Document:

EX-10.1

 Exhibit 10.1 

FINCH THERAPEUTICS GROUP, INC. 

2017 EQUITY INCENTIVE PLAN 
  

	1.	 Definitions 

As used in this 2017 Equity Incentive Plan, the following terms shall have the respective meanings set out below, unless the context clearly
requires otherwise: 
 1.1. “Accelerate,” “Accelerated,” and “Acceleration,” when used
with respect to an Option, means that as of the time of reference such Option will become exercisable with respect to some or all of the shares of Common Stock for which it was not then otherwise exercisable by its term, and, when used with respect
to Restricted Stock or Restricted Stock Units, means that as of the time of reference the Risk of Forfeiture otherwise still applicable to such shares of Restricted Stock or Restricted Stock Units shall expire or lapse. 

1.2. “Acquiring Person” means, with respect to any Transaction or any acquisition described in clause (ii) of the
definition of Change of Control, the surviving or acquiring person or entity in connection with such Transaction or acquisition, as the case may be, provided that if such surviving or acquiring person or entity is controlled, directly or
indirectly, by an Ultimate Parent Entity, the term “Acquiring Person” shall mean such Ultimate Parent Entity. 
 1.3.
“Affiliate” means, with respect to any person or entity, any other person or entity controlling, controlled by or under common control with the first person or entity. 

1.4. “Ancillary Agreements” (i) that certain Voting Agreement, dated as of September 21, 2017, as amended, restated or
modified from time to time, by and among the Company and the Company’s stockholders party thereto (the “Voting Agreement”), (ii) that certain Stockholders Agreement, dated as of September 21, 2017, as amended,
restated or modified from time to time, by and among the Company and the Company’s stockholders party thereto, and (iii) that certain Right of First Refusal and Co-Sale Agreement, dated as of
September 21, 2017, as amended, restated or modified from time to time, by and among the Company and the Company’s stockholders party thereto. 

1.5. “Applicable Voting Control Percentage” means (i) at any time prior to the initial public offering of the Company, a
percentage greater than fifty percent (50%) and (ii) at any time from and after the initial public offering of the Company, a percentage equal to or greater than twenty percent (20%). 

1.6. “Award” means any grant or sale pursuant to the Plan of Options, Restricted Stock, Stock Grants or Restricted Stock
Units. 
 1.7. “Award Agreement” means an agreement between the Company and the recipient of an Award, setting forth
the terms and conditions of the Award. 
 1.8. “Beneficial Ownership” has the meaning ascribed to such term in Rule 13d-3, or any successor rule thereto, promulgated by the Securities and Exchange Commission pursuant to the Exchange Act. 

 1.9. “Board” means the Company’s board of directors. 

1.10. “Change of Control” means (i) the closing of any Sale of the Company Transaction or (ii) the
direct or indirect acquisition, in a single transaction or a series of related transactions, by any person or Group (other than the Company or a Controlled Affiliate of the Company) of Beneficial Ownership of previously outstanding shares of capital
stock of the Company if (A) immediately after such acquisition, such person or Group, together with their respective Affiliates, shall own or hold shares of capital stock of the Company possessing at least the Applicable Voting Control
Percentage of the total combined voting power of all outstanding classes and/or series of capital stock of the Company and (B) immediately prior to such acquisition, such person or Group, together with their respective Affiliates, did not own
or hold shares of capital stock of the Company possessing at least the Applicable Voting Control Percentage of the total combined voting power of all outstanding classes and/or series of capital stock of the Company. Notwithstanding anything
expressed or implied in the foregoing provisions of this definition to the contrary, any direct or indirect acquisition referred to in clause (ii) above in this definition shall not be treated as a Change of Control if, at any time prior to or
after such direct or indirect acquisition, a majority of the members of the Board as constituted immediately prior to such direct or indirect acquisition consent in writing to exclude such direct or indirect acquisition from the scope of this
definition. 
 1.11. “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute
thereto, and any regulations issued from time to time thereunder. 
 1.12. “Controlled Affiliate” means, with respect
to any person or entity, any other person or entity that is controlled by such person or entity. 
 1.13. “Committee” means
any committee of the Board delegated responsibility by the Board for the administration of the Plan, as provided in Section 5 of the Plan, and which shall include at least one Board member designated by the Former Crestovo Holders (as defined
in the Voting Agreement) and one Board member designated by the Former Finch Holders (as defined in the Voting Agreement). For any period during which no such committee is in existence, the term “Committee” shall mean the Board and all
authority and responsibility assigned the Committee under the Plan shall be exercised, if at all, by the Board, and any action of the Board acting as the Committee shall require the affirmative vote at least one Board member designated by the Former
Crestovo Holders and one Board member designated by the Former Finch Holders. 
 1.14. “Common Stock” means common
stock, par value $0.001 per share, of the Company. 
 1.15. “Company” means Finch Therapeutics Group, Inc., a corporation
organized under the laws of the State of Delaware. 
 1.16. “Grant Date” means the date as of which an Option is
granted, as determined under Section 7.1(a). 
 1.17. “Exchange Act” means the Securities and Exchange Act of 1934, as
amended. 

  
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 1.18. “Group” has the meaning ascribed to such term in
Section 13(d)(3) of the Exchange Act or any successor section thereto. 
 1.19. “Incentive Option” means an
Option that by its terms is to be treated as an “incentive stock option” within the meaning of Section 422 of the Code. 

1.20. “Market Value” means the fair market value of a share of Common Stock on a particular date as determined by the
Committee. 
 1.21. “Non-statutory Option” means any Option that is not an Incentive
Option. 
 1.22. “Option” means an option granted under the Plan to purchase shares of Common Stock. 

1.23. “Optionee” means an employee, consultant, officer or director of the Company or any of its Affiliates to whom an Option
shall have been granted under the Plan. 
 1.24. “Participant” means any holder of an outstanding Award under the Plan. 

1.25. “Plan” means this 2017 Equity Incentive Plan of the Company, as amended and in effect from time to time. 

1.26. “Restricted Stock” means a grant or sale of shares of Common Stock pursuant to the Plan to an employee, consultant,
officer or director of the Company or any of its Affiliates if and to the extent that such grant or sale of such shares of Common Stock is made subject to a Risk of Forfeiture. 

1.27. “Restricted Stock Unit” means a restricted stock unit granted under the Plan entitling the Participant to receive shares
of Common Stock (or cash payment based on the value thereof). 
 1.27. “Restriction Period” means the period of time,
established by the Committee in connection with an Award of Restricted Stock or Restricted Stock Units, during which such Restricted Stock or Restricted Stock Units are subject to a Risk of Forfeiture described in the applicable Award Agreement.

 1.28. “Risk of Forfeiture” means a limitation on the right of a Participant to retain an Award of Restricted Stock or
Restricted Stock Units arising because of the occurrence or non-occurrence of specified events or conditions described in the applicable Award Agreement, including, but not limited to, a limitation on the
right of a Participant to retain an Award of Restricted Stock by virtue of any right granted or retained by the Company to reacquire all or any portion of such Restricted Stock at a purchase price less than the Market Value of the Restricted Stock
at the time of such reacquisition arising by reason of the occurrence or non-occurrence of specified events or conditions. 

1.29. “Sale of the Company Transaction” means any Transaction in which the stockholders of the
Company immediately prior to such Transaction, together with any and all of such stockholders’ Affiliates, do not own or hold, immediately after consummation of such Transaction, shares of capital stock of the Acquiring Person in connection
with such Transaction possessing at least a majority of the total voting power of the outstanding capital stock of such Acquiring Person. 

  
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 1.30. “Securities Act” means the Securities Act of 1933, as amended. 

1.31. “Stock Grant” a grant or sale of shares of Common Stock pursuant to the Plan to an employee, consultant, officer or
director of the Company or any of its Affiliates if and to the extent that such grant or sale of such shares of Common Stock is made free from any Risk of Forfeiture. 

1.32. “Stockholder Agreement” means one agreement, or, collectively, two or more agreements, as may be amended from
time to time, by and among the Company and one or more stockholders of the Company (including, without limitation, any Participant or prospective Participant that became a stockholder of the Company as a result of the receipt, transfer, exercise or
settlement of any Award) setting forth, among other provisions, restrictions on transfer, rights of first refusal, lock-up arrangements, bring-along rights, drag-along rights, voting agreements or the granting of certain proxies or powers of attorney with respect to shares of capital stock. Any and all provisions of this Plan that apply to any Stockholder Agreement
shall be deemed to be applicable to any such agreement or agreements referred to in this definition even if such agreement or agreements are called or titled something other than Stockholder Agreement or Stockholders Agreement. 

1.33. “Ten Percent Owner” means a person who owns, or is deemed within the meaning of Section 422(b)(6) of
the Code to own, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company (or any parent or subsidiary corporations of the Company, as defined in Section 424(e) and (f), respectively, of the
Code). Whether a person is a Ten Percent Owner shall be determined with respect to each Option based on the facts existing immediately prior to the Grant Date of such Option. 

1.34. “Transaction” means any merger or consolidation of the Company with or into another person or entity or the sale or
transfer of all or substantially all of the assets of the Company, in each case in a single transaction or in a series of related transactions. 

1.35. “Ultimate Parent Entity” shall mean, with respect to any Person that is not an individual, any other
Person that (i) directly or indirectly controls such Person and (ii) is not itself controlled, directly or indirectly, by one or more Persons that are not individuals. 

 

	2.	 Purpose 

This Plan is intended to encourage ownership of Common Stock by employees, consultants, officers and directors of the Company and its
Affiliates and to provide additional incentive for them to promote the success of the Company’s business. The Plan is intended to be an incentive stock option plan within the meaning of Section 422 of the Code but not all Awards granted
hereunder are required to be Incentive Options. 

  
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	3.	 Term of the Plan 

Unless the Plan shall have been earlier terminated by the Board, Awards may be granted under this Plan at any time in the period commencing
upon the date of approval of the Plan by the Board and ending immediately prior to the tenth anniversary of the earlier of the adoption of the Plan by the Board and the approval of the Plan by the Company’s stockholders. Awards granted pursuant
to the Plan within such period shall not expire solely by reason of the termination of the Plan. Awards of Incentive Options granted prior to stockholder approval of the Plan are hereby expressly conditioned upon such approval, but in the event of
the failure of the stockholders to approve the Plan shall thereafter and for all purposes be deemed to constitute Non-statutory Options. 

 

	4.	 Stock Subject to the Plan 

Subject to adjustment as provided in Section 8.1, at no time shall the number of shares of Common Stock issued pursuant to or subject to
outstanding Awards under the Plan exceed Twenty Two Million Five Hundred Sixty Eight Thousand Seven Hundred and Twenty Nine (22,568,729) shares of Common Stock. For purposes of applying the foregoing limitation, (a) if any Option expires,
terminates, or is cancelled for any reason without having been exercised in full, or if any Award of Restricted Stock or Restricted Stock Units is forfeited by a Participant, the shares of Common Stock not purchased upon exercise of such Option
and/or any such Award of Restricted Stock or Restricted Stock Units so forfeited shall again be available for Awards thereafter to be granted under the Plan, and (b) if any Option is exercised by delivering previously owned shares of Common
Stock in payment of the exercise price therefor, only the net number of shares, that is, the number of shares issued minus the number received by the Company in payment of the exercise price, shall be considered to have been issued pursuant to an
Award granted under the Plan. Shares of Common Stock issued pursuant to the Plan may be either authorized but unissued shares or shares held by the Company in its treasury. 

Subject to adjustment as provided in Section 8.1, the maximum number of shares of Common Stock which may be issued pursuant to Incentive
Options under the Plan shall not exceed Twenty Two Million Five Hundred Sixty Eight Thousand Seven Hundred and Twenty Nine (22,568,729) shares. 
  

	5.	 Administration 

The Plan shall be administered by the Committee by action thereof which shall require the affirmative vote at least one Board member designated
by the Former Crestovo Holders and one Board member designated by the Former Finch Holders; provided, however, that at any time and on any one or more occasions the Board may itself exercise any of the powers and responsibilities assigned the
Committee under the Plan and when so acting shall have the benefit of all of the provisions of the Plan pertaining to the Committee’s exercise of its authorities hereunder; and provided further that the Committee may delegate to an
executive officer or officers the authority to grant Awards hereunder to employees who are not officers, and to consultants, in accordance with such guidelines as the Committee shall set forth at any time or from time to time. Subject to the
provisions of the Plan and the Ancillary Agreements, the Committee shall have complete authority, in its discretion, to make or to select the manner of making all determinations with respect to each Award to be granted by the Company under the Plan
in addition to any other determination allowed the Committee under the Plan including, without limitation: (a) the employee, consultant, officer or director to receive the 

  
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Award; (b) the form of Award; (c) whether an Option (if granted to an employee) will be an Incentive Option or a Non-statutory Option;
(d) the time of granting an Award; (e) the number of shares subject to an Award; (f) the exercise price of an Option or purchase price, if any, for shares of Restricted Stock or for a Stock Grant and the method of payment of such
exercise price or such purchase price; (g) the term of an Option; (h) the Restricted Period and the Risk of Forfeiture applicable to any Award of Restricted Stock or Restricted Stock Units as well as the Acceleration, if any, of such
Restricted Period and Risk of Forfeiture; (i) the exercise date or dates of an Option as well as the Acceleration, if any, of such exercise date or dates; and (j) the effect of termination of any employment, consulting, officership or
Board member relationship with the Company or any of its Affiliates on the subsequent exercisability of an Option or on the Risk of Forfeiture of Restricted Stock or Restricted Stock Units. In making such determinations, the Committee may take into
account the nature of the services rendered by the respective employees, consultants, officers and directors, their present and potential contributions to the success of the Company and its Affiliates, and such other factors as the Committee in its
discretion shall deem relevant. Subject to the provisions of the Plan and the Ancillary Agreements, the Committee shall also have complete authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to
determine the terms and provisions of the respective Award Agreements (which need not be identical), and to make all other determinations necessary or advisable for the administration of the Plan. The Committee’s determinations made in good
faith on matters referred to in this Plan shall be final, binding and conclusive on all persons having or claiming any interest under the Plan or an Award made pursuant hereto. 

 

	6.	 Authorization and Eligibility 

The Committee may grant from time to time and at any time prior to the termination of the Plan one or more Awards, either alone or in
combination with any other Awards, to any employee of, or consultant to, one or more of the Company and its Affiliates or to any non-employee officer or member of the Board or of any board of directors (or
similar governing authority) of any Affiliate. However, only employees of the Company or of any parent or subsidiary corporations of the Company, as defined in Sections 424(e) and (f), respectively, of the Code, shall be eligible for the grant of an
Incentive Option. 
 Each grant of an Award shall be subject to all applicable terms and conditions of the Plan (including but not limited
to any specific terms and conditions applicable to that type of Award set out in Section 7 below), and such other terms and conditions, not inconsistent with the terms of the Plan, as the Committee may prescribe. Except with respect to Options
received pursuant to the Merger Agreement, no prospective Participant shall have any rights with respect to an Award, unless and until such Participant has executed an agreement evidencing the Award (or the transfer thereof to such Participant),
delivered a fully executed copy thereof to the Company, and otherwise complied with the applicable terms and conditions of such Award. 
  

	7.	 Specific Terms of Awards 

7.1 Options. 
 (a)
Date of Grant. The granting of an Option shall take place at the time specified in the Award Agreement. Only if expressly so provided in the applicable Award Agreement shall the Grant Date be the date on which the Award
Agreement shall have been duly executed and delivered by the Company and the Optionee. 

  
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 (b) Exercise Price. The price at which shares of Common Stock may be acquired
under each Option shall be not less than 100% of the Market Value of Common Stock on the Grant Date, or not less than 110% of the Market Value of Common Stock on the Grant Date of an Incentive Option if the Optionee is a Ten Percent Owner. 

(c) Option Period. No Incentive Option may be exercised on or after the tenth anniversary of the Grant Date, or on or after the
fifth anniversary of the Grant Date if the Optionee is a Ten Percent Owner. The Option period under each Non-statutory Option shall not be so limited solely by reason of this Section. 

(d) Exercisability. An Option may be immediately exercisable or become exercisable in such installments, cumulative or non-cumulative, as the Committee may determine. In the case of an Option not otherwise immediately exercisable in full, the Committee may Accelerate such Option in whole or in part at any time; provided,
however, that in the case of an Incentive Option, any such Acceleration of such Incentive Option would not cause such Incentive Option to fail to comply with the provisions of Section 422 of the Code or the Optionee consents to such
Acceleration. 
 (e) Effect of Termination of Employment, Consulting, Officer or
Board Member Relationship. Unless the Committee shall provide otherwise with respect to any Option, if the applicable Optionee’s association with the Company or any of its Affiliates as an employee, consultant, officer or director
ends for any reason or no reason, regardless of whether the end of such association is effected by the Company, any such Affiliate or such Optionee (whether voluntarily or involuntarily, including because an entity with which such Optionee has any
such association ceases to be an Affiliate of the Company), and immediately following the end of any such association, such Optionee is not associated with the Company or any of its Affiliates as an employee, consultant, officer or director, or if
such Optionee dies (collectively, “Termination of Service”), then any outstanding Option initially granted to such Optionee, whether then held by such Optionee or any other Participant, shall cease to be exercisable in any respect
and shall terminate on the ninetieth (90th) day following the end of such association or such death and, for the period it remains exercisable following the end of such association or such death, shall be exercisable only to the extent exercisable
on the date of the end of such association or such death. Military or sick leave or other bona fide leave shall not be deemed a Termination of Service, provided that it does not exceed the longer of ninety (90) days or the period during which
the absent Optionee’s reemployment rights, if any, are guaranteed by statute or by contract. 
 (f) Transferability. Except as
otherwise provided in this subsection (f), Options shall not be transferable, and no Option or interest therein may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and
distribution (subject always to the provisions of subsection (e) above). Except as otherwise provided in this subsection (f), all of a Participant’s rights in any Option may be exercised during the life of such Participant only by such
Participant or such Participant’s legal representative. The Committee may (at or after the grant of a Non-statutory Option) provide 

  
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that a Non-statutory Option may be transferred by the applicable Participant to a family member; provided, however, that any such transfer is
without payment of any consideration whatsoever and that no transfer of a Non-statutory Option shall be valid unless first approved by the Committee, acting in its sole discretion, unless such transfer is
permitted under the applicable Award Agreement. For this purpose, “family member” means any child, stepchild, grandchild, parent, stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the applicable Participant’s household (other than a tenant or employee), a trust in which the foregoing persons and/or the applicable
Participant have more than fifty percent (50%) of the beneficial interests, a foundation in which the foregoing persons and/or the applicable Participant control the management of assets, and any other entity in which these persons and/or the
applicable Participant own more than fifty percent (50%) of the voting interests. The Committee may at any time or from time to time delegate to one or more officers of the Company the authority to permit transfers of
Non-statutory Options to third parties pursuant to this subsection (f), which authorization shall be exercised by such officer or officers in accordance with guidelines established by any Committee at any time
and from time to time. 
 (g) Method of Exercise. An Option may be exercised by a Participant giving written notice, in the manner
provided in Section 15, specifying the number of shares of Common Stock with respect to which the Option is then being exercised. The notice shall be accompanied by payment in the form of cash or check payable to the order of the Company in an
amount equal to the exercise price of the shares of Common Stock to be purchased or, subject in each instance to the Committee’s approval, acting in its sole discretion and subject to such conditions, if any, as the Committee may deem necessary
to comply with applicable laws, rules and regulations or to avoid adverse accounting effects to the Company, (i) by delivery to the Company of shares of Common Stock having a Market Value equal to the exercise price of the shares to be
purchased, (ii) by delivery to the Company of the Participant’s executed promissory note in the principal amount equal to the exercise price of the shares to be purchased and otherwise in such form as the Committee shall have approved,
(iii) by having the Company withhold a number of shares of Common Stock otherwise deliverable pursuant to exercise of the Option with such withheld shares having a Market Value equal to the exercise price of the shares to be purchased, or
(iv) after the Common Stock is traded on an established market, through a cashless exercise program with a brokerage firm as authorized by the Company. Receipt by the Company of such notice and payment in any authorized or combination of
authorized means shall constitute the exercise of the Option. Within thirty (30) days thereafter but subject to the remaining provisions of the Plan, the Company shall deliver or cause to be delivered to the Participant or his agent a
certificate or certificates for the number of shares then being purchased. Such shares shall be fully paid and nonassessable. Notwithstanding any of the foregoing provisions in this subsection (g) to the contrary, (A) no Option shall be
considered to have been exercised unless and until all of the provisions governing such exercise specified in the Plan and in the relevant Award Agreement shall have been duly complied with; and (B) the obligation of the Company to issue any
shares upon exercise of an Option is subject to all of the applicable provisions of Section 9 hereof and to compliance by the applicable Optionee and the applicable Participant that is the then holder of such Option with all of the provisions
of the Plan and the relevant Award Agreement. 

  
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 (h) Limit on Incentive Option Characterization. An Incentive Option shall be
considered to be an Incentive Option only to the extent that the number of shares of Common Stock for which the Option first becomes exercisable in a calendar year do not have an aggregate Market Value (as of the date of the grant of the Option) in
excess of the “current limit”. Except to the extent otherwise provided under applicable law or regulation, the current limit for any Optionee for any calendar year shall be $100,000 minus the aggregate Market Value at the date of
grant of the number of shares of Common Stock available for purchase for the first time in the same year under each other Incentive Option previously granted to the Optionee under the Plan, and under each other incentive stock option previously
granted to the Optionee under any other incentive stock option plan of the Company and its parent and subsidiary corporations (as defined in Sections 424(e) and (f) of the Code). Any shares of Common Stock which would cause the foregoing limit
to be violated shall be deemed to have been granted under a separate Non-statutory Option, otherwise identical in its terms to those of the Incentive Option. 

(i) Notification of Disposition. Each person exercising any Incentive Option granted under the Plan shall be deemed to have covenanted
with the Company to report to the Company any disposition of such shares prior to the expiration of the holding periods specified by Section 422(a)(1) of the Code and, if and to the extent that the realization of income in such a disposition
imposes upon the Company federal, state, local or other withholding tax requirements, or any such withholding is required to secure for the Company an otherwise available tax deduction, to remit to the Company an amount in cash sufficient to satisfy
those requirements. 
 (j) Rights Pending Exercise. No person holding an Option shall be deemed for any purpose to be a
stockholder of the Company with respect to any of the shares of Common Stock issuable pursuant to such Option, except to the extent that such Option shall have been exercised with respect thereto and, in addition, a certificate shall have been
issued therefor and delivered to such person or his agent. 
 7.2 Restricted Stock. 

(a) Purchase Price. Shares of Restricted Stock shall be issued under the Plan for such consideration, in cash, other property or
services, or any combination thereof, as is determined by the Committee. 
 (b) Issuance of Certificates. Subject to
subsection (c) below, each Participant receiving an Award of Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and, if
applicable, shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award substantially in the following form: 

The transferability of this certificate and the shares represented by this certificate are subject to the terms and conditions of the Finch
Therapeutics Group, Inc. Equity Incentive Plan and an Award Agreement entered into by the record owner of such shares and Finch Therapeutics Group, Inc., in each case as the same may be amended. Copies of such Plan and Award Agreement are on file in
the offices of Finch Therapeutics Group, Inc.. 

  
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 (c) Escrow of Shares. The Committee may require that the stock
certificates evidencing shares of Restricted Stock be held in custody by a designated escrow agent (which may but need not be the Company) until the restrictions thereon shall have lapsed, and that the Participant deliver a stock power, endorsed in
blank, relating to the Common Stock covered by such Award. 
 (d) Restrictions and Restriction Period. During the
Restriction Period applicable to shares of Restricted Stock, such shares shall be subject to limitations on transferability and a Risk of Forfeiture arising on the basis of such conditions related to the performance of services, Company or Affiliate
performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement. Any such Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on such basis as it
deems appropriate. 
 (e) Rights Pending Lapse of Risk of Forfeiture or
Forfeiture of Award. Except as otherwise provided in the Plan or the applicable Award Agreement, at all times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture of, an Award of Restricted Stock, the applicable
Participant shall have all of the rights of a stockholder of the Company, including the right to vote the shares of Restricted Stock. 
 (f)
Effect of Termination of Employment, Consulting, Officer or Board Member Relationship. Unless otherwise determined by the Committee at or after an Award of Restricted Stock is made by
the Company to any Participant and subject to the applicable provisions of the Award Agreement, if such Participant’s association with the Company or any of its Affiliates as an employee, consultant, officer or director ends for any reason or
no reason during the Restriction Period, regardless of whether the end of such association is effected by the Company, any such Affiliate or such Participant (whether voluntarily or involuntarily, including because an entity with which such
Participant has any such association ceases to be an Affiliate of the Company), and immediately following the end of any such association, such Participant is not associated with the Company or any of its Affiliates as an employee, consultant,
officer or director, or if such Participant dies, then all outstanding shares of Restricted Stock initially awarded or sold to such Participant that are still subject to Risk of Forfeiture, whether then held by such Participant or any other
Participant that is the direct or indirect transferee of such Participant, shall be forfeited or otherwise subject to return to or repurchase by the Company if and to the extent so provided by, and subject to and in accordance with, the terms of the
applicable Award Agreement; provided, however, that military or sick leave or other bona fide leave shall not be deemed a termination of employment, if it does not exceed the longer of ninety (90) days or the period during which the
absent Participant’s rights, if any, are guaranteed by statute or by contract. 
 (g) Lapse of Restrictions. If and
when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such shares shall be delivered to the Participant promptly if not theretofore so delivered. 

  
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 (h) Transferability. Except as otherwise provided in this subsection (h), shares of
Restricted Stock shall not be transferable during the applicable Restriction Period, and no share of Restricted Stock or interest therein may be sold, transferred, pledged, assigned, or 

otherwise alienated or hypothecated during the applicable Restriction Period, other than by will or by the laws of descent and distribution (subject always to
the provisions of subsection (f) above). The applicable Award Agreement or the Committee (at or after the grant of a share of Restricted Stock) may provide that such share of Restricted Stock may be transferred by the applicable Participant to
a family member during the applicable Restriction Period; provided, however, that any such transfer is without payment of any consideration whatsoever and that no transfer of a share of Restricted Stock during the applicable Restriction
Period shall be valid unless first approved by the Committee, acting in its sole discretion, unless such transfer is permitted under the applicable Award Agreement. For this purpose, “family member” means any child, stepchild, grandchild,
parent, stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including adoptive relationships, any person sharing the applicable Participant’s household (other than a tenant or employee), a trust in which the
foregoing persons and/or the applicable Participant have more than fifty percent (50%) of the beneficial interests, a foundation in which the foregoing persons and/or the applicable Participant control the management of assets, and any other entity
in which these persons and/or the applicable Participant own more than fifty percent (50%) of the voting interests. The Committee may at any time or from time to time delegate to one or more officers of the Company the authority to permit transfers
of shares of Restricted Stock during the applicable Restriction Period to third parties pursuant to this subsection (h), which authorization shall be exercised by such officer or officers in accordance with guidelines established by the Committee at
any time and from time to time. 
 7.3 Stock Grants. 

(a) In General. Stock Grants shall be issued for such consideration, in cash, other property or services, or any combination thereof, as
is determined by the Committee. Without limiting the generality of the foregoing, Stock Grants may be awarded in such circumstances as the Committee deems appropriate, including without limitation in recognition of significant contributions to the
success of the Company or its Affiliates or in lieu of compensation otherwise already due. Stock Grants shall be made without forfeiture conditions of any kind. 

(b) Issuance of Certificates. Each Participant receiving a Stock Grant shall be issued a stock certificate in respect of
such Stock Grant. Such certificate shall be registered in the name of such Participant, and, if applicable, shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award substantially in the following
form: 
 The transferability of this certificate and the shares represented by this certificate are subject to the terms and conditions of
the Finch Therapeutics Group, Inc. 2017 Equity Incentive Plan, as the same may be amended. A copy of such Plan is on file in the offices of Finch Therapeutics Group, Inc.. 

7.4 Restricted Stock Units. 

(a) In General. Each Restricted Stock Unit shall entitle the Participant to receive shares of Common Stock (or a cash payment
based on the value of the shares) at the close of such Restriction Period (or such later period) as the Committee may establish and subject to a Risk of Forfeiture arising on the basis of such conditions relating to the performance of services,
Company or Affiliate performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement. Any such Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the
Committee on such basis as it deems appropriate. 

  
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 (b) Payment. Payment with respect to Restricted Stock Units may be made in shares of
Common Stock, cash or in a combination thereof, as determined by the Committee. 
 (c) Transferability. An Award of Restricted Stock
Units (and shares of Common Stock subject to the Award) shall not be assignable or transferable prior to expiration of the Restriction Period applicable to the Award. 

(d) Stockholder Rights. The Participant shall not have any stockholder rights with respect to the shares of Common Stock subject
to an Award of Restricted Stock Units until the shares of Common Stock are actually issued thereunder. 
 7.4 Awards to
Participants Outside the United States. The Committee may modify the terms of any Award under the Plan if the applicable Participant is, at the time of grant or award of such Award to such Participant or, if such
Award is not initially granted or awarded to such Participant, at the time such Participant first acquires rights or any interest in such Award or at any time during the term of such Award, resident or primarily employed outside of the United States
in any manner deemed by the Committee to be necessary or appropriate in order that such Award shall conform to laws, regulations, and customs of the country in which such Participant is then resident or primarily employed, or so that the value and
other benefits of such Award to such Participant, as affected by foreign tax laws and other restrictions applicable as a result of such Participant’s residence or employment abroad, shall be comparable to the value of such an Award to a
Participant who is resident or primarily employed in the United States. An Award may be modified under this Section 7.4 in a manner that is inconsistent with the express terms of the Plan, so long as such modifications will not contravene any
applicable law or regulation. The Committee may establish supplements to, or amendments, restatements, or alternative versions of the Plan for the purpose of granting and administrating any such modified Award. No such modification, supplement,
amendment, restatement or alternative version may increase the share limit of Section 4. 
  

	8.	 Adjustment Provisions 

8.1 Adjustment for Corporate Actions. Subject to the provisions of Section 8.2, if at any time or from time to
time after the date on which the Board has adopted this Plan, the outstanding shares of Common Stock (or any other securities covered by the Plan by reason of the prior application of this Section 8.1) are increased, decreased, or exchanged for
a different number or kind of shares or other securities, or if additional shares or new or different shares or other securities are distributed with respect to such shares of Common Stock or other securities, through merger, consolidation, sale of
all or substantially all the property of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, spin-off transaction, extraordinary distribution or
other similar distribution with respect to such shares of Common Stock, or other securities, or if the value of the outstanding shares of Common Stock is substantially reduced by reason of a spinoff transaction or extraordinary distribution, the
Committee shall have the discretion to make adjustments as the Committee 

  
 - 12 - 

 
may deem appropriate in (i) the maximum numbers and kinds of shares provided in Section 4, (ii) the numbers and kinds of shares or other securities subject to the then outstanding
Awards, (iii) the exercise price for each share or other unit of any other securities subject to then outstanding Options (without change in the aggregate purchase price as to which such Options remain exercisable), and (iv) the repurchase
price of each share of Restricted Stock then subject to a Risk of Forfeiture in the form of a Company repurchase right. 
 8.2 Change of
Control. Subject to the applicable provisions of the Award Agreement, in the event of a Change of Control, the Committee shall have the discretion, exercisable in advance of, at the time of, or (except to the extent otherwise provided below) at
any time after, the Change of Control, to provide for any or all of the following (subject to and upon such terms as the Committee may deem appropriate): (A) the Acceleration, in whole or in part, of any or all outstanding Options (including such
Awards that are assumed or replaced pursuant to clause (C) below) that are not exercisable in full at the time the Change of Control, such Acceleration to become effective at the time of the Change of Control, or at such time following the
Change of Control that the employment, consulting, officer or Board member relationship of the applicable Optionee or Optionees (or of the Participant that is the then holder of any such Option) with the Company and its Affiliates (including,
without limitation, the Acquiring Person or any of its Affiliates) terminates, or at such other time or times as the Committee shall determine; (B) the lapse or termination of the Risk of Forfeiture (including, without limitation, all or any
(or any portion) of the Company’s repurchase rights) with respect to outstanding Awards of Restricted Stock and Restricted Stock Units, such lapse or termination to become effective at the time of the Change of Control, or at such time
following the Change of Control that the employment, consulting, officer or Board member relationship with the Company and its Affiliates (including, without limitation, the Acquiring Person or any of its Affiliates) of the Participant or
Participants that hold such Awards of Restricted Stock (or the person to whom such Awards of Restricted Stock were initially made) terminates, or at such other time or times as the Committee shall determine; (C) the assumption of all or any (or
any portion of) outstanding Awards, or the substitution of all or any (or any portion of) such outstanding Awards with equivalent awards, by the Acquiring Person or any of its Affiliates; or (D) the termination of all or any (or any portion of)
Awards (other than Awards that are assumed or substituted pursuant to clause (C) above) that remain outstanding at the time of the consummation of the Change of Control, provided that, the Committee shall have made the determination to
effect such termination prior to the consummation of the Change of Control and there has been or there will be full compliance with any applicable provisions set forth below in this Section 8.2 that may require in certain cases or under certain
circumstances the payment of or provision of consideration to holders of Options terminated pursuant to the provisions of this clause (D), and provided, further, that, subject to and without limiting the provisions set forth in the next
sentence, if the Committee shall have determined in its sole and absolute discretion that the Company make payment or provide consideration to the holders of such terminated Awards on account of such termination, which payment or consideration shall
be on such terms and conditions as the Committee shall have determined, then the Company shall be required to make such payment or provide such consideration in accordance with the terms and conditions so determined by the Committee; otherwise,
except if and to the extent otherwise provided in the next sentence, the Company shall not be required to make any payment or provide any consideration in connection with, or as a result of, the termination of Awards pursuant to the foregoing
provisions of this clause (D). Notwithstanding anything express or implied in the foregoing provisions of this Section 8.2 to 

  
 - 13 - 

 
the contrary, in the event that the Committee elects, in its sole and absolute discretion, to terminate all or any (or any portion of) Options pursuant to the provisions of the foregoing clause
(D) and the Committee does not provide to any Participant that is a holder of an Option any portion of which is both exercisable immediately prior to the applicable Change of Control and to be terminated pursuant to the provisions of the
foregoing clause (D) (each, a “Terminated Vested Option”) at least five (5) business days prior written notice of such potential termination thereof, then, prior to the consummation of such applicable Change of Control, the
Committee shall ensure that adequate provision has been made so that the Company, the Acquiring Person or any of their respective Affiliates is legally obligated to make payment or provide consideration on account of such termination to such holder
of such Terminated Vested Option that was not provided such prior written notice of termination, which payment or consideration shall consist of the difference between (x) the cash, stock, securities, other property or other consideration that
would have been received in connection with such applicable Change of Control by such holder of such Terminated Vested Option that was not provided such prior written notice of termination if such holder had exercised such Terminated Vested Option
immediately prior to such applicable Change of Control (or cash, stock, securities, other property or other consideration having a fair market value (as determined by the Committee in good faith) equal to the cash, stock, securities, other property
or other consideration to which such holder of such Terminated Vested Option would otherwise be entitled under this clause (x)) and (y) the aggregate exercise price with respect to such Terminated Vested Option. The Committee shall have the
authority to provide that any escrow, holdback, earn-out or similar provisions in the agreement effecting the Change of Control will apply to any cash payment made pursuant to this Section 8.2 to the same
extent and in the same manner as such provisions apply to a holder of a share of Common Stock. The provisions of this Section 8.2 shall not be construed as to limit or restrict in any way the Committee’s general authority under Sections
7.1(d), 7.2(d) or 7.3(a) hereof to Accelerate Options in whole or in part at any time or to waive or terminate at any time any Risk of Forfeiture applicable to shares of Restricted Stock and Restricted Stock Units. Each outstanding Award, or portion
thereof, that is assumed in connection with a Change of Control, or is otherwise to continue in effect subsequent to a Change of Control, will be appropriately adjusted, immediately after the Change of Control, as to the number and class of
securities and, for an Option, the price at which it may be exercised in accordance with Section 8.1. 
 8.3 Dissolution or
Liquidation. Upon dissolution or liquidation of the Company, each outstanding Option shall terminate, but each Participant shall have the right, immediately prior to such dissolution or liquidation, to exercise any and all Options held by such
Participant to the extent such Options are exercisable on the date of such dissolution or liquidation. 
 8.4 Related Matters. Any
adjustment in Awards made pursuant to this Section 8 shall be determined and made, if at all, by the Committee and shall include any correlative modification of terms, including exercise prices, rates of vesting or exercisability, Risks of
Forfeiture and applicable repurchase prices, which the Committee may deem necessary or appropriate so as to ensure that the rights of the Participants in their respective Awards are not substantially diminished nor enlarged as a result of the
adjustment and corporate action other than as expressly contemplated in this Section 8. No fraction of a share shall be purchasable or deliverable upon exercise, but in the event any adjustment hereunder of the number of shares covered by an
Award shall cause such number to include a fraction of a share, such number of shares shall be adjusted to the nearest smaller whole number of shares. No adjustment of an Option exercise price per share pursuant to this Section 8 shall result
in an exercise price that is less than the par value of the Common Stock. 

  
 - 14 - 

 8.5 Substitute Awards. Awards may, in the discretion of the Committee, be
granted under the Plan in assumption or substitution for outstanding awards previously granted by an entity acquired by the Company or any Affiliate or with which the Company or any Affiliate merges, amalgamates or combines (such Awards,
“Substitute Awards”). The number of Shares underlying any Substitute Awards shall not be counted against the aggregate number of Shares (under Section 4) that may be delivered pursuant to Awards granted under the Plan and the
exercise price of any Options granted as Substitute Awards may be less than the Market Value of the Common Stock as of the Grant date. 
  

	9.	 Settlement of Awards 

9.1 Violation of Law. Notwithstanding any other provision of the Plan or the relevant Award Agreement, if, at any time, in the
reasonable opinion of the Company, the issuance of shares of Common Stock covered by an Award may constitute a violation of law, then the Company may delay such issuance and the delivery of a certificate for such shares until (i) approval shall have
been obtained from such governmental agencies, other than the Securities and Exchange Commission, as may be required under any applicable law, rule, or regulation and (ii) in the case where such issuance would constitute a violation of a law
administered by or a regulation of the Securities and Exchange Commission, one of the following conditions shall have been satisfied: 
 (a)
the shares are at the time of the issue of such shares effectively registered under the Securities Act; or 
 (b) the Company shall have
determined, on such basis as it deems appropriate (including an opinion of counsel in form and substance satisfactory to the Company) that the sale or issuance of such shares does not require registration under the Securities Act or any applicable
state securities laws. 
 9.2 Corporate Restrictions on Rights in Stock. Any Common Stock to be
issued pursuant to Awards shall be subject to all restrictions upon the transfer thereof that may be now or hereafter imposed by the Certificate of Incorporation, the By-laws of the Company and the Ancillary
Agreements, each as amended and in effect from time to time. Whenever Common Stock is to be issued pursuant to an Award, unless the Committee otherwise so directs at the time of the grant (or, if such Award is an Option, at any time prior to the
exercise thereof), the Company shall be under no obligation, notwithstanding any other provision of the Plan or the relevant Award Agreement to the contrary, to issue such Common Stock until such time, if ever, as the applicable Participant or
prospective Participant shall have become a party to and bound by any agreement (including, without limitation, the Ancillary Agreements and any Stockholder Agreement) that the Committee, in its sole discretion, shall require that such Participant
or prospective Participant enter into prior to, and as a condition to, the issuance of such Common Stock by the Company to such Participant or prospective Participant. 

  
 - 15 - 

 9.3 Investment Representations. The Company shall be under no obligation to issue any
shares covered by an Award unless such have been effectively registered under the Securities Act or the Participant shall have made such written representations to the Company (and upon which the Company believes it may reasonably rely) as the
Company may deem necessary or appropriate for purposes of confirming that the issuance of such shares will be exempt from the registration requirements of that Act and any applicable state securities laws and otherwise in compliance with all
applicable laws, rules and regulations, including but not limited to that the Participant is acquiring shares for his or her own account for the purpose of investment and not with a view to, or for sale in connection with, the distribution of any
such shares. 
 9.4 Registration. If the Company shall deem it necessary or desirable to register under the Securities Act or other
applicable statutes any shares of Common Stock issued or to be issued pursuant to Awards, or to qualify any such shares of Common Stock for exemption from the Securities Act or other applicable statutes, then the Company shall take such action at
its own expense. The Company may require from each recipient of an Award, or each holder of shares of Common Stock acquired pursuant to the Plan, such information in writing for use in any registration statement, prospectus, preliminary prospectus
or offering circular as is reasonably necessary for such purpose and may require reasonable indemnity to the Company and its officers and directors from such holder against all losses, claims, damage and liabilities arising from such use of the
information so furnished and caused by any untrue statement of any material fact therein or caused by the omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances under which they were made. 
 9.5 Lock-Up. If, in connection with any
underwritten public offering of securities of the Company, the Company sends written notice to each Participant stating that the restrictions on transfer set forth in this Section 9.5 are applicable to such underwritten public offering, no
Participant shall sell, make any short sale of, loan, grant any option for the purchase of, pledge or otherwise encumber, or otherwise dispose of, any shares of Common Stock or any Awards during the one
hundred-eighty (180) day period (and which period may be extended as requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of
research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto) commencing on the
effective date of any registration statement relating to such underwritten public offering, unless the Company has granted its prior written consent to any such sale, short sale, loan, grant of option, pledge, other encumbrance or other disposition.
The foregoing restrictions are intended and shall be construed so as to preclude any Participant from engaging in any hedging or other transaction that is designed to or reasonably could be expected to lead to or result in, a sale or disposition of
any shares of Common Stock during such period even if such shares of Common Stock are or would be disposed of by someone other than such Participant. Such prohibited hedging or other transactions would include, without limitation, any short sale
(whether or not against the box) or any purchase, sale or grant of any right (including without limitation any put or call option) with respect to any shares of Common Stock or with respect to any security that includes, relates to, or derives any
significant part of its value from any shares of Common Stock. Without limiting the generality and applicability of the foregoing provisions of this Section 9.5, 

  
 - 16 - 

 
if, in connection with any underwritten public offering of securities of the Company, the managing underwriter of such offering requires that the Company’s then current directors and
officers enter into a lock-up agreement, then (a) each Participant (regardless of whether or not such Participant has complied or complies with the provisions of clause (b) below) shall be bound by,
and shall be deemed to have agreed to, the same lock-up terms as those to which the Company’s directors and officers are required to adhere; and (b) at the request of the Company or such managing
underwriter, each Participant shall execute and deliver a lock-up agreement in form and substance equivalent to that which is required to be executed by the Company’s then current directors and officers.

 9.6 Placement of Legends; Stop Orders; etc. Each share of Common Stock to be issued pursuant to Awards may bear a
reference to the investment representations made in accordance with Section 9.3 in addition to any other applicable restrictions under the Plan, the terms of the Award and, if applicable, under any Stockholder Agreement or any other agreement
between the Company and any Participant, and to the fact that no registration statement has been filed with the Securities and Exchange Commission in respect to such shares of Common Stock. All shares of Common Stock or other securities delivered
under the Plan (as well as all certificates representing such shares of Common Stock or other securities) shall be subject to such stop-transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations, and other requirements of any stock exchange upon which the Common Stock is then listed, and any applicable federal or state securities law, and the Committee may cause a legend or legends to be placed on any
such certificates to make appropriate reference to such restrictions. 
 9.7 Tax Withholding. Whenever shares of Common Stock are
issued or to be issued pursuant to Awards, the Company shall have the right to require the recipient to remit to the Company an amount sufficient to satisfy federal, state, local or other withholding tax requirements if, when, and to the extent
required by law (whether so required to secure for the Company an otherwise available tax deduction or otherwise) prior to the delivery of any certificate or certificates for such shares (or other payment). The obligations of the Company under the
Plan shall be conditional on satisfaction of all such withholding obligations and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the recipient of an Award.
However, in such cases Participants may elect, subject to the approval of the Committee, acting in its sole and absolute discretion, to satisfy an applicable withholding requirement, in whole or in part, by having the Company withhold shares
otherwise issuable under the Award to satisfy their tax obligations. Participants may only elect to have shares of Common Stock withheld having a Market Value on the date the tax is to be determined equal to the minimum statutory total tax which
could be imposed on the transaction (or such other rate as determined by the Committee). All elections shall be irrevocable, made in writing, signed by the Participant, and shall be subject to any restrictions or limitations that the Committee deems
appropriate 
  

	10.	 Reservation of Stock 

The Company shall at all times during the term of the Plan and any outstanding Options granted hereunder reserve or otherwise keep available
such number of shares of Common Stock as will be sufficient to satisfy the requirements of the Plan (if then in effect) and such Options and shall pay all fees and expenses necessarily incurred by the Company in connection therewith. 

  
 - 17 - 

	11.	 No Special Service Rights 

Nothing contained in the Plan or in any Award Agreement shall confer upon any recipient of an Award any right with respect to the continuation
of his or her employment, consulting, officer or Board member relationship or other association with the Company (or any Affiliate), or interfere in any way with the right of the Company (or any Affiliate), subject to the terms of any separate
employment, consulting, officer or Board member agreement or provision of law or corporate articles or by-laws to the contrary, at any time to terminate such employment, consulting, officer or Board member
agreement or to increase or decrease, or otherwise adjust, the other terms and conditions of the recipient’s employment, consulting or Board member relationship or other association with the Company and its Affiliates. 

 

	12.	 Nonexclusivity of the Plan 

Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Company shall be construed as creating
any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including without limitation, the granting of stock options, restricted stock and stock grants other than under the Plan, and such
arrangements may be either applicable generally or only in specific cases. 
  

	13.	 Termination and Amendment of the Plan 

The Board, which shall include the affirmative vote of at least one Board member designated by the Former Crestovo Holders and one Board member
designated by the Former Finch Holders, may at any time terminate the Plan or make such amendments or modifications of the Plan as it shall deem advisable. In the event of the termination of the Plan, the terms of the Plan shall survive any such
termination with respect to any Award that is outstanding on the date of such termination, unless the holder of such Award agrees in writing to terminate such Award or to terminate all or any of the provisions of the Plan that apply to such Award.
Unless the Board otherwise expressly provides, any amendment or modification of the Plan shall affect the terms of any Award outstanding on the date of such amendment or modification as well as the terms of any Award made from and after the date of
such amendment or modification; provided, however, that except to the extent otherwise provided in the last sentence of this paragraph, (i) no amendment or modification of the Plan shall apply to any Award that is outstanding on
the date of such amendment or modification if such amendment or modification would reduce the number of shares subject to such Award, increase the purchase price applicable to shares subject to such Award or materially adversely affect the
provisions applicable to such Award that relate to the vesting or exercisability of such Award or of the shares subject to such Award, (ii) no amendment or modification of the Plan shall apply to any Incentive Option that is outstanding on the
date of such amendment or modification if such amendment or modification would result in such Incentive Option no longer being treated as an “incentive stock option” within the meaning of Section 422 of the Code and (iii) no
amendment or modification of the Plan shall apply to any Award that is outstanding on the date of such amendment or modification unless such amendment or modification of the Plan shall also apply to all other Awards outstanding on the date of such
amendment or modification (except for 

  
 - 18 - 

 
those Awards to whom such amendment or modification is not applicable by virtue of the provisions of the foregoing clause (ii) hereof). In the event of any amendment or modification of the
Plan that is described in clause (i), (ii) or (iii) of the foregoing proviso, such amendment or modification of the Plan shall apply to any Award outstanding on the date of such amendment or modification only if the recipient of such Award
consents in writing thereto. 
 The Committee, which shall include the affirmative vote of at least one Board member designated by the
Former Crestovo Holders and one Board member designated by the Former Finch Holders, may amend or modify, prospectively or retroactively, the terms of any outstanding Award without amending or modifying the terms of the Plan itself, provided that as
amended or modified such Award is consistent with the terms of the Plan as in effect at the time of the amendment or modification of such Award, but no such amendment or modification of such Award shall, without the written consent of the recipient
of such Award, reduce the number of shares subject to such Award, increase the purchase price applicable to shares subject to such Award, adversely affect the provisions applicable to such Award that relate to the vesting or exercisability of such
Award or of the shares subject to such Award, or otherwise materially adversely affect the terms of such Award (except for amendments or modifications to the terms of such Award or of the stock subject to such Award that are expressly permitted by
the terms of the Plan or that result from any amendment or modification of the Plan in accordance with the provisions of the first paragraph of this Section 13 or that are permitted by the provisions set forth below in this Section 13),
or, if such Award is an Incentive Option, result in such Incentive Option no longer being treated as an “incentive stock option” within the meaning of Section 422 of the Code. Notwithstanding any of the foregoing provisions of this
paragraph to the contrary, the Committee, which shall include the affirmative vote of at least one Board member designated by the Former Crestovo Holders and one Board member designated by the Former Finch Holders, is expressly authorized to amend
any or all outstanding Options to effect a repricing thereof by lowering the purchase price applicable to the shares of Common Stock subject to such Option or Options without the approval of the stockholders of the Company or the holder or holders
of such Option or Options, and, in connection with such repricing, to amend or modify any of the other terms of the Option or Options so repriced, including, without limitation, for purposes of reducing the number of shares subject to such Option or
Options or for purposes of adversely affecting the provisions applicable to such Option or Options that relate to the vesting or exercisability thereof, in each case without the approval of stockholders of the Company or the holder or holders of
such Option or Options. 
 In addition, notwithstanding anything express or implied in any of the foregoing provisions of this
Section 13 to the contrary, the Committee may amend or modify, prospectively or retroactively, the terms of any outstanding Award to the extent the Committee reasonably determines necessary or appropriate to conform such Award to the
requirements of Section 409A of the Code (concerning non-qualified deferred compensation), if applicable. 
  

	14.	 Interpretation of the Plan 

In the event of any conflict between the provisions of this Plan and the provisions of any Ancillary Agreement, the provisions of the Ancillary
Agreement shall control. In the event of any conflict between the provisions of this Plan and the provisions of any applicable Award Agreement, the provisions of this Plan shall control, except if and to the extent that the

  
 - 19 - 

 
conflicting provision in such Award Agreement was authorized and approved by the Committee, which shall include the affirmative vote of at least one Board member designated by the Former Crestovo
Holders and one Board member designated by the Former Finch Holders, at the time of the grant of the Award evidenced by such Award Agreement or is ratified by the Committee, which shall include the affirmative vote of at least one Board member
designated by the Former Crestovo Holders and one Board member designated by the Former Finch Holders, at any time subsequent to the grant of such Award, in which case the conflicting provision in such Award Agreement shall control. Without limiting
the generality of the foregoing provisions of this Section 14, insofar as possible the provisions of the Plan and such Award Agreement shall be construed so as to give full force and effect to all such provisions. In the event of any conflict
between the provisions of this Plan and the provisions of any applicable Stockholder Agreement (other than any of the Ancillary Agreements) or other agreement between the Company and the applicable Participant, the provisions of such Stockholder
Agreement or other agreement shall control except as required to fulfill the intention that this Plan constitute an incentive stock option plan within the meaning of Section 422 of the Code, but insofar as possible the provisions of the Plan
and any such Stockholder Agreement or other agreement shall be construed so as to give full force and effect to all such provisions. 
  

	15.	 Notices and Other Communications 

Any notice, demand, request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written instrument
delivered in person or duly sent by first class mail or overnight courier, postage prepaid, or telecopied with a confirmation copy by first class mail or overnight courier, addressed or telecopied, as the case may be, (i) if to the recipient of
an Award, at his or her residence address last filed with the Company and (ii) if to the Company, at its principal place of business, addressed to the attention of its Chief Executive Officer, or to such other address or telecopier number, as
the case may be, as the addressee may have designated by notice to the addressor. All such notices, requests, demands and other communications shall be deemed to have been received: (i) in the case of personal delivery, on the date of such
delivery; (ii) in the case of mailing, five (5) days after having been sent by first class mail, postage prepaid; (iii) in the case of overnight courier, one (1) business day after deposit with a nationally recognized overnight
courier, freight prepaid, specifying next business day delivery; and (iv) in the case of facsimile transmission, when sent and confirmed by facsimile machine report, if sent by facsimile transmission during normal business hours of the
recipient, and if not sent during normal business hours, then on the recipient’s next business day. 
  

	16.	 Governing Law 

The Plan and all Award Agreements and actions taken thereunder shall be governed, interpreted and enforced in accordance with the laws of the
State of Delaware, without regard to the conflict of laws principles thereof. 
  

	17.	 Adoption of Plan 

This 2017 Equity Incentive Plan was approved and adopted as of September 21, 2017, by the Board of Directors and as of September 21,
2017, by the Stockholders. 
 [The remainder of this page is intentionally left blank.] 

  
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 ATTACHMENT A 

TO 
 2017
EQUITY INCENTIVE PLAN 
 Provisions Applicable to Award Recipients 

Resident in California 

Until such time as the Company’s Common Stock has been effectively registered under the Securities Act and if required by any applicable
law, the following additional terms shall apply to Awards, and Stock issued pursuant to such Awards, granted under the Plan to persons resident in California as of the date of grant of the Award (each such person, a “California
Recipient”). Capitalized terms not defined in this Attachment shall have the respective meanings set forth in the Plan. 
 1. No
Option or other right to acquire Stock pursuant to an Award issued to any California Recipient, that is otherwise transferable pursuant to the terms of the Plan, shall be transferable other than by gift or domestic relations order to an immediate
family member as that term is defined under applicable California and Federal securities law or to a revocable trust (or by will or the laws of descent and distribution). 

2. No Option may have an exercise period of more than 10 years from the Grant Date of the Option. 

3. The following limitations shall apply to the early expiration of Options granted California Recipients on account of termination of
employment (unless employment is terminated for cause as defined by applicable law): 
 (a) Subject to Section 2(b) below, in the event
the employment or other association with the Company and its Affiliates of an Optionee who is a California Resident is terminated, whether voluntary or otherwise and including on account of an entity ceasing to be an Affiliate of the Company, such
California Recipient shall have at least thirty (30) days after the date of such termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to exercise such Option to the extent
exercisable as of the date of such termination. 
 (b) In the event that the employment or association with the Company and its Affiliates of
an Optionee who is a California Resident is terminated as a result of death or disability, such California Recipient shall have at least six (6) months after the date of such termination (but in no event later than the expiration of the term of
such Option as set forth in the Award Agreement) to exercise such Option to the extent exercisable as of the date of such termination. 
 4.
The Plan must be approved by a majority of the outstanding securities entitled to vote within twelve (12) months before or after the later of (i) the date the Plan is adopted by the Company and (ii) the date on which any Option or
other Award is granted to a California Recipient. 

  
 - 21 - 

 5. Notwithstanding anything to the contrary in Section 8.1 of the Plan, the Committee
shall in any event make adjustments to the number of shares and the purchase price of Awards as may be required by Section 25102(o) of the California Corporations Code. 

  
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 FINCH THERAPEUTICS GROUP, INC. 

2017 EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 
 Finch Therapeutics
Group, Inc. 
 200 Inner Belt Road 
 Somerville,
MA 02143 
  

	To:	 Finch Therapeutics Groups, Inc. 

 

	 	Re:	 Exercise of the Option(s) 

1. Exercise of Option. Effective as of
today,                                
,             , the undersigned (“Participant”) hereby irrevocably elects to exercise Participant’s option (the “Option”) to purchase
________________ shares of the Common Stock (the “Shares”) of Finch Therapeutics Group, Inc. (the “Company”) under and pursuant to the Company’s 2017 Equity Incentive Plan (the “Plan”)
and the Stock Option Agreement dated ______________, _ (the “Option Agreement”). Capitalized terms used but not otherwise defined herein shall have the meaning as defined in the Plan. 

2. Delivery of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any and all withholding taxes due in connection with the exercise of the Option. 
 3. Representations of Participant.
Participant acknowledges that Participant has received, read and understood the Plan, the Option Agreement and agrees to abide by and be bound by their terms and conditions. In particular, the Participant acknowledges that: (i) the ability to
sell or otherwise transfer the shares of Company Common Stock subject to the Option (the “Option Shares”) is substantially limited; (ii) any Option Shares that are still subject to Risk of Forfeiture shall be forfeited or
subject to return to or repurchase by the Company (or its designee) in the event of a termination of any employment, consulting, officership or Board membership with the Company or any of its Affiliates; and (iii) the Option Shares may be
subject to call rights and draft along rights of the Company. 
 4. Rights as Stockholder. Until the issuance of the Shares (as
evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Common Stock subject to
an Award, notwithstanding the exercise of the Option. The Shares shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. 

5. Tax Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the
Company for any tax advice. 
 6. Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to
single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be binding upon Participant and his
or her heirs, executors, administrators, successors and assigns. 
 7. Interpretation. Any dispute regarding the interpretation of
this Exercise Notice shall be submitted by Participant or by the Company forthwith to the Committee, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Committee shall be final and binding on all
parties. 

 8. Governing Law; Severability. This Exercise Notice is governed by the internal
substantive laws, but not the choice of law rules, of the Commonwealth of Massachusetts. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice
shall continue in full force and effect. 
 9. Entire Agreement. The Plan and Option Agreement are incorporated herein by reference.
This Exercise Notice, the Plan, the Option Agreement, the Voting Agreement and the Investment Representation Statement 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. 

 

			
	 Submitted by:
  

PARTICIPANT
  

Signature
  

Print Name
  

Address:
  

 
	  	 Accepted by:
  

FINCH THERAPEUTICS GROUP, INC.
  

By
  

Print Name
  

Title
  

Address:
  

 
 Date Received

 

 
 FINCH THERAPEUTICS GROUP, INC. 

STOCK OPTION AGREEMENT 

1. Grant of Option. Finch Therapeutics Group, Inc., a Delaware corporation (the “Company”), hereby grants to
Optionee, as of the Grant Date, an Option to purchase up to the number of Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the Option term specified in Paragraph 2 at the Exercise Price.

 2. Option Term. The Option shall have a term of ten (10) years measured from the Grant Date and shall accordingly
expire at the close of business on the Expiration Date, unless sooner terminated in accordance with the Company’s 2017 Equity Incentive Plan (the “Plan”) (including, without limitation, Section 7.1(e) of the Plan pursuant
to which, except in certain circumstances specified in such Section 7.1(e), the Option shall cease to be exercisable and terminate [According to Carta] days after Optionee’s service with the Company ends for any reason or no reason). 

3. Limited Transferability. The Option shall be neither transferable nor assignable by Optionee other than by will or the laws of
inheritance following Optionee’s death and may be exercised, during Optionee’s lifetime, only by Optionee. 
 4. Dates of
Exercise. The Option shall become exercisable in one or more installments as specified in Grant Notice. As the Option becomes exercisable for such installments, those installments shall accumulate and the Option shall remain exercisable for
the accumulated installments until the Expiration Date or sooner termination of the Option term under the Plan. 
 5. Stockholder
Rights. The holder of the Option shall not have any stockholder rights with respect to the Option Shares until such person shall have exercised the Option, paid the Exercise Price and become the record holder of the purchased shares. 

6. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of any successor or assign of the
Company and any executor, administrator, trustee, guardian, or other legal representative of the Optionee. 
 7. Construction.
This Agreement and the Option evidenced hereby are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan, including, but not limited to, the limitations set forth in Section 9 of
the Plan on the Company’s obligation to deliver Option Shares upon exercise of the Option. 
 8. Code 409A Waiver and
Release. 
 (a) Optionee hereby agrees and acknowledges that the Board has taken reasonable steps to value the Company’s common
stock and to set the Exercise Price at the fair market value per share of common stock on the Grant Date so that the Option will not be treated as an item of deferred compensation subject to Code Section 409A. However, because the common stock
is not readily tradable on an established securities market, there can be no assurance that the Exercise Price is at least equal to the fair market value per share of common stock on the Grant Date. Were the Internal Revenue Service to conclude that
the Exercise Price is in fact less than such fair market value and that the Option is accordingly subject to Code Section 409A, then Optionee would be subject to the following adverse tax consequences: 

 (i) As the Option vests and becomes exercisable, Optionee would immediately recognize
taxable income for federal income tax purposes equal to the amount by which the fair market value of the Option Shares which vest at that time exceeds the Exercise Price payable for those shares. The Company would also have to collect from Optionee
the federal income and employment taxes which must be withheld on that income. Taxation would occur in this manner even though the Option remains unexercised. 

(ii) Optionee may also be subject to additional income taxation and withholding taxes on any subsequent increases to the fair market value of
the Option Shares purchasable under the vested Option until the Option is exercised or cancelled as to those Option Shares. 
 (iii) In
addition to normal income taxes payable as the Option vests, Optionee would also be subject to an additional tax penalty equal to 20% of the amount of income Optionee recognizes under Code Section 409A when the Option vests and may also be
subject to such penalty as the underlying Option Shares subsequently increase in fair market value over the period the Option continues to remain outstanding. 

(iv) There will also be interest penalties if the resulting taxes are not paid on a timely basis. 

(b) Optionee hereby further agrees and acknowledges that Optionee may incur the same or similar tax consequences, including (without
limitation) a second penalty tax, under state income tax laws. Optionee accepts the risk of any unfavorable tax consequences under applicable state laws to options granted with an Exercise Price less than the fair market value of the Option Shares
on the Grant Date. 
 (c) Optionee hereby agrees to bear the entire risk of such adverse federal and state tax consequences in the event the
Option is deemed to be subject to Code Section 409A and hereby knowingly and voluntarily, in consideration for the grant of the Option, waives and releases any and all claims or causes of action that Optionee might otherwise have against the
Company and/or its Board, officers, employees or stockholders arising from or relating to the tax treatment of the Option under Code Section 409A and the corresponding provisions of any applicable state income tax laws and shall not seek any
indemnification or other recovery of damages against the Company and/or its Board, officers, employees or stockholders with respect to any adverse federal and state tax consequences or other related costs and expenses Optionee may in fact incur
under Code Section 409A (or the corresponding provisions of state income tax laws) as a result of the Option. 
 9.
Definitions. The following definitions shall be in effect under the Agreement; any term not defined hereunder shall have the meaning assigned to such term in the Grant Notice or the Plan. 

(a) Agreement shall mean this Stock Option Agreement. 

(b) Code shall mean the Internal Revenue Code of 1986, as amended. 

(c) Exercise Price shall mean the exercise price payable per Option Share as specified in the Grant Notice. 

(d) Expiration Date shall mean the date on which the Option expires as specified in the Grant Notice. 

(e) Grant Date shall mean the date of grant of the Option as specified in the Grant Notice. 

 (f) Grant Notice shall mean the Notice of Grant of Stock Option
accompanying the Agreement, pursuant to which Optionee has been informed of the basic terms of the Option evidenced hereby. 
 (g)
Option Shares shall mean the number of shares of common stock subject to the Option. 
 (h) Optionee
shall mean the person to whom the Option is granted as specified in the Grant Notice. 
 10. Miscellaneous. This Agreement
shall be construed and enforced in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof and shall be binding upon and inure to the benefit of any successor or assign of the Company and any
executor, administrator, trustee, guardian, or other legal representative of you. Capitalized terms used but not defined herein shall have the meaning assigned under the Plan. This Agreement may be executed in one or more counterparts all of which
together shall constitute but one instrument. 

 IN WITNESS WHEREOF, the parties have executed this Agreement as a sealed instrument
as of the date first above written. 
 FINCH THERAPEUTICS GROUP, INC. 
  

							
		 		  	  

		 		  	Print Name of Optionee
				
	By:	 	  
	 	        	  	  

	Name:	 		  	Signature of Optionee
	 Title:
	 		  	
		 		  	
		 		 		  	Optionee’s Address:
				
		 		 		  	  

				
		 		 		  	  

				
		 		 		  	  

		 		 		  	Optionee’s Email:EX-10.3

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE FINCH
THERAPEUTICS GROUP, INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO FINCH THERAPEUTICS GROUP, INC. IF PUBLICLY DISCLOSED. 

Exhibit 10.3 

UNIVERSITY OF MINNESOTA 

EXCLUSIVE PATENT LICENSE AGREEMENT 

THIS EXCLUSIVE PATENT LICENSE AGREEMENT (this “Agreement”) is made by and between Regents of the University of Minnesota, a
constitutional corporation under the laws of the state of Minnesota, having a place of business at 1000 Westgate Drive, Suite 160, St. Paul, Minnesota 55114 (the “University”), and the Licensee identified below. The University and the
Licensee agree that: 
 Key Details 

1. Licensee: CIPAC Limited, an entity under the laws of Malta. 

2. Field(s) of Use: Human therapeutics. 
 3. Territory: Any
country or territory where a Valid Claim exists. 
 4. Effective Date: Date of last signature of this Agreement. 

5. Licensed Technology: As of the Effective Date, 
 5.1 Licensed
Patents(s) (§1.6): None. 
 5.2 Patent Applications (§1.10): 
  

							
	 Application No.
	  	Country	 	Filing Date	 	Title
	 [***]
	  	[***]	 	[***]	 	[***]

 5.3 Additional Intellectual Property: The Parties have entered into that certain Domestic Research Agreement,
dated October 1, 2011 (the “Research Agreement”), pursuant to which the University and the Licensee’s predecessor-in-interest agreed on certain disclosure obligations concerning the conception or reduction to practice of
University Project Inventions and Joint Project Inventions. (For purposes of this Agreement, the phrases “University Project Invention” and “Joint Project Invention” shall have the meanings ascribed to each of them in the
Research Agreement). The Parties hereby acknowledge and agree that, upon the Licensee’s payment to the University, within [***] of the Effective Date, of an amount equal to [***], each University Project Invention and/or Joint Project Invention
shall automatically form part of the Licensed Technology hereunder. 

  
 1 

 6. Patent-Related Expenses: The Licensee shall pay and/or reimburse (whichever is applicable) the
University for all Patent-Related Expenses reasonably incurred as invoiced before the Effective Date and during the Term as provided in section 6.3 of the Terms and Conditions. The total amount of Patent-Related Expenses incurred prior to the
Effective Date is six hundred thirty-nine dollars ($639). Notwithstanding any provision of this Agreement to the contrary, the Licensee shall deliver to the University payment for all Patent-Related Expenses reasonably incurred by the University as
invoiced before the Effective Date no later than [***]after the Effective Date. 
 7. Sublicense Rights: Yes 

8. Federal Government Rights: No 
 9. Performance
Milestones: Provided that the United States Food and Drug Administration (“FDA”) does not recommend or require unanticipated studies or prerequisites, including, without limitation, pre-clinical studies or detailed characterization of
control material for clinical trial use, as part of the regulatory approval process for obtaining a Licensed Product to treat [***], Licensee shall perform the following milestones: 

a. [***]; 
 b. [***]; 

c. [***]; 
 d. [***] 

e. [***]. 
 [***]. 

10. Commercialization and Financial Reports: On each [***]anniversary of the Effective Date, the Licensee shall deliver written commercialization
reports to the University as provided in section 5.4 of the Terms and Conditions. 
 11. Payments: The Licensee shall make the following payments,
each of which shall be non-refundable, to the University as provided in section 6.1 of the Terms and Conditions, unless a different commercially reasonable payment method, as mutually agreed by the Parties, is specified in the University’s
invoice. 
 For the avoidance of doubt, the Licensee shall have no obligation under this Agreement to pay to the University any portion of
monies paid to it by Sublicensees except as provided below in section 11.5. 
 For the further avoidance of doubt, the Licensee shall have
no obligation under this Agreement to pay to the University any Payments, except payments arising under section 11.4 and 11.5, until such time as the Licensee has received from the University a valid invoice detailing the expense. 

  
 2 

 11.1 Upfront Payment: One hundred forty-five thousand dollars ($145,000), payable no later
than ten (10) Business Days after the Effective Date. 
 11.2 Annual Maintenance Fee: [***] payable on each anniversary of the Effective
Date. 
 11.3 Document Fee: Ten thousand dollars ($10,000), payable no later than ten (10) Business Days after the Effective Date. 

11.4 Running Royalties. 

11.4.1 The Licensee shall pay the University a royalty of [***] of the [***] of Net Sales Price of Commercial Sales of Licensed
Products and [***] of the Net Sales Price of Commercial Sales of Licensed Products in excess of [***] determined and payable as provided in section 6.4 of the Terms and Conditions, except as determined otherwise below in subsection 11.4.2 of the Key
Details. 
 11.4.2 For the calendar year in which the First Commercial Offer occurred (“Year 1”) and each calendar
year thereafter during the Term (each such period, a “Year”), if the total royalties paid by the Licensee to the University pursuant to clause 11.4.1 above for such Year does not meet the Minimum Royalty Payment for that Year, then the
Licensee must pay to the University, within [***] after the conclusion of such Year, such additional amount to ensure that the total royalties paid by the Licensee to the University is at least equal to the Minimum Royalty Payment. 

 

			
	 Year(s)
	  	Minimum Royalty Payment
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 Within [***] after First Commercial Offer has occurred, the Licensee shall deliver to the University written
notice of such event. 
 11.5 Sublicense Fees. Within [***] after the last day of each Calendar Quarter during the Term and the
Post-Termination Period, the Licensee shall pay to the University [***] of all Sublicense Revenue earned by the Licensee during the Calendar Quarter. 

11.6 Transfer Payment: [***] payable as provided in section 12.5 of the Terms and Conditions. 

11.7 Administrative Handling Fee: [***] payable as provided in subsection 8.1.1 of the Terms and Conditions. 

  
 3 

 11.8 Interest Rate: The lesser of [***] per annum or the maximum rate of interest permitted
by law. 
 12. Licensee’s Address for Notice. Notices will be sent to the Licensee at: 

CIPAC Limited 

Attn: Board of Directors 

Level 4, Suite 8A 

Rosa Marina Buildings 

Marina Seafront 

Pieta’, Malta 

Telephone No: [***] 

Facsimile No: [***] 

Email: [***] 
 With a copy to:
                Hendersons Solicitors 

Attn: Ken Henderson 

Unit 6, 3 Central Avenue, 

Thornleigh, 2120, NSW, Australia 

Facsimile No: [***] 

Email: [***] 
 13.
Licensee’s Contact Person for Patent Application prosecution consultation. The University will, as set forth in this Agreement, communicate with the Contact Person named below with respect to the prosecution and maintenance of Patent
Applications: (Upon five (5) Business Days prior written notice to the University, the Licensee may change the person designated below.) 

Hendersons Solicitors 

Attn: Ken Henderson 

Unit 6, 3 Central Avenue, 

Thornleigh, 2120, New South Wales 

Australia 

Facsimile No: [***] 

Email: [***] 

IN WITNESS WHEREOF, the Parties, acting through their respective duly authorized representatives, have executed, delivered and entered
into this Agreement as of the Effective Date. 

  
 4 

									
	Regents of the University of Minnesota	  		  	CIPAC Limited
					
	By:	  	 /s/ Jay W. Schrankler
	  		  	By:	  	 /s/ Gavin Currie

	Name:	  	Jay W. Schrankler	  		  	Name:	  	Gavin Currie
	Title:	  	Executive Director	  		  	Title:	  	Director
	Date:	  	March 26, 2012	  		  	Date:	  	March 15, 2012

  

  
 5 

 UNIVERSITY OF MINNESOTA 

EXHIBIT A 
 to the

 Exclusive Patent License Agreement 

Terms and Conditions 

These Terms arid Conditions (“Terms and Conditions”) are incorporated by reference into the Agreement. In the event of a conflict
between provisions of the Key Details and the Terms and Conditions, the provisions in the Key Details shall prevail. All section references in these Terms and Conditions refer to provisions in these Terms and Conditions unless explicitly stated
otherwise. Capitalized terms used in the Agreement without definition shall have the meanings given to them in these Terms and Conditions. 
 1.
Definitions. For purposes of interpreting this Agreement, the following terms have the following meanings: 
 1.1 “Additional
Intellectual Property” means the additional intellectual property described in section 5.3 of the Key Details. 
 1.2
“Affiliate” means an entity that: (i) controls the Licensee or the Sublicensee, as the case may be, (ii) is controlled by the Licensee or Sublicensee, as the case may be, or (iii) along with the Licensee or Sublicensee, is
under the common control of a third party. An entity shall be deemed to have control of the controlled entity if it (i) owns, directly or indirectly, twenty-five percent (25%) or more of the outstanding voting securities of the controlled
entity, or (ii) has the right, power or authority, directly or indirectly, to direct or cause the direction of the policy decisions of the controlled entity, whether by ownership of securities, by representation on the controlled entity’s
governing body, by contract, or otherwise. 
 1.3 “Agreement” means the Key Details and the Terms and Conditions combined. 

1.4 “Business Day” means any day on which national banks are generally opened for business in Hennepin County, Minnesota but
excluding Saturday, Sunday and public holidays. 
 1.5 “Calendar Quarter” means the following periods in a year: January 1 to
March 31, April 1 to June 30, July 1 to September 31 and October 1 to December 31. 
 1.6
“Commercial Sale” means a bona fide sale, use, lease, transfer or other disposition for value of a Licensed Product, in the Territory, by the Licensee or a Sublicensee to a third party that is an Unrelated Party of the Licensee or the
Sublicensee, as the case may be. For the avoidance of doubt, a sale, use, lease, transfer or other disposition for value of a Licensed Product by the Licensee to a Sublicensee shall be deemed a Commercial Sale. 

  
 A-1 

 1.7 “Contact Person” means the individual identified in section 13 of the Key
Details and any substituted individual. 
 1.8 “Effective Date” means the date set out in section 4 of the Key Details. 

1.9 “Field of Use” means the field(s) of use described in section 2 of the Key Details. 

1.10 “First Commercial Offer” means the first offer of a Commercial Sale by the Licensee, an Affiliate of the Licensee, or a
Sublicensee. 
 1.11 “Founder” means [***]. 

1.12 “Key Details” means the key details that form part of the Agreement. 

1.13 “Licensed Patent” means the patent(s) described in subsection 5.1 of the Key Details, along with any active patent(s) issued
during the Term that arose out of a Patent Application. “Licensed Patent” also means any reissues or reexaminations of a Licensed Patent that contain one or more claims directed to Licensed Technology. 

1.14 “Licensed Product” means any product or good in the Field of Use that is made by, made for, sold, transferred, or otherwise
disposed of by the Licensee or its Sublicensees during the Term and the Post-Termination Period within the Territory and that, but for the granting of the rights set forth in this Agreement, would (i) infringe (including under the doctrine of
equivalents) one or more Valid Claims in a Licensed Patent; or (ii) is covered by one or more Valid Claims in a Patent Application, or any product or good that is made using a process or method that, but for the granting of rights set forth in
this Agreement, would (i) infringe (including under the doctrine of equivalents) one or more Valid Claims in a Licensed Patent; or (ii) is covered by one or more Valid Claims in a Patent Application. For purposes of this Agreement, Valid
Claims in a Patent Application are to be treated as if they were allowed as proposed. “Licensed Product” also means any service provided by or for the Licensee or its Sublicensees, but for the granting of the rights set forth in this
Agreement, would (i) infringe (including under the doctrine of equivalents) one or more Valid Claims in a Licensed Patent; or (ii) is covered by one or more Valid Claims in a Patent Application. 

1.15 “Licensed Technology” means collectively the inventions claimed in each Licensed Patent, each Patent Application and the
Additional Intellectual Property. 
 1.16 “Licensee” means the entity identified in section 1 of the Key Details. 

1.17 “Minimum Royalty Payments” means the minimum royalty payments as set out in section 11.4.2 of the Key Details. 

1.18 “Net Sales Price” means [***]. 

  
 A-2 

 1.19 “Parties” means the Licensee and the University collectively. 

1.20 “Party” means the Licensee and the University individually. 

1.21 “Patent Application” means the pending patent application(s) described in subsection 5.2 of the Key Details. “Patent
Application” also means any related applications including, continuations, continuations-in-part, and divisionals of a Patent Application. 

1.22 “Patent-Related Expenses” means actual costs and expenses (including out-of-pocket attorneys’ fees, patent agent fees and
governmental filing fees) that the University reasonably incurs in searching, preparing, filing, prosecuting, and maintaining the Licensed Technology. 

1.23 “Payment” means a payment to be made by the Licensee to the University specified in section 6.1 of these Terms and Conditions
and described in section 11 of the Key Details. 
 1.24 “Performance Milestone” means an act or event specified in section 5.1 of
these Terms and Conditions and described in section 9 of the Key Details. 
 1.25 “Post-Termination Period” means the [***] period
commencing on the date of termination of the Term. 
 1.26 “Running Royalties” means the running royalties as specified in section
11.4.1 of the Key Details. 
 1.27 “Sublicense” means an agreement under which the Licensee (i) grants or otherwise transfers
any of the rights licensed to it under this Agreement, (ii) agrees not to assert or bring action to enforce any such right, or (iii) is under an obligation to grant, assign or transfer any such rights or non-assertion, or to forebear from
granting or transferring such rights to any other entity. 
 1.28 “Sublicensee” means a person granted a Sublicense. 

1.29 “Sublicense Revenues” means [***]. 

1.30 “Sublicense Royalties” means a royalty paid to the Licensee that is earned on Commercial Sales of Licensed Products by
Sublicensees within the Territory and that is determined by the Licensee as a percentage of the Net Sales Price of such Commercial Sale within the Territory or as a per unit amount by the Sublicensee. 

1.31 “Term” means the term of this Agreement as set out in section 2 of these Terms and Conditions. 

1.32 “Territory” means the geographical area described in section 3 of the Key Details. 

  
 A-3 

 1.33 “Transfer” means the occurrence of, in one or a series of related
transactions: 
  

	 	(i)	 a sale, lease, transfer or other disposition of all or substantially all of the Licensee’s assets to an
Unrelated Party; 

  

	 	(ii)	 a sale or other disposition of a majority interest of the voting equity securities of the Licensee to an
Unrelated Party; 

  

	 	(iii)	 the closing of an initial public offering and sale of a class of voting equity securities of the Licensee
pursuant to a registration statement effective under the Securities Act of 1933, as amended; 

  

	 	(iv)	 the merger or other combination of the Licensee with another entity; or 

 

	 	(v)	 an assignment, in whatever form, of all or substantially all of the Licensee’s rights under this Agreement
to an Unrelated Party. 

 Notwithstanding any provision of these Terms and Conditions to the contrary, sales, purchases,
or exchanges on the equity securities of the Licensee by a Founder to a Founder shall not be considered a Transfer hereunder. 
 1.34
“Transfer Payment” means the payment to be made by the Licensee to the University specified in section 12.5 of these Terms and Conditions and described in subsection 11.6 of the Key Details. 

1.35 “Unrelated Party” means a person who is not an Affiliate of the Licensee or to a group of related persons at least one of whom
is not an Affiliate of the Licensee. 
 1.36 “Valid Claim” means [***]. 

2. Term. The Term commences on the Effective Date and, unless terminated earlier as provided in section 8 of these Terms and Conditions, expires on the
date on which there are no Valid Claims. 
 3. Grant of License. 

3.1 The Licensee’s Rights. 

3.1.1 Subject to the terms and conditions of this Agreement, the University hereby grants to the Licensee, and the Licensee
hereby accepts, an exclusive license to make (including to have made on its behalf), use, offer to sell or sell, offer to lease or lease, import, or otherwise offer to dispose or dispose of Licensed Products in the Field of Use in the Territory. No
provision of this Agreement is to be construed to grant the Licensee, by implication, estoppel or otherwise, any rights (other than the rights expressly granted to it in this Agreement) to the Licensed Patents or Patent Applications or to any other
University-owned technology, patent applications, or patents. 

  
 A-4 

 3.1.2 The Licensee may sublicense its rights under this Agreement provided
that the Licensee shall deliver to the University a true, correct, and complete copy of the sublicense agreement or other agreement under which the Licensee purports or intends to grant such sublicense rights within [***] after the execution of such
agreement. Notwithstanding the above, the Licensee shall not enter into such an agreement if the terms of the agreement are inconsistent with the terms of this Agreement, including, without limitation, sections 5.2—5.6, 6.5, 8.3, 9.5, 10.4, and
11.3 of these Terms and Conditions. Any sublicense made in violation of this subsection is void and constitutes an event of default under subsection 8.1.1 of these Terms and Conditions. 

3.2 The United States Government’s Rights. If the University indicated in section 8 of the Key Details that the United States federal
government funded the development, in whole or in part, of the Licensed Technology, then, (I) the federal government may have certain rights in and to the Licensed Technology as those rights are described in Chapter 18, Title 35 of the United
States Code and accompanying regulations, including Part 401, Chapter 37 of the Code of Federal Regulations, and (ii) the Parties’ rights and obligations with respect to the Licensed Technology, including the grant of license set forth in
subsection 3.1.1 of these Terms and Conditions, are subject to the applicable terms of these laws and regulations. 
 3.3 The
University’s Rights. The University retains an irrevocable, world-wide, royalty-free, non-exclusive right to use the Licensed Technology for teaching, research and educational purposes. [***] The University shall have the right to sublicense
its rights under this section to one or more non-profit academic or research institutions, provided that the non-profit academic or research institutions are informed of the Licensee’s rights hereunder and the need to negotiate with the
Licensee with respect to the commercial access to the Licensed Technology. 
 4. Applications and Patents. 

4.1 Patent Application filings during the Term of this Agreement. 

4.1.1 The University, in consultation with the Licensee, shall determine in which countries patent application(s) will be filed
and prosecuted with respect to the Licensed Technology. The University, in consultation with the Licensee, shall retain counsel to file and prosecute such Patent Applications. The University shall inform the Licensee of the status of the prosecution
of the Patent Application, including delivering to the Licensee pertinent notices, documents and written and oral communications with governmental officials. The Licensee shall cooperate with the University, and the University shall consult with the
Licensee, in the filing and prosecution of all Patent Applications with respect to the Licensed Technology. In furtherance of the foregoing, the Licensee shall notify the University, in writing, of the individual whom the Licensee has designated as
the Contact Person, with whom the University will consult as provided in this subsection. The first Contact Person shall be the person identified in section 13 of the Key Details. The Contact 

  
 A-5 

 
Person shall respond to the University’s request for consultation and cooperation on a pending matter within [***] or sooner as may be required under the circumstances. If the Contact Person
fails to respond in such time period, the University, exercising its own judgment and discretion, in good faith, may respond to the matter as it deems appropriate. Except as provided in subsection 4.1.2 of these Terms and Conditions, the Licensee
shall reimburse the University for all Patent-Related Expenses as provided in section 6.3 of these Terms and Conditions and in section 6 of the Key Details. 

4.1.2 The grant of the license and the definition of Territory shall not extend to or include any country in which the Licensee
elects, in writing to the University, not to pay or reimburse, in whole or in part, the Patent-Related Expenses. 
 4.1.3 No
provision of this Agreement limits, conditions, or otherwise affects the University’s right to file or otherwise prosecute a Patent Application with respect to the Licensed Technology in any country, but will at all times consult with the
Licensee as to which geographical locations the Licensee wishes to seek patent protection. In no event shall the Licensee file a patent application with respect to the Licensed Technology. The Licensee shall cooperate with the University in the
filing and prosecution of all patent applications with respect to the Licensed Technology. 
 4.2 Ownership of the Licensed Patents and
Patent Applications. No provision of this Agreement grants the Licensee any rights, title, or interest (except for the grant of a license pursuant to this Agreement) in the Licensed Patents or Patent Applications, notwithstanding the Licensee’s
payment of all or any portion of the Patent-Related Expenses. 
 5. Commercialization. 

5.1 Commercialization and Performance Milestones. The Licensee shall use its commercially reasonable efforts, consistent with sound and
reasonable business practices and judgment, to commercialize the Licensed Technology and to manufacture and offer to sell and sell Licensed Products [***]. The Licensee shall perform, or shall cause to happen or be performed, as the case may be, all
the Performance Milestones. 
 5.2 Covenants Regarding the Manufacture of Licensed Products. The Licensee hereby covenants and agrees that
(i) the manufacture, use, sale, or transfer of Licensed Products shall comply with all applicable federal and state laws, including all federal export laws and regulations; and (ii) no Licensed Product shall be offered for sale or sold if
found to be defective in design or manufacture. The Licensee hereby further covenants and agrees that, pursuant to 35 United States Code Section 204, it shall, and it shall cause each Sublicensee, to substantially manufacture in the United
States of America all products embodying or produced through the use of an invention that is subject to the rights of the federal government of the United States of America. 

  
 A-6 

 5.3 Export and Regulatory Compliance. The Licensee understands that the Arms Export Control
Act (AECA), including its implementing International Traffic In Arms Regulations (ITAR,) and the Export Administration Act (EAA), including its Export Administration Regulations (EAR), are some (but not all) of the laws and regulations that comprise
the U.S. export laws and regulations. Licensee further understands that the U.S. export laws and regulations include (but are not limited to): (i) ITAR and EAR product/service/data-specific requirements; (ii) ITAR and EAR ultimate
destination-specific requirements; (iii) ITAR and EAR end user-specific requirements; (iv) Foreign Corrupt Practices Act; and (v) anti-boycott laws and regulations. The Licensee shall comply with all then-current applicable export
laws and regulations of the U.S. Government (and other applicable U.S. laws and regulations) pertaining to the Licensed Products (including any associated products, items, articles, computer software, media, services, technical data, and other
information). The Licensee certifies that it shall not, directly or indirectly, export (including any deemed export), nor re-export (including any deemed re-export) the Licensed Products (including any associated products, items, articles, computer
software, media, services, technical data, and other information) in violation of U.S. export laws and regulations or other applicable U.S. laws and regulations. The Licensee shall include an appropriate provision in its agreements with its
authorized Sublicensees to assure that they comply with all then-current applicable U.S. export laws and regulations and other applicable U.S. laws and regulations. 

5.4 Commercialization Reports. Throughout the Term and during the Post-Termination Period, and within [***] after the date specified in the
schedule set forth in section 10 of the Key Details, the Licensee shall deliver to the University written reports of the Licensee’s and the Sublicensees’ efforts and plans to commercialize the Licensed Technology and to manufacture, offer
to sell, or sell Licensed Products. 
 5.5 Use of Names and Trademarks. 

5.5.1 No provision of this Agreement grants the Licensee or Sublicensee any right or license to use the name, logo, or any
marks owned by or associated with the University or the names, or identities of any member of the faculty, staff, or student body of the University. The Licensee shall not use and shall not permit a Sublicensee to use any such logos, marks, names,
or identities without the University’s and, as the case may be, such member’s prior written approval. 
 5.5.2 No
provision of this Agreement grants the University any right or license to use the name, logo, or any marks owned by or associated with the Licensee. The University shall not use and shall not permit a Sublicensee to use any such logos, marks, names,
or identities without the Licensee’s prior written approval. 
 5.6 Governmental Markings. 

5.6.1 The Licensee shall mark all Licensed Products, where feasible, with patent notice appropriate under Title 35, United
States Code. 

  
 A-7 

 5.6.2 The Licensee is responsible for obtaining all necessary governmental
approvals for the development, production, distribution, sale, and use of any Licensed Product, at the Licensee’s expense, including, without limitation, any safety studies. The Licensee is responsible for including with the Licensed Product
any warning labels, packaging and instructions as to the use and the quality control for any Licensed Product as required. 

5.6.3 The Licensee agrees to register this Agreement with any foreign governmental agency that requires such registration, and
the Licensee shall pay all costs and legal fees in connection with such registration. The Licensee shall comply with all foreign laws affecting this Agreement or the sale of Licensed Products. 

6. Payments, Reimbursements, Reports, and Records. 

6.1 Payments. The Licensee shall pay all amounts due under this Agreement by check (payable to the “Regents of the University of
Minnesota” and sent to the address specified in section 12.13 of these Terms and Conditions), wire transfer, or any other mutually agreed payment method. 

6.2 Interest. All amounts due under this Agreement shall bear interest as provided in subsection 11.8 of the Key Details on the entire unpaid
balance computed from the due date of such amount until the date the amount is paid in full. 
 6.3 Reimbursement of Patent-Related Expenses.
The Licensee shall pay and/or reimburse (whichever is applicable) the University for reasonable Patent-Related Expenses as invoiced pursuant to this Agreement within [***] of its receipt of the University’s invoice. With respect to each
invoice, the University shall use reasonable efforts to specify the date on which the Patent-Related Expense was incurred and the purpose of the expense (including, as applicable, a summary of patent attorney services giving rise to the expense);
provided, however, the University is not required to disclose to the Licensee any information that is protected by the University’s attorney-client privilege. Patent-Related Expenses incurred as of the Effective Date and the timeframe relating
to the reimbursement thereof are set forth in section 6 of the Key Details. [***]. 
 6.4 Royalty Payments/Sales Reports. Within [***] after
the last day of each Calendar Quarter during the Term and the Post-Termination Period, the Licensee shall deliver to the University a written sales report in the form acceptable to and provided by the University and attached to the Agreement as
Exhibit B, recounting the number and Net Sales Price (expressed in U. S. dollars) of all sales, leases, or other dispositions of Licensed Products within the Territory, whether sold by the Licensee or a Sublicensee, during such Calendar Quarter. The
Licensee shall deliver such written report to the University even if the Licensee is not required to make a payment to the University for such a Calendar Quarter. The Licensee shall deliver along with such sales reports its payment for royalties
calculated by multiplying the Net Sales Price contained in the written sales report as described above by the applicable percentage as contained in clause 11.4.1 of this Key Details. 

  
 A-8 

 6.5 Records Retention and Audit Rights. 

6.5.1 Throughout the Term and the Post-termination Period and for [***] thereafter, the Licensee, at its expense, shall keep
and maintain and shall cause each Sublicensee and each non-affiliated third party that manufactures, sells, leases, or otherwise disposes of Licensed Products on behalf of the Licensee to keep and maintain complete and accurate records of ail sales,
leases, and other dispositions of Licensed Products during the Term and the Post-Termination Period. 
 6.5.2 In connection
with an audit, the Licensee, upon written request, shall make available to the University and its representatives true, correct and complete copies of all documents and materials (including electronic records) reasonably relevant to the
Licensee’s and Sublicensees’ performance of this Agreement, including, without limitation, all sublicenses granted. 

6.5.3 To determine the Licensee’s compliance with the terms of this Agreement, the University, at its expense (except as
set forth in this subsection), may inspect and audit the Licensee’s records referred to in subsection 6.5.1 of these Terms and Conditions at the Licensee’s address as set forth in this section 12 of the Key Details or such other
location(s) as the Parties mutually agree during the Licensee’s normal business hours. The Licensee shall cooperate in the audit, including providing at no cost, commodious space in the Licensee’s place of business for the auditor. The
Licensee shall reimburse the University for all of its out-of-pocket expenses to inspect and audit such records if the University, in accordance with the results of such inspection and audit, determines that the Licensee has underpaid amounts owed
to the University by at least [***] in a calendar year. The Licensee shall cause each Sublicensee and each non-affiliated third party that manufactures, sells, leases, or otherwise disposes of Licensed Products on behalf of the Licensee to grant the
University a right to inspect and audit the Sublicensee’s or third party’s records substantially similar to such right granted to the University in this Agreement. In connection with and prior to the commencement of an audit, the Licensee,
the University and the auditor must enter into an agreement prohibiting the auditor and the University from disclosing the Licensee’s non-public, proprietary information to any third party without the Licensee’s prior written consent;
provided, however, that consistent with generally accepted auditing standards, the auditor may disclose such information to the University. 

6.6 Currency and Checks. All computations and payments made under this Agreement shall be in United States dollars. To determine the dollar
value of transactions conducted in non-United States dollar currencies, the Parties shall use the exchange rate for the currency into dollars as reported in [***]. 

7. Infringement. 
 7.1 If a Party learns
of substantial, credible evidence that a third party is making, using, or selling a product in the Field of Use within the Territory that infringes a Licensed Patent, such Party shall promptly notify the other Party in writing of the possible
infringement and in such notice describe in detail the information suggesting infringement of the Licensed Patent. [***] 

  
 A-9 

 
No provision of this Agreement limits, conditions, or otherwise affects a Party’s statutory and common-law rights to commence an action to enforce a Licensed Patent. In any such action, the
Parties agree to cooperate fully with each other and will use reasonable efforts to permit access to relevant personnel, records, papers, information, samples and specimens during regular business hours. Any amounts recovered (less amounts actually
paid for reasonable attorney’s fees and legal expenses) by Licensee in any such action or settlement that constitute compensation for lost profits or sales will be considered subject to the royalty rate in subsection 11.4.1 of the Key Details.
All other amounts recovered (less amounts actually paid for reasonable attorney’s fees and legal expenses) by Licensee in such action or settlement shall be considered subject to the rate for Sublicense Revenues in subsection 11.5 of the Key
Details. 
 7.2 If any suit, action or proceeding is brought or commenced against the Licensee alleging the infringement of a patent or other
intellectual property right owned by a third party by reason of the manufacture, use or sale of Licensed Products, the Licensee shall give the University prompt notice thereof. If the validity of a Licensed Patent is questioned in such suit, action
or proceeding, the Licensee shall have no right to make any settlement or compromise which affects the scope, validity, enforceability or otherwise the Licensed Patent without the University’s prior written approval. 

8. Termination. 
 8.1 By the
University. 
 8.1.1 If the Licensee breaches or fails to perform one or more of its obligations under this Agreement, the
University may deliver a written notice of default to the Licensee requiring the Licensee to: (a) pay the University the Administrative Handling Fee set forth in subsection 11.7 of the Key Details within [***] of receipt of the notice of
default, and (b) cure the default in full within: (x) [***] of receipt of the notice of default if the default relates to a payment or reimbursement obligation under this Agreement, or (y) [***] of receipt of the notice of default if
the default relates to any other matter. If the Licensee fails to either pay the University the Administrative Handling Fee or to cure the default in full within the required timeframe as set out above, then the University may immediately terminate
this Agreement. 
 8.1.2 If the Licensee: (i) becomes insolvent; (ii) voluntarily files or has filed against it a
petition under applicable bankruptcy or insolvency laws and the Licensee fails to have released within [***] after filing; (iii) proposes any dissolution, composition, or financial reorganization with creditors or if a receiver, trustee,
custodian, or similar agent is appointed (except for the purposes of reorganization); or (iv) makes a general assignment for the benefit of creditors (except for the purposes of reorganization), then the University may terminate this Agreement
by delivering to the Licensee a written notice of termination at least [***] prior to the date of termination. 

  
 A-10 

 8.1.3 The University may terminate this Agreement immediately by delivering
to the Licensee a written notice of termination if the Licensee or its agents or representatives commences or maintains an action in any court of competent jurisdiction or a proceeding before any governmental agency asserting or alleging, in any
respect, the invalidity or unenforceability of any of the Licensed Technology. 
 8.2 By the Licensee. If the University breaches or fails to
perform one or more of its obligations under this Agreement, the Licensee may deliver to the University a written notice of default. If the University fails to cure the default in full within [***] of notice thereof, then, notwithstanding any other
rights that the Licensee may have at common law or in equity, the Licensee may either: (i) terminate this Agreement by delivering to the University a written notice of termination, or (ii) commence an action seeking damages or performance
of such obligation(s). 
 8.3 By expiration of Valid Claims. The Licensee’s obligation under this Agreement to make Payments related to
Commercial Sales of Licensed Products in a country or territory shall terminate as of the date no Valid Claim subsists in the country or territory. 

8.4 Post-Termination Period. 

8.4.1 If this Agreement is terminated by the University in accordance with clause 8.1, then (i) the Licensee shall not
manufacture or have manufactured Licensed Products in the Territory after the date of termination, and (ii) the Licensee and Sublicensee may continue, for a period not to exceed [***], to offer to sell and sell, offer to lease and lease, and
otherwise offer to dispose and dispose of Licensed Products in the Territory that were manufactured prior to the date of termination. The Commercial Sales of Licensed Products during the Post-Termination Period shall be governed by the terms of this
Agreement, including the obligation to pay royalties on such Commercial Sales as provided in this Agreement. 
 8.4.2 If this
Agreement is terminated by the Licensee in accordance with clause 8.2, then (i) the Licensee shall not manufacture or have manufactured Licensed Products in the Territory after the date of termination, and (ii) the Licensee may continue to
offer to sell and sell, offer to lease and lease, and otherwise offer to dispose and dispose of Licensed Products in the Territory that were manufactured prior to the date of termination. The Commercial Sales of Licensed Products during the
Post-Termination Period shall be governed by the terms of this Agreement, including the obligation to pay royalties on such Commercial Sales as provided in this Agreement. 

9. Release, Indemnification, and Insurance. 

9.1 The Licensee’s Release. For itself and its employees, the Licensee hereby releases the University, its regents and employees from any
and all suits, actions, claims, liabilities, demands, damages, losses, or expenses (including reasonable attorneys’ and investigative expenses) relating to or arising out of the manufacture, use, lease, sale, or other disposition of a Licensed
Product. 

  
 A-11 

 9.2 The Licensee’s Indemnification. Subject to the limitations on liability set forth
in section 11 of these Terms and Conditions, throughout the Term and for a period of twelve (12) months thereafter, the Licensee shall indemnify, defend, and hold the University, its regents and employees harmless from all suits, actions,
claims, liabilities, demands, damages, losses, or expenses (including reasonable attorneys’ and investigative expenses), relating to or arising out of the Licensee’s exercise or attempt to exercise any of the rights or licenses granted to
it under this Agreement, including without limitation, the manufacture, use, lease, sale, or other disposition of a Licensed Product or the Licensee’s material breach of any term of this Agreement. 

9.3 The University’s Indemnification. Subject to the limitations on liability set forth in section 11 of these Terms and Conditions,
throughout the Term and for a period of [***] thereafter, the University shall indemnify, defend, and hold the Licensee, its directors and employees harmless from all suits, actions, claims, liabilities, demands, damages, losses, or expenses
(including reasonable attorneys’ and investigative expenses) relating to or arising out of the University’s material breach of any term of this Agreement or material breach of any representation or warranty. 

9.4 The Licensee’s Insurance. 

9.4.1 Throughout the Term, or during such other period as the Parties agree in writing, the Licensee shall maintain, and shall
cause each Sublicensee to maintain, in full force and effect comprehensive general liability (“CGL”) insurance, with single claim limits of at least [***] and [***] in the aggregate. Such insurance policy shall include coverage for claims
that may be asserted by the University against the Licensee under section 9.2 of these Terms and Conditions and for claims by a third party against the Licensee or the University arising out of the purchase or use of a Licensed Product. Such
insurance policy must name the University as an additional insured if the University so requests in writing. Upon receipt of the University’s written request, the Licensee shall deliver to the University a copy of the certificate of insurance
for such policy. 
 9.4.2 The provisions of subsection 9.4.1 of these Terms and Conditions do not apply if the University
agrees in writing to accept the Licensee’s or a Sublicensee’s, as the case may be, self-insurance plan as adequate insurance. 

9.5 Sublicensees - Release. The Licensee shall cause each Sublicensee to grant the University a release from liabilities substantially similar
to the release granted in favor of the University in section 9.1 of these Terms and Conditions. 
 10. Warranties. 

10.1 Authority. Each Party represents and warrants to the other Party that it has full corporate power and authority to execute, deliver, and
perform this Agreement, and that no other corporate proceedings by such Party are necessary to authorize the Party’s execution or delivery of this Agreement. 

  
 A-12 

 10.2 Title. The University represents and warrants to the Licensee that the University owns
rights, titles and interests in and to the Licensed Technology sufficient to grant the Licensee the licenses granted it in this Agreement. 

10.3 Not used. 
 10.4 Disclaimers.

 10.4.1 EXCEPT FOR THE EXPRESS WARRANTY SET FORTH ABOVE IN SECTION 10.1, 10.2, AND 10.3 OF THESE TERMS AND CONDITIONS, THE
UNIVERSITY DISCLAIMS AND EXCLUDES ALL WARRANTIES, EXPRESS AND IMPLIED, CONCERNING THE LICENSED TECHNOLOGY, EACH LICENSED PATENT, EACH PATENT APPLICATION, AND EACH LICENSED PRODUCT, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF NON-INFRINGEMENT, OF
MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE. 
 10.4.2 The University expressly disclaims any warranties
concerning and makes no representations: 
  

	 	(i)	 that the Patent Applications will be allowed or granted or that a patent will issue from any Patent
Application; 

  

	 	(ii)	 concerning the validity, enforceability, interpretation of claims or scope of any Licensed Patent; or

  

	 	(iii)	 that the exercise of the rights or licenses granted to the Licensee under this Agreement will not infringe a
third party’s patent or violate its intellectual property rights. 

 10.5 Sublicensees - Warranties. The Licensee
shall cause each Sublicensee to give the University warranties and disclaimers and exclusions of warranties substantially similar to the warranty and disclaimers and exclusions of warranties in favor of the University in section 10.1 and subsections
10.4.1 and 10.4.2 of these Terms and Conditions. 
 11. Damages. 

11.1 Remedy Limitation. 

11.1.1 EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, THE UNIVERSITY SHALL NOT BE LIABLE FOR (A) PERSONAL
INJURY OR PROPERTY DAMAGES (EXCEPT TO THE EXTENT OF THE UNIVERSITY’S WILLFUL, WANTON, OR INTENTIONAL ACTS) OR (B) LOST PROFITS, LOST BUSINESS OPPORTUNITY, INVENTORY LOSS, WORK STOPPAGE, LOST DATA OR ANY OTHER RELIANCE OR EXPECTANCY, DIRECT
OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, OF ANY KIND. 

  
 A-13 

 11.1.2 EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, THE
LICENSEE SHALL NOT BE LIABLE FOR (A) PERSONAL INJURY OR PROPERTY DAMAGES (EXCEPT TO THE EXTENT OF THE LICENSEE’S WILLFUL, WANTON, OR INTENTIONAL ACTS) OR (B) LOST PROFITS, LOST BUSINESS OPPORTUNITY, INVENTORY LOSS, WORK STOPPAGE, LOST
DATA OR ANY OTHER RELIANCE OR EXPECTANCY, INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, OF ANY KIND. 
 11.2 [***] 

11.2.1 [***]. 

11.2.2 [***]. 

11.3 Sublicensees - Damages. The Licensee shall cause each Sublicensee to agree to limitations of remedies and damages substantially similar to
the limitations of remedies and damages set forth in sections 11.1 and 11.2 of these Terms and Conditions. 
 12. General Terms 

12.1 Access to University Information. 

12.1.1 Data Practices Act. The Parties acknowledge that the University is subject to the terms and provisions of the Minnesota
Government Data Practices Act, Minnesota Statutes §13.01 et seq. (the “Act”), and that the Act requires, with certain exceptions, the University to permit the public to inspect and copy any information that the University collects,
creates, receives, maintains, or disseminates. 
 12.1.2 Limited Confidentiality. To the extent permitted by law, including
as provided in the Act, the University shall hold in confidence and disclose only to University employees, agents and contractors who have a need to access the reports described in sections 5.4 and 6.4 of these Terms and Conditions and the records
inspected in accordance with section 6.5 of the Terms and Conditions provided such employees, agents and contractors are subject to similar confidentiality obligations. No provision of this Agreement is to be construed to further prohibit, limit, or
condition the University’s right to use and disclose any information in connection with enforcing this Agreement, in court or elsewhere. 

12.2 Amendment and Waiver. The Agreement may be amended from time to time only by a written instrument signed by the Parties. No term or
provision of this Agreement may be waived and no breach excused unless such waiver or consent is in writing and signed by the Party claimed to have waived or consented. No waiver of a breach is to be deemed a waiver of a different or subsequent
breach. 
 12.3 Applicable Law and Forum Selection. The internal laws of the [***], without giving effect to its conflict of laws principles,
govern the validity, construction, and enforceability of this Agreement. A suit, claim, or other action to enforce the terms of this Agreement may be brought only in the [***]. The Licensee hereby submits to the jurisdiction of that court and waives
any objections it may have to that court asserting jurisdiction over the Licensee or its assets and property. 

  
 A-14 

 12.4 Assignment and Sublicense. Except as permitted under subsection 3.1.2 and section 12.5
of these Terms and Conditions, the Licensee shall not assign or sublicense its interest or delegate its duties under this Agreement, by agreement or by operation of law. Any assignment, sublicense, or delegation attempted to be made in violation of
this section is void. Absent the consent of all the Parties, an assignment or delegation will not release the assigning or delegating Party from its obligations. The Agreement inures to the benefit of the Licensee and the University and their
respective permitted Sublicensees and trustees. 
 12.5 Transfer. Notwithstanding section 12.4 of these Terms and Conditions, the Licensee,
without the prior written approval of the University, may Transfer all, but no less than all, its rights and delegate all its duties under this Agreement to another if (i) the Licensee delivers to the University written notice of the proposed
Transfer (along with pertinent information about the terms of the Transfer and transferee) at least [***] before the effective date of the event described in part iii of this paragraph, (ii) pay to the University the Transfer Payment prior to
the effective date of the event described in part iii of this paragraph, and (iii) the Transfer, whether by agreement or operation of law, is made as a part of and in connection with (a) the consummation of a merger, consolidation, share
exchange or similar form of corporate transaction involving the Licensee or its equity holders, (b) the sale or other disposition of all or substantially all of its assets to a single purchaser or multiple related purchasers, or (c) the
Licensee’s acquisition of all or substantially all of the assets or equity securities of another entity that results in a change in the Licensee’s beneficial ownership of fifty percent (50%) or more of the issued and outstanding
equity interests of the Licensee. Any Transfer attempted to be made or made in violation of this subsection is void. 
 12.6 Collection Costs
and Attorneys’ Fees. If a Party (the “Defaulting Party”) fails to perform an obligation or otherwise breaches one or more of the terms of this Agreement, the other Party may recover from the Defaulting Party all its costs (including
actual attorneys’ and investigative fees) to enforce the terms of this Agreement. 
 12.7 Consent and Approvals. Except as otherwise
expressly provided, in order to be effective, all consents, waivers or approvals required under this Agreement must be in writing. 
 12.8
Construction. The headings preceding and labeling the sections of this Agreement are for the purpose of identification only and are not to be employed or used for the purpose of construction or interpretation of any portion of the Agreement. As used
herein and where necessary, the singular includes the plural and vice versa, and masculine, feminine, and neuter expressions are interchangeable. 

12.9 Enforceability. If a court of competent jurisdiction adjudges a provision of this Agreement to be unenforceable, invalid, or void, such
determination is not to be construed as impairing the enforceability of any of the remaining provisions hereof and such provisions will remain in full force and effect. 

  
 A-15 

 12.10 Entire Agreement. The Parties intend this Agreement (including all attachments,
exhibits, and amendments hereto) to be the final and binding expression of their contract and agreement and the complete and exclusive statement of the terms thereof in relation to its subject matter. The Agreement cancels, supersedes, and revokes
all prior negotiations, representations and agreements among the Parties, whether oral or written, relating to the subject matter of this Agreement. 

12.11 Language and Currency. Unless otherwise expressly provided in this Agreement and in order to be effective, all notices, reports, and
other documents and instruments that a Party elects or is required to deliver to the other Party must be in English, and all notices, reports, and other documents and instruments detailing revenues and earned under this Agreement or expenses
chargeable to a Party must be United States dollar denominated. 
 12.12 No Third-Party Beneficiaries. No provision of this Agreement,
express or implied, is intended to confer upon any person other than the Parties any rights, remedies, obligations, or liabilities hereunder. No Sublicensee may enforce or seek damages under this Agreement. 

12.13 Notices. In order to be effective, all notices, requests, and other communications that a Party is required or elects to deliver must be
in writing and must be delivered personally, or by facsimile or electronic mail (provided such delivery is confirmed), or by a recognized overnight courier service or by United States mail, first-class, certified or registered, postage prepaid,
return receipt requested, to the other Party at its address set forth below or to such other address as such Party may designate by notice given under this section: 
  

			
	 If to the University:
	  	 University of Minnesota
 Office for Technology
Commercialization
 Attn: Contracts Manager
 1000 Westgate
Drive, Suite 160
 St. Paul, MN 55114
 Phone: [***]

Fax: [***]
 E-mail: [***]

Web site: http://www.research.umn.edu/techcomm

	  
 For notices sent under section 8 of these Terms
and Conditions with a copy to:
	  	  
 University of Minnesota

Office of the General Counsel
 Attn: Transactional Law
Services
 360 McNamara Alumni Center
 200 Oak Street S.E.

Minneapolis, MN 55455-2006
 Facsimile No.: [***]

E-mail: [***]

	  
 If to the Licensee:
	  	  
 As indicated in section 12 of the Key Details.

  
 A-16 

 12.14 Relationship of Parties. In entering into, and performing their duties under this
Agreement, the Parties are acting as independent contractors. No provision of this Agreement creates or is to be construed as creating a partnership, joint venture, or agency relationship between the Parties. No Party has the authority to act for or
bind the other Party in any respect. 
 12.15 Security Interest. In no event may the Licensee grant, or permit any person to assert or
perfect, a security interest in the Licensee’s rights under this Agreement, except a security interest that arises by operation of law or in the ordinary course of business. 

12.16 Survival. Immediately upon the termination or expiration of this Agreement, except for certain rights granted for the Post-Termination
Period, all the Licensee’s rights under this Agreement terminate; provided, however, the Licensee’s obligations that have accrued before the effective date of termination or expiration (e.g., the obligation to report and make
payments on sales, leases, or dispositions of Licensed Products and to reimburse the University for costs) and the obligations specified in section 6.1 of these Terms and Conditions survive. The obligations and rights set forth in sections 6.5 and
8.3 and sections 9, 10, and 11 of these Terms and Conditions also survive the termination or expiration of this Agreement. 
  

  
 A-17 

 UNIVERSITY OF MINNESOTA 

FIRST AMENDMENT TO EXCLUSIVE PATENT LICENSE AGREEMENT 

THIS FIRST AMENDMENT TO EXCLUSIVE PATENT LICENSE AGREEMENT (the “First Amendment”) is dated and effective as of the date of
last signature (the “Amendment Effective Date”), and is made by and between Regents of the University of Minnesota, a constitutional corporation under the laws of the state of Minnesota having a place of business at 1000 Westgate
Drive, Suite 160, St. Paul, Minnesota 55114 (the “University”), and CIPAC Limited, an entity under the laws of Malta, and having a place of business at Level 4, Site 8A, Rosa Marina Buildings, Marina Seafront, Pieta PTA 9041,
Malta (the “Licensee”). 
 RECITALS 

WHEREAS, University and Licensee are parties to an Executive Patent License Agreement, dated March 26, 2012 (the
“EPLA”), pursuant to which the University granted to Licensee certain exclusive rights to Licensed Technology (as defined in the EPLA), including without limitation, to U.S. Patent Application [***], and (as provided in Section 5.3 of
the EPLA) to University Project Inventions and Joint Project Inventions (as those terms are defined in the Research Agreement) that might be developed by the University under an existing Domestic Research Agreement between Licensee’s
predecessor-in-interest and University, dated October 1, 2011, as amended by Deed of Amendment, dated (collectively, the “Research Agreement”); 

WHEREAS, University and Licensee are currently in negotiations to execute a new research agreement to provide for additional funding
for research to be conducted by the University; 
 WHEREAS, University desires to amend the EPLA to clarify that
(a) University Project Inventions and Joint Project Inventions (as those terms are defined in the Research Agreement) conceived or reduced to practice by the University in the course of performing the research outlined in the Research
Agreement; and (b) any other patentable rights conceived or reduced to practice by the University in the course of performing any other non-clinical research funded by Licensee in the Research Field that is not assigned to Licensee
(collectively, “New IP”) will be licensed to Licensee under the terms of the EPLA without additional Payments (as that term is defined in the EPLA), except additional Payments resulting from Running Royalties and Sublicense Fees as set
forth in Section 11.4 and 11.5 of the EPLA; and 
 WHEREAS, University and Licensee wish to make certain other amendments
to the EPLA as set forth herein, 
 NOW, THEREFORE, in consideration of the representations above and the mutual covenants and
promises hereinafter set forth, the parties agree as follows: 
 1. Definitions. Capitalized terms used but not defined herein
shall have the meanings giving them in the EPLA. 
 2. Additional Intellectual Property. Section 5.3 of the Key Details of the
EPLA is hereby deleted in its entirety and replaced with the following new provision: 
 “Section 5.3 Additional Intellectual Property.
Additional Intellectual Property shall mean and automatically include all New IP, upon payment by Licensee of the applicable Fee required in accordance with the applicable research agreement under which such New IP was created, without any
Additional Payments, except additional Payments resulting from Running Royalties and Sublicense Fees as set forth in Section 11.4 and 11.5 of the EPLA. For the sake of clarity, the term “Fee” shall mean the amount set forth in the
research agreement under which such New IP was recreated. 

  
 1 

 3. Performance Milestones. In recognition of Licensee’s diligent efforts to develop and
commercialize the Licensed Product and continued diligent funding of research and development necessary to obtain regulatory approval of the Licensed Product, Section 9 of the Key Details of the EPLA and Section 5.1 of Terms and Conditions
of the EPLA are hereby deleted in their entirety and replaced with the following new provisions: 
 “9. Performance Milestones.
Provided that the United States Food and Drug Administration (“FDA”) does not recommend or require unanticipated studies or prerequisites, including, without limitation, pre-clinical studies or detailed characterization of control material
for clinical trial use, as part of the regulatory approval process for obtaining a Licensed Product to [***], Licensee shall perform the following
milestones:  

[***]. 
 “5.1.
Commercialization and Performance Milestones. The Licensee shall use its commercially reasonable efforts, consistent with sound and reasonable business practices and judgment, to commercialize the Licensed Technology and to manufacture and offer to
sell and sell Licensed Products [***]. The Licensee shall perform, or shall cause to happen or be performed, as the case may be, all of the Performance Milestones in accordance with Section 9 of the Key Details of the EPLA.” 

4. Definition of Net Sales Price. Section 1.18 of the General Terms of the EPLA is hereby amended by adding the following new
sentence at the end of the current provision: 
 “Notwithstanding the foregoing, if the Licensed Rights cannot be practiced without
infringing the issued patent or patents owned by a third party (“Third Party Patents”), such that Licensee must pay a royalty to the third party for rights to use such Third Party Patents in connection with the sale of Licensed Products
(the “Third Party Royalty Payment”), then [***] of such Third Party Royalty Payment may be credited against the Running Royalties payable on the Net Sales Price for those Licensed Products which practice the Third Party Patents, but in no
event shall the total amount of such credits reduce the royalty rate payable to Licensor below [***] under Section 11.4,1) of such Net Sales Price, By way of example, if Licensee makes a Third Party Royalty Payment under this Section of [***]
will be applied towards Running Royalties payable hereunder, reducing the royalties payable on Net Sales Price with respect to such sales of Licensed Products from [***]. 

5. Definition of Research Field. Section 1 of the General Terms of the EPLA is hereby amended by adding the following new term: 

“Research Field” means all activities related to, or useful in connection with, the research, development, use, and/or
commercialization or other exploitation of fecal microbiota and/or fecal microbial transplant. 
 6. University Rights.
Section 3.3 of the General Terms of the EPLA is hereby deleted in its entirety and replaced with the following new provision: 

  
 2 

 The University’s Rights. The University retains an irrevocable, world-wide,
royalty-free, non-exclusive right to use the Licensed Technology for teaching, research and educational purposes. [***]. The University shall have the right to sublicense its rights under this section to one or more non-profit academic or research
institutions, provided that the non-profit academic or research institutions are informed of the Licensee’s rights hereunder and the need to negotiate with the Licensee with respect to the commercial access to the Licensed Technology, and
that the license does not include any right to use the Technology for therapeutic clinical use. 
 7. New clauses. The EPLA is
hereby amended by adding in the following two (2) new sections at the end of Section 12 of the Key Terms of the EPLA as follows: 

12.18 Force Majeure. If either Party shall be delayed or hindered in or prevented from the performance of any act required hereunder by reason
of governmental or judicial orders or decrees, riots, insurrection, war (whether declared or not), acts of terrorism or civil commotion, strike, lock-out acts of God (including extreme weather events, e.g. tsunami. earthquake, flood, typhoon, or
other natural disasters), failure of equipment, suppliers, or other third party vendors, public utilities or common carriers, or other causes reasonably beyond such Party’s control (each a “Force Majeure Event”), then performance of
such act shall be excused for the period and to the extent of such Force Majeure Event; provided that the Party incurring such Force Majeure Event shall provide prompt written notice to the other Party of the commencement of such alleged Force
Majeure Event, and take all reasonable actions to resume performance of the affected acts as soon as practicable thereafter. Any timelines affected by a Force Majeure Event shall be extended for a period equal to that of the Force Majeure Event.

 12.19 Further Assurance. University shall also, at Licensee’s request and expense, reasonably assist Licensee and its representatives
in preparing and updating any required international submissions and all other documents required by FDA or any other U.S. or international governmental or regulatory authorities for approval and commercialization of the Licensed Product.” 

7. Integration. Except as provided in this First Amendment, the terms of the EPLA remain unchanged and in full force and effect. 

8. Execution in Counterparts. This First Amendment may be executed in any number of counterparts, and signatures may be exchanged by facsimile
or pdf, each of which shall be deemed an original but all of which together shall constitute one and the same agreement. 
 IN WITNESS
WHEREOF, the Parties hereto have caused this First Amendment to be duly executed and delivered as of the Amendment Effective Date. 
  

									
		 	Regents of the University of Minnesota	 	            	 	CIPAC, Limited
					
	By:	 	 /s/ Richard Huebsch
	 		 	By:	 	 /s/ Kenneth B. Henderson

					
	Name:	 	Richard Huebsch	 		 	Name:	 	Kenneth B. Henderson
	Title:	 	Assoc. Director Office for Technology Commercialization	 		 	Title:	 	Duly Authorized Attorney
			
	Date: July 10, 2014	 		 	Date: June 26, 2014

  
 3 

 OTC: Agreement Number: A20120373 

Case Number: 20100243 
 SECOND
AMENDMENT 
 TO EXCLUSIVE PATENT LICENSE AGREEMENT 

THIS SECOND AMENDMENT TO EXCLUSIVE PATENT LICENSE AGREEMENT (the “Second Amendment”) is made and entered effective as of the
date of the last signati4 (the “Second Amendment Effective Date”), by and between Regents of the University of Minnesota (the “University”), a Minnesota constitutional corporation under the laws of the state of Minnesota,
having a place of business at 200 Oak Street, SE, Suite 280, Minneapolis, Minnesota 55455, and CIPAC Limited, an entity under the laws of Malta, having a place of business at Level 4, Site 8A, Rosa Marina Building, Marina
Seafront, Pieta PTA 9041, Malta (the “Licensee”) each a “Party” and collectively, the “Parties”). 

BACKGROUND 
 The Parties
entered into an Exclusive Patent License Agreement, dated March 26, 2012 and subsequently amended on July 10, 2014 by First Amendment to Exclusive Patent License Agreement (as amended, the “EPLA”). The parties now wish to amend
the EPLA to reflect that the Licensed Technology now includes a PCT Application. 
 NOW, THEREFORE, THE PARTIES AGREE THAT: 

1. The parties hereby amend the EPLA as of the First Amendment Effective Date to add the following Licensed Patent Application to
Section 5.2: 
  

							
	 Application
No.
	 	 Country
	 	 Filing Date
	 	 Title

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

 2. General. Except as amended, deleted, or otherwise modified by this Second Amendment, the terms of
the EPLA shall remain in full force and effect. 
 IN WITNESS WHEREOF, acting through their respective duly authorized
representatives, the University and the Licensee have duly executed, delivered and entered into this Second Amendment as of the Second Amendment Effective Date. 

[Signature Page Follows] 

 OTC: Agreement Number: A20120373 

Case Number: 20100243 
  

									
	Regents of the University of Minnesota	 		 	CIPAC Limited
					
	By:	 	 /s/ Richard Huebsch
	 		 	By:	 	 /s/ Geoff Rosenhain

	Name: Richard Huebsch	 	            	 	Name: Geoff Rosenhain
	Title: Assoc Dir, OTC	 		 	Title: Founder
			
	Date: October 15, 2014	 		 	Date: October 23, 2014

 THIRD AMENDMENT 

TO EXCLUSIVE PATENT LICENSE AGREEMENT 

THIS THIRD AMENDMENT TO EXCLUSIVE LICENSE AGREEMENT (the “Amendment”) is effective as December 1, 2016 (the
“Effective Date”), by and between Regents of the University of Minnesota (the “University”), a Minnesota constitutional corporation under the laws of the state of Minnesota, having a place of business at 200 Oak Street,
SE, Suite 280, Minneapolis, Minnesota 55455, and Crestovo, LLC, a Delaware limited liability company, having a place of business at 161 First Street, Suite 3B, Cambridge, MA 02142, the successor in interest to CIPAC Limited (the
“Licensee”) each a “Party” and collectively, the “Parties”). 
 BACKGROUND 

The Parties entered into an Exclusive License Agreement on March 26, 2012, which was amended by the First Amendment to Exclusive Patent
License Agreement, dated July 10, 2014 and by the Second Amendment to Exclusive Patent License Agreement, dated October 15, 2014 (the agreement as amended, the “EPLA”). The Parties now wish to amend the EPLA as follows. 

NOW, THEREFORE, THE PARTIES AGREE THAT: 

1. Defined terms used in this Amendment have the meaning set forth in the EPLA, unless specifically defined herein. 

2. Upon Licensee’s payment of the fee set forth in Section 3 of this Amendment, the EPLA is hereby amended to add the following
patent applications to Section 5.2. Licensee represents and University acknowledges that Licensee is reimbursing Arizona State University for Patent Related Expenses for these two patent applications. 

 

							
	 Patent Application

No.
	  	Country	 	Application
Date	 	Title
				
	 [***]
	  	[***]	 	[***]	 	[***]
				
	 [***]
	  	[***]	 	[***]	 	[***]

 3. Upon execution of this Amendment, Licensee shall pay an upfront fee of [***] for a license to the
University’s interest in and to the patent applications set forth in Section 2 of this Amendment. 
 4. Section 9 is deleted
in its entirety and replaced with the following: 
 “9. Performance Milestones. Provided that the United States Food and Drug
Administration (“FDA”) does not recommend or require unanticipated studies or prerequisites, including, without limitation, pre-clinical studies or detailed characterization of control material for clinical trial use, as part of the
regulatory approval process for obtaining a Licensed Product to [***], Licensee shall perform the following milestones. If the FDA does recommend or require such unanticipated studies or prerequisites, the parties will negotiate extensions to the
milestones to reflect additional time that may be needed to achieve the following: 

  
 1 

 [***]. 

5. Section 11.4.1 of the EPLA is deleted in its entirety and replace with the following: 

“Licensee shall pay to University royalties on Net Sales Price of Licensed Products equal to:  

[***]. 
 6. Section 11.4.2 of
the EPLA is deleted in its entirety and replaced with the following: 
 “11.4.2 For the calendar year 2021 and each calendar year
thereafter during the Term (each such period, a “Year”), if the total royalties paid by the Licensee to the University pursuant to clause 11.4.1 above for such Year does not meet the Minimum Royalty Payment for that Year, then the Licensee
must pay to the University, within [***] after the conclusion of such Year, such additional amount to ensure that the total royalties paid by the Licensee to the University is at least equal to the Minimum Royalty Payment. 

 

			
	 Year(s)
	  	Minimum Royalty Payment
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 Within [***] after First Commercial Offer has occurred, the Licensee shall deliver to the University written
notice of such event. 

  
 2 

 7. General. Except as amended, deleted, or otherwise modified by this Third
Amendment, the terms of the EPLA shall remain in full force and effect. 
 IN WITNESS WHEREOF, acting through their respective duly
authorized representatives, the University and the Licensee have duly executed, delivered and entered into this Amendment as of the Effective Date. 

[Signature Page Follows] 

  
 3 

									
	Regents of the University of Minnesota	 		 	Crestovo, LLC
					
	By:	 	 /s/ Rick Huebsch
	 	            	 	By:	 	 /s/ Wendy E. Rieder

	Name: Rick Huebsch	 		 	Name: Wendy E. Rieder, Esq.
	Title: Associate Director	 		 	Title: SVP & General Counsel
			
	Date: December 12, 2016	 		 	Date: December 13, 2016

 FOURTH AMENDMENT TO EXCLUSIVE PATENT LICENSE AGREEMENT 

THIS FOURTH AMENDMENT (this “Amendment”) to the EXCLUSIVE PATENT LICENSE AGREEMENT effective as of March 26, 2012, as amended by the
First Amendment effective July 10, 2014, the Second Amendment effective October 23, 2014, and the Third Amendment effective December I, 2016 (collectively, the “License Agreement”) is made as of September 15, 2017
(“Amendment Date”) by and between Crestovo, LLC, a Delaware limited liability company (“Licensee”) and the Regents of the University of Minnesota, a constitutional corporation under the laws of the state of
Minnesota (“University”). 
 WHEREAS, University and Licensee entered into the License Agreement for the purpose of Licensee to develop and
market Licensed Technology under a license from University; and 
 WHEREAS, the parties desire to make certain amendments to the Licensed Agreement as set
forth below. 
 NOW THEREFORE, in consideration of the mutual covenants and promises contained in this Amendment, the parties hereby agree as follows: 

1. Defined Terms. Capitalized terms used in this Amendment and not defined herein are used with the meanings ascribed to them in the
License Agreement. 
 2. Amendments to License Agreement. The License Agreement shall be amended effective as of the Amendment Date as
follows: 
 (a) Amendment to Subsection 11.4.1 of Key Details. Subsection 11.4.1 of the Key Details of the Agreement is amended to
read in full as follows: 
 11.4.1 Licensee shall pay to University on a Licensed Product-by-Licensed Product and country-by-country basis
royalties on Net Sales Price of Licensed Products equal to: 
 • [***]; 

determined and payable as provided in section 6.4 of the Terms and Conditions, except as determined otherwise in subsection 11.4.2 of the Key
Details. 
 (b) Amendment to Subsection 1.18 of Terms and Conditions. Subsection 1.18 of the Terms and Conditions of the License
Agreement is amended to read in full as follows: 
 1.18 “Net Sales Price” means [***]. 

(c) Amendment to Subsection 1.36 of Terms and Conditions. Subsection 1.36 of the Terms and Conditions of the License Agreement is
amended to read in full as follows: 
 1.36 “Valid Claim” means any claim of (i) an issued, unexpired Licensed Patent that has
not been held permanently revoked, unenforceable or invalid by a decision of a governmental authority of competent jurisdiction, which decision is unappealable or un-appealed within the time allowed for appeal, and that has not been abandoned,
disclaimed, denied or admitted to be invalid or 

  
 1 

 
unenforceable through reissue or disclaimer; and (ii) a pending Patent Application that has not been cancelled, withdrawn or abandoned, and which application claims a first priority no more
than [***] prior to the date upon which pendency is determined. For purposes of clarification, if a claim in an application has been pending for more than [***] from its priority date, and a patent subsequently issues containing such claim, then
upon issuance of the patent, the claim shall thereafter be considered a Valid Claim. 
 (d) Amendment to Subsection 1.32 of Terms anti
Conditions. Subsection 1.32 of the Terms and Conditions of the Agreement is amended to read in full as follows: 
 1.32
“Territory” means worldwide. 
 (e) Amendment to Section 3.1.1 of Terms and Conditions. Subsection 3.1.1 of the Terms
and Conditions of the License Agreement is amended to read in full as follows: 
 3.1.1 Subject to the terms and conditions of this
Agreement, the University hereby grants to the Licensee, and the Licensee hereby accepts, an exclusive license under and to the University’s interest in the Licensed Technology to make (including to have made on its behalf), use, offer to sell
or sell, offer to lease or lease, import, or otherwise offer to dispose or dispose of products or services (or any component thereof) in the Field of Use in the Territory. No provision of this Agreement is to be construed to grant the Licensee, by
implication, estoppel or otherwise, any rights (other than the rights expressly granted to it in this Agreement) to the Licensed Patents or Patent Applications or to any other University-owned technology, patent applications or patents. 

3. Ratification. Except to the extent expressly amended by this Amendment, all of the terms, provisions and conditions of the License
Agreement are hereby ratified and confirmed and shall remain in full force and effect. The term “Agreement”, as used in the License Agreement, shall henceforth be deemed to be a reference to the License Agreement as novated and amended by
this Amendment. 
 4. Governing Law. For the avoidance of doubt, this Amendment (including any claim or controversy arising out
of or relating to this Agreement) shall be governed by the law of [***] and subject to Section 12.2 of the License Agreement. 

5. Further Assurances. Each of the parties agrees to perform (or procure the performance of) all further acts and things, and execute
and deliver (or procure the execution and delivery of) such further documents, as may be required by law or as may be necessary or reasonably desirable to implement and/or give effect to this License Agreement. 

6. Counterparts. This Amendment may he executed manually or by facsimile by the parties, in any number of counterparts, each of which
shall he considered one and the same agreement and shall become effective when a counterpart hereof shall have been signed by each of the parties and delivered to each of the other parties. 

 

									
	Regents of the University of Minnesota	 		  	Crestovo, LLC
					
	By:	 	 /s/ Richard Heubsch
	 	            	  	By:	  	 /s/ Joe Lobacki

	Name: Richard Huebsch	 		  	Name: Joe Lobacki
	Title: Associate Director	 		  	Title: CEO/Interim CEO
			
	Date: 9/25/2017	 		  	Date: 9/15/2017

  
 2

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