Document:

EX-10.11

 Exhibit 10.11 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY
CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED 
 PATENT AND TECHNOLOGY LICENSE AGREEMENT 

This Patent and Technology License Agreement (“AGREEMENT”) is made on this 10th
day of November, 2015, by and between THE BOARD OF REGENTS (“BOARD”) of THE UNIVERSITY OF TEXAS SYSTEM (“SYSTEM”), an agency of the State of Texas, whose address is 201 West 7th Street, Austin, Texas 78701, on behalf of THE
UNIVERSITY OF TEXAS M.D. ANDERSON CANCER CENTER (“UTMDACC”), a member institution of SYSTEM, and Codiak Biosciences, Inc., a Delaware corporation having a principal place of business located at 999 Third Avenue, Suite 3400, Seattle, WA
98104, and formerly known as Kodiak Biotechnologies, Inc. (“LICENSEE”). NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties agree as follows: 

RECITALS 
  

	 	A.	 BOARD owns or co-owns certain PATENT RIGHTS and TECHNOLOGY RIGHTS related to LICENSED SUBJECT MATTER developed
at UTMDACC. 

  

	 	B.	 BOARD, on behalf of UTMDACC, is a party to that certain Inter-Institutional Sharing Agreement with Beth Israel
Deaconess Medical Center (“BIDMC”), effective September 21, 2015 (the “IIA”), pursuant to which UTMDACC has the sole responsibility for negotiating and executing license agreements on behalf of BOARD and BIDMC with respect
to their respective rights in the technology described in UTMDACC invention disclosure report [***] listed in Exhibit I. 

  

	 	C.	 UTMDACC is a grantee of funds from The Cancer Prevention & Research Institute of Texas for a portion
of the research for certain of the LICENSED SUBJECT MATTER. As set forth in more detail in Article I below, this AGREEMENT is subject to the terms of UTMDACC’s grant contract with The Cancer Prevention & Research Institute of Texas
(“CPRIT”). 

	 	D.	 BOARD, through UTMDACC, desires to have the LICENSED SUBJECT MATTER developed in the LICENSED FIELD and used
for the benefit of LICENSEE, BOARD, SYSTEM, UTMDACC, the inventor(s), and the public as outlined in BOARD’s Intellectual Property Policy. 

  

	 	E.	 LICENSEE wishes to obtain a license from BOARD to practice LICENSED SUBJECT MATTER. 

I. CPRIT 
  

	1.1	 Notwithstanding anything to the contrary in this AGREEMENT, LICENSEE acknowledges and agrees that:

  

	 	(a)	 CPRIT is funding or has funded research and development of a portion of LICENSED SUBJECT MATTER.

  

	 	(b)	 This AGREEMENT is subject to CPRIT’s licenses, interests and other rights under the CPRIT contract set
forth in Exhibit II (together with all attachments, addenda, exhibits, and amendments or modifications thereto, the “CPRIT Contract”), including without limitation all rights reserved by UTMDACC pursuant to Section D2.01 thereof, and any
applicable law or regulation. Without limiting the foregoing, the CPRIT Contract grants rights to CPRIT regarding participation in patent prosecution and commercialization and the right to receive title to project results under certain
circumstances. 

  

	 	(c)	 UTMDACC reserves all rights that UTMDACC may require for compliance with the CPRIT grant, including without
limitation the right to grant other licenses as set forth in Part 2 of Attachment D of the CPRIT Contract (e.g., the grants to CPRIT and non-profit organizations for education, research, and non-commercial purposes as set forth in D2.02 and D2.03 of
Attachment D). 

  
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	 	(d)	 To the extent that there is a conflict between the terms of this AGREEMENT and the terms of the CPRIT Contract
or any applicable law or regulation, the terms of the CPRIT Contract or the law or regulation shall prevail. 

  

	 	(e)	 LICENSEE shall report to UTMDACC such information as is required for UTMDACC to fully comply with the terms of
the CPRIT Contract, including without limitation the reporting obligations set forth in Attachment E thereof, and to allow UTMDACC to make the grants specified in Sections D2.02 and D2.03 of the CPRIT Contract. 

 

	 	(f)	 LICENSEE shall comply with all applicable obligations, requirements, terms and conditions set forth in the
CPRIT Contract and shall cooperate with UTMDACC regarding any matters related to compliance with the CPRIT Contract. 

  

	 	(g)	 LICENSEE shall not disclose the CPRIT Contract without the written permission of UTMDACC.

  

	 	(h)	 LICENSEE shall not issue any press releases relating to work funded by CPRIT without UTMDACC’s or
CPRIT’s advance written consent. 

 II. EFFECTIVE DATE 

 

	2.1	 This AGREEMENT is effective as of the date written above (“EFFECTIVE DATE”) which is the date fully
executed by all parties. 

 III. DEFINITIONS 

As used in this AGREEMENT, the following terms have the meanings indicated: 

 

	3.1	 510K means (a) the Pre-Market Notification submission to the United States Food and Drug
Administration (“FDA”) in accordance with 21 CFR Part 807, Subpart E, or any future revisions or substitutes thereof, in order to obtain clearance to market a medical device in the United States; or (b) an equivalent foreign filing in
any jurisdiction other than the United States. For clarification and for purposes of this AGREEMENT, 51 OK includes, without limitation, the submission of any application for, or the making of a declaration for, or the use of, a CE Mark for
commercialization of a Class I device in the European Union. 

  
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	3.2	 AFFILIATE means, with respect to any PERSON, any PERSON that CONTROLS, is CONTROLLED by, or is under
common CONTROL with such first PERSON. Notwithstanding the foregoing, any stockholder of LICENSEE (which stockholder is a venture capital fund, venture capital operating company, private equity fund, other investment fund or individual), and any
portfolio company of any such stockholder (or of any other entity that shares the same management company or investment advisor with the stockholder), shall not be deemed to CONTROL or to be under common CONTROL with LICENSEE and is not an AFFILIATE
of LICENSEE for any purposes under this Agreement. 

  

	3.3	 CONTROL, including the correlative terms “CONTROLS,” “CONTROLLED by,” and
“under common CONTROL with,” means (a) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies (whether through ownership of securities or any partnership or other ownership
interest, by contract or otherwise) of a PERSON or (b) the ownership, directly or indirectly, fifty percent (50%) or more of the outstanding securities or other ownership interest of such PERSON. 

  
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	3.4	 CORPORATE TRANSACTION means 

 

	 	(a)	 a transaction whereby any person, corporation, partnership, syndicate, trust, estate or other group acting with
a view to the acquisition, holding or disposition of securities of LICENSEE, (i) becomes, directly or indirectly, the beneficial owner (“Beneficial Owner”), as defined in Rule 13d-3 under the Securities Exchange Act of 1934, of
securities of LICENSEE representing fifty percent (50%) or more of the voting power of all securities, of LICENSEE having the right under ordinary circumstances to vote at an election of the Board of Directors (“Voting Securities”),
other than by reason of the acquisition of securities of LICENSEE by LICENSEE or any of the subsidiaries of LICENSEE (its “Subsidiaries”) or any employee benefit plan of LICENSEE or any of its Subsidiaries, or (ii) possesses, directly
or indirectly, the power to direct or cause the direction of the management or policies of LICENSEE, whether through the ownership of Voting Securities, by contract, or otherwise; 

 

	 	(b)	 the consummation of a reorganization, merger, consolidation, or similar transaction involving LICENSEE, unless

  

	 	(i)	 the stockholders of LICENSEE, immediately prior to the reorganization, merger, consolidation, or similar
transaction involving LICENSEE, beneficially own, immediately after the reorganization, merger, consolidation, or similar transaction, shares entitling such stockholders to fifty percent (50.0%) or more of the voting power of all securities of
the corporation or entity surviving such reorganization, merger, consolidation, or similar transaction, or having the right under ordinary circumstances to vote at an election of the Board of Directors in substantially the same proportions as their
ownership, immediately prior to such reorganization, merger, consolidation, or similar transaction, of Voting Securities of LICENSEE; or 

  
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	 	(ii)	 no person, corporation, partnership, syndicate, trust, estate or other group beneficially owns, directly or
indirectly, fifty percent (50%) or more of the voting power of the outstanding voting securities of the corporation resulting from such reorganization, merger, or consolidation, or similar transaction involving LICENSEE, except to the extent
that such ownership existed prior to such reorganization, merger, or consolidation or similar transaction; 

  

	 	(c)	 the consummation of a sale or other disposition of all or substantially all of the assets of LICENSEE to a
bona-fide unrelated third party; or 

  

	 	(d)	 the date of approval of the stockholders of LICENSEE of a plan to complete the liquidation of LICENSEE, with
the necessary approval required under the General Corporation Law of the State of Delaware. 

  

	3.5	 DIAGNOSTICS BUSINESS means that portion of LICENSEE’s business and assets used for the development,
testing, and commercialization of DIAGNOSTIC PRODUCTS. 

  

	3.6	 DIAGNOSTIC PRODUCT means any product or service for the diagnosis of a disease, condition, or
state, or ascertaining the presence or absence of any exosome, DNA, protein, or a fragment or sequence of any of the foregoing, in the LICENSED FIELD and comprising or using LICENSED SUBJECT MATTER. 

 

	3.7	 DIAGNOSTIC PRODUCT ROYALTY TERM means, with respect to a particular DIAGNOSTIC PRODUCT, the period that
commences with the first SALE of such DIAGNOSTIC PRODUCT and continues on a country-by-country and DIAGNOSTIC PRODUCT-by- DIAGNOSTIC PRODUCT basis until the last to occur of the following:

  
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(a) the date is the [***] anniversary of such first SALE of that particular DIAGNOSTIC PRODUCT in such particular country of SALE; or (b) the date of the expiration, cancellation,
withdrawal, and/or abandonment of all VALID CLAIMS that would be infringed by the use, composition, sale, manufacture, or importation of such DIAGNOSTIC PRODUCT in such country or jurisdiction of SALE. For clarity, (i) if a DIAGNOSTIC PRODUCT
is not covered by a VALID CLAIM at the time of the first SALE of such DIAGNOSTIC PRODUCT, but a VALID CLAIM is subsequently filed or issues which covers such DIAGNOSTIC PRODUCT, then the DIAGNOSTIC PRODUCT ROYALTY TERM shall extend until the last to
occur of (a) or (b) above; and (ii) if all VALID CLAIMS covering a DIAGNOSTIC PRODUCT have expired or been abandoned, but a VALID CLAIM covering the DIAGNOSTIC PRODUCT is revived following abandonment, then the DIAGNOSTIC PRODUCT
ROYALTY TERM shall not expire earlier than the expiration of all such revived VALID CLAIMS. 

  

	3.8	 FUTURE UTMDACC EXOSOME TECHNOLOGY means any invention that: 

 

	 	(a)	 either (1) involves the use of exosomes (nano-vesicles secreted or released by cells) for diagnostic or
therapeutic purposes, or (2) is an “Invention” made in the performance of the SPONSORED RESEARCH AGREEMENT, as “Invention” is more specifically defined in the SPONSORED RESEARCH AGREEMENT; 

 

	 	(b)	 is conceived and reduced to practice: (1) solely by [***] or solely by [***] and those working under his
direction and control, and while all such individuals were employed, at UTMDACC and while all were working solely at [***] laboratories at UTMDACC; or (2) jointly by LICENSEE employees and the foregoing individuals (during such foregoing
individuals’ employment at UTMDACC and while such foregoing individuals were working solely at [***] laboratories at UTMDACC); 

  
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	 	(c)	 is conceived and reduced to practice prior to [***]; 

 

	 	(d)	 is solely owned by BOARD, or solely owned jointly by BOARD and LICENSEE; 

 

	 	(e)	 is not, under any agreement, applicable law, statute or regulation: (1) obligated, in whole or in part, to
a third party; or (2) subject to restrictions, limitations, terms or conditions such that BOARD’s rights in the invention cannot be disclosed or exclusively licensed to LICENSEE worldwide (in the field of “any and all human and animal
therapeutic, prophylactic and diagnostic uses”) without the consent of the third party; and 

  

	 	(f)	 is disclosed in writing to UTMDACC’s Office of Technology Commercialization. 

 

	3.9	 LICENSED FIELD means any and all human and animal therapeutic, prophylactic, and diagnostic uses.

  

	3.10	 LICENSED PRODUCT(S) means DIAGNOSTIC PRODUCT(S) and/or THERAPEUTIC PRODUCTS. 

 

	3.11	 LICENSED SUBJECT MATTER means inventions and discoveries covered by PATENT RIGHTS or TECHNOLOGY RIGHTS
within LICENSED FIELD. 

  

	3.12	 LICENSED TERRITORY means worldwide. 

 

	3.13	 NET SALES means, with respect to a LICENSED PRODUCT(S), the aggregate gross invoiced sales prices from
SALES of all units of such LICENSED PRODUCT(S) sold by LICENSEE, its AFFILIATES and sublicensees (each, for purposes of this definition, a “Seller”) after deducting, if not previously deducted, from the amount invoiced or received:

  
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 [***] 

The definition and method of calculation of NET SALES shall also include the following: 

[***] 
 For purposes of this
definition, “Combination Product” means a product that includes a device for delivery or at least one active ingredient other than a LICENSED PRODUCT(S). 
  

	3.14	 PATENT RIGHTS means BOARD’s and BIDMC’s rights in (i) the information or discoveries
described in invention disclosures, or claimed in any patents and/or patent applications, whether domestic or foreign, as identified in Exhibit I attached hereto, (ii) patent applications listed in Exhibit I, (iii) all divisionals,
requests for continuation, continuations, continuations-in-part (to the extent the claims of such continuations-in-part are entitled to claim priority to the patent applications identified in Exhibit I), divisionals and renewals of the patent
applications identified in Exhibit I, (iv) all patents issuing from any of the patent applications identified in Exhibit I, including any extensions, restorations by any existing or future extension or registration mechanism (including patent
term adjustments, patent term extensions, supplemental protection certificates or the equivalent thereof), substitutions, confirmations, re-registrations, re-examinations, reissues, patents and patent claims maintained after post grant examination
(including inter partes review, post grant review or opposition proceeding) and patents of addition (to the extent such patents of addition claim subject matter disclosed in the IDRs, patents, and patent applications listed in Exhibit I); and
(v) all equivalents of the foregoing in any country of the LICENSED TERRITORY. 

  
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	3.15	 PERSON means an individual, a corporation, a partnership, a limited liability company, a trust, an
unincorporated association, a governmental entity or any other entity or body. 

  

	3.16	 PHASE I CLINICAL TRIAL means: (a) that portion of the U.S. Food & Drug Administration
(“FDA”) submission and approval process which provides for the first introduction into humans of a product with the purpose of determining human toxicity, metabolism, absorption, elimination and other pharmacological action, as more fully
defined by the rules and regulations of the FDA, including 21 C.F.R. § 312.21(a) or any future revisions or substitutes therefor; or (b) a similar clinical trial in any national jurisdiction other than the United States.

  

	3.17	 PHASE II CLINICAL TRIAL means: (a) that portion of the FDA submission and approval process which
provides for early controlled clinical studies conducted to obtain preliminary data on the effectiveness of a product for a particular indication, as more specifically defined by the rules and regulations of the FDA, including 21 C.F.R. §
312.21(b) or any future revisions or substitutes therefor; or (b) a similar clinical trial in any national jurisdiction other than the United States. 

  

	3.18	 PHASE III CLINICAL TRIAL means: (a) that portion of the FDA submission and approval process in
which expanded clinical trials are conducted to gather the additional information about effectiveness and safety that is needed to evaluate the overall benefit-risk relationship of a product, as more specifically defined by the rules and regulations
of the FDA, including 21 C.F.R. § 312.21(c) or any future revisions or substitutes therefor; or (b) a similar clinical trial in any national jurisdiction other than the United States. 

  
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	3.19	 PMA means (a) the premarket approval application submitted to the FDA in accordance with 21 CFR
Part 814, or any future revisions or substitutes thereof, in order to obtain approval to market a medical device in the United States; or (b) an equivalent foreign filing in any jurisdiction other than the United States. For clarification and
for purposes of this AGREEMENT, PMA includes, without limitation, the submission of any application for, or the making of a declaration for, or the use of, a CE Mark for commercialization of a Class IIa, IIb, or III device in the European Union.

  

	3.20	 PREFERRED STOCK means the equity securities of LICENSEE that have been designated in its Certificate of
Incorporation, as amended, modified or restated from time to time, as Preferred Stock of LICENSEE. 

  

	3.21	 PURCHASE AGREEMENT means that certain Series A and Series B Preferred Stock Purchase Agreement of even
date herewith by and between LICENSEE and the purchasers under the PURCHASE AGREEMENT. 

  

	3.22	 REGULATORY APPROVAL means (a) the approval required by the FDA to begin selling a LICENSED PRODUCT
in the U.S.; or (b) the approval by an equivalent regulatory agency in any national jurisdiction other than the United States to begin selling a LICENSED PRODUCT in such jurisdiction, including without limitation the approval or use of a CE
Mark for commercialization in the European Union; or (c) if no such approval is required in a particular jurisdiction, the first SALE in such jurisdiction. 

 

	3.23	 SALE or SOLD means the transfer or disposition of a LICENSED PRODUCT for value to a party other than
LICENSEE, an AFFILIATE, or a sublicensee (provided that such transfer is for re-sale or distribution and not for end use) or a ROYALTY-FREE PRACTITIONER. A transfer or disposition of a LICENSED PRODUCT for value between or among LICENSEE and/or its
AFFILIATES and/or any sublicensees shall be a SALE if LICENSEE, AFFILIATE, or sublicensee acquires such LICENSED PRODUCT 

  
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for end use. As used herein, “ROYALTY-FREE PRACTITIONER” means UTMDACC and the following individuals: [***] and any other UTMDACC physician who is an inventor of subject matter licensed
hereunder (“PHYSICIAN INVENTORS”), and any partner or associate who practices medicine with one or more of the PHYSICIAN INVENTORS, but with respect to such partner or associate, only for such time as he/she is engaged in a bona fide
medical practice with one or more of the PHYSICIAN INVENTORS. 

  

	3.24	 SERIES A FINANCING ROUND means the equity round of financing in which the LICENSEE, as the issuer,
issues the first series of Preferred Stock of LICENSEE. 

  

	3.25	 SPONSORED RESEARCH AGREEMENT or SRA means that certain sponsored research agreement between
UTMDACC and LICENSEE executed on or about the date of this AGREEMENT for research related to exosomes. 

  

	3.26	 SUBLICENSING CONSIDERATION means cash consideration received by LICENSEE from any sublicensee pursuant
to Sections 4.3 and 4.4 hereinbelow, including but not limited to, up-front payments, marketing, distribution, franchise, option, license, or documentation fees, and bonus and milestone payments; provided, however, that SUBLICENSING CONSIDERATION
shall not include: (a) royalties received by LICENSEE for a SALE (but such exclusion applying only to the extent that UTMDACC has received its running royalty for such SALE pursuant to Section 5.1(d) hereof); (b) funds consistent with
then-prevailing, commercially reasonable labor and material rates paid by a sublicensee for research and/or development to be performed by LICENSEE in connection with LICENSED SUBJECT MATTER if (I) the respective sublicense agreement expressly
states that such funds are for research to be performed by 

  
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LICENSEE after the actual date of signatory execution of the sublicense agreement, and (II) LICENSEE does in fact perform such research and/or development after execution of, and in accordance
with, the sublicense agreement; or (c) funds received by LICENSEE from a third party for an equity investment in LICENSEE that is reported by both LICENSEE and such third party on their books and records as an equity investment. For the
avoidance of doubt: (a) LICENSEE shall not deduct from SUBLICENSING CONSIDERATION (X) any amounts received from a sublicensee as reimbursement or recoupment of research expenses incurred by LICENSEE before the actual date of signatory
execution of the sublicense agreement, (Y) any amounts described as overhead or indirect costs for research described in subparts (I) and (II) above that are in excess of [***] of the direct costs (meaning, the costs of (i) salaries
and benefits of employees engaged in performing such research, (ii) supplies and materials used in the performance of such research, (iii) out-of-pocket expenses incurred in the performance of such research, including the cost to engage
consultants and services providers) of performing such research, or (Z) any payments by a sublicensee for LICENSEE’s achievement of research milestones or similar milestone events. Notwithstanding the foregoing, in the event that LICENSEE
makes a Milestone Payment for a particular Milestone Event set forth in Section 5.1(e) hereof, and LICENSEE receives from a sublicensee a payment in connection with the achievement of the same event as triggered such payment under
Section 5.1(e) hereof, then SUBLICENSING CONSIDERATION shall exclude payments received by LICENSEE from such sublicensee for achievement of such event, provided in any event that UTMDACC shall receive the Milestone Payment set forth in
Section 5.1(e) for such Milestone Event. For the avoidance of doubt, nothing in this Section shall be construed as relieving LICENSEE of its obligation to pay the running royalty set forth in Section 5.1(d). 

  
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	3.27	 TECHNOLOGY RIGHTS means (a) BOARD’s respective rights in any technical information, know-how,
processes, procedures, compositions, devices, methods, formulae, protocols, techniques, software, designs, drawings or data created by the inventor(s) listed in Exhibit I at UTMDACC before the EFFECTIVE DATE, which are not claimed in PATENT RIGHTS
but that are necessary for practicing PATENT RIGHTS, and (b) with respect to UTMDACC invention disclosure report [***] only, BIDMC’s respective rights in any unpatented technical information, know-how, processes, procedures, compositions,
devices, methods, formulae, protocols, techniques, software, designs, drawings or data created by the inventors listed in Exhibit I for [***] while at BIDMC which are not claimed in patents or patent applications under PATENT RIGHTS but that are
deemed necessary by the inventors listed in Exhibit I for [***] for practicing subject matter claimed therein, provided that BIDMC has no conflicting obligations to third parties that will prohibit licensing thereof. 

 

	3.28	 THERAPEUTIC BUSINESS means that portion of LICENSEE’s business and assets used for the development,
testing, and commercialization of THERAPEUTIC PRODUCTS. 

  

	3.29	 THERAPEUTIC PRODUCT means any product or service for the treatment or prevention of a disease,
condition, or state in the LICENSED FIELD and comprising or using LICENSED SUBJECT MATTER. 

  
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	3.30	 THERAPEUTIC PRODUCT ROYALTY TERM means, with respect to a particular THERAPEUTIC PRODUCT, the period
that commences with the first SALE of such THERAPEUTIC PRODUCT and continues on a country-by-country and THERAPEUTIC PRODUCT-by- THERAPEUTIC PRODUCT basis until the last to occur of the following: (a) the date is the [***] anniversary of such
first SALE of that particular THERAPEUTIC PRODUCT in such particular country of SALE; or (b) the date of the expiration, cancellation, withdrawal, and/or abandonment of all VALID CLAIMS that would be infringed by the use, composition, sale,
manufacture, or importation of such THERAPEUTIC PRODUCT in such country or jurisdiction of SALE. For clarity, (i) if a THERAPEUTIC PRODUCT is not covered by a VALID CLAIM at the time of the first SALE of such THERAPEUTIC PRODUCT, but a VALID
CLAIM is subsequently filed or issues which covers such THERAPEUTIC PRODUCT, then the THERAPEUTIC PRODUCT ROYALTY PERIOD shall extend until the last to occur of (a) or (b) above; and (ii) if all VALID CLAIMS covering a THERAPEUTIC
PRODUCT have expired or been abandoned, but a VALID CLAIM covering the THERAPEUTIC PRODUCT is revived following abandonment, then the THERAPEUTIC PRODUCT ROYALTY PERIOD shall not expire earlier than the expiration of all such revived VALID CLAIMS.

  

	3.31	 VALID CLAIM means (a) a claim of an issued and unexpired patent under PATENT RIGHTS that has not
been revoked or held to be invalid by a decision of a court or governmental agency of competent jurisdiction from which no appeal can be taken, or with respect to which an appeal is not taken within the time allowed for appeal; or (b) a claim
of a pending patent application under PATENT RIGHTS that has not been cancelled, withdrawn, or abandoned and has not been pending for more than [***] years from the earliest date from which it is entitled to claim priority. For purposes of
clarification, if a claim in an application has been pending for more than [***] years from its priority date, and a patent subsequently issues containing such claim, then upon issuance of the patent, the claim shall thereafter be considered a VALID
CLAIM. 

  
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 IV. LICENSE 
  

	4.1	 BOARD, through UTMDACC, hereby grants to LICENSEE: 

 

	 	(a)	 a royalty-bearing, exclusive license under PATENT RIGHTS to manufacture, have manufactured, use, import, offer
to sell, sell and/or have sold LICENSED PRODUCTS within LICENSED TERRITORY for use within LICENSED FIELD; 

  

	 	(b)	 a royalty-bearing, exclusive license under BOARD’s rights in TECHNOLOGY RIGHTS (set forth in
Section 3.26(a)) to manufacture, have manufactured, use, import, offer to sell, sell and/or have sold LICENSED PRODUCTS within LICENSED TERRITORY for use within LICENSED FIELD; and 

 

	 	(c)	 a royalty-bearing, non-exclusive license under BIDMC’s rights in TECHNOLOGY RIGHTS (set forth in
Section 3.26(b) to manufacture, have manufactured, use, import, offer to sell, sell and/or have sold LICENSED PRODUCTS within LICENSED TERRITORY for use within LICENSED FIELD. 

The grants in this Section 4.1 are subject to Article I and Sections 15.2 and 15.3 hereinbelow, the payment by LICENSEE to UTMDACC of all
consideration as provided herein, and are further subject to the following rights retained by BOARD and UTMDACC and BIDMC to: 

  
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	 	(a)	 Publish the general scientific findings from research related to LICENSED SUBJECT MATTER, subject to the terms
of Article XII-Confidential Information and Publication; and 

  

	 	(b)	 Use LICENSED SUBJECT MATTER for (i) patient care at UTMDACC and/or BIDMC facilities; provided that with
respect to patient care at UTMDACC facilities, such use shall be (x) prior to the submission of the first application for REGULATORY APPROVAL of the first LICENSED PRODUCT, and (y) after the submission of the first application for
REGULATORY APPROVAL of the first LICENSED PRODUCT only with the consent of LICENSEE, which consent shall not be unreasonably withheld, delayed or conditioned, (ii) research, and (iii) teaching and other academically-related purposes; and

  

	 	(c)	 Transfer LICENSED SUBJECT MATTER to academic or research institutions for solely non-commercial research use.

 Anything herein to the contrary notwithstanding, the rights in subparts (b) and (c) retained hereunder do not
include (i) any right or license (whether express or implied) under or to inventions or materials that are not developed or invented by UTMDACC or BIDMC personnel, or (ii) any right to manufacture LICENSED PRODUCTS or to sell LICENSED
PRODUCTS other than for patient care at UTMDACC and/or BIDMC facilities; provided that with respect to patient care at UTMDACC facilities, such manufacture and sale shall be (x) prior to the submission of the first application for REGULATORY
APPROVAL of the first LICENSED PRODUCT, and (y) after the submission of the first application for REGULATORY APPROVAL of the first LICENSED PRODUCT only with the consent of LICENSEE, which consent shall not be unreasonably withheld, delayed or
conditioned. 

  
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	4.2	 LICENSEE may extend the license granted herein to any AFFILIATE provided that the AFFILIATE consents in writing
to be bound by this AGREEMENT to the same extent as LICENSEE. LICENSEE agrees to deliver such contract to UTMDACC within [***] calendar days following execution thereof. 

 

	4.3	 LICENSEE may grant sublicenses under the rights granted to LICENSEE in Section 4.1 consistent with the
terms of this AGREEMENT provided that LICENSEE is responsible for its sublicensees relevant to this AGREEMENT and for diligently collecting all amounts due LICENSEE from sublicensees. If a sublicensee pursuant hereto becomes bankrupt, insolvent or
is placed in the hands of a receiver or trustee, LICENSEE, to the extent allowed under applicable law and in a timely manner, agrees to use its best reasonable efforts to collect all consideration owed to LICENSEE and to have the sublicense
agreement confirmed or rejected by a court of proper jurisdiction. 

  

	4.4	 LICENSEE must deliver to UTMDACC a true and correct copy of each sublicense granted by LICENSEE, and any
modification or termination thereof, within [***] calendar days after execution, modification, or termination. 

  

	4.5	 If this AGREEMENT is terminated pursuant to Article XIV-Term and Termination, BOARD and UTMDACC agree to
accept, as successors to LICENSEE, existing sublicensees in good standing at the date of termination provided that each such sublicensee consents in writing to be bound by all of the terms and conditions of this AGREEMENT. 

  
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	4.6	 UTMDACC grants to LICENSEE the first right to negotiate, on an exclusive basis for the time periods specified
in this Section 4.6, a license to BOARD’s rights in FUTURE UTMDACC EXOSOME TECHNOLOGY in the LICENSED FIELD in the LICENSED TERRITORY, exercisable as follows: 

 

	 	(a)	 Following written disclosure of a new invention that is a FUTURE UTMDACC EXOSOME TECHNOLOGY to UTMDACC’s
Office of Technology Commercialization (“OTC”), OTC shall promptly (within [***] days) disclose such new invention to LICENSEE. 

  

	 	(b)	 If LICENSEE is interested in licensing such new invention, LICENSEE will promptly (within [***] days) notify
UTMDACC in writing of its interest in negotiating a license for such invention. Thereafter, LICENSEE and UTMDACC agree to negotiate in good faith, for a period of [***] days from the date of disclosure of the new invention to LICENSEE, the terms of
a license to LICENSEE to such new invention. 

  

	 	(c)	 Each license to a new invention shall include financial terms relating to royalties and milestones to be paid
by LICENSEE upon further commercial development. Each license shall contain terms and conditions consistent with UTMDACC’s standard license agreement, including, but not limited to the following provisions: payment of all past and future costs
incurred by UTMDACC associated with the prosecution and maintenance of patents and patent applications directed to the invention, LICENSEE’s right to grant sublicenses, UTMDACC’s right to share in sublicense consideration, a commitment by
LICENSEE to exert commercially reasonable efforts to introduce licensed products into public use as rapidly as 

  
 19 

	 	
practicable, the right of UTMDACC to terminate the license agreement should LICENSEE not meet negotiated milestones, a commitment by LICENSEE to maintain the confidentiality of any unpublished
applications relating to the licensed technology, and indemnity and insurance provisions satisfactory to UTMDACC. Additionally, any license will include a reservation of rights for UTMDACC and BOARD to use the licensed technology for patient care,
research, teaching, and other academically-related purposes. Notwithstanding anything herein to the contrary, this option shall only require the parties to negotiate in good faith to attempt to enter into a license, and shall not require either
party to enter into such a license unless the terms and conditions for such license are satisfactory to such party in its sole discretion. 

  

	 	(d)	 If a license agreement to such new invention has not been executed within [***] days of OTC’s disclosure
of such new invention to LICENSEE, then LICENSEE’s option shall be deemed terminated with respect to such new invention and UTMDACC shall be free to enter into an exclusive or nonexclusive license to such new invention with any other entity,
with no further obligation to LICENSEE. 

 UTMDACC warrants that, until the first to occur of (i) [***], or
(ii) the date of the dissolution of Codiak Biosciences, Inc., UTMDACC will not endeavor to assist in the formation of a competitor company, based on UTMDACC’s exosome technology as of the EFFECTIVE DATE or FUTURE UTMDACC EXOSOME
TECHNOLOGY, without first offering such technology for license by LICENSEE under the [***] day option as described above. 

  
 20 

 V. CONSIDERATION, PAYMENTS AND REPORTS 

 

	5.1	 In consideration of rights granted by BOARD to LICENSEE under this AGREEMENT, LICENSEE agrees to pay and issue
to UTMDACC the following: 

  

	 	(a)	 Patent expenses (if any) as set forth in Section 7.2, with UTMDACC sending an invoice to LICENSEE to be
reimbursed for such expenses on a quarterly basis. The invoiced amounts will be due and payable by LICENSEE within [***] calendar days of invoice; and 

  

	 	(b)	 A nonrefundable license fee, paid in the form of Five Million (5,000,000) shares of Class A Common
Stock, par value $0.0001 per share (“Class A Common Stock”) and one (I) share of Class F Common Stock, par value $0.0001 per share (“Class F Common Stock,” and together with the Class A Common Stock, the “Common
Stock”); such shares of Common Stock having been issued by LICENSEE to UTMDACC and/or its designee(s) (with such allocation between UTMDACC and its designee(s) being determined by UTMDACC, and disclosed by UTMDACC to LICENSEE), to be issued in
connection with the execution of this Agreement; and 

  

	 	(c)	 [Intentionally Deleted]; and 

 

	 	(d)	 Running royalties as follows: 

(i) DIAGNOSTIC PRODUCTS. During the respective DIAGNOSTIC PRODUCT ROYALTY TERM, LICENSEE shall pay UTMDACC a running
royalty of [***] of NET SALES of DIAGNOSTIC PRODUCTS, which rate cannot be reduced in the event LICENSEE requires a third party fee or royalty-bearing license in order to commercialize such products. In the event that at least one U.S. patent that

  
 21 

 
covers a DIAGNOSTIC PRODUCT has issued, and subsequently all U.S. patents covering such DIAGNOSTIC PRODUCT have expired (so that such DIAGNOSTIC PRODUCT is only covered by TECHNOLOGY RIGHTS),
then the running royalty rate payable on NET SALES of such DIAGNOSTIC PRODUCT that are sold in the U.S. after expiration of all U.S. patents covering the DIAGNOSTIC PRODUCT shall be reduced to [***] during the balance of the applicable DIAGNOSTIC
PRODUCT ROYALTY TERM. In the event that a DIAGNOSTIC PRODUCT is not covered by a VALID CLAIM in the country of SALE at the time of the SALE, then the running royalty shall be [***] of NET SALES of such DIAGNOSTIC PRODUCT not covered by a VALID CLAIM
for SALES in such country. 
 (ii) THERAPEUTIC PRODUCTS. During the respective THERAPEUTIC PRODUCT ROYALTY TERM,
LICENSEE shall pay UTMDACC a running royalty of [***] of NET SALES of THERAPEUTIC PRODUCTS. To the extent that LICENSEE makes a good faith determination that it is required to obtain a license from a third party in order to sell THERAPEUTIC PRODUCTS
in a particular jurisdiction or jurisdictions, then [***] of the royalties payable and actually paid to such third party for sales of such THERAPEUTIC PRODUCTS in such jurisdiction(s) may be deducted from royalties otherwise payable to UTMDACC in
such jurisdiction(s), provided that in no event shall the royalties payable to UTMDACC in any quarterly period 

  
 22 

 
be reduced to less than [***] of NET SALES of such THERAPEUTIC PRODUCTS in such jurisdiction(s). In the event that at least one U.S. patent that covers a THERAPEUTIC PRODUCT has issued, and all
U.S. patents covering such THERAPEUTIC PRODUCT have expired (so that such THERAPEUTIC PRODUCT is only covered by TECHNOLOGY RIGHTS), then the running royalty rate payable on NET SALES of such THERAPEUTIC PRODUCT that are sold in the U.S. after
expiration of all U.S. patents covering the THERAPEUTIC PRODUCT shall be reduced to [***] during the balance of the applicable THERAPEUTIC PRODUCT ROYALTY TERM. In the event that a THERAPEUTIC PRODUCT is not covered by a VALID CLAIM in the country
of SALE at the time of the SALE, then the running royalty shall be [***] of NET SALES of such THERAPEUTIC PRODUCT not covered by a VALID CLAIM for SALES in such country. In no event shall the running royalty on NET SALES of a THERAPEUTIC PRODUCT be
less than [***] of NET SALES of such THERAPEUTIC PRODUCT; and 
  

	 	(e)	 Payments for the achievement of milestones as follows: 

 

	 	(i)	 Milestones. The following one-time payments (“Milestone Payments”) shall be due for each
specified milestone (“Milestone Event”) that has been achieved, whether such Milestone Event has been achieved by LICENSEE, a sublicensee, or an AFFILIATE of LICENSEE or the sublicensee: 

  
 23 

					
	 No.
	  	 Milestone Event
	  	 Milestone Payment

		  	DIAGNOSTIC PRODUCTS	  	
	  1 	  	[***]	  	[***]
	  2 	  	[***]	  	[***]
	  3 	  	[***]	  	[***]
	  4 	  	[***]	  	[***]
	  5 	  	[***]	  	[***]
	  	  	THERAPEUTIC PRODUCTS	  	
	  6 	  	[***]	  	[***]
	  7 	  	[***]	  	[***]
	  8 	  	[***]	  	[***]
	  9 	  	[***]	  	[***]
	10 	  	[***]	  	[***]

  

	 	(ii)	 Form of Milestone Payment. Except as set forth herein, all Milestone Payments shall be in cash. Subject
to the occurrence of a Corporate Transaction as described in the last section of this Section 5.1 (e)(ii), LICENSEE may elect in its sole discretion to pay Milestone Payments for Milestone Events 1, 2, 4, 6, 7, and/or 8, as set forth above,
(A) entirely in cash or (B) by the issuance of shares of (I) Common Stock in LICENSEE, if LICENSEE’s Common Stock is publicly-traded, or (II) the then-most recent series of Preferred Stock, if LICENSEE’s capital stock is
privately owned, in each case to UTMDACC and/or its designee(s) (with such allocation between UTMDACC and its designee(s) being determined by 

  
 24 

	 	
UTMDACC, and disclosed by UTMDACC to LICENSEE). The number of shares of stock for a particular Milestone Payment being calculated as follows: for Common Stock, the applicable Milestone Payment
amount in issue divided by Market Price Per Share. “Market Price Per Share” means the price per share of the Licensee’s Common Stock determined in accordance with the following provisions: 

 

	 	(1)	 if such security is listed on a national securities exchange registered under the Securities Exchange Act of
1934, a price equal to the average of the closing sales prices for such security on such exchange for each day during the 30 consecutive trading days immediately preceding the date in question; and 

 

	 	(2)	 if such security is not so listed on a national securities exchange, and such security is quoted on NASDAQ,
OTCQB or other similar quotation system, a price equal to the average of the closing sales prices for such security quoted on such system each day during the 30 trading days on which trades occurred immediately preceding the date in question.

 With respect to the issuance of Preferred Stock, the number of shares of Preferred Stock for a particular Milestone
Payment shall be calculated by dividing the applicable Milestone Payment amount in issue by the price per share for the then-most recent series of Preferred Stock paid by investors immediately prior to the applicable Milestone Payment being due and
owing. 

  
 25 

 The shares of Common Stock or Preferred Stock, as applicable, issued in lieu of cash for
such a Milestone Payment shall be fully vested upon issuance. Notwithstanding anything to the contrary contained herein, after a Corporate Transaction has occurred, the payments of all future Milestone Events shall be in cash. 

 

	 	(iii)	 Commencement of Trial. For purposes of this AGREEMENT, “Commencement” of a PHASE I, 13, or III
CLINICAL TRIAL shall be deemed to occur upon the [***] in the respective PHASE I, II, or III CLINICAL TRIAL. 

  

	 	(iv)	 Notice and Payment Deadline. LICENSEE shall promptly notify UTMDACC in writing upon achievement of any
Milestone Event. For the avoidance of doubt, each Milestone Payment is a one-time payment that is due and payable upon the first DIAGNOSTIC PRODUCT or THERAPEUTIC PRODUCT (as may be applicable) to achieve a respective Milestone Event. Each of the
foregoing Milestone Payments shall be made by LICENSEE to UTMDACC (without invoice) within [***] calendar days of achieving the Milestone Event referenced above and shall not reduce the amount of any other payment provided for in this Article V; and

  
 26 

	 	(f)	 a percentage of SUBLICENSING CONSIDERATION as follows: 

 

	 	(i)	 DIAGNOSTIC PRODUCTS. For sublicense agreements granting rights with respect to DIAGNOSTIC PRODUCTS and
executed after Closing of the SERIES A FINANCING ROUND, or such other round of financing as agreed upon by the parties, LICENSEE shall pay the following percentage of SUBLICENSING CONSIDERATION: 

 

			
	 Sublicense agreement
execution date
	  	 Percentage of

SUBLICENSING

CONSIDERATION
 owed to
UTMDACC

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

 For purposes of illustration of the foregoing, if a sublicense is executed at least [***] years after the
Closing of the SERIES A FINANCING ROUND, but less than [***] years after the Closing of the SERIES A FINANCING ROUND, the applicable percentage of SUBLICENSING CONSIDERATION paid by LICENSEE to UTMDACC shall be [***]. As another example, if a
sublicense is executed at least [***] years after the Closing of the SERIES A FINANCING ROUND, but less than [***] years after the Closing of the SERIES A FINANCING ROUND, the applicable percentage of SUBLICENSING CONSIDERATION paid by LICENSEE to
UTMDACC shall be [***]. 
  

	 	(ii)	 THERAPEUTIC PRODUCTS. For sublicense agreements granting rights with respect to THERAPEUTIC PRODUCTS and
executed after the Closing of LICENSEE’s SERIES A FINANCING ROUND, LICENSEE shall pay the following percentage of SUBLICENSING CONSIDERATION: 

  
 27 

			
	 Sublicense agreement

execution date
	  	 Percentage of SUBLICENSING

CONSIDERATION owed to

UTMDACC

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

 For purposes of illustration of the foregoing, if a sublicense is executed [***] months after the Closing of
the SERIES A FINANCING ROUND, the applicable percentage of SUBLICENSING CONSIDERATION paid by LICENSEE to UTMDACC shall be [***]. As another example, if a sublicense is executed [***] months after the Closing of the SERIES A FINANCING ROUND, the
applicable percentage of SUBLICENSING CONSIDERATION paid by LICENSEE to UTMDACC shall be [***]. 
  

	 	(iii)	 APPORTIONMENT. To the extent that patent rights, intellectual property rights or analogous rights other
than rights in LICENSED SUBJECT MATTER are licensed, sublicensed or granted by LICENSEE together with any sublicense pursuant to Section 4.3 and Section 4.4 to any THIRD PARTY, that portion of the consideration received by LICENSEE that
shall be included as SUBLICENSING CONSIDERATION and subject to sharing with UTDMACC under Section 5.1(f)(i) and Section 5.1(f)(ii), shall be determined through an equitable apportionment of such consideration between the LICENSED SUBJECT
MATTER and those other patent rights, intellectual property rights or analogous rights and 

  
 28 

	 	
obligations, and such apportionment shall be reasonable and in accordance with customary standards in the industry. LICENSEE shall promptly deliver to UTDMACC a written report setting forth such
apportionment. In the event UTDMACC disagrees with the determination made by LICENSEE, UTDMACC shall so notify LICENSEE within [***] days of receipt of LICENSEE’s report and the parties shall meet to discuss and resolve such disagreement in
good faith. In the absence of a resolution of the foregoing by the parties, LICENSEE shall not enter into such sublicense; provided that LICENSEE shall be permitted to enter into separate sublicenses of the LICENSED SUBJECT MATTER and such other
patent rights, intellectual property rights or analogous rights and obligations with such THIRD PARTY; and 

  

	 	(g)	 Early Sale of DIAGNOSTICS BUSINESS. In the event that LICENSEE sells all or substantially all of its
DIAGNOSTICS BUSINESS (whether via an asset sale or a stock sale, a merger, consolidation, or pursuant to some other similar transaction) within the first [***] months after the Closing of LICENSEE’s SERIES A FINANCING ROUND, then LICENSEE shall
pay or provide UTMDACC, or cause its stockholders to pay or provide to UTMDACC, [***] of the cash and non-cash gross proceeds generated from such sale or other transaction, whether or not such consideration is paid to the LICENSEE or the
stockholders of LICENSEE. Anything herein to the contrary notwithstanding, in the event that LICENSEE grants a sublicense for fair market value pursuant to Section 4.3 and Section 4.4 to the acquirer in connection with such sale, all
proceeds from such sublicense shall be treated as proceeds generated from such sale and not as part of SUBLICENSING CONSIDERATION; and 

  
 29 

	 	(h)	 Early Sale of THERAPEUTICS BUSINESS. In the event that LICENSEE sells all or substantially all of its
THERAPEUTICS BUSINESS (whether via an asset sale or a stock sale, merger, consolidation or pursuant to some other similar transaction) within the first [***] months after the Closing of LICENSEE’s SERIES A FINANCING ROUND, then LICENSEE shall
pay or provide UTMDACC [***] of the cash and non-cash gross proceeds generated from such sale or other transaction, whether or not such consideration is paid to the LICENSEE or the stockholders of LICENSEE. Anything herein to the contrary
notwithstanding, in the event that LICENSEE grants a sublicense for fair market value pursuant to Section 4.3 and Section 4.4 to the acquirer in connection with such sale, all proceeds from such sublicense shall be treated as proceeds
generated from such sale and not as part of SUBLICENSING CONSIDERATION. 

  

	 	(i)	 All payments under the foregoing Section 5.1(f), Section 5.1(g). and
Section 5.1(h). will be made to UTDMACC and/or its designee(s) (i) only as and when the same are received by the relevant payee (whether such payee is LICENSEE and/or its stockholders), (ii) the amount of each payment due to
UTDMACC shall be based on each net payment actually received by the payee(s) (with the net payment actually received by payee determined by only deducting any amounts allocated to an escrow account or paid for indemnification purposes from the gross
proceeds to be paid to such payee, and for the avoidance of doubt, debt or other expenses incurred by the payee(s) will not be deducted from the 

  
 30 

	 	
gross proceeds paid to such payee), and (iii) for avoidance of doubt, amounts that are based on contingencies (for example, the achievement of milestones by the acquirer or assignee) or that
are subject to an escrow obligation shall be calculated and be payable to UTDMACC and/or its designee(s) only as and when such payments are made to the relevant payee. 

 

	 	(j)	 WIN-STATE PAYMENTS. 

 

	 	(i)	 General. If, within the first [***] years following the closing of the SERIES A FINANCING ROUND (the
“WIN-STATE TERM”), the per share FAIR MARKET VALUE (as defined below) of LICENSEE’s Common Stock is equal to or in excess of a PRICE TRIGGER (as defined below), then LICENSEE will make one or more payments to UTMDACC (and/or its
designee(s) as instructed by UTMDACC) (each a “WIN-STATE PAYMENT”) as set forth herein. 

  

	 	(ii)	 PRICING DATE. Commencing on the EFFECTIVE DATE, and from time-to-time thereafter during the term of this
AGREEMENT, and in any case, (A) upon the closing of a sale by LICENSEE of all or substantially all of the assets, or the sale by the stockholders of all or substantially all of their respective capital stock in LICENSEE and (B) no less
frequently than promptly following the closing of each sale by LICENSEE of LICENSEE’s equity securities (excluding sales to employees or consultants pursuant to the exercise of options to purchase any such equity securities issued pursuant to
an incentive stock option plan), LICENSEE shall determine the per share FAIR MARKET VALUE (defined herein) of its Common Stock (the date of each such determination is a “PRICING DATE”). 

  
 31 

	 	(iii)	 FAIR MARKET VALUE. For purposes of this Section 5.1(j), “FAIR MARKET VALUE” means the per
share value of LICENSEE’s Common Stock, which shall be determined as follows: 

  

	 	(A)	 in connection with financing transactions undertaken by LICENSEE (including each sale of LICENSEE’s equity
securities in accordance with Section 5.1(j)(ii)(B): (1) if LICENSEE’s Common Stock is not publicly-traded, then the per share FAIR MARKET VALUE of LICENSEE’s Common Stock shall be deemed to be equal to the price per share at
which LICENSEE most recently sold shares of its Preferred Stock and (II) if LICENSEE’s Common Stock is publicly-traded, then the per share FAIR MARKET VALUE of LICENSEE’s Common Stock shall be determined in accordance with the following
provisions: 

  

	 	(1)	 if such security is listed on a national securities exchange registered under the Securities and Exchange Act
of 1934, a price equal to the average of the closing sales prices for such security on such exchange for each day during the 30 consecutive trading days immediately preceding the date in question; and 

  
 32 

	 	(2)	 if such security is not so listed, and such security is quoted on NASDAQ, OTCQB or other similar quotation
system, a price equal to the average of the closing sales prices for such security quoted on such system each day during the 30 trading days on which trades occurred immediately preceding the date in question, and 

 

	 	(B)	 in connection with the sale of all or substantially all of the assets, or the sale of all or substantially all
of the outstanding equity securities of LICENSEE, the per share value of LICENSEE’s Common Stock shall be equal to (I) in the case of a sale of all or substantially all of the assets of LICENSEE, the total purchase price for the assets
divided by the total number of shares of LICENSEE’s Common Stock outstanding (on a fully diluted basis), or (II) the total gross proceeds paid for such shares of capital stock, in connection with the sale of the equity securities of LICENSEE,
in each case divided by the total number of such shares of the equity securities sold in connection with such acquisition. 

  

	 	(iv)	 SUSPENSION PERIODS. No PRICING DATES shall occur, and the payment of WIN-STATE PAYMENTS will be
suspended, for any period during which LICENSEE is engaged in good faith negotiations either (A) with a potential financing source towards a capital financing of the LICENSEE through a sale of its equity securities or (B) a potential
partner in a transaction that would, if consummated, result in the sale of all or substantially all of the assets or capital stock of LICENSEE. In either such case, a Pricing Date shall occur, and LICENSEE shall determine the per share FAIR MARKET
VALUE of its Common Stock, promptly following the consummation of the relevant transaction. 

  
 33 

	 	(v)	 PAYMENTS. If, during the WIN-STATE TERM, the per share FAIR MARKET VALUE of LICENSEE’s Common Stock
is, as of any particular PRICING DATE, equal to or in excess of an amount shown in the column below labeled “PRICE TRIGGER” (each such per share price is a “PRICE TRIGGER”), then LICENSEE shall pay UTMDACC and/or its designee(s)
on an aggregate basis, (with such allocation between UTMDACC and its designee(s) being determined by UTMDACC, and disclosed by UTMDACC to LICENSEE), the amount indicated opposite such PRICE TRIGGER in the column labeled “WIN-STATE PAYMENT”
(each such payment amount is a “WIN-STATE PAYMENT”) within [***] days after such PRICING DATE; provided that: (i) if such FAIR MARKET VALUE was determined in connection with a capital financing of LICENSEE through a sale by LICENSEE
of its equity securities (including through an initial public offering or a private offering), then such WIN-STATE PAYMENT shall become due and payable only after the closing of such transaction and (ii) if such FAIR MARKET VALUE was determined
in connection with a sale of all or substantially all of LICENSEE’s assets by LICENSEE or the equity securities of LICENSEE by LICENSEE’s stockholders, then such WIN- STATE PAYMENT shall become due and payable only after the closing of
such transaction. 

  
 34 

			
	 PRICE TRIGGER
	  	 WIN-STATE PAYMENT

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

 For the avoidance of doubt: (i) each WIN-STATE PAYMENT shall become due and payable under this AGREEMENT,
if at all, a maximum of one (1) time and (ii) more than one WIN-STATE PAYMENT may become due and payable based on the per share FAIR MARKET VALUE determined on any single PRICING DATE. For example, if the first per share FAIR MARKET VALUE
is determined to be [***] per share, then LICENSEE shall pay UTMDACC the WIN-STATE PAYMENT equal to one hundred and fifty million dollars ($150,000,000). 

Notwithstanding anything to the contrary contained herein, if LICENSEE shall at any time or from time to time during the WIN-STATE TERM,
effect a stock dividend, stock split, combination, or other similar recapitalization or subdivision with respect to LICENSEE Common Stock, the PRICE TRIGGER in effect immediately before that transaction shall be proportionately decreased or
increased, as applicable (for example, if LICENSEE implements a “2-for-l stock split”, then the PRICE TRIGGER will be reduced by [***]). For the avoidance of doubt, the amount of the WIN-STATE PAYMENT will remain the same. 

  
 35 

 Each WIN-STATE PAYMENT shall be payable, in LICENSEE’s sole discretion, in cash, or in
such number of shares of LICENSEE’s Common Stock as is equal to the WIN-STATE PAYMENT amount, based on the FAIR MARKET VALUE of such shares as determined in connection with the calculation of the amount of such WIN-STATE PAYMENT. 

All amounts paid to UTMDACC and/or its designee(s) pursuant to Sections 5.1(d)(i) (relating to running royalties for DIAGNOSTIC PRODUCTS),
5.1(e)(1) (relating to milestones payable for achieving Milestone Events with DIAGNOSTIC PRODUCTS), 5.1(f)(i) (relating to SUBLICENSING CONSIDERATION received in connection with DIAGNOSTIC PRODUCTS) and 5.1(g) (relating to the early sale of the
LICENSEE’s DIAGNOSTICS BUSINESS) shall be fully credited, on a dollar-for-dollar basis, against any WIN-STATE PAYMENTS that subsequently become due and payable hereunder to UTMDACC and its designee(s), on an aggregate basis. 

 

	 	(k)	 For clarity, with respect to any consideration received in connection with making, having made, using, selling
and/or offering to sell a product that could be considered to be both a DIAGNOSTIC PRODUCT and a THERAPEUTIC PRODUCT (including a sublicense to such rights), the highest applicable rate set forth in this AGREEMENT (e.g., the highest applicable
Milestone Payment, royalty rate, percentage of SUBLICENSING CONSIDERATION, etc.) shall apply. 

  
 36 

	5.2	 Unless otherwise provided, all such payments are payable within [***] calendar days after
March 31, June 30, September 30, and December 31 of each year during the term of this AGREEMENT, at which time LICENSEE will also deliver to UTMDACC a true and accurate report, giving such particulars of the business
conducted by LICENSEE, its AFFILIATES and its sublicensees, if any exist, during the preceding [***] calendar months under this AGREEMENT as necessary for UTMDACC to account for LICENSEE’s payments hereunder. This report will include pertinent
data, including, but not limited to: 

  

	 	(a)	 the accounting methodologies used to account for and calculate the items included in the report and any
differences in such accounting methodologies used by LICENSEE since the previous report; and 

  

	 	(b)	 a list of LICENSED PRODUCTS produced for the [***] preceding calendar months categorized by the technology it
relates to under PATENT RIGHTS; and 

  

	 	(c)	 the total quantities of LICENSED PRODUCTS produced by the category listed in Section 5.2(b); and

  

	 	(d)	 the total SALES by the category listed in Section 5.2(b); and 

 

	 	(e)	 the calculation of NET SALES by the category listed in Section 5.2(b); and 

 

	 	(f)	 the royalties so computed and due UTMDACC by the category listed in Section 5.2(b); and

  

	 	(g)	 all consideration received from each sublicensee or assignee and payments due UTMDACC; and

  

	 	(h)	 all other amounts due UTMDACC herein. 

  
 37 

 Simultaneously with the delivery of each such report, LICENSEE agrees to pay UTMDACC the
amount due, if any, for the period of such report. These reports are required even if no payments are due. 
  

	5.3	 During the term of this AGREEMENT and for [***] year thereafter, LICENSEE agrees to keep complete and accurate
records of its, its AFFILIATES’ and its sublicensees’ SALES and NET SALES in sufficient detail to enable the royalties and other payments due hereunder to be determined. LICENSEE agrees to permit UTMDACC or its representatives, at
UTMDACC’s expense, to periodically examine LICENSEE’s books, ledgers, and records during regular business hours for the purpose of and to the extent necessary to verify any report required under this AGREEMENT. If any amounts due UTMDACC
are determined to have been underpaid in an amount equal to or greater than [***] of the total amount due during the period so examined, then LICENSEE will pay the cost of the examination. LICENSEE shall pay accrued interest on past-due amounts for
the relevant period at the lesser of (i) the prime rate as identified in the Wall Street Journal, Eastern Edition, or (ii) the highest rate allowed by applicable law. 

 

	5.4	 Within [***] calendar days following each anniversary of the EFFECTIVE DATE, LICENSEE will deliver to UTMDACC a
written progress report as to LICENSEE’s (and any sublicensee’s) efforts and accomplishments during the preceding year in diligently commercializing LICENSED SUBJECT MATTER in the LICENSED TERRITORY and LICENSEE’s (and
sublicensees’) commercialization plans for the upcoming year. 

  

	5.5	 All amounts payable hereunder by LICENSEE will be paid in United States funds without deductions for taxes,
assessments, fees, or charges of any kind. Payments shall be by checks made payable to The University of Texas M. D. Anderson Cancer Center, and sent by United States mail to Box 4390, Houston, Texas 77210-4390, or by wire transfer to:

 [***]. 

  
 38 

	5.6	 No payments due or royalty rates owed under this AGREEMENT will be reduced as the result of co-ownership of
LICENSED SUBJECT MATTER by BOARD and another PERSON, including, but not limited to, LICENSEE. 

 VI. SPONSORED RESEARCH

  

	6.1	 If LICENSEE and UTMDACC do not enter into a mutually agreeable form of SPONSORED RESEARCH AGREEMENT within
[***] days after the EFFECTIVE DATE, this AGREEMENT shall terminate upon written notice from UTMDACC. 

  

	6.2	 If, in addition to the sponsored research agreement referenced in Section 6.1 above LICENSEE desires to
sponsor research for or related to the LICENSED SUBJECT MATTER, and particularly where LICENSEE receives payments for sponsored research pursuant to a sublicense under this AGREEMENT, LICENSEE (a) will notify UTMDACC in writing of all
opportunities to conduct this sponsored research (including clinical trials, if applicable), (b) will solicit research and/or clinical proposals from UTMDACC for this purpose, and (c) will give good faith consideration to funding any such
proposals at UTMDACC. 

 VII. PATENTS AND INVENTIONS 

 

	7.1	 For the avoidance of doubt, the terms and conditions in this Article VII are subject to the rights of CPRIT
under the CPRIT Contract and the rights of BIDMC under the IIA. 

  
 39 

	7.2     (a)	 Consultation. LICENSEE shall have the right to provide comments to UTMDACC on patent prosecution
strategy, claim language and interactions with U.S. or foreign (non-U.S.) patent offices for patent applications and patents for LICENSED SUBJECT MATTER. If after consultation with LICENSEE both parties agree that a new patent application should be
filed for LICENSED SUBJECT MATTER, UTMDACC will prepare and file appropriate patent applications. With respect to all such patent applications and patents, UTDMACC shall instruct the patent counsel prosecuting such patent applications and patents to
(i) copy LICENSEE on patent prosecution documents that are received from or filed with the United States Patent and Trademark Office (“USPTO”) and foreign equivalent, as applicable; (ii) if practical under the circumstances in
light of applicable deadlines, provide LICENSEE with copies of draft submissions to the USPTO and foreign equivalent, as applicable prior to filing; and (iii) implement the comments and requests of LICENSEE or its patent counsel unless such
implementation is not consistent with reasonable practices. 

  

	 	(b)	 Payment of Patent Expenses. UTMDACC agrees to pay all expenses, up to a total of $1,500,000 (the
“UTMDACC LIMIT”), regardless of when incurred and which amount includes without limitation expenses paid by UTMDACC before the EFFECTIVE DATE, associated with prosecution of patents and patent applications for LICENSED SUBJECT MATTER
during the period commencing on the EFFECTIVE DATE and ending on the [***] anniversary of the EFFECTIVE DATE. LICENSEE will pay all expenses in excess of the UTMDACC LIMIT and all expenses incurred or invoiced after the [***] anniversary of the
EFFECTIVE DATE for the searching, preparing, filing, prosecuting and maintaining patent applications and patents for LICENSED SUBJECT MATTER. If LICENSEE notifies UTMDACC that it does not intend

  
 40 

	 	
to pay the cost of filing, prosecuting or maintaining a patent application or patent, or if LICENSEE fails to promptly confirm its intent to pay the cost of filing, prosecuting or maintaining a
patent application or patent upon inquiry from UTMDACC, or if LICENSEE is in arrears on any expense payments due under Section 5.1(a), then UTMDACC may elect to file, not file, continue prosecution or maintenance, or abandon such patent
application or patent at its own expense without further notice to LICENSEE. In the event UTMDACC files or continues prosecution or maintenance of such patent application or patent at UTMDACC’s expense, then LICENSEE’s rights to such
patent application or patent under this AGREEMENT shall terminate in their entirety unless otherwise determined by UTMDACC in its sole discretion. 

  

	 	(c)	 Common Interest. The parties agree that they share a common legal interest to get valid enforceable
patents and that LICENSEE will keep all privileged information received pursuant to this Section confidential. 

  

	 	(d)	 Series A Preferred Shares. In exchange for UTMDACC’s agreement to pay patent expenses up to
$1,500,000, and, in addition to all other equity interests in LICENSEE received by UTMDACC, LICENSEE shall issue to UTMDACC and/or its designee, in the aggregate (which allocation between UTMDACC and its designee shall be determined by UTDMACC and
disclosed by UTDMACC to LICENSEE), 1,500,000 shares of Series A Preferred Stock at the first Closing of LICENSEE’S SERIES A FINANCING ROUND. 

  
 41 

	 	(e)	 Series B Preferred Shares. Notwithstanding anything to the contrary contained herein, UTMDACC will have
the right to participate in the contemplated Series B Financing Round of LICENSEE on the same terms as the other investors in such financing; provided, however, that UTMDACC will be limited to being able to purchase up to [***] of Series B Preferred
Stock. 

 VIII. INFRINGEMENT BY THIRD PARTIES 

 

	8.1	 LICENSEE, at its expense, has the first right (but not the obligation) to enforce any patent exclusively
licensed hereunder against infringement by third parties in the LICENSED FIELD and is entitled to retain recovery from such enforcement. After reimbursement of LICENSEE’s reasonable legal costs and expenses related to such recovery, LICENSEE
agrees to pay UTMDACC: [***] of any monetary recovery, whether by judgment or settlement (including damages awarded for lost profits, reasonable royalties, or enhanced or punitive damages). LICENSEE must notify UTMDACC in writing of any potential
infringement in the LICENSED FIELD within [***] calendar days of knowledge thereof. If LICENSEE does not file suit against a substantial infringer in the LICENSED FIELD within [***] months of knowledge thereof, then BOARD or UTMDACC may, at its sole
discretion, enforce any patent licensed hereunder on behalf of itself and LICENSEE, with UTMDACC retaining, after reimbursement of UTMDACC’s and BOARD’s reasonable legal costs and expenses, seventy-five percent of any recoveries from such
enforcement and the remainder being paid over to LICENSEE. 

  

	8.2	 In any suit or dispute involving an infringer, the parties agree to cooperate fully with each other. At the
request and expense of the party bringing suit, the other party will permit access during regular business hours, to all relevant personnel, records, papers, information, samples, specimens, and the like in its possession. 

  
 42 

 IX. PATENT MARKING 

 

	9.1	 LICENSEE agrees that all packaging containing individual LICENSED PRODUCT(S), documentation therefor, and, when
possible, actual LICENSED PRODUCT(S) sold by LICENSEE, AFFILIATES, and/or sublicensees of LICENSEE will be appropriately marked with the number of any applicable patent(s) licensed hereunder in accordance with each country’s patent laws,
including Title 35, United States Code, to the extent such marking is necessary or required to fully preserve PATENT RIGHTS in each such country. 

X. INDEMNIFICATION AND INSURANCE 
  

	10.1	 LICENSEE AGREES TO HOLD HARMLESS AND INDEMNIFY BOARD, SYSTEM, UTMDACC, BIDMC, THEIR REGENTS, OFFICERS,
EMPLOYEES, STUDENTS AND AGENTS (COLLECTIVELY, THE “UTMDACC INDEMNITEES”) FROM AND AGAINST ANY CLAIMS, DEMANDS, OR CAUSES OF ACTION WHATSOEVER, COSTS OF SUIT AND REASONABLE ATTORNEY’S FEES (INCLUDING WITHOUT LIMITATION, THOSE CLAIMS,
DEMANDS, CAUSES OF ACTION, COSTS OF SUIT, AND REASONABLE ATTORNEYS’ FEES ARISING ON ACCOUNT OF ANY INJURY OR DEATH OF PERSONS OR DAMAGE TO PROPERTY) CAUSED BY, OR ARISING OUT OF, OR RESULTING FROM, THE EXERCISE OR PRACTICE OF THE RIGHTS GRANTED
HEREUNDER BY LICENSEE, ITS OFFICERS, ITS AFFILIATES OR THEIR OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES. Both parties agree that upon receipt of a notice of claim or action that may reasonably be covered by the foregoing indemnification
obligation, that the party receiving such notice will notify the other party promptly; provided, however, that the failure to promptly notify LICENSEE shall not relieve LICENSEE of its indemnification obligations unless LICENSEE is materially
adversely 

  
 43 

	 	
affected by such failure, and in such case the indemnification obligations shall be relieved only to the extent of such material adverse effect. LICENSEE shall not compromise or settle such claim
without the advance written consent of BOARD and UTMDACC. No settlement by LICENSEE shall require the UTMDACC INDEMNITEES to contribute to the settlement, admit fault or change their operation or business practices. To the extent authorized by the
Texas Constitution and the laws of the State of Texas and subject to the statutory duties of the Texas Attorney General, LICENSEE agrees, at its own expense, to provide attorneys to defend against any actions brought or filed against with respect to
the subject of the indemnity contained herein, whether such claims or actions are rightfully brought or filed. Obligations to indemnify and hold harmless under this Article X are subject to: (a) to the extent authorized by the Texas
Constitution and the laws of the State of Texas and subject to the statutory duties of the Texas Attorney General, the indemnified party giving LICENSEE control of the defense and settlement of the claim and demand; and (b) to the extent
authorized by the Texas Constitution and the laws of the State of Texas and subject to statutory duties of the Texas Attorney General, the indemnified party providing the assistance reasonably requested by LICENSEE, at LICENSEE’s expense.

  

	10.2	 OTHER THAN WITH RESPECT TO LICENSEE’S OBLIGATIONS UNDER THIS ARTICLE X OR LICENSEE’S INFRINGEMENT OF
BOARD’S INTELLECTUAL PROPERTY, IN NO EVENT SHALL LICENSEE, BOARD, SYSTEM, UTMDACC, OR BIDMC BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS OR EXPECTED SAVINGS
OR OTHER ECONOMIC LOSSES, 

  
 44 

	 	
OR FOR INJURY TO PERSONS OR PROPERTY) ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ITS SUBJECT MATTER, REGARDLESS OF WHETHER LICENSEE, BOARD, SYSTEM, UTMDACC, OR BIDMC KNOWS OR SHOULD
KNOW OF THE POSSIBILITY OF SUCH DAMAGES. 

  

	10.3	 LICENSEE’S OBLIGATIONS TO HOLD HARMLESS AND INDEMNIFY THE UTMDACC INDEMNITEES IN SECTION 10.1 AND THE
LIMITATION OF LIABILITY IN SECTION 10.2 SHALL INCLUDE, BUT ARE NOT LIMITED TO, ANY CLAIM ALLEGING PRODUCT DEFECT, STRICT STATUTORY LIABILITY, OR THE SOLE OR CONCURRENT NEGLIGENCE OF ANY OF THE UTMDACC INDEMNITEES THAT ARISES OUT OF, RELATES TO, IS
CAUSED IN WHOLE OR 3N PART BY, OR RESULTS FROM THIS AGREEMENT OR LICENSED SUBJECT MATTER. 

  

	10.4	 Beginning at the time when any LICENSED SUBJECT MATTER or LICENSED PRODUCT is being distributed or sold
(including for the purpose of obtaining regulatory approvals) by LICENSEE, an AFFILIATE, or by a sublicensee, LICENSEE shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than [***]
per incident and [***] annual aggregate (excluding for all purposes all self-insurance programs), and LICENSEE shall use reasonable efforts to have the UTDMACC INDEMNITEES named as additional insureds. Such commercial general liability insurance
shall provide: (i) product liability coverage; (ii) broad form contractual liability coverage for LICENSEE’s indemnification under this AGREEMENT; and (iii) coverage for litigation costs. The minimum amounts of insurance coverage
required herein shall not be construed to create a limit of LICENSEE’s liability with respect to its indemnification under this AGREEMENT. 

  
 45 

	10.5	 LICENSEE shall provide UTMDACC with written evidence of such insurance within [***] calendar days of its
procurement. Additionally, LICENSEE shall provide UTMDACC with written notice of at least [***] calendar days prior to the cancellation, non-renewal or material change in such insurance. 

 

	10.6	 LICENSEE shall maintain such commercial general liability insurance beyond the expiration or termination of
this AGREEMENT during: (i) the period that any LICENSED SUBJECT MATTER or LICENSED PRODUCT developed pursuant to this AGREEMENT is being commercially distributed or sold by LICENSEE, an AFFILIATE or by a sublicensee, distributor, or agent of
LICENSEE; and (ii) the [***] year period immediately after such period. 

 XI. USE OF NAME 

 

	11.1	 LICENSEE will not use the name of (or the name of any employee of) UTMDACC, SYSTEM, BOARD, or BIDMC in any
advertising, promotional or sales literature, on its Web site, or for the purpose of raising capital without advance express written consent. LICENSEE may request such consent with respect to BOARD or UTMDACC by contacting: 

The University of Texas 
 M. D.
Anderson Cancer Center 
 Legal Services, Unit 1674 

P.O. Box 301407 
 Houston, TX
77230-1407 
 Notwithstanding the above, LICENSEE may use the name of (or name of employee of) UTMDACC, SYSTEM or BOARD in routine business
correspondence, or as needed in appropriate regulatory submissions without express written consent. 

  
 46 

 XII. CONFIDENTIAL INFORMATION AND PUBLICATION 

 

	12.1	 UTMDACC and LICENSEE each agree that all information contained in documents marked
‘‘confidential” and forwarded to one by the other (i) are to be received in strict confidence, (ii) are to be used only for the purposes of this AGREEMENT, and (iii) will not be disclosed by the recipient party (except
as required by law or court order), its agents or employees without the prior written consent of the disclosing party, except to the extent that the recipient party can establish by competent written proof that such information:

  

	 	(a)	 was in the public domain at the time of disclosure; or 

 

	 	(b)	 later became part of the public domain through no act or omission of the recipient party, its employees,
agents, successors or assigns; or 

  

	 	(c)	 was lawfully disclosed to the recipient party by a third party having the right to disclose it; or

  

	 	(d)	 was already known by the recipient party at the time of disclosure; or 

 

	 	(e)	 was independently developed by the recipient party without use of the disclosing party’s confidential
information; or 

  

	 	(f)	 is required by law or regulation to be disclosed. 

For avoidance of doubt, LICENSEE, its AFFILIATES and sublicensees are hereby permitted to use and disclose the LICENSED SUBJECT MATTER in a
manner that is commercially reasonable in connection with its exercise of the license granted under Section 4.1 in connection with the development and commercialization of products. 

 

	12.2	 Each party’s obligation of confidence hereunder will be fulfilled by using at least the same degree of
care with the disclosing party’s confidential information as it uses to protect its own confidential information, but always at least a reasonable degree of care. 

  
 47 

	 	
This obligation will exist while this AGREEMENT is in force and for a period of [***] years thereafter. 

  

	12.3	 UTMDACC and BIDMC reserve the right to publish the general scientific findings from research related to
LICENSED SUBJECT MATTER, with due regard to the protection of LICENSEE’s confidential information. For purposes of clarification, such reserved right shall not be deemed to create an obligation on the part of LICENSEE to provide scientific
findings or other research results to UTMDACC or SYSTEM under this AGREEMENT nor a right of UTDMACC or SYSTEM to publish any such information disclosed under this AGREEMENT by LICENSEE to UTDMACC or SYSTEM. UTMDACC will submit the manuscript of any
proposed publication by UTMDACC to LICENSEE at least [***] calendar days before publication, and LICENSEE shall have the right to review and comment upon the publication in order to protect LICENSEE’s confidential information. Upon
LICENSEE’s request, publication may be delayed up to [***] additional calendar days to enable LICENSEE to secure adequate intellectual property protection of LICENSEE’s confidential information that would otherwise be affected by the
publication. For avoidance of doubt, the foregoing reservation of rights shall not apply to research conducted under the Sponsored Research Agreement. Notwithstanding any provision to the contrary herein, nothing in this AGREEMENT shall be construed
as a requirement that UTMDACC or BOARD engage in any action that, in the judgment of BOARD or UTMDACC, may jeopardize (a) the applicability of the fundamental research exclusion of the International Traffic in Arms Regulations and/or Export
Administration Regulations as currently drafted or as subsequently updated, supplemented, amended, or revised, to any information, (b) any tax-exempt status of BOARD, SYSTEM, or

  
 48 

	 	
UTMDACC or financial instruments pertaining thereto, or (c) BOARD’s or UTMDACC’s compliance with any applicable law or regulation; provided, however, that if BOARD or UTMDACC has a
good faith belief that a restriction on publication under this AGREEMENT may pose an issue under (a), (b), or (c) immediately above, UTMDACC shall notify LICENSEE and the parties shall confer in good faith with respect thereto.

  

	12.4	 Notwithstanding the foregoing, UTMDACC may disclose LICENSEE’s confidential information to CPRIT and/or
BIDMC under appropriate obligations of confidentiality in order to comply with the IIA and/or CPRIT Contract. 

 XIII.
ASSIGNMENT 
  

	13.1	 LICENSEE may assign this AGREEMENT without the consent of UTMDACC in connection with the sale by LICENSEE of
all or substantially all of its assets (whether via an asset sale or a stock sale or pursuant to some other similar transaction). Except as provided in the foregoing sentence, this AGREEMENT may not be assigned by LICENSEE without the prior written
consent of UTMDACC, which will not be unreasonably withheld. For any assignment to be effective, the assignee must assume in writing (a copy of which writing will be provided to UTMDACC) all of LICENSEE’s interests, rights, duties, and
obligations under the AGREEMENT and agree to comply with all terms and conditions of the AGREEMENT as if the assignee were the original party (i.e., the LICENSEE) to the AGREEMENT. 

XIV. TERM AND TERMINATION 
  

	14.1	 Subject to Sections 14.2, 14.3 and 14.4 hereinbelow, the term of this AGREEMENT is from the EFFECTIVE DATE
until the last to occur of: (a) the expiration of all patents issued under PATENT RIGHTS (if any) and the cancellation, withdrawal, or express 

  
 49 

	 	
abandonment of all patent applications under PATENTS RIGHTS (if any), or (b) the date that is the fifteenth (15th) anniversary of the EFFECTIVE DATE. Upon expiration of this AGREEMENT,
the license granted under the TECHNOLOGY RIGHTS in Section 4.1 shall automatically convert to a fully-paid, irrevocable, perpetual license. 

  

	14.2	 Any time after [***] years from the EFFECTIVE DATE, BOARD or UTMDACC have the right to terminate this license
in any national political jurisdiction within the LICENSED TERRITORY if LICENSEE, within [***] calendar days after receiving written notice from UTMDACC of the intended termination, fails to provide written evidence satisfactory to UTMDACC that
LICENSEE or its sublicensee(s) is using commercially reasonable efforts to commercialize a licensed invention in such jurisdiction(s). 

  

	14.3	 Subject to any rights herein which survive termination, this AGREEMENT will earlier terminate in its entirety:

  

	 	(a)	 automatically, if LICENSEE becomes bankrupt or insolvent and/or if the business of LICENSEE shall be placed in
the hands of a receiver, assignee, or trustee, whether by voluntary act of LICENSEE or otherwise; or 

  

	 	(b)	 upon [***] calendar days written notice from UTMDACC, if LICENSEE breaches or defaults on the payment or report
obligations of Article V (excluding the license fee specified in Section 5.1(b), for which no cure period applies), or use of name obligations of Article XI, unless, before the end of such thirty (30) calendar day notice period, LICENSEE
has cured the default or breach to UTMDACC’s reasonable satisfaction, and so notifies UTMDACC, stating the manner of the cure; or 

  
 50 

	 	(c)	 immediately, upon written notice from UTMDACC, if LICENSEE fails to timely pay the license fee specified in
Section 5.1(b); or 

  

	 	(d)	 immediately upon UTMDACC’s written notice pursuant to Section 6.1; or 

 

	 	(e)	 upon [***] calendar days written notice from UTMDACC if LICENSEE breaches or defaults on any other obligation
under this AGREEMENT (other than a breach caused by a failure of LICENSEE to use commercially reasonable efforts to commercialize a licensed invention, which shall be governed by Section 14.2), unless, before the end of such ninety
(90) calendar-day notice period, LICENSEE has cured the default or breach to UTMDACC’s reasonable satisfaction and so notifies UTMDACC, stating the manner of the cure; or 

 

	 	(f)	 at any time by LICENSEE upon one hundred eighty (180) calendar days written notice to UTMDACC and subject
to any terms herein which survive termination; or 

  

	 	(g)	 if Section 16.10 is invoked; or 

 

	 	(h)	 if LICENSEE has defaulted or been late on its payment obligations pursuant to the terms of this AGREEMENT on
any [***] occasions in a [***] month period. 

  

	14.4	 Upon termination of this AGREEMENT: 

 

	 	(a)	 nothing herein will be construed to release either party of any obligation maturing prior to the effective date
of the termination; and 

  

	 	(b)	 LICENSEE covenants and agrees to be bound by the provisions of Articles X (Indemnification and Insurance), XI
(Use of Name) and XII (Confidential Information and Publication) of this AGREEMENT. 

  
 51 

 XV. WARRANTY: SUPERIOR-RIGHTS 

 

	15.1	 Except for the rights of BIDMC and CPRIT and the rights, if any, of the Government of the United States of
America (“Government”) as set forth below, BOARD represents and warrants its belief that (a) it is the owner or co-owner of the right, title, and interest in and to LICENSED SUBJECT MATTER, (b) it has the right to grant licenses
thereunder, and (c) it has not knowingly granted licenses thereunder to any other entity that would restrict rights granted hereunder except as stated herein, 

 

	15.2	 LICENSEE understands that the LICENSED SUBJECT MATTER may have been developed under a funding agreement with
the Government and, if so, that the Government may have certain rights relative thereto. This AGREEMENT is explicitly made subject to the Government’s rights under any such agreement and any applicable law or regulation. To the extent that
there is a conflict between any such agreement, applicable law or regulation and this AGREEMENT, the terms of such Government agreement, applicable law or regulation shall prevail. LICENSEE agrees that LICENSED PRODUCTS used or SOLD in the United
States will be manufactured substantially in the United States as and to the extent required by law (including without limitation the Bayh-Dole Act), unless a written waiver is obtained in advance from the GOVERNMENT. LICENSEE will promptly advise
UTMDACC if such a written waiver is requested and/or obtained. 

  

	15.3	 LICENSEE UNDERSTANDS AND AGREES THAT BOARD AND UTMDACC, BY THIS AGREEMENT, MAKE NO REPRESENTATION AS TO THE
OPERABILITY OR FITNESS FO ANY USE, SAFETY, EFFICACY, APPROVABILITY BY REGULATORY AUTHORITIES, TIME AND COST OF DEVELOPMENT, PATENTABILITY, AND/OR BREADTH OF THE LICENSED SUBJECT MATTER.

  
 52 

	 	
BOARD AND UTMDACC, BY THIS AGREEMENT, ALSO MAKE NO REPRESENTATION AS TO WHETHER ANY PATENT COVERED BY PATENT RIGHTS IS VALID OR AS TO WHETHER THERE ARE ANY PATENTS NOW HELD, OR WHICH WILL BE
HELD, BY OTHERS OR BY BOARD OR UTMDACC IN THE LICENSED FIELD, NOR DO BOARD AND UTMDACC MAKE ANY REPRESENTATION THAT THE INVENTIONS CONTAINED IN PATENT RIGHTS DO NOT INFRINGE ANY OTHER PATENTS NOW HELD OR THAT WILL BE HELD BY OTHERS OR BY BOARD.

  

	15.4	 LICENSEE, by execution hereof, acknowledges, covenants and agrees that LICENSEE has not been induced in any way
by BOARD, SYSTEM, UTMDACC or employees thereof to enter into this AGREEMENT, and further warrants and represents that (a) LICENSEE is entering into this AGREEMENT voluntarily; (b) LICENSEE has conducted sufficient due diligence with
respect to all items and issues pertaining to this AGREEMENT; and (c) LICENSEE has adequate knowledge and expertise, or has used knowledgeable and expert consultants, to adequately conduct such due diligence, and agrees to accept all risks
inherent herein. 

  

	15.5	 UTMDACC represents and warrants that: 

 

	 	(a)	 UTMDACC has, before the EFFECTIVE DATE, provided LICENSEE a true and correct copy of the IIA;

  

	 	(b)	 The IIA provides that termination of the IIA shall not affect the rights of LICENSEE under this AGREEMENT;

  

	 	(c)	 Neither BOARD nor UTMDACC shall terminate or amend the IIA in a manner that would impair LICENSEE’s rights
hereunder (including by impairing LICENSEE’s license to the PATENT RIGHTS or the TECHNOLOGY RIGHTS as described in this AGREEMENT); 

  
 53 

	 	(d)	 UTMDACC has, before the EFFECTIVE DATE, provided LICENSEE a true and correct copy of the CPRIT Contract;

  

	 	(e)	 As of the EFFECTIVE DATE, UTMDACC has not committed an act or omission that CPRIT considers a default of the
CPRIT Contract; 

  

	 	(f)	 CPRIT has agreed that, in the event of an uncured default by UTMDACC under the CPRIT Contract, CPRIT shall not
take any action that would impair LICENSEE’s rights under this AGREEMENT provided that LICENSEE is diligently working toward commercialization of LICENSED SUBJECT MATTER and is taking commercially reasonable efforts to obtain patent protection
with respect thereto; 

  

	 	(g)	 Neither BOARD nor UTMDACC shall terminate or amend the CPRIT Contract in a manner that would impair
LICENSEE’s rights hereunder (including by impairing LICENSEE’s license to the PATENT RIGHTS or the TECHNOLOGY RIGHTS as described in this AGREEMENT); and 

 

	15.6	 UTMDACC represents and warrants that the following representations and warranties set forth in the PURCHASE
AGREEMENT are incorporated herein for all purposes and shall be deemed to be provided by UTMDACC, as the “Purchaser”, in favor of LICENSEE, subject in all cases to Section 16.5: Section 3.2, Section 3.3,
Section 3.4, Section 3.5, Section 3.6, Section 3.7, Section 3.8, Section 3.9, Section 3.10 and Section 3.11. A breach by UTMDACC of any of the
representations and warranties set forth in this Section 15.6 shall be deemed a breach of this Agreement, and LICENSEE shall have all rights and recourse under the provisions of this Agreement and/or the PURCHASE AGREEMENT against
UTMDACC in connection with such breach. 

  
 54 

	15.7	 LICENSEE further represents and warrants that all of the representations and warranties set forth in
Section 2 of the PURCHASE AGREEMENT are incorporated herein for all purposes and shall be deemed to be provided by LICENSEE, as the “Company” in favor of UTMDACC in this Section 15.7. A breach of any of the
representations and warranties set forth in this Section 15.7 shall be deemed a breach of this Agreement and the PURCHASE AGREEMENT, and UTMDACC shall have all rights and recourse under the provisions of this Agreement and/or the
PURCHASE AGREEMENT against the LICENSEE in connection with such breach. 

 XVI. GENERAL 

 

	16.1	 This AGREEMENT constitutes the entire and only agreement between the parties for the subject matter hereof and
all other prior negotiations, representations, agreements and understandings related thereto are superseded hereby. No agreements altering or supplementing the terms hereof will be made except by a written document signed by both parties.

  

	16.2	 Any notice required by this AGREEMENT must be given by prepaid, first class, mail, and addressed in the case of
UTMDACC to: 

 The University of Texas M, D. Anderson Cancer 

Center Office of Technology Commercialization, Unit 1669 

PO Box 301407 
 Houston, Texas
77230-1407 
 [***] 
 or in the
case of LICENSEE to: 
 [***] 

Managing Director 
 ARCH Venture
Partners 
 999 Third Avenue, Suite 3400 

Seattle, WA 98104 

  
 55 

 or other addresses as may be given from time to time under the terms of this notice
provision. Communications regarding patent prosecution may be transmitted by electronic mail. For such communications to UTMDACC sent via electronic mail, the electronic mail shall be addressed or copied to [***]. 

 

	16.3	 LICENSEE must comply with all applicable federal, state and local laws and regulations in connection with its
activities pursuant to this AGREEMENT. LICENSEE acknowledges that the LICENSED SUBJECT MATTER is subject to U. S. export control jurisdiction. LICENSEE agrees to comply with all applicable international and national laws that apply to the LICENSED
SUBJECT MATTER, including U.S. Export Administration Regulations, as well as end-user, end-use, and destination restrictions applied by the United States. 

  

	16.4	 This AGREEMENT will be construed and enforced in accordance with the laws of the United States of America and
of the State of Texas, without regard to its conflict of law provisions. 

  

	16.5	 UTMDACC is an agency of the State of Texas and under the constitution and the laws of the State of Texas
possesses certain rights and privileges, is subject to certain limitations and restrictions, and only has such authority as is granted to it under the constitution and laws of the State of Texas. Notwithstanding any provision hereof, nothing in this
AGREEMENT is intended to be, nor will it be construed to be, a waiver of the sovereign immunity of the State of Texas, BOARD, SYSTEM or UTMDACC or a prospective waiver or restriction of any of the rights, remedies, claims, and privileges of the
State of Texas, BOARD, SYSTEM or UTMDACC. Moreover, notwithstanding the generality or 

  
 56 

	 	
specificity of any provision hereof, the provisions of this AGREEMENT as they pertain to BOARD or UTMDACC are enforceable only to the extent authorized by the constitution and laws of the State
of Texas. Accordingly, to the extent any provision hereof conflicts with the constitution or laws of the State of Texas or exceeds the right, power or authority of BOARD or UTMDACC to agree to such provision, then that provision will not be
enforceable against BOARD or UTMDACC or the State of Texas. Further, the terms of this AGREEMENT shall be subject to and shall be construed to be consistent with any third party rights (e.g., CPRIT, BIDMC), applicable UT System and MDA Rules and
Policies, and other applicable laws, statutes, policies, rules and regulations with respect thereto or the subject matter hereof. 

  

	16.6	 Notwithstanding the foregoing, to the extent that Chapter 2260, Texas Government Code, as it may be amended
from time to time (“Chapter 2260”), is applicable to this AGREEMENT, LICENSEE acknowledges and agrees that the dispute resolution process provided for in Chapter 2260 shall be LICENSEE’s sole and exclusive process for seeking a remedy
for any and all alleged breaches of the AGREEMENT by BOARD and/or UTMDACC or the State of Texas. 

  

	16.7	 Failure of BOARD or UTMDACC to enforce a right under this AGREEMENT will not act as a waiver of right or the
ability to later assert that right relative to the particular situation involved. 

  

	16.8	 Headings included herein are for convenience only and will not be used to construe this AGREEMENT.

  

	16.9	 If any part of this AGREEMENT is for any reason found to be unenforceable, all other parts nevertheless will
remain enforceable. 

  
 57 

	16.10	 In the event that LICENSEE brings an action before any court, agency or tribunal seeking to invalidate or
otherwise challenge the enforceability of or BOARD’S ownership of any patent included in the PATENT RIGHTS, then UTMDACC may immediately terminate this AGREEMENT upon written notice to LICENSEE. To the extent that LICENSEE unsuccessfully
challenges the validity or enforceability of any patent included in the PATENT RIGHTS, LICENSEE agrees to reimburse UTMDACC and BOARD for all costs and fees (including attorney’s fees) paid by UTMDACC and BOARD in defending against such
challenge. LICENSEE understands and agrees that, in the event LICENSEE successfully challenges the validity or enforceability of any patent included in the PATENT RIGHTS, all payments or other consideration made or otherwise provided by LICENSEE to
UTMDACC prior to a final, non-appealable adjudication of invalidity and/or unenforceability shall be non-refundable. The obligations of this Section shall survive the expiration or termination of this AGREEMENT. 

 

	16.11	 This AGREEMENT may be executed in one (1) or more counterparts, by original, facsimile or PDF signature,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures to this AGREEMENT transmitted by facsimile, by email in “portable document format” (“.pdf), or by any other
electronic means intended to preserve the original graphic and pictorial appearance of this AGREEMENT shall have the same effect as physical delivery of the paper document bearing original signature. Facsimiles and scanned images of original
signatures shall be considered as valid and binding as original signatures, and as such, a facsimile or scanned image of an original signature delivered by the executing party to the other party shall create a valid and binding obligation of the
party executing (or on whose behalf such 

  
 58 

	 	
signature is executed) with the same force and effect as if such facsimile or scanned signature was an original signature. In the event signatures are exchanged by facsimile and/or in “.pdf
format, each party shall thereafter promptly provide an original signature page to the other party. 

 [Signatures Appear on
Following Page] 

  
 59 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to
execute this AGREEMENT. 
  

			
	THE BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM, on behalf of
	
	THE UNIVERSITY OF TEXAS M. D. ANDERSON CANCER CENTER
		
	By:	 	 /s/ Ronald A. DePinho, M.D.

	Name:	 	Ronald A. DePinho, M.D.
	Title:	 	President
		 	
	Approved as to Consent
		
	By:	 	 /s/ Ferran Prat, J.D., Ph.D.

	Name:	 	Ferran Prat, J.D., Ph.D.
	Title:	 	Vice President, Strategic Industry
	  Ventures M. D. Anderson Cancer Center

	
	Addresses for notices:
	
	The University of Texas M. D.
	Anderson Cancer Center
	Office of Technology Commercialization
	Unit 1669
	PO Box 301407
	Houston, Texas 77230-1407
	[***]
	
	With a mandatory copy, which shall not constitute notice, to:
	
	Bracewell & Giuliani LLP
	1445 Ross Avenue Suite 3800
	Dallas, TX 75202-2724
	[***]

 SIGNATURE PAGE TO PATENT
AND TECHNOLOGY LICENSE AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to
execute this AGREEMENT. 
  

			
	 LICENSEE:
  

	CODIAK BIOSCIENCES, INC.
		
	By:	 	 /s/ Doug Williams

	Name:	 	Doug Williams
	Title:	 	President
	
	Addresses for notices:
	
	c/o ARCH Venture Partners
	999 Third Avenue, Suite 3400
	Seattle, WA 98104
	
	With a mandatory copy, which shall not constitute notice to:
	
	Goodwin Procter LLP
	620 Eighth Avenue
	New York, NY 10018
	[***]

 SIGNATURE PAGE TO PATENT
AND TECHNOLOGY LICENSE AGREEMENT 

 EXHIBIT I 
  

							
	 UTMDACC Invention Disclosure
Report (IDR)
No.
	 	 Inventors
	 	 IDR Title/Patent Title
	 	 U.S. and foreign patent

application/ 
patent numbers

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

  
 62 

 EXHIBIT II 

CPRIT CONTRACT 
 [***]

  
 63 

 FIRST AMENDMENT TO 

PATENT AND TECHNOLOGY LICENSE AGREEMENT 

This First Amendment to Patent and Technology License Agreement (“AMENDMENT”) is made on this 26th day of April, 2018 by and between
THE BOARD OF REGENTS (“BOARD”) of THE UNIVERSITY OF TEXAS SYSTEM (“SYSTEM”), an agency of the State of Texas, whose address is 201 West 7th Street, Austin, Texas 78701, on behalf of THE UNIVERSITY OF TEXAS M.D. ANDERSON
CANCER CENTER (“UTMDACC”), a member institution of SYSTEM, and Codiak BioSciences, Inc., a Delaware corporation having a principal place of business located at 500 Technology Square, 9th
Floor, Cambridge, MA 02139, and formerly known as Kodiak Biotechnologies, Inc. (“LICENSEE”). 
 RECITALS 

 

	 	A.	 Licensee and the Board have entered into that certain Patent and Technology License Agreement, effective as of
the 10th day of November, 2015 (the “Agreement;” capitalized terms used but not defined herein shall have the meaning provided in the Agreement). 

 

	 	B.	 Licensee and Board now desire to amend the Agreement as provided herein. 

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties agree as follows: 

  
 1 

 1. AMENDMENT OF AGREEMENT 

 

	2.1.	 Section 3.8 of the Agreement is hereby amended so that the phrase “[***]” as it appears in
clause “(c)” of Section 3.8 is hereby deleted and replaced with the phrase “[***].” 

  

	2.2.	 Section 4.6 of the Agreement is hereby amended so that the phrase “(i) the third anniversary of the
EFFECTIVE DATE, or” as it appears in the last paragraph of Section 4.6 is hereby deleted and replaced with the phrase “February 1, 2021, or.” 

 

	2.3	 Section 7.2 of the Agreement is hereby amended so that the phrase “the third anniversary of the
EFFECTIVE DATE.” is hereby deleted and replaced with the phrase “February 1, 2021.” 

 2. CONFIRMATION OF
TERMS 
  

	2.1	 Except as otherwise set forth herein, the Agreement shall continue in full force and effect, in accordance with
it terms. 

 [Signatures Appear on Following Page] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute
this AMENDMENT. 
  

							
	 BOARD OF REGENTS OF THE
 UNIVERSITY
OF TEXAS SYSTEM, on behalf of
 THE UNIVERSITY OF TEXAS M. D.

ANDERSON CANCER CENTER
	  	CODIAK BIOSCIENCES, INC.
				
	By:	 	 /s/ Eric Melson
	  	By:	  	 /s/ Douglas Williams

	 Printed Name: Eric Melson
 Title:
Senior Vice President
	  	 Printed Name: Douglas Williams

Title: Chief Executive Officer

			
	Approved as to Content:	  		  	
				
	By:	 	 /s/ Ferran Prat, J.D.,
Ph.D.            
	  		  	
		 	 Ferran Prat, J.D., Ph.D.
 Vice President,
Strategic Industry Ventures
 M. D. Anderson Cancer Center
	  		  	

  
 3EX-10.12

 Exhibit 10.12 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY
CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED 
 SPONSORED RESEARCH AGREEMENT 

This Sponsored Research Agreement (“Agreement”) is by and between The University of Texas M. D. Anderson Cancer Center
(“Institution”), a member institution of The University of Texas System (“System”) and Codiak Biosciences, Inc., a Delaware corporation with its principal place of business at 999 Third Avenue, Suite 3400, Seattle,
WA 98104 (“Sponsor”). 
 RECITALS 

A. Sponsor and Institution have entered into that certain Patent and Technology License Agreement, effective as of the 10th day of November, 2015 (“License Agreement Effective Date”), pursuant to which, among other things, Institution has granted an exclusive license to Sponsor to develop and
commercialize products relating to intellectual property developed in part by the Principal Investigator (the “License Agreement”). Terms portrayed in all capitalized letters herein shall have the definition provided in the License
Agreement; 
 B. Sponsor desires that Institution perform the Research Program (as hereinafter defined) and is willing to advance funds to
sponsor such Research Program; 
 C. Sponsor desires to obtain certain rights to patents and technology developed by Principal Investigator
with a view to profitable commercialization of such patents and technology for the Sponsor’s benefit; and 
 D. Institution is willing
to perform the Research Program and to grant rights to such patents and technology. 
 NOW THEREFORE, in consideration of the mutual
covenants and promises herein contained, Institution and Sponsor agree as follows: 
 1. EFFECTIVE DATE 

This Agreement shall be effective as of the date of approval of the Agreement by OGC as set forth in Section 10.6 (the “Effective
Date”). 
 2. RESEARCH PROGRAM 
  

	2.1	 Institution will use reasonable efforts to conduct the Research Program described in Attachment A (the
“Research Program”), and will furnish the facilities necessary to carry out said Research Program. Attachment A may be amended from time-to-time during the Term, by agreement of the parties, to modify the current Research Program or
to add additional research projects for inclusion as part of the Research Program. The Research Program will be under the direction of, and will be conducted at Institution by, [***], or his designate as required by Institution’s policies
and/or as mutually agreed to by the parties (“Principal Investigator”). 

  

	2.2	 The term of the Research Program shall be from the Effective Date through and including the third anniversary
of the Effective Date (each such annual period within the term is a “Year of Operation”). Sponsor shall have the option of extending the term of the Research Program under mutually agreeable support terms. 

  
 1 

 2.3 Sponsor understands that Institution’s primary mission is education and advancement of knowledge,
and consequently the Research Program will be designed to carry out that mission. The manner of performance of the Research Program shall be determined solely by the Principal Investigator provided that the Research Program will be conducted in
accordance with Attachment A and applicable laws. Institution does not guarantee specific results, and the Research Program will be conducted only on a reasonable efforts basis. 

2.4 Sponsor understands that Institution may be involved in similar research on behalf of itself and others. Institution shall be free to continue such
research provided that during the term of this Agreement, any such commercial research similar to the Research Program will be conducted outside of the laboratory facilities overseen by Principal Investigator and without the supervision or
participation of Principal Investigator. Sponsor shall not gain any rights via this Agreement to such other research. 
 2.5 Institution does not guarantee
that any patent rights will result from the Research Program, that the scope of any patent rights obtained will cover Sponsor’s commercial interests, or that any such patent rights will be free of dominance by other patents, including those
based upon inventions made by other inventors in System independent of the Research Program. 
 3. FIXED PRICE 

3.1 As consideration for the performance by Institution of its obligations under this Agreement, Sponsor agrees to pay Institution as delineated below: 

 

			
	 Year of Operation
	 	 Direct Expenses

	 1
	 	[***]
	 2
	 	[***]
	 3
	 	[***]

 Such amounts will be used to fund procurement of equipment, and the cost of employing specific personnel and materials, in
each case, for use directly in the performance of the Research Program, such charges to be allocated between the Research Program and other activities conducted in the Principal Investigator’s laboratory in accordance with the
Institution’s reasonable practices and policies (“Direct Expense”). Such funding shall be payable on a calendar quarter basis during the term of this Agreement with the first payment to be due and payable within [***] after the
Effective Date and each subsequent payment to be due and payable within [***] after the start of each calendar quarter thereafter, during each of the first, second and third years of operation (each payment referred to as the “Quarterly
Payment”). The first and last such payments shall be pro-rated to account for the period between the Effective Date and the beginning of the first full calendar quarter and the period between the end of the last full calendar quarter and
the date of termination, should such periods be less than a complete calendar quarter. In addition, Sponsor will pay to Institution an “Overhead Charge” based on the Direct Expenses, calculated and payable as below: 

 

	 	•	 	 Overhead Charge equal to Twenty-five percent (25%) of Direct Expense payable in cash with each of the
foregoing Quarterly Payments, and 

  
 2 

	 	•	 	 Overhead Charge equal to Twenty percent (20%) of Direct Expense, which such Overhead Charge shall be payable
in the form of Series A Preferred Stock of Sponsor (as defined in the Second Amended and Restated Certificate of Incorporation of Sponsor (the “A&R COI”) and the Series B Preferred Stock (as defined in the A&R COI)) of
Sponsor, as follows: 

 (a) During the first year of operation, Sponsor shall issue to Institution Fifty Thousand
(50,000) shares of Series A Preferred Stock of Sponsor with each Quarterly Payment made to Institution, and with such Series A Preferred Stock valued at One Dollar ($1.00) per share, for a total of Two Hundred Thousand (200,000) shares of
Series A Preferred Stock of Sponsor; and 
 (b) During the second and third years of operation, Sponsor shall issue Forty-One Thousand Six Hundred Sixty-Six (41,666) shares of Series B Preferred Stock of Sponsor on a quarterly basis, with each Quarterly Payment made to Institution, and with each share of Series B
Preferred Stock of Sponsor valued at Three Dollars ($3.00) per share, and such that the Institution shall receive a total of Three Hundred Thirty-Three Thousand, Three Hundred Thirty-Three
(333,333) shares of Series B Preferred Stock of Sponsor. 
 All payments under this Agreement shall be made payable to The University of Texas,
M. D. Anderson Cancer Center, specifically referencing the Principal Investigator, the title of the Research Program, and the Agreement number, and submitted to the address in Section 3.4. 

3.2 Institution shall retain title to all equipment purchased and/or fabricated by it with funds provided by Sponsor under this Agreement. 

3.3 
  

			
	 Checks shall be made payable to Institution and sent to:

The University of Texas M. D. Anderson Cancer Center
	  	Invoices shall be sent to Sponsor at:
	[***]	  	 Codiak BioSciences, Inc.

509 E 2nd St. #9
 Boston MA
02127

	 REFERENCE: include title and EFFECTIVE
 DATE of
AGREEMENT and type of payment (e.g., license documentation fee, milestone payment, royalty including applicable patent/application identified by MDA reference number and patent number or application serial number, or maintenance fee, etc.).
	  	

 4. CONSULTATION AND REPORTS 

4.1 Sponsor’s designated representative (“Designated Representative”) for consultation and communications with the Principal
Investigator shall be Doug Williams or such other person as Sponsor may from time to time designate in writing to Institution and the Principal Investigator. 

  
 3 

 4.2 During the term of the Agreement, Sponsor’s representatives may consult informally with
Institution’s representatives regarding the Research Program, both personally and by telephone. Access to work carried on in Institution laboratories in the course of the Research Program shall be entirely under the control of Institution
and/or Principal Investigator, but shall be made accessible to Sponsor on a reasonable basis for purposes of review of the Research Program. 
 4.3 The
Principal Investigator will make up to two (2) written report(s) each year as requested by Sponsor’s Designated Representative. The Principal Investigator shall also submit a comprehensive final report within ninety (90) days of
termination or completion of each research project within the Research Program which shall consist of a report of all activities undertaken and accomplishments achieved in connection with such research project. 

5. PUBLICITY 
 Neither party shall make
reference to the other in a press release or any other written statement in connection with work performed under this Agreement, if it is intended for use in the public media, except as required by the Texas Public Information Act or other law or
regulation. Institution, however, shall have the right to acknowledge Sponsor’s support of the Research Program under this Agreement in scientific or academic publications and other scientific or academic communications, provided that in any
statements, the scope and nature of participation shall be described accurately and appropriately. 
 6. PUBLICATION AND ACADEMIC RIGHTS

 6.1 Institution and the Principal Investigator have the right to publish or otherwise publicly disclose information gained in the course of this
Agreement, except for Sponsor’s confidential information (“Confidential Information”) as may be furnished to Institution pursuant to a separate nondisclosure agreement executed by the parties (“NDA”). In order to avoid loss
of patent rights as a result of premature public disclosure of patentable information, Institution will submit any prepublication materials to Sponsor for review and comment [***] days in advance of its planned submission for publication. Sponsor
shall notify Institution within [***] days of receipt of such materials whether it desires Institution to file patent applications on any inventions contained in the materials; and, if Sponsor agrees to reimburse Institution for the expense of
preparing and filing such patent application(s), Institution will proceed promptly to file the patent application(s). Institution and Sponsor shall confer regarding the scope and content of any such patent application(s) but Institution shall have
final authority with respect thereto. 
 6.2 It is understood that the Institution investigators may discuss the Research Program with other investigators
but shall not reveal information which is Sponsor’s Confidential Information, as may be furnished to Institution pursuant to the NDA. In the event any joint inventions result, Institution shall grant to Sponsor the rights outlined in Article
7 to this Agreement as applicable to jointly owned Inventions, to the extent these are not in conflict with obligations to another party as a result of the involvement of the other investigator(s). In this latter case, Institution shall, in good
faith, exercise reasonable efforts to enable Sponsor to obtain rights to the joint invention. 

  
 4 

 7. PATENTS, COPYRIGHTS AND TECHNOLOGY RIGHTS 

7.1 Title to all inventions or discoveries conceived or reduced to practice in the performance of the Research Program hereunder and arising during the term
of this Agreement (“Inventions”) shall reside: (a) in Institution if such Invention is conceived or reduced to practice solely by Institution; (b) in Sponsor if such Invention is conceived or reduced to practice solely by
Sponsor; and (c) jointly in Sponsor and Institution if such Invention is conceived or reduced to practice jointly by Sponsor and Institution. 
 7.2
Institution hereby grants to Sponsor an option to negotiate a license to Institution’s rights in Inventions that fall within the definition of FUTURE UTDMACC EXOSOME TECHNOLOGY for all uses in the LICENSED FIELD and the LICENSED TERRITORY.
Principal Investigator shall submit an invention disclosure to Institution’s Office of Technology Commercialization (“OTC”) promptly following conception or reduction to practice of any such Invention. OTC shall promptly
(within [***] days after receipt of the invention disclosure) disclose such Invention to Sponsor. If Sponsor is interested in licensing such Invention, Sponsor will promptly notify Institution (within [***] days after disclosure by Institution) of
its interest in licensing Institution’s rights in such Invention. Thereafter, Sponsor and Institution agree to negotiate in good faith, for a period of [***] days from the date of disclosure of the Invention to Sponsor, the terms of a license
to Sponsor to Institution’s rights in such Invention, which terms shall be consistent with the terms of Institution’s standard license agreement, as described in Section 4.6(c) of the License Agreement. If a license agreement to such
Invention has not been executed within [***] days of OTC’s disclosure of such Invention to Sponsor, then Sponsor’s Option shall be deemed terminated with respect to such Invention and Institution shall be free to enter into an exclusive or
non-exclusive license to such Invention with any other entity, with no further obligation to Sponsor. 
 7.3 Each license entered into by Institution and
Sponsor upon exercise of the option under Section 7.2 shall include financial terms relating to royalties and milestones to be paid by Sponsor upon further commercial development. Each such license shall contain terms and conditions that
are generally consistent with the License Agreement with such variations, including for example, with respect to economic terms to reflect Sponsor’s commitment of funding hereunder, as the parties may reasonably agree. 

7.4 Subject to the rights of third parties (e.g., research sponsors) in such FUTURE UTMDACC EXOSOME TECHNOLOGY, any FUTURE UTDMACC EXOSOME TECHNOLOGY developed
in the laboratories of [***] that is not an Invention shall be subject to Sponsor’s option to license such FUTURE UTMDACC EXOSOME TECHNOLOGY, as described in Section 4.6 of the License Agreement. Any conflict between terms of this
Agreement and terms of the License Agreement with respect to FUTURE UTMDACC EXOSOME TECHNOLOGY shall be governed and controlled by the terms of the License Agreement. 

7.5 The parties agree that nothing in this Agreement grants either party any rights to any background intellectual property of the other Party created before
the Effective Date and/or outside the scope of this Agreement. “Institution Background Intellectual Property” (“BIP”) means intellectual property and the legal rights therein (including, but not limited to,
inventions, 

  
 5 

 
patent applications, patents, copyrights, and any information embodying proprietary data such as technical data and computer software) of Institution developed or created by Principal
Investigator(s) before the Effective Date and/or outside the scope of this Agreement and necessary for the full exercise of all intellectual property resulting from the Research Program. If Institution identifies BIP to Sponsor and Sponsor
determines that any such BIP owned solely by Institution is necessary for the full exercise of all intellectual property resulting from the Research Program, then Institution, in good faith, agrees to negotiate a license with Sponsor with respect to
such BIP on a nondiscriminatory and reasonable royalty basis, to the extent that Institution is legally able to do so. 
 8. LIABILITY

 8.1 Sponsor agrees to indemnify and hold harmless System, Institution, their Regents, officers, agents and employees from any liability, loss or
damage they may suffer as a result of claims, demands, costs or judgments (“Claims”) against them arising out of the activities to be carried out pursuant to this Agreement, including but not limited to the use by Sponsor of the
results obtained from the activities performed by Institution under this Agreement; provided, however, that the following is excluded from Sponsor’s obligation to indemnify and hold harmless: 

(a) Claims arising from the negligent failure of Institution to substantially comply with any applicable FDA or other governmental
requirements; 
 (b) Claims arising from the negligence or willful malfeasance of any Regent, officer, agent or employee of Institution or
System; or 
 (c) Claims arising from a breach of this Agreement by Institution. 

8.2 Both parties agree that upon receipt of a notice of Claim, the party receiving such notice will notify the other party promptly. Subject to the statutory
rights and duties of the Texas State Attorney General, Sponsor agrees, at its own expense, to provide attorneys to defend against any actions brought or filed against Institution, System, their Regents, officers, agents and/or employees with respect
to the subject of the indemnity contained herein, whether Claims are rightfully brought or filed; and subject to the statutory rights and duties of the Texas Attorney General, Institution will permit Sponsor to control the defense of such claim or
action and will reasonably cooperate with Sponsor in connection therewith. 
 9. INDEPENDENT CONTRACTOR 

For the purposes of this Agreement and the Research Program, the parties shall be, and shall be deemed to be, independent contractors and not agents or
employees of the other party. Neither party shall have authority to make any statements, representations nor commitments of any kind, or to take any action which shall be binding on the other party, except as may be expressly provided for herein or
authorized in writing. 

  
 6 

 10. TERM AND TERMINATION 

10.1 This Agreement shall commence on the Effective Date and extend until the completion of the Research Program, unless sooner terminated in accordance with
the provisions of this Article 10. 
 10.2 This Agreement may be terminated by the written agreement of both parties, or, after the first full
Year of Operation, by Sponsor with [***] written notice to Institution (“Post Year One Termination”). In the event of Post Year One Termination, Sponsor shall pay all amounts that would otherwise have become due and payable under
Section 3.1, excluding any [***], for the remainder of the then-current Year of Operation and [***] of all amounts that would otherwise have become due and payable under Section 3.1, excluding any [***], for the next Year of
Operation, such amounts to become due and payable as and when such amounts otherwise would have become due and payable hereunder if no Post Year One Termination occurred. Upon any Post Year One Termination, any such amounts payable under this
Section 10.2 shall be allocated and used by Institution at Institution’s sole discretion. For example, if such Post Year One Termination occurs in the second Year of Operation, Sponsor shall pay Institution a total of [***]for such
second Year of Operation, and [***] ([***] as set forth in Section 3.1 x [***]) for the third Year of Operation, such amounts to be allocated and used by Institution for any purpose at Institution’s sole discretion. For the
avoidance of doubt, payment of such amounts under this Section 10.2 upon any Post Year One Termination will constitute payment of “consideration provided herein” pursuant to Section 4.1 of the License Agreement such that
the license grant under Section 4.1 of the License Agreement will remain in effect notwithstanding such Post Year One Termination. 
 10.3 In the event
that either party shall be in default of its material obligations under this Agreement and shall fail to remedy such default within [***] days after receipt of written notice thereof, this Agreement may be terminated at the option of the party not
in default upon expiration of the [***] day period. 
 10.4 This Agreement shall terminate automatically and immediately if Sponsor becomes bankrupt or
insolvent and/or enters receivership or trusteeship, whether by voluntary act of Sponsor or otherwise. 
 10.5 Termination or cancellation of this Agreement
shall not affect the rights and obligations of the parties accrued prior to termination. Upon termination, Sponsor shall pay Institution for all reasonable expenses incurred or committed to be expended as of the effective termination date, including
salaries for appointees for the remainder of their appointment. 
 10.6 In addition, in order to accommodate the review and approval of this Agreement by the
Office of General Counsel of System (“OGC”), for a period of [***] days following the Effective Date (the “Limited Unilateral Termination Period”), Institution will have the right to terminate this Agreement without
cause upon [***] days’ notice to Sponsor; provided, however, that: (a) a termination by Institution will be effective if notice of termination is sent by Institution any time within the Limited Unilateral Termination
Period even if the [***] day notice period extends beyond the Limited Unilateral Termination Period; and (b) the Limited Unilateral Termination Period will expire on the earlier to occur of (i) the end of the [***] days, or
(ii) written notice to Sponsor from Institution that the Agreement has been approved by the OGC. 

  
 7 

 10.7 Any provisions of this Agreement which by their nature extend beyond termination shall survive such
termination, including without limitation, those set forth in Section 3.3, 4.3, 5-8 and 13. 
 11.
ATTACHMENTS 
 Attachments A and B are incorporated and made a part of this Agreement for all purposes. 

12. USE OF HUMAN SUBJECTS (IF APPLICABLE) 

12.1 To the extent applicable to the Research Program, Institution will conduct all human subjects research in accordance with Institution’s Federal Wide
Assurance, written protocol(s), applicable law(s), and Institution’s policies and ethical standards. In the event a subject of any research under the Research Program has a research related injury, neither Institution nor Sponsor will provide
coverage for any costs arising from such research related injury. 
 12.2 If Sponsor is responsible for monitoring research according to applicable law(s),
then Sponsor shall alert Institution’s Institutional Review Board (“IRB”) when research findings could: 
 (a) Affect
the safety of research subjects; 
 (b) Affect the willingness of research subjects to continue participation; 

(c) Influence the conduct of the research; 

(d) Alter the IRB’s approval for the research. 

12.3 In the event research findings indicate that current and past research subjects are at increased risk that was not anticipated at the time of research
design, the Principal Investigator, in accordance with both Institution IRB Policy and Procedures and the informed consent agreement applicable to the research and to research subjects, will immediately inform research subjects of such risk
alteration. 
 13. GENERAL 
 13.1 This
Agreement may not be assigned by either party without the prior written consent of the other party; provided, however, that subject to the written approval of Institution, Sponsor may assign this Agreement to any purchaser or transferee of all or
substantially all of Sponsor’s assets or stock upon prior written notice to Institution; provided, however, that such assignee shall have expressly assumed all of the obligations and liabilities of Sponsor under this Agreement, and provided,
further that, Institution may assign its right to receive payments hereunder. 
 13.2 This Agreement constitutes the entire and only agreement between the
parties relating to the Research Program, and all prior negotiations, representations, agreements and understandings are superseded hereby. No agreements altering or supplementing the terms hereof may be made except by means of a written document
signed by the duly authorized representatives of the 

  
 8 

 
parties. Terms and conditions which may be set forth (front, reverse, attached or incorporated) in any purchase order issued by Sponsor in connection with this Agreement shall not apply, except
for informational billing purposes; i.e., reference to purchase order number, address for submission of invoices, or other invoicing items of a similar informational nature. 

13.3 Any notice required by this Agreement shall be given prepaid, first class, certified mail, return receipt requested, addressed in the case of Institution
to: 
 The University of Texas 

M. D. Anderson Cancer Center 

Strategic Industry Ventures 
 7007
Bertner, Unit 1643 
 Houston, Texas 77030 

[***] 
 With a copy to: 

The University of Texas 
 M. D.
Anderson Cancer Center 
 1515 Holcombe Blvd. 

Houston, Texas 77030 
 Attention:
Chief Legal Officer 
 Or in the case of the Sponsor to: 

Codiak BioSciences, Inc. 
 509 E 2nd
St. #9 
 Boston MA 02127 
 or at such other
addresses as may be given from time to time in accordance with the terms of this notice provision. 
 Notices and other communications regarding the
day-to-day administration and operations of the Research Program shall be mailed (or otherwise delivered), addressed in the case of Institution to: 

The University of Texas 
 M. D.
Anderson Cancer Center 
 So Campus Research Bldg 3 (3SCR5.3414) 

1515 Holcombe Blvd., Unit 1906 

Houston Texas, 77030 
 [***] 

or in the case of Sponsor to: 
 Codiak
BioSciences, Inc. 
 509 E 2nd St. #9 

Boston MA 02127 

  
 9 

 13.4 This Agreement shall be governed by, construed, and enforced in accordance with the internal laws of
the State of Texas. 
 13.5 Each party acknowledges that this Agreement and the performance thereof are subject to compliance with any and all applicable
United States laws, regulations, or orders, including those that may relate to the export of technical data, and each Party agrees to comply with all such laws, regulations and orders, including, if applicable, all requirements of the International
Traffic in Arms Regulations and/or the Export Administration Act, as may be amended. Sponsor further agrees that if the export laws are applicable, it will not disclose or re-export any technical data under this Agreement to any countries for which
the United States government requires an export license or other supporting documentation at the time of export or transfer, unless Sponsor has obtained prior written authorization from the U.S. Office of Export Control or other authority
responsible for such matters. 
 13.6 If any provision contained in this Agreement is held invalid, unenforceable or contrary to laws then the validity of
the remaining provisions of this Agreement shall remain in full force. In such instance, the parties shall use their best efforts to replace the invalid provision(s) with legally valid provisions having an economic effect as close as possible to the
original intent of the parties. 
 13.7 Institution is an agency of the State of Texas and is subject to the Constitution and laws of the State of Texas.
Nothing in this Agreement shall constitute or be construed as a waiver of the sovereign immunity of the State of Texas or a waiver, limitation, or restriction of any right of the State of Texas. 

[Signatures on Following Page] 

  
 10 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized representatives. 
  

			
	SPONSOR:
	
	CODIAK BIOSCIENCES, INC.
		
	By:	 	 /s/ Doug Williams

	Name: Doug Williams
	Title: President
	
	Addresses for notices:
	
	c/o ARCH Venture Partners
	999 Third Avenue, Suite 3400
	Seattle, WA 98104
	
	With a mandatory copy, which shall not constitute notice to:
	
	Goodwin Procter LLP
	620 Eighth Avenue
	New York, NY 10018
	[***]

 SIGNATURE PAGE TO SPONSORED
RESEARCH AGREEMENT 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized representatives. 
  

			
	INSTITUTION:
	
	THE BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM, on behalf of
	
	THE UNIVERSITY OF TEXAS M. D. ANDERSON CANCER CENTER
		
	By:	 	 /s/Ronald A. Depinho

	Name: Ronald A. DePinho, M.D.
	Title:   President
	
	Approved as to Content
		
	By:	 	 /s/Ferran Prat

	Name: Ferran Prat, J.D., Ph.D.
	Title:   Vice President, Strategic Industry
	 Ventures M. D. Anderson Cancer Center

	
	Addresses for notices:
	
	The University of Texas M. D. Anderson Cancer
	Center
	Office of Technology Commercialization
	Unit 1669
	PO Box 301407
	Houston, Texas 77230-1407
	[***]
	
	With a mandatory copy, which shall not constitute notice, to:
	Bracewell & Giuliani LLP
	1445 Ross Avenue Suite 3800
	 Dallas, TX 75202-2724

[***]

 SIGNATURE PAGE TO SPONSORED
RESEARCH AGREEMENT 

 ATTACHMENT A - RESEARCH PROGRAM 

[***] 

  
 13 

 FIRST AMENDMENT TO 

SPONSORED RESEARCH AGREEMENT 
 This First
Amendment to Sponsored Research Agreement (“Amendment”) is by and between The University of Texas M. D. Anderson Cancer Center (“Institution”), a member institution of The University of Texas System
(“System”) and Codiak BioSciences, Inc., a Delaware corporation with its principal place of business at 500 Technology Square, 9th Floor, Cambridge, MA 02139
(“Sponsor”). 
 RECITALS 

A. Sponsor and Institution have entered into that certain Sponsored Research Agreement (the “Agreement;” capitalized terms
used but not defined herein shall have the meaning provided in the Agreement), effective as of the first day of February, 2016 (“Agreement Effective Date”); and 

B. Sponsor and Institution desire to amend the Agreement as set forth herein. 

NOW THEREFORE, in consideration of the mutual covenants and promises herein contained, Institution and Sponsor agree as follows: 

1. AMENDMENT EFFECTIVE DATE 
 1.1. This
Amendment shall be effective as of 1 February 2017 (the “Amendment Effective Date”). 
 2. AMENDMENT OF AGREEMENT

 2.1. Section 2.2 of the Agreement is hereby deleted and replaced by the following text: 

“2.2 The term of the Research Program shall be from the Agreement Effective Date through and including the fifth anniversary of the
Agreement Effective Date (each such annual period within the term is a “Year of Operation”). Sponsor shall have the option of extending the term of the Research Program under mutually agreeable support terms.” 

2.2. Section 3.1 of the Agreement is hereby deleted and replaced by the following text: 

“3.1 As consideration for the performance by Institution of its obligations under this Agreement, Sponsor agrees to pay Institution as
delineated below: 
  

					
	 Year of Operation
	  	Direct Expenses	 
	 1
	  	$	1.0MM	 
	 2
	  	$	1.25MM	 
	 3
	  	$	1.25MM	 
	 4
	  	$	1.25MM	 
	 5
	  	$	1.25MM	 

  
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 Such amounts will be used to fund procurement of equipment, and the cost of employing
specific personnel and materials, in each case, for use directly in the performance of the Research Program, such charges to be allocated between the Research Program and other activities conducted in the Principal Investigator’s laboratory in
accordance with the Institution’s reasonable practices and policies (“Direct Expense”). Such funding shall be payable on a calendar quarter basis during the term of this Agreement with the first payment to be due and payable
within [***] days after the Effective Date and each subsequent payment to be due and payable within [***] days after the start of each calendar quarter thereafter, during each of the first, second, third, fourth and fifth years of operation (each
payment referred to as the “Quarterly Payment”). The first and last such payments shall be pro-rated to account for the period between the Effective Date and the beginning of the first full calendar quarter and the period between
the end of the last full calendar quarter and the date of termination, should such periods be less than a complete calendar quarter. In addition, Sponsor will pay to Institution an “Overhead Charge” based on the Direct Expenses, calculated
and payable as below: 
  

	 	•	 	 Overhead Charge equal to Twenty-five percent (25%) of Direct Expense payable in cash with each of the
foregoing Quarterly Payments, and 

  

	 	•	 	 Overhead Charge equal to Twenty percent (20%) of Direct Expense, which such Overhead Charge shall be payable
in the form of Series A Preferred Stock of Sponsor (as defined in the Second Amended and Restated Certificate of Incorporation of Sponsor (the “A&R COI”) and the Series B Preferred Stock (as defined in the A&R COI)) of
Sponsor, as follows: 

 (a) During the first year of operation, Sponsor shall issue to Institution Fifty
Thousand (50,000) shares of Series A Preferred Stock of Sponsor with each Quarterly Payment made to Institution, and with such Series A Preferred Stock valued at One Dollar ($1.00) per share, for a total of Two Hundred Thousand
(200,000) shares of Series A Preferred Stock of Sponsor; and 
 (b) During the second, third, fourth and fifth years of
operation, Sponsor shall issue Twenty Thousand Eight Hundred Thirty-Three (20,833) shares of Series B Preferred Stock of Sponsor on a quarterly basis, with each Quarterly Payment made to Institution, and with each share of Series B Preferred
Stock of Sponsor valued at Three Dollars ($3.00) per share, and such that the Institution shall receive a total of Three Hundred Thirty-Three Thousand, Three Hundred Thirty-Three (333,333) shares of Series B Preferred Stock of Sponsor. 

All payments under this Agreement shall be made payable to The University of Texas, M. D. Anderson Cancer Center, specifically referencing
the Principal Investigator, the title of the Research Program, and the Agreement number, and submitted to the address in Section 3.4.” 

  
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 2.3. Section 10.2 of the Agreement is hereby deleted and replaced by the following text: 

“10.2 This Agreement may be terminated by the written agreement of both parties, or, after the first full Year of Operation, by Sponsor
with [***] days’ written notice to Institution (“Post Year One Termination”). In the event of Post Year One Termination, Sponsor shall pay all amounts that would otherwise have become due and payable under
Section 3.1, excluding any [***], for the remainder of the then-current Year of Operation and [***] of all amounts that would otherwise have become due and payable under Section 3.1, excluding any [***], for the next Year of
Operation, such amounts to become due and payable as and when such amounts otherwise would have become due and payable hereunder if no Post Year One Termination occurred. Upon any Post Year One Termination, any such amounts payable under this
Section 10.2 shall be allocated and used by Institution at Institution’s sole discretion. For example, if such Post Year One Termination occurs in the second Year of Operation, Sponsor shall pay Institution a total of $1.25M for
such second Year of Operation, and $.75M ($1.25M as set forth in Section 3.1 x [***]) for the third Year of Operation, such amounts to be allocated and used by Institution for any purpose at Institution’s sole discretion. For the
avoidance of doubt, payment of such amounts under this Section 10.2 upon any Post Year One Termination will constitute payment of “consideration provided herein” pursuant to Section 4.1 of the License Agreement such that
the license grant under Section 4.1 of the License Agreement will remain in effect notwithstanding such Post Year One Termination.” 

3. CONFIRMATION OF TERMS 
 3.1. Except as
otherwise set forth herein, the Agreement shall continue in full force and effect, in accordance with it terms. 
 IN WITNESS WHEREOF, the parties have
caused this Agreement to be executed by their duly authorized representatives. 
  

									
	INSTITUTION	  	    	 	SPONSOR
					
	By:	  	 /s/ Chris McKee, MHA
	  		 	By:	  	 /s/ Douglas E. Williams

	Print Name: Chris McKee, MHA	  		 	Print Name: Douglas E. Williams
	Title: VP Business Operations	  		 	Title: President and Chief Executive Officer

  
 3 

 SECOND AMENDMENT TO 

SPONSORED RESEARCH AGREEMENT 
 This Second
Amendment to Sponsored Research Agreement (“Amendment”) is by and between The University of Texas M. D. Anderson Cancer Center (“Institution”), a member institution of The University of Texas System
(“System”) and Codiak BioSciences, Inc., a Delaware corporation with its principal place of business at 500 Technology Square, 9th Floor, Cambridge, MA 02139
(“Sponsor”). 
 RECITALS 
  

	 	A.	 Sponsor and Institution have entered into that certain Sponsored Research Agreement, effective as of the first
day of February, 2016 (as amended by the First Amendment to Sponsored Research Agreement, the “Agreement;” capitalized terms used but not defined herein shall have the meaning provided in the Agreement). 

 

	 	B.	 Sponsor and Institution entered into a License Agreement effective on or about November 10, 2015 (the
“License Agreement”). 

  

	 	C.	 Contemporaneously with the execution of this Second Amendment to Sponsored Research Agreement, Sponsor and
Institution entered into a First Amendment to the License Agreement (the “First Amendment to the License Agreement”) pursuant to which clause (c) in the definition of “FUTURE UTDMACC EXOSOME TECHNOLOGY” was amended so
that the phrase “[***]” was deleted and was replaced with the phrase “[***].” 

  

	 	D.	 Pursuant to Section 7.2 of this Agreement, Institution granted an option to Sponsor to certain Inventions,
which Inventions are defined in the Agreement in part by reference to the term “FUTURE UTDMACC EXOSOME TECHNOLOGY” as defined in the License Agreement. 

 

	 	E.	 It is the Parties’ intention and agreement that the option granted pursuant to Section 7.2 of the
Agreement apply to Inventions that fall within the definition of FUTURE UTDMACC EXOSOME TECHNOLOGY as amended by the First Amendment to the License Agreement. 

NOW THEREFORE, in consideration of the mutual covenants and promises herein contained, Institution and Sponsor agree as follows: 

1. AMENDMENT OF AGREEMENT 
  

	1.1.	 Section 7.2 of the Agreement is hereby deleted and replaced by the following text: 

“7.2 Institution hereby grants to Sponsor an option to negotiate a license to Institution’s rights in Inventions that fall within the
definition of FUTURE UTDMACC EXOSOME TECHNOLOGY (as amended by the First Amendment 

  
 1 

 
to the License Agreement), for all uses in the LICENSED FIELD and the LICENSED TERRITORY. Principal Investigator shall submit an invention disclosure to Institution’s Office of Technology
Commercialization (“OTC”) promptly following conception or reduction to practice of any such Invention. OTC shall promptly (within [***] days after receipt of the invention disclosure) disclose such Invention to Sponsor. If Sponsor
is interested in licensing such Invention, Sponsor will promptly notify Institution (within [***] days after disclosure by Institution) of its interest in licensing Institution’s rights in such Invention. Thereafter, Sponsor and Institution
agree to negotiate in good faith, for a period of [***] days from the date of disclosure of the Invention to Sponsor, the terms of a license to Sponsor to Institution’s rights in such Invention, which terms shall be consistent with the terms of
Institution’s standard license agreement, as described in Section 4.6(c) of the License Agreement. If a license agreement to such Invention has not been executed within [***] days of OTC’s disclosure of such Invention to Sponsor, then
Sponsor’s Option shall be deemed terminated with respect to such Invention and Institution shall be free to enter into an exclusive or non-exclusive license to such Invention with any other entity, with no further obligation to Sponsor.”

 2. CONFIRMATION OF TERMS 
 2.1.
Except as otherwise set forth herein, the Agreement shall continue in full force and effect, in accordance with it terms. 
 IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed by their duly authorized representatives. 
  

									
	INSTITUTION	  	    	 	SPONSOR
					
	By:	  	 /s/ Ben Melson
	  		 	By:	  	 /s/ Douglas E. Williams

	Print Name: Ben Melson	  		 	Print Name: Douglas E. Williams
	Title: SVP, Chief Financial Officer	  		 	Title: President and Chief Executive Officer

  
 2

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