Document:

Amended and Restated Right of First Refusal and Co-Sale Agreement

 Exhibit 10.10 
 CONFIDENTIAL TREATMENT REQUESTED 
 AMENDED AND RESTATED 

RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 
  

This AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT is entered into as of May 2, 2012 by and
among KaloBios Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and David Pritchard, Geoffrey Yarranton, Dan Shochat, 5AM Ventures LLC, and 5AM Co-Investors LLC (each a “Key Common Holder” and together
the “Key Common Holders”) and the parties listed on Exhibit A (the “Purchasers”) who are holders of the Company’s Series A Preferred Stock (the “Series A Stock”), the Company’s
Series B-1 Preferred Stock (the “Series B-1 Stock”), the Company’s Series B-2 Preferred Stock (the “Series B-2 Stock”), the Company’s Series C Preferred Stock (the “Series C Stock”), the
Company’s Series D Preferred Stock (the “Series D Stock”) and/or the Company’s Series E Preferred Stock (the “Series E Stock” and, together with the Series A Stock, the Series B-1 Stock the Series B-2
Stock, the Series C Stock and the Series D Stock, the “Preferred Shares”). 
 W I T N E S S E T H : 

WHEREAS, the Company and certain of the Purchasers (the “New Purchasers”) are parties to the Series E
Preferred Stock Purchase Agreement of even date herewith (the “Series E Agreement”), pursuant to which the New Purchasers are purchasing shares of the Company’s Series E Stock; 

WHEREAS, each Key Common Holder is the beneficial owner of the number of shares of Common Stock of the Company set forth
opposite his or her name on Exhibit B hereto; 
 WHEREAS, the Company, each Key Common Holder and
certain of the Purchasers (the “Existing Purchasers”) are parties to that certain Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of September 22, 2008 (the “Prior Agreement”); and

 WHEREAS, the Company, each Key Common Holder and the Existing Purchasers wish to provide further inducement
to the New Purchasers to purchase Series E Stock by amending and restating the Prior Agreement to include the New Purchasers and to amend and restate the rights and obligations set forth therein, in each case as set forth herein. 

NOW, THEREFORE, in consideration of the foregoing premises and certain other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1.       Restrictions on Transfer of Shares by Key Common Holders. Except as
otherwise provided in this Agreement, each Key Common Holder will not sell, assign, transfer, pledge, hypothecate, or otherwise encumber or dispose of in any way, all or any part of or any interest in the Equity Securities (as defined below) now or
hereafter owned or held by such Key Common Holder. Any sale, assignment, transfer, pledge, hypothecation or other encumbrance or 

  
 [***] CONFIDENTIAL PORTIONS
OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

 
disposition of Equity Securities (as defined below) not made in conformance with this Agreement shall be null and void, shall not be recorded on the books of the Company and shall not be
recognized by the Company. 
 2.      Definitions. 

(a)      Equity Securities. For purposes of this Agreement, the term
“Equity Securities” shall mean any securities having voting rights in the election of the Board of Directors of the Company not contingent upon default, or any securities evidencing an ownership interest in the Company, or any
securities convertible into or exercisable for any shares of the foregoing, or any agreement or commitment to issue any of the foregoing. Notwithstanding the foregoing, with respect to 5AM Ventures LLC and 5AM Co-Investors LLC, the definition of
Equity Securities shall only include an aggregate of 564,915 shares of Common Stock (as adjusted for stock splits, reverse stock splits and the like effected after the date of this Agreement). 

(b)      Holders. For purposes of this Agreement, the term
“Holders” shall mean the Purchasers or persons who have acquired shares from any of such persons or their transferees or assignees in accordance with the provisions of this Agreement. 

3.      Agreements Among the Company, the Purchasers and the Key Common Holders.

 3.1    Rights of Refusal. 

(a)      Contingent Offer Notice and Firm Offer Notice. Subject to the
Company’s right of first refusal, if at any time any Key Common Holder proposes to transfer at least 20,000 shares of Equity Securities to one or more third parties pursuant to an understanding with such third parties (a
“Transfer”), then the Key Common Holder shall give the Company and each Holder written notice of the Key Common Holder’s intention to make the Transfer (the “Contingent Offer Notice”), which Contingent Offer
Notice shall include (i) a description of the Equity Securities to be transferred (“Total Offered Shares”), (ii) the identity of the prospective transferee(s) and (iii) the consideration and the material terms and
conditions upon which the proposed Transfer is to be made. The Contingent Offer Notice shall certify that the Key Common Holder has received a firm offer from the prospective transferee(s) and in good faith believes a binding agreement for the
Transfer is obtainable on the terms set forth in the Contingent Offer Notice. The Contingent Offer Notice shall also include a copy of any written proposal, term sheet or letter of intent or other agreement relating to the proposed Transfer. If the
Company’s right of first refusal period has lapsed (thirty (30) days after receipt of the Contingent Offer Notice by the Company) and not all the Total Offered Shares were purchased by the Company, the Key Common Holder shall immediately
give each Holder written notice of the remaining shares (“Firm Offer Notice”), which Firm Offer Notice shall include (i) all the required items from the Contingent Offer Notice and (ii) the number of Total Offered Shares
that were not purchased by the Company (“Offered Shares”). 

(b)      Holders’ Option. The Holders shall have an option for a period of
twenty (20) days from the Holder’s receipt of the Firm Offer Notice from the Key Common 

  
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Holder set forth in Section 3.1(a) to elect to purchase their respective pro rata shares of the Offered Shares at the same price and subject to the same material terms and conditions as
described in the Firm Offer Notice. Each Holder may exercise such purchase option and, thereby, purchase all or any portion of his, her or its pro rata share (with any re-allotments as provided below) of the Offered Shares, by notifying the Key
Common Holder and the Company in writing, before expiration of the twenty (20) day period as to the number of such shares which he, she or it wishes to purchase (including any re-allotment). Each Holder’s pro rata share of the Offered
Shares shall be a fraction of the Offered Shares, of which the number of shares of Common Stock (including shares of Common Stock issuable upon conversion of Preferred Shares) owned by such Holder on the date of the Firm Offer Notice shall be the
numerator and the total number of shares of Common Stock (including shares of Common Stock issuable upon conversion of Preferred Shares) held by all Holders on the date of the Firm Offer Notice shall be the denominator. Each Holder electing to
exercise the right to purchase its full pro rata shares of the Offered Shares (a “Participating Holder”) shall have a right of reallotment such that, if any other Holder fails to exercise the right to purchase its full pro rata
share of the Offered Shares, each such Participating Holder may exercise an additional right to purchase all or any portion of his, her or its pro rata share of the Offered Shares not previously purchased such that each Participating Holder will
have a right to take up to 100% of any such remaining Offered Shares, regardless of whether his, her or its pro rata ownership in the Company is modified as a result of his, her or its exercise of this right of first refusal. For the purpose of the
preceding sentence, each Participating Holder’s pro rata share shall be a fraction of the Offered Shares previously not purchased, the numerator of which shall be the number of shares of Common Stock (including shares of Common Stock issuable
upon conversion of Preferred Shares) held by such Participating Holder on the date of the Firm Offer Notice and the denominator which shall be the total number of shares of Common Stock (including shares of Common Stock issuable upon conversion of
Preferred Shares) held by all Participating Holders on the date of the Firm Offer Notice. Each Holder shall be entitled to apportion Offered Shares to be purchased among its partners and affiliates, provided that such Holder notifies the Key Common
Holder of such allocation. If a Holder gives the Key Common Holder notice that it desires to purchase its pro rata share of the Offered Shares and, as the case may be, its reallotment, then payment for the Offered Shares shall be by check or wire
transfer, against delivery of the Offered Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than forty-five (45) days after the Holder’s receipt of
the Firm Offer Notice, unless the Firm Offer Notice contemplated a later closing with the prospective third party transferee(s) or unless the value of the purchase price has not yet been established pursuant to Section 3.1(c). 

(c)      Valuation of Property. Should the purchase price specified in the
Contingent Offer Notice or Firm Offer Notice be payable in property other than cash or evidences of indebtedness, the Company (or the Holders) shall have the right to pay the purchase price in the form of cash equal in amount to the value of such
property. If the Key Common Holder and the Holders cannot agree on such cash value within ten (10) days after the Holders’ receipt of the Contingent Offer Notice, the valuation shall be made by an appraiser of recognized standing selected
by the Key Common Holder and the Holders or, if they cannot agree on an appraiser within twenty (20) days after the Holder’s receipt of the Contingent Offer Notice, each shall select an appraiser of recognized standing and the two
appraisers shall designate a third appraiser of recognized standing, whose appraisal shall be determinative of such value. The cost 

  
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of such appraisal shall be shared equally by the Key Common Holder and the Holders, with the half of the cost borne by the Holders borne pro rata by each based on the number of shares such
parties were interested in purchasing pursuant to this Section 3. If the time for the closing of the Company’s purchase or the Holders’ purchase has expired but for the determination of the value of the purchase price offered by the
prospective transferee(s), then such closing shall be held on or prior to the fifth business day after such valuation shall have been made pursuant to this subsection. 

3.2      Right of Co-Sale. 

  (a)      To the extent that (i) the Company has not exercised its right
to purchase the offered shares pursuant to any right of first refusal held by the Company and (ii) the Holders have not exercised their rights to purchase the Offered Shares pursuant to Section 3.1, then each Holder (a “Selling
Holder” for purposes of this subsection 3.2) which notifies the Key Common Holder in writing within thirty (30) days after receipt of the Firm Offer Notice referred to in Section 3.1(a), shall have the right to participate in
such sale of Equity Securities on the same terms and conditions as specified in the Firm Offer Notice. Such Selling Holder’s notice to the Key Common Holder shall indicate the number of shares of Equity Securities the Selling Holder wishes to
sell under his, her or its right to participate. To the extent one or more of the Holders exercise such right of participation in accordance with the terms and conditions set forth below, the number of shares of Equity Securities that the Key Common
Holder may sell in the Transfer shall be correspondingly reduced. 

  (b)      Each Selling Holder may sell all or any part of that number of shares
of Equity Securities equal to the product obtained by multiplying (i) the aggregate number of shares of Equity Securities covered by the Firm Offer Notice by (ii) a fraction, the numerator of which is the number of shares of Common Stock
(including shares of Common Stock issuable upon conversion of Preferred Shares) owned by the Selling Holder on the date of the Firm Offer Notice and the denominator of which is the total number of shares of Common Stock (including shares of Common
Stock issuable upon conversion of Preferred Shares) owned by the Key Common Holder and all of the Selling Holders on the date of the Firm Offer Notice. 
   (c)      Each Selling Holder shall effect its participation in the sale by promptly delivering to the Key Common Holder for transfer to the prospective purchaser
one or more certificates, properly endorsed for transfer, which represent: 

    (i)       the type and number of shares of Equity Securities
which such Selling Holder elects to sell; or 

    (ii)      that number of shares of Equity Securities which are at
such time convertible into the number of shares of Common Stock which such Selling Holder elects to sell; provided, however, that if the prospective third-party purchaser objects to the delivery of Equity Securities in lieu of Common Stock, such
Selling Holder shall convert such Equity Securities into Common Stock and deliver Common Stock as provided in this Section 3.2. The Company agrees to make any such conversion concurrent with the actual transfer of such shares to the purchaser
and contingent on such transfer. 

  
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   (d)      The stock certificate or
certificates that the Selling Holder delivers to the Key Common Holder pursuant to Section 3.2(c) shall be transferred to the prospective purchaser in consummation of the sale of the Equity Securities pursuant to the terms and conditions
specified in the Firm Offer Notice, and the Key Common Holder shall concurrently therewith remit to such Selling Holder that portion of the sale proceeds to which such Selling Holder is entitled by reason of its participation in such sale. To the
extent that any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase shares or other securities from a Selling Holder exercising its rights of co-sale hereunder, the Key Common Holder shall not sell to such
prospective purchaser or purchasers any Equity Securities unless and until, simultaneously with such sale, the Key Common Holder shall purchase such shares or other securities from such Selling Holder for the same consideration and on the same terms
and conditions as the proposed transfer described in the Firm Offer Notice. 

3.3      Non-Exercise of Rights. To the extent that the Company has not exercised
its right to purchase the offered shares pursuant to any right of first refusal held by the Company and the Holders have not exercised their rights to purchase the Offered Shares within the time periods specified in Section 3.1 and the Holders
have not exercised their rights to participate in the sale of the Offered Shares within the time periods specified in Section 3.2, the Key Common Holder shall have a period of thirty (30) days from the expiration of such rights in which to
sell the Offered Shares upon terms and conditions (including the purchase price) no more favorable than those specified in the Firm Offer Notice to the third-party transferee(s) identified in the Firm Offer Notice. The third-party transferee(s)
shall acquire the Offered Shares free and clear of subsequent rights of first refusal and co-sale rights under this Agreement. In the event the Key Common Holder does not consummate the sale or disposition of the Offered Shares within the thirty
(30) day period from the expiration of these rights, the Holders’ first refusal rights and co-sale rights shall continue to be applicable to any subsequent disposition of the Offered Shares by the Key Common Holder until such right lapses
in accordance with the terms of this Agreement. Furthermore, the exercise or non-exercise of the rights of the Holders under this Section 3 to purchase Equity Securities from the Key Common Holder or participate in sales of Equity Securities by
the Key Common Holder shall not adversely affect their rights to make subsequent purchases from the Key Common Holder of Equity Securities or subsequently participate in sales of Equity Securities by the Key Common Holder. 

3.4      Limitations to Rights of Refusal and Co-Sale. Notwithstanding the
provisions of Section 3.1 and 3.2 of this Agreement, the Key Common Holder may sell or otherwise assign, with or without consideration, Equity Securities to any spouse or member of the Key Common Holder’s immediate family, or to a
custodian, trustee (including a trustee of a voting trust), executor, or other fiduciary for the account of the Key Common Holder’s spouse or members of the Key Common Holder’s immediate family, or to a trust for the Key Common
Holder’s own self, or a charitable remainder trust, provided that each such transferee or assignee, prior to the completion of the sale, transfer, or assignment shall have executed documents assuming the obligations of the Key Common Holder
under this Agreement with respect to the transferred securities. In addition, notwithstanding the provisions of Section 3.1 and 3.2 of this Agreement, 5AM Ventures LLC and 5AM Co-Investors LLC may sell or otherwise assign, with or without
consideration, Equity Securities to (i) Aravis Venture, L.P., (ii) The Bay City Capital Fund, L.P. and (iii) Versant Venture Capital, L.P. (each a “Member”), so long as prior to the completion of the sale, transfer,
or assignment (a) such Member is a stockholder of the Company 

  
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and (b) such Member shall have executed documents assuming the obligations of a Key Common Holder under this Agreement with respect to the transferred Equity Securities. 

3.5      Prohibited Transfers. 

  (a)      In the event the Key Common Holder should sell any Equity Securities
in contravention of the co-sale rights of the Holders under Section 3.2 (a “Prohibited Transfer”), the Holders, in addition to such other remedies as may be available at law, in equity or hereunder, shall have the put option
provided below, and the Key Common Holder shall be bound by the applicable provisions of such option. 

  (b)      In the event of a Prohibited Transfer, each Holder shall have the
right to sell to the Key Common Holder the type and number of shares of Equity Securities equal to the number of shares each Holder would have been entitled to transfer to the third-party transferee(s) under Section 3.2 hereof had the
Prohibited Transfer been effected pursuant to and in compliance with the terms hereof. Such sale shall be made on the following terms and conditions: 
     (i)       The price per share at which the shares are to be sold to the Key Common Holder shall be equal to the price per share paid by the
third-party transferee(s) to the Key Common Holder in the Prohibited Transfer. The Key Common Holder shall also reimburse each Holder for any and all fees and expenses, including legal fees and expenses, incurred pursuant to the exercise or the
attempted exercise of the Holder’s rights under Section 3. 

    (ii)      Within ninety (90) days after the later of the
dates on which the Holder (A) receives notice of the Prohibited Transfer or (B) otherwise becomes aware of the Prohibited Transfer, each Holder shall, if exercising the option created hereby, deliver to the Key Common Holder the
certificate or certificates representing shares to be sold, each certificate to be properly endorsed for transfer. 
     (iii)     The Key Common Holder shall, upon receipt of the certificate or certificates for the shares to be sold by a Holder, pursuant to this
Section 3.5, pay the aggregate purchase price therefor and the amount of reimbursable fees and expenses, as specified in subparagraph 3.5(b)(i), in cash or by other means acceptable to the Holder. 

    (iv)     Notwithstanding the foregoing, any attempt by the Key Common
Holder to transfer Equity Securities in violation of Section 3 hereof shall be void and the Company agrees it will not effect such a transfer nor will it treat any alleged transferee(s) as the holder of such shares without the written consent
of a majority in interest of the Holders. 
 4.       Assignments and
Transfers; No Third Party Beneficiaries. This Agreement and the rights and obligations of the parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives, but shall not
otherwise be for the benefit of any third party. The rights of the Holders hereunder are only assignable (i) by each of such Holders to any other Holder, (ii) to a partner or affiliate of such Holder or (iii) to an assignee or
transferee who acquires all of the Equity Securities purchased by a Holder or at least 250,000 shares of Common Stock (including shares of Common Stock issuable upon conversion of Preferred Shares). 

  
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 5.       Legend. Each existing or
replacement certificate for shares now owned or hereafter acquired by the Key Common Holder shall bear the following legend upon its face: 
 “THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN RIGHT OF FIRST REFUSAL AND CO-SALE
AGREEMENT BY AND BETWEEN THE STOCKHOLDER, THE CORPORATION AND CERTAIN HOLDERS OF STOCK OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION.” 

6.       Effect of Change in Company’s Capital Structure. Appropriate
adjustments shall be made in the number and class of shares in the event of a stock dividend, stock split, reverse stock split, combination, reclassification or like change in the capital structure of the Company. 

7.       Notices. All notices and other communications given or made pursuant
hereto shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if
not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. The occurrence of the events set forth in clauses (a) through (d) above shall constitute “Delivery” of notice. All notices and other
communications shall be sent to the Company at 260 East Grand Avenue, South San Francisco, CA 94080, Attention: Chief Executive Officer and to the other parties at the addresses set forth on the Schedule A or Schedule B, as applicable
(or at such other addresses as shall be specified by notice given in accordance with this Section 7). 

8.       Further Instruments and Actions. The parties agree to execute such
further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. The Key Common Holders agree to cooperate affirmatively with the Company, the Purchasers and the Holders, to the extent
reasonably requested by the Company, the Purchasers or the Holders, to enforce rights and obligations pursuant hereto. 
 9.       Term. This Agreement shall terminate and be of no further force or effect upon the earlier of (i) the closing of a firm commitment underwritten
public offering pursuant to an effective registration statement on Form S-1 or successor form under the Securities Act of 1933, as amended, covering the offer and sale of the Company’s Common Stock with a pre-initial public offering valuation
of at least $225,000,000 and gross proceeds to the Company of not less than $30,000,000; (ii) the date on which a registration statement on Form S-1 registering for re-sale by shareholders of this corporation shares of Common Stock issued upon
conversion of the Preferred Stock and, without duplication, shares of Common Stock issued in, or shares of Common Stock issued upon conversion of Preferred Stock issued in, a PIPE Offering (as defined in the Amended and Restated Investors’
Rights Agreement, dated as of the date hereof among 

  
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the Company and certain of its shareholders) becomes effective, (iii) the closing of a Liquidation Event (as defined in the Company’s Amended and Restated Certificate of Incorporation
filed on or about the date hereof), unless the treatment of such transaction as a Liquidation Event has been waived in accordance with such Amended and Restated Certificate of Incorporation; or (iv) the date specified by written consent or
agreement of the holders of not less than sixty percent (60%) of the then outstanding Preferred Shares. 

10.      Entire Agreement. This Agreement contains the entire understanding of the
parties hereto with respect to the subject matter hereof, supersedes all other agreements between or among any of the parties with respect to the subject matter hereof. To the extent this Agreement conflicts with a provision from the Prior
Agreement, this Agreement expressly supercedes and replaces such provisions. This Agreement shall be interpreted under the laws of the State of California without reference to California conflicts of law provisions. 

11.      Amendments and Waivers. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of (i) the Company, (ii) the written consent of the holders of
more than fifty percent (50%) of the Common Stock held by Key Common Holders and (iii) the written consent of the holders of more than sixty percent (60%) of the then outstanding Preferred Shares; provided, however, that any amendment
or waiver that adversely and disproportionately affects the rights, powers and privileges hereunder in respect of the Series E Preferred Stock in a manner different from the other series of Preferred Stock shall require the prior written consent of
the holders of more than sixty percent (60%) of the then outstanding shares of Series E Preferred Stock. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the Key Common Holders and all Holders and their
respective successors and assigns. The parties hereby agree and acknowledge that the addition of an additional party pursuant to Section 15 below shall not constitute an amendment or waiver of this Agreement. 

12.      Separability. In case any provision of the Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 13.      Attorney’s Fees. In the event that any dispute among the parties to this Agreement should result in litigation, the prevailing party in such dispute
shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and
accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

14.      Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
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 15.      Additional Parties.

 15.1    In the event of a subsequent closing with an investor as provided for in
Section 1.3 of the Series E Agreement, such investor shall become a party to this Agreement as a “Purchaser” upon receipt from such investor of a fully executed signature page hereto. 

15.2    If additional parties purchase shares of Equity Securities (each additional party, a
“New Key Common Holder”), including but not limited to, pursuant to the exercise of an option or warrant to purchase shares of Equity Securities, then each such New Key Common Holder may become party to this Agreement as a “Key
Common Holder” hereunder, without the need for any consent, approval or signature of any Holder or Key Common Holder, when such New Key Common Holder has both: (a) purchased such shares of Equity Securities and paid the Company all
consideration payable for such shares and (b) executed a counterpart signature page to this Agreement. The Company shall require each stockholder owning shares of the Company’s Common Stock, which shares represent in the aggregate at least
one percent (1.0%) of the total capital stock of the Company, to become a party to this Agreement as a “Key Common Holder”. For purposes of this Section 15.2, “total capital stock of the Company” shall include
(i) all outstanding shares of the Company’s Common Stock, (ii) all shares of Common Stock issuable upon conversion or exercise of all outstanding convertible or exercisable securities of the Company and (iii) all shares of Common
Stock reserved for issuance pursuant to the Company’s employee stock plans. 

16.      Termination of Prior Agreement. Upon the effectiveness of this Agreement,
the Prior Agreement shall terminate and be of no further force and effect, and shall be superseded and replaced in its entirety by this Agreement. 
 17.      Aggregation of Stock. All shares of the Preferred Stock and Common Stock held or acquired by affiliated entities or persons shall be aggregated together for
the purpose of determining the availability of any rights under this Agreement. For purposes of this Agreement, the mutual funds, other pooled vehicles and client accounts on whose behalf the [***] Investors (as defined in Section 18) and their
respective investment advisory affiliates exercise investment discretion shall be considered affiliates or affiliated entities or persons of such [***] Investors and such investment advisory affiliates. 

  
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 18.      Massachusetts Business Trust.
A copy of the Agreement and Declaration of Trust of [***] Advisor Series I: [***] Advisor Dividend Growth Fund, [***] Advisor Series VII: [***] Advisor Biotechnology Fund, [***] Magellan Fund: [***] Magellan Fund, [***] Rutland Square Trust II:
Strategic Advisers Core Fund, [***] Rutland Square Trust II: Strategic Advisers Core Multi-Manager Fund, [***] Securities Fund: [***] Dividend Growth Fund, [***] Select Portfolios: Biotechnology Portfolio and Variable Insurance Products Fund III:
Balanced Portfolio (each, a “[***] Investor”) (or any affiliate thereof) is on file with the Secretary of the Commonwealth of Massachusetts and notice is hereby given that this Agreement is executed on behalf of the trustees of each
such [***] Investor or any such affiliate thereof as trustees and not individually and that the obligations of this Agreement are not binding on any of the trustees, officers or stockholders of any such [***] Investor or any such affiliate thereof
individually but are binding only upon each such [***] Investor or any such affiliate thereof and its assets and property. 

[Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first written above. 
  
  

			
		 	 KALOBIOS PHARMACEUTICALS, INC.

		
		 	 /s/ David Pritchard

David Pritchard

		 	 Chief Executive Officer

		
	 Address:  
	 	 260 East Grand Avenue

		 	 South San Francisco, CA 94080

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

					
		 		 	 KEY COMMON HOLDERS:

			
		 		 	 /s/ David Pritchard

David Pritchard

			
		 	 Address:  
	 	  

		 		 	  

			
		 		 	 /s/ Dan Shochat

Dan Shochat

			
		 	 Address:  
	 	  

		 		 	  

			
		 		 	 /s/ Geoffrey Yarranton

Geoffrey Yarranton

			
		 	 Address:  
	 	  

		 		 	  

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

  

					
		 	    KEY COMMON HOLDERS / PURCHASERS

		
		 	    5AM VENTURES LLC

 
  

					
		 	  By:
	 	 /s/ X

 

					
		 	  Name:
	 	  

 

					
		 	  Title:
	 	  

 

					
		 	 Address:  
	 	 2200 Sand Hill Road, Suite 110

		 		 	 Menlo Park, CA 94025

			
		 		 	  5AM CO-INVESTORS LLC

 
  

					
		 	  By:
	 	 /s/ X

 

					
		 	  Name:
	 	  

 

					
		 	  Title:
	 	  

 

					
		 	 Address:  
	 	 2200 Sand Hill Road, Suite 110

		 		 	 Menlo Park, CA 94025

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

  

			
		 	  PURCHASERS:

		
		 	  [***] MAGELLAN FUND:

		 	  [***] MAGELLAN FUND

 
  

					
		 	  By:
	 	 [***]

 

					
		 	  Name:
	 	 [***]

 

					
		 	  Title:
	 	 [***]

 
  

			
		 	  [***] SELECT PORTFOLIOS:
  BIOTECHNOLOGY PORTFOLIO

  

 

					
		 	  By:
	 	 [***]

 

					
		 	  Name:
	 	 [***]

 

					
		 	  Title:
	 	 [***]

 
  

			
		 	  [***] ADVISOR SERIES VII:
  [***] ADVISOR BIOTECHNOLOGY FUND

  

 

					
		 	  By:
	 	 [***]

 

					
		 	  Name:
	 	 [***]

 

					
		 	  Title:
	 	 [***]

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

  

			
		 	  PURCHASERS:

		
		 	  VARIABLE INSURANCE PRODUCTS
  FUND III: BALANCED PORTFOLIO

  

 

					
		 	  By:
	 	 [***]

 

					
		 	  Name:
	 	 [***]

 

					
		 	  Title:
	 	 [***]

 
  

			
		 	  [***] ADVISOR SERIES I:

		 	  [***] ADVISOR DIVIDEND GROWTH FUND

 
  

					
		 	  By:
	 	 [***]

 

					
		 	  Name:
	 	 [***]

 

					
		 	  Title:
	 	 [***]

 
  

			
		 	  [***] SECURITIES FUND:

		 	  [***] DIVIDEND GROWTH FUND

 
  

					
		 	  By:
	 	 [***]

 

					
		 	  Name:
	 	 [***]

 

					
		 	  Title:
	 	 [***]

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

  

			
		 	 PURCHASERS:

		
		 	 [***] RUTLAND SQUARE TRUST II:
 STRATEGIC ADVISERS CORE
 MULTI-MANAGER
FUND

  
  

					
		 	 By:
	 	 [***]

 

					
		 	 Name:
	 	 [***]

 

					
		 	 Title:
	 	 [***]

 
  

			
		 	 [***] RUTLAND SQUARE TRUST II:

		 	 STRATEGIC ADVISERS CORE FUND

 
  

					
		 	 By:
	 	 [***]

 

					
		 	 Name:
	 	 [***]

 

					
		 	 Title:
	 	 [***]

		
	Address for Notices:	 	[***]

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

					
	 	 	 PURCHASERS:

		
		 	 LB I GROUP INC.

			
		 	 By:
	  	 /s/ Ashvin
Rao

  

					
		 	 Name:
	  	 Ashvin Rao

 

					
		 	 Title:
	  	 Vice
President

  

					
	Address:  	 	  

		 	      

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

							
	 	 	 PURCHASERS:

		
		 	 MPM BIOVENTURES III, L.P.

		
		 	 By:  MPM BioVentures III GP, L.P., its General Partner

		 	 By:  MPM BioVentures III LLC, its General Partner

				
		 	 By:
	 	 /s/ Dennis Henner
	 	
		 	 Name:
	 	 Dennis Henner
	 	
		 	 Title: Series A Member

		
		 	 MPM BIOVENTURES III-QP, L.P.

		
		 	 By:  MPM BioVentures III GP, L.P., its General Partner

		 	 By:  MPM BioVentures III LLC, its General Partner

				
		 	 By:
	 	 /s/ Dennis Henner
	 	
		 	 Name:
	 	 Dennis Henner
	 	
		 	 Title: Series A Member

		
		 	MPM BIOVENTURES III GMBH & CO. BETEILIGUNGS KG
		
		 	 By:  MPM BioVentures III GP, L.P., in its capacity as the Managing Limited Partner

		 	 By:  MPM BioVentures III LLC, its General Partner

				
		 	 By:
	 	 /s/ Dennis Henner
	 	
		 	 Name:
	 	 Dennis Henner
	 	
		 	 Title: Series A Member

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

											
		 		 	 PURCHASERS:

			
		 		 	 MPM BIOVENTURES III PARALLEL FUND, L.P.

			
		 		 	 By:  MPM BioVentures III GP, L.P., its General Partner

		 		 	 By:  MPM BioVentures III LLC, its General Partner

					
		 		 	 By:
	 	 /s/ Dennis Henner
	 	
		 		 	 Name:
	 	 Dennis Henner
	 	
		 		 	 Title: Series A Member
	 	
			
		 		 	 MPM ASSET MANAGEMENT INVESTORS 2005 BVIII LLC

					
		 		 	 By:
	 	 /s/ Dennis Henner
	 	
		 		 	 Name:
	 	 Dennis Henner
	 	
		 		 	 Title: Manager
	 	
			
		 		 	 MPM BIOVENTURES STRATEGIC FUND, L.P.

			
		 		 	 By:  MPM BioVentures III GP, L.P., its General Partner

		 		 	 By:  MPM BioVentures III LLC, its General Partner

					
		 		 	 By:
	 	 /s/ Dennis Henner
	 	
		 		 	 Name:
	 	 Dennis Henner
	 	
		 		 	 Title: Series A Member
	 	

											
			
	Address:	 		 	  

		 		 	  

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

							
		 	 PURCHASERS:

		
		 	SOFINNOVA VENTURE PARTNERS V, LP
		 	 By:
	 	 Sofinnova Management V 2005, LLC
 Its General Partner

				
		 	 By:
	 		 	 /s/ James Healy

		 		 		 	 James I. Healy, Managing Director

		
		 	SOFINNOVA VENTURE AFFILIATES V, LP
		 	 By:
	 	 Sofinnova Management V, LLC
 Its General Partner

				
		 	 By:
	 		 	 /s/ James Healy

		 		 		 	 James I. Healy, Managing Director

		
		 	SOFINNOVA VENTURE PRINCIPALS V, LP
		 	 By:
	 	 Sofinnova Management V, LLC
 Its General Partner

				
		 	 By:
	 		 	 /s/ James Healy

		 		 		 	 James I. Healy, Managing Director

 

							
		 	 Address:  
	 	  

		 		 	  

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

							
	 	 	 	 	 PURCHASERS:

			
		 		 	 ALLOY PARTNERS 2000, L.P.
 ALLOY VENTURES 2000, L.P.
 ALLOY CORPORATE 2000,
L.P.

		 		 	 ALLOY INVESTORS 2000, L.P.
 ALLOY ANNEX I, L.P.

			
		 		 	 /s/ X

		 		 	 By:    
	 	 Alloy Ventures 2000, LLC,

		 		 		 	 its General Partner

			
		 	 Address:    
	 	 480 Cowper Street,
2nd Floor

		 		 	 Palo Alto, CA 94301

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

 PURCHASERS: 

													
			
		 		 	Signed for and on behalf of GBS Venture Partners Limited (ABN 54 072 515 247) in its capacity as trustee of GBS BioVentures II
						
		 		 	 /s/ Brigitte Smith

Director
	 		 	 /s/ Geoff Brooke

Director
	 	
						
		 		 	 Brigitte Smith

Name
	 		 	 Geoff Brooke
 Name
	 	
			
		 		 	Signed for and on behalf of GBS Venture Partners Limited (ABN 54 072 515 247) in its capacity as trustee of the Genesis Fund
						
		 		 	 /s/ Brigitte Smith

Director
	 		 	 /s/ Geoff Brooke

Director
	 	
						
		 		 	 Brigitte Smith

Name
	 		 	 Geoff Brooke
 Name
	 	
				
	 	 	 Address:  
	 	 Level 5, 71 Collins St.
	 	 
	 	 	 	 	 Melbourne Vic, Australia
	 	 

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

  

					
		 	PURCHASERS:
		
		 	Mitsubishi UFJ Capital II, Limited partnership
		
		 	by: Mitsubishi UFJ Capital its General Partner
			
		 	By:	 	 /s/ Yoshihiro Hashimoto

		
		 	Name: Yoshihiro Hashimoto
		
		 	Title: President

					
			
		 	Address:  	 	1-7-17 Nihonbashi Chuo-Ku
		 		 	Tokyo, 103-0027 Japan
		 		 	Fax-81-3-3273-5570

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

  

					
		 	  PURCHASERS:

		
		 	  GENZYME CORPORATION

			
		 	  By:
	 	 /s/ David Meeker

  

					
		 	  Name:
	 	 David Meeker

  

					
		 	  Title:
	 	 President and Chief Executive Officer

  

					
		 	 Address:  
	 	 Genzyme Corporation

		 		 	 500 Kendall Street

		 		 	 Cambridge, MA 02142

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

  

			
		 	 PURCHASERS:

		
		 	 G&H PARTNERS

 

					
		 	  By:
	 	 /s/ Jonathan
Gleason

  

					
		 	  Name:
	 	 Jonathan Gleason

 

					
		 	  Title:
	 	  

 

					
		 	 Address:  
	 	 c/o Gunderson Dettmer

		 		 	 1200 Seaport Blvd.

		 		 	 Redwood City, CA 94063

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

  

			
		 	 PURCHASERS:

		
		 	 BAXTER INTERNATIONAL INC.

 

					
		 	  By:
	 	 /s/ Michael
Baughman

  

					
		 	  Name:
	 	 Michael Baughman

 

					
		 	  Title:
	 	 CVP Controller

 

					
		 	 Address:  
	 	 One Baxter Parkway

		 		 	 Deerfield, IL 60015-4625

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

[***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

 EXHIBIT A 
 5AM Investors, LLC 
 5AM Co-Investors, LLC 

Singapore Bio-Innovations Pte Ltd. 
 Sofinnova Venture Partners V, LP 
 Sofinnova Ventures Affiliates V, LP 

Sofinnova Venture Principals V, LP 
 Alloy Partners 2000, L.P. 
 Alloy Ventures 2000, L.P. 

Alloy Corporate 2000, L.P. 
 Alloy Investors 2000, L.P. 
 Alloy Annex I, L.P. 

Lotus BioScience Investment Holdings Ltd. 
 GBS Venture Partners Limited, as trustee of the Bioscience Ventures II Fund and the Genesis Fund 
 Robert Balint 
 James Larrick 

MPM BioVentures III, L.P. 
 MPM BioVentures III-QP, L.P. 
 MPM BioVentures III GmbH & Co. Beteiligungs
KG 
 MPM BioVentures III Parallel Fund, L.P. 
 MPM Asset Management Investors 2005 BVIII LLC 
 MPM BioVentures Strategic Fund,
L.P. 
 Howard Baer 
 Stuart E. Builder 
 George Sachs 

LB I Group Inc. 

Mitsubishi UFJ Capital II, Limited partnership 
 Genzyme Corporation 
 G&H Partners 

Montgomery & Co., LLC 
 Baxter International Inc. 
 Development Bank of Japan 

[***] Advisor Series I: [***] Advisor Dividend Growth Fund 
 [***] Advisor Series VII: [***] Advisor Biotechnology Fund 
 [***] Magellan Fund:
[***] Magellan Fund 
 [***] Rutland Square Trust II: Strategic Advisers Core Fund 

[***] Rutland Square Trust II: Strategic Advisers Core Multi-Manager Fund 

[***] Securities Fund: [***] Dividend Growth Fund 
 [***] Select Portfolios: Biotechnology Portfolio 
 Variable Insurance Products Fund
III: Balanced Portfolio 

  
 S-2

 [***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION. 

 EXHIBIT B 
 Capital Stock of the Company Beneficially Owned by the Key Common Holders 
  

 

					
	Key Common Holder	 	Class/Series of Stock	 	Number of Shares
			
	 David Pritchard
	 	Common	 	2,273,521
	 Geoffrey Yarranton
	 	Common	 	931,645
	 Dan Shochat
	 	Common	 	826,394
	 5AM Ventures LLC
	 	Common	 	514,882
	 5AM Co-Investors LLC
	 	Common	 	57,413

  
 S-2

 [***] CONFIDENTIAL PORTIONS OF THIS DOCUMENT REDACTED AND SEPARATELY FILED WITH THE COMMISSION.Form of Director and Officer Indemnification Agreement

 Exhibit 10.11 
 INDEMNITY AGREEMENT 
  
 THIS INDEMNITY AGREEMENT (this “Agreement”) dated as of
                          , 2012, is made by and between KaloBios Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), and                      (“Indemnitee”). 

RECITALS: 
 A.      The Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and agents. 

B.      The Company’s bylaws (the “Bylaws”) require that the Company
indemnify its directors, and empowers the Company to indemnify its officers, employees and agents, as authorized by the Delaware General Corporation Law, as amended (the “Code”), under which the Company is organized and such Bylaws
expressly provide that the indemnification provided therein is not exclusive and contemplates that the Company may enter into separate agreements with its directors, officers and other persons to set forth specific indemnification provisions.

 C.      Indemnitee does not regard the protection currently provided by
applicable law, the Company’s governing documents and available insurance as adequate under the present circumstances, and the Company has determined that Indemnitee and other directors, officers, employees and agents of the Company may not be
willing to serve or continue to serve in such capacities without additional protection. 

D.      The Company desires and has requested Indemnitee to serve or continue to serve as a
director, officer, employee or agent of the Company, as the case may be, and has proffered this Agreement to Indemnitee as an additional inducement to serve in such capacity. 

E.      Indemnitee is willing to serve, or to continue to serve, as a director, officer,
employee or agent of the Company, as the case may be, if Indemnitee is furnished the indemnity provided for herein by the Company. 
 F.      Indemnitee has certain rights to indemnification and/or insurance provided by
                     (“[Venture Fund]”) which Indemnitee and [Venture Fund] intend to be secondary to the primary obligation of the
Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve on the Company’s Board of Directors. 

AGREEMENT: 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties hereto, intending to be legally bound, hereby agree as follows: 

1.      Definitions. 

(a)      Agent. For purposes of this Agreement, the term “agent”
of the Company means any person who: (i) is or was a director, officer, employee or other fiduciary of the 

 
Company or a subsidiary of the Company; or (ii) is or was serving at the request or for the convenience of, or representing the interests of, the Company or a subsidiary of the Company, as a
director, officer, employee or other fiduciary of a foreign or domestic corporation, partnership, joint venture, trust or other enterprise. 
 (b)      Expenses. For purposes of this Agreement, the term “expenses” shall be broadly construed and shall include, without limitation, all direct
and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’, witness, or other professional fees and related disbursements, and other out-of-pocket costs of whatever nature), actually and reasonably
incurred by Indemnitee in connection with the investigation, defense or appeal of a proceeding or establishing or enforcing a right to indemnification under this Agreement, the Code or otherwise, and amounts paid in settlement by or on behalf of
Indemnitee, but shall not include any judgments, fines or penalties actually levied against Indemnitee for such individual’s violations of law. The term “expenses” shall also include reasonable compensation for time spent by
Indemnitee for which he is not compensated by the Company or any subsidiary or third party (i) for any period during which Indemnitee is not an agent, in the employment of, or providing services for compensation to, the Company or any
subsidiary; and (ii) if the rate of compensation and estimated time involved is approved by the directors of the Company who are not parties to any action with respect to which expenses are incurred, for Indemnitee while an agent of, employed
by, or providing services for compensation to, the Company or any subsidiary. 

(c)      Proceedings. For purposes of this Agreement, the term
“proceeding” shall be broadly construed and shall include, without limitation, any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any
other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, and whether formal or informal in any case, in which Indemnitee was,
is or will be involved as a party or otherwise by reason of: (i) the fact that Indemnitee is or was a director or officer of the Company; (ii) the fact that any action taken by Indemnitee or of any action on Indemnitee’s part while
acting as director, officer, employee or agent of the Company; or (iii) the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise, and in any such case described above, whether or not serving in any such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses
may be provided under this Agreement. 
 (d)      Subsidiary. For
purposes of this Agreement, the term “subsidiary” means any corporation or limited liability company of which more than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company and one
or more of its subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director,
officer, employee, agent or fiduciary. 
 (e)      Independent
Counsel. For purposes of this Agreement, the term “independent counsel” means a law firm, or a partner (or, if applicable, member) of such a law firm, that is experienced in matters of corporation law and neither presently is, nor in
the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter 

  
 2 

 
material to either such party, or (ii) any other party to the proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “independent
counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. 
 2.      Agreement to Serve.
Indemnitee will serve, or continue to serve, as a director, officer, employee or agent of the Company or any subsidiary, as the case may be, faithfully and to the best of his or her ability, at the will of such corporation (or under separate
agreement, if such agreement exists), in the capacity Indemnitee currently serves as an agent of such corporation, so long as Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the Bylaws or other
applicable charter documents of such corporation, or until such time as Indemnitee tenders his or her resignation in writing; provided, however, that nothing contained in this Agreement is intended as an employment agreement between Indemnitee and
the Company or any of its subsidiaries or to create any right to continued employment of Indemnitee with the Company or any of its subsidiaries in any capacity. 

The Company acknowledges that it has entered into this Agreement and assumes the obligations imposed on it hereby, in
addition to and separate from its obligations to Indemnitee under the Bylaws, to induce Indemnitee to serve, or continue to serve, as a director, officer, employee or agent of the Company, and the Company acknowledges that Indemnitee is relying upon
this Agreement in serving as a director, officer, employee or agent of the Company. 

3.      Indemnification. 

(a)      Indemnification in Third Party Proceedings. Subject to
Section 10 below, the Company shall indemnify Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time (but, only to the extent that such amendment permits Indemnitee to broader indemnification rights
than the Code permitted prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding, for any and all expenses, actually and reasonably incurred by Indemnitee in
connection with the investigation, defense, settlement or appeal of such proceeding. 

(b)      Indemnification in Derivative Actions and Direct Actions by the
Company. Subject to Section 10 below, the Company shall indemnify Indemnitee to the fullest extent permitted by the Code, as the same may be amended from time to time (but, only to the extent that such amendment permits Indemnitee to
broader indemnification rights than the Code permitted prior to adoption of such amendment), if Indemnitee is a party to or threatened to be made a party to or otherwise involved in any proceeding by or in the right of the Company to procure a
judgment in its favor, against any and all expenses actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement, or appeal of such proceedings. 

4.      Indemnification of Expenses of Successful Party. Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any proceeding or in defense of any claim, issue or matter therein,

  
 3 

 
including the dismissal of any action without prejudice, the Company shall indemnify Indemnitee against all expenses actually and reasonably incurred in connection with the investigation, defense
or appeal of such proceeding. 
 5.      Partial Indemnification. If
Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any expenses actually and reasonably incurred by Indemnitee in the investigation, defense, settlement or appeal of a proceeding,
but is precluded by applicable law or the specific terms of this Agreement to indemnification for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

6.      Advancement of Expenses. To the extent not prohibited by law, the
Company shall advance the expenses incurred by Indemnitee in connection with any proceeding, and such advancement shall be made within twenty (20) days after the receipt by the Company of a statement or statements requesting such advances
(which shall include invoices received by Indemnitee in connection with such expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive
any privilege accorded by applicable law shall not be included with the invoice) and upon request of the Company, an undertaking to repay the advancement of expenses if and to the extent that it is ultimately determined by a court of competent
jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. Advances shall be unsecured, interest free and without regard to Indemnitee’s ability to repay the expenses. Advances
shall include any and all expenses actually and reasonably incurred by Indemnitee pursuing an action to enforce Indemnitee’s right to indemnification under this Agreement, or otherwise and this right of advancement, including expenses incurred
preparing and forwarding statements to the Company to support the advances claimed. Indemnitee acknowledges that the execution and delivery of this Agreement shall constitute an undertaking providing that Indemnitee shall, to the fullest extent
required by law, repay the advance if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. The right to
advances under this Section shall continue until final disposition of any proceeding, including any appeal therein. This Section 6 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 10(b).

 7.      Notice and Other Indemnification Procedures. 

(a)      Notification of Proceeding. Indemnitee will notify the Company in
writing promptly upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any proceeding or matter which may be subject to indemnification or advancement of expenses covered hereunder.
The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 

(b)      Request for Indemnification and Indemnification Payments.
Indemnitee shall notify the Company promptly in writing upon receiving notice of nay demand, judgment or other requirement for payment that Indemnitee reasonably believes to the subject to indemnification under the terms of this Agreement, and shall
request payment thereof by the 

  
 4 

 
Company. Indemnification payments requested by Indemnitee under Section 3 hereof shall be made by the Company no later than sixty (60) days after receipt of the written request of
Indemnitee. Claims for advancement of expenses shall be made under the provisions of Section 6 herein. 

(c)      Application for Enforcement. In the event the Company fails to make
timely payments as set forth in Sections 6 or 7(b) above, Indemnitee shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee’s right to indemnification or advancement of expenses pursuant to
this Agreement. In such an enforcement hearing or proceeding, the burden of proof shall be on the Company to prove by that indemnification or advancement of expenses to Indemnitee is not required under this Agreement or permitted by applicable law.
Any determination by the Company (including its Board of Directors, stockholders or independent counsel) that Indemnitee is not entitled to indemnification hereunder, shall not be a defense by the Company to the action nor create any presumption
that Indemnitee is not entitled to indemnification or advancement of expenses hereunder. 

(d)     Indemnification of Certain Expenses. The Company shall indemnify
Indemnitee against all expenses incurred in connection with any hearing or proceeding under this Section 7 unless the Company prevails in such hearing or proceeding on the merits in all material respects. 

8.      Assumption of Defense. In the event the Company shall be requested by
Indemnitee to pay the expenses of any proceeding, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, or to participate to the extent permissible in such proceeding, with counsel reasonably acceptable to
Indemnitee. Upon assumption of the defense by the Company and the retention of such counsel by the Company, the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect
to the same proceeding, provided that Indemnitee shall have the right to employ separate counsel in such proceeding at Indemnitee’s sole cost and expense. Notwithstanding the foregoing, if Indemnitee’s counsel delivers a written notice to
the Company stating that such counsel has reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or the Company shall not, in fact, have employed counsel or otherwise
actively pursued the defense of such proceeding within a reasonable time, then in any such event the fees and expenses of Indemnitee’s counsel to defend such proceeding shall be subject to the indemnification and advancement of expenses
provisions of this Agreement. 
 9.      Insurance. To the extent
that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Company or of any subsidiary (“D&O Insurance”), Indemnitee shall be covered by such policy or
policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the
terms hereof, the Company has D&O Insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of 

  
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Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 

10.    Exceptions. 

(a)      Certain Matters. Any provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee on account of any proceeding with respect to (i) remuneration paid to Indemnitee if it is determined by final judgment or other
final adjudication that such remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the Securities and Exchange Commission believes that indemnification for liabilities arising under the
federal securities laws is against public policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication, as indicated in Section 10(d) below); (ii) a final judgment
rendered against Indemnitee for an accounting, disgorgement or repayment of profits made from the purchase or sale by Indemnitee of securities of the Company against Indemnitee or in connection with a settlement by or on behalf of Indemnitee to the
extent it is acknowledged by Indemnitee and the Company that such amount paid in settlement resulted from Indemnitee’s conduct from which Indemnitee received monetary personal profit pursuant to the provisions of Section 16(b) of the
Securities Exchange Act of 1934, as amended, or other provisions of any federal, state or local statute or rules and regulations thereunder; (iii) a final judgment or other final adjudication that Indemnitee’s conduct was in bad faith,
knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific determination); or (iv) on account of conduct that is established by a final judgment as constituting a breach of
Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled. For purposes of the foregoing sentence, a final judgment or other adjudication may be reached in either
the underlying proceeding or action in connection with which indemnification is sought or a separate proceeding or action to establish rights and liabilities under this Agreement. 

(b)      Claims Initiated by Indemnitee. Any provision herein to the
contrary notwithstanding, the Company shall not be obligated to indemnify or advance expenses to Indemnitee with respect to proceedings or claims initiated or brought by Indemnitee against the Company or its directors, officers, employees or other
agents and not by way of defense, except (i) with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or under any other agreement, provision in the Bylaws or Certificate of Incorporation or
applicable law, or (ii) with respect to any other proceeding initiated by Indemnitee that is either approved by the Board of Directors or Indemnitee’s participation is required by applicable law. However, indemnification or advancement of
expenses may be provided by the Company in specific cases if the Board of Directors determines it to be appropriate. 
 (c)      Unauthorized Settlements. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this
Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a proceeding effected without the Company’s written consent. Neither the Company nor Indemnitee shall unreasonably withhold consent to any proposed
settlement; provided, however, that the 

  
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Company may in any event decline to consent to (or to otherwise admit or agree to any liability for indemnification hereunder in respect of) any proposed settlement if the Company is also a party
in such proceeding and determines in good faith that such settlement is not in the best interests of the Company and its stockholders. 
 (d)      Securities Act Liabilities. Any provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this
Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the rules and regulations promulgated under the Securities Act of 1933, as amended (the “Act”), or in any registration
statement filed with the SEC under the Act. Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation S-K currently generally requires the Company to undertake in connection with any registration statement filed under the Act to
submit the issue of the enforceability of Indemnitee’s rights under this Agreement in connection with any liability under the Act on public policy grounds to a court of appropriate jurisdiction and to be governed by any final adjudication of
such issue. Indemnitee specifically agrees that any such undertaking shall supersede the provisions of this Agreement and to be bound by any such undertaking. 
 11.    Contribution Claims. 

(a)      If the indemnification provided in Section 3 is unavailable in whole
or in part and may not be paid to Indemnitee for any reason other than those set forth in Section 10, then in respect to any proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such proceeding), to the
fullest extent permitted by applicable law, the Company, in lieu of indemnifying Indemnitee, shall pay, in the first instance, for any and all expenses, actually and reasonably incurred by Indemnitee in connection with the investigation, defense,
settlement or appeal of such proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee. 

(b)      With respect to a proceeding brought against directors, officers,
employees or agents of the Company (other than Indemnitee), to the fullest extent permitted by applicable law, the Company shall indemnify Indemnitee from any claims for contribution that may be brought by any such directors, officers, employees or
agents of the Company (other than Indemnitee) who may be jointly liable with Indemnitee, to the same extent Indemnitee would have been entitled to such indemnification under this Agreement if such proceeding had been brought against Indemnitee.

 12.    Nonexclusivity; Priority of Payment and Survival of Rights.

 (a)      The provisions for indemnification and advancement of expenses
set forth in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may at any time be entitled under any provision of applicable law, the Company’s Certificate of Incorporation, Bylaws or other agreements, both as to
action in Indemnitee’s official capacity and Indemnitee’s action as an agent of the Company, in any court in which a proceeding is brought, and Indemnitee’s rights hereunder shall continue after Indemnitee has ceased acting as an
agent of the Company and shall inure to the benefit of the heirs, executors, administrators and 

  
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assigns of Indemnitee. The obligations and duties of the Company to Indemnitee under this Agreement shall be binding on the Company and its successors and assigns until terminated in accordance
with its terms. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 
 (b)      The Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided by [Venture Fund] and
certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to
advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the
full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Certificate of Incorporation or Bylaws of the Company (or any other
agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against
the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which
Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of
Indemnitee against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 12(b). 

(c)      No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such amendment, alteration or repeal. To the extent that a change in the
Code, whether by statute or judicial decision, permits greater indemnification or advancement of expenses than would be afforded currently under the Company’s Certificate of Incorporation, Bylaws and this Agreement, it is the intent of the
parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, by Indemnitee shall not prevent the
concurrent assertion or employment of any other right or remedy by Indemnitee. 

13.    Term. This Agreement shall continue until and terminate upon the later of:
(a) five (5) years after the date that Indemnitee shall have ceased to serve as a director or and/or officer, employee or agent of the Company; or (b) one (1) year after the final termination of any

  
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proceeding, including any appeal then pending, in respect to which Indemnitee was granted rights of indemnification or advancement of expenses hereunder. 

No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against an
Indemnitee or an Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration of five (5) years from the date of accrual of such cause of action, and any claim or cause of action of the Company
shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such five-year period; provided, however, that if any shorter period of limitations is otherwise applicable to such cause of action, such shorter
period shall govern. 
 14.      Subrogation. Except as provided in
Section 12(b) above, in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Fund Indemnitor), who, at the request
and expense of the Company, shall execute all papers required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to
enforce such rights. 
 15.      Interpretation of Agreement. It is
understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. 

16.      Severability. If any provision of this Agreement shall be held to be
invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions of any paragraphs of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as
to give effect to the intent manifested by the provision held invalid, illegal or unenforceable and to give effect to Section 15 hereof. 
 17.      Amendment and Waiver. No supplement, modification, amendment, or cancellation of this Agreement shall be binding unless executed in writing by the
parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

18.      Notice. Except as otherwise provided herein, any notice or demand
which, by the provisions hereof, is required or which may be given to or served upon the parties hereto shall be in writing and, if by telegram, telecopy or telex, shall be deemed to have been validly served, given or delivered when sent, if by
overnight delivery, courier or personal delivery, shall be deemed to have been validly served, given or delivered upon actual delivery and, if mailed, shall be deemed to have been validly served, given or delivered three (3) business days after
deposit in the United States mail, as registered or certified mail, with proper postage prepaid and addressed to the party or parties to be notified at the addresses set forth on the signature page of this

  
 9 

 
Agreement (or such other address(es) as a party may designate for itself by like notice). If to the Company, notices and demands shall be delivered to the attention of the Secretary of the
Company. 
 19.      Governing Law. This Agreement shall be governed
exclusively by and construed according to the laws of the State of California, as applied to contracts between California residents entered into and to be performed entirely within California. 

20.      Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the existence of this Agreement.

 21.      Headings. The headings of the sections of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction hereof. 
 22.      Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all
prior agreements, understandings and negotiations, written and oral, between the parties with respect to the subject matter of this Agreement; provided, however, that this Agreement is a supplement to and in furtherance of the Company’s
Certificate of Incorporation, Bylaws, the Code and any other applicable law, and shall not be deemed a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder. 

  
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 IN WITNESS WHEREOF, the parties hereto have entered into this
Agreement effective as of the date first above written. 
  

							
		 		 	 COMPANY

			
		 		 	 KALOBIOS PHARMACEUTICALS, INC.

				
		 		 	 By:
	 	  

			
		 		 	 Title

			
		 		 	 INDEMNITEE

							
			
		 		 	  

		 		 	  
	 	
				
		 	 Address:  
	 		 	

  
  
 SIGNATURE PAGE TO 

INDEMNITY AGREEMENT

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