Document:

EX-10.13

 Exhibit 10.13 

ARCELLX, INC. 
 2017
EQUITY INCENTIVE PLAN 
 AMENDED AND RESTATED RESTRICTED STOCK UNIT AWARD AGREEMENT 

Unless otherwise defined herein, the terms defined in the 2017 Equity Incentive Plan (the “Plan”) shall have the same defined
meanings in this Amended and Restated Restricted Stock Unit Award Agreement (the “Award Agreement”). The Award Agreement amends and restates the Restricted Stock Unit Award Agreement, dated June 9, 2021, in all respects and is
effecticve as of December 7, 2021. 
  

	I.	 NOTICE OF GRANT OF RESTRICTED STOCK UNITS 

 

			
	 Name:
	  	Rami Elghandour
	 Address:
	  	561 Harbor Colony Ct
		  	Redwood City, CA 94065

 The undersigned Participant has been granted the right to receive an Award of Restricted Stock Units, subject
to the terms and conditions of the Plan and this Award Agreement, as follows: 
 Date of Grant: June 9, 2021 

Number of Restricted Stock Units: 5,244,329 

Vesting Commencement Date: June 9, 2021 

Vesting Schedule: 
  

	 	1.	 Performance Component: The Restricted Stock Units subject to this Award Agreement shall vest if and to the
extent that the Company Value, as of any Measurement Date, is equal to or greater than the values set forth below, subject to the Participant remaining a Service Provider through the applicable Determination Date related to such Measurement Date:

  

	 	a.	 Upon achievement of a Company Value that is equal to $2,500,000,000 (the “Minimum Threshold”), one
sixth (1/6th) of the Restricted Stock Units subject to this Award Agreement will vest. 

  

	 	b.	 Upon achievement of a Company Value that is equal to or greater than $5,000,000,000 (the “Maximum
Threshold”), one hundred percent (100%) of the Restricted Stock Units subject to this Award Agreement will vest. 

  

	 	c.	 Upon achievement of a Company Value that is between the Minimum Threshold and the Maximum Threshold, a portion
of the Restricted Stock Units subject to this Award Agreement will vest between one sixth (1/6th) and one hundred percent (100%) based on straight line linear interpolation. 

  
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	 	d.	 For the avoidance of doubt, no Restricted Stock Units subject to this Award Agreement will vest on a
Measurement Date if Company Value is beneath the Minimum Threshold. 

  

	 	2.	 Definitions: 

  

	 	a.	 “Cash” means the aggregate value of all cash, cash equivalents and marketable securities held by the
Company or any Parent or Subsidiary as of 5:00 pm Eastern Time on an IPO Measurement Date. Cash equivalents shall mean all highly liquid marketable securities purchased with original maturities of three months or less at the time of purchase date.
Marketable securities shall mean available-for-sale at fair value as determined by prices for identical or similar securities at the measurement date.

  

	 	b.	 “Change in Control Market Capitalization” means the aggregate amount of deal consideration paid at
the closing of a Change in Control by an acquiror for the Company’s Shares of Common Stock in connection with such Change in Control. 

  

	 	c.	 “Change in Control Measurement Date” means the closing date of the first Change in Control to occur
following the Date of Grant. 

  

	 	d.	 “Company Value” means, on a Measurement Date, (i) with respect to a Change in Control
Measurement Date, the Change in Control Market Capitalization and (ii) with respect to a IPO Measurement Date, the Enterprise Value. 

  

	 	e.	 “Determination Date” means the date, on or following an applicable Measurement Date, upon which the
Board determines the Company Value as of such Measurement Date. 

  

	 	f.	 “Direct Listing” means the consummation of the direct listing or direct placement of Shares in a
publicly traded exchange, as a result of or following which the Shares will be publicly held and listed on the New York Stock Exchange or NASDAQ Stock Market or other reputable and internationally recognized foreign exchange. 

 

	 	g.	 “Enterprise Value” means the sum of (i) the IPO Market Capitalization less
(ii) Cash. 

  

	 	h.	 “IPO” means an Underwritten Offering, a Direct Listing, or a SPAC Transaction. 

 

	 	i.	 “IPO Measurement Date” means June 30 and December 31 of each year. 

 

	 	j.	 “IPO Market Capitalization” means, as of an IPO Measurement Date, the total market capitalization of
the Company based on the average closing trading price of one Share of the Company over the sixty (60) day period ending on the day prior to the applicable IPO Measurement Date. 

  
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	 	k.	 “Lock-Up Period” shall have the same meaning as defined in
Section 5 of the Award Agreement. 

  

	 	l.	 “Measurement Date” means (i) the Change in Control Measurement Date
or                (ii) following an IPO, the first IPO Measurement Date following the expiration of the Lock-Up Period and each
subsequent IPO Measurement Date thereafter. 

  

	 	m.	 “SPAC Transaction” means the Company’s completion of a merger or consolidation with a special
purpose acquisition company or its subsidiary in which the Shares (or similar securities) of the surviving or parent entity are listed on a national securities exchange. 

 

	 	n.	 “Underwritten Offering” means the consummation of the first firm commitment underwritten public
offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, and the rules and regulations thereunder, covering the offer and sale by the Company of Shares, as a result of or following which the equity
securities shall be publicly held and listed on the New York Stock Exchange or NASDAQ Stock Market or other reputable and internationally recognized foreign exchange. 

In the event Participant ceases to be a Service Provider for any or no reason before Participant vests in the Restricted Stock Units, the
Restricted Stock Units and Participant’s right to acquire any Shares hereunder will immediately terminate. Additionally, in the event of a Change in Control in which less than all of the Restricted Stock Units vest, any remaining unvested
Restricted Stock Units will immediately terminate upon such Change in Control. For the avoidance of doubt, all determinations regarding Company Value on any Measurement Date will be made by the Board on the applicable Determination Date in its sole
discretion. 
  

	II.	 AGREEMENT 

1. Grant of Restricted Stock Units. The Company hereby grants to the individual (“Participant”) named in the Notice of Grant
of Restricted Stock Units in Part I of this Award Agreement (the “Notice of Grant”) under the Plan an Award of Restricted Stock Units, subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated
herein by reference. Subject to Section 18(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Award Agreement, the terms and conditions of the Plan shall prevail. 

2. Company’s Obligation to Pay. Each Restricted Stock Unit represents the right to receive a Share on the date it vests. Unless
and until the Restricted Stock Units will have vested in the manner set forth in Section 4, Participant will have no right to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such
Restricted Stock Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. 

  
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 3. Participant’s Representations. In the event the Shares have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”) at the time the Restricted Stock Units are paid to Participant, Participant shall, if required by the Company, concurrently with the receipt of all or any
portion of this Restricted Stock Unit Award, deliver to the Company his or her Investment Representation Statement in the form attached hereto as Exhibit A. 

4. Vesting Schedule. Except as provided in Section 6, and subject to Section 7, the Restricted Stock Units awarded by this
Award Agreement will vest in accordance with the vesting schedule set forth in the Notice of Grant, subject to Participant continuing to be a Service Provider through each applicable vesting date. 

5. Lock-Up Period. Participant hereby agrees that Participant shall not offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Stock (or other
securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other securities) of the Company held by
Participant (other than those included in the registration) for a period specified by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred and eighty (180) days following the
effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other
distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments
thereto) (such period, the “Lock-Up Period”). 
 Participant agrees to execute and deliver
such other agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of
the underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion
of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 5 shall not apply to a registration relating solely to employee benefit plans
on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction
until the end of said one hundred and eighty (180) day (or other) period. Participant agrees that any transferee of the Restricted Stock Unit Award or Shares acquired pursuant to the Restricted Stock Unit Award shall be bound by this
Section 5. 
 6. Payment after Vesting. 

(a) General Rule. Subject to Section 10, any Restricted Stock Units that vest will be paid to Participant (or in the event of
Participant’s death, to his or her properly designated beneficiary or estate) in whole Shares. Subject to the provisions of Section 6(b), such vested Restricted Stock Units shall be paid in whole Shares as soon as practicable after
vesting, but in each such case within sixty (60) days following the vesting date. In no event will Participant be permitted, directly or indirectly, to specify the taxable year of payment of any Restricted Stock Units payable under this Award
Agreement. 

  
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 (b) Acceleration. 

(i) Discretionary Acceleration. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser
portion of the balance, of the unvested Restricted Stock Units at any time, subject to the terms of the Plan. If so accelerated, such Restricted Stock Units will be considered as having vested as of the date specified by the Administrator. If
Participant is a U.S. taxpayer, the payment of Shares vesting pursuant to this Section 6(b) shall in all cases be paid at a time or in a manner that is exempt from, or complies with, Section 409A. The prior sentence may be superseded in a
future agreement or amendment to this Award Agreement only by direct and specific reference to such sentence. 
 (ii) Notwithstanding
anything in the Plan or this Award Agreement or any other agreement (whether entered into before, on or after the Date of Grant), if the vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated in
connection with Participant’s termination as a Service Provider (provided that such termination is a “separation from service” within the meaning of Section 409A, as determined by the Company), other than due to
Participant’s death, and if (x) Participant is a U.S. taxpayer and a “specified employee” within the meaning of Section 409A at the time of such termination as a Service Provider and (y) the payment of such accelerated
Restricted Stock Units will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following Participant’s termination as a Service Provider, then the payment of such
accelerated Restricted Stock Units will not be made until the date six (6) months and one (1) day following the date of Participant’s termination as a Service Provider, unless Participant dies following his or her termination as a
Service Provider, in which case, the Restricted Stock Units will be paid in Shares to Participant’s estate as soon as practicable following his or her death. 

(c) Section 409A. It is the intent of this Award Agreement that it and all payments and benefits to U.S. taxpayers
hereunder be exempt from, or comply with, the requirements of Section 409A so that none of the Restricted Stock Units provided under this Award Agreement or Shares issuable thereunder will be subject to the additional tax imposed under
Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply. Each payment payable under this Award Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). However, in no event will the Company reimburse Participant, or be otherwise responsible for, any taxes or costs that may be imposed on Participant as a result of Section 409A. For
purposes of this Award Agreement, “Section 409A” means Section 409A of the Code, and any final Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time. 

7. Forfeiture Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Award Agreement, if Participant
ceases to be a Service Provider for any or no reason, the then-unvested Restricted Stock Units awarded by this Award Agreement will thereupon be forfeited at no cost to the Company and Participant will have no further rights thereunder. 

  
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 8. Tax Consequences. Participant has reviewed with his or her own tax advisors the
U.S. federal, state, local and non-U.S. tax consequences of this investment and the transactions contemplated by this Award Agreement. With respect to such matters, Participant relies solely on such advisors
and not on any statements or representations of the Company or any of its agents, written or oral. Participant understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that may arise as a
result of this investment or the transactions contemplated by this Award Agreement. 
 9. Death of Participant. Any distribution or
delivery to be made to Participant under this Award Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s
estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or
regulations pertaining to said transfer. 
 10. Tax Obligations 

(a) Responsibility for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different,
Participant’s employer (the “Employer”), the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection with the Restricted Stock Units, including, without limitation, (i) all
federal, state, and local taxes (including the Participant’s Federal Insurance Contributions Act (FICA) obligation) that are required to be withheld by the Company or the Employer or other payment of
tax-related items related to Participant’s participation in the Plan and legally applicable to Participant, (ii) the Participant’s and, to the extent required by the Company (or Employer), the
Company’s (or Employer’s) fringe benefit tax liability, if any, associated with the grant, vesting, or settlement of the Restricted Stock Units or sale of Shares, and (iii) any other Company (or Employer) taxes the responsibility for
which the Participant has, or has agreed to bear, with respect to the Restricted Stock Units (or settlement thereof or issuance of Shares thereunder) (collectively, the “Tax Obligations”), is and remains Participant’s responsibility
and may exceed the amount actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax Obligations in
connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any
dividends or other distributions, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant’s liability for Tax Obligations or
achieve any particular tax result. Further, if Participant is subject to Tax Obligations in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges
that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax Obligations in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of any required
Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares. 

  
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 (b) Tax Withholding and Default Method of Tax Withholding. When Shares are issued as
payment for vested Restricted Stock Units, Participant generally will recognize immediate U.S. taxable income if Participant is a U.S. taxpayer. If Participant is a non-U.S. taxpayer, Participant will be
subject to applicable taxes in his or her jurisdiction. The minimum amount of Tax Obligations which the Company determines must be withheld with respect to this Award (“Tax Withholding Obligation”) will be satisfied by Shares being sold on
Participant’s behalf at the prevailing market price pursuant to such procedures as the Company may specify from time to time, including through a broker-assisted arrangement (it being understood that the Shares to be sold must have vested
pursuant to the terms of this Award Agreement and the Plan). The proceeds from the sale will be used to satisfy Participant’s Tax Withholding Obligation arising with respect to this Award. In addition to Shares sold to satisfy the Tax
Withholding Obligation, additional Shares will be sold to satisfy any associated broker or other fees. Only whole Shares will be sold to satisfy any Tax Withholding Obligation and any associated broker or other fees. Any proceeds from the sale of
Shares in excess of the Tax Withholding Obligation and any associated broker or other fees will be paid to Participant in accordance with procedures the Company may specify from time to time. By accepting this Award, Participant expressly
consents to the sale of Shares to cover the Tax Withholding Obligation (and any associated broker or other fees) and agrees and acknowledges that Participant may not satisfy them by any means other than such sale of Shares, unless required to do so
by the Administrator or pursuant to the Administrator’s express written consent. 
 (c) Administrator Discretion. If the
Administrator determines that Participant cannot satisfy Participant’s Tax Withholding Obligation through the default procedure described in Section 8(b) or the Administrator otherwise determines it is in the best interests of the Company
for Participant to satisfy Participant’s Tax Withholding Obligation by a method other than through the default procedure described in Section 8(b), it may permit or require Participant to satisfy Participant’s Tax Withholding
Obligation, in whole or in part (without limitation), if permissible by applicable local law, by (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a fair market value equal to the minimum
amount statutorily required to be withheld (or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences), (iii) withholding the amount of
such Tax Withholding Obligation from Participant’s wages or other cash compensation paid to Participant by the Company and/or the Employer, (iv) delivering to the Company Shares that Participant owns and that have vested with a fair market
value equal to the amount required to be withheld (or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences), or (v) such other means
as the Administrator deems appropriate. To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any Tax Obligations by reducing the number of Shares otherwise deliverable to
Participant. 
 (d) Company’s Obligation to Deliver Shares. For clarification purposes, in no event will the Company issue
Participant any Shares unless and until arrangements satisfactory to the Administrator have been made for the payment of Participant’s Tax Withholding Obligation. If Participant fails to make satisfactory arrangements for the payment of such
Tax Withholding Obligations hereunder at the time any applicable Restricted Stock Units otherwise are scheduled to vest pursuant to Sections 4 or 6 or Participant’s Tax Withholding Obligations otherwise become due,

  
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Participant will permanently forfeit such Restricted Stock Units to which Participant’s Tax Withholding Obligation relates and any right to receive Shares thereunder and such Restricted
Stock Units will be returned to the Company at no cost to the Company. Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares if such Tax Obligations are not delivered at the time they are due. 

11. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or
privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its
transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with
respect to voting such Shares and receipt of dividends and distributions on such Shares. 
 12. No Guarantee of Continued Service.
PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED STOCK UNITS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE EMPLOYER) AND NOT THROUGH THE ACT OF
BEING HIRED, BEING GRANTED THIS RESTRICTED STOCK UNIT AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT
CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE EMPLOYER)
TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 
 13. Grant is Not
Transferable. Except to the limited extent provided in Section 9, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and
will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under
any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void. 

14. Company’s Right of First Refusal. Subject to Section 13, before any Shares held by Participant or any
transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase
the Shares on the terms and conditions set forth in this Section 14 (the “Right of First Refusal”). 
 (a) Notice of
Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each
proposed purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to
transfer the Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s). 

  
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 (b) Exercise of Right of First Refusal. At any time within thirty (30) days
after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at
the purchase price determined in accordance with subsection (c) below. 
 (c) Purchase Price. The purchase price (“Right of
First Refusal Price”) for the Shares purchased by the Company or its assignee(s) under this Section 14 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board in good faith. 
 (d) Payment. Payment of
the Right of First Refusal Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by
an assignee, to the assignee), or by any combination thereof within thirty (30) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

(e) Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are
not purchased by the Company and/or its assignee(s) as provided in this Section 14, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or
other transfer is consummated within one hundred and twenty (120) days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in
writing that the provisions of this Section 14 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice
shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 

(f) Exception for Certain Family Transfers. Anything to the contrary contained in this Section 14 notwithstanding, the transfer of
any or all of the Shares during the Participant’s lifetime or on the Participant’s death by will or intestacy to the Participant’s immediate family or a trust for the benefit of the Participant’s immediate family shall be exempt
from the provisions of this Section 14. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold
the Shares so transferred subject to the provisions of this Award Agreement, including this Section 14, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 14. 

(g) Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the
first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded. 

  
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 15. Restrictive Legends and Stop-Transfer Orders. 

(a) Legends. Participant understands and agrees that the Company shall cause the legends set forth below, or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
THEREWITH. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL IN
FAVOR OF THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE RESTRICTED STOCK UNIT AWARD AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER
RESTRICTIONS AND RIGHT OF FIRST REFUSAL IN FAVOR OF THE ISSUER OR ITS ASSIGNEE(S) ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE
ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER. 

(b) Stop-Transfer Notices. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company
may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

(c) Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or
otherwise transferred in violation of any of the provisions of this Award Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have
been so transferred. 
 16. Restrictions on Sale of Securities. Any sale of the Shares issued under this Award Agreement will be
subject to any market blackout-period that may be imposed by the Company and must comply with the Company’s insider trading policies and other Applicable Laws. 

  
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 17. Nature of Grant. In accepting the grant, Participant acknowledges, understands
and agrees that: 
 (a) the grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other
right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past; 

(b) all decisions with respect to future Restricted Stock Units or other grants, if any, will be at the sole discretion of the Company; 

(c) Participant is voluntarily participating in the Plan; 

(d) the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not intended to replace any pension rights or
compensation; 
 (e) the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income and value of same, are
not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses,
long-service awards, pension or retirement or welfare benefits or similar payments; 
 (f) the future value of the underlying Shares is
unknown, indeterminable and cannot be predicted; 
 (g) for purposes of the Restricted Stock Units, Participant’s status as a Service
Provider will be considered terminated as of the date Participant is no longer actively providing services to the Company or any Parent or Subsidiary (regardless of the reason for such termination and whether or not later to be found invalid or in
breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any), and unless otherwise expressly provided in this Award Agreement (including by
reference in the Notice of Grant to other arrangements or contracts) or determined by the Administrator, Participant’s right to vest in the Restricted Stock Units under the Plan, if any, will terminate as of such date and will not be extended
by any notice period (e.g., Participant’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is a
Service Provider or the terms of Participant’s employment or service agreement, if any, unless Participant is providing bona fide services during such time); the Administrator shall have the exclusive discretion to determine when Participant is
no longer actively providing services for purposes of the Restricted Stock Units grant (including whether Participant may still be considered to be providing services while on a leave of absence); 

(h) unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced by this
Award Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or exchanged, cashed out or substituted for, in connection with any corporate transaction affecting
the Shares; and 

  
 11 

 (i) the following provisions apply only if Participant is providing services outside the
United States: 
 (i) the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not part of normal or expected
compensation or salary for any purpose; 
 (ii) Participant acknowledges and agrees that none of the Company, the Employer or any Parent or
Subsidiary shall be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant
to the settlement of the Restricted Stock Units or the subsequent sale of any Shares acquired upon settlement; and 
 (iii) no claim or
entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from the termination of Participant’s status as a Service Provider (for any reason whatsoever whether or not later found to be invalid or
in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any), and in consideration of the grant of the Restricted Stock Units to which
Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, any Parent or Subsidiary or the Employer, waives his or her ability, if any, to bring any such claim, and releases the
Company, any Parent or Subsidiary and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to
have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim. 

18. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any
recommendations regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares. Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors
regarding his or her participation in the Plan before taking any action related to the Plan. 
 19. Data
Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Award Agreement and any other Restricted Stock
Unit grant materials by and among, as applicable, the Employer, the Company and any Parent or Subsidiary for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan. 

  
 12 

 Participant understands that the Company and the Employer may hold certain personal
information about Participant, including, but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or
directorships held in the Company, details of all Restricted Stock Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”), for the exclusive purpose of
implementing, administering and managing the Plan. 
 Participant understands that Data will be transferred to a stock plan
service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the recipients of the Data may be located in the United
States or elsewhere, and that the recipients’ country of operation (e.g., the United States) may have different data privacy laws and protections than Participant’s country. Participant understands that if he or she resides outside the
United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. Participant authorizes the Company, any stock plan service provider
selected by the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other
form, for the sole purpose of implementing, administering and managing his or her participation in the Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s
participation in the Plan. Participant understands if he or she resides outside the United States, he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to
Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, Participant understands that he or she is providing the consents herein on a purely
voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her status as a Service Provider and career with the Employer will not be adversely affected; the only adverse consequence of
refusing or withdrawing Participant’s consent is that the Company would not be able to grant Participant Restricted Stock Units or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or
withdrawing his or her consent may affect Participant’s ability to participate in the Plan. For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may
contact his or her local human resources representative. 
 20. Address for Notices. Any notice to be given to the Company
under the terms of this Award Agreement will be addressed to the Company at Arcellx, Inc. 25 West Watkins Mill Road, Suite A, Gaithersburg, MD 20878, or at such other address as the Company may hereafter designate in writing. 

21. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Stock Units
awarded under the Plan or future Restricted Stock Units that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such
documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

22. No Waiver. Either party’s failure to enforce any provision or provisions of this Award Agreement shall not in any way be
construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision of this Award Agreement. The rights granted both parties herein are cumulative and shall not constitute a
waiver of either party’s right to assert all other legal remedies available to it under the circumstances. 

  
 13 

 23. Successors and Assigns. The Company may assign any of its rights under this Award
Agreement to single or multiple assignees, and this Award Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Award Agreement shall be binding upon
Participant and his or her heirs, executors, administrators, successors and assigns. The rights and obligations of Participant under this Award Agreement may only be assigned with the prior written consent of the Company. 

24. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing,
registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or foreign law, the tax code and related regulations or under the rulings or regulations of the United States Securities and
Exchange Commission or any other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission or any other governmental regulatory authority is necessary or desirable as a condition to
the issuance of Shares to Participant (or his or her estate) hereunder, such issuance will not occur unless and until such listing, registration, qualification, rule compliance, clearance, consent or approval will have been completed, effected or
obtained free of any conditions not acceptable to the Company. Subject to the terms of the Award Agreement and the Plan, the Company shall not be required to issue any certificate or certificates for Shares hereunder prior to the lapse of such
reasonable period of time following the date of vesting of the Restricted Stock Units as the Administrator may establish from time to time for reasons of administrative convenience. 

25. Language. If Participant has received this Award Agreement or any other document related to the Plan translated into a language
other than English and if the meaning of the translated version is different than the English version, the English version will control. 

26. Interpretation. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for
the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Restricted Stock Units have vested). All
actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. Neither the Administrator nor any person acting on behalf of
the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement. 

27. Modifications to the Award Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects
covered. Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be
made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems
necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Award
of Restricted Stock Units. 
 28. Governing Law; Severability. This Award Agreement and the Restricted Stock Units are governed by
the internal substantive laws, but not the choice of law rules, of Delaware. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Award Agreement shall continue
in full force and effect. 

  
 14 

 29. Entire Agreement. The Plan is incorporated herein by reference. The Plan and this
Award Agreement (including the exhibits and addendums referenced herein) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company
and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. 

30. Country Addendum. Notwithstanding any provisions in this Award Agreement, the Restricted Stock Unit grant shall be subject to any
special terms and conditions set forth in any appendix to this Award Agreement for any country whose laws are applicable to Participant and this Award of Restricted Stock Units (as determined by the Administrator in its sole discretion) (the
“Country Addendum”). Moreover, if Participant relocates to one of the countries included in the Country Addendum, the special terms and conditions for such country will apply to Participant, to the extent the Company determines that the
application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Country Addendum, to the extent applicable, constitutes part of this Award Agreement. 

Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and
hereby accepts this Award Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Award Agreement and fully understands all provisions of this Award Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or
this Award Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below. 
  

					
	PARTICIPANT	 		 	ARCELLX, INC.
			
	 /s/ Rami Elghandour
	 		 	 /s/ David Lubner

	Signature	 		 	By
			
	 Rami Elghandour
	 		 	David Lubner
	Print Name	 		 	Audit Committtee Chairperson
			
	Address:	 		 	
	561 Harbor Colony Ct	 		 	
	Redwood City, CA 94065	 		 	

  
 15 

 EXHIBIT A 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	PARTICIPANT	  	:	  	Rami Elghandour
			
	COMPANY	  	:	  	ARCELLX, INC.
			
	SECURITY	  	:	  	COMMON STOCK
			
	AMOUNT	  	:	  	5,244,329
			
	DATE	  	:	  	June 9, 2021

 In connection with the receipt of the above-listed Securities, the undersigned Participant represents to the
Company the following: 
 (a) Participant is aware of the Company’s business affairs and financial condition and has acquired
sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant’s own account only and not with a view to, or for
resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b) Participant acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and
have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant’s investment intent as expressed herein. In this
connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant’s representation was predicated solely upon a present intention to hold
these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one (1) year or any other fixed period in
the future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and
understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities laws. 

(c) Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in
substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain
conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Restricted Stock Unit Award to Participant, the receipt of the Securities shall be exempt from registration under the Securities Act.
In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market
stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified 

 
by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being sold during any three
(3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s transaction”, transactions directly with a “market maker” or “riskless principal transactions”
(as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable. 

In the event that the Company does not qualify under Rule 701 at the time of grant of the Restricted Stock Unit Award, then the
Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which may require (1) the availability of current public information about the Company; (2) the resale to occur more than a specified
period after the purchase and full payment (within the meaning of Rule 144) for the Securities; and (3) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and
(4) of the paragraph immediately above. 
 (d) Participant further understands that in the event all of the applicable requirements of
Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive,
the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a
substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant
understands that no assurances can be given that any such other registration exemption shall be available in such event. 
  

	
	PARTICIPANT
	
	 /s/ Rami Elghandour

	Signature
	
	 Rami Elghandour

	Print Name
	
	 June 9, 2021

	Date

  
 2EX-10.14

 Exhibit 10.14 

[CERTAIN INFORMATION IN THIS EXHIBIT IDENTIFIED BY [***] IS CONFIDENTIAL AND HAS BEEN EXCLUDED BECAUSE IT (I) IS NOT MATERIAL AND (II) THE
REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL.] 
 CONSULTING AGREEMENT 

This Consulting Agreement (the “Agreement”) is made effective as of January 7, 2022 (the “Effective Date”), by and
between Arcellx, Inc., a Delaware corporation, with its principal offices located at 25 West Watkins Mill Road, Suite A, Gaithersburg, MD 20878 (the “Company”) and Danforth Advisors, LLC, a Massachusetts limited liability company, with its
principal place of business being 91 Middle Road, Southborough, MA 01772 (“Danforth”). The Company and Danforth are herein sometimes referred to individually as a “Party” and collectively as the “Parties.” 

WHEREAS, the Company is a clinical-stage biopharmaceutical company developing novel, adaptive and controllable cell therapies for the
treatment of patients with cancer and autoimmune diseases; and 
 WHEREAS, Danforth has expertise in financial and corporate operations and
strategy; and 
 WHEREAS, Danforth desires to serve as an independent consultant for the purpose of providing the Company with certain
strategic and financial advice and support services, using personnel described in Exhibit A attached hereto, (the “Services”); and 

WHEREAS, the Company wishes to engage Danforth on the terms and conditions set forth herein. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which are hereby acknowledged,
the Parties agree and covenant as follows. 
  

	1.	 Services of Consultant. Danforth will assist the Company with matters relating to the Services. The
Services are more fully described in Exhibit A attached hereto. Danforth and the Company will review the Services on a monthly basis to determine appropriate staffing requirements. Company shall have the right to request changes to the
Danforth personnel at any time in writing. If Company makes a written request, Danforth shall replace such personnel subject to the Company’s right of pre-approval. 

 

	2.	 Compensation for Services. In full consideration of Danforth’s full, prompt and faithful
performance of the Services, the Company shall compensate Danforth a consulting fee more fully described in Exhibit A (the “Consulting Fee”). Danforth shall, from time to time, but not more frequently than twice per calendar month,
invoice the Company for Services rendered, and will be paid upon 30 days of receipt of an undisputed invoice, provided the relevant purchase order number is referenced on each invoice. Each month the Parties shall evaluate jointly the current fee
structure and scope of Services. Danforth reserves the right to an annual increase in consultant rates of up to 10.0%, effective January 1 of each year. Upon termination of this Agreement pursuant to Section 3, no compensation or benefits
of any kind as described 

	 	
in this Section 2 shall be payable or issuable to Danforth after the effective date of such termination. In addition, the Company will reimburse Danforth for reasonable out-of-pocket business expenses, including but not limited to travel and parking, incurred by Danforth in performing the Services hereunder, upon submission by Danforth of
supporting documentation reasonably acceptable to the Company. Any such accrued expenses in any given three (3) month period that exceed $1,000 shall be submitted to the Company for its prior written approval. 

All Danforth invoices and billing matters should be addressed to: Company Accounts Payable Contact: 

Address:    25 West Watkins Mill Road, Suite A, Gaithersburg, MD 20878 

E-mail:      [***] 

All Company payments and billing inquiries should be addressed to: 

Danforth Accounting:     Betsy Sherr 

[***] 

[***] 

Danforth Advisors 

PO Box 335 

Southborough, MA 01772 
  

	3.	 Term and Termination. The term of this Agreement will commence on the Effective Date and will continue
until such time as either Party has given notice of termination pursuant to this paragraph 3 (the “Term”). This Agreement or any portion of the Services described herein, may be terminated by either Party hereto: (a) with Cause (as
defined below), upon 30 days prior written notice to the other Party; or (b) without cause upon 60 days prior written notice to the other Party. For purposes of this Section 3, “Cause” shall include: (i) a breach of the
terms of this Agreement which is not cured within 30 days of written notice of such default or (ii) the commission of any act of fraud, embezzlement or deliberate disregard of a rule or policy of the Company. 

 

	4.	 Time Commitment. Danforth will devote such time to perform the Services under this Agreement as may
reasonably be required. Danforth does not guarantee time and materials estimates in any way and such estimates are not fixed prices. Danforth will notify the Company as soon as practicable if an estimate will be exceeded. 

 

	5.	 Place of Performance. Danforth will perform the Services at such locations upon which the Company and
Danforth may mutually agree. Danforth will not, without the prior written consent of the Company, perform any of the Services at any facility or in any manner that might give anyone other than the Company any rights to or allow for disclosure of any
Confidential Information (as defined below). 

	6.	 Compliance with Policies and Guidelines. Danforth will perform the Services in accordance with all rules
or policies adopted by the Company that the Company discloses in writing to Danforth. 

  

	7.	 Confidential Information. Danforth acknowledges and agrees that during the course of performing the
Services, the Company may furnish, disclose or make available to Danforth information, including, but not limited to, material, compilations, data, formulae, models, patent disclosures, procedures, processes, business plans, projections, protocols,
results of experimentation and testing, specifications, strategies and techniques, and all tangible and intangible embodiments thereof of any kind whatsoever (including, but not limited to, any apparatus, biological or chemical materials, animals,
cells, compositions, documents, drawings, machinery, patent applications, records and reports), which is owned or controlled by the Company and is marked or designated as confidential at the time of disclosure or is of a type that is customarily
considered to be confidential information_(collectively the “Confidential Information”). Danforth acknowledges that the Confidential Information or any part thereof is the exclusive property of the Company and shall not be disclosed to any
third party without first obtaining the written consent of the Company. Danforth further agrees to take all necessary steps to ensure that the Confidential Information, and any part thereof, shall not be disclosed or issued to its affiliates, agents
or employees, except on like terms of confidentiality. The above provisions of confidentiality shall apply for a period of five years after the Term. Pursuant to the Defend Trade Secrets Act of 2016, Danforth acknowledges that Danforth will not have
criminal or civil liability under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) as required by a federal, state, or local government official, either directly or indirectly, or to an
attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, if
Danforth files a lawsuit for retaliation by Company for reporting a suspected violation of law, Danforth may disclose the trade secret to its attorney and may use the trade secret information in the court proceeding, if Danforth (i) files any
document containing the trade secret under seal and (ii) does not disclose the trade secret, except pursuant to court order. 

  

	8.	 Use of Name and Logo. Upon prior approval by Company, Danforth may use Company’s name and logo in a
roster of Danforth clients, which may appear on the Danforth website and in its marketing materials (“Usage Rights”). Company may terminate Danforth’s Usage Rights without cause upon thirty (30) days written notice.

  

	9.	 Intellectual Property. Danforth agrees that all ideas, inventions, discoveries, creations, manuscripts,
properties, innovations, improvements, know-how, designs, developments, apparatus, techniques, methods, and formulae that Danforth conceives, makes, develops or improves as a result of performing the Services,
whether or not reduced to practice and whether or not patentable, alone or in conjunction with any other party and whether or not at the request or upon the suggestion of the Company (all of the foregoing being hereinafter collectively referred to
as the “Inventions”), shall be the sole and exclusive property of the Company. 

	10.	 Non Solicitation. All personnel representing Danforth are employees or contracted agents of Danforth.
Accordingly, they are not retainable as employees or contractors by the Company and the Company hereby agrees not to solicit, hire or retain their services for so long as they are employees or contracted agents of Danforth and for two years
thereafter. Should the Company violate this restriction, it agrees to pay Danforth liquidated damages equal to fifty percent (50%) of the employee’s starting annual base salary and target annual bonus for each Danforth contracted agent hired by
the Company in violation of this Agreement plus Danforth’s reasonable attorneys’ fees and costs incurred in enforcing this agreement should the Company fail or refuse to pay the liquidated damages amount in full within 30
days following its violation For purposes herein, “solicit” does not include broad-based recruiting efforts, including, without limitation, help wanted advertising and posting of open positions on a party’s internet site.

  

	11.	 Warranty; Disclaimer. Consultant represents and warrants that Consultant (i) will provide Services
in compliance with all applicable law, rules, and regulations, and (ii) has no agreements, relationships, or commitments to any other person or entity that conflict with the provisions of this Agreement, Consultant’s obligations to the
Company under this Agreement, and/or Consultant’s ability to perform the Services. Consultant will not enter into any such conflicting agreement during the term of this Agreement. Except for any express warranties stated herein, the Services
are provided on an “as is” basis, and the Company disclaims any and all other warranties, conditions, or representations (express, implied, oral or written), relating to the Services or any part thereof. Further, in performing the
Services, Danforth is not engaged to disclose illegal acts, including fraud or defalcations, which may have taken place. The foregoing notwithstanding, Danforth will promptly notify the Company if Danforth becomes aware of any such illegal acts
during the performance of the Services. Because the Services do not constitute an examination in accordance with standards established by the American Institute of Certified Public Accountants (the “AICPA”), Danforth is precluded from
expressing an opinion as to whether financial statements provided by the Company are in conformity with generally accepted accounting principles or any other standards or guidelines promulgated by the AICPA, or whether the underlying financial and
other data provide a reasonable basis for the statements. 

  

	12.	 Indemnification. Each Party hereto agrees to indemnify and hold the other Party hereto, its directors,
officers, agents and employees harmless against any claim based upon circumstances alleged to be inconsistent with such representations and/or warranties contained in this Agreement. Further, the Company shall indemnify and hold harmless Danforth
and any of its subcontractors against any claims, losses, damages or liabilities (or actions in respect thereof) that arise out of or are based on the Services performed hereunder, except for any such claims, losses, damages or liabilities arising
out of the gross negligence or willful misconduct of Danforth or any of its subcontractors. Furthermore, during the Term of this Agreement, if the Company desires that Danforth provide treasury services, the Company shall obtain and maintain a Crime
and Cyber Insurance Policy that includes coverage for “Social Engineering” claims and extends coverage to Danforth. 

  

	13.	 D&O Insurance. The Company shall use its best efforts to specifically include and cover, as a
benefit for their protection, Danforth staff serving as directors or officers of the Company or affiliates from time to time with direct coverage as named insureds under the Company’s policy for directors’ and officers’
(“D&O”) insurance. The Company will maintain such D&O insurance coverage for the period through which claims can be made against such 

	 	
persons. The Company disclaims a right to distribution from the D&O insurance coverage with respect to such persons. In the event that the Company is unable to include Danforth under the
Company’s policy or does not have first dollar coverage acceptable to Danforth in effect for at least $5 million (e.g., such policy is not reserved based on actions that have been or are expected to be filed against officers and directors
alleging prior acts that may give rise to a claim), Danforth may, at its option, attempt to purchase a separate D&O policy that will cover the Danforth staff only. The cost of same shall be invoiced to the Company as an out -of -pocket cash expense. If Danforth is unable to purchase such D&O insurance, then Danforth reserves the right to terminate the Agreement upon delivery of written notice. 

 

	14.	 Independent Contractor. Danforth is not, nor shall Danforth be deemed to be at any time during the term
of this Agreement, an employee of the Company, and therefore Danforth shall not be entitled to any benefits provided by the Company to its employees, if applicable. Danforth’s status and relationship with the Company shall be that of an
independent contractor and consultant. Danforth shall not state or imply, directly or indirectly, that Danforth is empowered to bind the Company without the Company’s prior written consent. Nothing herein shall create, expressly or by
implication, a partnership, joint venture or other association between the parties. Danforth will be solely responsible for payment of all charges and taxes arising from his or her relationship to the Company as a consultant. Except as expressly
provided herein, nothing in this Agreement shall preclude Danforth from consulting for or being employed by any other person or entity. 

  

	15.	 Records. Upon termination of the Agreement, Danforth shall deliver to the Company any property or
Confidential Information of the Company relating to the Services which may be in its possession including products, project plans, materials, memoranda, notes, records, reports, laboratory notebooks, or other documents or photocopies and any such
information stored using electronic medium. 

  

	16.	 Notices. Any notice under this Agreement shall be in writing (except in the case of verbal
communications, emails and teleconferences updating either Party as to the status of work hereunder) and shall be deemed delivered upon personal delivery, one day after being sent via a reputable nationwide overnight courier service or two days
after deposit in the mail or on the next business day following transmittal via facsimile. Notices under this Agreement shall be sent to the following representatives of the Parties: 

If to the Company: 

Name:        Julian Gabbard 

Title:          Sr. Director of Contracts 

Address:     25 West Watkins Mill Road, Suite A, Gaithersburg, MD 20878 

E-mail:       [***] 

If to Danforth: 

Name:        Gregg Beloff 

Title:          Managing Director 

Address:     91 Middle Road Southborough, MA 01772 

Phone:        [***] 

E-mail:       [***] 

	17.	 Assignment and Successors. This Agreement may not be assigned by a Party without the consent of the
other which consent shall not be unreasonably withheld, except that each Party may assign this Agreement and the rights, obligations and interests of such Party, in whole or in part, to any of its Affiliates, to any purchaser of all or substantially
all of its assets or to any successor corporation resulting from any merger or consolidation of such Party with or into such corporation. 

  

	18.	 Force Majeure. Neither Party shall be liable for failure of or delay in performing obligations set forth
in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of either Party. In the event of such force majeure, the Party affected
thereby shall use reasonable efforts to cure or overcome the same and resume performance of its obligations hereunder. 

  

	19.	 Headings. The Section headings are intended for convenience of reference only and are not intended to be
a part of or to affect the meaning or interpretation of this Agreement. 

  

	20.	 Integration; Severability. This Agreement is the sole agreement with respect to the subject matter
hereof and shall supersede all other agreements and understandings between the Parties with respect to the same. If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction or is deemed
unenforceable, it is the intention of the Parties that the remainder of the Agreement shall not be affected. 

  

	21.	 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, excluding choice of law principles. The Parties agree that any action or proceeding arising out of or related in any way to this Agreement shall be brought solely in a Federal or State court of competent jurisdiction sitting in
the State of Delaware. 

  

	22.	 Injunctive Relief. The Parties acknowledge that its breach of any of its obligations under
Section 7 may cause irreparable harm, for which monetary damages will be an inadequate remedy. Therefore, in the event of any such breach or the threat of such breach, the non-breaching Party shall
be entitled, in addition to any other remedy available under this Agreement, at law or in equity, to seek injunctive relief (whether preliminary or permanent), specific performance of the terms hereof and other equitable relief for such breach or
the material anticipatory breach of this Agreement. 

  

	23.	 Amendments and Waivers. This Agreement may be amended or supplemented only by a written instrument duly
executed by each of the Parties. No provision of this Agreement may be waived except by a written instrument signed by the Party hereto sought to be bound. No failure or delay by any Party in exercising any right or remedy hereunder or under
applicable law will operate as a waiver thereof, and a waiver of a particular right or remedy on one occasion will not be deemed a waiver of any other light or remedy, or a waiver on any subsequent occasion. 

	24.	 Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original,
but all of which together will constitute one agreement. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

If you are in agreement with the foregoing, please sign where indicated below, whereupon this Agreement shall become effective as of the Effective Date. 

 

									
	DANFORTH ADVISORS, LLC 	 		 	ARCELLX, INC
					
	By:	 	 /s/ Chris Connors
	 		 	By:	 	 /s/ Neeraj Teotia

	Print	 	Name: Chris Connors	 		 	Print Name: Neeraj Teotia
	Title:	 	Chief Executive Officer	 		 	Title:	 	Chief Commercial Officer
	Date:	 	1/7/2022	 		 	Date:	 	1/7/2022

 EXHIBIT A 

Initial Scope of Work: 
 Danforth will perform
mutually agreed to finance and accounting functions which are necessary to support the financial management and operations of the Company, certain of such activities being: 
  

	 	•	 	 Assistance in the final aspects of the registration process, including responses to SEC comments, preparation of
cheap stock letter, pro forma calculations and implementation of any stock split in connection with the final valuation and preparations for the IPO roadshow 

  

	 	•	 	 SEC reporting on forms 10-K and
10-Q, including review/preparation of disclosures, account reconciliations, technical accounting memos; 

  

	 	•	 	 Public-company readiness activities, including development of the finance organization skills and capabilities,
and evaluation and implementation of financial systems, accounting policy and procedure, disclosure controls, and internal controls over financial reporting; 

  

	 	•	 	 Evaluation of director’s and officer’s insurance coverage; and 

	 	•	 	 Leadership and support in the ongoing operating activities of the finance and accounting functions of the Company

 Initial Staffing F&A 
  

					
	 Role
	  	 Hourly Rate
	  	 Function

	Sr. Advisor	  	[***]	  	Senior Advisory
	CFO	  	$450/hour	  	CFO
	Sr. Director	  	[***]	  	Principal Accounting Officer
	Director	  	[***]	  	VP Finance
	Sr Manager	  	[***]	  	Sr Controller/FP&A
	Manager	  	[***]	  	Controller
	Sr. Consultant	  	[***]	  	Asst. Controller
	Consultant	  	[***]	  	Staff Accountant
	 HR
	  	 	  	 
	 Sr. HR Director
	  	 [***]
	  	 Human Resources

	 HR Director
	  	 [***]
	  	 Human Resources

	 Sr HR Manager
	  	 [***]
	  	 Human Resources

	 HR Manager
	  	 [***]
	  	 Human Resources

 Initial Staffing will include Lance Thibault, a CFO, who will be acting as Interim CFO, serving as Principal Financial Officer
and Principal Accounting Officer, Charles Darder (Director), and Ed Downey (Sr. Advisor Risk Management Consultant who will be at [***]) who have been approved by the Company. Additional personnel may be added in accordance with Section 1 of
this Agreement.

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