Document:

Exhibit

Exhibit 10.1

DOLLAR TREE, INC.

OMNIBUS INCENTIVE PLAN

LONG-TERM PERFORMANCE PLAN

AWARD AGREEMENT

This AWARD AGREEMENT (the “Agreement”), is effective as of the “Date of Grant” specified in the accompanying Notice of Grant (the “Notice of Grant”), by and between Dollar Tree, Inc., a Virginia corporation, (the “Company”), and the “Grantee,” as defined in the Notice of Grant.
 
W I T N E S S E T H:
 
The Dollar Tree, Inc. Omnibus Incentive Plan (the “Plan”) provides for the grant of Restricted Stock Units and Performance Bonuses in accordance with the terms and conditions of the Plan, which are incorporated herein by reference.  The Company has determined that as part of its Long-Term Incentive Plan it is in the best interest of the Company and its shareholders to provide an Award of Restricted Stock Units and, if provided in the Notice of Grant, an Award of a Performance Bonus (each referred to herein as an “Award,” and together referred to herein as the “Awards”) to the Grantee.  Capitalized terms used in this Agreement and not otherwise defined herein or in the Notice of Grant have the meanings set forth in the Plan.  The Award or Awards granted pursuant to this Agreement are intended to be “performance-based compensation” under Code Section 162(m) and the terms of this Agreement shall be construed as necessary to comply with such intent.  
 
1. RESTRICTED STOCK UNITS. The Company hereby grants an Award of Restricted Stock Units to the Grantee as set forth in the Notice of Grant, subject to the terms, conditions and restrictions as set forth in the Plan, this Agreement and the Notice of Grant.  Each vested Restricted Stock Unit shall represent the right of the Grantee to receive one (1) share of the Company’s Stock.  Except as otherwise provided in Sections 3.3 and 4 below, the Restricted Stock Units will be settled by issuance of shares of Stock as soon as practicable after the certification date described in the Notice of Grant (the “Certification Date”), but in no event later than the last day of the fiscal year that includes the Certification Date.
 
2. PERFORMANCE BONUS.  If provided in the Notice of Grant, the Company hereby grants an Award of a Performance Bonus to the Grantee as set forth in the Notice of Grant, subject to the terms, conditions and restrictions as set forth in the Plan, this Agreement and the Notice of Grant.  Except as otherwise provided in Sections 3.3 and 4 below, any Performance Bonus will be paid as soon as practicable after the Certification Date, but in no event later than the last day of the fiscal year that includes the Certification Date.
 
3. VESTING AND TRANSFER RESTRICTIONS OF RESTRICTED STOCK UNITS.  The Grantee shall vest in the percentage of the Target Restricted Stock Units and any Performance Bonus, and the restrictions described in Sections 3.1 and 3.2 shall lapse, when the conditions for Vesting set forth in the Notice of Grant are satisfied.
 
3.1. Separation from Service.  In the event of a Separation from Service of the Grantee with all Member Companies for any reason other than death, Disability (as defined in Section 4.2 of this Agreement) or Retirement (as defined in Section 4.2 of this Agreement) prior to the satisfaction of the conditions for Vesting set forth in the Notice of Grant, then the unvested Restricted Stock Units shall be forfeited as of the date of such Separation from Service.  For purposes of this Agreement, the capitalized term “Separation from Service” shall mean a “separation from service” as defined in Treasury Regulation § 1.409A-1(h) and “Member Company” shall mean a “service recipient” as defined in Treasury Regulation § 1.409A-1(h)(3).
  
3.2. Transfer Restrictions.  Grantee’s Award or Awards under the Agreement may not be transferred, assigned, pledged or hypothecated, whether by operation of law or otherwise, other than by will or by the laws of descent or distribution, and the provisions of this Agreement, the Plan and the Notice of Grant shall be binding upon 

the executors, administrators, heirs, and successors of the Grantee.  Any levy of any execution, attachment or similar process upon the Award or Awards, shall be null, void and without effect.  Notwithstanding the foregoing, Grantee may designate one or more beneficiaries for receipt of the shares of Stock subject to vested Restricted Stock Units or for payment of any vested Performance Bonus by delivering a beneficiary designation form to the Company.  A beneficiary designation will not become effective unless it is made on the form approved by the Company and is received by the Company prior to the Grantee’s death.
 
3.3. Change in Control/Corporate Transaction.
 
3.3.1. Restricted Stock Units.  In the event of a Change in Control, Section 14 of the Plan shall apply to the Restricted Stock Units and the Committee may take such actions as it deems appropriate pursuant to the Plan, including accelerating vesting of the Award by waiving all or part of the conditions for Vesting set forth in the Notice of Grant.  Except as otherwise specifically provided below or in Section 4 of this Agreement, if the vesting of Restricted Stock Units is accelerated under this Section 3.3.1, such vested Restricted Stock Units shall be settled within 30 days of the date of the corporate action that accelerates vesting hereunder. Notwithstanding any provision to the contrary in this Agreement, in the event accelerated vesting of the Restricted Stock Units is required based on the terms of a retention agreement entered into by and between the Grantee and the Company prior to the Date of Grant, the Restricted Stock Units shall vest as required in such agreement and shall be settled or paid within 30 days of the Grantee’s Termination of Employment.
 
3.3.2. Performance Bonus.  In the event of a Corporate Transaction, the Committee may accelerate vesting of the Performance Award and certify in its sole discretion a vesting percentage up to 200% of any Target Performance Bonus.  To the extent the Committee has not acted earlier to accelerate vesting of any Performance Bonus, then in the event that within twenty-four months of the date of the Corporate Transaction the Grantee has an involuntary Termination of Employment without Cause or the Grantee has a voluntary Termination of Employment for Good Reason, then any Performance Bonus shall vest in the amount of the Grantee’s Target Performance Bonus (if any).  Except as otherwise specifically provided in Section 4 of this Agreement, if the vesting of any Performance Bonus is accelerated under this Section 3.3.2, any such vested Performance Bonus shall be settled within 30 days of the date of the completion of corporate action or other condition that triggers accelerated vesting hereunder.  This Section 3.3.2 is applicable only if the Notice of Grant provides for the grant of a Performance Bonus.
   
3.3.3. Additional Definitions.  For purposes of Section 3.3.2, the following capitalized terms shall be defined as follows:
 
(A) a “Corporate Transaction” shall mean a change in control of the Company of a nature that would be required to be reported on Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirements; provided, however, that a Corporate Transaction shall be deemed to have occurred if:
 
(i) any individual, partnership, firm, association, trust, unincorporated organization or other entity or person, or any syndicate or group deemed to be a person under Section 14(d)(2) of the Exchange Act, is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the General Rules and Regulations of the Exchange Act), directly or indirectly, of securities of the Company representing 30% of more of the combined voting power of the Company’s then outstanding securities entitled to vote in the election of directors of the Company;
 
(ii)  during any period of two consecutive years, the individuals who at the beginning of such period constituted the Board and any new directors, whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least three-fourths (3/4ths) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof;
 

(iii)  there occurs a reorganization, merger, consolidation or similar corporate transaction involving the Company (a “Business Transaction”) with respect to which the stockholders of the Company immediately prior to Business Transaction do not, immediately after the Business Transaction, own more than 70% of the combined voting power of the Company or other corporation resulting from such Business Transaction; or
 
(iv) all or substantially all of the assets of the Company are sold, liquidated or distributed.
 
(B) “Good Reason” shall mean Grantee’s resignation due to:
 
(i) a material diminution in Grantees title, duties or responsibilities in effect immediately prior to the Corporate Transaction;
 
(ii) a material diminution in Grantee’s base salary, or target annual bonus or target long-term bonus in effect immediately prior to the Corporate Transaction;
 
(iii) the relocation of the office of the Company where Grantee is primarily employed to a location which is more than 50 miles from the place where Grantee was primarily employed immediately prior to the Corporate Transaction;
 
(iv) any material breach by the Company or any successor company of Grantee’s retention agreement; or
 
(v) failure of the Company to obtain an agreement reasonably satisfactory to you from any successor to assume and agree to perform Grantee’s retention agreement or, if the business for which your services are principally performed is sold at any time after a Corporate Transaction, the failure of the Company or successor company to obtain such an agreement from the purchaser of such business; provided; however, a condition listed above shall not constitute Good Reason unless it is communicated by Grantee to the Company or its successor company in writing within 90 days following the initial existence of the condition and the Company or its successor company does not cure such condition within 30 days of receipt of such written notice.
 
  
(C) "Cause" shall mean a termination of your employment by the Company as a result of any of the following:
 
(i) your felony conviction, whether following trial or by plea of guilty or nolo contendere (or similar plea);
 
(ii) your engaging in any fraudulent or dishonest conduct with respect to the performance of your duties with the Companies;
 
(iii) your engaging in any intentional act that is injurious in a material respect to the Companies;
 
(iv) your engaging in any other act of moral turpitude;
 
(v) your willful disclosure of material trade secrets or other material confidential information related to the business of the Companies;
 
(vi) your willful and continued failure substantially to perform your duties with the Companies (other than any such failure resulting from your incapacity due to physical or mental illness or any such actual or anticipated failure resulting from a resignation by you for Good Reason) after a written demand for substantial performance is delivered to you by the Board, which demand specifically identifies the manner in which 

the Board believes that you have not substantially performed your duties, and which performance is not substantially corrected by you within thirty days of receipt of such demand.  For purposes of this clause, no act or failure to act on your part shall be deemed "willful" unless done, or omitted to be done, by you not in good faith and without reasonable belief that your action or omission was in the best interest of the Company.
 
Notwithstanding the foregoing, you shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of not less than three-fourths (3/4ths) of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice to you and an opportunity for you, together with your counsel, to be heard before the Board), finding that in the good faith opinion of the Board you were guilty of conduct set forth above constituting Cause and specifying the particulars thereof.
 
3.4. Dividends.  No cash dividends shall be paid on the Restricted Stock Units.
 
3.5. Adjustments for Recapitalizations.  In the event of a Transaction (as defined in Section 4.5 of the Plan), the Restricted Stock Units shall be adjusted as set forth in Section 4.5 of the Plan and any additional securities or other consideration received pursuant to such adjustment shall be subject to the restrictions and risk of forfeiture to the same extent as the Restricted Stock Units with respect to which such securities or other consideration has been distributed.
 
4. DEATH, DISABILITY, OR RETIREMENT OF GRANTEE.  

4.1       Amount of Payment or Settlement.  In the event of the Grantee’s death or Disability prior to the Certification Date, the Company shall waive the requirement that the Grantee be employed by the Company on the date of payment or settlement of the applicable Award, and on the Certification Date the Grantee shall vest in the percentage of the Target Restricted Stock Units and any Target Performance Bonus as certified in writing by the Committee based on performance, and such Award or Awards shall be paid or settled as soon as practicable after the Certification Date, but not later than the last day of the fiscal year that includes the Certification Date.  In the event of the Grantee’s Retirement prior to the Certification Date, the Company shall waive the requirement that the Grantee be employed by the Company on the date of payment or settlement of the applicable Award, and on the Certification Date the Grantee shall vest in the percentage of the Target Restricted Stock Units and any Target Performance Bonus as certified in writing by the Committee based on performance, and such Award or Awards shall be paid or settled as soon as practicable after the Certification Date, but not later than the last day of the fiscal year that includes the Certification Date; provided, however, that the amount of the payment or settlement under the Award shall equal: (A) the amount of the payment or settlement that otherwise would be made based on the vested percentage of the Award, as determined by the Committee based on performance, multiplied by (B) a fraction (i) the numerator of which shall be (x) zero, if Grantee’s Retirement occurs before the last day of the fiscal year that includes the Date of Grant (in which case no amount will be paid or settled under the Award), or (y) the number of full fiscal months during the period commencing on the first day of the performance period set forth in the Notice of Grant (the “Performance Period”) and ending on the date of Retirement, if Grantee’s Retirement occurs on or after the last day of the fiscal year that includes the Date of Grant; and (ii) the denominator of which shall be the number of full fiscal months in the Performance Period.

4.2       Definitions.  For purposes of this Agreement, “Disability” shall mean the Grantee has been determined to be disabled under the long-term disability insurance policy of the Company or the Company determines that a qualified medical professional has opined that the Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; provided, however, if the Grantee is eligible for Retirement, then “Disability” shall mean as defined under Code Section 409A(a)(2)(C) and the regulations promulgated thereunder, and the Grantee shall be deemed to have a Disability on the earliest date that the Grantee is determined to have a Disability either by the Company or as otherwise permitted under Treasury Regulation § 1.409A-3(i)(4)(iii).  For purposes of this Agreement, “Retirement” shall mean the Grantee’s Separation from Service (a) on or after the date the Grantee attains the age of fifty-nine and a half (59 1⁄2) and (b) following at 

least seven (7) years of Service; provided that Retirement shall not include a termination for Cause even if the requirements for Retirement are otherwise met.  

4.3       Settlement in Certain Cases. Notwithstanding any provision of the Agreement to the contrary, in the event the Grantee is eligible for Retirement at the time the Committee exercises its discretion to accelerate vesting of all or part of the Award or Awards due to a Change in Control or Corporate Transaction, then the vested Award or Awards shall be settled or payment made to the Grantee either (1) as soon as practicable after the Certification Date, but not later than the last day of the calendar year in which the Certification Date occurs or (2) if earlier, on the date of the Grantee’s death, Disability or Separation from Service after the applicable Change in Control or Corporate Transaction.
   
5. SHAREHOLDER RIGHTS.  This Award of Restricted Stock Units does not entitle Grantee to any rights as a shareholder of the Company unless and until the shares of Stock underlying the Award have been issued to Grantee by registry in book-entry form with the Company.
 
6. ISSUANCE OF SHARES. The Company will issue the shares of Stock subject to the Restricted Stock Units as non-certificated shares in book-entry form registered in Grantee’s name.  The purchase price of the shares of Stock is Grantee’s Service to the Company during the vesting periods. The obligation of the Company to deliver shares of Stock upon the vesting of the Restricted Stock Units shall be subject to all applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate to comply with relevant state and federal securities laws and regulations and the rules of any applicable stock exchange.
 
7. CODE SECTION 409A.  To the extent this Agreement provides for a deferral of compensation subject to Code Section 409A and the regulations promulgated thereunder, this Agreement is intended to and shall be interpreted as necessary to comply with Code Section 409A.  Notwithstanding any other provision of this Agreement to the contrary, and solely to the extent required by Code Section 409A, in the event that Grantee is a “specified employee” under Code Section 409A(a)(2)(i) and the regulations promulgated thereunder on the date of Grantee’s Separation from Service, then amounts payable under this Award  due to Grantee’s Separation from Service, for any reason other than death, shall be accumulated and held, and paid or transferred, to the Grantee (without any payment of interest because of the delay in payment or transfer) on the first business day of the seventh month following the date of the Grantee’s Separation from Service.
 
8. TAXES; WITHHOLDING OBLIGATION.
 
8.1. Generally. Grantee shall be ultimately liable and responsible for all taxes owed in connection with the Award or Awards, regardless of any action a Member Company takes with respect to any tax withholding obligations that arise in connection with the Award or Awards. The Member Companies make no representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the Award or Awards or the subsequent sale of shares of Stock issuable pursuant to the Award or Awards. Neither the Company nor any Member Company is committed or under any obligation to structure the Award or Awards to reduce or eliminate Grantee’s tax liability.
 
8.2. Payment of Withholding Taxes.
  
8.2.1. Prior to any event in connection with the Award or Awards (e.g., vesting) that the Company determines may result in any domestic or foreign tax withholding obligation, whether national, federal, state or local, including any employment or social tax obligation (the “Tax Withholding Obligation”), Grantee must arrange for the satisfaction of the amount of such Tax Withholding Obligation in a manner acceptable to the Company.
 
8.2.2. Unless Grantee chooses to satisfy the Tax Withholding Obligation by some other means in accordance with Section 8.2.3. below, Grantee’s acceptance of the Award of the Restricted Stock Units constitutes Grantee’s instruction and authorization to the Company, and any brokerage firm determined acceptable to the Company for such purpose, to sell on Grantee’s behalf (including to the Company or any affiliate of the Company through the retention of a portion of the shares of Stock) a whole number of shares of Stock from those shares of 

Stock issuable to Grantee pursuant to the Award of the Restricted Stock Units as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the Tax Withholding Obligation. Such shares of Stock will be sold on the day the Tax Withholding Obligation arises or as soon thereafter as practicable. If applicable, Grantee will be responsible for all brokers’ fees and other costs of sale, and agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the extent the proceeds of such sale exceed Grantee’s Tax Withholding Obligation, the Company agrees to pay such excess in cash to Grantee through payroll as soon as practicable. Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy Grantee’s Tax Withholding Obligation. Accordingly, Grantee agrees to pay to the Company (or Member Company as applicable) as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the sale of shares of Stock described above.
 
8.2.3. At any time not less than five (5) business days before any Tax Withholding Obligation arises Grantee may elect to satisfy his or her Tax Withholding Obligation by delivering to the Company (or Member Company as applicable) an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (i) wire transfer to such account as the Company may direct, (ii) delivery of a certified check payable to the Company (or Member Company as applicable), or (iii) such other means as the Company may establish or permit.
 
8.2.4. The Company may refuse to issue any shares of Stock to Grantee until Grantee satisfies the Tax Withholding Obligation. To the maximum extent permitted by law, the Company has the right to retain, without notice, from shares of Stock issuable under the Award or Awards or from salary or other amounts payable to Grantee, shares of Stock or cash having a value sufficient to satisfy the Tax Withholding Obligation.
 
9. NO EMPLOYMENT RIGHTS.  Nothing in this Agreement shall affect in any manner whatsoever the right or power of a Member Company to terminate Grantee’s employment for any reason, with or without Cause.
 
10. MISCELLANEOUS.
 
10.1. Governing Law.  This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the Commonwealth of Virginia, without giving effect to choice of law provisions thereof.  The Circuit Court of the City of Norfolk, Virginia, and the United States District Court, Eastern District of Virginia, Norfolk Division shall be the exclusive courts of jurisdiction or venue for any litigation, special proceedings or other proceedings between the parties that my be brought, or arise out of, in connection with, or by reason of this Agreement and the parties to this Agreement hereby consent to the jurisdiction of such courts.
   
10.2. Entire Agreement; Enforcement of Rights.  The Plan and the Notice of Grant are hereby incorporated by reference in this Agreement.  This Agreement (including the Plan and the Notice of Grant) sets forth the entire agreement and understanding of the parties relating to the subject matter herein.  No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in a writing signed by the Company and the Grantee to this Agreement.  The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party.
 
10.3. Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith.  In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.
 
10.4. Notices.  Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be 

notified at such party’s address as last stated on the Company’s records or as subsequently modified by written notice to the Company.
 
10.5. Successors and Assigns.  The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns.  The rights and obligations of Grantee under this Agreement may only be assigned with the prior written consent of the Company.
 
10.6. Disclosure of Information.  In the event the Committee determines that the Grantee has materially violated the provisions of this Section 10.6, the Grantee shall immediately forfeit all unvested Awards.  The Grantee recognizes and acknowledges that the Company’s trade secrets, confidential information, and proprietary information, including customer and vendor lists and computer data and programs (collectively “Confidential Information”), are valuable, special and unique assets of the Company’s business, access to and knowledge of which are essential to the performance of the Grantee’s duties. The Grantee will not, before or after his date of Separation from Service, in whole or in part, disclose such Confidential Information to any person or entity or make such Confidential Information public for any purpose whatsoever, nor shall the Grantee make use of such Confidential Information for the Grantee’s own purposes or for the benefit of any person or entity other than the Company under any circumstances before or after the Grantee’s date of Separation from Service; provided that this prohibition shall not apply after the Grantee’s date of Separation from Service to Confidential Information that has become publicly known through no action of the Grantee. The Grantee shall consider and treat as the Company’s property all memoranda, books, records, papers, letters, computer data or programs, or customer lists, including any copies thereof in human- or machine-readable form, in any way relating to the Company’s business or affairs, financial or otherwise, whether created by the Grantee or coming into his or her possession, and shall deliver the same to the Company on the date of Separation from Service or, on demand of the Company, at any earlier time.EX-10.1

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH
“[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED. 

Exhibit 10.1 
 AMENDMENT
NO. 1 TO SPONSORED RESEARCH AGREEMENT 
 This Amendment No. 1 to the Sponsored Research Agreement (“Amendment”) by
and between by and between The Trustees of the University of Pennsylvania, a Pennsylvania nonprofit corporation (“Penn”), with offices located at Penn Center for Innovation, 3600 Civic Center Blvd, 9th Floor, Philadelphia,
PA 19104-4310, and Cabaletta Bio, Inc., a Delaware corporation, having a place of business at 2929 Arch Street, Suite 600, Philadelphia, PA 19104 (formerly Tycho Therapeutics, Inc., a Delaware corporation having a place of business at
501 Northwick Lane, Villanova, PA 19085) (“Sponsor”) is effective as of May 27, 2020 (“Amendment Effective Date”). Penn and Sponsor may be referred to herein as a “Party” or, collectively, as
“Parties.” 
 Penn and Sponsor may be referred to herein as a “Party” or, collectively, as
“Parties”. 
 RECITALS: 

WHEREAS, the Parties entered into a Sponsored Research Agreement dated April 23, 2018 (“Agreement”). Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Agreement; and 
 WHEREAS, the Parties now desire
to amend the Agreement to add additional activities to the Sponsored Research, and to set forth their mutual understandings with respect to the potential license, at a future date, of [***] (as defined below), each as set forth herein; and 

WHEREAS, in view of the state of emergency associated with coronavirus, Penn has implemented a plan for prioritizing resources to
ensure the safety and welfare of all affected stakeholders, including employees, students, patients, and research subjects. The plan includes a hiatus on the initiation of categories of research that utilize Penn facilities; and 

WHEREAS, the Parties are entering into this Agreement so that the Research may be initiated as soon as feasible after the end of the
hiatus. 
 NOW, THEREFORE, in consideration of the various promises and undertakings set forth herein, the Parties agree as follows:

  

	 	1.	 Definitions. The following definitions will be added to the Agreement as new Sections 1.8,1.9, 1.10:

 1.8 [***]. 

1.9 “Licensed Antigen” means [***]. 

1.10 [***]. 

	 	2.	 Reimbursement. Section 3.1 of the Agreement is hereby amended to add an additional budget of [***]
(“Additional Budget”), as detailed in Attachment A-1 hereto. 

  

	 	3.	 Payment. Section 3.2 of the Agreement is hereby amended to state that with respect to the
Additional Budget, Sponsor shall make payments in accordance with the payment terms set forth in Attachment A-1 hereto. 

 

	 	4.	 Scope of work. The scope of work detailed in Attachment A to the Agreement is hereby amended to add the
additional work detailed in Attachment A-1 hereto. 

  

	 	5.	 Option. Section 5.6 of the Agreement is hereby deleted and replaced with the following:

  

	 	5.6	 Option. 

 

	 	(i)	         In consideration of Sponsor’s funding of the Sponsored
Research and payment for intellectual property expenses as provided for in Section 5.3, Penn grants Sponsor a first option to [***] the Related Intellectual Property Controlled (as defined in the License Agreement) by Penn within the scope of
the license granted by Penn to Sponsor under the License Agreement. If Sponsor fails to exercise its option [***] within [***] after disclosure of such Related Intellectual Property to Sponsor (the “Option Period”), or if Sponsor
fails to make payment for intellectual property expenses as provided for in Section 5.3 with respect to such Related Intellectual Property, Penn shall be free to license such Related Intellectual Property to any party upon such terms as Penn
deems appropriate, without any further obligation to Sponsor. Sponsor shall notify Penn in writing within the Option Period if it desires to exercise such option. In the event that Sponsor exercises such option, (1) [***] (2) as to each patent
application that is Related Intellectual Property for which Sponsor has exercised its option, Sponsor shall pay Penn a flat fee of [***] (for clarity, no additional fee shall be owed for any application claiming priority thereto, any foreign
counterpart thereof, or any other application in the same patent family). Prior to, and during the Option Period, Penn shall not assign, transfer, convey, or grant any rights in or otherwise encumber such Related Intellectual Property in any manner
that would impair Sponsor’s rights in and to such Related Intellectual Property under this Agreement. For clarity, if Sponsor has exercised its option to Related Intellectual Property hereunder, Sponsor’s rights and obligations relating to
the filing, prosecution and maintenance of any patent applications and issued patents covering such Related Intellectual Property for which Sponsor has exercised its option shall be set as forth in the License Agreement. 

If the Related Intellectual Property relates to [***], the Parties shall negotiate and incorporate into the License Agreement
mutually agreeable and commercially reasonable diligence milestones for the development of such [***], which diligence milestones shall take into account the stage of research of the applicable program, the potential scientific challenges of the
applicable program, and the reasonably expected timelines for achievement of such milestones. 
  

	 	(ii)	         In consideration of Sponsor’s funding of the Sponsored
Research and payment for intellectual property expenses as provided for in Section 5.3, Penn grants Sponsor a first option to negotiate to acquire a license on commercially reasonable terms to practice Unrelated Intellectual Property Controlled
(as defined in the License Agreement) by Penn [***]. Penn and Sponsor will negotiate in good faith to determine the terms of a license agreement as to each item of Unrelated Intellectual Property for which Sponsor has agreed to make payment for
intellectual property expenses 

  
 2 

	 	
as provided for in Section 5.3, if any. The Parties agree that any such license agreement would specify that the license therein would become effective as of such date that Sponsor notifies
Penn that it wishes to make such license effective; provided, that as of such date, and thereafter, [***] and [***] collective equity ownership interest in Sponsor is equal to or less than [***] of Sponsor’s issued and outstanding capital stock
calculated on a fully diluted basis. If Sponsor and Penn fail to execute a license agreement within [***] after disclosure of Unrelated Intellectual Property to Sponsor (the “Negotiation Period”), or if Sponsor fails to make payment
for intellectual property expenses as provided for in Section 5.3, Penn shall be free to license such Unrelated Intellectual Property to any party upon such terms as Penn deems appropriate, without any further obligation to Sponsor. Prior to,
and during the Negotiation Period, Penn shall not assign, transfer, convey, or grant any rights in or otherwise encumber such Unrelated Intellectual Property in any manner that would impair Sponsor’s option to such Unrelated Intellectual
Property under this Agreement. 

  

	 	6.	 [***] Intellectual Property. In the event that Licensee exercises an option to include Related
Intellectual Property relating to [***], then the License Agreement shall be amended, with the effective date of such amendment being referred to below as the “[***] Amendment Date”, to incorporate the following terms:

  

	 	(A)	 The patents or patent applications in such Related Intellectual Property will be added to Exhibit A of the
CARLA; 

  

	 	(B)	 A new “[***] Subfield” will be added to the Field of Use, which would be the prevention or treatment
of any disease or condition with an [***]; 

  

	 	(C)	 Other than the [***] payment set forth in Section 5.6 of the Agreement, the economic terms of the license
for [***] will be the same as for other Products; and 

  

	 	(D)	 The regulatory diligence milestones with respect to [***] shall be as set forth below: 

 

			
	Diligence Event	  	Achievement Date
	 [***]
	  	 [***]

	 [***]
	  	 [***]

	 [***]
	  	 [***]

	 [***]
	  	 [***]

	  
 •  [***]

 
 •  [***]

 
 •  [***]

 
 •  [***]

 
 •  [***]
	  	

  

	 	7.	 Notices and Deliveries. The notice addresses in Section 9.12 of the Agreement are hereby deleted
and replaced with the following: 

  
 3 

			
	 For
Penn
	  	 with a copy
to:

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

  

			
	 	  	 With a copy to the Principal
Investigator:

		  	[***]

  

			
	 For
Sponsor:
	  	 with a copy
to:

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

  

	 	8.	 Entire Agreement of the Parties; Amendments. The Agreement, including any Exhibits and as amended by
this Amendment, constitutes and contains the entire understanding and agreement of the Parties respecting the subject matter hereof and cancel and supersedes any and all prior negotiations, correspondence, understandings and agreements between the
Parties, whether oral or written, regarding such subject matter. No waiver, modification or amendment of any provision of the Agreement and/or this Amendment shall be valid or effective unless made in a writing referencing the Agreement and/or this
Amendment and signed by a duly authorized officer of each Party.  

  

	 	9.	 Counterparts. This Amendment may be executed in counterparts, each of which will be deemed an original,
and all of which together will be deemed to be one and the same instrument. A portable document format (PDF) or electronic copy of this Amendment, including the signature pages, will be deemed an original. 

[SIGNATURE PAGE FOLLOWS] 

  
 4 

 IN WITNESS WHEREOF, the duly authorized representatives of the Parties hereby execute
this Amendment as of the date first written above. 
  

					
	THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA	 		 	CABALETTA BIO, INC.
			
	By: /s/ Christine S. Baxter	 		 	By: /s/ Steven Nichtberger
	Name: Christine S. Baxter	 		 	Name: Steven Nichtberger, M.D.
	Title: Sr. Assoc. Dir., Corp. Contracts	 		 	Title: Chief Executive Officer

  

					
	I have read and understood the responsibilities of the Principal Investigator:	 		 	
			
	By: /s/ Aimee Payne	 		 	
	Name: Aimee Payne, MD, PhD	 		 	

 Attachment A-1 

Summary of Sponsored Research 
 Work
Scope & Details of Program – See attached Appendix 1 to this Attachment A-1. 

Principal Investigator – Aimee Payne, MD, PhD; [***] 

Representative of Sponsor – Steven Nichtberger; [***] 

Period of Performance –From the [***] to the two year anniversary of the [***]. 

Report Schedule – Final report due within [***] after completion of the Sponsored Research. Interim reports due [***] after commencement of the
Sponsored Research. 
 Budget – See attached Appendix 2 to this Attachment A-1; [***] 

Payments under this Agreement will be payable within [***] of Sponsor’s receipt of an invoice from Penn. 

Payment Terms 
 [***] 

By way of example: 
  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

  
 6 

 APPENDIX 1 TO ATTACHMENT A-1 

WORK SCOPE & DETAILS OF PROGRAM 

[***] 

  
 7 

 APPENDIX TO ATTACHMENT A-1 

BUDGET AND PAYMENT SCHEDULE 
 [***]

  
 8 

 References 

[***] 

  
 9

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