS, OR THAT ANY OF WEREWOLF’S [**] PATENTS OR
THE WEREWOLF ASSIGNED PATENTS SHALL AFFORD ADEQUATE OR COMMERCIALLY WORTHWHILE PROTECTION. 
 6.4.3    EXCEPT AS
EXPRESSLY PROVIDED IN THIS ARTICLE 6, NEITHER PARTY MAKES ANY REPRESENTATIONS, WARRANTIES OR CONDITIONS (EXPRESS, IMPLIED, STATUTORY OR OTHERWISE) WITH RESPECT TO THE HARPOON LICENSED PATENTS, THE HARPOON DISCLOSING PATENTS, THE [**] PATENTS, THE
HARPOON ASSIGNED PATENTS, OR THE WEREWOLF ASSIGNED PATENTS, OR OTHERWISE WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, TITLE, VALIDITY OF ANY PATENTS AND NON-INFRINGEMENT OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS. 

6.5    Limitation of Liability. EXCEPT WITH RESPECT TO EACH PARTY’S OBLIGATIONS UNDER ARTICLES 5 AND 7,
NEITHER PARTY SHALL BE LIABLE TO THE OTHER WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR 

  
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EQUITABLE THEORY FOR (A) ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS OR (B) COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY OR SERVICES. 

 

	7.	 Indemnification and Insurance. 

7.1    Indemnity. 

7.1.1    Indemnification by Werewolf. Werewolf hereby agrees to indemnify, defend and hold harmless Harpoon
and each of its Affiliates, and its and their respective agents, directors, officers, employees and independent contractors (collectively, the “Harpoon Indemnitees”) from and against any liability or expense (including reasonable
legal expenses and attorneys’ fees) (collectively, “Losses”) resulting from any suit(s), claim(s), action(s) and demand(s), in each case brought by a third party (each, a “Third Party Claim”) arising out of
(a) a material breach by Werewolf of this Agreement, (b) violation by Werewolf of applicable law in connection with this Agreement, (c) Werewolf’s gross negligence or willful misconduct in connection with this Agreement, or
(d) the making, using, offering for sale, selling, and/or importing any Covered Product or [**] Product by Werewolf or any of its Affiliates or licensees. Werewolf’s obligation to indemnify the Harpoon Indemnitees pursuant to this
Section 7.1.1 shall not apply to the extent that any such Losses arise from any matter for which Harpoon is obligated to indemnify Werewolf pursuant to Section 7.1.2. 

7.1.2    Indemnification by Harpoon. Harpoon hereby agrees to indemnify, defend and hold harmless Werewolf
and each of its Affiliates, and its and their respective agents, directors, officers, employees and independent contractors (collectively, the “Werewolf Indemnitees”) from and against any Losses resulting from any Third Party Claim
arising out of (a) a material breach by Harpoon of this Agreement, (b) violation by Harpoon of applicable law in connection with this Agreement, (c) Harpoon’s gross negligence or willful misconduct in connection with this
Agreement, or (d) the making, using, offering for sale, selling, and/or importing any [**] Product by Harpoon or any of its Affiliates or licensees. Harpoon’s obligation to indemnify the Werewolf Indemnitees pursuant to this
Section 7.1.2 shall not apply to the extent that any such Losses arise from any matter for which Werewolf is obligated to indemnify Harpoon pursuant to Section 7.1.1. 

7.1.3    Procedure. A party seeking indemnification under Section 7.1 (the
“Indemnitee”) shall provide the other party (the “Indemnitor”) with (a) prompt written notice of any Third Party Claim for which the Indemnitee wishes to obtain indemnification; (b) the ability to defend
(with the reasonable cooperation of the Indemnitee) or settle any such Third Party Claim; and (c) reasonable assistance and full information with respect to such Third Party Claim at the Indemnitor’s expense, provided, however, that the
Indemnitor shall not enter into any settlement that admits fault or wrongdoing, or involves any other admission or for which the Indemnitee would be liable for damages, without the Indemnitee’s written consent, such consent not to be
unreasonably withheld or delayed. The Indemnitee shall have the right to participate, at its own expense and with counsel of its choice, in the defense of any Third Party Claim that has been assumed by the Indemnitor. 

  
 - 11 - 

	8.	 Term and Termination. 

8.1    Term. The term of this Agreement shall commence on the Effective Date and, unless earlier terminated
as provided in this Article 8, shall continue in full force and effect on a country-by-country basis until the expiration of the last to expire patent or patent
application included in the Harpoon Licensed Patents, Harpoon Disclosing Patents or [**] Patents within the applicable country. 

8.2    Termination. 

8.2.1    Termination without Cause. Werewolf may terminate this Agreement upon [**] prior written notice to
Harpoon referencing this Section 8.2.1. 
 8.2.2    Termination for Breach. In the event that either
party commits a material breach of its obligations under this Agreement and fails to cure that breach within [**] after receiving written notice thereof from the non-breaching party, the non-breaching party shall have the right to terminate this Agreement immediately upon written notice to the party in breach. 

8.2.3    Bankruptcy. Harpoon may terminate Section 2.1.1 and 2.1.2 of this Agreement upon notice to
Werewolf if Werewolf is declared insolvent, is adjudged bankrupt, applies for judicial or extra-judicial settlement with its creditors, makes an assignment for the benefit of its creditors, voluntarily files for bankruptcy or has a receiver or
trustee (or the like) in bankruptcy appointed by reason of its insolvency, or in the event an involuntary bankruptcy action is filed against Werewolf and not dismissed within [**] days, or if Werewolf becomes the subject of liquidation or
dissolution proceedings or otherwise discontinues business. 
 8.3    Effect of Termination or Expiration.

 8.3.1    Termination of Rights. Upon termination of this Agreement by either party pursuant to any of
the provisions of Section 8.2, the rights and licenses granted to Werewolf under Section 2.1.1 and 2.1.2 shall immediately terminate, all rights in and to and under the Harpoon Licensed Patents and Harpoon Disclosing Patents shall revert
to Harpoon and Werewolf shall make no further use or exploitation of any of the Harpoon Licensed Patents or Harpoon Disclosing Patents. 

8.3.2    Accruing Obligations. Termination or expiration of this Agreement shall not relieve the parties of
obligations accruing prior to, or which are attributable to a period prior to, any termination or expiration of this Agreement. 

8.4    Survival. Articles 1, 5, 7, 9 and 10 and Sections 2.2.1, 2.3, 2.4, 4.3, 4.6, 6.5, 8.3 and 8.4 shall
survive the expiration or any termination of this Agreement. Except as otherwise provided in this Section 8.4, all other provisions of this Agreement shall terminate upon the expiration or termination of this Agreement. 

 

	9.	 Other Matters. 

9.1    Mutual Agreement. In exchange for the mutual promises contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby 

  
 - 12 - 

 
acknowledged, each party, on behalf of itself and its respective successors and assigns (the “Releasing Party”), hereby fully and forever releases the other party and its current
and former officers, directors, employees, agents and their successors and assigns from and agrees not to sue or otherwise institute or cause to be instituted any legal or administrative proceedings concerning [**]. 

9.2    Scope. Each Releasing Party agrees that the release set forth in this Section 9 shall be and
remain in effect in all respects as a complete general release as to the matters released. Each Releasing Party shall be responsible to the other party for all costs, attorneys’ fees and damages incurred by such other party in defending against
a claim, suit or proceeding brought or pursued by such Releasing Party in violation of this Section 9. Notwithstanding anything to the contrary in this Agreement, each party reserves all rights and remedies against the other party in the event
of such other party’s failure to perform any obligations under this Agreement. 
  

	10.	 Miscellaneous. 

10.1    Entire Agreement. This Agreement is the sole agreement between the parties with respect to the
subject matter hereof and, except as expressly set forth herein, supersedes all other agreements and understandings between the parties with respect to such subject matter, including the Original Agreement and the First Amended and Restated
Agreement. For clarity, the parties agree and acknowledge that the Common Interest Agreement dated March 19, 2018 between Werewolf and Harpoon remains in effect in accordance with its terms. 

10.2    Notices. Unless otherwise specifically provided, all notices required or permitted by this Agreement
shall be in writing and may be delivered personally, or may be sent by facsimile, overnight courier or certified mail, return receipt requested, to the following addresses, unless the parties are subsequently notified of any change of address in
accordance with this Section 10.2: 
  

			
	If to Werewolf:	  	Werewolf Therapeutics, Inc.
		  	 1030 Massachusetts Avenue, 2nd Floor

Cambridge, MA 02138

Attention: Chief Executive Officer

		
	If to Harpoon:	  	 Harpoon Therapeutics, Inc.
 131 Oyster Point
Boulevard, Suite 300
 South San Francisco, CA 94080
 Attention:
Chief Executive Officer

 Any notice shall be deemed to have been received as follows: (a) by personal delivery or expedited
delivery, upon receipt; (b) by facsimile, one business day after transmission; or (c) by certified mail, as evidenced by the return receipt. If notice is sent by facsimile, a confirming copy of the same shall be sent by mail. 

10.3    Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and
their respective legal representatives, successors and permitted assigns. 
 10.4    Amendment; Waiver.
This Agreement may be amended, modified, superseded or canceled, and any of the terms may be waived, only by a written instrument executed by each 

  
 - 13 - 

 
party or, in the case of waiver, by the party waiving compliance. The delay or failure of either party at any time or times to require performance of any provisions hereof shall in no manner
affect the rights at a later time to enforce the same. No waiver by either party of any condition or of the breach of any term contained in this Agreement, whether by conduct, or otherwise, in anyone or more instances, shall be deemed to be, or
considered as, a further or continuing waiver of any such condition or of the breach of such term or any other term of this Agreement. 

10.5    Independent Contractors. The parties agree that the relationship of Harpoon and Werewolf established
by this Agreement is that of independent contractors, and this Agreement does not establish an employment, agency or any other relationship between the parties. Except as may be specifically provided herein, neither party shall have any right, power
or authority, nor shall they represent themselves as having any authority, to assume, create or incur any expense, liability or obligation, express or implied, on behalf of the other party, or otherwise act as an agent for the other party for any
purpose. 
 10.6    Assignment. Neither party may assign this Agreement or any of such party’s rights
and obligations hereunder without the prior written consent of the other party, except that this Agreement may be assigned by a party without the other party’s consent (i) to an Affiliate of such party or (ii) to its successor in
connection with such party’s sale of all or substantially all of such party’s business or assets to which this Agreement relates (whether by merger, consolidation, stock purchase, asset purchase or otherwise). Any assignment purported or
attempted to be made in violation of the terms of this Section 10.6 shall be null and void and of no legal effect. 

10.7    Interpretation. Section and subsection headings are inserted for convenience of reference only and
do not form a part of this Agreement. Each party acknowledges and agrees that: (a) it and/or its counsel reviewed and negotiated the terms and provisions of this Agreement and has contributed to its revision; and (b) the rule of
construction to the effect that any ambiguities are resolved against the drafting party shall not be applied in the interpretation of this Agreement. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Except where otherwise indicated, (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to the agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restriction on the amendments, supplements or modifications set forth herein), (ii) any reference herein to any person or entity shall be construed to include, without limitation, the person or
entity’s successors and assigns, (iii) the words “herein,” “hereof,” “hereby” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (iv) all references herein to Articles, Sections and Exhibits shall be construed to refer to Articles of, Sections of, and Exhibits to this Agreement, each of which Exhibits is incorporated herein by reference,
and (v) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. 

10.8    Severability. If any provision of this Agreement is or becomes in valid or is ruled invalid by any
court of competent jurisdiction or is deemed unenforceable, it is the intention of the parties that the remainder of this Agreement shall not be affected. 

10.9    Counterparts. The parties may execute this Agreement in multiple counterparts, all of which together
shall constitute one and the same instrument. Executed counterparts of this Agreement delivered via facsimile or electronic mail in PDF or similar electronic format shall be deemed binding as originals. 

  
 - 14 - 

 10.10    Governing Law. This Agreement and any dispute
arising from the performance or breach hereof will be governed by and construed and enforced in accordance with the laws of the State of California, without reference to the conflicts of laws principles of any jurisdiction. 

(The remainder of this page is intentionally left blank. The signature page follows.) 

  
 - 15 - 

 The parties have caused this Agreement to be executed by their duly authorized
representatives as of the Second Amendment Date. 
  

									
	WEREWOLF THERAPEUTICS, INC.	 	        	 	HARPOON THERAPEUTICS, INC.

											
						
	By:	 	 /s/ Daniel J. Hicklin
	 	    	 	 By:
  
	 	 /s/ Gerald McMahon
	 	  

											
						
	Name:	 	 Daniel J. Hicklin
	 	    	 	 Name:
  
	 	 Gerald McMahon
	 	  

											
						
	Title:	 	 President & CEO
	 	    	 	 Title:
  
	 	 President & CEO
	 	  

  
 - 16 - 

 Exhibit 1.5 

[**] Patents 
  

					
	[**] Patents:	  		  	
			
	 [**]
	  		  	
			
	[**] Patents:	  		  	

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

 Exhibit 1.7 

Harpoon Assigned Patents 
  

											
	 Case
	  	 Country
	  	 Title
	  	 Serial Number
	  	 Filing Date
	  	 Patent Number

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

  
 - 2 - 

 Exhibit 1.8 

Harpoon Disclosing Patents 
  

											
	 Case
	 	 Country
	 	 Title
	 	 Serial Number
	 	 Filing Date
	 	 Patent Number

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

  
 - 3 - 

 Exhibit 1.9 

Harpoon Licensed Patents 
  

											
	 Case
	 	 Country
	 	 Title
	 	 Serial Number
	 	 Filing Date
	 	 Patent Number

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

  
 - 4 - 

 Exhibit 1.19 

Werewolf Assigned Patents 
  

											
	 Case
	 	 Country
	 	 Title
	 	 Serial Number
	 	 Filing Date
	 	 Patent Number

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

  
 - 5 -EX-10.12

 Exhibit 10.12 

AMENDED AND RESTATED 

ROYALTY TRANSFER AGREEMENT 

This Amended and Restated Royalty Transfer Agreement (the “Agreement”) is made and entered into on August 2, 2019 (the
“Effective Date”), by and between Werewolf Therapeutics, Inc., a Delaware corporation (the “Company”), MPM Oncology Impact Fund Charitable Foundation, Inc., a Massachusetts charitable foundation (the “MPM Charitable
Foundation”) and the UBS Optimus Foundation, a Swiss charitable foundation (“Optimus,” and together with the MPM Charitable Foundation, the “Charitable Foundations”). 

WHEREAS, the parties hereto were party to that certain Royalty Transfer Agreement dated December 21, 2017 (the “Original
Agreement”); and 
 WHEREAS, the parties desire to amend and restate the Original Agreement to provide for the transfer of 1.0%
of Net Sales on the term and conditions outlined below; and 
 NOW, THEREFORE, the Company, the MPM Charitable Foundation and Optimus
agree to amend and restate the Original Agreement in its entirety and further agree as follows: 
 Section 1: Definitions 

Definitions. The following terms, as used herein, have the following meanings: 

“Affiliate” shall mean any legal entity (such as a corporation, partnership, limited liability company, etc.) that is directly or indirectly
controlled by, or is under common control with, the Company. For the purposes of this definition, “control” shall mean direct or indirect (i) beneficial ownership of at least 50% of the voting securities of a legal entity, or
(ii) a 50% or greater interest in the net assets or profits of a legal entity. 
 “Bad Debt” shall mean any amounts booked as such on
the Company’s financial statements, prepared in accordance with GAAP. 
 “Company Products” shall mean any product developed or owned
by the Company requiring pre-market regulatory approval, provided that any product developed or owned by the Company that references, practices or
incorporates, or (if such intellectual property was not owned or controlled by the Company), would infringe, only Post-IPO IP shall not be deemed a “Company Product” hereunder. Further,
notwithstanding anything to the contrary herein, for the avoidance of doubt, Company Products shall not include any products that are discovered, developed, manufactured and/or commercialized by or on behalf of, or are covered by intellectual
property (whether or not patentable) of, any person or entity that is an acquiror or merger partner of Company, becomes an Affiliate or successor of the Company by reason of any transaction in connection with the sale of all or substantially all of
the stock and/or assets of the Company related to such product (such transaction, an “Acquisition”), or an assignee of this Agreement in connection with any of the aforementioned transactions, provided that the discovery, development,
manufacture and/or commercialization of such product are performed without use of Pre-Acquisition IP. Further, notwithstanding anything to the contrary herein, for the avoidance of doubt, in no event shall
more than one party owe any payments to the Charitable Foundations for the same Company Product. For example, if Company A and Company B are 

 
each parties to separate Royalty Transfer Agreements with the Charitable Foundations, and Company A licenses technology/IP to Company B which Company B then incorporates into a Company Product,
then only Company B (or its Affiliates or Licensees, as applicable) owes a percentage of its Global Net Sales all on the terms and conditions stipulated in its Royalty Transfer Agreement with the Charitable Foundations. For clarity, a Company
Product shall only include any products that are in the Company’s product pipeline as of the effective date of an IPO or a change of control of the Company (such pipeline being based on the identification as a program in a Board-approved
operating budget of the Company as in effect immediately prior to the IPO). 
 “End of the Year” shall mean December 31 of a given
calendar year. 
 “Licensee” shall mean any party that is not an Affiliate that has been granted a license to the applicable Company
Product(s). 
 “Net Sales” means, with respect to a Company Product, the gross amounts invoiced in arm’s length transactions by the
Company or its Affiliates or Licensees to third parties for sales of such Company Product, less good faith estimates of the following deductions to the extent specifically relating to sales of such Company Product, which will be adjusted to reflect
actual deductions on a periodic basis (no less frequently than annually): 
  

	 	a)	 discounts (including trade, quantity, and cash discounts) actually allowed, cash and non-cash coupons, and retroactive price reductions (including to governmental entities or agencies, purchasers, reimbursers, customers, distributors, wholesalers, and group purchasing and managed care organizations
or entities (and other similar entities and institutions); 

  

	 	b)	 credits or allowances, if any, on account of price adjustments, recalls, claims, damaged goods, rejections or
returns of items previously sold (including Company Products returned in connection with recalls or withdrawals) and amounts written off by reason of Bad Debt; provided, that if the debt is thereafter paid, the corresponding amount will be added to
the Net Sales of the period during which it is paid; 

  

	 	c)	 rebates (or their equivalent), administrative fees, and any other similar allowances granted or paid by
Company, its Affiliates or Licensees (including to governmental authorities, purchasers, reimbursers, customers, distributors, wholesalers, and managed care organizations and entities (and other similar entities and institutions) that effectively
reduce the selling price or gross sales of the Company Product; 

  

	 	d)	 insurance, customs charges, freight, postage, shipping, handling, and other transportation costs incurred by
Company, its Affiliates or Licensees in shipping Company Products; 

  

	 	e)	 to the extent not already deducted or excluded from the gross amounts invoiced, import taxes, export taxes,
excise taxes, sales taxes, value-added taxes, consumption taxes, duties or other taxes levied on, absorbed, determined, and/or imposed with respect to such sales, including pharmaceutical excise taxes (such as those imposed by the United States
Patient Protection and Affordable Care Act of 2010 (Pub. L. No. 111-48) and other comparable laws), but excluding income or net profit taxes or franchise taxes of any kind; and 

	 	f)	 other similar or customary deductions taken in the ordinary course of business in accordance with GAAP.

 Net Sales will be determined in accordance with GAAP except that GAAP compliance will not be required with respect to the deduction of
pharmaceutical excise taxes described in clause (e) above. Net Sales will not be imputed to transfers of Company Products for use in clinical trials, non-clinical development activities, or other
development activities that might be required by regulatory authorities with respect to Company Products, for bona fide charitable purposes, for compassionate use, for indigent patient programs, or as free samples. 

Notwithstanding the foregoing, in the event a Company Product contains another active ingredient that is not a Company Product itself, which Company Product
is sold as a unit at a single price either as a fixed dosage form or as separate dosage forms (such Company Product, a 
 “Combination
Product”), Net Sales of such Company Product for a particular country for the purpose of determining royalties due hereunder shall be calculated by the Company using commercially reasonable accounting practices. 

“Company IP” shall mean (a) any invention and/or (b) any patents and/or patent applications in each case which is in whole or in
part developed by, or otherwise becomes owned or controlled by, the Company. 
 “Post-IPO IP” shall
mean Company IP that (a) was discovered or developed or (b) has a priority date (in the case of a patent or patent application) after the effective date of the registration statement with respect to an initial public offering of the
Company’s common stock pursuant to an effective registration statement under the Securities Act of 1933. 

“Pre-Acquisition IP” shall mean Company IP that (a) was discovered or developed or (b) has
a priority date (in the case of a patent or patent application) prior to the closing of an Acquisition of the Company. 
 Section 2:
Payments/Termination 
 2.1 Payments to MPM Charitable Foundation. Within 120 days of the End of the Year, the Company agrees to pay to the MPM Charitable Foundation 0.50% of all global Net Sales of any Company Products received by the Company, its Licensees or its Affiliates during the prior calendar year. The
Company’s payment obligations to the MPM Charitable Foundation under this Section 2.1 shall terminate immediately upon the authorization by the Board of Directors (or similar governing body) of the winding up or dissolution of the MPM
Charitable Foundation, or earlier as provided in Section 2.3. 
 2.2 Payments to Optimus. Within 120 days of the End of the Year,
the Company agrees to pay to Optimus 0.50% of all global Net Sales of any Company Products received by the Company, its Licensees or its Affiliates during the prior calendar year. The
Company’s payment obligations to Optimus under this Section 2.2 shall terminate immediately upon the expiration or termination of the Contribution Agreement relating to the Quality and Access Initiative for Health in Resource Poor Settings
between Optimus and Oncology Impact Fund (Cayman) Management L.P. (“OIF Management”), or earlier as provided in Section 2.3. 

 2.3 Termination/Step-Down. Notwithstanding the foregoing, Company’s obligation
to pay royalties under Sections 2.1 and 2.2 for a Company Product shall terminate on a country-by-country basis upon the later of (i) the date that is the twelfth
(12th) anniversary of the first commercial sale of that Company Product in such country, and (ii) the expiration of the last to expire issued patent claim of any Pre-Acquisition IP (other than Post-IPO IP) covering the composition or use of such Company Product in such country (the “Royalty Term”). If the Royalty Term
pursuant to clause (i) of this Section 2.3 exceeds the Royalty Term pursuant to clause (ii), the royalty rates under Sections 2.1 and 2.2 shall each be reduced by fifty percent (50%) for the remainder of the Royalty Term, such that the new
royalty rates under Section 2.1 and 2.2 shall be 0.25% each for the remainder of the Royalty Term. If MPM Oncology Impact Management GP, LP ceases for any reason to serve as the general partner for OIF Management, then this Agreement shall
terminate immediately. Notwithstanding anything to the contrary, this Agreement shall terminate and the Company shall have no obligation to pay any Royalty hereunder if that certain Letter Agreement dated as of even date herewith by and among the
Company, the Charitable Foundations and UBS Oncology Impact Fund L.P. terminates for any reason, including the failure of UBS Oncology Impact Fund, LP to purchase shares of Series A Preferred Stock of the Company. 

2.4 Currency of Payments. All payments under this Agreement shall be paid in U.S. dollars by wire transfer to an account designated by
the receiving party (which account the receiving party may update from time to time in writing). 
 2.5 Currency; Withholding Tax
Matters. In the event that any of the payments made by the Company under this Agreement become subject to withholding taxes under the laws of any jurisdiction, the Company shall deduct and withhold the amount of such taxes for the account of the
applicable Charitable Foundation to the extent required by law, such payment to the applicable Charitable Foundation shall be reduced by the amount of taxes deducted and withheld, and the Company shall pay the amount of such taxes to the proper
governmental authority in a timely manner. Any such withholding taxes required under applicable law to be paid or withheld shall be an expense of, and borne solely by, the applicable Charitable Foundation. 

2.6 Confidentiality. All information regarding Net Sales and other information disclosed by or on behalf of the Company under this
Agreement shall be deemed to be the confidential information of the Company, and each Charitable Foundation shall not use such information for any purpose or disclose such information to any third party, in each case during or after the term of this
Agreement. 
 Section 3: Miscellaneous 

3.1 Binding Agreement and Assignment. This Agreement shall be binding upon and inure to the benefit of the Company and its successors
and assigns. The Company may not transfer, assign or sell any rights to commercialize any Company Products (other than to 

 
trade customers) without securing from the transferee, assignee or acquirer, as the case may be, an acknowledgement of its continuing obligations under this Agreement. The Charitable Foundations
may not assign any of their rights or obligations under this Agreement to any individual or entity without the express written prior consent of the Company. 

3.2 Entire Agreement, Headings, and Modification. This Agreement contains the entire understandings of the parties with respect to the
subject matter herein, and supersedes all previous agreements (whether oral or written), negotiations, and discussions among the parties with respect to such subject matter. The descriptive headings of the sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of any provision hereof. Any modifications or amendments to this Agreement must be made in writing and signed by all parties. 

3.3 Choice of Law. This Agreement shall be construed, governed, interpreted, and applied in accordance with the laws of the Commonwealth
of Massachusetts, exclusive of its conflicts of law provisions. Any unresolved controversy or claim arising out of or relating to this Agreement shall be submitted to arbitration by one arbitrator mutually agreed upon by the parties, and if no
agreement can be reached within 30 days after names of potential arbitrators have been proposed by the American Arbitration Association (the “AAA”), then by one arbitrator having reasonable experience in licensing and royalty transactions
who is chosen by the AAA. The arbitration shall take place in Boston, Massachusetts, in accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding and may be entered in any court having
jurisdiction thereof. 
 3.4 Waiver. The waiver by any party of the breach of any covenant or provision in this Agreement shall not
operate or be construed as a waiver of any subsequent breach by such party. 
 3.5 Severability. In the event a court of competent
jurisdiction declares any term or provision of this Agreement to be invalid or unenforceable for any reason, this Agreement will remain in full force and effect, and either: (a) the invalid or unenforceable provision(s) will be modified to the
minimum extent necessary to make such provision(s) valid and enforceable; or (b) if such a modification is not possible, this Agreement will be interpreted as if such invalid or unenforceable provision(s) were not a part of this Agreement. 

3.6 Counterparts. This Agreement may be executed in any number of counterparts, all of which will constitute one and the same
instrument, and will be an original of this Agreement. 
 (The remainder of this page is intentionally left blank. The signature pages
follow.) 

 IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto through their duly authorized
officers as of the Effective Date. 
  

			
	WEREWOLF THERAPEUTICS, INC.
		
	By:	 	/s/ Daniel Hicklin
	Name: Daniel Hicklin, Ph.D.
	Title: President and Chief Executive Officer

  
 [Royalty Transfer
Agreement] 

			
	MPM ONCOLOGY IMPACT FUND CHARITABLE FOUNDATION, INC.
		
	By:	 	/s/ Ansbert Gadicke
	Name: Ansbert Gadicke
	Title: President

  

			
	UBS OPTIMUS FOUNDATION
		
	By:	 	/s/ Phyllis Kurlander Costanza
	Name: Phyllis Kurlander Costanza
	Title: CEO, UBS Optimus Foundation

  

			
	UBS OPTIMUS FOUNDATION
		
	By:	 	/s/ Nina Hoppe
	Name: Nina Hoppe
	Title: COO

 And 

			
		
	By:	 	/s/Volker Niederländer
	Name: Volker Niederländer
	Title: Risk Manager

  
 [Royalty Transfer
Agreement]

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