Document:

EX-10.24

 Exhibit 10.24 

Cerulean Pharma Inc. 
 840 Memorial
Drive 
 Cambridge, MA 02139 
 DATE: March 31,
2013 
 Dear Alan: 
 On behalf of Cerulean
Pharma Inc. (the “Company”), I am pleased to set forth below and in the attached documents the vesting terms and conditions of the option granted to you by the Company’s Board of Directors on February 7, 2013 (the “Option
Award”). Your Option Award agreement (the “Option Agreement”) is attached hereto as Attachment 1. A cash bonus award (the “Contingent Consideration Award”), which shall be payable to you only if the consideration payable in
connection with a Change of Control (as such term is defined in the award documents attached hereto) of the Company is not payable in its entirety upon the closing of such Change of Control, is attached hereto as Attachment 2. Together, we refer to
the Option Award and the Contingent Consideration Award as the “Award”. 
 IN WITNESS WHEREOF, the Company has caused this Award
to be executed under its corporate seal by its duly authorized officer. This Award shall take effect as a sealed instrument. 
  

			
	CERULEAN PHARMA INC.
		
	By:	 	 /s/ Karen L. Roberts

		
	Name:	 	 Karen L. Roberts

		
	Title:	 	 SVP Finance & Administration, Treasurer

 PARTICIPANT’S ACCEPTANCE 

The undersigned hereby accepts the foregoing Award, which is constituted of the Option Award and the Contingent Consideration Award, and
agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt of a copy of the Company’s 2007 Stock Incentive Plan. 
  

			
	PARTICIPANT:
	
	 /s/ Alan Crane

	Alan Crane

  
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 Attachment 1 

Cerulean Pharma Inc. 

Nonstatutory Stock Option Agreement 

Granted Under 2007 Stock Incentive Plan 

1. Grant of Option. 
 This agreement
evidences the grant by Cerulean Pharma Inc., a Delaware corporation (the “Company” or “Cerulean”), on February 7, 2013 (the “Grant Date”) to Alan Crane, a director of the Company (the “Participant”), of
an option to purchase, in whole or in part, on the terms provided herein and in the Company’s 2007 Stock Incentive Plan, as amended (the “Plan”), a total of 518,855 shares (the “Shares”) of common stock, $0.0001 par value
per share, of the Company (“Common Stock”) at $0.27 per Share. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on February 6, 2023 (the “Final Exercise Date”). 

It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the
Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any
person who acquires the right to exercise this option validly under its terms. 
 2. Vesting Schedule. 

(a) The Shares subject to this option will become exercisable (“vest”) either: (i) immediately prior to a Change of Control (as
defined below), in accordance with Schedule 1 hereto or (ii) following the time when the Company’s Common Stock is registered under the Securities Exchange Act of 1934, as amended (“Exchange Act”), and is quoted, listed or traded
on an over-the-counter market or a national securities exchange (a “Public Trading Event”), in accordance with Schedule 2 hereto, provided, in each case, that the Participant continues to be an Eligible Participant on the applicable
vesting date. 
 (b) The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the
maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option pursuant to Section 3 hereof
or the Plan. 
 (c) For purposes of this Agreement, a “Change of Control” shall mean the occurrence of any of the following
events: 
 (i) any merger or consolidation that results in the voting securities of Cerulean outstanding immediately prior thereto
representing (either by remaining outstanding or by being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting 

 
securities of Cerulean or such surviving or acquiring entity outstanding immediately after such merger or consolidation; 

(ii) any sale of all or substantially all of the assets of Cerulean; 

(iii) the complete liquidation or dissolution of Cerulean; or 

(iv) the acquisition of “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of securities of Cerulean
representing 50% or more of the combined voting power of Cerulean’s then outstanding securities (other than through a merger or consolidation or an acquisition of securities directly from Cerulean) by any “person,” as such term is
used in Sections 13(d) and 14(d) of the Exchange Act, other than Cerulean, any trustee or other fiduciary holding securities under an employee benefits plan of Cerulean or any corporation owned directly or indirectly by the stockholders of Cerulean
in substantially the same proportion as their ownership of stock of Cerulean. 
 3. Exercise of Option. 

(a) Form of Exercise. Each election to exercise this option shall be in writing, signed by the Participant, and received by the Company
at its principal office, accompanied by this agreement, and payment in full in the manner provided in the Plan. The Participant may purchase less than the number of Shares covered hereby, provided that no partial exercise of this option may be for
any fractional share. 
 (b) Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3,
this option may not be exercised unless the Participant, at the time he exercises this option, is, and has been at all times since the Grant Date, an employee officer or director of, or consultant or advisor to, the Company or any parent or
subsidiary of the Company as defined in Section 424(e) or (f) of the Code (an “Eligible Participant”). 
 (c)
Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three
months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation.
Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the
Participant and the Company, the right to exercise this option shall terminate immediately upon written notice to the Participant from the Company describing such violation. 

(d) Exercise Period Upon Death or Disability. If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3)
of the Code) prior to the Final Exercise Date while he is an Eligible Participant and the Company has not terminated such relationship for 

  
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“Cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the
Participant (or in the case of death by an authorized transferee), provided that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and
further provided that this option shall not be exercisable after the Final Exercise Date. 
 (e) Termination for Cause. If, prior to
the Final Exercise Date, the Participant’s relationship with the Company is terminated by the Company for Cause (as defined in Section 4.B. of the Company’s Change in Control Severance Plan), the right to exercise this option shall
terminate immediately upon the effective date of such termination. If, prior to the Final Exercise Date, the Participant is given notice by the Company of the termination of his relationship by the Company for Cause, and the effective date of such
termination is subsequent to the date of delivery of such notice, the right to exercise this option shall be suspended from the time of the delivery of such notice until the earlier of (i) such time as it is determined or otherwise agreed that
the Participant’s relationship shall not be terminated for Cause as provided in such notice or (ii) the effective date of such termination (in which case the right to exercise this option shall, pursuant to the preceding sentence,
terminate upon the effective date of such termination). The Participant shall be considered to have been discharged for “Cause” if the Company determines, within 30 days after the Participant’s resignation, that discharge for cause
was warranted. 
 4. Company Right of First Refusal. 

(a) Notice of Proposed Transfer. If the Participant proposes to sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by
operation of law or otherwise (collectively, “transfer”) any Shares acquired upon exercise of this option, then the Participant shall first give written notice of the proposed transfer (the “Transfer Notice”) to the Company. The
Transfer Notice shall name the proposed transferee and state the number of such Shares the Participant proposes to transfer (the “Offered Shares”), the price per share and all other material terms and conditions of the transfer. 

(b) Company Right to Purchase. For 30 days following its receipt of such Transfer Notice, the Company shall have the option to purchase
all or part of the Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Company elects to purchase all or part of the Offered Shares, it shall give written notice of such election to the Participant
within such 30-day period. Within 10 days after his or her receipt of such notice, the Participant shall tender to the Company at its principal offices the certificate or certificates representing the Offered Shares to be purchased by the Company,
duly endorsed in blank by the Participant or with duly endorsed stock powers attached thereto, all in a form suitable for transfer of the Offered Shares to the Company. Promptly following receipt of such certificate or certificates, the Company
shall deliver or mail to the Participant a check in payment of the purchase price for such Offered Shares; provided that if the terms of payment set forth in the Transfer Notice were other than cash against delivery, the Company may
pay for the Offered Shares on the same terms and conditions as were set forth in the Transfer Notice; and provided  

  
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further that any delay in making such payment shall not invalidate the Company’s exercise of its option to purchase the Offered Shares. 

(c) Shares Not Purchased By Company. If the Company does not elect to acquire all of the Offered Shares, the Participant may, within
the 30-day period following the expiration of the option granted to the Company under subsection (b) above, transfer the Offered Shares which the Company has not elected to acquire to the proposed transferee, provided that such
transfer shall not be on terms and conditions more favorable to the transferee than those contained in the Transfer Notice. Notwithstanding any of the above, all Offered Shares transferred pursuant to this Section 4 shall remain subject to the
right of first refusal set forth in this Section 4 and such transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this
Section 4. 
 (d) Consequences of Non-Delivery. After the time at which the Offered Shares are required to be delivered to the
Company for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant on account of such Offered Shares or permit the Participant to exercise any of the privileges or rights of a
stockholder with respect to such Offered Shares, but shall, insofar as permitted by law, treat the Company as the owner of such Offered Shares. 

(e) Exempt Transactions. The following transactions shall be exempt from the provisions of this Section 4: 

(1) any transfer of Shares to or for the benefit of any spouse, child or grandchild of the Participant, or to a trust for their benefit; 

(2) any transfer pursuant to an effective registration statement filed by the Company under the Securities Act of 1933, as amended (the
“Securities Act”); and 
 (3) the sale of all or substantially all of the shares of capital stock of the Company (including
pursuant to a merger or consolidation); 
 provided, however, that in the case of a transfer pursuant to clause (1) above, such Shares
shall remain subject to the right of first refusal set forth in this Section 4 and such transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the
terms and conditions of this Section 4. 
 (f) Assignment of Company Right. The Company may assign its rights to purchase
Offered Shares in any particular transaction under this Section 4 to one or more persons or entities. 
 (g) Conflict with Right of
First Refusal and Co-Sale Agreement. The Participant is a party to the Fifth Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of December 2, 2011 by and among the Company and certain of its stockholders (as it may
be amended from time to time, the “Co-Sale Agreement”). If any of the terms or conditions of the 

  
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Co-Sale Agreement conflict with this Agreement, the terms and conditions of the Co-Sale Agreement shall prevail. 

(h) Termination. The provisions of this Section 4 shall terminate upon the earlier of the following events: 

(1) the closing of the sale of shares of Common Stock in an underwritten public offering pursuant to an effective registration statement filed
by the Company under the Securities Act; or 
 (2) the sale of all or substantially all of the capital stock, assets or business of the
Company, by merger, consolidation, sale of assets or otherwise (other than a merger or consolidation in which all or substantially all of the individuals and entities who were beneficial owners of the Common Stock immediately prior to such
transaction beneficially own, directly or indirectly, more than 75% of the outstanding securities entitled to vote generally in the election of directors of the resulting, surviving or acquiring corporation in such transaction). 

(i) No Obligation to Recognize Invalid Transfer. The Company shall not be required (1) to transfer on its books any of the Shares
which shall have been sold or transferred in violation of any of the provisions set forth in this Section 4, or (2) to treat as owner of such Shares or to pay dividends to any transferee to whom any such Shares shall have been so sold or
transferred. 
 (j) Legends. The certificate representing Shares shall bear a legend substantially in the following form (in addition
to, or in combination with, any legend required by applicable federal and state securities laws and agreements relating to the transfer of the Company securities): 

“The shares represented by this certificate are subject to a right of first refusal in favor of the Company, as provided in a certain
stock option agreement with the Company.” 
 5. Agreement in Connection with Public Offering. 

The Participant agrees, in connection with any initial underwritten public offering of the Common Stock pursuant to a registration statement
under the Securities Act, (i) not to (a) offer, pledge, announce the intention to sell, 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, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any other securities of the Company or (b) enter into any swap or other agreement that transfers, in whole or in part, any of the economic
consequences of ownership of shares of Common Stock or other securities of the Company, whether any transaction described in clause (a) or (b) is to be settled by delivery of securities, in cash or otherwise, during the period beginning on
the date of the filing of such registration statement with the Securities and Exchange Commission and ending 180 days after the date of the final prospectus relating to the offering (plus up to an additional 34 days to the extent requested by the
managing underwriters for such offering in 

  
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order to address Rule 2711(f) of the Financial Industry Regulatory Authority, Inc. or any similar successor provision), and (ii) to execute any agreement reflecting clause (i) above as
may be requested by the Company or the managing underwriters at the time of such offering. 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 the “lock-up” period. 
 6. Withholding. No Shares will be issued pursuant to the exercise of this option unless and until the
Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 

7. Nontransferability of Option. 
 This
option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this
option shall be exercisable only by the Participant. 
 8. Provisions of the Plan. 

This option is subject to the provisions of the Plan (including the provisions relating to amendments to the Plan), a copy of which is
furnished to the Participant with this option. 
 [Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal by
its duly authorized officer. This option shall take effect as a sealed instrument. 
  

			
	CERULEAN PHARMA INC.
		
	By:	 	 /s/ Karen L. Roberts

		
	Name:	 	 Karen L. Roberts

		
	Title:	 	 SVP Finance & Administration, Treasurer

  
 - 7 - 

 Schedule 1 

Vesting Schedule in the Event of a Change of Control 

1. The number of Shares which may be acquired on exercise of the option as a result of a Change of Control of the Company will be the number of Shares
provided in the table below corresponding to the Range in which the Preliminary Closing Proceeds Per Share falls; provided, however, that if the calculation of the Closing Proceeds Per Share results in Closing Proceeds Per Share
that falls within a Range lower than the Range in which the Preliminary Closing Proceeds Per Share falls, then the number of Shares which may be acquired on exercise of the option will be the number corresponding to such lower Range. 

2. Definitions. For purposes of this Schedule 1, the following terms shall have the following meanings: 

 

	 	(a)	“Closing Proceeds” means the portion of the Total Proceeds available for distribution to holders of Common Stock at or around the closing of the Change of Control. 

 

	 	(b)	“Closing Proceeds Per Share” means the quotient of (i) the Closing Proceeds divided by (ii) the sum of (x) the total number of outstanding shares of Common Stock, on an as
converted basis, (including shares of Common Stock underlying vested options) at the closing of the Change of Control (excluding any Shares which vest under the Option Awards) and (y) the number of Shares that may be acquired pursuant to the
Option Awards based upon the Preliminary Closing Proceeds Per Share. 

  

	 	(c)	“Option Awards” means the option granted to the Mr. Crane evidenced by this Agreement, together with the option granted to Dr. Oliver Fetzer evidenced by the agreement dated
March 31, 2013. 

  

	 	(d)	“Preliminary Closing Proceeds Per Share” means the quotient of (i) the Closing Proceeds divided by (ii) the total number of outstanding shares of Common Stock, on an as converted basis,
(including shares of Common Stock underlying vested options including any options which vest upon or immediately prior to the Change of Control) at the closing of the Change of Control, excluding, for the avoidance of doubt, the number of Shares
that may be acquired pursuant to the Option Awards. 

  

	 	(e)	 “Total Proceeds” means the aggregate total amount to be paid by the acquirer in connection with the Change of Control and
which has been, is or will be available for distribution to holders of Common Stock, but in each case without giving effect to any payment to be made pursuant to any Contingent Consideration Award (as such term is defined in the cover letter hereto)
made by the Company. 

	 	
The Total Proceeds shall be a cash amount or converted into a cash amount based on the Board of Director’s good faith determination of the value. 

3. The number of Shares which may be acquired on exercise of the option depends upon the Range in which the Preliminary Closing Proceeds Per Share falls. The
applicable “Range” shall be determined as indicated in the following chart. 
  

					
	 Preliminary Closing Proceeds Per Share Range
	  	Number of Shares Vesting	 
	 Less than $2.49
	  	 	0	  
	 $2.49 or greater but less than $4.15
	  	 	172,951	  
	 $4.15 or greater but less than $4.98
	  	 	345,903	  
	 $4.98 or greater
	  	 	518,885	  

 All figures referenced in the chart in this Section 3 under Preliminary Closing Proceeds Per Share Range are subject to
appropriate adjustment by the Company’s Board of Directors in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock. 

For the avoidance of doubt, no more than 518,855 Shares shall vest pursuant to this Schedule 1 and no more than 518,855 shall vest, in the aggregate, pursuant
to this Schedule 1 and Schedule 2. 

  
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 Schedule 2 

Vesting Schedule in the Event of a Public Trading Event 

1. First Vesting Event. The number of Shares which may be acquired on exercise of the option in connection with a Public Trading Event will be the
number of Shares provided in the table below corresponding to the Range in which the first Per Share Public Trading Price in excess of $2.49 falls. The applicable “Range” shall be as determined as indicated in the following chart. 

 

					
	 Per Share Public Trading Price Range
	  	Number of Shares Vesting	 
	 $2.49 or greater but less than $4.15
	  	 	172,951	  
	 $4.15 or greater but less than $4.98
	  	 	345,903	  
	 $4.98 or greater
	  	 	518,855	  

 All figures referenced in the chart in this Section 1 under Per Share Public Trading Price Range are subject to
appropriate adjustment by the Company’s Board of Directors in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock. 

2. Subsequent Vesting Events. In the event some but not all of the Shares subject to the option and this Schedule 2 vest upon achievement of a Per
Share Public Trading Price (a “Vesting Event”), additional Shares will vest upon each achievement of a Per Share Public Trading Price that falls within a higher Range provided in the chart in Section 1 hereof (such Shares, the
“Additional Shares”). The number of Additional Shares that vest upon the achievement of a Per Share Public Trading Price that falls within a higher Range than that which triggered the prior Vesting Event(s) shall be (a) the number of
Shares corresponding to such Per Share Public Trading Price in the chart in Section 1 hereof, less (b) the sum of (i) the number of Shares which vested upon the prior Vesting Event(s) and (ii) the number (if any) of Additional
Shares that previously vested in accordance with this Section 2. For the avoidance of doubt, no more than 518,855 Shares shall vest pursuant to this Schedule 2 and no more than 518,855 shall vest, in the aggregate, pursuant to Schedule 1 and
this Schedule 2. 
 3. For purposes of this Schedule 2, the following terms shall have the following meanings: 

 

	 	a.	“Per Share Public Trading Price” means the 90-day trailing volume weighted average stock price per share, at any time following any applicable Lock Up, calculated based on information reported by
the over-the-counter market or national securities exchange on which the Company’s Common Stock is then quoted, listed or traded. 

  

	 	b.	“Lock-Up” means the period described in Section 5 of the Agreement or any similar period imposed as a result of or following shares of Common Stock being quoted, listed or admitted to
trading on an over-the-counter market or national securities exchange. 

 EXHIBIT A 

NOTICE OF STOCK OPTION EXERCISE 

Date:              

Cerulean Pharma Inc. 
 840 Memorial Drive 

Cambridge, MA 02139 
 Attention: Treasurer 

Dear Sir or Madam: 
 I am the holder of a
Nonstatutory Stock Option granted to me under the Cerulean Pharma Inc. (the “Company”) 2007 Stock Incentive Plan on              for the purchase of
             shares of Common Stock of the Company at a purchase price of $         per share. 

I hereby exercise my option to purchase              shares of Common Stock (the
“Shares”), for which I have enclosed [cash] [a personal check] in the amount of             . Please register my stock certificate as follows: 

 

					
	Name(s):	 	  
	 	
			
		 	  
	 	
			
	Address:	 	  
	 	
			
	Tax I.D. #:	 	  
	 	
		
	I represent, warrant and covenant as follows:	 	

  

	1.	I am purchasing the Shares for my own account for investment only, and not with a view to, or for sale in connection with, any distribution of the Shares in violation of the Securities Act of 1933 (the “Securities
Act”), or any rule or regulation under the Securities Act. 

  

	2.	I have had such opportunity as I have deemed adequate to obtain from representatives of the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company.

  

	3.	I have sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such
purchase. 

	4.	I can afford a complete loss of the value of the Shares and am able to bear the economic risk of holding such Shares for an indefinite period. 

 

	5.	I understand that (i) the Shares have not been registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities Act, (ii) the Shares cannot be
sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is then available; (iii) in any event, the exemption from registration under Rule 144 will not be
available for at least one year and even then will not be available unless a public market then exists for the Common Stock, adequate information concerning the Company is then available to the public, and other terms and conditions of Rule 144 are
complied with; and (iv) there is now no registration statement on file with the Securities and Exchange Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the
Securities Act. 

  

	
	Very truly yours,
	
	  

	(Signature)

  
 - Exhibit A, page 2 -

 Attachment 2 

Cerulean Pharma Inc. 

Contingent Consideration Award 

AGREEMENT made this 31st day of March, 2013 between Cerulean Pharma Inc., a Delaware corporation (the “Company” or
“Cerulean”) and Alan Crane (the “Director”). Section 2 of this Agreement contains the definitions used herein. 

In the event of a Change of Control pursuant to which consideration in respect of shares held (whether directly or through options) by holders
of Common Stock is payable on any date following the Closing Date, the Company agrees to make certain bonus payments to the Director on the terms and conditions set forth herein. 

1. Bonus Payments. 
 (a) General.
If the Director is an Eligible Participant on the Closing Date, then on each Payment Date other than the Closing Date, the Company (or its successor, as applicable) shall determine the Preliminary Total Proceeds Per Share. If the Preliminary Total
Proceeds Per Share is equal to or greater than $2.49, the Company (or its successor, as applicable) shall determine the Total Proceeds Per Share. If the Total Proceeds Per Share is equal to or greater than $2.49, the Director shall be entitled to a
Bonus Payment on such Payment Date equal to (i) the product of (A) the Total Proceeds Per Share multiplied by (B) the Bonus Shares, less (ii) the sum of (A) the Aggregate Exercise Price and (B) any previous Bonus
Payments made hereunder. All figures referenced in this Section 1(a) are subject to appropriate adjustment by the Board in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common
Stock. 
 (b) Form of Payment. 

(i) Bonus Payments made to the Director shall be made in the same form (whether cash, stock, other securities, contingent value rights, or
otherwise) as the consideration paid to the Company or its shareholders in connection with the Change of Control on the applicable Payment Date. 

(ii) If the consideration paid to the Company or its shareholders in connection with the Change of Control on the applicable Payment Date
consists of capital stock that has not been registered under the Securities Act, and for which the Acquirer or the Company, as applicable, has not agreed to file a resale registration statement under the Securities Act within 60 days of the
applicable Payment Date, such portion of the Bonus Payment to the Director as is equal to the amount of the taxes payable by the Director with respect to the Bonus Payment shall be made in cash at the time that the Bonus Payment is made pursuant to
Section 1(c). 
 (iii) In the event that any portion of the Total Proceeds consists of consideration other than cash, the value of
such non-cash consideration for purposes of 

  
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determining the amounts payable to the Director as Bonus Payments shall be the fair market value of such non-cash consideration as determined in good faith by the Board. 

(c) Timing of Payment. Any Bonus Payment shall be paid to the Director if and when a payment of a portion of the Total Proceeds is paid
to the Company’s shareholders and in any case within 30 days after such payment to the Company’s shareholders. 
 2. Definitions. For
purposes of this Agreement: 
  

	 	(a)	“Acquirer” means the acquiring or surviving corporation in a Change of Control. 

  

	 	(b)	“Additional Shares” means (i) the aggregate number of Shares (as such term is defined in each of the Option Awards) that would have vested under each of the Option Awards upon a Change of
Control had the Total Proceeds Per Share been paid on or around the Closing Date; less (ii) the aggregate number of Shares which vested pursuant to each of the Option Awards immediately prior to the closing of the Change of Control.

  

	 	(c)	“Aggregate Exercise Price” means the product of (i) the Exercise Price multiplied by (ii) the Bonus Shares. 

 

	 	(d)	“Board” means the Board of Directors of the Company. 

  

	 	(e)	“Bonus Payment” means each amount payable to the Director pursuant to this Agreement in the event of a Change of Control, determined in accordance with Section 1. 

 

	 	(f)	“Bonus Shares” means (i) the Additional Shares less (ii) the Additional Shares attributable to Dr. Oliver Fetzer’s Option Award. 

 

	 	(a)	“Change of Control” means the occurrence of any of the following events: 

(i) any merger or consolidation that results in the voting securities of Cerulean outstanding immediately prior thereto representing (either
by remaining outstanding or by being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of Cerulean or such surviving or acquiring entity outstanding immediately
after such merger or consolidation; 
 (ii) any sale of all or substantially all of the assets of Cerulean; 

(iii) the complete liquidation or dissolution of Cerulean; or 

(iv) the acquisition of “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of securities of Cerulean
representing 50% or more of the combined voting power of Cerulean’s then outstanding securities (other than through a merger or consolidation or an acquisition of securities directly from 

  
 2 

 
Cerulean) by any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than Cerulean, any trustee or other fiduciary holding securities under an employee
benefits plan of Cerulean or any corporation owned directly or indirectly by the stockholders of Cerulean in substantially the same proportion as their ownership of stock of Cerulean. 

Notwithstanding the foregoing, any Change of Control must also constitute a change in the ownership or effective control of the Company or a
change in the ownership of a substantial portion of the assets of the Company as determined under Treasury Regulation Section 1.409A-3(i)(5). 
  

	 	(g)	“Closing Date” means the closing date of the Change of Control. 

  

	 	(h)	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	 	(i)	“Common Stock” means shares of the common stock, $0.0001 par value per share, of the Company. 

  

	 	(j)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

	 	(k)	“Exercise Price” means $0.27. 

  

	 	(l)	“Eligible Participant” shall have the meaning ascribed to it under the Director’s Option Award. 

  

	 	(m)	“Option Awards” means the option granted to Mr. Crane on February 7, 2013, together with the option granted to Dr. Fetzer pursuant to the agreement dated [DATE]. 

 

	 	(n)	“Payment Date” means each date on which the Acquirer makes a payment in connection with the Change of Control which payment is available for distribution to the holders of Company Common Stock.

  

	 	(o)	“Preliminary Total Proceeds Per Share” means the quotient of (i) the Total Proceeds dividend by (ii) the total number of outstanding shares of Common Stock, on an as converted basis,
(including Common Stock underlying vested options (including any options which vest upon or immediately prior to the Change of Control)) as of the closing of the Change of Control. 

 

	 	(p)	“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

 

	 	(q)	 “Total Proceeds” means, as of each Payment Date, the aggregate total amount paid by the Acquirer in connection with the Change
of Control that is or has been available for immediate distribution to holders of Common Stock but in each case without giving effect to any payment to be made pursuant to this Agreement or

  
 3 

	 	
any similar agreement between the Company and Dr. Fetzer. For the avoidance of doubt, for purposes of calculating each Bonus Payment payable pursuant to the terms of this Agreement, the
Total Proceeds shall equal the sum of (i) the portion of the Total Proceeds then available for immediate distribution to holders of Common Stock and (ii) the portion of the Total Proceeds previously available for distribution to holders of
Common Stock. 

  

	 	(r)	“Total Proceeds Per Share” shall mean the quotient of (i) the Total Proceeds divided by (ii) the sum of (x) the total number of outstanding shares of Common Stock, on an as
converted basis, (including Common Stock underlying vested options (including any options which vest upon or immediately prior to the Change of Control)) as of the closing of the Change of Control and (y) the Additional Shares.

 3. Withholding of Compensation. The Company (or its successor) or the Acquirer may withhold from any payments under the Agreement
and from any other amounts payable to the Director by the Company (or its successor, as applicable) any amount required to satisfy the income and employment tax withholding obligations arising under applicable laws in respect of a Bonus Payment.
Without limiting the forgoing, the Company (or its successor) or the Acquirer may, in its sole discretion, satisfy the tax withholding obligations by withholding from any securities otherwise issuable to the Director pursuant to the Agreement a
number of whole shares of such issuable capital stock having a fair market value as of the date of payment not in excess of the minimum amount of tax required to be withheld by law. The Director is encouraged to contact his personal legal or tax
advisors with respect to the benefits provided by the Agreement. Neither the Company nor any of its employees, directors, officers or agents is authorized to provide any tax advice to the Director with respect to the benefits provided under the
Agreement. 
 4. Miscellaneous. 
 (a)
Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Director. 

(b) No Right to Service. This Agreement shall not be construed as giving the Director the right to continued service with the Company
or any successor thereto or subsidiary thereof. 
 (c) Transferability. The right to receive a Bonus Payment may not be sold,
assigned, transferred, pledged, or otherwise encumbered by the Director, either voluntarily or by operation of law. 
 (d) Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Director and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restriction on transfer
set forth in Section 4(c) of this Agreement. 

  
 4 

 (e) Assumption by Acquirer. The Company’s obligations to pay the Bonus Payments to
the Director hereunder will be deemed to have been appropriately satisfied if the Acquirer assumes such obligations and pays the Bonus Payments as provided hereunder. 

(f) Section 409A. This Agreement is intended to comply with, or be exempt from, the provisions of Section 409A of the Code
and shall be interpreted consistently therewith. It is intended that each installment of the payments provided under the Agreement is a separate “payment” for purposes of Section 409A. It is intended that all Bonus Payments to the
Director shall be paid in accordance with the rules set forth under Treasury Regulation Section 1.409A-3(i)(5)(iv). Neither the Company nor the Board makes any representation or warranty and shall have no liability to the Director or any other
person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such section. 

(f) Headings. The headings used herein are intended only for convenience and do not constitute part of the text of this Agreement and
shall not be considered in the interpretation of this Agreement. 
 (g) Governing Law. This Agreement shall be governed by and
interpreted in accordance with the laws of the State of Delaware, excluding choice-of-law principles of the law of such state that would require the application of the laws of a jurisdiction other than such state. 

[Remainder of page intentionally left blank.] 

  
 5 

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

			
	CERULEAN PHARMA INC.
		
	By:	 	 /s/ Karen L. Roberts

		
	Name:	 	 Karen L. Roberts

		
	Title:	 	 SVP Finance & Administration, Treasurer

	
	DIRECTOR
	
	 /s/ Alan Crane

	Alan Crane

 [Signature Page to Contingent Consideration Award Agreement]EX-10.25

 Exhibit 10.25 

Cerulean Pharma Inc. 

Change in Control Severance Plan 

1. Establishment of Plan. Cerulean Pharma Inc. (the “Company” or “Cerulean”) hereby
establishes an unfunded severance benefits plan (the “Plan”) that is intended to be a welfare benefit plan within the meaning of Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”). The Plan is in effect for covered employees whose employment terminates under circumstances specified herein following a Change in Control (defined below) occurring after March 7, 2012 (the “Effective
Date”) and before the termination of this Plan. Except as set forth in Section 5(1) of this Plan, this Plan supersedes any and all severance plans or separation policies applying to covered employees that may have been in effect before
the Effective Date throughout the Company with respect to any termination of employment during the Protected Period (defined below). 

2. Purpose. The purpose of the Plan is to establish the conditions under which covered employees (defined below) will receive
severance benefits described herein if employment with the Company (or its successor in a Change in Control) terminates during the Protected Period under the circumstances specified herein. The severance benefits paid under the Plan are intended to
assist employees in making a transition to new employment. 
 3. Coverage. Covered employees may be entitled to receive the
severance benefits under the Plan if the Company terminates their employment without “Cause” (defined below) or they resign for “Good Reason” (defined below) within the one-year period following the closing of the Change in
Control (the “Protected Period”). In order to receive the severance benefits under the Plan, covered employees must meet the eligibility and other requirements provided below in Sections 5 and 6 of the Plan. 

A. To be a covered employees, an individual must (i) be a regular full-time
employee (either exempt or non-exempt) who has a title of Vice President or higher (ii) whose employment with the Company is terminated by the Company without Cause or by the employee for Good Reason
during the Protected Period (“covered employees” or “participants”) and (iii) who is designated as eligible to receive severance benefits under the Plan as provided in Section 5. Part-time employees
otherwise satisfying the criteria to be a covered employee is eligible to be designated as covered employees under the Plan and to therefore be eligible for severance benefits under the Plan solely to the extent designated by the Plan Administrator.
Temporary employees are not eligible for severance benefits under the Plan. 
 B. For the purpose of this Plan,
“regular full-time employee” is an employee, other than a temporary employee, normally scheduled to work at least 32 hours a week unless the Company’s local practices, as from time to
time in force, whether or not in writing, establish a different hours threshold for a regular full-time employee. A “part-time employee” is an employee who is not a full-time employee and is treated as such by the Company. A
“temporary employees” is an employee treated as such by the Company, whether or not in writing. An employee’s full-time, part-time or temporary 

 
status for the purpose of this Plan is determined by the Plan Administrator (defined below) upon review of the employee’s status immediately before termination. 

C. Any person who is classified by the Company as an independent contractor or third party employee is not eligible for
severance benefits even if such classification is modified retroactively. 
 4. Definitions. For purposes of this Plan, 

A. “Change in Control” shall mean the occurrence of any of the following events: 

 

	 	(i)	any merger or consolidation that results in the voting securities of Cerulean outstanding immediately prior thereto representing (either by remaining outstanding or by being converted into voting securities of the
surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of Cerulean or such surviving or acquiring entity outstanding immediately after such merger or consolidation; 

 

	 	(ii)	any sale of all or substantially all of the assets of Cerulean; 

  

	 	(iii)	the complete liquidation or dissolution of Cerulean; or 

  

	 	(iv)	the acquisition of “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of securities of Cerulean representing 50% or more of the combined voting power of Cerulean’s then outstanding
securities (other than through a merger or consolidation or an acquisition of securities directly from Cerulean) by any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than Cerulean, any trustee or
other fiduciary holding securities under an employee benefits plan of Cerulean or any corporation owned directly or indirectly by the stockholders of Cerulean in substantially the same proportion as their ownership of stock of Cerulean;

 provided, however, that no event shall constitute a Change in Control unless: (A) such event results in proceeds
received by Cerulean’s stockholders or by Cerulean, as the case may be, on or before the closing date of such event, in an amount equal to or greater than $150 million (such amount including any amount retained by the acquiring entity in an
escrow to secure indemnification obligations) and (B) such event or occurrence constitutes a change in the ownership or effective control of Cerulean, or a change in the ownership of a substantial portion of the assets of Cerulean, as defined
in Treasury Regulation §§1.409A-3(i)(5)(v), (vi) and (vii). 
 B. “Cause” shall mean
(i) a material breach of any material term of any offer letter, employment or other similar agreement or the Non-Disclosure, Non-Competition and Assignment of Intellectual Property Agreement, in each case between the participant

  
 2 

 
and the Company, (ii) a plea of guilty or nolo contendere to, or conviction of, the commission of a felony offense or a crime of dishonesty, (iii) repeated unexplained or unjustified
absences, refusals or failures to carry out the lawful directions of the Board of Directors of the Company (the “Board”) or the Chief Executive Officer, or the employee’s supervisor, or (iv) willful misconduct that results or is
reasonably likely to result in material harm to Cerulean. 
 C. “Good Reason” is defined as: (1) a
material diminution in the employee’s base compensation; (2) a material diminution in the employee’s authority, duties, or responsibilities, provided that a change in scope solely as a result of the Company becoming a subsidiary of
another corporation (including a publicly-traded corporation) will not constitute Good Reason; (3) a material change in the geographic location at which the Officer must perform the services; or (4) any other action or inaction that
constitutes a material breach by the Company of any agreement under which the employee provides services. 
 In order to establish a
“Good Reason” for terminating employment, an employee must provide written notice to the Company of the existence of the condition giving rise to the Good Reason, which notice must be provided within 90 days of the initial existence of
such condition, the Company must fail to cure the condition within 30 days thereafter, and an employee’s termination of employment must occur no later than one year following the initial existence of the condition giving rise to Good Reason.

 5. Eligibility for Severance Benefits. The following employees will not be eligible for severance benefits, except
to the extent specifically determined otherwise by the Plan Administrator: (1) an employee who is a party to an employment, retention, or other agreement with the Company that provides for severance benefits; (2) an employee who is
terminated for Cause; (3) an employee who retires, terminates employment as a result of an inability to perform his duties due to physical or mental disability or dies; (4) an employee who voluntarily terminates his employment, except a
termination for Good Reason; (5) an employee who is employed for a specific period of time in accordance with the terms of a written employment agreement; (6) an employee who accepts employment with an acquirer of any of the businesses,
operations or assets of the Company or refuses an offer of such employment in a position providing comparable responsibilities and compensation. 

6. Release; Timing of Severance Benefits. Receipt of any severance benefits under the Plan requires that the covered employee:
(1) comply with the provisions of any applicable noncompetition, nonsolicitation, and other obligations to the Company; and (2) execute and deliver a suitable waiver and release under which the covered employee releases and discharges the
Company and its affiliates from and on account of any and all claims that relate to or arise out of the employment relationship between the Company and the covered employee, which release shall be provided by the Company to the covered employee on
or before his or her last day of employment with the Company (the “Release”). To be eligible for the receipt of severance benefits under the Plan, the Release must be executed by the covered employee and any applicable revocation
period with respect thereto must lapse within 60 days following the 

  
 3 

 
covered employee’s termination of employment. The “Severance Pay” (as defined below) will be paid in a lump sum within 10 business days after the applicable revocation
period with respect to such Release lapses. The “Benefits Continuation” (as defined below) will be paid in the amount and at the time such premium payments are made to other participants in the Company’s health benefit plans with the
same coverage, commencing within 10 business days after the applicable revocation period with respect to such Release lapses. The “Equity Acceleration” (as defined below) shall occur as of the date the covered employee’s employment is
terminated; provided, however, that (x) the employee may not exercise or dispose of any such otherwise unvested portions of the equity grants until the Release has become binding (as provided above) and (y) provided further that, if the
Release does not become binding within such 60 days the portion of the employee’s equity grants that became vested or with respect to which the substantial risk of forfeiture lapsed pursuant to the earlier part of this sentence shall expire or
be forfeited, as applicable, as of the date of termination from employment. 
 To the extent that a participant dies following execution of
the Release but prior to payment or provision of the Severance Pay, the Benefits Continuation or the Equity Acceleration, such severance benefits shall be provided to the estate of such participant. 

The payment and provision of severance benefits under the Plan shall be subject to the terms and conditions set forth in
Exhibit A. 
 7. Cash Severance. The cash portion of the severance benefits to be paid (“Severance
Pay”) will be equal to the amount of the covered employee’s monthly base salary multiplied by the “Severance Period,” as provided in the table below. In calculating the Severance Pay, the “base salary” shall be the
base rate of pay as in effect immediately before termination (or prior to the Change of Control, if greater) and exclusive of any bonuses, overtime pay, shift differentials, “adders,” any other form of premium pay, or other forms of
compensation. 
  

			
	Job title of participant	 	Severance Period
	 	 
	 Senior Vice
President and above
	 	Six (6) months + one (1) additional month for each Year of Service (defined below), up to a maximum of nine (9) months
	 	 
	 Vice
President
	 	Six (6) months

 The covered employee’s years of service (“Years of Service”) with the Company are calculated by dividing
the total number of days between and including an employee’s hire date and termination date by 365 and taking that number to the second decimal point. 

8. Other Severance Benefits. In addition to the foregoing Severance Pay, the severance benefits under the Plan shall include the
following: 

  
 4 

 A. Company contributions to the cost of COBRA (Consolidated Omnibus Budget
Reconciliation Act) coverage on behalf of the covered employee and any applicable dependents for no longer than the Severance Period if the covered employee elects COBRA coverage, and only so long as such coverage continues in force. Such costs
shall be determined on the same basis as the Company’s contribution to Company-provided health and dental insurance coverage in effect immediately before termination of the covered employee’s employment for an active employee with the same
coverage elections; provided that if the covered employee commences new employment and is eligible for a new group health plan, the Company’s continued contributions toward health and dental coverage shall end when the new employment begins
(“Benefits Continuation”); 
 B. Full vesting of all of the covered employee’s unvested equity grants,
other than equity grants with vesting based on performance and/or the achievement of milestones (“Equity Acceleration”); and 

C. The amount of any bonus for the prior year that was approved but not yet paid to the covered employee at the time of the
employee’s termination of employment, paid in a manner and timing consistent with the payments to other similarly situated employees and consistent with the requirements of Section 409A of the Code. 

9. Recoupment. If a covered employee fails to comply with the terms of the Plan, including the provisions of Section 6
above, the Company may require payment to the Company of any Severance Pay, Benefits Continuation or any value upon vesting or exercise of any equity grants the vesting of which was accelerated under the provision for Equity Acceleration that the
covered employee has already received to the extent permitted by applicable law and with the “value” determined in the sole discretion of the Plan Administrator. Payment is due in cash or by check within 10 days after the Company
provides notice to a covered employee that it is enforcing this provision. Any Severance Pay, Benefits Continuation or Equity Acceleration not yet received will be immediately forfeited. 

10. Withholding. The Company may withhold from any payment or benefit under the Plan: (1) any federal, state, or local
income or payroll taxes required by law to be withheld with respect to such payment; (2) such sum as the Company may reasonably estimate is necessary to cover any taxes for which the Company may be liable and which may be assessed with regard
to such payment; and (3) such other amounts as appropriately may be withheld under the Company’s payroll policies and procedures from time to time in effect. 

11. Plan Administration. 

A. Plan Administrator. The Plan Administrator shall be the Board or a Committee thereof designated by the Board (the
“Committee”); provided, however, that the Board or such Committee may in its sole discretion appoint a new Plan Administrator to administer the Plan following a Change in Control. The Chief Executive Officer of the Company may be
designated by the Board or the Committee as the Plan Administrator 

  
 5 

 
solely for purposes of determining whether any or all part-time employees are eligible to be designated as a covered employee entitled to severance benefits under the Plan. The Plan Administrator
shall also serve as the Named Fiduciary of the Plan under ERISA. The Plan Administrator shall be the “administrator” within the meaning of Section 3(16) of ERISA and shall have all the responsibilities and duties contained therein.

 The Plan Administrator can be contacted at the following address: 

Change in Control Severance Plan Administrator 

c/o Cerulean Pharma Inc. 
 840
Memorial Drive, 5th Floor 
 Cambridge, MA 02139 

B. Decisions, Powers and Duties. The general administration of the Plan and the responsibility for carrying out its
provisions shall be vested in the Plan Administrator. The Plan Administrator shall have such powers and authority as are necessary to discharge such duties and responsibilities which also include, but are not limited to, interpretation and
construction of the Plan, the determination of all questions of fact, including, without limit, eligibility, participation and benefits, the resolution of any ambiguities and all other related or incidental matters, and such duties and powers of the
plan administration which are not assumed from time to time by any other appropriate entity, individual or institution. The Plan Administrator may adopt rules and regulations of uniform applicability in its interpretation and implementation of the
Plan. 
 The Plan Administrator shall discharge its duties and responsibilities and exercise its powers and authority in its sole discretion
and in accordance with the terms of the controlling legal documents and applicable law, and its actions and decisions that are not arbitrary and capricious shall be binding on any employee, and employee’s spouse or other dependent or
beneficiary and any other interested parties whether or not in being or under a disability. 
 12. Indemnification. To the extent
permitted by law, all employees, officers, directors, agents and representatives of the Company shall be indemnified by the Company and held harmless against any claims and the expenses of defending against such claims, resulting from any action or
conduct relating to the administration of the Plan, whether as a member of the Committee or otherwise, except to the extent that such claims arise from gross negligence, willful neglect, or willful misconduct. 

13. Plan Not an Employment Contract. The Plan is not a contract between the Company and any employee, nor is it a condition of
employment of any employee. Nothing contained in the Plan gives, or is intended to give, any employee the right to be retained in the service of the Company, or to interfere with the right of the Company to discharge or terminate the employment of
any employee at any time and for any reason. No employee shall have the right or claim to benefits beyond those expressly provided in this Plan, if any. All rights and 

  
 6 

 
claims are limited as set forth in the Plan. 
 14. Severability. In
case any one or more of the provisions of this Plan (or part thereof) shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions hereof, and this Plan
shall be construed as if such invalid, illegal or unenforceable provisions (or part thereof) never had been contained herein. 
 15.
Non-Assignability. No right or interest of any covered employee in the Plan shall be assignable or transferable in whole or in part either directly or by operation of law or otherwise, including,
but not limited to, execution, levy, garnishment, attachment, pledge or bankruptcy. 
 16. Integration With Other Pay or Benefits
Requirements. The severance payments and benefits provided for in the Plan are the maximum benefits that the Company will pay to covered employees on a termination of employment following a Change in Control, except to the extent otherwise
specifically provided in a separate agreement. To the extent that the Company owes any amounts in the nature of severance benefits under any other program, policy or plan of the Company that is not otherwise superseded by this Plan, or to the extent
that any federal, state or local law, including, without limitation, so-called “plant closing” laws, requires the Company to give advance notice or make a payment of any kind to an employee because
of that employee’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, or similar event, the benefits provided under this Plan or the other arrangement shall either be reduced or eliminated
to avoid any duplication of payment. The Company intends for the benefits provided under this Plan to partially or fully satisfy any and all statutory obligations that may arise out of an employee’s involuntary termination for the foregoing
reasons and the Company shall so construe and implement the terms of the Plan. 
 17. Amendment or Termination. The Board may
amend, modify, or terminate the Plan at any time in its sole discretion; provided, however, that (i) any such amendment, modification or termination made prior to a Change in Control that adversely affects the rights of any covered employee
shall be approved by a majority of the Company’s Board of Directors, including the Chief Executive Officer, (ii) no such amendment, modification or termination may affect the rights of a covered employee then receiving payments or benefits
under the Plan without the consent of such person, and (iii) neither the Board, the Company, any successor to the Company nor the Plan Administrator may amend, modify or terminate the Plan for one year following a Change in Control. The Board
intends to review the Plan at least annually. 
 18. Governing Law. The Plan and the rights of all persons under the Plan
shall be construed in accordance with and under applicable provisions of ERISA, and the regulations thereunder, and the laws of the Commonwealth of Massachusetts (without regard to conflict of laws provisions) to the extent not preempted by federal
law. 

  
 7 

 EXHIBIT A 

Section 409A of the Code 

It is expected that the payments and benefits provided under this Plan will be exempt from the application of Section 409A of the
Code, and the guidance issued thereunder (“Section 409A”). The Plan shall be interpreted consistent with this intent to the maximum extent permitted and generally, with the provisions of Section 409A. A termination of
employment shall not be deemed to have occurred for purposes of any provision of this Plan providing for the payment of any amounts or benefits upon or following a termination of employment (which amounts or benefits constitute nonqualified deferred
compensation within the meaning of Section 409A) unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Plan, references to a
“termination,” “termination of employment” or like terms shall mean “separation from service”. Neither the participant nor the Company shall have the right to accelerate or defer the delivery of any payment or benefit
except to the extent specifically permitted or required by Section 409A. 
 Notwithstanding the foregoing, to the extent the
severance payments or benefits under this Plan are subject to Section 409A, the following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to participants under this Plan: 

A. Each installment of the payments and benefits provided under this Plan will be treated as a separate “payment”
for purposes of Section 409A. Whenever a payment under this Plan specifies a payment period with reference to a number of days (e.g., “payment shall be made within 10 days following the date of termination”), the actual date of
payment within the specified period shall be in the Company’s sole discretion. Notwithstanding any other provision of this Plan to the contrary, in no event shall any payment under this Plan that constitutes “non-qualified deferred
compensation” for purposes of Section 409A be subject to transfer, offset, counterclaim or recoupment by any other amount unless otherwise permitted by Section 409A. 

B. Notwithstanding any other payment provision herein to the contrary, if the Company or appropriately-related affiliates
become publicly-traded and a covered employee is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B) with respect to such entity, then each of the following
shall apply: 
 (i) With regard to any payment that is considered “non-qualified deferred compensation” under
Section 409A payable on account of a “separation from service,” such payment shall be made on the date which is the earlier of (A) the day following the expiration of the six month period measured from the date of such
“separation from service” of the covered employee, and (B) the date of the covered employee death (the “Delay Period”) to the extent required under Section 409A. Upon the expiration of the Delay Period, all
payments delayed pursuant to this provision (whether otherwise payable in a single sum or in 

  
 8 

 
installments in the absence of such delay) shall be paid to or for the covered employee in a lump sum, and all remaining payments due under this Plan shall be paid or provided for in accordance
with the normal payment dates specified herein; and 
 (ii) To the extent that any benefits to be provided during the Delay
Period are considered “non-qualified deferred compensation” under Section 409A payable on account of a “separation from service,” and such benefits are not otherwise exempt from Section 409A, the covered employee shall
pay the cost of such benefits during the Delay Period, and the Company shall reimburse the covered employee, to the extent that such costs would otherwise have been paid by the Company or to the extent that such benefits would otherwise have been
provided by the Company at no cost to the covered employee, the Company’s share of the cost of such benefits upon expiration of the Delay Period. Any remaining benefits shall be reimbursed or provided by the Company in accordance with the
procedures specified in this Plan. 
 C. The severance benefits payable hereunder are conditioned on the effectiveness of
the Release required under Section 6 of the Plan. Once any statutory revocation period with respect to the Release has expired, the following shall apply: 

(i) To the extent any severance benefits to be provided are not “non-qualified deferred compensation” for purposes
of Section 409A, then such benefits shall commence upon the first scheduled payment date immediately after the date the Release is executed and no longer subject to revocation (the “Release Effective Date”). The first such cash
payment shall include all amounts that otherwise would have been due prior thereto under the terms of this Agreement applied as though such payments commenced immediately upon the termination of covered employee’s employment with the Company,
and any payments made after the Release Effective Date shall continue as provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following the termination
of covered employee’s employment with the Company. 
 (ii) To the extent any such severance benefits to be provided are
“non-qualified deferred compensation” for purposes of Section 409A, then the Release must become irrevocable within 60 days of the date of termination and benefits shall be made or commence upon the date provided in Section 6,
provided that if the 60th day following the termination of Executive’s employment with the Company falls in the calendar year following the calendar year containing the date of termination, the benefits will be made no earlier than the first
business day of that following calendar year. The first such cash payment shall include all amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments commenced immediately upon the termination of
Executive’s employment with the Company, and any payments made after the 

  
 9 

 
first such payment shall continue as provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following
the termination of Executive’s employment with the Company. 
 D. The Company makes no representations or warranties
and shall have no liability to any participant or any other person, other than with respect to payments made by the Company in violation of the provisions of this Plan, if any provisions of or payments under this Plan are determined to constitute
deferred compensation subject to Section 409A of the Code but not to satisfy the conditions of that section. 

  
 10

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