Document:

EX-10.6

 Exhibit 10.6 

Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if
publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

AND 
 CULLINAN AMBER
CORP. 
 EXCLUSIVE PATENT LICENSE AGREEMENT 

  
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 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

EXCLUSIVE PATENT LICENSE AGREEMENT 

This Agreement, effective as of December 20, 2019 (the “Effective Date”), is between the Massachusetts Institute of Technology
(“MIT”), a Massachusetts non-profit corporation and educational institution, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and Cullinan Amber Corp.
(“Company”), a Delaware corporation, with a principal place of business at One Main Street, Cambridge, MA 02142. 

RECITALS 
 WHEREAS, the
Patent Rights (as defined herein) relating to [***], were developed by MIT researcher Karl Dane Wittrup and others; and 
 WHEREAS, MIT has
the right to grant licenses under the Patent Rights; and 
 WHEREAS, MIT desires to have the Patent Rights developed and commercialized to
benefit the public and is willing to grant a license thereunder; and 
 WHEREAS, Company has represented to MIT, to induce MIT to enter into
this Agreement, that Company shall commit itself to a diligent program of exploiting the Patent Rights so that public utilization shall result therefrom; and 

WHEREAS, Company desires to obtain a license under the Patent Rights upon the terms and conditions hereinafter set forth; 

  
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 NOW, THEREFORE, MIT and Company hereby agree as follows: 

1.    DEFINITIONS 

1.1    “Affiliate” shall mean, with respect to any organization or entity, any person, organization or
entity controlling, controlled by or under common control with, such organization or entity. For purposes of this definition only, “control” of another person, organization or entity shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the activities, management or policies of such person, organization or entity, whether through the ownership of voting securities, by contract or otherwise. Without limiting the foregoing, control shall
be presumed to exist when a person, organization or entity (a) owns or directly controls fifty percent (50%) or more of the outstanding voting stock or other ownership interest of the other organization or entity or (b) possesses, directly
or indirectly, the power to elect or appoint fifty percent (50%) or more of the members of the governing body of the organization or other entity. The parties acknowledge that in the case of certain entities organized under the laws of certain
countries outside of the United States, the maximum percentage ownership permitted by law for a foreign investor may be less than fifty percent (50%), and that in such cases such lower percentage shall be substituted in the preceding sentence. 

1.2    “Affiliated Sublicensee” shall mean any Sublicensee that is an Affiliate at the time such
Sublicense is granted, for as long as it remains an Affiliate.  
 1.3    “Change of Control of
Company” shall mean (a) a merger, share exchange or other reorganization concerning the direct or indirect ownership of Company, (b) the acquisition of ownership, directly or indirectly, beneficially or of record, by any person or
group of the capital stock of Company representing a majority of the aggregate ordinary voting power, or aggregate equity value represented by the issued and outstanding capital stock, of Company, or (c) a sale of all or substantially all of
the assets of Company or that portion of Company’s business to which the license granted under this Agreement relates in one transaction or a series of related transactions, in which for each of (a), (b) and (c) the persons or entities
that own capital stock of Company representing a majority of the voting power of Company prior to such transaction do not own a majority of the voting power of the acquiring, surviving or successor entity, as the case may be; and (d) the first
sale of Company’s common stock in a firm commitment underwritten public offering registered under the Securities Act of 1933, as amended, pursuant to an effective registration statement, provided however, that a transaction in which working
capital is raised through the non-public issuance of equity in Company to investors shall not constitute a Change of Control. 

  
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 1.4    “Change of Control of an Affiliated Sublicensee”
shall mean (a) a merger, share exchange or other reorganization in which an Affiliated Sublicensee is a constituent party, (b) the acquisition, in a single transaction or series of related transactions, by a person or entity or a group of
related persons or entities, of a majority of the voting power of the Affiliated Sublicensee from the direct or indirect equity holders of such Affiliated Sublicensee, or (c) the sale, lease transfer, exclusive license or other disposition, in
a single transaction or series of related transactions of all or substantially all of the assets of the Affiliated Sublicensee (or that portion of its assets related to the subject matter of the Sublicense), in which for each of (a), (b) and
(c) the direct or indirect equity holders of the Affiliated Sublicensee that own a majority of the voting power of the Affiliated Sublicensee prior to such transaction do not own a majority of the voting power of the acquiring, surviving or
successor entity, as the case may be; and (d) the first sale of the Affiliated Sublicensee’s common stock in a firm commitment underwritten public offering registered under the Securities Act of 1933, as amended, pursuant to an effective
registration statement. 
 1.5    “Combination Product” shall mean any product incorporating both (a)
[***] and (b) [***]. 
 1.6     “Diligence Requirements” shall mean those activities and/or events that
constitute Company’s specific development and commercialization milestones, more specifically described in Appendix C. 

1.7    “Distributor” shall mean a third party engaged in the distribution of pharmaceutical products that
is not an Affiliate of Company or a Sublicensee and to which Company or a Sublicensee has sold Licensed Products in an arms’ length transaction and from which Company or a Sublicensee will not receive any additional benefit separate from the
payment for such Licensed Products. 
 1.8    “Expansion Fields” shall mean a protein collagen binding
domain fused to either or both: 1) [***]; and/or 2) [***]. 
 1.9    “Field” shall mean a protein
collagen binding domain fused to either or both: [***], for the diagnosis, prognosis, prophylaxis or treatment of cancer in humans or other animals. 

1.10    “First Commercial Sale” shall mean, with respect to a Licensed Product, the date of the first
sale (in exchange for cash or other consideration to which value can reasonably be assigned for the purpose of determining Net Sales) by Company, its agents or Sublicensees of such Licensed Product in a given country to a Distributor or to an
independent third party for end use or consumption of such Licensed Product in such country. 

  
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 1.11    “Fully Funded Project” shall mean a development
project for a specific Licensed Product at a level of funding no less than [***] for [***] of the project, [***] for [***] of the project and [***] thereafter, ending upon First Commercial Sale of such Licensed Product. 

1.12    “Improvement” shall mean a patentable invention which is: 

(i) Arising [***] from research performed in the laboratory of Karl Dane Wittrup at the Koch Institute for Integrative Cancer Research at MIT
and directed to use in the Field; 
 (ii) Disclosed to the MIT Technology Licensing Office and conceived and reduced to practice within
[***] after the Effective Date; 
 (iii) Includes Karl Dane Wittrup as an inventor; 

(iv) Dominated by a Valid Claim of the Patent Rights exclusively licensed in the Field under this Agreement and listed on Appendix A as of
the Effective Date; and 
 (v) Available for licensing after satisfaction of any obligations to third parties, including without limitation
sponsors of the research leading to such invention. 
 1.13    “Licensed Product” shall mean, on a country-by-country basis, any product in the Field, the making, using, selling, offering for sale, importing or exporting in the country in question would (without the license
granted hereunder) infringe at least [***] Valid Claim (were it to have issued) or issued Valid Claim in that country. 

1.14    “Net Sales” shall mean the gross amount billed by Company and its Sublicensees or agents, for
Licensed Products, less the following: 
 (a) [***]; 

(b) [***]; 
 (c) [***]; 

(d) [***]; and 
 (e) [***]. 

[***] 

  
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 In the case of a Combination Product, [***] (the “Combination Value
Report”). 
 [***]. 

1.15    “Patent Challenge” shall mean a legal or administrative challenge to the validity, patentability,
scope or enforceability of any of the Patent Rights (as defined below) or otherwise opposing any of the Patent Rights; provided, however, that a Patent Challenge shall not include: (a) arguments made by Company in the ordinary course of patent
office prosecution for the purpose of distinguishing the inventions claimed in patents or patent applications owned or controlled by Company (“Company Patents”) from those claimed in the Patent Rights to the extent such arguments do
not disparage, criticize or otherwise undermine the Patent Rights or raise any issue of the Patent Rights’ compliance with or sufficiency under applicable patent laws, regulations or administrative rules, or disrupt prosecution of any of the
Patent Rights in the ordinary course of patent office prosecution, or (b) arguments or assertions as to whether the Patent Rights cover a given product that arise in a claim of breach of contract concerning Company’s royalty obligations
brought by MIT. 
 1.16    “Patent Rights” shall mean: 

(a) the United States and international patents listed on Appendix A; 

(b) the United States and international patent applications and/or provisional applications listed on Appendix A and
the resulting patents; 
 (c) any patent applications resulting from the provisional applications listed on Appendix A, and any
divisionals, continuations, continuation-in-part applications, and continued prosecution applications (and their relevant international equivalents) of the patent
applications listed on Appendix A and of such patent applications that result from the provisional applications listed on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent
applications listed on Appendix A, and the resulting patents; 
 (d) any patents resulting from reissues, reexaminations, or
extensions (and their relevant international equivalents) of the patents described in (a), (b), and (c) above; and 
 (e) international
(non-United States) patent applications and provisional applications filed after the Effective Date and the relevant international equivalents to divisionals, continuations, continuation-in-part applications and continued prosecution applications of the patent applications to the extent the claims are directed to subject matter specifically described in the patents or patent
applications referred to in (a), (b), (c), and (d) above, and the resulting patents. 

  
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 1.17    “Phase 1 Study” shall mean a human clinical
trial to evaluate the safety, toxicity, tolerance, pharmacokinetic properties, pharmacodynamic properties, dosing interval, maximum tolerated dose, dose ranging, and/or absorption, distribution, metabolism, excretion (ADME) of a Licensed Product.

 1.18    “Phase 2 Study” shall mean a human clinical trial to evaluate proof of concept, proof of
mechanism, and/or efficacy in the targeted patient population and/or to define the dosing range or safety profile of a Licensed Product. 

1.19    “Phase 3 Study” shall mean a human clinical trial to confirm the efficacy, safety and/or further
define targeted dose of a Licensed Product, which clinical trial is prospectively designed to be a pivotal trial for obtaining regulatory approval to market such Licensed Product, to patients with the disease or clinical condition under such trial.

 1.20     “Reporting Period” shall begin on [***]. 

1.21    “Research Support Payments” shall mean payments from a Sublicensee for the purpose of [***]. 

1.22    “Sublicense Income” shall mean payments (which shall include [***]) received as consideration for
any Sublicense granted pursuant to this Agreement, including without limitation [***], but specifically excluding: [***]. For clarity, for purposes of calculating the amount of Sublicense Income owed [***], Sublicense Income shall mean [***].

 1.23    “Sublicense” shall mean (i) any right granted, license given or agreement entered into
by Company or a Sublicensee to or with another person or entity, under or with respect to, in connection with or permitting any use of the Patent Rights or otherwise granting rights to such person or entity pursuant to this Agreement (e.g., an
agreement created for the purpose of developing a Licensed Product, such as a strategic partnership); (ii) any option or other right granted by Company or a Sublicensee to any other person or entity to negotiate for or receive any of the rights
described under clause (i); or (iii) any standstill or similar obligation undertaken by Company or a Sublicensee toward another person or entity not to grant any of the rights described in clause (i) or (ii) to any third party, in each
case regardless of whether such grant of rights, license given or agreement entered into is referred to or is described as a sublicense. For avoidance of doubt, each sublicense tier shall be a Sublicense. Notwithstanding anything in the foregoing,

  
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a Change of Control of Company, a Change of Control of an Affiliated Sublicensee or the assignment or transfer of this Agreement in its entirety in accordance with Section 10 shall not be
deemed a “Sublicense”. 
 1.24    “Sublicensee” shall mean any person or entity that has been
granted a Sublicense under this Agreement. 
 1.25    “Term” shall mean the term of this Agreement,
which shall commence on the Effective Date and, unless earlier terminated as provided herein, shall remain in effect until the expiration or abandonment of all issued patents and filed patent applications within the Patent Rights. 

1.26    “Territory” shall mean worldwide. 

1.27    “Valid Claim” shall mean (a) a claim of an issued and unexpired patent within the Patent
Rights that has not been (i) held permanently revoked, unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction, unappealable or unappealed within the time allowed for appeal,
(ii) rendered unenforceable through disclaimer or otherwise, (iii) abandoned or (iv) permanently lost through an interference or opposition proceeding without any right of appeal or review; or (b) a pending claim of a pending
patent application within the Patent Rights that (i) has been asserted and continues to be prosecuted in good faith and (ii) has not been abandoned or finally rejected without the possibility of appeal or refiling, and (iii) has not
been pending for more than [***] after the date of first substantive examination of such claim, as evidenced by the receipt of an office action on the merits from the United States Patent and Trademark Office (or an equivalent examination report
form a foreign patent office); provided, however, that in the event such claim issues as a claim of an issued patent, then such claim shall be a Valid Claim hereunder, and Company shall pay to MIT any amounts that would otherwise have been due as if
such claim had remained a Valid Claim. Notwithstanding the foregoing, if the prosecution of a given application is interrupted and/or delayed by a patent office and/or due to a Patent Challenge and/or a patent office proceeding such as an
interference, appeal or opposition, then the pendency of such Patent Challenge and/or proceeding(s) shall not be included in the [***] time period set forth above following such issuance. The invalidity of a particular claim in one or more countries
shall not invalidate such claim in the remaining countries of the Territory, or otherwise affect whether such claim is a Valid Claim in the remaining countries of the Territory. 

  
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 2.    GRANT OF RIGHTS 

2.1    License Grants. Subject to the terms of this Agreement, MIT hereby grants to Company for the Term in the
Field: an exclusive (subject to the reserved rights described below) equity and royalty-bearing license under the Patent Rights to develop, make, have made, use, sell, have sold, offer to sell, lease, and import Licensed Products in the Field in the
Territory. 
 2.2    Option Rights. 

(a) Limited-Term Option to Expansion Fields. 

(i) MIT hereby grants Company an exclusive option to amend the Field to include Expansion Fields (the “Option Right”),
provided however, that the Company’s exercise of such Option Right is contingent on Company providing MIT with a research and development plan, including specific mutually acceptable diligence requirements, such diligence requirements to be
added by amendment to this Agreement for the commercial development of Licensed Products in the Expansion Fields. Such Option Right shall be exercisable by Company on an Expansion
Field-by-Expansion Field basis. 
 (ii) Company may
exercise the Option Right upon written notice to MIT on or before the [***] of the Effective Date (the “Option Period”). Company and MIT will enter into a written amendment to this Agreement with respect to any mutually agreed upon
change(s) in accordance with this Section 2.2. Company will pay MIT an Amendment Fee of [***] for addition of each Expansion Field so added to this Agreement and, as agreed to by the Parties through good faith negotiations, Company’s
financial obligations under Sections 4.1(c) and (f) shall be amended with respect to Licensed Products in the applicable Expansion Field to reflect the additional rights and value being added . If Company does not elect to exercise the
Option Right or fails to exercise the Option Right during the Option Period with respect to an Expansion Field(s), or if MIT and Company are unable to reach agreement on acceptable diligence milestones and/or financials for such Expansion Field(s)
within [***] after Company has exercised the Option Right, Company’s rights under this Section 2.2 shall expire with respect to such Expansion Field. 

(b) Limited-Term Option to Improvements. 

(i) Promptly after the MIT Technology Licensing Office receives disclosure of an Improvement, the MIT Technology Licensing Office
(“TLO”) shall notify Company in writing of the Improvement and provide Company a copy of the invention disclosure, and, if applicable, any 

  
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 related patent application(s) (collectively, the “Improvement Information Package”). Such
Improvement Information Package shall be kept confidential by Company in accordance with the terms in Article 14 as if MIT were the disclosing party and Company the receiving party). Notwithstanding the foregoing, MIT shall be under no obligation to
file patent applications for any Improvement unless and until Company exercises its option, pursuant to this Section 2.2(b), with respect to such Improvement. 

(ii) Company shall have the right to request, in writing and delivered to the TLO by Company within [***] following Company’s receipt of
the Improvement Information Package, the commencement of good faith negotiations for a license to MIT’s interest in any patent application MIT controls to the extent that it claims an Improvement (the “Improvement Patent
Rights”). 
 (iii) If Company notifies MIT in accordance with Section 2.2(b)(ii) above, Company shall provide to MIT, within
[***] following MIT’s receipt of Company’s notice, a business and development plan for Licensed Products covered by the Improvement Patent Rights (which shall include specific development milestones ), for MIT’s review and approval,
not to be unreasonably withheld. 
 (iv) Upon MIT’s written approval of Company’s business and development plan, and subject to:
(A) Company’s compliance with the terms of this Agreement; (B) any legal or contractual obligations MIT may have to third parties and (C) consent of the TLO, not to be unreasonably withheld, the Parties shall enter into good
faith negotiations for a period of up to [***] following MIT’s approval of Company’s business and development plan for Licensed Products covered by the Improvement Patent Rights (the “Amendment Negotiation Period”) to
amend this Agreement to include a grant of rights to MIT’s interest in the Improvement Patent Rights upon commercially reasonable financial terms (including, for example, an upfront fee, maintenance fees, milestone payments, etc.) and updated
diligence requirements, as applicable. If MIT and Company fail to reach agreement on terms within such Amendment Negotiation Period, then Company shall have no further rights with respect to the Improvement Patent Rights and MIT will be entitled to
grant licenses to third parties to such Improvement Patent Rights without any further obligation to Company. 

  
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 (v) Notwithstanding the new and/or revised diligence and financial terms included in the
Amendment, as set forth in Section 2.2(b)(iv) above, and in addition thereto, for each Improvement option exercised, Company will pay MIT an Improvement Addition Fee of [***], and Company shall be responsible for [***] in accordance with
Section 4.1(a)(ii) and Section 6.4. Upon Company’s exercise of such Improvement option right and payment of the relevant fee(s): (A)Appendix A shall be amended to add the patent application(s) covering such Improvement, and such
Improvement and any resulting patent applications and patents shall thereafter be included in the Patent Rights for all purposes of this Agreement and (B) the parties shall amend this Agreement to include any terms and/or conditions associated
with or in connection to the Improvement, as applicable. 
 2.3    Sublicense Rights. So long as Company remains
the exclusive licensee of the Patent Rights in the Field in the Territory, Company shall have the right to grant Sublicenses through [***] tiers without consent of MIT, including some or all of its rights under Section 2.1 (License Grants).
Company shall not have the right to grant Sublicenses beyond [***] tiers. Company, and Sublicensees, as applicable, shall incorporate terms and conditions into Sublicense agreements sufficient to enable Company to comply with this Agreement, and
specifically must include the following: 
 (a)     all provisions necessary to ensure Company’s ability to perform
its obligations under this Agreement; 
 (b)    a section substantially the same as Article 8 of this Agreement, which
also will state that the Indemnitees (as defined in Section 8.1 (Indemnification)) are intended third party beneficiaries of such Sublicense agreement for the purpose of enforcing such indemnification; 

(c)     a provision clarifying that, in the event of termination of the license set forth in Section 2.1 (License
Grants) (in whole or in part (e.g., termination in a particular country)), any existing Sublicense agreement shall terminate to the extent of such terminated license and subject to Section 12.5; 

(d)    a provision prohibiting the Sublicensee from assigning the Sublicense agreement without the prior written consent
of MIT; provided, however, that such written consent shall not be required in the event Sublicensee assigns the Sublicense agreement to an Affiliate or to any third party in connection with a change of control, merger, consolidation, stock sale or
sale or transfer of all or substantially all of its assets to which the Sublicense agreement relates, provided that: (i) Company is in full compliance with this Agreement and Company certifies in writing to MIT that Sublicensee is in 

  
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 full compliance with the terms of the Sublicense, such certification signed by a Company executive,
(ii) MIT is promptly notified of the assignment and the assignee, and (iii) the assignee agrees in writing to be bound by the terms of the applicable Sublicense. Nothing in this Section 2.3(d) shall be construed to modify or eliminate
any obligation of Company to pay MIT a fee in connection with a Change of Control of an Affiliated Sublicensee in accordance with Section 4.1(i); and 

(e)     with respect to Sublicenses with Affiliated Sublicensees, a provision enabling Company to pay MIT a fee upon the
Change of Control of such Affiliated Sublicensee as described in Section 4.1(i). For clarity, the assignment or transfer of this Agreement from one Affiliated Sublicensee to another Affiliated Sublicensee shall not be deemed to be Change of
Control of an Affiliated Sublicensee. 
 [***] 

Non-monetary consideration shall not be accepted by Company, or any Sublicensee, as applicable, for
any Sublicense agreement, without the prior written consent of MIT, which consent shall not be unreasonably conditioned, withheld or delayed. If MIT approves such non-monetary consideration in connection with
a Sublicense, Sublicense Income will be calculated based on [***]. Company, and any Sublicensee, as applicable, shall promptly furnish MIT with a copy of each executed Sublicense agreement and any amendments thereto and, also, shall report each
executed Sublicense agreement and relevant amendment(s) to MIT as required under Section 5.1 (Progress Reports). Company shall be responsible for any breach of a Sublicense agreement by any Sublicensee that results in a material breach of this
Agreement. Company shall either (a) cure such breach in accordance with Section 12.3(b) (Other Material Breach) of this Agreement or (b) enforce its rights by terminating such Sublicense agreement in accordance with the terms thereof.

 2.4    U.S. Manufacturing. Company agrees to comply with the applicable requirements of 35 U.S.C. § 204
“Preference for United States Industry”, as amended, or any successor statutes or regulations. 

2.5    Retained Rights. 

(a) Research and Educational Use. MIT retains the right on behalf of itself and all other
non-profit research institutions to practice under the Patent Rights for research, teaching, and educational purposes. 

  
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 (b) Federal Government. Company acknowledges that the U.S. federal government retains
a royalty-free, non-exclusive, non-transferable license to practice any government-funded invention claimed in any Patent Rights as set forth in 35 U.S.C. §§ 201-211, and the regulations promulgated thereunder, as amended, or any successor statutes or regulations. 

(c) No Additional Rights. Nothing in this Agreement shall be construed to confer any rights upon Company by implication, estoppel, or
otherwise as to any technology, patent, or other rights of MIT or any other entity other than as expressly provided in Article 2, regardless of whether such technology or patent rights shall be dominant or subordinate to any Patent Rights. 

3.    COMPANY DILIGENCE OBLIGATIONS 

3.1    Diligence Requirements. Company shall use diligent efforts to develop, seek regulatory approval for and
commercialize Licensed Products and to make Licensed Products that have gained any regulatory approval in a jurisdiction reasonably available to the public in such jurisdiction. In addition, Company shall achieve the Diligence Milestones in
accordance with the schedule set forth on Appendix C hereto. 
 3.2    Failure to Achieve Diligence Milestone;
Right to Cure. 
 (a) If Company believes that it will not achieve a Diligence Milestone, it shall notify MIT in writing no less than
[***] in advance of the relevant deadline and include with such notice (i) a reasonable explanation of the reasons for such failure (“Explanation”) and (ii) a reasonable, detailed, written plan for promptly achieving a
reasonable extended and/or amended milestone (“Amended Plan”). If both Company’s Explanation and Amended Plan are acceptable to MIT in its reasonable discretion, then the Diligence Milestones will be amended automatically
(through written amendment in accordance with Section 15.4 (Amendment and Waiver)) to incorporate the extended and/or amended milestone set forth in the Amended Plan. If Company so notifies MIT, but fails to provide MIT with both an Explanation
and Amended Plan, then Company will have an additional [***] after the original deadline to meet such Diligence Requirement. Company’s failure to notify MIT of a delay in achieving a Diligence Requirement shall constitute a material breach of
this Agreement for which MIT shall have the right to terminate this Agreement in accordance with Section 12.3(b). 
 (b) If Company
notifies MIT and provides MIT with an Explanation and Amended Plan, but the Explanation is not acceptable to MIT in its reasonable discretion, then Company will have an additional [***] or until the original deadline of the relevant Diligence
Requirement, 

  
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whichever is later, to meet such Diligence Requirement. Company’s failure to do so shall constitute a material breach of this Agreement for which MIT shall have the right to terminate this
Agreement in accordance with Section 12.3(b). If Company so notifies MIT and provides MIT with an Explanation and Amended Plan, but the Amended Plan is not acceptable to MIT in its reasonable discretion, then MIT will explain to Company why the
Amended Plan is not acceptable and provide Company with suggestions for an acceptable Amended Plan. Company will have one opportunity to provide MIT with an acceptable Amended Plan within [***] after receipt of such suggestions from MIT, during
which time MIT agrees to work with Company in its effort to develop an acceptable Amended Plan. If, within such [***], Company provides MIT with an acceptable Amended Plan, then the Diligence Requirement will be amended automatically (through
written amendment in accordance with Section 15.4 (Amendment and Waiver)) to incorporate the extended and/or amended milestone set forth in the Amended Plan. If, within such [***], Company fails to provide an acceptable Amended Plan, then
Company will have an additional [***] or until the original deadline of the relevant Diligence Requirement, whichever is later, to meet such Diligence Requirement. Company’s failure to do so shall constitute a material breach of this Agreement
for which MIT shall have the right to terminate this Agreement in accordance with Section 12.3(b). For clarity, if Company fails to achieve a Diligence Requirement and does not avail itself of the procedure set forth in this Section, then MIT
shall have the right to terminate this Agreement in accordance with Section 12.3(b). 
 4.    REVENUE AND PAYMENT TERMS 

4.1    Consideration for Grant of Rights. 

(a) License Issue Fee and Past Patent Cost Reimbursement. Company shall pay to MIT, within [***] following the date of its receipt of an
invoice from MIT, the following amounts: 
 (i) a license issue fee of fifty-thousand dollars ($50,000); and 

(ii) reimbursement of all documented, out-of-pocket expenses
incurred by MIT prior to (and including) the Effective Date in connection with the preparation, filing, prosecution, maintenance and defense of the Patent Rights. 

These payments are nonrefundable. 

  
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 (b) Equity. 

(i) Definitions. 

(A)    “Fully Diluted Basis” shall mean the number of shares of common stock of Company then-outstanding
(assuming conversion of all outstanding stock other than common stock into common stock) plus the number of shares of common stock of Company issuable upon exercise or conversion of then-outstanding convertible securities, options, rights or
warrants of Company (which shall be determined without regard to whether such securities are then vested, exercisable or convertible). 

(B)    “Additional Securities” shall mean shares of capital stock, convertible securities, warrants,
options or other rights to subscribe for, or purchase or acquire from Company any capital stock of Company. 

(C)    “Funding Threshold” shall mean an aggregate total investment of [***] in cash, in one or a series
of related transactions, in each case, in exchange for the Company’s capital stock. 
 (D)    
“Assignee” means (a) [***], or (b) any entity that is an Affiliate of MIT. 
 (ii) Initial Grant. Company shall issue
to MIT a total of Eight Hundred Thousand sixty-six (800,066) shares of Company’s common stock, subject to a mutually-agreeable stock purchase or subscription agreement, not later than [***] following the Effective Date (the
“Shares”). Company represents to MIT that, as of the Effective Date, the Shares represent five percent (5%) of Company’s issued and outstanding capital stock on a Fully Diluted Basis, as calculated after giving effect to this
issuance. 
 (iii) Anti-Dilution Protection through Funding Threshold. If, prior to the achievement of the Funding Threshold, Company
issues Additional Securities that would cause the Shares to represent less than five percent (5%) on a Fully-Diluted Basis, Company shall immediately issue to MIT for no additional consideration such additional number of shares of common stock of
Company (the “Anti-Dilution Shares”) such that the Shares plus the Anti-Dilution Shares would then represent, in the aggregate, five percent (5%) of the issued and outstanding shares of Company on a Fully-Diluted Basis, as
calculated immediately following the achievement of the Funding Threshold. Such issuances shall continue only until and through Company’s achievement of the Funding Threshold; thereafter, the Shares and Anti-Dilution Shares, if any, shall be
subject to ordinary dilution. 

  
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 (iv) Company Representations and Warranties. Company hereby represents and warrants the
following: 
 (A)    the capitalization table provided by Company upon issuance of the Shares, and the Anti-Dilution
Shares, if applicable (the “Cap Table”), sets forth all of the capital stock of Company as of the Effective Date; 

(B)    other than as set forth in the Cap Table, as of the date of issuance of the Shares, and Anti-Dilution Shares, if
applicable, there are no outstanding shares of capital stock, convertible securities, outstanding warrants, options or other rights to subscribe for, or purchase or acquire from Company any capital stock of Company, and there are no contracts or
binding commitments providing for the issuance of, or the granting of rights to acquire, any capital stock of Company or under which Company is, or may become, obligated to issue any of its securities; and 

(C)    the Shares or the Anti-Dilution Shares, as the case may be, when issued pursuant to the terms hereof, shall, upon
such issuance, be duly authorized, validly issued, fully paid and nonassessable. 
 (v) Participation Rights. If Company proposes to
sell for financing purposes any equity securities or securities that are convertible into equity securities of Company, then MIT and/or its Assignee will have the right to purchase up to [***] of the securities issued in each such financing on the
same terms and conditions as are offered to the other purchasers in each such financing. Company shall provide advance written notice of each such financing, including reasonable detail regarding the terms of the financing, and MIT shall not be
required to participate in any closing of such financing earlier than [***] after such notice. 
 (c) License Maintenance Fees.
Company shall pay to MIT the following license maintenance fees on the dates set forth below: 
  

			
	 Anniversary of the Effective Date
	  	Amount of Fee
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

  
 15 

 This annual license maintenance fee is nonrefundable; however [***]. 

(d) Running Royalties. During the Term Company shall pay to MIT a running royalty of [***] of Net Sales on all Licensed Products.
Running royalties shall be payable for each Reporting Period and shall be due to MIT within [***] of the end of each Reporting Period. 

(e) Third Party IP. If, after the Effective Date, Company reasonably determines that it is necessary to acquire rights under a third
party’s patent rights in order for Company to exploit the Patent Rights under this Agreement, Company shall have the right to negotiate and acquire such rights, through a license or otherwise, and then Company may deduct an amount equal to
[***] of any amounts actually paid to such third party for the sale of a Licensed Product from any running royalties due to MIT hereunder provided that: (i) the third party is not an Affiliate; (ii) if the royalty rate for calculating
royalty payments due to such third party licensor is greater than [***], the percentage deduction that Company is entitled to make against royalty payments due to MIT must not be greater than any percentage deduction that Company is entitled to make
against royalty payments due to such third party licensor on account of royalty payments made to MIT with respect to such Licensed Product; and (iii) in no event shall the royalty payments due MIT with respect to such Licensed Product be
reduced by more than fifty percent (50%) of the amount otherwise due. 
 (f) Milestone Payments. For each Distinct Licensed Product
(as defined herein), Company shall pay to MIT the amounts set forth in Table A (Distinct Licensed Product Milestone Payments in first indication) upon the achievement by Company or its Sublicensees of the Milestone Events set forth in Table A with
respect to [***]. For each of [***] that differs from [***] for each Distinct Licensed Product, Company shall pay to MIT the amounts set forth in Table B (Distinct Licensed Milestone Payments in subsequent Indications) upon the achievement by
Company or its Sublicensees of the Milestone Events set forth in Table B with respect to such [***]. No amounts shall be due for the achievement by Company or its Sublicensees of a Milestone Event with respect to [***] by a Distinct Licensed
Product. 
 For purposes of the foregoing paragraph, an “indication” shall mean a sign, symptom, disease or condition that leads
to the recommendation of a treatment, test or procedure. Notwithstanding the foregoing, with respect to a treatment with a specific Licensed Product [***]. 

A Licensed Product is Distinct if it contains: (i) [***] or (ii) [***]. For clarity, a Licensed Product is not Distinct if it contains [***].

  
 16 

 The Milestone Payments set forth in the tables below shall not be payable with respect to a
[***]. “Replacement” shall mean a Licensed Product that has [***]. For purposes of this paragraph, [***]. For purposes hereof, [***]. 

Company shall also pay to MIT the amounts set forth in Table C (Commercial Milestone Payments) a single time only, and such Milestone Payments
shall be calculated on a cumulative basis (i.e., the applicable Milestone Payment shall become due as soon as the cumulative Net Sales target has been reached, which shall be based upon the additive calculation of Net Sales across all Licensed
Products in all indications). 
 Table A: Distinct Licensed Product Milestone Payments in [***] 

 

			
	 Milestone Event
	  	Milestone Payment
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 Table B: Distinct Licensed Product Milestone Payments in [***] 

 

			
	 Milestone Event
	  	 Milestone Payment

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

 Table C: Commercial Milestone Payments 

 

			
	 Milestone Event
	  	 Milestone Payment

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

  

	*	 “EU Approval” means (a) regulatory approval in the EU through the central procedure plus
regulatory approval (including receipt of pricing approval) in any [***] EU Major Market Country 

  
 17 

	 	
(as defined below) OR (b) regulatory approvals (including receipt of pricing approvals) in any [***] EU Major Market Countries or any [***] European Major Market Countries (as defined
below). “EU Major Market Country” means each of [***], for so long as such country is a member of the European Union. “European Major Market Country” means each of [***]. 

	**	 “Approval in Japan or China” means the first to occur of approval in Japan or China. For clarity,
this milestone payment is payable only once, and no additional payment shall be due for a subsequent approval in the other of Japan or China, as applicable. 

Company shall notify MIT within [***] following the date of the achievement of any of the above milestones by Company or its Sublicensee, such
notice to specifically identify the applicable milestone event and payment obligation. Such amounts shall be both non-creditable and non-refundable, shall be payable for
each Reporting Period, and shall be due to MIT within [***] following the last day of the Reporting Period. 
 The milestone events set
forth above are intended to be [***]. 
 If the Milestone Events set forth in Table A (Distinct Licensed Product Milestone Payments in first indication) and
Table C (Commercial Milestone Payments) are not all achieved at least [***] prior to the expiration of the Term of this Agreement, then Company’s obligation to pay MIT the Milestone Payments set forth in Table A (Distinct Licensed Product
Milestone Payments in first indication) and Table C (Commercial Milestone Payments) shall [***]. Upon the [***] achievement of each Milestone Event set forth in Table A (Distinct Licensed Product Milestone Payments in first indication), and Table C
(Commercial Milestone Payments) (which need not be in the Milestone Event order set forth above) and subsequent payment to MIT of the corresponding Milestone Payment(s), [***]. 

Upon a Change of Control of Company, a Change of Control of an Affiliated Sublicensee, or an otherwise MIT approved assignment of this
Agreement, the Milestone Payments set forth in Table A and Table B (i.e., not including Table C) shall be increased by [***] for any subsequent Milestone Events (e.g., [***]). 

(g) Sharing of Sublicense Income. Company shall pay to MIT the percentages of Sublicense Income received by Company or an Affiliated
Sublicensee, as applicable, in connection with any Sublicense regardless of tier, as set forth below in Sections 4.1(g)(i)-(ii). If, in any Sublicense of the Patent Rights, Company or an Affiliated Sublicensee also grants rights to other [***]
(hereinafter a “Bundled Sublicense”), Company or an Affiliated Sublicensee, as applicable, 

  
 18 

 
[***]. For clarity, [***]. Any allocation of value ascribed to the Patent Rights shall be determined by Company or its Affiliated Sublicensee, as applicable, in good faith, without discrimination
among and between Company or its Affiliated Sublicensee, as applicable, Sublicensee, MIT and/or any other third parties that claim rights to such technology and/or patent rights, and shall: (1) appropriately reflect the value of the Patent
Rights Sublicensed by Company or an Affiliated Sublicensee, as applicable, in the context of the entire transaction or series of related transactions of which the Sublicense is a part; and (2) be supported by a detailed written analysis and
justification delivered to MIT containing information reasonably sufficient to demonstrate the appropriateness of such valuation. Company shall provide MIT with any additional information reasonably requested by MIT to demonstrate the
appropriateness of such valuation. In the event that MIT disputes the appropriateness of such allocation, MIT shall have the right to request that an independent third party, mutually agreed to by the Parties, conduct and certify an allocation of
the value ascribed to the Patent Rights at Company’s expense (the “Independent Valuation”). The Independent Valuation, or such other allocation to which the Parties may mutually agree, shall then be used as the basis for calculating
Sublicense Income sharing, in accordance with this Section 4.1(g)(ii)(A)-(C), for any such Bundled Sublicense. In the event that the Independent Valuation results in an allocation of value that differs from the allocation of value proposed by
Company or its Affiliate Sublicensee, as applicable, directly prior to MIT’s request for the Independent Valuation by less than [***]. 

(i) Sublicense to Patent Rights. Total of [***] of all Sublicense Income received by Company in any Sublicense to only the Patent
Rights and not to any other technology and/or patent rights owned or controlled by Company. 
 (ii) Sublicense to Bundled Patent
Rights. 
 (A) Prior to [***], a total of [***] of Sublicense Income. 

(B) After the [***], a total of [***] of Sublicense Income. 

(C) After the [***], a total of [***] of Sublicense Income. 

All such amounts shall be payable for each Reporting Period and shall be due to MIT within [***] following the end of each Reporting Period. 

(h) Consequences of a Patent Challenge. In the event that: (i) Company or an Affiliate brings a Patent Challenge against MIT; or
(ii) Company or an Affiliate assists another party in bringing a Patent Challenge against MIT (except as required under a court order or subpoena), 

  
 19 

 
then all payments due under this Article 4 shall be doubled for the remainder of the Term. In the event that such a Patent Challenge is successful, Company will have no right to recoup any
payments made during the period of challenge. In the event that a Patent Challenge is unsuccessful, Company shall reimburse MIT for all reasonable legal fees, costs and expenses incurred in its defense against the Patent Challenge. 

(i) Change of Control Fee. Within [***] following (a) the first Change of Control of Company and (b) the first Change of
Control of each Affiliated Sublicensee, Company shall report such Change of Control to MIT in writing and Company shall pay to MIT the cash equivalent of the lesser of: (i) [***] or (ii) [***]. Should this calculation yield a value less than [***],
this payment shall be set to [***]. Notwithstanding the foregoing, if the Change of Control is not the result of an arms’ length transaction with an unaffiliated third party then the consideration received by Company for such Change of Control
shall be calculated [***]. Where a Change of Control of an Affiliated Sublicensee is followed by a Change of Control of Company, the fee [***].

4.2    Payments. 

(a) Invoices. All invoices issued by MIT under this Agreement shall be addressed to Company as follows, or as otherwise provided by
Company in writing to MIT: 
 Cullinan Amber Corp. 

One Main Street 
 Cambridge, MA
02142 
 Attention to: Chief Financial Officer 

(b) Method of Payment. All payments under this Agreement shall be made payable to “Massachusetts Institute of Technology” and
sent to the address identified on the invoice received. Each payment should reference this Agreement and identify the obligation under this Agreement that the payment satisfies. Unless otherwise stated on the invoice, payments sent by wire transfer
shall be paid to: 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

(c) Payments in U.S. Dollars. All payments due under this Agreement shall be drawn on a United States bank and shall be payable in
United States dollars. Conversion of foreign 

  
 20 

 
currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported by the Federal Reserve Bank of St. Louis or such other rates as MIT and Company may
mutually agree from time to time) on the last working day of the calendar quarter of the applicable Reporting Period. Such payments shall be without deduction of exchange, collection, or other charges, and, specifically, without deduction of
withholding or similar taxes or other government imposed fees or taxes, except as permitted in the definition of Net Sales. 
 (d)
Taxes. In the event that any payment under this Agreement is or becomes subject to any levy or tax, including, but not limited to any form of tax withholding, income tax, service tax, sales tax or VAT, by local, regional or federal government
authorities, Company shall (i) pay to the applicable tax authorities, whether on its own or MIT’s behalf, such amount of levy or tax and, if applicable, penalties and interest, and (ii) promptly provide MIT with a copy of the
withholding tax certificate or other tax filing documentation evidencing remittance was made. For the avoidance of doubt, any payments made by or on behalf of Company pursuant to this Section 4.2(d) shall not be deducted from any payment
amounts due to MIT under this Agreement. 
 (e) Late Payments. Any payments by Company that are not paid on or before the date such
payments are due under this Agreement shall bear interest, to the extent permitted by law, at [***] points above the Prime Rate of interest as reported by the Federal Reserve Bank of St. Louis on the last business day of the calendar quarterly
Reporting Period to which such payments relate. 
 5.    REPORTS AND RECORDS 

5.1    Progress Reports. Company shall deliver progress reports to MIT annually, within [***] following the end of
each calendar year, containing information sufficient to illustrate compliance with this Agreement and specifically: 
 (a) the progress of
efforts to develop and commercialize Licensed Products, with specific reference to the Diligence Requirements set forth under Article 3 and Appendix C; 

(b) the number of Sublicenses active during the applicable calendar year as well as an updated list of all Sublicenses, and amendments
thereto, executed during the applicable calendar year (and copies thereof to the extent not already provided), and if none are active, so state; 

(c) a summary of the milestones set forth in Section 4.1(f) that have been achieved, and if none have been achieved, so state; and 

(d) Company’s current Certificates of Insurance, in accordance with Section 8.2 (Insurance). 

  
 21 

 5.2    Financial Reports; Royalty Reports. Company’s
obligation to submit reports under this Section shall commence upon the earliest of: [***]. Thereafter, Company shall deliver financial reports and royalty reports to MIT within [***] following the end of each Reporting Period, containing at least
the following information for the preceding Reporting Period, in substantially the forms attached hereto as Appendix D-1 and Appendix D-2 (or equivalent): 

(a) the number of units of Licensed Products sold by Company and its Sublicensees in each country; 

(b) a description of the Milestone Event set forth in Section 4.1(f) that has been achieved during the Reporting Period, together with
the corresponding payment amount; 
 (c) the gross amount billed or invoiced by Company and its Sublicensees for each Distinct Licensed
Product, in each country, as applicable; 
 (d) calculation of Net Sales for the applicable Reporting Period in each country for each
Distinct Licensed Product, including a listing of applicable deductions; 
 (e) total royalty payable on Net Sales in U.S. dollars, together
with the exchange rates used for conversion; and 
 (f) the amount of Sublicense Income received by Company and Affiliated Sublicensee(s) ,
as applicable, from each Sublicensee and the amount due to MIT from such Sublicense Income, including: (i) an itemized breakdown of the sources of income comprising the Sublicense Income, which may include information concerning transactions
related to the Sublicense; and (ii) information reasonably sufficient (in MIT’s reasonable judgment) to demonstrate any Research Support Payments deducted from Sublicense Income, as applicable. Company shall provide MIT with any additional
information reasonably requested by MIT to support the deduction of Research Support Payments deducted from Sublicense Income. 
 (g) If no
amounts are due to MIT for any Reporting Period, the report shall so state. 
 5.3    Financial Statements. On or
before the [***] day following the last day of Company’s fiscal year, Company shall provide MIT with Company’s financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement, certified
by Company’s treasurer or chief financial officer or by an independent auditor. 

  
 22 

 5.4    Records. Company and its agents, as applicable, shall
keep, in accordance with generally accepted accounting principles, up-to-date, complete, true and accurate books of account in sufficient detail to permit calculation of
all amounts due hereunder. MIT shall have the right to appoint an independent auditor, reasonably acceptable to Company, to audit, at MIT’s expense, upon reasonable advance written notice to Company and during normal business hours, all
existing and relevant records for any Reporting Period during the Term ending not more than [***] prior to the date of such notice of audit, to the extent necessary to perform an audit of amounts due under this Agreement. Company may condition such
auditor’s access to the books and records of Company on such auditor’s having executed and delivered a reasonable confidentiality agreement in favor of Company protecting disclosure and use of the information in such books and records. MIT
shall instruct such auditor to complete the audit promptly. Company shall cooperate reasonably with such audit and shall permit such auditor to inspect and copy such portions of books and records that such auditor deems appropriate and necessary.
Books of account and supporting records shall be retained by Company for at least [***] following the end of the Reporting Period to which they pertain. In the event that any audit performed under this Section reveals an underpayment in excess of
the lesser of: (a) [***] during the audited period or any Reporting Period; and (b) [***], Company shall bear the full cost of such audit, and shall also remit any amounts due to MIT as revealed by such audit within [***] of receiving notice thereof
from MIT. The parties agree that all applicable statutes of limitation and time-based defenses (including, but not limited to, estoppel and laches) shall be tolled during the pendency of an audit requested under this Section by MIT. The parties
shall cooperate in taking any actions necessary to achieve this result. 
  

	6.	 PATENT PROSECUTION 

6.1    Responsibility for Patent Rights. MIT shall prepare, file, prosecute, and maintain all of the Patent Rights;
Company shall cooperate with MIT in such filing, prosecution and maintenance. MIT shall instruct its patent counsel to provide Company with copies of all patent prosecution documents relating to the Patent Rights, including correspondence to and
from patent offices, and shall provide Company a reasonable opportunity, if time permits, to review and comment on such materials. MIT shall seriously consider in good faith any comments received from Company relating to the preparation, filing,
prosecution and maintenance of the Patent Rights; however, the Parties hereby agree and acknowledge that MIT has sole authority to make all decisions relating to the preparation, filing, prosecution, and maintenance of the Patent Rights. 

  
 23 

 6.2    International
(non-United States) Filings. Appendix B is a list of countries in which patent applications corresponding to the United States patent applications listed in Appendix A shall be filed,
prosecuted, and maintained. Appendix B may be amended by mutual agreement of Company and MIT. 

6.3    Returned Patent Rights. In the event that Company desires to discontinue its support of any patent or patent
application within the Patent Rights in any particular country or countries, Company shall provide MIT with at least [***] prior written notice of such intended discontinuance of support. In such event, on a country-by-country basis, (i) any such patent or patent application (the “Returned Rights”) shall be removed from the definition of Patent Rights under this Agreement, (ii) the licenses
granted to Company as to such Returned Rights shall terminate, (iii) Company shall have no further obligation with respect to such Returned Rights pursuant to Section 6.4 commencing [***] after Company’s notice, and (iv) MIT
shall have the unrestricted right to license such Returned Rights to Third Parties. Notwithstanding the foregoing, at MIT’s election and in its sole discretion, MIT may, acting reasonably and in good faith, on a
country-by-country basis, as an alternative to terminating the licenses granted to Company to such Returned Rights as set forth in clause (ii) above: (A) terminate
the exclusivity of the license with respect to such Returned Rights in the applicable country and (B) continue to prosecute and maintain the Returned Rights at its own expense. If MIT makes such election, MIT shall promptly notify Company in
writing of such election, and Company shall retain a non-exclusive license under the Returned Rights in the applicable country, provided that Company: (1) will be obligated to pay a royalty on Net Sales
of Licensed Products at a rate that is [***] of the rates set forth in Section 4.1(d) in the countries where it has non-exclusive rights, (2) will remain obligated to pay any other amounts otherwise
due under Section 4.1, and (3) MIT shall have the unrestricted right to grant to third parties non-exclusive licenses under the Returned Rights in such countries. 

6.4    Payment of Patent Expenses. Payment of all fees and costs, including attorneys’ fees, relating to the
filing, prosecution and maintenance of the Patent Rights (including without limitation interferences, reexaminations and reissues) shall be the responsibility of Company (“Patent Expenses”), whether such amounts were incurred before or
after the Effective Date. As of December 12, 2019, MIT has incurred approximately [***] for such patent-related fees and costs. Without limiting Section 4.1(a)(ii) concerning Patent Expenses incurred prior to and including the Effective
Date, Company shall reimburse all amounts due pursuant to this Section 6.4 within [***] of receipt of an invoice from MIT; late payments shall accrue interest pursuant to Section 4.2(e) (Late Payments). In all instances, MIT shall pay the
fees prescribed for large entities to the United States Patent and Trademark Office unless otherwise agreed by the 

  
 24 

 
parties. In the event MIT grants a commercial license(s) to one or more third parties under the Patent Rights MIT shall make a reasonable allocation in good faith of the Patent Expenses incurred
during the term of such commercial license(s) among Company and such third parties. 
  

	7	 .INFRINGEMENT; ENFORCEMENT. 

7.1    Notice of Infringement. In the event either party becomes aware of any possible or actual infringement of any
Patent Rights with respect to Licensed Products in the Field in the Territory (an “Infringement”), that party shall promptly notify the other party and provide it with details regarding such Infringement. 

7.2    Suit by Company. Company shall have the first right, but not the obligation, to take action to enforce the
Patent Rights against any Infringement. Prior to commencing any enforcement action with respect to any Infringement, Company (i) shall advise MIT in writing of Company’s proposed course of action, (ii) at MIT’s request shall meet
with MIT to discuss such proposed course of action, and (iii) shall consider in good faith the views of MIT and the potential effects of enforcement activities on MIT and the public interest. Should Company elect to take action to enforce the
Patent Rights against any Infringement, Company shall first obtain MIT’s approval of Company’s selected counsel, which approval shall not be unreasonably withheld. Once counsel is selected and approved, Company shall keep MIT reasonably
informed of the progress of the enforcement action and shall give MIT a reasonable opportunity to offer its views about major decisions affecting the enforcement action or the validity or enforceability of the Patent Rights. Company agrees to
consider those views in good faith, but shall have the right to control the action; provided, however, that if Company fails to defend in good faith the validity and/or enforceability of the Patent Rights in the action or, if Company’s
exclusive license to a Valid Claim in the action terminates, MIT has the right to take control of the action pursuant to Section 7.6. 

7.3    Joinder. If MIT is a necessary party under applicable law to establish standing for the initiation or
maintenance of an enforcement action by Company under Section 7.2 (Suit by Company), MIT agrees to join as a co-plaintiff or declaratory judgment co-defendant in
the action, provided that MIT shall not be the first named plaintiff or defendant party in such action. In addition, MIT has the right to elect to participate as a co-plaintiff in an enforcement action by
Company with respect to any Infringement. If MIT elects prior to the initiating pleading to participate as a co-plaintiff, Company shall obtain MIT’s approval of Company’s selection of jurisdiction
and venue, which approval shall not be unreasonably withheld. If MIT joins the action as a party at any time, Company shall make reasonable efforts to minimize any disruption to MIT’s operations resulting from such joinder and participation in
the action. 

  
 25 

 7.4    Costs, Expenses and Fees. The costs and expenses of any
action the Company elects to bring shall be paid for entirely by Company. Company shall indemnify MIT and hold MIT free, clear and harmless from and against any and all costs, expenses, damages and liability that MIT may incur in connection with any
such action, including, without limitation, attorneys’ fees and other costs, expenses, damages and liability that are incurred by MIT with respect to any aspect of the prosecution, adjudication, defense, management and/or settlement of, or
joinder to, any such action, including any appeals, remands or other related proceedings, or that are awarded against MIT as a party to such action (collectively, “Litigation Expenses”). Company shall reimburse MIT for all Litigation
Expenses within [***] after receiving an invoice from MIT for same. 
 7.5    Settlement and Recovery. Company
must obtain MIT’s written consent before offering or accepting any compromise or settlement, which consent shall not be unreasonably withheld, conditioned or delayed. In the event Company exercises its right to commence an enforcement action
pursuant to Section 7.2 (Suit by Company), out of any sums recovered in such suit or in settlement thereof, Company shall first reimburse MIT for any unreimbursed Litigation Expenses and then may reimburse itself for all litigation costs and
expenses including reasonable attorneys’ fees incurred by Company in connection with the suit. If, after such reimbursement, any funds shall remain from said recovery, then MIT shall receive an amount equal to [***] of such funds and the
remaining [***] of such funds shall be retained by Company. 
 7.6    Suit by MIT. If Company does not take
action to enforce the Patent Rights against Infringement pursuant to Section 7.2 (Suit by Company), and has not commenced negotiations with the infringer for the discontinuance of said Infringement, then, within [***] after notification of the
existence of an Infringement has been given to MIT pursuant to Section 7.1 (Notice of Infringement), MIT may elect to enforce the Patent Rights against such Infringement. Upon written request from MIT, Company agrees to join as a co-plaintiff in the action. Should MIT elect to bring suit against an infringer and Company is joined as party plaintiff in any such suit, Company shall have the right to approve the counsel selected by MIT to
represent MIT and Company, such approval not to be unreasonably withheld. Any and all expenses, including reasonable attorneys’ fees, incurred by Company with respect to the prosecution, adjudication and/or settlement of such suit, including
any related appeals, shall be paid for entirely by MIT and MIT shall hold Company free, clear and harmless from and against any and all such expenses. MIT shall not compromise or settle such litigation without the prior written consent of Company,
which consent shall not be unreasonably withheld, conditioned or delayed. In the event MIT 

  
 26 

 
exercises its right to sue pursuant to this Section 7.6 (Suit by MIT), it shall first reimburse Company for any unreimbursed Litigation Expenses and then may reimburse itself out of any sums
recovered in such suit or in settlement thereof for Litigation Expenses. If, after such reimbursement, any funds shall remain from said recovery, then Company shall receive an amount equal to [***] of such funds and the remaining [***] of such funds
shall be retained by MIT. 
 7.7    Own Counsel. Each party shall always have the right to be represented by
counsel of its own selection and at its own expense in any suit for Infringement instituted under this Article 7 by the other party. 

7.8    Cooperation. Each party agrees to cooperate fully in any action under this Article 7 that is controlled by
the other party, provided that the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such assistance. 

7.9    Declaratory Judgment. If a declaratory judgment action is brought naming Company and Sublicensees as
a defendant and alleging invalidity or unenforceability of any claims within the Patent Rights, Company shall promptly notify MIT in writing and MIT may elect, upon written notice to Company, to take over the sole defense of the invalidity and/or
unenforceability aspect of the action at its own expense. 
  

	8.	 INDEMNIFICATION AND INSURANCE 

8.1    Indemnification. 

(a) Indemnity. Company shall indemnify, defend, and hold harmless MIT and its trustees, directors, officers, faculty, students,
employees, agents, affiliates and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss, or expense (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”) incurred by or imposed upon any of the Indemnitees in connection with any third-party claims, suits, investigations, actions, demands or judgments (i) arising out of, or in connection with, any theory of liability
concerning any Licensed Product that is made, used, sold or imported by Company, its agents, Distributors or Sublicensees , (ii) arising out of, or in connection with, the exercise of rights granted to Company and Sublicensees under this
Agreement, or (iii) arising out of, or in connection with, a breach of this Agreement by Company or a breach of a Sublicense by a Sublicensee; provided, however, that Company shall have no obligation pursuant to the foregoing to the extent such
Losses directly result from the gross negligence or willful misconduct of any Indemnitee. 

  
 27 

 (b) Procedures. The Indemnitees agree to provide Company with prompt written notice
of any claim, suit, action, demand, or judgment for which indemnification is sought under this Agreement. Company agrees, at its own expense, to provide attorneys reasonably acceptable to MIT to defend against any such claim. The Indemnitees shall
reasonably cooperate with Company in such defense and will permit Company to conduct and control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation, appeal, and settlement); provided,
however, that any Indemnitee shall have the right to retain its own counsel, at the expense of Company, if representation of such Indemnitee by the counsel retained by Company would be inappropriate because of actual or potential differences in the
interests of such Indemnitee and any other party represented by such counsel. Company agrees to keep MIT informed of the progress in the defense and disposition of such claim and to consult with MIT with regard to any proposed settlement. Company
shall not enter into any settlement, consent judgment, or other voluntary final disposition of any claim that would have a material, adverse effect on any Indemnitee(s) (including reputational harm) or admits any wrongdoing or fault by any
Indemnitee or imposes on any Indemnitee any payment obligation or other material liability, without the prior written consent of MIT. 

8.2    Insurance. Company shall obtain and carry commercial general liability (“CGL”) insurance as
set forth in this Section. Such CGL insurance, pursuant to its terms, shall (i) list MIT as an additional insured thereunder but only with respect to claims made against MIT arising from Company’s own actual or alleged acts, errors or
omissions, (ii) include products/completed operations coverage or Company shall obtain and maintain product liability coverage under a separate policy, and (iii) require [***] written notice to be given to MIT prior to any cancellation or
material reduction thereof. The minimum limits of the CGL insurance shall be [***] per occurrence, with an aggregate limit of [***]. Beginning with the earlier of (1) commencement of human clinical trials of a Licensed Product or
(2) commercial distribution, sale, lease, transfer or use of a Licensed Product, and for so long as a Licensed Product is under development or being commercialized by Company or its Affiliates or Sublicensees, the minimum limits of the CGL
insurance, or of a separate policy of insurance covering product liability, shall be not less than [***] per occurrence, with an aggregate limit of [***]. With respect to any insurance required hereunder that is underwritten on a per-claims basis, the Company shall either (a) maintain such insurance for at least [***] following the termination of this Agreement, or (b) alternatively, purchase a [***] extended reporting period with
respect to such insurance, which shall satisfy in full the obligation set forth in sub-part (a) of this sentence. Company shall provide MIT with certificates of insurance evidencing compliance with this
Section for as long as the coverage must 

  
 28 

 
be maintained. Notwithstanding the foregoing, the products/completed operations coverage and errors and omissions coverage, as described above, shall be in place at least [***] prior to:
(1) the use, operation, demonstration, or testing of any Licensed Product by Company or a third party at the premises of any third party that is not subject to a contractual indemnity extending protection to MIT or (2) the first
distribution, sale, lease, or transfer of a Licensed Product to a third party. 
  

	9.	 REPRESENTATIONS AND WARRANTIES; DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY 

9.1    MIT represents and warrants that as of the Effective Date, and to the knowledge of the TLO: (a) MIT has
received assignments from the inventors named on the MIT disclosure form that the TLO received on September 17, 2018, which assigns each inventor’s rights, title and interests in and to the Patent Rights to MIT and (b) MIT has the
right and authority to grant the rights and licenses set forth in this Agreement. 
 9.2    DISCLAIMER OF
WARRANTIES. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, MIT MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE PATENT RIGHTS, (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY BY MIT THAT IT CAN OR WILL BE ABLE TO OBTAIN
PATENTS ON PATENT APPLICATIONS INCLUDED IN THE PATENT RIGHTS AND ANY WARRANTY AS TO THE COMMERCIAL OR SCIENTIFIC VALUE OF THE PATENT RIGHTS AND HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF MIT OR THIRD PARTIES, VALIDITY, ENFORCEABILITY AND SCOPE OF PATENT RIGHTS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR
OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, COMPANY MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING ANY MATTER WHATSOEVER, AND HEREBY DISCLAIMS ALL REPRESENTATIONS AND
WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES OR THAT ANY LICENSED PRODUCT CAN BE SUCCESSFULLY DEVELOPED
OR COMMERCIALIZED. 

  
 29 

 9.3    LIMITATION OF LIABILITY. EXCEPT FOR COMPANY’S
INDEMNIFICATION OBLIGATIONS SET FORTH IN SECTION 8, IN NO EVENT SHALL A PARTY, ITS TRUSTEES, DIRECTORS, OFFICERS, FACULTY, STUDENTS, EMPLOYEES, AGENTS AND AFFILIATES BE LIABLE FOR SPECIAL, INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES OF ANY KIND,
INCLUDING ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS (REGARDLESS AS TO WHETHER LOST PROFITS ARE CHARACTERIZED AS INDIRECT OR DIRECT DAMAGES), REGARDLESS OF WHETHER SUCH PARTY SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT
SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.  
 10.    ASSIGNMENT 

This Agreement is personal to Company, and any assignment or transfer of this Agreement by Company to a third party may be made only with the
prior written consent of MIT, except Company may assign this Agreement without the prior written consent of MIT to an Affiliate or as part of a merger or acquisition of the Company, so long as (i) Company is in compliance with this Agreement,
(ii) the assignee agrees in writing to be bound by the terms of this Agreement, (iii) and MIT is notified of the assignment and the assignee. Nothing in this Section 10 shall be construed to modify or eliminate any obligation of
Company to pay MIT a fee in connection with a Change of Control of Company in accordance with Section 4.1(i). Any purported assignment or transfer in violation of the foregoing shall be null and void and of no force or effect. 

11.    GENERAL COMPLIANCE WITH LAWS 

11.1    Compliance with Laws. Company shall, and shall cause its Sublicensees as necessary, to comply with all
material local, state, federal, and international laws and regulations relating to the development, manufacture, use, and sale of Licensed Products. 

11.2    Registration. As required by applicable law, Company shall, and shall cause its and Sublicensees as
necessary to, register or record this Agreement with the relevant government authority. After the completion of the registration and recordation, Company shall provide MIT with documentation of registration and recordation issued by the government
authorities with respect to this Agreement. The costs of the registration and filing shall be borne by Company.  

11.3    Export Control. Company shall, and shall cause its Sublicensees as necessary to, comply with all United
States laws and regulations controlling the export of certain commodities and technical data, including without limitation all Export Administration Regulations of the 

  
 30 

 
United States Department of Commerce. Among other things, these laws and regulations prohibit or require a license for the export of certain types of commodities and technical data to specified
countries. Company hereby gives written assurance that it will comply with, and will cause its Sublicensees to comply with, all United States export control laws and regulations, that it bears sole responsibility for any violation of such
laws and regulations by itself or its Sublicensees, and that it will indemnify, defend, and hold MIT harmless (in accordance with Section 8.1 (Indemnification)) for the consequences of any such violation.  

11.4    Use of MIT Name. During the Term, Company may make certain factual statements that it has entered into this
Agreement with MIT to license the Patent Rights. Such statements may be made in connection with general company information (e.g., statements regarding company history or technology background) or in annual shareholder reports or investor
presentations; however, no such statement may be used in advertising or other promotional material or activities or in any manner to suggest or imply MIT’s endorsement of Company, its Sublicensees, or Company’s or Sublicensees’
products or services. Except as specifically permitted herein, Company shall, and shall cause its Sublicensees to, not otherwise use or allow the use of the name of “Massachusetts Institute of Technology,” “Lincoln Laboratory” or
any variation, adaptation, or abbreviation thereof, or of any of its trustees, officers, faculty, students, employees, or agents, or any trademark owned by MIT, or any terms of this Agreement in any other public announcement or disclosure without
the prior written consent of MIT (via [***]), which consent MIT may withhold in its sole discretion. If Company or Sublicensee seeks to use the name of an individual trustee, officer, faculty, student, employee or agent, Company must receive
the written consent of such individual. 
 11.5    Marking of Licensed Products. To the extent commercially
feasible and consistent with prevailing business practices, Company shall, and shall cause its Sublicensees as necessary to, mark all Licensed Products that are manufactured or sold under this Agreement to notify the public and competitors that such
products are patented. 
 12.    TERMINATION 

12.1    Voluntary Termination by Company. Company shall have the right to terminate this Agreement, for any reason,
upon at least [***] prior written notice to MIT, provided that all amounts due to MIT have been paid by Company up to and including such termination effective date. 

12.2    Cessation of Business. If Company ceases to carry on its business related to this Agreement, MIT shall have
the right to terminate this Agreement immediately upon written notice to Company. 

  
 31 

 12.3    Termination for Default. 

(a) Nonpayment. In the event Company fails to pay any amounts due and payable to MIT hereunder, and fails to make such payments within
[***] after receiving written notice of such failure, MIT may terminate this Agreement immediately upon written notice to Company. 
 (b)
Other Material Breach. In the event Company commits a material breach of its obligations under this Agreement, except as described in Section 12.3(a) (Nonpayment) and Section 3.2 (Failure to Achieve Diligence Milestone; Right to
Cure), and fails to cure that breach within [***] after receiving written notice thereof, MIT may terminate this Agreement immediately upon written notice to Company. 

12.4    Disputes Regarding Termination. If Company disputes any termination by MIT under this Section, it must
notify MIT of the nature of such dispute and the proposed manner in which to resolve the dispute within [***] following its receipt of notification of breach or notification of termination by MIT, whichever is sooner. If the parties do not resolve
such dispute within [***] of such notification, then Company shall be required to initiate the dispute resolution procedures outlined in Section 13.3 (Dispute Resolution Procedure, as applicable) immediately. If it does not do so, Company shall
be considered to have waived its rights to dispute the termination. 
 12.5    Effect of Termination. Upon
termination of this Agreement by either party pursuant to any of the provisions of Section 12.1 (Voluntary Termination by Company), 12.2 (Cessation of Business) or 12.3 (Termination for Default) or by MIT pursuant to Section 3.2 (Failure
to Achieve Diligence Milestone; Right to Cure): (a) the rights and licenses granted to Company under Article 2 shall terminate, all rights in and to and under the Patent Rights will revert to MIT and Company may not make any further use or
exploitation of the Patent Rights and (b) any existing agreements that contain a Sublicense shall terminate to the extent of such Sublicense; provided, however, that, for each Sublicensee, if the Sublicensee is not then in breach of its
Sublicense agreement with Company such that Company would have the right to terminate such Sublicense, such Sublicensee shall have the right to request a direct license from MIT, such request by the Sublicensee to be made within [***] of termination
of this Agreement (the “License Election Period”). If such Sublicensee makes such request during the License Election Period, MIT agrees to negotiate in good faith a license with such Sublicensee, under reasonable terms and
conditions, (the “New Direct License”) for a period of up to [***] (the “Negotiation Period”). MIT is not 

  
 32 

 obligated to undertake any obligations under the New Direct License that are in addition to, or inconsistent
with, the terms of this Agreement. Any New Direct License shall include payment to MIT of the license maintenance fees (Section 4.1(c)), running royalties (Section 4.1(d)) and milestone payments (Section 4.1(f)) provided for in this Agreement
and an amount equal to the share of Sublicense Income that MIT would otherwise have received from Company as a result of the applicable Sublicense under the terms of Section 4.1(g) of this Agreement for the longer of: (i) the period of
time under this Agreement that Company would have been obligated to pay MIT a share of Sublicense Income and (ii) the payment term of the applicable Sublicense between Company and Sublicensee. Until the earlier of: (A) the expiration of
the Negotiation Period or (B) the execution and delivery of the New Direct License, the Sublicense agreement shall remain in effect, provided that MIT shall have no obligations thereunder that are in addition to, or inconsistent with, the terms
of this Agreement and all financial, reporting and other obligations of such Sublicensee thereunder shall run in favor of MIT. Further, such Sublicensee shall be responsible for reimbursing MIT for any Patent Expenses related to the Patent Rights
during the License Election Period, and if Sublicensee has requested such license within the License Election Period, the Sublicensee shall be responsible for reimbursing MIT for any Patent Expenses related to the Patent Rights during the
Negotiation Period and up until the effective date of the such New Direct License. 
 12.6    Survival. Any
provisions that, by their intent or meaning under the circumstances, are intended to survive, shall survive the expiration or termination of this Agreement. In addition, the following provisions shall survive the expiration or termination of this
Agreement: 
  

	 	•	 	 Article 1 (“Definitions”); 

 

	 	•	 	 Section 4.1(b) (“Equity”); 

 

	 	•	 	 Section 4.1(f) (“Milestone Payments”), as and to the extent provided therein;

  

	 	•	 	 Section 4.1(g) (“Sharing of Sublicense Income”), as and to the extent provided therein;

  

	 	•	 	 Section 4.1(i) (“Change of Control Fee”)’ 

 

	 	•	 	 Section 5.2 (“Financial Reports”), as and to the extent required to report any outstanding payment
obligations and the achievement of Milestone Event for which Company has a corresponding and surviving obligation to pay Milestone Payments; 

  

	 	•	 	 Section 5.4 (“Records”); 

 

	 	•	 	 Section 8.1 (“Indemnification”); 

 

	 	•	 	 Section 8.2 (“Insurance”), as and to the extent provided therein that requires Company to maintain
insurance; 

  
 33 

	 	•	 	 Article 9 (“Representations and Warranties; Disclaimer of Warranties and Limitation of Liability”);

  

	 	•	 	 Section 11.3 (“Export Control”); 

 

	 	•	 	 Section 12.4 (“Disputes regarding Termination”); 

 

	 	•	 	 Section 12.5 (“Effect of Termination”); 

 

	 	•	 	 Section 12.6 (“Survival”); 

 

	 	•	 	 Section 12.7 (“Accruing Obligations”); 

 

	 	•	 	 Article 13 (“Dispute Resolution”); 

 

	 	•	 	 Article 14 (“Confidentiality”), to the extent provided therein; and 

 

	 	•	 	 Article 15 (“Miscellaneous”). 

12.7    Accruing Obligations. In no event shall termination or expiration of this Agreement release Company from
the obligation to pay any amounts that became due or payable on or before the date of such termination or expiration. The parties agree that the obligations in Section 4.1(b) (Equity) will accrue immediately upon execution of this Agreement by
both parties, regardless of the events, invoice and payment timing details set forth therein. 
 13.    DISPUTE RESOLUTION 

13.1    Mandatory Procedures. The parties agree that any dispute arising out of or relating to this Agreement
(except as described in Section 12.3(a) (Nonpayment) and Section 3.2 (Failure to Achieve Diligence Milestone; Right to Cure)) shall be resolved solely by means of the procedures set forth in this Article, and that such procedures
constitute legally binding obligations that are an essential provision of this Agreement. If either party fails to observe the procedures of this Article, as may be modified by their written agreement, the other party may bring an action for
specific performance of these procedures in any court of competent jurisdiction. 
 13.2    Equitable Remedies.
Although the procedures specified in this Article are the sole and exclusive procedures for the resolution of disputes arising out of or relating to this Agreement (except as described in Section 12.3(a) (Nonpayment) and Section 3.2
(Failure to Achieve Diligence Milestone; Right to Cure)), either party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is necessary to avoid irreparable harm to itself or to
preserve its rights under this Agreement. 

  
 34 

 13.3    Dispute Resolution Procedures. 

(a) Mediation. In the event of any dispute arising out of or relating to this Agreement (except as described in Section 12.3(a)
(Nonpayment) and Section 3.2 (Failure to Achieve Diligence Milestone; Right to Cure)), either party may initiate mediation upon written notice to the other party (“Notice Date”) pursuant to Section 15.1 (Notice), whereupon both
parties shall be obligated to engage in a mediation proceeding. The mediation shall commence within forty-five (45) days following the Notice Date. The mediation shall be conducted by a single mediator in Boston, Massachusetts. The party
requesting mediation shall designate two (2) or more nominees for mediator in its Notice Date. The other party may accept one of the nominees or may designate its own nominees by notice addressed to the American Arbitration Association (AAA)
and copied to the requesting party. If within fifteen (15) days following the Notice Date, the parties have not selected a mutually acceptable mediator, a mediator shall be appointed by the AAA according to the Commercial Mediation Rules. The
mediator shall attempt to facilitate a negotiated settlement of the dispute, but shall have no authority to impose any settlement terms on the parties. The expenses of the mediation shall be borne equally by the parties, but each party shall be
responsible for its own counsel fees and expenses. 
 (b) Trial Without Jury. If the dispute is not resolved by mediation within
forty-five (45) days after commencement of mediation, each party shall have the right to pursue any other remedies legally available to resolve the dispute; provided, however, that the parties expressly waive any right to a jury trial in any
legal proceeding under this Article. 
 13.4    Performance to Continue. Each party shall continue to perform its
undisputed obligations under this Agreement pending final resolution of any dispute arising out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed obligations during any period in which the
other party fails or refuses to perform its undisputed obligations. Nothing in this Article is intended to relieve Company from its obligation to make undisputed payments pursuant to Articles 4 and 6 of this Agreement. 

13.5    Statute of Limitations. The parties agree that all applicable statutes of limitation and time-based
defenses (including, but not limited to, estoppel and laches) shall be tolled while the procedures set forth in this Article are pending. The parties shall cooperate in taking any actions necessary to achieve this result. 

14.    CONFIDENTIALITY. 

14.1    Confidential Information. “Confidential Information” means any proprietary information
specifically designated as confidential, which may include Progress Reports, Financial Statements, Financial Reports, or Sublicense agreements provided to MIT pursuant to this Agreement, 

  
 35 

 provided that Company shall only furnish Confidential Information to the TLO. Confidential Information shall
be marked with a legend indicating its confidential status (such as “Confidential” or “Proprietary”). Confidential Information shall not include: 

(i) information which at the time of disclosure hereunder is already generally known or publicly available; 

(ii) information which after disclosure hereunder becomes generally known or publicly available other than through any act or omission of MIT
in violation of this Agreement; 
 (iii) information that was in possession of MIT without obligations of confidentiality to Company prior to
disclosure to MIT under this Agreement; and 
 (iv) information which is hereafter lawfully disclosed by a third party to MIT, which
information such third party did not acquire under a still effective obligation of confidentiality to Company; or 
 (v) information that was
independently developed by MIT without use of, reference to or reliance upon Company’s Confidential Information as evidenced by written records. 

14.2    Non-Use and Non-Disclosure.
For a period of [***] after disclosure of the Confidential Information , MIT shall treat Confidential Information as confidential and shall not use or disclose it, except for purposes of exercising its rights or fulfilling its obligations under this
Agreement or as otherwise expressly permitted herein, without the prior written and express consent of the Company. 

14.3    Permitted Disclosures. MIT may disclose the Confidential Information to its officers, employees,
contractors and consultants (including lawyers and financial advisors), as well as joint owners and sponsors of the Patent Rights, who have a need to know for purposes of this Agreement and compliance hereunder and are subject to confidentiality
obligations at least as protective of such Confidential Information as this Article 14. 
 14.4    Disclosure
Required by Law. Notwithstanding the above, MIT may disclose Company’s Confidential Information to the extent required by law, regulation, or stock exchange requirement, provided that MIT shall (unless legally prohibited) give the other
party prompt written notice in order for Company to have the opportunity to take appropriate measures to protect its Confidential Information. MIT shall disclose Company’s Confidential Information pursuant to this Section 14.4 solely to
the extent so required. 

  
 36 

 15.    MISCELLANEOUS 

15.1    Notice. Any notices required or permitted under this Agreement shall be in writing, shall specifically refer
to this Agreement, and shall be sent by hand, recognized national overnight courier, confirmed electronic mail (e.g., by means of read receipt or specific acknowledgment by recipient of receipt through responsive email) to an email address provided
by the applicable party in a written notice to the other party in the manner provided in this Section 15.1, or registered or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the
parties: 
  

			
	If to MIT:	  	Massachusetts Institute of Technology
		  	Technology Licensing Office, [***]
		  	255 Main Street, Kendall Square
		  	Cambridge, MA 02142-1601
		  	Attention: Director
		
	If to Company:	  	Cullinan Amber Corp.
		  	One Main Street
		  	Cambridge, MA 02142
		  	Attention: Chief Business Officer

 All notices under this Agreement shall be deemed effective upon receipt. A party may change its contact
information immediately upon written notice to the other party in the manner provided in this Section. 

15.2    Governing Law/Jurisdiction. This Agreement and all disputes arising out of or related to this Agreement, or
the performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict
of laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted. The state and federal courts having jurisdiction over Cambridge,
MA, U.S.A., provide the exclusive forum for any Patent Challenge and/or any court action between the parties relating to this Agreement. Company submits to the jurisdiction of such courts and waives any claim that such court lacks jurisdiction over
Company or constitutes an inconvenient or improper forum. 

  
 37 

 15.3    Force Majeure. Neither party will be responsible for
delays resulting from causes beyond the reasonable control of such party, including without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such
causes of nonperformance and continues performance under this Agreement promptly whenever such causes are removed. 

15.4    Amendment and Waiver. This Agreement may be amended, supplemented, or otherwise modified only by means of a
written instrument signed by both parties. Any waiver of any rights or failure to act in a specific instance shall not be construed as an agreement to waive any rights or fail to act in any other instance, whether or not similar. 

15.5    Severability. In the event that any provision of this Agreement shall be held invalid or unenforceable for
any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement. 

15.6    Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective permitted successors and assigns. 
 15.7    Headings. All headings are for convenience only and shall
not affect the meaning of any provision of this Agreement. 
 15.8    Entire Agreement. This Agreement
constitutes the entire agreement between the parties with respect to this subject matter and supersedes all prior agreements or understandings between the parties, relating to its subject matter. 

[Remainder of page intentionally left blank; signature page follows.] 

  
 38 

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

									
	 MASSACHUSETTS INSTITUTE OF

TECHNOLOGY
	 		 	CULLINAN AMBER CORP.
					
	By:	 	 /s/ Lesley Millar-Nicholson
	 		 	By:	 	 /s/ Owen Hughes

	Name:	 	Lesley Millar-Nicholson	 		 	Name:	 	Owen Hughes
	Title:	 	Director, TLO	 		 	Title:	 	Chief Executive Officer

  

			
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY
		
	By:	 	 /s/ Maria T. Zuber

	Name:	 	Maria T. Zuber
	Title:	 	Vice President for Research
		 	E. A. Griswold Professor of Geophysics

  
 39 

 APPENDIX A 

List of Patent Applications and Patents 

[***] 

  
 40 

 APPENDIX B 

List of Countries (excluding United States) for which 

Patent Rights Applications Will Be Filed, Prosecuted and Maintained 

[***] 

  
 41 

 APPENDIX C 

Diligence Milestones 
 Company
must achieve the following diligence milestones: 
  

	1.	 [***] 

  

	2.	 [***] 

  

	3.	 [***] 

  

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

  

	4.	 [***] 

  

	5.	 [***] 

  

	6.	 [***] 

  

	7.	 [***] 

  

	8.	 [***] 

  

	9.	 [***] 

  

	10.	 [***] 

  

	11.	 [***] 

  

	12.	 [***] 

  

	13.	 [***] 

  

	14.	 [***] 

(i) [***], or 
 (ii) [***]; or

 (iii) [***] 

  
 42 

 [***] 
 [***]

  
 43 

 APPENDIX D-1 

Form of Financial Report 
  

			
	 Agreement #:
	 	  

	 Licensee:
	 	     

	 Sublicensee:
	 	  

 Separate reports must be filed for payments associated with each Licensed Product. 

 

			
	 Licensed Product Name:
	 	     

 Reporting Period: 
  

			
	 From:
	  	 mm/dd/yyyy

	 To: 
	  	 mm/dd/yyyy

  
  

 
 Detailed Explanation of Payment
Required 
  

					
	 License Maintenance Fees
	 	$                                     
               	 	                                      
              
	 Milestone Payments
	 	$                                     
               	 	                                      
              
	 Sublicense Income (itemize)
	 	$                                     
               	 	                                      
              
	 Change of Control Fee
	 	$                                     
               	 	                                      
              
	 Other payment
	 	$                                     
               	 	                                      
              
		 	                                     
                 	 	                                      
              
	 TOTAL
	 	$                                     
               	 	                                      
              

  
  

 

  
 44 

 APPENDIX D-2 

Form of Royalty Report 

REPORTS SHOULD BE SUBMITTED TO: [***] 

REQUIRED: 
  

			
	 Agreement #:
	 	  

	 Licensee:
	 	  

	 Affiliate:
	 	     

	 Sublicensee:
	 	  

 Separate reports must be filed for: 

 

	 	1.	 Each Licensed Product sold. 

 

	 	2.	 Each country of sale, if different deductions or royalty rates apply. 

 

			
	 Licensed Product Name:
	 	     

 Reporting Period: 
  

			
	 From:
	 	 mm/dd/yyyy

	 To: 
	 	 mm/dd/yyyy

  
  

 
  

					
	 Country of Sale
	 	 

                          
                      
	 	                                      
          
	 Quantity Sold
	 	                                      
          	 	                                      
          
	 Gross Sales (USD$)
	 	                                      
          	 	                                      
          
	 Exchange Rate
	 	                                      
          	 	                                      
          
	 Deductions (Itemize)
	 	                                      
          	 	                                      
          
	 Please list each deduction separately. Use same definition as appears in Agreement under “Net
Sales”
	 	                                     
           	 	                                     
           
		 	                                     
           	 	                                     
           
	 Total Deductions
	 	                                      
          	 	                                      
          
	 Net Sales
	 	                                      
          	 	                                      
          
	 Royalty Percentage
	 	                                      
          	 	                                      
          
	 Credits (Itemize)
	 	                                      
          	 	                                      
          
	 Royalties Due ($)
	 	                                      
          	 	                                      
          

 Date of Anticipated Payment: 
  

 
  

Your Name: 
 Title: 

Phone Number: 
 Email Address:

  
  

 

  
 45 

 Portions of this Exhibit have been redacted because they are both (i) not material
and (ii) would be competitively harmful if publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

Amendment Number 1 
 to 

Exclusive Patent License Agreement 
 This
Amendment Number 1 to Exclusive Patent License Agreement (this “First Amendment”) dated as of April 3rd, 2020 (the “First Amendment Date”) is made by and
between Massachusetts Institute of Technology (“MIT”), a Massachusetts non-profit corporation and educational institution, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and Cullinan Amber Corp.
(“Company”), a Delaware corporation, with a principal place of business at One Main Street, Cambridge, MA 02142. MIT and Company are parties to that certain Exclusive Patent License Agreement dated as of December 20,
2019 (the “License Agreement”). MIT and Company may be referred to herein individually as a “Party” or, collectively as the “Parties.” All capitalized terms used herein that are not otherwise
defined herein shall have their respective meanings as set forth in the License Agreement. 
 BACKGROUND 

WHEREAS, the Parties wish to correct the number of shares of Company’s common stock to be issued to MIT as an initial grant pursuant to
the terms of the License Agreement; and 
 WHEREAS, the Parties wish to provide additional time for MIT to review and approve the proposed
form of stock purchase agreement governing the issuance of the Shares and other related transaction documents and for Company to issue to MIT the Shares; 

NOW, THEREFORE, in consideration of the premises, the covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree: 
 1. Amendments to License Agreement. 

(a) The words, “Eight Hundred Thousand sixty-six (800,066) shares,” that appear in Section 4.1(b)(ii) of the License Agreement
are hereby deleted and replaced in their entirety with the words, “Two Hundred Thousand sixty-six (200,066) shares.” 
 (b) The
words, “not later than [***] following the Effective Date,” that appear in Section 4.1(b)(ii) of the License Agreement are hereby deleted and replaced in their entirety with the words, “not later than [***] following the
Effective Date.” 
 CONFIDENTIAL 

  
 1 

 2. Miscellaneous. 

(a) Effect on License Agreement; Entire Agreement. Except as expressly modified by the terms of this First Amendment, the License
Agreement shall remain unchanged and in full force and effect. References in the License Agreement to “this Agreement” shall be deemed inclusive of this First Amendment. This First Amendment and the License Agreement together constitute
the entire agreement between the Parties with respect to the subject matter of the License Agreement and supersede all prior agreements or understandings between the Parties, whether oral or written, relating to such subject matter. 

(b) Effectiveness. This First Amendment shall be effective as of the Effective Date. 

(c) Headings. The headings are for convenience only and shall not affect the meaning of any provision of this First Amendment. 

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

CONFIDENTIAL 
 [Remainder of page
intentionally left blank; signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the
Parties have caused this First Amendment to be executed by their duly authorized representatives. 
  

							
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 	CULLINAN AMBER CORP.
				
	By:	 	 /s/ Lesley Millar-Nicholson
	 	By:	 	 /s/ Owen Hughes

	Name:	 	Lesley Millar-Nicholson	 	Name:	 	Owen Hughes
	Title:	 	Director, TLO	 	Title:	 	Chief Executive Officer

 CONFIDENTIAL 

  
 3EX-10.7

 Exhibit 10.7 

Execution Copy 
 CONFIDENTIAL

 Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if
publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

COLLABORATION AGREEMENT 

THIS COLLABORATION AGREEMENT (the “Agreement”) is made
effective as of November 28, 2018 (the “Effective Date”), by and between Adimab, LLC, a Delaware limited liability company having an address at 7 Lucent Drive, Lebanon, NH 03766 (“Adimab”), and Cullinan
Management, Inc., a Delaware Corporation having an address at 1 Main Street, Suite 520 Cambridge, MA 02142 (“Cullinan”). 

BACKGROUND 

WHEREAS, Adimab is a leader in yeast-based, fully human antibody discovery and optimization using its proprietary core
technology platform; 
 WHEREAS, Cullinan is a biotechnology company in the business of, among other things,
developing and commercializing therapeutic products; 
 WHEREAS, Cullinan wishes to collaborate with Adimab on a
variety of projects, potentially including: (i) the discovery and optimization of antibodies against Target(s) of Cullinan’s choosing, (ii) the optimization of existing Cullinan antibodies, and (iii) the generation of
multispecific molecules which include proprietary Adimab CD3 antibodies together with one or more (x) antibodies discovered by Adimab, (y) optimized versions of Cullinan antibodies, and/or (z) Cullinan antibodies which have not been
optimized by Adimab; 
 WHEREAS, in addition, Cullinan desires the right to take a research license to Adimab’s
proprietary CD3 antibodies so that Cullinan may generate multispecific antibodies on its own; and 
 NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Adimab and Cullinan
hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The
following initially capitalized terms have the following meanings (and derivative forms of them will be interpreted accordingly): 

1.1    “AAA” has the meaning set forth in Section 10.2(b) (Disputes Not Resolved Between
the Parties). 
 1.2    “Adimab” has the meaning set forth in the recitals. 

 

 1.3    “Adimab CD3 Antibodies” means antibodies
against CD3 generated by Adimab, which antibodies, either in physical form or as sequences, are delivered to Cullinan (and any Program-Benefited Antibodies generated therefrom). 

1.4    “Adimab CD3 Antibody Know-How” means Know-How related to Adimab CD3 Antibodies. For clarity, [***]. 

1.5    “Adimab CD3 IP” means collectively Adimab CD3 Patents and Adimab CD3 Antibody Know-How. 
 1.6    “Adimab CD3 Patents” means [***]. 

1.7    “Adimab Indemnitees” has the meaning set forth in Section 8.2 (Indemnification by
Cullinan). 
 1.8    “Adimab Materials” means any of [***]. 

1.9    “Adimab Platform Patents” means all Patents [***] 

1.10    “Adimab Platform Technology” means all Patents and
Know-How Controlled by Adimab or its Affiliates as of the Effective Date or during the Term that relate to [***]. For clarity, Adimab Platform Technology excludes [***]. 

1.11    “Adimab Platform Technology Improvement” means all [***]. 

1.12    “Affiliate” means an entity that, directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with a Party. For this purpose, “control” means the ownership of fifty percent (50%) or more of the voting securities entitled to elect the directors or management of
the entity, or the actual power to elect or direct the management of the entity. 

1.13    “Agreement” has the meaning set forth in the recitals. 

1.14    “Back-Up Candidate” means a Product designated as
a Back-Up Candidate by Cullinan in accordance with Section 4.4(d) (Back-Up Candidates), which Product is directed to the same Target (or, with respect to a
multispecific antibody, the same set of Targets) as the designated Lead Product. 
 1.15    “Blended
Multispecific Product” means a Multispecific Product in which exactly one of the antibodies is a Program-Benefited Antibody. 

1.16    “CD3 License” means the license granted to Cullinan pursuant to Section 3.1(a)(ii)
(Antibodies Generated by Cullinan During the CD3 License Term). 
 1.17    “CD3 License
Option” has the meaning set forth in Section 3.2(a)(ii) (Option Exercise Under the CD3 License). 

  
 2 

 1.18    “CD3 License Term” means the date
(a) beginning on the date on which Cullinan notifies Adimab that it wishes to commence the CD3 License Term and pays the first annual fee in accordance with Section 4.1(b) (Annual Access Fee), which notice and payment must occur
within [***] of the Effective Date, and (b) ending on the date which is [***] after the date of such notice, unless earlier terminated by Cullinan. 

1.19    “CD3 Product” means a [***]. 

1.20    “CD3 Research Plan” means the Research Plan adopted pursuant to a CD3 Research Program.

 1.21    “CD3 Research Program” means a Research Program designed to generate CD3 Products
[***]. 
 1.22    “CDR” means the complementarity determining regions of an antibody as defined
by the Kabat numbering scheme, or the Chothia numbering scheme, or the IMGT database. 

1.23    “Combination Product” means [***]. 

1.24    “Commercially Reasonable Efforts” means the level of efforts required to carry out
a task in a diligent and sustained manner without undue interruption, pause or delay; which level is at least commensurate with the level of efforts that a similarly situated biotechnology company to Cullinan would devote to a product of similar
potential at a similar stage in development or product life, taking into account safety and efficacy; the competitiveness of alternative products; the proprietary position of the Product; pricing and reimbursement; difficulty in and costs of
developing or manufacturing the Product in the market; regulatory strategy; the potential profitability of the Product; and all other relevant scientific, legal, technical, financial and commercial factors, without taking into account the royalty,
milestone and other payments due to Adimab under this Agreement. Commercially Reasonable Efforts shall be determined on a country-by-country basis, and it is anticipated
that the level of effort will change over time reflecting changes in the market and/or the status of the Product. 

1.25    “Confidential Information” has the meaning set forth in Section 6.1(a) (Ownership
of Confidential Information). 
 1.26    “Control” means, with respect to any Know-How or Patent, possession by a Party, directly or through an Affiliate, and whether by ownership or license (other than pursuant to this Agreement), of the ability to grant a license or sublicense as provided
for in this Agreement without violating the terms of any written agreement with any Third Party. 

1.27    “Cover” means, with respect to a particular item and a particular Patent, that such Patent
claims or covers, in any of the countries of manufacture, use, and/or sale, (a) the composition of such item, of any of its ingredients or formulations, or of any product containing such item or that is made using such item by virtue of such
product containing or being made using such item; (b) a method of making or using any of the foregoing things referred to in (a); (c) an item used or present in the manufacture of any of the foregoing things referred to in (a) or (b) (for
example, with respect to a biologic, any vector, plasmid or cell line used to manufacture such product or item or any ingredient in either of them); or (d) any method by which the foregoing things referred to in (a), (b), or (c) was
discovered or identified, in the absence of a license or assignment, infringe a valid claim of such Patent. 

  
 3 

 1.28    “Cullinan” has the meaning set forth in
the recitals. 
 1.29    “Cullinan Antibody” means a [***]. 

1.30    “Cullinan Collaborator” has the meaning set forth in Section 2.4(b) (Use of Third
Party Contractors and Collaborators). 
 1.31    “Cullinan Collaborator Agreement” has the
meaning set forth in Section 2.4(b) (Use of Third Party Contractors and Collaborators). 

1.32    “Cullinan Format” means a proprietary multispecific format Controlled by Cullinan. 

1.33    “Cullinan Indemnitees” has the meaning set forth in Section 8.1 (Indemnification
by Adimab). 
 1.34    “Cullinan Materials” means [***]. 

1.35    “Cullinan Product Know-How” means Know-How related to a Product. For clarity, [***]. 
 1.36    “Cullinan
Product Patent” means a Patent that Covers an [***]. 
 1.37    “Cullinan Program
Inventions” has the meaning set forth in Section 5.1(a)(iv) (Cullinan Program Inventions). 

1.38    “Cullinan Proprietary Antibody” means an antibody Controlled by Cullinan, [***]. 

1.39    “Cullinan Public Antibody” means an antibody whose sequence is provided to Adimab by
Cullinan, [***]. 
 1.40    Delivery Fee” means the [***]. 

1.41    “Dispute” has the meaning set forth in Section 10.2(a) (Initial Dispute
Resolution). 
 1.42    “Effective Date” has the meaning set forth in the recitals. 

1.43    “Europe” means the European Economic Area (as of the Effective Date), and Switzerland.

  
 4 

 1.44    “Evaluation Term” means, with respect to
a Research Program, the time period beginning upon the Final Delivery with respect to such Research Program and ending on the earlier of [***]. 

1.45    “Excluded Technology” means technology (and the Patents that Cover and the Know-How that embodies such technology) related to: 
 (a)    [***]; 

(b)    [***]; 

(c)    [***]; 

(d)    [***]; 

(e)    [***]; 

(f)    [***]; 

(g)    [***]; 

(h)    [***]; and 

(i)    [***]. 

1.46    “Field” means [***]. 

1.47    “Final Delivery” means, on a Research Program-by-Research Program basis, the delivery by Adimab to Cullinan of [***] for such Research Program. For clarity, if there are multiple deliveries of sequences of Program Antibodies during the course of
a Research Program (e.g., one delivery with respect to the Program Antibodies generated through the initial discovery process and a subsequent delivery of sequences of Program Antibodies with respect to optimization of the initially delivered
Program Antibodies into new, optimized Program Antibodies), then Final Delivery shall mean only the last of such deliveries; provided, however, that in the event that [***] passes from the most recent delivery of Program Antibodies from
Adimab to Cullinan under a Research Program and Cullinan has not submitted a list of Program Antibodies for additional work (e.g., optimization) with respect to such Research Program, then such delivery will be deemed to be the Final Delivery
under such Research Program, even if the possibility exists that Adimab will perform additional work with respect to such Research Program (and even if Adimab actually subsequently performs additional work with respect to such Research Program).

 1.48    “First Commercial Sale” means, with respect to a Product in any country, the first
sale, transfer or disposition for value or for end use or consumption of such Product in such country after Marketing Approval (and, if applicable, pricing approval) for such Product has been received in such country. For the avoidance of doubt, a
first sale for compassionate use or named patient program sales shall not constitute a First Commercial Sale for purposes of this Agreement. 

  
 5 

 1.49    “Force Majeure” means conditions beyond
a Party’s reasonable control or ability to plan for, including acts of God, war, terrorism, civil commotion, labor strike or lock-out; epidemic; failure or default of public utilities or common carriers;
and destruction of facilities or materials by fire, earthquake, storm or like catastrophe; provided, however, the payment of invoices due and owing under this Agreement will not be excused by reason of a Force Majeure affecting the payor.

 1.50    “FTE” means the equivalent of a full-time employee’s working days over a [***]
period (taking account of normal vacations, sick days and holidays not being considered working days), which equates to a total of [***] per [***] period of work performed by a fully qualified Adimab employee or consultant in a Research Program. To
provide an FTE over a given period that is less than a year means to provide the proportionate share (corresponding to the proportion that such period bears to a full year) during such period of a full year’s FTE. 

1.51    “FTE Rate” means [***] per FTE. 

1.52    “Grant Back Exclusion” means, with respect to any given Cullinan Product Patent, [***].

 1.53    “Indemnify” has the meaning set forth in Section 8.1 (Indemnification by
Adimab). 
 1.54    “Know-How” means all technical
information and know-how in any tangible or intangible form, including (a) inventions, discoveries, trade secrets, data, specifications, instructions, processes, formulae, materials (including cell lines,
vectors, plasmids, nucleic acids and the like), methods, protocols, expertise and any other technology, including the applicability of any of the foregoing to formulations, compositions or products or to their manufacture, development, registration,
use or marketing or to methods of assaying or testing them or processes for their manufacture, formulations containing them or compositions incorporating or comprising them, and (b) all data, instructions, processes, formulae, strategies, and
expertise, whether biological, chemical, pharmacological, biochemical, toxicological, pharmaceutical, physical, analytical, or otherwise and whether related to safety, quality control, manufacturing or other disciplines. Notwithstanding the
foregoing, Know-How excludes Patent claims. 
 1.55    “Lead
Product” means the Product designated as a Lead Product by Cullinan in the context of identifying a Back-Up Candidate in accordance with Section 4.4(c)
(Back-Up Candidates). 
 1.56    “Licensee” means
a Third Party to whom Cullinan has granted, directly or indirectly through multiple tiers, rights to research, develop, manufacture, and/or commercialize Program-Benefited Antibodies; provided, however, that Licensees will exclude Third Party
Contractors and any other fee-for-service contract research organizations or contract manufacturing organizations acting in such capacity for the benefit of Cullinan.
For clarity, licensees of the rights assigned to Cullinan by Adimab and sublicensees of the license granted by Adimab to Cullinan pursuant to Section 3.2 (Commercial Rights) will be Licensees. 

1.57    “Licensee Agreement” has the meaning set forth in Section 3.2(b)(iii)
(Licensees). 

  
 6 

 1.58    “Losses” has the meaning set forth in
Section 8.1 (Indemnification by Adimab). 
 1.59    “Major Region” means any of
[***]. 
 1.60    “Marketing Approval” means, within any given country, approval by the relevant
regulatory agency to market a Product legally as a drug or biologic, such as approval by the United States Food & Drug Administration of a Biologic License Application (as defined in the U.S. Federal Food, Drug and Cosmetics Act and the
regulations promulgated thereunder (21 C.F.R. §§ 600-680) in the United States), or approval by a comparable agency of a comparable filing in any other
non-U.S. jurisdiction. Pricing approval need not be obtained for Marketing Approval to be achieved. 

1.61    “Milestone Event” has the meaning set forth in Section 4.4(a) (Milestone
Events). 
 1.62    “Milestone Payment” has the meaning set forth in Section 4.4(a)
(Milestone Events). 
 1.63    “Multispecific Antibody” means [***]. 

1.64    “Multispecific Delivery Fee” has the meaning set forth in Section 4.2(b)(iii)
(Multispecific Delivery Fee). 
 1.65    “Multispecific Product” means a Product that
contains or is comprised of a Multispecific Antibody. 
 1.66    “Naïve Discovery Delivery
Fee” has the meaning set forth in Section 4.2(b)(i) (Naïve Discovery Delivery Fee). 

1.67    “Naïve Library” means an antibody library containing at
least [***]. 
 1.68    “Net Sales” means the gross amounts invoiced for a Product by Cullinan,
its Affiliates and its Licensees for sales or other disposition of such Product to a Third Party purchaser, less the following, to the extent that the following are directly incurred with respect to a Product, or allocated specifically to a Product
in accordance with generally accepted accounting principles consistently applied across the books and records of Cullinan and its Licensees, as applicable: 

(a)    [***] 

(b)    [***] 

(c)    [***] 

(d)    [***] 

(e)    [***] 

  
 7 

 (f)    [***] 

(g)    [***] 
 For
the avoidance of doubt, [***]. 
 [***]. 

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

1.69    “Non-Optioned Antibodies” means any Program
Antibody with respect to which the Evaluation Term has expired and which was not selected by Cullinan pursuant to the exercise of an Option under Section 3.2(a), and any Program-Benefited Antibody generated from such Program Antibody. 

1.70    “North America” means the United States, including its territories and possessions,
Canada, and Mexico. 
 1.71    “Optimization Completion Fee” has the meaning set forth in
Section 4.2(b)(ii) (Optimization Completion Fee). 
 1.72    “Optimized Cullinan
Antibody” means a [***]. 
 1.73    “Optimized Cullinan Product” means [***]. 

1.74    “Option” means collectively the Program Antibody Option and the CD3 License Option. 

1.75    “Option Fee” has the meaning set forth in Section 4.3 (Option Fee). 

1.76    “Optioned Antibody” means any Program Antibody selected by Cullinan pursuant to
Section 3.2(a)(i) (Option Exercise for Research Programs) or 3.2(a)(ii) (Option Exercise Under the CD3 License), and any Program-Benefited Antibody generated from such Program Antibody. For clarity, Optioned Antibodies may include
Multispecific Antibodies, including CD3 Products. 
 1.77    “Optioned Program Antibody Patents”
means those Program Antibody Patents that Cover Optioned Antibodies and do not disclose Non-Optioned Antibodies. 

1.78    “Original Product” has the meaning set forth in Section 4.4(f) (Milestone Payments
for Subsequent Products). 
 1.79     “Party” means Adimab or Cullinan. 

  
 8 

 1.80    “Patent” means any patent application or
patent anywhere in the world, including all of the following categories of patents and patent applications, and their foreign equivalents: provisional, utility, divisional, continuation, continuation-in-part, and substitution applications; and re-issue, re-examination, renewal and extended patents; and any rights
associated with extended patent terms, including Patent Term Adjustment (PTA), Patent Term Extension (PTE), Supplementary Protection Certificates (SPC); and other similar rights. 

1.81    “Phase I Trial” means a human clinical trial (whether a Phase Ia or a Phase Ib trial) in
any country of the type described in 21 C.F.R. §312.21(a), or an equivalent clinical study required by a regulatory authority outside of the United States. 

1.82    “Phase II Trial” means a human clinical trial conducted in any country of the type
described in 21 C.F.R. §312.21(b), or an equivalent clinical study required by a regulatory authority outside of the United States. 

1.83    “Phase III Trial” means a human clinical trial in any country of the type described in 21
C.F.R. § 312.21(c), or an equivalent clinical study required by a regulatory authority outside the United States. For purposes of this Agreement, a human clinical trial that combines elements of two different phases of clinical trial will be
deemed to be the more advanced type of clinical trial (e.g., a Phase II /III clinical trial will be deemed a Phase III Trial). 

1.84    “Product” means any actual or potential product that comprises or contains one or more
Program-Benefited Antibodies (whether or not such product is, is intended to be, or was under evaluation for safety, efficacy, or other factors, and whether or not such Product has been formulated for delivery). 

1.85    “Program Antibody” means [***]. 

1.86    “Program Antibody Option” has the meaning set forth in Section 3.2(a)(i) (Option
Exercise For Research Programs). 
 1.87    “Program Antibody Patents” means, for a Target
other than CD3, Patents that (a) Cover a Program-Benefited Antibody or any Product and (b) do not Cover Adimab Platform Technology or Adimab Platform Technology Improvements. 

1.88    “Program-Benefited Antibody” means [***]. 

1.89     “Program Inventions” means any invention that is conceived and/or first reduced to
practice in the course of or as a result of the activities conducted under this Agreement (including in exercise of a license under this Agreement). For clarity, Program Inventions include all Know-How made,
developed, invented or discovered by employees, contractors or agents of either Party or of both Parties pursuant to this Agreement. 

1.90    “Program Patent” means any Patent Covering a Program Invention. 

1.91    “Research Committee” has the meaning set forth in Section 2.2(a) (Scientific
Research Committee). 

  
 9 

 1.92    “Research Plan” means, on a Target-by-Target basis, the research plan agreed upon by the Parties with respect to a Target in accordance with Section 2.1(a) (Research Plans) hereof, which
shall include the number of expected FTEs to be expended on the project by Adimab and the relevant deliverables and timelines. 

1.93    “Research Program” means, on a Target-by-Target basis, a program of research conducted under this Agreement in accordance with a Research Plan for such Target. For clarity, in the event that [***]. 

1.94    “Research Term” means the period beginning on the date on which Adimab commences work on a
Research Program, as specified in the Research Program, and ending, on a Research Program-by-Research Program basis, upon Adimab’s Final Delivery under a Research
Plan; provided, however, that in the event that Adimab is unable to deliver antibodies pursuant to a Research Plan within [***] of commencing work on such Research Plan, then either Party may terminate the Research Term at such point. 

1.95    “Royalty Payment” has the meaning set forth in Section 4.5 (Royalty Payments).

 1.96    “Royalty Term” means, on a Product-by-Product and country-by-country basis, the term ending at the later of (a) [***] after the First Commercial Sale of
such Product in such country and (b) the expiration of the last issued and not expired, permanently revoked, or invalid claim within a Program Patent Covering such Product. 

1.97    “Senior Executive Discussions” has the meaning set forth in Section 10.2(a)
(Initial Dispute Resolution). 
 1.98    “Sequence IP” means Patents that Cover, and Know-How related to, the amino acid sequence of an antibody (including any Program-Benefited Antibody), including the CDRs. 

1.99    “Subsequent Product” has the meaning set forth in Section 4.4(f) (Milestone
Payments for Subsequent Products). 
 1.100    “TAA Target” means the Target(s) of
antibodies in a CD3 Product other than CD3. 
 1.101    “Target” means a target selected by
Cullinan pursuant to Section 2.1 (Research Programs). 
 1.102    “Target Nomination
Period” means the term beginning on the Effective Date and ending [***] after the Effective Date. 

1.103    “Target Questionnaire” means the form of target questionnaire attached hereto as Exhibit
A. 
 1.104    “Term” will have the meaning set forth in Section 9.1 (Term). 

1.105    “Third Party” means an entity other than a Party. 

  
 10 

 1.106    “Third Party Claims” has the meaning
set forth in Section 8.1 (Indemnification by Adimab). 
 1.107    “Third Party
Contractors” means (a) Third Parties that provide services on a fee-for-service basis, such as contract research organizations, contract manufacturers, and
the like, and (b) Third Party academic collaborators, in each case, so long as (x) any agreement between Cullinan and such Third Party service provider or Third Party academic collaborator is terminable at will upon reasonable notice by
Cullinan and (y) such Third Party service provider or Third Party academic collaborator does not obtain any rights (or with respect to a Third Party academic collaborator, grants Cullinan an option to obtain rights, which option shall be
described to Adimab in reasonable detail and which option Cullinan hereby agrees to exercise upon request by Adimab) to research, develop, manufacture, commercialize, or patent any Program-Benefited Antibodies, and provided, for clarity, such Third
Party may be granted rights to perform the contracted services, and (z) such Third Party service provider or Third Party academic collaborator is bound to substantially similar confidentiality and non-use
obligations as Cullinan is bound to under this Agreement. 
 1.108    “Third Party Intellectual Property
Licenses” means Patent licenses obtained by Cullinan (or its Affiliate or Licensee) after Cullinan (or such Affiliate or Licensee) determines in good faith that one or more such Patent licenses from Third Parties are reasonably required by
Cullinan (or such Affiliate or Licensee) because such Patents Cover the way in which Program Antibodies were discovered or optimized using Adimab Platform Technology or Adimab Platform Technology Improvements under a Third Party Patent Covering the
Adimab Platform Technology and/or Adimab Platform Technology Improvements, in order to avoid Third Party claims of patent infringement relating to the discovery or optimization of an Optioned Antibody, which claims are reasonably believed by
Cullinan (or its Affiliate or Licensee) to be reasonably likely not to be dismissed or invalidated in any derivation or post-grant proceeding or at summary judgment, and are reasonably likely to succeed overall. For clarity, Third Party Patent
Licenses explicitly exclude licenses to any Excluded Technology or Sequence IP. 
 1.109    References in the
body of this Agreement to “Sections” or “Articles” refer to the sections or articles of this Agreement. The terms “include,” “includes,” “including” and derivative forms of them will be deemed
followed by the phrase “without limitation” regardless of whether such phrase appears there (and with no implication being drawn from its inconsistent inclusion or non-inclusion) and the term
“or” has the inclusive meaning represented by the phrase “and/or” (regardless of whether it is actually written and drawing no implication from the actual use of the phrase “and/or” in some instances but not in others).

 1.110    To avoid doubt, the term “antibody” as used everywhere else in this Agreement includes
full-length antibodies and other proteins such as peptides that constitute antibodies, fragments thereof, and chemically modified versions thereof (including pegylated versions and multispecific antibodies (e.g., bispecifics and trispecifics)
and regardless of whether containing amino acid substitutions), all of the foregoing whether naturally occurring, artificially produced, raised in an artificial system, or created through modification of an antibody produced in any of the foregoing
ways or otherwise, and whether represented by physical material or sequences. Throughout this Agreement, the term “sequence” means both the amino acid sequence and nucleic acid sequence and a sequence may be identified either explicitly
(e.g., by identifying the specific sequences) or implicitly (e.g., by referencing specific substitutions to the sequence of an antibody). 

  
 11 

 ARTICLE 2 

RESEARCH PROGRAMS 
  

	 	2.1	 Research Programs. 

(a)    Research Plans. The Parties intend to collaborate on different types of Research Programs pursuant to
this Agreement, including: (1) Research Programs pursuant to which Adimab will discover [***], (2) Research Programs pursuant to which Adimab will generate Optimized Cullinan Antibodies, and (3) Research Programs pursuant to which Adimab
will generate Multispecific Products based on the Target combinations identified by Cullinan, which may include CD3 Products and other Multispecific Antibodies. As set forth below, Adimab shall use Commercially Reasonable Efforts to commence
Research Programs and each Research Plan hereunder promptly. 
 (i)    Research Plans for Targets Other Than
CD3. [***]. 
 (ii)    CD3 Research Plans. [***]. 

(b)    Conduct of Research. Each Research Program shall be conducted in accordance with the applicable
Research Plan. Each Party shall use its Commercially Reasonable Efforts to perform the activities assigned to such Party in a Research Plan and to achieve the timeline(s) set forth in such Research Plan. Adimab’s obligation to start performance
of a particular Research Program hereunder will be reasonably subject to (i) the availability of reagents of sufficient quality and quantity, and (ii) the availability of Adimab researchers to perform such Research Program, but in no event
will any delay be more than two (2) months from the date of quality control of the reagents described in clause (i). Adimab will provide Cullinan with reasonable notice as to the availability of its researchers to start performance of its
obligations under a Research Plan at the time of negotiation of such Research Plan. Cullinan’s performance obligations under each Research Program shall be contingent upon Adimab providing the Adimab Materials set forth in the applicable
Research Plan. Cullinan Materials are expected to include Target antigen of suitable quality for performance of the Research Program and such Cullinan Materials must pass Adimab’s reasonably implemented and tested quality control standards
prior to commencing the Research Program. Adimab’s performance obligations under a Research Program shall expire at the end of the Research Term for such Research Program. Adimab will have the right to use Third Parties in the performance of
its obligations under a Research Plan; provided, however, that: (i) Adimab first obtain Cullinan’s prior written consent (ii) Adimab shall be responsible for all such Third Parties and the engagement by Adimab of any Third
Party shall not relieve Adimab of its obligations under this Agreement or any applicable Research Plan; (iii) any such Third Party will have entered into a written agreement with Adimab that includes terms and conditions protecting and limiting
use and disclosure of Confidential Information at least to the same extent as under this Agreement; (iv) such Third Party and its personnel have or will have executed prior to performing any such activities binding agreements to assign to Adimab all
right, title and interest in and to any Patents and Know-How created, conceived or developed in connection with the performance of subcontracted activities; and (v) the written agreement between Adimab
and any such Third Party pertaining to a Research Plan shall be consistent with the provisions of this Agreement. 

  
 12 

	 	2.2	 Project Management. 

(a)    Scientific Research Committee. Promptly after agreement of the first Research Plan, the Parties will
form a steering committee consisting of [***] (the “Research Committee”) to oversee all Research Plans. The Research Committee’s role is to facilitate communication regarding progress in relation to a Research Program and the
collaboration generally. Either Party may change its Research Committee members upon written notice to the other Party. The Research Committee may meet in person or by teleconference or videoconference. Each Party will designate one of its Research
Committee members as co-chair. The Research Committee will meet from time to time promptly after the date of a written request by either Party. Additional members representing either Party may attend any
Research Committee meeting. The co-chairs will be responsible for circulating, finalizing and agreeing upon minutes of each meeting within [***] after the meeting date. Upon expiration of the final Research
Term, the Research Committee will be disbanded. 
 (b)    Decision Making. The Research Committee will
operate by consensus but solely within the limits specified in this Section 2.2 (Project Management), it being understood that if the co-chairs cannot agree with regard to a specific matter within
their decision-making authority, no decision of the Research Committee will be deemed taken by the Research Committee. The Research Committee will have the limited authority to amend the Research Plans in a manner not substantially affecting
resources required to perform a Party’s obligations hereunder. Except for the limited authority set forth in this Section 2.2 (Project Management), the Research Committee will not have any decision-making authority and in no event
will the Research Committee have the power to amend or waive compliance with this Agreement. 

(c)    Alliance Managers. Each Party will designate in writing within thirty [***] after the Effective Date
an “Alliance Manager” to be the primary contact for such Party. The Alliance Manager will be responsible for managing communications between the Parties with respect to each Research Program, including responsibility for scheduling
teleconferences and coordinating Research Committee meetings. Alliance Managers may also be members of the Research Committee. In no event will the Alliance Managers have the power to amend or waive compliance with this Agreement. 

 

	 	2.3	 Reports; Records. 

(a)    Reports By Adimab. At the junctures specified in a Research Plan (but no less than a quarterly basis),
Adimab will provide written reports to Cullinan regarding such Research Plan and such written reports shall be treated as Confidential Information of Cullinan. Adimab will maintain records, in reasonable scientific and technical detail and in a
manner appropriate for patent purposes, which will be complete and accurate and will fully and properly reflect all work done and results achieved in the performance of a Research Program. All such records shall be kept in sufficient detail to
identify and report those research activities conducted by Adimab, for a period of at least [***] following completion or termination of the Research Plan. Adimab shall provide Cullinan with at least [***] written notice prior to destroying such
records. Cullinan shall have the right to audit any such record upon reasonable written notice to Adimab, and to request and receive copies of such record. 

  
 13 

 (b)    Reports By Cullinan. For so long as Cullinan or any
of its Affiliates, Licensees or sublicensees continue to generate, test, research, develop, or commercialize any Program-Benefited Antibodies, Cullinan will provide semi-annual written reports to Adimab which provide any data Cullinan is required to
provide under a Research Plan and which will disclose updated information regarding the existence and stage of development of all Program-Benefited Antibodies since the date of the last report, and any advancements in the stage of development
expected in the next year (e.g., from pre-clinical to Phase I Trial or from Phase III Trial to Marketing Approval) in the form attached hereto as Exhibit C. Such written report shall be Confidential
Information of Cullinan. For clarity, the information reported by Cullinan after the Evaluation Term will be solely for the purpose of allowing Adimab to monitor the progress of development of Program-Benefited Antibodies and Products, and to
monitor Cullinan’s obligations under this Agreement and for no other purpose. 
  

	 	2.4	 Adimab Materials. 

(a)    Use of Adimab Materials. Prior to exercise of the applicable Option, Cullinan and its Affiliates,
subject to Section 3.3 (Comparison of Program-Benefited Antibodies to Other Antibodies), will only use Adimab Materials as is necessary to conduct research pursuant to Section 3.1(a) (Research Licenses to Cullinan) and to
assess Program-Benefited Antibodies to determine whether to exercise the applicable Option. After exercise of the applicable Option, Cullinan, its Affiliates and Licensees will only use Adimab Materials to generate, research, develop, manufacture,
and commercialize Optioned Antibodies and Products. Cullinan will not use Adimab Materials for any other purposes. Cullinan will not use physical embodiments of Adimab Materials delivered by Adimab to Cullinan in humans. 

(b)    Use of Third Party Contractors and Collaborators. During the Research Term and the Evaluation Term,
Cullinan may use Third Party Contractors and provide Adimab Materials to Third Party Contractors and Third Party collaborators subject to a written agreement (a “Cullinan Collaborator Agreement”) with Cullinan that includes rights
or licenses with respect to a class of antibodies and excludes rights to specifically and identifiable Program-Benefited Antibodies (collectively, “Cullinan Collaborators”), in each case, to assist in assessing Program-Benefited
Antibodies to determine whether to exercise an Option with respect to such Research Program; provided, however, that in the event that such Evaluation Term expires and Cullinan has not exercised the applicable Option, then Cullinan will
terminate any rights provided to such Third Party Contractors and Cullinan Collaborators to the extent that such rights pertain to Program-Benefited Antibodies in a manner such that such Third Party Contractors and Cullinan Collaborators do not
obtain any rights to research, develop, manufacture, commercialize, or patent (or an option to obtain such rights) with respect to any applicable Non-Optioned Antibodies and each such Third Party Contractor
and Cullinan Collaborator is bound to substantially similar confidentiality and non-use obligations as Cullinan is bound to under this Agreement. 

  
 14 

 (c)    No Transfer to Third Parties Other than Third Party
Contractors. During the Research Term or the Evaluation Term, Cullinan will not provide Adimab Materials or Program-Benefited Antibodies to any Third Party except as permitted pursuant to Section 2.4(b) (Use of Third Party Contractors
and Collaborators). After expiration of the Evaluation Term, Cullinan will not provide any Non-Optioned Antibodies to any Third Party. 

(d)    Title to Adimab Materials. Adimab retains title to the Adimab Materials, including all quantities of
Program Antibodies that it provides under a Research Program, including during the Evaluation Term. At the expiration of the Evaluation Term for a Research Program, Cullinan will return to Adimab or destroy any Program-Benefited Antibodies in its
possession on expiration of the Evaluation Term for such Research Program (at Adimab’s direction). Notwithstanding the foregoing, should Cullinan exercise the Option for a given Research Program, all right, title and interest in and to those
Program-Benefitted Antibodies (which upon exercise of the Option for such Target shall become Optioned Antibodies to that Target) shall belong to and vest in Cullinan. 

2.5    Cullinan Materials. Adimab will use the Cullinan Materials, including Cullinan Proprietary Antibodies
(but, for clarity, excluding Cullinan Public Antibodies), solely to perform a Research Program for the applicable Target and for no other purpose. Cullinan retains title to the Cullinan Materials, including all quantities that it provides Adimab
under a Research Program. Adimab will not transfer the Cullinan Materials to any Third Party accept in accordance with an agreed-upon Research Plan. Within thirty (30) days after the Research Term for such Target ends, Adimab will return to
Cullinan or destroy any remaining Cullinan Materials (at Cullinan’s direction). 
 2.6    Certain
Restrictions on the Use of Naïve Libraries and Antibodies. 
 (a)    Funded
Discovery. Whether for a Third Party or Adimab’s own account, Adimab will not: [***]. 

(b)    Adimab Libraries. 

(i)    Antibodies within Libraries. Adimab will not be required to physically remove from its libraries, or
to prevent from being included in future libraries, any Program-Benefited Antibodies. Adimab hereby reserves the right for Adimab, and those deriving rights from Adimab, to include Program-Benefited Antibodies in antibody library(ies) transferred or
licensed by Adimab to Third Parties (including the transfer of physical possession of samples of Program-Benefited Antibodies to a Third Party as part of the transfer of libraries in such transactions). For clarity, Third Party recipients of
Adimab’s Platform Technology and/or Naïve Libraries are entitled to conduct any activity with respect to Program-Benefited Antibodies without contractual restriction from Adimab (although such activities may infringe Patents held by third
parties, such as Patents covering a composition of matter held by Cullinan by virtue of the work performed by Adimab pursuant to this Agreement); provided, however, that Adimab and each of its Affiliates shall maintain a complete and accurate
list of all Naïve Libraries used as part of the Research Programs. 

  
 15 

 (ii)    Use of Adimab Platform Technology by Platform
Transferees. Nothing herein will prevent Adimab from licensing or transferring some or all of the Adimab Platform Technology to a Third Party (including technical support in connection therewith) nor will anything herein require Adimab to in any
way limit the use of the Adimab Platform Technology by Adimab or a Third Party; provided, however, that Adimab shall not provide any Third Party with any antibody library used in conducting any Research Program hereunder, and so long as
Adimab complies with clauses (iii) and (iv) of Section 2.6(a) (Funded Discovery), and no such license or transfer shall in any way limit the licenses granted in Sections 3.1(a) (Research Liense to Cullinan) and 3.2(b)(ii)
(License). 
 ARTICLE 3 

LICENSES; OPTION; DEVELOPMENT & COMMERCIALIZATION 
  

	 	3.1	 Mutual Research Licenses. 

(a)    Research Licenses to Cullinan. 

(i)    Antibodies Generated in a Research Program. Subject to Section 3.3 (Comparison of
Program-Benefited Antibodies to Other Antibodies), during the Research Term and Evaluation Term for a Research Program, Adimab, on behalf of itself and its Affiliates, hereby grants Cullinan and its Affiliates a worldwide, non-exclusive, license under the Adimab CD3 IP, Adimab Platform Patents, Adimab Platform Technology, Adimab Platform Technology Improvements, Adimab’s and its Affiliates’ interest in Program Inventions and
Program Patents, and Program Antibody Patents to perform research in the Field for the purposes of performing Cullinan’s responsibilities and exercising Cullinan’s rights under this Agreement and a Research Plan hereunder and to evaluate
Program Antibodies for purposes of determining whether to exercise an Option; provided, however, that (i) such license is sublicensable solely to Third Party Contractors and Cullinan Collaborators and (ii) such license excludes
Excluded Technology. 
 (ii)    Antibodies Generated by Cullinan During the CD3 License Term. During the
CD3 License Term, Adimab hereby grants Cullinan a worldwide, non-exclusive, license under the Adimab CD3 IP to perform research in the Field for the purposes of performing Cullinan’s responsibilities and
exercising Cullinan’s rights under this Agreement and a Research Plan hereunder and evaluating Adimab CD3 Antibodies for purposes of creating CD3 Products and determining whether to exercise an Option; provided, however, that
(i) such license is sublicensable solely to Third Party Contractors and Cullinan Collaborators and (ii) such license excludes Excluded Technology. 

(b)    Research License to Adimab. During the Research Term and Evaluation Term for a Research Program,
Cullinan hereby grants to Adimab a non-exclusive, non-sublicensable (except to permitted contractors of Adimab in accordance with Section 2.1(b) (Conduct of
Research)), non-transferable license with respect to such Research Program under all Patents and Know-How Controlled by Cullinan which Cover or relate to the
applicable Target subject to such Research Program (including any that so relate by claiming antibodies directed to such Target or a mechanism of action via the Target) or any Cullinan Materials, solely to perform Adimab’s responsibilities
under the applicable Research Plan and for no other purpose. 

  
 16 

	 	3.2	 Commercial Rights. 

(a)    Option. 

(i)    Option Exercise for Research Programs. On a Research Program-by-Research Program basis, Adimab hereby grants Cullinan the exclusive option (a “Program Antibody Option”) to obtain the licenses and assignments described in
Section 3.2(b) (Development and Commercialization License and Assignment) for Optioned Antibodies (including CD3 Products) discovered during a Research Program, exercisable, in Cullinan’s sole discretion, on or before the expiry of
the applicable Evaluation Term by written notice to Adimab accompanied by payment of the Option Fee for such Research Program. On a Research Program-by-Research Program
basis, Cullinan will, in its written notice to exercise the Option, specify up to twenty (20) Program Antibodies as Optioned Antibodies. 

(ii)    Option Exercise Under the CD3 License. On a CD3 Product-by-CD3 Product basis, Adimab hereby grants Cullinan the exclusive option (a “CD3 License Option”) to obtain the licenses and assignments described in Section 3.2(b)
(Development and Commercialization License and Assignment) for CD3 Products discovered by Cullinan pursuant to the CD3 License during the CD3 License Term. Such CD3 License Option is exercisable, in Cullinan’s sole discretion, by written
notice to Adimab at any time prior to the commencement of IND-enabling toxicology studies with respect to such CD3 Product, and such exercise notice will be accompanied by payment of the Option Fee. Cullinan
may, in its written notice to exercise the CD3 License Option, specify up to [***] CD3 Products against the same Target combination as Optioned Antibodies. 

(iii)    Additional Optioned Antibodies. Notwithstanding the limitation to [***] Program Antibodies set
forth in Section 3.2(a)(i) (Option Exercise for Research Programs) with respect to each Research Program and/or [***] CD3 Products under Section 3.2(a)(ii) (Option Exercise Under the CD3 License) with respect to the same
Target, Cullinan, in its sole discretion, may elect to specify more than [***] Program Antibodies with respect to the corresponding Research Program or CD3 Products with respect to the corresponding Target as Optioned Antibodies, and if Cullinan so
elects, the Option Fee with respect to such Research Program will be increased by [***] for each additional Program Antibody or CD3 Product selected by Cullinan. 

(iv)    Option Exercise for Multispecifics other than CD3 Products. If one or more Research Programs
involve Program Antibodies against more than one Target or combination of Targets, then an Option must be exercised for each Target or combination of Targets; provided, however, that the aggregate Option Fee will not exceed the aggregate
Option Fee that would have been paid if the Option had been exercised with respect to Research Programs for each individual Target. By way of example, in the event that Adimab delivers Program Antibodies against Target A, Program Antibodies against
Target B, and bispecific Program Antibodies against both Targets A and B, then Cullinan would have the opportunity (but not the obligation), in its sole discretion, to exercise Options with respect to (i) up to [***] (or more) Program
Antibodies against Target A, (ii) up to [***] (or more) Program Antibodies against Target B, or (iii) up to [***] (or more) bispecific Program Antibodies against Targets A and B; provided, 

  
 17 

 
however, that in the event that Cullinan exercised the Options for up to [***] (or more) Program Antibodies against Target A pursuant to clause (i) and up to [***] (or more) Program
Antibodies against Target B pursuant to clause (ii), then no additional Option Fee would be due pursuant to clause (iii) with respect to exercise of the Option for bispecific antibodies combining Program Antibodies for which the Options were
exercised pursuant to clauses (i) and (ii). 
 (v)    Disclosed Antibody Sequences. Notwithstanding
the provisions of Section 5.4(c) (Program Antibody Patents), in the event that Cullinan claims the sequences of one or more Program Antibodies discovered in a Research Program (e.g., through the publication of a Program Patent),
then the Option will be deemed to have been exercised with respect to such Research Program, the Program Antibodies for which the sequences were disclosed will be Optioned Antibodies, and Cullinan will promptly pay the applicable Option Fee. 

(b)    Development and Commercialization License and Assignment. 

(i)    Assignment. Effective on Cullinan’s exercise of the Option, Adimab and its Affiliates hereby
assign to Cullinan, subject to the terms and conditions of this Agreement, all right, title and interest in and to all applicable Optioned Program Antibody Patents, the transfer of which shall occur automatically without any further action required
by either Party or any of their respective Affiliates. Notwithstanding the foregoing, Adimab agrees, on behalf of itself and its Affiliates, to cooperate in executing related confirmatory assignments upon the reasonable request of Cullinan. 

(ii)    License. Subject to Section 3.3 (Comparison of Program-Benefited Antibodies to Other
Antibodies), effective on Cullinan’s exercise of the Option, Adimab and its Affiliates hereby grant to Cullinan and its Affiliates, for each Research Program, a worldwide, royalty-free, fully paid-up,
non-exclusive, sublicensable through multiple tiers (solely as provided in Section 3.2(b)(iii) (Licensees)) license under the Adimab CD3 IP, Adimab Platform Patents, Adimab Platform Technology,
Adimab Platform Technology Improvements, and Adimab’s and its Affiliates’ interest in Program Inventions and Program Patents, in the Field, to research, develop, have developed, make, have made, use, sell, offer to sell, import and export
Optioned Antibodies and Products during the Term; provided, however, that such license excludes Excluded Technology. 

(iii)    Licensees. Cullinan will not license or sublicense (or grant an option to a license or sublicense
to) any Non-Optioned Antibody, and any license of any Optioned Antibody and, other than with respect to any Third Party Contractor, any direct or indirect license or sublicense of the rights granted under this
Section 3.2(b) (Development and Commercialization License and Assignment) (and any option to acquire such a license or sublicense) shall be made solely pursuant to a written agreement (a “Licensee Agreement”) that
is consistent with all relevant terms and conditions of this Agreement and to Licensees who explicitly agree in writing to comply with all applicable terms of this Agreement, including Section 9.4 (Commitments Regarding Program-Benefited
Antibodies) hereof, and which require such Licensees to indemnify Adimab Indemnitees to the same extent that such Adimab Indemnitees are indemnified pursuant to Section 8.2 (Indemnification by Cullinan) hereof. Cullinan shall remain
responsible for all payments and other performance obligations due under this Agreement, notwithstanding any license or sublicense that it may grant. 

  
 18 

 3.3    Comparison of Program-Benefited Antibodies to Other
Antibodies. 
 (a)    Comparisons to Existing Cullinan Antibodies Are Permitted. Under the licenses and
assignments granted to Cullinan pursuant to Section 3.1(a) (Research License to Cullinan) and Section 3.2(b) (Development and Commercialization License and Assignment), comparison of Program-Benefited Antibodies to
other Program-Benefited Antibodies, and Cullinan Antibodies and other antibodies (including commercial and research antibodies) against a Target, or any other agent is permitted (e.g., comparing affinities, specificities, function, etc.) and
such Cullinan Antibodies will not be deemed to be Program-Benefited Antibodies by virtue of having conducted such comparisons. 

(b)    Use in Screening and Design of New Antibodies is Not Permitted. This Agreement and the licenses and
assignments granted to Cullinan pursuant to Section 3.1(a) (Research License to Cullinan) and Section 3.2(b) (Development and Commercialization License and Assignment), specifically exclude the right to
(a) discover or optimize antibodies using the Adimab Platform Technology or Adimab Platform Technology Improvements (b) use Program-Benefited Antibodies or Adimab Materials to (i) generate or discover new antibodies, via screening or
otherwise or (ii) design new antibodies, via in silico methods or otherwise, except, in the case of either (i) or (ii), for Program-Benefited Antibodies that will be milestone- and royalty-bearing to Adimab under this
Agreement. 
 3.4    License to Adimab. Cullinan hereby grants a worldwide, perpetual, sublicensable,
fully paid up, royalty-free, non-exclusive license to Cullinan’s interest in all Cullinan Product Patents that disclose one or more Adimab CD3 Antibodies by sequence to the extent necessary to research,
develop, have developed, make, have made, use, sell, offer to sell, import and export such Adimab CD3 Antibodies and products containing such Adimab CD3 Antibodies; provided, however, that (i) such license does not include such Cullinan
Product Patents to the extent that they Cover the Grant Back Exclusion and (ii) such license to Cullinan Product Patents is not sublicensable to any Third Party unless such Third Party has granted a license to Adimab to Patents, if any,
Controlled by such Third Party (x) which license includes Patents that disclose Adimab CD3 Antibodies, (y) which license is substantially similar in scope to the foregoing license to Cullinan Product Patents, and (z) which license is
sublicensable by Adimab to Cullinan. 
 3.5    Diligent Development and Commercialization. Cullinan shall,
itself or through an Affiliate or Licensee, devote Commercially Reasonable Efforts to preclinically develop and, if Cullinan exercises the Option, clinically develop, seek Marketing Approval for, and launch and actively commercialize at least [***]
Product that contains a Program-Benefited Antibody discovered in each Research Program. 
 3.6    No Implied
Licenses. Other than the licenses, options and assignments explicitly set forth in this Article 3 (Licenses; Option; Development & Commercialization) or in Article 5 (Intellectual Property), neither Party
grants any intellectual property licenses, options or assignments to the other Party under this Agreement. This Agreement does not create any implied licenses. 

  
 19 

 3.7    Covenant Not to Exceed License. Each Party hereby
covenants that it will not practice any Patent or item of Know-How licensed or assigned to it under this Agreement outside the scope of the license to such Party set forth in this Agreement (or any subsequent
agreement between the Parties providing for an additional license under such Patent or item of Know-How). 

3.8    Bankruptcy Code. If this Agreement is rejected by a Party as a debtor under Section 365 of the
United States Bankruptcy Code (or similar provision in the bankruptcy laws of another jurisdiction), then, notwithstanding anything else in this Agreement to the contrary, all licenses and rights to licenses granted under or pursuant to this
Agreement (including those set forth in this Article 3 (Licenses; Option; Development & Commercialization) and those described in Article 9 (Term)) by the Party in bankruptcy to the other Party are, and will
otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code (or similar provision in the bankruptcy laws of the jurisdiction), licenses of rights to “intellectual property” as defined under
Section 101(35A) of the United States Bankruptcy Code (or similar provision in the bankruptcy laws of the jurisdiction). Notwithstanding anything herein, nothing in this Section 3.7 (Bankruptcy Code) will be read to entitle Cullinan
to obtain disclosure of Adimab Platform Technology, whether or not as an “embodiment,” “duplicate,” “update,” or otherwise, at any time, and Cullinan will not under any circumstances notwithstanding anything express or
implied in this Agreement be entitled to disclosure of Adimab Platform Technology and Adimab Platform Technology Improvements. 
 ARTICLE
4 
 FINANCIAL TERMS 
  

	 	4.1	 Access Fees. 

(a)    Technology Access Fee. Cullinan will pay to Adimab a one-time,
non-creditable, non-refundable technology access fee of [***] within [***] of the Effective Date. 

(b)    Annual Access Fee. At the commencement of the CD3 License Term and on each anniversary thereof during
the CD3 License Term, Cullinan will pay to Adimab a non-creditable (except pursuant to the proviso in this sentence), non-refundable technology access fee of [***];
provided, however, that Cullinan may deduct up to [***] of the fees paid pursuant to this Section 4.1(b) (Annual Access Fee) from fees due to Adimab under Section 4.2(a) (Research Funding) during the twelve
(12) months following payment. 
  

	 	4.2	 Research Stage Fees. 

(a)    Research Funding. Cullinan will pay Adimab an amount equal to [***] of the actual FTEs expended
by Adimab in the performance of its obligations hereunder with respect to the generation, production, and analysis of antibodies (including CD3 Products) during such calendar quarter (at the FTE Rate). At the end of each calendar quarter, Adimab
shall deliver to Cullinan a detailed invoice stating the number of FTEs that performed activities under the Research Programs during the prior calendar quarter. Cullinan shall pay all invoices within [***] days of receipt of such invoice. Adimab
shall keep adequate books and records of account for the purpose of calculating FTEs and amounts payable to Adimab with respect thereto, and 

  
 20 

 
Cullinan shall have the right to audit such records pursuant to Section 4.10 (Records; Inspection), but reversing the roles of the Parties thereunder, mutatis mutandis. Each
Research Plan shall include a forecast setting for the estimated FTEs for such Research Program. If Adimab, in good faith, anticipates that its FTE expenditures will be more than [***] of the forecasted amount in any such Research Plan, Adimab shall
cease work on such Research Program until receiving instruction from Cullinan to either (i) permanently cease work on such Research Program, (ii) decrease the amount of work based on a mutually agreed revised Research Plan, and
(iii) proceed as planned notwithstanding the overage. 
 (b)    Delivery Fees. 

(i)    Naïve Discovery Delivery Fee. On a Research Program-by-Research Program basis, Adimab will invoice Cullinan for [***] (the “Naïve Discovery Delivery Fee”); provided, however, that in the case of transmembrane
protein projects (or other projects which vary substantially in scope and difficulty), the Parties will negotiate in good faith the amount of such delivery milestone payment based on the project. Adimab will send Cullinan an invoice for the
Naïve Discovery Delivery Fee at the time of Adimab’s delivery to Cullinan of sequences of an initial panel of Program Antibodies against the Target and Cullinan will pay such amount within [***] of receipt of such invoice. The Naïve
Discovery Delivery Fee will only be payable once per Research Program. For clarity, in the case of a Research Program that involves the optimization of a Cullinan Antibody, such Naïve Discovery Delivery Fee under this Section 4.2(b)(i)
(Naïve Discovery Delivery Fee) shall not apply. 
 (ii)    Optimization Completion
Fee. On a Research Program-by-Research Program basis, Adimab will invoice Cullinan for [***] (the “Optimization Completion Fee”) (plus an amount
equal to any applicable Naïve Discovery Delivery Fee which was not previously paid with respect to such Research Program); provided, however, that in the case of transmembrane protein projects (or other projects which vary substantially
in scope and difficulty), the Parties will negotiate in good faith the amount of such Optimization Completion Fee based on the project. Adimab will send Cullinan an invoice for the Optimization Completion Fee at the time of Adimab’s Final
Delivery to Cullinan of Program Antibodies against the Target, which shall meet pre-agreed goals as set forth in the Research Plan with respect to affinity, specificity and epitopic coverage. Cullinan will pay
such amount within [***] of receipt of such invoice with Adimab’s Final Delivery to Cullinan of Program Antibodies against the Target. The Optimization Completion Fee will only be payable once per Research Program. 

(iii)    Multispecific Delivery Fee. On a Research Program-by-Research Program basis, Adimab will invoice Cullinan for an amount equal to the fees due to Adimab pursuant to Section 4.2(a)(ii) (Research Funding for Multispecific Research Programs)
(the “Multispecific Delivery Fee”) (plus an amount equal to any applicable Naïve Discovery Delivery Fee and any applicable Optimization Completion Fee, in each case, which was not previously paid with respect to the antibodies
contained in the multispecific projects which is the subject of such Research Program). Adimab will send Cullinan an invoice for the Multispecific Delivery Fee at the time of Adimab’s delivery to Cullinan of sequences of a panel of
multispecific Program Antibodies against the Targets, and Cullinan will pay Adimab such amount within [***] of receipt of such invoice with Adimab’s Final Delivery to Cullinan of sequences of a panel of multispecific Program Antibodies against
the Target. The Multispecific Delivery Fee will only be payable once per Research Program. 

  
 21 

 (c)    Additional Services. From time to time, Cullinan
and Adimab may agree that Adimab will perform additional services which fall outside the scope of a Research Program. Such work may include (to the extent not set forth in an applicable Research Plan under a Research Program), for example,
(i) preparation of antigen or other reagents for use in a Research Program in the event that Cullinan does not have such materials itself, (ii) molecular biology work such as the generation of certain constructs (e.g., bispecifics
or CAR-Ts) using Cullinan Materials, or (iii) non-cGMP production of antibodies in mammalian cells for use in Cullinan’s research and evaluation of Program
Antibodies. In the event that Cullinan and Adimab agree that Adimab will perform such additional work, then Adimab will bill Cullinan an agreed-upon amount for such work, which agreed-upon amount may be comprised of one or more of the following:
(x) reimbursement for FTEs expended by Adimab at the FTE Rate, (y) a fixed payment for provision of the services, and (z) a delivery fee for completion of such work. This Agreement will govern the performance of such additional
services. 
 (d)    Antibody Delivery Failure. With respect to Research Programs that involve the initial
discovery of Program Antibodies (as opposed to the optimization of a Cullinan Antibody), Adimab shall refund to Cullinan [***] of the fee paid under Section 4.2(a)(i). (Research Funding for Discovery and Optimization of
Antibodies) with respect to a Research Program, other than a Multispecific Research Program, if Adimab is unable to deliver antibodies binding to the Target for such Research Program in accordance with success criteria set forth in the
applicable Research Plan within [***] after the commencement of selection of antibodies under such Research Program. Notwithstanding the foregoing, Adimab shall not be required to refund such amounts with respect to a Research Program to the extent
that Adimab’s failure to deliver antibodies binding to the Target for such Research Program within such five (5) month period is a result of (A) a significant delay or failure of Cullinan to perform its activities required under the
applicable Research Plan or (B) any modification of the Research Plan requested by Cullinan that increases the activities Adimab is required to perform under the applicable Research Plan or substantially increases the amount of time it takes
Adimab to perform its activities under a Research Plan. Has to deliver at least certain # of antibodies. 

4.3    Option Fee. In order to exercise the Option under Section 3.2(a)(i) (Option Exercise for
Research Programs) or 3.2(a)(ii) (Option Exercise Under the CD3 License), in addition to sending the notice required under Section 3.2(a)(i) (Option Exercise for Research Programs) or 3.2(a)(ii) (Option Exercise Under the
CD3 License), Cullinan will pay to Adimab a non-creditable, non-refundable option exercise fee of [***] for such Research Program (an “Option
Fee”), as adjusted in accordance with Section 3.2(a) (Option) in the event that Cullinan elects to exercise the Option with respect to more than [***] Program Antibodies, plus an amount equal to any applicable Delivery Fee which
was not previously paid with respect to such Research Program. 
 4.4    Milestone Payments. 

(a)    Milestone Events. On a
Product-by-Product basis, Cullinan will report in writing to Adimab the achievement of each event (each, a “Milestone Event”) and pay the corresponding
milestone payment (each, a “Milestone Payment”) to Adimab, each within [***] (or within [***] in the event that the relevant Milestone Event is achieved by a licensee or sublicensee of Cullinan) after the achievement of the
corresponding Milestone Event in the following table: 

  
 22 

			
	 Milestone Event
	  	
Milestone Payments            
        

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

 (b)    Phase I Clinical Trial Milestone discount. [***]. 

(c)    Catch-Up Payments. Milestone Payments are payable one time
per Product, the first time each Milestone Event is achieved for such Product, regardless of whether a Product covers more than one Target or is comprised of one or more Program-Benefited Antibodies. If a later-stage clinical Milestone Event is
achieved for any Product without one or more earlier-stage clinical Milestone Events having been achieved for that Product, then Cullinan will pay the Milestone Payment(s) for such previous clinical Milestone Event(s) along with the payment for the
most recently achieved clinical-stage Milestone Event. If a Milestone Event related to filing for Marketing Approval is achieved without one or more of the clinical Milestone Events being achieved, then Cullinan will pay the Milestone Payment(s) for
such previous clinical Milestone Event(s) along with the payment for the first Milestone Event related to filing for Marketing Approval.  

(d)    Back-Up Candidates. Cullinan may designate a Product as a Back-Up Candidate to another Product designated by Cullinan as a Lead Product, which Lead Product is further in development than the Back-Up Candidate and is directed to the
same Target (or, with respect to a Multispecific Product, the same set of Targets) as the Back-Up Candidate. In the event that a Milestone Event that was already achieved with respect to a Lead Product is also
achieved with respect to a Back-Up Candidate to such Lead Product prior to receipt of Marketing Approval for the Lead Product, then Cullinan’s obligation to pay the corresponding Milestone Payment with
respect to the achievement of the applicable Milestone Event with respect to such Back-Up Candidate will be deferred until receipt of Marketing Approval of the Lead Product. If Cullinan continues to develop
such Back-Up Candidate after receipt of Marketing Approval for the Lead Product, all deferred Milestone Payments for such Back-Up Candidate will become payable within
[***] after receipt of such Marketing Approval and all subsequent Milestone Payments for such Back-Up Candidate will be payable within [***] (or within [***] in the event that the relevant Milestone Event is
achieved by a licensee or sublicensee of Cullinan) after achievement of the corresponding Milestone Event with respect to such Back-Up Candidate. If Cullinan discontinues all development activities with
respect to a Back-Up Candidate upon Marketing Approval of the Lead Product and provides Adimab with written notice thereof within [***] after receipt of such Marketing Approval, Cullinan will not be obligated
to pay the deferred Milestone Payments for such Back-Up Candidate. If Cullinan continues to develop such Back-Up Candidate after discontinuation of development of the
Lead Product (but prior to Marketing Approval of such Lead Product), Cullinan will not be obligated to pay any Milestone Payments already paid with respect to such Lead Product, but all Milestone Payments for subsequent, previously unachieved
Milestone Events achieved with respect to such Back-Up Candidate that were not paid to Adimab with respect to such Lead Product will be payable within [***] after achievement of any subsequent, previously
unachieved (with respect to the Lead Product) Milestone Event by the Back-Up Candidate. 

  
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 (e)    Milestone Payments for Optimized Cullinan Products and
Blended Multispecific Products. Notwithstanding the foregoing, and subject to Section 4.4(f) (Milestone Payments for Products Containing Identical Program-Benefited Antibodies), [***]. 

(f)     Milestone Payments for Subsequent Products. Notwithstanding the foregoing, for any given
Product (each, a “Subsequent Product”) [***] (an “Original Product”) for which a given Milestone Event has been achieved and the corresponding Milestone Payment has been paid for such earlier Product, and
(y) does not contain or comprise any Program-Benefited Antibodies which were not in an Original Product, then the following shall apply: [***]. 
  

	 	4.5	 Royalties. 

(a)    Royalty Payments. As to each Product sold during the applicable Royalty Term, on a Product-by-Product basis, Cullinan will pay Adimab the following royalties, based on the royalty rate applicable to the relevant portion of annual worldwide Net Sales for such
Product (“Royalty Payments”): 
  

			
	 Portion of Worldwide Calendar Year Net Sales
	  	 Royalty Rate

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

 Notwithstanding the foregoing, Royalty Payments for [***] of annual worldwide Net Sales of such Products during the applicable
Royalty Term for such Products. 
 (b)    Adjustment for Third Party IP. If Cullinan (or an Affiliate or
Licensee of Cullinan) enters into any Third Party Intellectual Property Licenses, then [***] of the amounts actually paid to the Third Party under the Third Party Intellectual Property License in any given calendar quarter in any given country may
be offset against the Royalty Payment or Milestone Payment, if any, that would otherwise have been payable to Adimab hereunder; provided, however, that in no event will the royalty owed to Adimab be reduced by more than [***] of the payment
which would otherwise be due hereunder. It is understood, agreed and acknowledged that Adimab’s allowing Cullinan to claim the credit of this Section 4.5(b) (Adjustment for Third Party IP) as to any particular Third Party Patent
License: (i) does not mean Adimab believes that the licensed Patents are valid and were infringed or Cover any aspect of the discovery or optimization work by Adimab; (ii) does not mean Adimab agrees with Cullinan’s opinion as to the
likelihood of success of a claim of such infringement or Coverage; (iii) does not mean that Adimab believes Cullinan’s opinion as to any of the foregoing is reasonable; and (iv) is not and will not be under any circumstances construed
as an admission of any kind. Adimab may have many reasons not to challenge any given assertion of the credit of this Section 4.5(b) (Adjustment for Third Party IP) by Cullinan, including: (1) maintaining good relations with a
counterparty; (2) an assessment that the costs of the credit are outweighed by the benefits of Cullinan having a license in place that makes it feel comfortable to proceed with the Product (resulting in a greater likelihood of milestones and
royalties being paid to Adimab); (3) resource limitations that make it impracticable to challenge Cullinan’s assertion of such credit even though Adimab may disagree whether this is proper; and (4) other reasons other than thinking that
the licensed Third Party Patents Cover or were infringed by any aspect of the discovery or optimization work. 

  
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 (c)    Know-How
Royalty. For clarity, the Patent licenses granted to Cullinan under this Agreement are non-royalty-bearing and the Parties have negotiated Royalty Payments based on the value of the Know-How (primarily in the form of trade secrets that Adimab represents are valid and proprietary to Adimab as of the Effective Date) used in the generation of Optioned Antibodies that are assigned to Cullinan
hereunder with the expectation that Cullinan will obtain its own Patent protection for Products. 

4.6    Quarterly Payment Timings. All Royalty Payments due under Section 4.5 (Royalties) will be
paid [***]within [***] (or within [***] in the event that Net Sales are generated by a licensee or sublicensee of Cullinan) after the end of the relevant calendar quarter for which royalties are due. 

4.7    Royalty Payment Reports. With respect to [***], within [***] (or within [***] in the event that Net
Sales are generated by a licensee or sublicensee of Cullinan) after the end of the calendar quarter, Cullinan will provide to Adimab a written report stating the number and description of all Products sold during the relevant calendar quarter; the
gross sales associated with such sales; and the calculation of Net Sales on such sales, including the amount of any deduction provided for in the definition of Net Sales. The report will provide all such information on a country-by-country and Product-by-Product basis; [***]. 

4.8    Payment Method. All payments due under this Agreement to Adimab will be made by bank wire transfer in
immediately available funds to an account designated by Adimab. All payments hereunder will be made in the legal currency of the United States of America, and all references to “$” or “dollars” will refer to United
States dollars (i.e., the legal currency of the United States). Cullinan shall not be responsible for any delayed payment, resulting from Adimab’s failure provide appropriate and accurate account information under this Section 4.8
(Payment Method). 
 4.9    Taxes. All payments under this Agreement are exclusive of all taxes
(such as taxes imposed on the production, sale, delivery or use of a Product, including, without limitation, sales, use, excise or value added taxes) other than income taxes owed by Adimab as a result of the payments made hereunder. Cullinan will
make all payments to Adimab under this Agreement without deduction or withholding except to the extent that any such deduction or withholding is required on payments made on transactions as a result of the fact that such payments are made from
different countries. The Parties agree to cooperate with one another and use reasonable efforts to minimize obligations for any taxes required by applicable law to be withheld or deducted from any royalties, milestone payments or other payments made
by Cullinan to Adimab under this Agreement, including by completing all procedural steps, and taking all reasonable measures, to ensure that any withholding tax is reduced or eliminated to the extent permitted under applicable law, including income
tax treaty provisions and related procedures for claiming treaty relief. To the extent that Cullinan is required to deduct and withhold taxes on any payment to Adimab, Cullinan will deduct and withhold such taxes and pay the amounts of such taxes to
the proper government authority in a timely manner and promptly submit to Adimab an official tax certificate or other evidence of such withholding sufficient to enable Adimab to claim such payment of taxes. Cullinan will provide Adimab with
reasonable assistance in order to allow Adimab to recover, as permitted by applicable law, withholding taxes, value added taxes or similar obligations resulting from payments made hereunder or to obtain the benefit of any present or future treaty
against double taxation which may apply to such payments. Adimab will provide Cullinan with any tax forms that may be reasonably necessary in order for Cullinan not to withhold tax or to withhold tax at a reduced rate under an applicable bilateral
tax income treaty. Adimab will use reasonable efforts to provide any such tax forms to Cullinan at least [***] prior to the due date identified by Cullinan for any payment for which Adimab desires that Cullinan apply a reduced withholding rate.
Cullinan will make all payments due hereunder from the United States. 

  
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 4.10    Records; Inspection. 

(a)    Maintenance of Records. Cullinan will keep complete and accurate records of its sales and other
dispositions (including use in clinical trials, or provision on a compassionate use basis or as marketing samples) of Optioned Antibodies and Products including all records that may be necessary for the purposes of calculating all payments due under
this Agreement. Cullinan will make such records available for inspection by an independent certified public accountant from a nationally recognized (in the U.S.) accounting firm selected by Adimab at Cullinan’s premises in the United States on
reasonable notice during regular business hours for the sole purpose of verifying the accuracy of Cullinan’s Royalty Payments. 

(b)    Audit Rights. At Adimab’s expense no more than once per calendar year, Adimab has the right to
retain an independent certified public accountant from a nationally recognized (in the U.S.) accounting firm to perform on behalf of Adimab an audit, conducted in accordance with U.S. generally accepted accounting principles (GAAP), of such books
and records of Cullinan as are deemed necessary by the independent public accountant to report on Net Sales for the period or periods requested by Adimab and the correctness of any report or payments made under this Agreement. Cullinan may require
that such independent accounting firm enter into a customary confidentiality agreement reasonably satisfactory to Cullinan as a condition to obtaining access to such records. Such auditor shall not disclose Cullinan’s confidential information
to Adimab, except to the extent such disclosure is necessary to verify the accuracy of the financial reports furnished by Cullinan or the amount of payments due by Cullinan under this Agreement. Adimab shall not have the right to audit
sublicensee(s) directly, but in connection with an audit of Cullinan under this Section 4.10(b) (Audit Rights), Adimab shall have the right to cause Cullinan to audit the applicable sublicensee(s) using
the independent, certified public accountant conducting the audit under this Section 4.10(b) (Audit Rights). Any report provided by Cullinan shall be deemed final and not subject to challenge, except in
the event of fraud or other willful misconduct, [***] after the date furnished to Adimab. 

(c)    Underpayment. If the audit reveals an underpayment, Cullinan will promptly pay to Adimab the amount
of such underpayment plus interest in accordance with Section 4.14 (Late Payments). If the audit reveals that the monies owed by Cullinan to Adimab have been understated by more than [***] for the period audited, Cullinan will, in
addition, pay the costs of such audit. 

  
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 (d)    Confidentiality of Records. Adimab shall treat all
information reviewed or received from Cullinan in connection with any inspection or audit pursuant to Section 4.10 (Records; Inspection) as Confidential Information of Cullinan. 

4.11    Licensee Reports, Records and Audits. Any agreements with Licensees will include an obligation for
the Licensee to (a) maintain records adequate to document and verify the proper payments (including milestones and royalties) to be paid to Adimab; (b) provide quarterly reports to Adimab with sufficient information to allow such
verification; and (c) allow Adimab (or Cullinan if requested by Adimab) to verify the payments due (such audit right is not required to be any stronger than that of Section 4.10(b) (Audit Rights)). Cullinan may require that any such
audit of a Licensee or sublicensee be conducted as part of an audit by Cullinan of such Licensee or sublicensee, if Cullinan is conducting an audit of the same Licensee or sublicensee for the same reporting period(s). 

4.12    Foreign Exchange. If any currency conversion will be required in connection with the calculation of
amounts payable hereunder, such conversion will be made using the exchange rates reported on the [***] day prior the payment due date for the purchase and sale of U.S. dollars, as reported by the Wall Street Journal. With any payment in relation to
which a currency conversion is performed to calculate the amount of payment due, Cullinan will provide to Adimab a true, accurate and complete copy of the exchange rates used in such calculation. 

4.13    Non-refundable,
non-creditable payments. Each payment that is required under this Agreement is non-refundable and non-creditable except to
the extent set forth in Section 4.1(b) (Annual Access Fee) or Section 4.5(b) (Adjustment for Third Party IP). 

4.14    Late Payments. Any amount owed by Cullinan to Adimab under this Agreement that is not paid within
the applicable time period set forth herein will accrue interest at the rate of [***] above the then-applicable short-term three-month London Interbank Offered Rate (LIBOR) as quoted in the Wall Street Journal (or if it no longer exists, a similarly
authoritative source) calculated on a monthly basis, or, if lower, the highest rate permitted under applicable law. 
 ARTICLE 5 

INTELLECTUAL PROPERTY 

5.1    Ownership and Inventorship. 

(a)    Program Inventions and Program Patents. 

(i)    Cullinan Product Patents and Cullinan Formats. Cullinan shall solely own, regardless of inventorship,
all Cullinan Product Patents and Cullinan Formats. 
 (ii)    Adimab Platform Technology Patents. Adimab
will solely own, regardless of inventorship, all Program Inventions and Program Patents that Cover Adimab Platform Technology Improvements. 

  
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 (iii)    Ownership of Adimab CD3 Antibodies. Adimab shall
solely own, regardless of inventorship, any Adimab CD3 Antibodies, and any Patents Covering them (other than Cullinan Product Patents) and Know-How related thereto, and such Patents are deemed to be Adimab CD3
Patents and such Know-How is deemed to be Adimab CD3 Antibody Know-How. 

(iv)    Cullinan Program Inventions. Subject to Section 5.1(a)(iii) (Ownership of Adimab CD3
Antibodies), Cullinan shall solely own all Program Patents and Program Inventions that are [***](collectively, “Cullinan Program Inventions”). 

(v)    Program Antibody Patents Prior to Expiration of Evaluation Term. Prior to the expiration of the
Evaluation Term, Adimab will own all Program Antibody Patents although Cullinan will direct prosecution in accordance with Section 5.4(c) (Program Antibody Patents). 

(vi)    Program Antibody Patents After Expiration of Evaluation Term. 

(1)    Optioned Program Antibody Patents. On a Research Program-by-Research Program basis, from and after the date of Option exercise, Cullinan will own, regardless of inventorship, the Optioned Program Antibody Patents, subject to the terms and conditions of this
Agreement. 
 (2)    Program Antibody Patents Disclosing Non-Optioned
Antibodies. On a Research Program-by-Research Program basis, from and after the date of expiration of the Evaluation Term, Adimab will continue to own, regardless of
inventorship, all Patents that disclose Non-Optioned Program Antibodies. Cullinan will promptly cause such Program Antibody Patents to be abandoned prior to publication in accordance with Section 5.4(c)
(Program Antibody Patents). 
 (vii)    Other Program Patents and Program Inventions. All
Program Patents and Program Inventions other than those referred in subsections (i) through (iv) of this Section 5.1(a) (Program Inventions and Program Patents) will be owned based on inventorship. Program Inventions which are made
jointly by employees of, or others obligated to assign Program Inventions to, each of Adimab (or its Affiliates) and Cullinan (or its Affiliates) will be owned by Adimab and Cullinan, and either Party is entitled to freely practice and license them
without consent of and without a duty of accounting to the other Party. The Parties will cooperate in any decision to patent such Program Invention and the prosecution of any Program Patents Covering such Program Inventions, including equally
sharing the cost of Patent prosecution; provided, however, that in the event that one Party declines to participate in the costs of Patent prosecution in any jurisdiction, then such Party shall assign all right, title, and interest in such
Patent prosecution to the other Party in such jurisdiction. 

(b)    Pre-Existing Patents. To avoid doubt, nothing in this
Agreement will alter the ownership of the Parties’ pre-existing Patents. 

(c)    Inventorship. Inventorship for purposes of this Agreement, and all intellectual property-related
definitions in this Agreement, will be determined in accordance with United States patent law. 

  
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 5.2    Implementation. Each Party hereby assigns, and
shall cause its Affiliates, Licensees and Sublicensees and employees, consultants and agents of any of the foregoing to assign, to the other Party Program Inventions and associated Patents and Know-How as
necessary to achieve ownership as provided in Section 5.1 (Ownership and Inventorship). Each assigning Party will execute and deliver all documents and instruments reasonably requested by the other Party to evidence or record such
assignment or to file for, perfect or enforce the assigned rights. Each assigning Party hereby appoints the other Party as attorney-in-fact solely to execute and deliver
the foregoing documents and instruments if such other Party after making reasonable inquiry does not obtain them from the assigning Party. Each Party will perform its activities under this Agreement through personnel who have made a similar
assignment and appointment to and of such Party or its Affiliates. Each assigning Party will make its relevant personnel (and their assignments and signatures on such documents and instruments) reasonably available to the other Party for assistance
in accordance with this Article 5 (Intellectual Property) at no charge. 
 5.3    Disclosure.
During the Term, each Party will promptly disclose to the other Party the making, conception or reduction to practice of any Program Inventions that would be Covered by Program Antibody Patents or in Cullinan’s case that are Adimab Platform
Technology Improvements (which, to avoid doubt, are assigned to Adimab under this Agreement). Such disclosure will occur as soon as possible, but in any case within sixty (60) days after the Party determines such Program Inventions have been
invented. To avoid doubt, this Section 5.3 (Disclosure) will not be read to require Adimab to disclose Program Inventions constituting Adimab Platform Technology Improvements to Cullinan. 

5.4    Program Patent Prosecution and Maintenance. 

(a)    Adimab Platform Technology. Adimab will have the sole right (but not the obligation) to file,
prosecute, maintain, defend and enforce all Program Patents that Cover Adimab Platform Technology Improvements and Adimab CD3 Antibodies, and all Adimab Platform Patents, all at Adimab’s own expense and in its sole discretion. 

(b)    Cullinan Product Patents. Cullinan will have the sole right (but not the obligation) to file,
prosecute, maintain, defend and enforce all Cullinan Product Patents and all Program Patents that Cover Cullinan Program Inventions, all at Cullinan’s own expense and in its sole discretion. 

(c)     Program Antibody Patents. On a Target-by-Target basis, Cullinan will have the sole right to file and prosecute all Program Antibody Patents, at Cullinan’s expense, and prior to Option exercise, Cullinan will record Adimab as
the sole assignee, subject to the remainder of this Section 5.4(c) (Program Antibody Patents). Such right will continue for the duration of the longer of the Evaluation Term and, if Cullinan exercises the Option, the Term, subject to all
of the following: 
 (i)    No Disclosure of Sequences Prior to Option Exercise. Prior to Option
exercise, Cullinan will not disclose the sequence of any Program-Benefited Antibody in any Program Antibody Patent, or during the prosecution of any Program Antibody Patent, unless such Program Antibody Patent and prosecution history can be
prevented from publishing, under applicable patent laws and/or regulations. Cullinan will request and take all reasonable steps permitted by applicable patent laws and/or regulations to prevent the publication of any Program Antibody Patent prior to
Option exercise (e.g., by exercising the Option prior to publication or expressly abandoning such Program Antibody Patent). 

  
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 (ii)    Abandonment Prior to Publication if No Option
Exercise. If Cullinan does not exercise the Option during the Evaluation Term with respect to a Target, then all applications for Program Antibody Patents that were filed (if any) will be abandoned prior to public disclosure. Within [***]
after the Evaluation Term expiring, Cullinan will make any and all filings necessary to result in such abandonment without publication (at Cullinan’s expense) and provide documentation thereof to Adimab, and the licenses to such Program
Antibody Patents provided to Cullinan under Article 3 (Licenses; Option; Development & Commercialization) will expire as of the expiration of such Evaluation Term. 

(iii)    No Disclosure of Non-Optioned Antibodies. If Cullinan
does exercise the Option, then Cullinan will ensure that the sequences of Non-Optioned Antibodies will not be published and all Program Antibody Patents that had been filed for such Target that disclose
Non-Optioned Antibodies for that Target will be promptly abandoned without being published and within [***] after Option exercise. Cullinan will make any and all filings reasonably necessary to result in such
abandonment without publication (at Cullinan’s expense) and provide documentation thereof to Adimab, and the licenses to such Program Antibody Patents provided to Cullinan under Article 3 (Licenses; Option;
Development & Commercialization) will expire as of the exercise of such Option. 

(iv)    Prosecution of Patents. If Cullinan does exercise the Option, Cullinan will use Commercially
Reasonable Efforts to prosecute at least one corresponding Optioned Program Antibody Patent in the United States, Japan, and Europe, and such other countries as, in Cullinan’s reasonable judgment and sole discretion. 

(v)    Costs of Prosecution. Cullinan will be solely responsible for all costs of the activities under this
Section 5.4(b) (Program Antibody Patents), except to the extent Adimab hires counsel to review and comment on Cullinan’s prosecution, in which case Adimab will be solely responsible for the fees to such counsel. 

(vi)    Right to Review. Prior to Option exercise and if after Option execise, with respect to the an
initial filing of a Program Antibody Patent, Adimab will have the right to review and comment on prosecution of the Program Antibody Patents, including drafts of patent applications prior to filing such applications with the applicable patent
offices, solely for purposes of (x) determining which Adimab employees, if any, are inventors with respect to the claimed subject matter, (y) ensuring that such Program Antibody Patents correctly describe activities undertaken by Adimab,
and (z) ensuring that such Program Antibody Patents do not disclose Adimab Platform Technology or Adimab Platform Technology Improvements, and for no other purpose whatsoever. Cullinan will provide Adimab with copies of material correspondence
with patent offices relating thereto (including patent applications, office actions and the like) promptly after receipt and drafts of all filings and correspondence with such offices reasonably in advance of Cullinan’s proposed responses or
other filings to allow Adimab to review and comment, under this Section 5.4(c)(vi) (Right to Review). After any Option exercise, Cullinan will keep Adimab advised of the status of the Program Antibody Patents annually or more often at
Adimab’s reasonable request. For clarity, nothing herein shall require Cullinan to share information with Adimab that is protected by attorney-client privileged, the work product doctrine, or other legal protections preventing disclosure. 

  
 30 

 (vii)    Responsibility. It is understood and agreed that
searching for, identification and evaluation of Third-Party Patents that may apply to any Excluded Technology or Sequence IP, including Patents that apply Program-Benefited Antibodies and Products based on sequence, Target, methods of treatment
using any Program-Benefited Antibodies, or the like is the responsibility of Cullinan, and that Adimab will have no responsibility for the foregoing nor liability if any such Third-Party Patents exist. 

5.5    Infringement of Patents by Third Parties. After Option exercise, Cullinan will have the sole right,
but not the obligation, in its sole discretion, to enforce all Optioned Program Antibody Patents against infringement through activities or conduct of a Third Party. Adimab shall cooperate fully with Cullinan bringing such action including by being
joined as a party plaintiff if necessary to obtain standing for such action. Any proceeds received by Cullinan from such enforcement, whether by way of damage awards, settlement, or otherwise, will be deemed to be Net Sales hereunder, in the
calendar year that they are received. 
 5.6    Cooperation of the Parties. At the reasonable request of
the responsible Party (as provided for in this Article 5 (Intellectual Property)), the other Party agrees to cooperate fully in the preparation, filing, prosecution, enforcement and maintenance (including conducting or participating in
inter partes reviews, post grant reviews, covered business method reviews, derivation proceedings, interferences and oppositions and the like) of any Program Patents under this Agreement. Such cooperation includes executing all papers and
instruments (or causing its personnel to do so) reasonably useful to enable the other Party to apply for and to prosecute patent applications in any country; and promptly informing the other Party of any matters coming to such Party’s attention
that may affect the preparation, filing, prosecution, enforcement or maintenance of any such Patents. Notwithstanding the foregoing, Adimab will not be required pursuant hereto to disclose Adimab Platform Technology to Cullinan or to participate in
any action against another Adimab customer. 
 ARTICLE 6 

CONFIDENTIALITY; PUBLICITY 

6.1    General Confidentiality Obligations. 

(a)    Ownership of Confidential Information. Any and all confidential or proprietary information disclosed
to one Party by the other Party under this Agreement, including information regarding additional potential areas of collaboration between the Parties, is the “Confidential Information” of the disclosing Party; provided,
however, that, notwithstanding the foregoing, (i) Confidential Information which constitutes Know-How will be owned by the Party which owns such Know-How as a
result of the application of Article 5 (Intellectual Property), (ii) information related to Adimab Platform Technology and information embodied in Adimab Materials is Adimab’s Confidential Information, and (iii) information embodied
in the Cullinan Materials is Cullinan’s Confidential Information. 

  
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 (b)    No Requirement to Disclose Adimab Platform Technology
or Excluded Technology. Notwithstanding anything to the contrary in this Agreement, Adimab will not be required to disclose any Adimab Platform Technology, including Adimab Platform Technology Improvements, or Excluded Technology to Cullinan
except in the case of Excluded Technology, to the extent set forth in a Research Plan. In the event that reports, records or data include disclosure of Adimab Platform Technology, Adimab Platform Technology Improvements, or Excluded Technology,
Adimab may redact those portions that would disclose Adimab Platform Technology, including Adimab Platform Technology Improvements, or Excluded Technology prior to delivery to Cullinan or review or inspection by Cullinan. 

(c)    Treatment of CDR Sequence Information. To avoid doubt, prior to exercise of the Option, sequence
information with respect to the CDRs of Program Antibodies will be deemed the Confidential Information of both Parties. From and after the date of expiration of the Evaluation Term, [***] will be the Confidential Information of Adimab. Nothing
herein shall prohibit Cullinan from disclosing sequence information with respect to Program Antibodies with Cullinan’s Third Party Contractors or Cullinan Collaborators prior expiration of the Evaluation Term; provided, however, that
such disclosures are in accordance with the terms of Section 6.1(d) (Limits on Use and Disclosure of Confidential Information). 

(d)    Limits on Use and Disclosure of Confidential Information. Each Party will receive and maintain the
other Party’s Confidential Information in strict confidence. Neither Party will disclose any Confidential Information of the other Party to any Third Party, except as otherwise provided in this Article 6 (Confidentiality; Publicity).
Neither Party will use the Confidential Information of the other Party for any purpose other than as required to perform its obligations or exercise its rights hereunder. Each Party may disclose the other Party’s Confidential Information to the
receiving Party’s employees, directors, consultants and contractors requiring access thereto for the purposes of this Agreement, provided, however, that prior to making any such disclosures, each such person will be bound by written
agreement to maintain Confidential Information in confidence and not to use such information for any purpose other than in accordance with the terms and conditions of this Agreement. Each Party agrees to take all steps necessary to ensure that the
other Party’s Confidential Information will be maintained in confidence including such steps as it takes to prevent the disclosure of its own proprietary and confidential information of like character. Each Party agrees that this Agreement will
be binding upon its employees and contractors involved in the activities contemplated hereby and that it will be liable for any breach by its employees or contractors. Each Party will take all steps necessary to ensure that its employees and
contractors will comply with the terms and conditions of this Agreement. The foregoing obligations of confidentiality and non-use will survive, and remain in effect for a period of [***] from, the termination
or expiration of this Agreement in accordance with Article 9 (Term). 
 6.2    Exclusions from
Nondisclosure Obligation. Information will not be considered Confidential Information and the nondisclosure and nonuse obligations in Section 6.1 (General Confidentiality Obligations) will not apply to the extent that the receiving
Party can establish by competent written proof that it: (a) at the time of disclosure is publicly known; (b) after disclosure, becomes publicly known by publication or otherwise, except by breach of this Agreement by such Party;
(c) was in such Party’s possession at the time of the earlier of disclosure hereunder; (d) is received by such Party from a Third Party who has the lawful right to disclose the Confidential

  
 32 

 
Information and who will not have obtained the Confidential Information either directly or indirectly from the disclosing Party; or (e) is independently developed by such Party (i.e.,
without reference or access to Confidential Information of the disclosing Party). 
 6.3    Required
Disclosures. If either Party is required, pursuant to a governmental law, regulation or order of a court of competent jurisdiction, to disclose any Confidential Information of the other Party, the Party which is required to disclose the
Confidential Information of the other Party (a) will give reasonable advance written notice to the other Party, (b) will make a reasonable effort to assist the other Party to obtain a protective order limiting or eliminating any disclosure
and requiring that any Confidential Information so disclosed be used only for the purposes for which the law, regulation or order required, and (c) will use and disclose the Confidential Information solely to the extent required by the law,
regulation or order of a court of competent jurisdiction. 
 6.4    Terms of Agreement. The terms of this
Agreement are the Confidential Information of both Parties. However, each Party will be entitled to disclose the terms of this Agreement under legally binding obligations of confidence and limited use to: legal, financial and investment banking
advisors; and potential and actual investors, acquirers and licensees or sublicensees doing diligence and counsel for the foregoing. In addition, if legally required, a copy of this Agreement may be filed by either Party with the U.S. Securities and
Exchange Commission (or relevant ex-U.S. counterpart). In that case, the filing Party will if requested by the other Party diligently seek confidential treatment for terms of this Agreement for which
confidential treatment is reasonably available, and will provide the non-filing Party reasonable advance notice of the terms proposed for redactions and a reasonable opportunity to request that the filing
Party make additional redactions to the extent confidential treatment is reasonably available under the law. The filing Party will seek and diligently pursue such confidential treatment requested by the
non-filing Party. 
 6.5    Return of Confidential Information.
Promptly after the termination or expiration of this Agreement for any reason, each Party will return to the other Party all tangible manifestations of such other Party’s Confidential Information at that time in the possession of the receiving
Party; provided, however, that such receiving Party may retain one (1) copy of each document or description thereof in its files for the sole purpose of maintaining a record of what it received in confidence and to comply with its
confidentiality obligations hereunder; and that the obligation of the receiving Party to return Confidential Information pursuant to this Section 6.5 (Return of Confidential Information) will not apply (a) to copies of
electronically exchanged Confidential Information made as a matter of routine information technology backup, provided, however, that it is only accessible to receiving Party’s permitted recipients that are responsible for
maintaining the receiving Party’s electronic backup services, and (b) to Confidential Information or copies thereof which must be retained pursuant to mandatory applicable law. Any Confidential Information retained will continue to be
subject to the terms of this Agreement. 
 6.6    Publicity. 

(a)    Press Releases. Subject to Cullinan’s written approval of the language, not to be unreasonably
withheld or delayed, Adimab may publish a press release disclosing the existence (but not the financial terms or other terms) of this Agreement. Other than repeating information in such press release (or any subsequent mutually agreed press
release), neither Party will generate or allow any further publicity regarding this Agreement or the transaction or research contemplated hereunder in which the other Party is identified, without giving the other Party the opportunity to approve
such press release. 

  
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 (b)    Announcement of Subsequent Events. The Parties
recognize the importance of announcing the exercise of any Option and the achievement of Milestone Events, and agree that Adimab may disclose these occurrences. At Adimab’s discretion, Adimab will propose the text of an Adimab press release to
announce each such event and Cullinan will have the opportunity to review and approve such text (such approval not to be unreasonably withheld). For clarity, Cullinan is free to disclose the achievement of significant development events without the
prior approval of Adimab, and where not unreasonably cumbersome, Cullinan will include in such disclosure recognition of Adimab as the source of the Program Antibodies in such Products. 

(c)    Bundled Press Releases. It is understood and agreed that Adimab sometimes issues press releases that
group multiple achievements of Adimab (such as expanded collaborations, option exercises, and achievement of milestones). It is understood and agreed that Adimab may choose to group text from an approved press release, or the announcement of Option
exercise and/or achievement of a Milestone Event, with other accomplishments or events not relating to this Agreement and, in such event, the only portion of the press release as to which Cullinan will have a consent right (such consent not to be
unreasonably withheld) will be those portions that relate to this Agreement. 
 (d)    Acknowledgement. In
public disclosures (e.g., press releases, posters, publications) regarding Program Antibodies or Products, where reasonably appropriate, Cullinan will acknowledge that such Program Antibodies or Products were discovered or optimized, as
applicable, using “the Adimab Platform”, and will include Adimab co-authors, as appropriate in accordance with standard industry practice. Adimab will provide an electronic version of its logo for
use in such contexts by Cullinan upon request. 
 (e)    Publication. Cullinan may publish or present the
results of any Research Program and/or the results of evaluation of Program Antibodies (including during the applicable Evaluation Terms), in each case solely with respect to Program Antibodies and/or their Target(s), subject to the prior review by
Adimab for patentability and protection of Adimab’s Confidential Information as provided in this Section 6.6(e) (Publication) and without disclosing Adimab Confidential Information (including sequence information that is
Adimab’s Confidential Information) (and subject to Section 6.2 (Exclusions from Non-Disclosure Obligation)) unless approved of in advance in writing by Adimab in its sole discretion. During
the applicable Evaluation Terms, Cullinan will provide to Adimab the opportunity to review any proposed abstracts, manuscripts or summaries of presentations that cover such results. Adimab will respond in writing promptly and in no event later than
[***] after receipt of the proposed material with either approval of the proposed material or a specific statement of concern, based upon either the need to seek (i) patent protection or (ii) delete Adimab Confidential Information. In the
event of concern, during the applicable Evaluation Terms, Cullinan agrees not to submit such publication or to make such presentation that contains such information until Adimab is given a reasonable period of time (not to exceed [***]) to seek
patent protection for any material in such publication or presentation that it believes is patentable and that it has the right to patent, or to resolve any other issues, and, in any case, Cullinan will remove from such proposed publication any
Confidential Information of Adimab as requested by Adimab. 

  
 34 

 6.7    Certain Data. The Parties recognize the need for
Adimab to advance and disclose the general capabilities of the Adimab Platform Technology. In connection therewith, notwithstanding this Article 6 (Confidentiality; Publicity), without disclosing Cullinan’s identity, the identity or
class of the Target (or the sequence of any Program Antibody, Adimab will be entitled to use and disclose generally Program Antibody attributes and Program Inventions, including the following: (a) Program Antibody binding affinities,
(b) expression range regarding Program Antibodies, (c) germline distribution of Program Antibodies, (d) Program Antibody format (e.g., monoclonal, Morrison multispecific, etc.), (e) developability data (e.g.,
polyspecificity, expressibility, and aggregation data), and (f) stage of development of Program-Benefited Antibodies (e.g., “preclinical” or “Phase I”). 

ARTICLE 7 

REPRESENTATIONS AND WARRANTIES 

7.1    Mutual Representations. Each of Adimab and Cullinan hereby represents and warrants to the other of
them that the representing and warranting Party is duly organized in its jurisdiction of incorporation; that the representing and warranting Party has the full power and authority to enter into this Agreement; that this Agreement is binding upon the
representing and warranting Party; that this Agreement has been duly authorized by all requisite corporate action within the representing and warranting Party; and that the execution, delivery and performance by the representing and warranting Party
of this Agreement and its compliance with the terms and conditions hereof does not and will not conflict with or result in a breach of any of the terms and conditions of or constitute a default under (a) any agreement or other instrument
binding or affecting it or its property, (b) the provisions of its bylaws or other governing documents or (c) any order, writ, injunction or decree of any governmental authority entered against it or by which any of its property is bound.

 7.2    Representations of Adimab. Adimab hereby represents and warrants to Cullinan that, as of the
Effective Date: 
 (a)    No Complaints. There are no complaints filed in court or, to Adimab’s
knowledge, otherwise threatened, in each case pending relating to Adimab Platform Patents which, if decided in a manner adverse to Adimab, would materially affect Adimab’s practice of the Adimab Platform Technology or Cullinan’s rights as
contemplated by this Agreement. 
 (b)    No Judgments. There are no judgments or settlements against
Adimab or its Affiliates or to which it is a party that will materially affect Adimab’s practice of the Adimab Platform Technology as contemplated in this Agreement. Adimab is not party to any settlement discussions that, if concluded as of the
Effective Date, would result in a settlement which would materially affect Adimab’s practice of the Adimab Platform Technology or Cullinan’s rights as contemplated in this Agreement. 

  
 35 

 (c)    No Misappropriation of Trade Secrets. To
Adimab’s knowledge, the conception, development and reduction to practice of the Adimab Platform Technology and the Adimab CD3 IP, as it exists on the Effective Date, have not constituted or involved the misappropriation of trade secrets, know-how or similar rights or property of any person. 
 (d)    No
Infringement. In Adimab’s reasonable judgment, the practice of the Adimab Platform Technology and the Adimab CD3 IP, as practiced by Adimab as of the Effective Date and as Adimab intends to practice it hereunder, does not infringe a valid,
issued Patent (or the claims of a pending published Patent application which Adimab, in its reasonable judgment, deems likely to issue in their current form) owned by a Third Party of which Adimab has knowledge. 

(e)    Exclusion of Excluded Technology and Sequence IP. Notwithstanding the foregoing, Adimab specifically
excludes any representations with respect to any (i) Excluded Technology or (ii) Sequence IP other than with Sequence IP with respect to Adimab CD3 Antibodies. 

7.3    DISCLAIMER OF WARRANTIES. OTHER THAN THE EXPRESS WARRANTIES OF SECTION 7.1 (MUTUAL
REPRESENTATIONS) AND SECTION 7.2 (REPRESENTATIONS OF ADIMAB), EACH PARTY DISCLAIMS ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR THAT ANY PRODUCTS
DEVELOPED UNDER THIS AGREEMENT ARE FREE FROM THE RIGHTFUL CLAIM OF ANY THIRD PARTY, BY WAY OF INFRINGEMENT OR THE LIKE OR THAT ANY PROGRAM PATENTS WILL ISSUE OR BE VALID OR ENFORCEABLE OR THAT THE DEVELOPMENT, MANUFACTURE OR COMMERCIALIZATION OF ANY
PRODUCT HEREUNDER WILL BE SUCCESSFUL. 
 ARTICLE 8 

INDEMNIFICATION 

8.1    Indemnification by Adimab. Adimab hereby agrees to indemnify, defend and hold harmless (collectively,
“Indemnify”) Cullinan, its Affiliates, and their directors, officers, agents and employees (collectively, “Cullinan Indemnitees”) from and against any and all liability, loss, damage or expense (including without
limitation reasonable attorneys’ fees) (collectively, “Losses”) they may suffer as the result of Third-Party claims, demands and actions (collectively, “Third-Party Claims”) arising out of or relating to
(a) any breach of a representation or warranty made by Adimab under Article 7 (Representations and Warranties), (b) a material breach of any of Adimab’s obligations under this Agreement, or (c) the negligence or willful
misconduct of Adimab Indemnitees, except, in each case, to the extent of any Losses (for which Cullinan is required to Indemnify Adimab pursuant to Section 8.2 (Indemnification by Cullinan). 

8.2    Indemnification by Cullinan. Cullinan hereby agrees that it and its Licensees will Indemnify Adimab,
its Affiliates, and their directors, officers, agents and employees (collectively, “Adimab Indemnitees”) from and against any and all Losses they may suffer as the result of Third-Party Claims arising out of or relating to
(a) any breach of a representation or warranty made by Cullinan under Article 7 (Representations and Warranties), (b) Cullinan’s research, testing, development, manufacture, use, sale, distribution, licensing and/or
commercialization of Program-Benefited Antibodies or Products (but, for clarity, excluding activities conducted by Adimab under this Agreement other than the use of Cullinan Materials, including the practice of the Adimab Platform Technology
pursuant hereto), (c) Adimab’s use of any Cullinan Materials, (d) the use by Cullinan or its Licensees of any Excluded Technology or Third Party Sequence IP, and (e) material breach of the contractual obligations of Cullinan pursuant
to this Agreement, except in each case to the extent of any Losses for which Adimab is required to Indemnify Cullinan pursuant to Section 8.1 (Indemnification by Adimab). 

  
 36 

 8.3    Indemnification Procedures. Each of the foregoing
agreements to Indemnify is conditioned on the relevant Adimab Indemnitees or Cullinan Indemnitees (a) providing prompt written notice of any Third-Party Claim giving rise to an indemnification obligation hereunder, (b) permitting the
indemnifying Party to assume full responsibility to investigate, prepare for and defend against any such Third-Party Claim (but only to the extent and for such period of time such Third Party Claim solely involves monetary damages and as such
indemnifying Party agrees in writing with such indemnified Party that the indemnifying Party shall be solely responsible for any and all such monetary damages), (c) providing reasonable assistance in the defense of such claim at the
indemnifying Party’s reasonable expense, and (d) not compromising or settling such Third-Party Claim without the indemnifying Party’s advance written consent. If the Parties cannot agree as to the application of the foregoing
Section 8.1 (Indemnification by Adimab) and Section 8.2 (Indemnification by Cullinan), each may conduct separate defenses of the Third-Party Claim, and each Party reserves the right to claim indemnity from the other in
accordance with this Article 8 (Indemnification) upon the resolution of the underlying Third-Party Claim. 

8.4    Limitation of Liability. EXCEPT TO THE EXTENT SUCH PARTY MAY BE REQUIRED TO INDEMNIFY THE OTHER PARTY
UNDER THIS ARTICLE 8 (INDEMNIFICATION) OR AS REGARDS A BREACH OF A PARTY’S RESPONSIBILITIES PURSUANT TO SECTION 3.7 (COVENANT NOT TO EXCEED LICENSE), SECTION 9.4 (COMMITMENTS REGARDING PROGRAM-BENEFITED ANTIBODIES), ARTICLE 5 (INTELLECTUAL
PROPERTY) OR ARTICLE 6 (CONFIDENTIALITY; PUBLICITY), NEITHER PARTY NOR ITS RESPECTIVE AFFILIATES SHALL BE LIABLE FOR ANY SPECIAL, INDIRECT, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES HEREUNDER, WHETHER IN CONTRACT, WARRANTY, TORT, STRICT LIABILITY
OR OTHERWISE. IN ADDITION, NOTHING HEREIN SHALL EXCLUDE OR LIMIT LIABILITY FOR DEATH OR PERSONAL INJURY ARISING FROM NEGLIGENT, RECKLESS OR WILLFUL MISCONDUCT OF A PARTY. 

ARTICLE 9 
 TERM

 9.1    Term. The term (the “Term”) of this Agreement will commence on the
Effective Date and will expire upon (a) in the event that no Option is exercised, the conclusion of the last-to-expire Evaluation Term; or (b) in the event
that an Option is exercised, on a country-by-country and Product-by-Product basis on the
expiration of the last Royalty Term for a Product in the particular country, in each case, unless earlier terminated by a Party as set forth in this Article 9 (Term). Upon expiration of the Term, on a Product-by-Product and country-by-country basis, all licenses granted to Cullinan hereunder with respect to such Product and
country will continue on a non-exclusive, fully paid, worldwide, royalty-free, irrevocable basis, including the right to grant and authorize sublicenses (including through multiple tiers). 

  
 37 

 9.2    Material Breach. Either Party may terminate this
Agreement for the material breach of this Agreement by the other Party, if such breach remains uncured [***] following written notice from the non-breaching Party to the breaching Party specifying such breach;
provided, however, that, with respect to any such material breach of Cullinan’s diligence obligations under Section 3.5 (Diligent Development and Commercialization) that relates to one or more (but not all) of the Major
Regions, if such breach remains uncured [***] following notice from Adimab to Cullinan specifying such breach, this Agreement shall not terminate, but Cullinan’s licenses hereunder shall terminate on a Major Region-by-Major Region basis; provided, further, that, if Cullinan’s licenses hereunder terminate in all [***] Major Regions, this Agreement shall also terminate. 

9.3    Termination for Convenience. Cullinan may terminate this Agreement at any time, for any reason, upon
[***] written notice to Adimab. 
 9.4    Commitments Regarding Program-Benefited Antibodies. 

(a)    Use of Program-Benefited Antibodies During the Evaluation Term. During the Evaluation Term with
respect to a Research Program, Cullinan will not seek to or actually research, develop or commercialize any Program-Benefited Antibody, or product containing the foregoing, other than the activities permitted hereunder during the Research Term and
the Evaluation Term for the purpose of determining whether or not to exercise the Option for a given Target. 

(b)    Use of Program-Benefited Antibodies After Expiration of the Evaluation Term. After the expiration of
the Evaluation Term with respect to a Research Program, Cullinan and its Licensees will not research, develop, manufacture or commercialize (i) Program-Benefited Antibodies other than Optioned Antibodies, (ii) Optioned Antibodies except as
Products under this Agreement, or (iii) Non-Optioned Antibodies. 

(c)    No Use of Program-Benefited Antibodies After Termination. If this Agreement expires or terminates
(other than an expiration under Section 9.1 (Term) following an Option exercise after all applicable Royalty Terms have expired), Cullinan covenants that unless Cullinan agrees in writing to pay Adimab the fees set forth in Article 4
(Financial Terms) with respect to products containing a Program-Benefited Antibody as if such products were Products, Cullinan and its Affiliates (i) will not research, develop, manufacture or commercialize any Program-Benefited Antibody
or Product containing a Program-Benefited Antibody, (ii) will not license or otherwise grant rights to any entity to do the foregoing, and (iii) will not practice, license, or assign to a Third Party, option to a Third Party, or covenant
not to sue a Third Party, with respect to Program Antibody Patents (regardless of inventorship), Program-Benefited Antibodies, or products containing them. 

  
 38 

 (d)    Payment Commitment for Program-Benefited
Antibodies. It is the intent of the Parties that Cullinan and its Licensees will pay the Option Fee, Milestone Payments and Royalty Payments in accordance with Article 4 (Financial Terms) with respect to Program-Benefited Antibodies
researched, developed, manufactured and commercialized by Cullinan or its Licensees. Accordingly, the Parties agree that if Cullinan or any of its Licensees researches, develops, manufactures, or commercializes any Program-Benefited Antibody, then
Cullinan will pay to Adimab the fees set forth in Article 4 (Financial Terms), including the Option Fee, Milestone Payments and Royalty Payments, as applicable, on the Program-Benefited Antibody as (or as if) a Product under this Agreement.
In the event that Cullinan is unwilling or unable to pay such fees to Adimab (because, for example, of the dissolution of Cullinan for bankruptcy or other reasons), then each Licensee will make such payments directly to Adimab. For clarity, in the
event of breach of this Agreement (including breach of the other subsections of this Section 9.4 (Commitments Regarding Program-Benefited Antibodies)), the payment obligations described in this Section 9.4(d) (Payment Commitment
for Program-Benefited Antibodies) will be in addition to any other remedies available to Adimab as a result of a breach hereof. 

9.5    Survival in All Cases. Termination of this Agreement shall be without prejudice to or limitation on
any other remedies available to nor any accrued obligations of either Party. In addition, Section 2.3 (Reports; Records), Section 2.4 (Adimab Materials), Section 2.5 (Cullinan Materials), Section 2.6
(Certain Restrictions on the Use of Naïve Libraries and Antibodies), Section 3.6 (No Implied Licenses), Section 3.7 (Covenant Not to Exceed License), Section 4.6 (Quarterly Payment Timings) through
Section 4.14 (Late Payments) (with respect to payment obligations outstanding or having accrued as the effective date of termination or expiration), Section 5.1 (Ownership and Inventorship), Section 5.2
(Assignment), Section 5.4 (Program Patent Prosecution and Maintenance), Section 5.5 (Cooperation of the Parties), and Section 7.3 (Disclaimer of Warranties), and Article 1 (Definitions), Article 6
(Confidentiality; Publicity), Article 8 (Indemnification), Article 9 (Term) and Article 10 (Miscellaneous) will survive any expiration or termination of this Agreement. 

9.6    Return of Adimab Materials. Cullinan will either return to Adimab or destroy (at Adimab’s
reasonable request and direction) all Adimab Materials (other than Adimab Materials relating to Optioned Antibodies) upon expiration or termination of the Evaluation Term without the Option being exercised, and all Adimab Materials on expiration or
termination of this Agreement. 
 9.7    Survival of Licensee Agreements. In the event that:
(a) Cullinan has entered into a Licensee Agreement consistent with the terms of this Agreement (including the provisions of Section 3.2(b)(iii) (Licensees); (b) this Agreement is terminated; and (c) such Licensee Agreement is
in effect at the time of such termination; then such Licensee Agreement will survive such termination of this Agreement; provided, however, that the Licensee will assume all of Cullinan’s obligations hereunder with respect to the
Program-Benefited Antibodies covered by such Licensee Agreement (including those obligations set forth in Section 2.3(b) (Reports By Cullinan) and Section 3.5 (Diligent Development and Commercialization)) and pays to Adimab
all amounts that would have been due to Adimab from Cullinan as a result of Licensee’s activities (including those obligations set forth in Article 4 (Financial Terms)) and otherwise accepts Cullinan’s responsibilities hereunder,
including those set forth in Section 9.4(Commitments Regarding Program-Benefited Antibodies). 

  
 39 

 ARTICLE 10 

MISCELLANEOUS 

10.1    Independent Contractors. The Parties will perform their obligations under this Agreement as
independent contractors. Nothing contained in this Agreement will be construed to be inconsistent with such relationship or status. This Agreement and the Parties’ relationship in connection with it will not constitute, create or in any way be
interpreted as a joint venture, fiduciary relationship, partnership, or agency of any kind. 
 10.2    Dispute
Resolution. 
 (a)    Initial Dispute Resolution. Either Party may refer any dispute in connection with
this Agreement (“Dispute”) not resolved by discussion of the Alliance Managers to senior executives of the Parties (for Adimab, its CEO, or his or her designee and for Cullinan, its CEO, or his or her designee) for good-faith
discussions over a period of not less than [***] (the “Senior Executives Discussions”). Each Party will make its executives reasonably available for such discussions. 

(b)    Disputes Not Resolved Between the Parties. If the Parties are unable to resolve the Dispute through
the Senior Executives Discussions within such [***], then either Party may, as the sole and exclusive means for resolving Disputes under this Agreement, proceed to demand confidential arbitration by written notice to the other Party and making a
filing with the American Arbitration Association (“AAA”) in accordance with Section 10.2(c) (Arbitration). For clarity, each Party hereby acknowledges that both the fact of and nature of a Dispute is the Confidential
Information of both Parties, and any disclosure of the fact of or the nature of such a Dispute would be highly damaging to the non-disclosing Party. 

(c)    Arbitration. 

(i)    Use of AAA. Any Dispute referred for arbitration will be finally resolved by binding arbitration in
accordance with the most applicable rules of the AAA and judgment on the arbitration award may be entered in any court having jurisdiction. 

(ii)    Selection of Arbitrators. The arbitration will be conducted by a panel of three (3) people
experienced in the business of biopharmaceuticals. If the issues in dispute involve scientific, technical or commercial matters, then any arbitrator chosen under this Agreement will have educational training or industry experience sufficient to
demonstrate a reasonable level of relevant scientific, technical and commercial knowledge as applied to the pharmaceutical industry. If the issues in dispute involve patent matters, then at least one (1) of the arbitrators will be a licensed
patent attorney or otherwise knowledgeable about patent law matters. Within thirty (30) days after a Party demands arbitration, each Party will select one person to act as arbitrator, and the two Party-selected arbitrators will select a third
arbitrator within [***] after their own appointment. If the arbitrators selected by the Parties are unable or fail to agree upon the third arbitrator, then the third arbitrator will be appointed by the AAA. The place of arbitration will be Boston,
Massachusetts. All proceedings and communications as part of the arbitration will be in English. Following selection of the third arbitrator, the arbitrators will complete the arbitration proceedings and render an award within [***] after the third
arbitrator is appointed. 

  
 40 

 (iii)    Costs. Each Party will bear its own costs and
expenses and attorneys’ fees and an equal share of the arbitrators’ fees and any administrative fees for arbitration, unless in each case the arbitrators agree otherwise, which they are hereby empowered, authorized and instructed to do if
they determine that to be fair and appropriate. 
 (iv)    Confidentiality of Process and Awards. Except
to the extent necessary to confirm an award or as may be required by law, regulation, or the requirement of any exchange on which a Party’s shares are traded, neither Party will disclose the existence, content or results of an arbitration under
this Agreement without the prior written consent of the other Party. 
 (v)    Statute of Limitations. In
no event will an arbitration be initiated after the date when commencement of a legal or equitable proceeding based on the subject matter of the Dispute would be barred by the applicable statute of limitations under Massachusetts law. 

10.3    Governing Law. This Agreement will be governed by and interpreted in accordance with the laws of the
Commonwealth of Massachusetts, excluding its conflicts of laws principles. 
 10.4    Entire Agreement.
This Agreement (including its Exhibits) set forth all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties with respect to the subject matter hereof and supersedes and terminates all
prior agreements and understandings between the Parties with respect to such subject matter. No subsequent alteration, amendment, change or addition to this Agreement will be binding upon the Parties unless reduced to writing and signed by the
respective authorized officers of the Parties. 
 10.5    Assignment. Neither Party may assign in whole or
in part this Agreement without the advance written consent of the other Party, except as set forth in the following sentences. Either Party may assign this Agreement in its entirety without such consent to the successor to all or substantially all
of its stock or assets to which this Agreement relates in connection with its merger with, or the sale of all or substantially all of its stock or assets to which this Agreement relates to, another entity, regardless of the form of the transaction.
In addition, Cullinan may assign its rights and obligations under this Agreement in-full or in-part on a
Target-by-Target and field-by-field basis, without the advance written consent of Adimab,
to any Affiliate or Third Party to which Cullinan licenses or assigns all or substantially all of its material assets that are specific to antibodies directed to such Target (including any related Patents, Optioned Antibodies and Products) or field.
Further, upon written request by Cullinan, the Parties shall negotiate a separate agreement to be signed between the Parties and such Affiliate or Third Party addressing solely the rights and obligations in relation to such Target or field (and its
related Know-How, Patents, Optioned Antibodies and Products), and such Target or field shall no longer be subject to this Agreement with any conforming changes to be reflected in an amendment to this Agreement
(e.g., removing the applicable Target or field). In addition, Adimab may assign this Agreement or any of its rights under this Agreement, without Cullinan’s consent, in connection with the sale of,

  
 41 

 
monetization of, transfer of, or obtaining financing on the basis of the payments due to Adimab under this Agreement or debt or project financing in connection with this Agreement. This Agreement
will be binding upon and will inure to the benefit of the Parties and their respective successors and permitted assigns. Any assignment of this Agreement not made in accordance with this Agreement is prohibited hereunder and will be null and void.

 10.6    Severability. If one or more of the provisions in this Agreement are deemed unenforceable by
law, then such provision will be deemed stricken from this Agreement and the remaining provisions will continue in full force and effect, and the Parties will substitute for the unenforceable provision a mutually agreed enforceable provision that
conforms as nearly as possible with the original intent of the Parties. 
 10.7    Force Majeure. Both
Parties will be excused from the performance of their obligations under this Agreement to the extent that such performance is prevented by a Force Majeure and the nonperforming Party promptly provides notice of the prevention to the other Party.
Such excuse will be continued so long as the condition constituting Force Majeure continues and the nonperforming Party takes reasonable efforts to remove the condition, but no longer than [***]. 

10.8    Notices. Any notice required or permitted to be given under this Agreement will be in writing, will
specifically refer to this Agreement and will be deemed to have been sufficiently given for all purposes if delivered by express delivery service or personally delivered, and such notice will be deemed to have been given upon receipt. Unless
otherwise specified in writing, the addresses of the Parties will be as described below. 
 If to Adimab: 

Adimab, LLC 
 [***] 

[***] 
 [***] 

with a required copy to: 

[***]. 
 In the
case of Cullinan: 
 Cullinan Management, Inc. 

[***] 
 [***] 

[***] 

10.9    Construction. This Agreement has been prepared jointly and will not be strictly construed against
either Party. Ambiguities, if any, in this Agreement will not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision. 

  
 42 

 10.10    Headings. The headings for each Article and
Section in this Agreement have been inserted for convenience of reference only and are not intended to limit or expand on, nor used to be used to interpret, the meaning of the language contained in the particular Article or Section. 

10.11    No Waiver. Any delay in enforcing a Party’s rights under this Agreement or any waiver as to a
particular default or other matter will not constitute a waiver of such Party’s rights to the subsequent enforcement of its rights under this Agreement, excepting only as to an express written and signed waiver as to a particular matter for a
particular period of time executed by an authorized officer of the waiving Party. 
 10.12    Performance by
Affiliates. A Party may perform some or all of its obligations under this Agreement through Affiliate(s) or may exercise some or all of its rights under this Agreement through Affiliates. However, each Party will remain responsible and be
guarantor of the performance by its Affiliates and will cause its Affiliates to comply with the provisions of this Agreement in connection with such performance as if such Party were performing such obligations itself, and references to a Party in
this Agreement will be deemed to also reference such Affiliate. In particular and without limitation, all Affiliates of a Party that receive Confidential Information of the other Party pursuant to this Agreement will be governed and bound by all
obligations set forth in Article 6 (Confidentiality; Publicity), and will (to avoid doubt) be subject to the intellectual property assignment and other intellectual property provisions of Article 5 (Intellectual Property) as if they
were the original Party to this Agreement (and be deemed included in the actual Party to this Agreement for purposes of all intellectual property-related definitions). A Party and its Affiliates will be jointly and severally liable for their
performance under this Agreement. 
 10.13    Counterparts. This Agreement may be executed in one or more
identical counterparts, each of which will be deemed to be an original, and which collectively will be deemed to be one and the same instrument. In addition, signatures may be exchanged by facsimile or PDF. 

[Remainder of Page Left Intentionally Blank; Signature Page Follows] 

  
 43 

 IN WITNESS WHEREOF, the Parties have by
duly authorized persons executed this Agreement to be effective as of the Effective Date. The Parties acknowledge that the signature date below may not be the Effective Date. 
  

									
	CULLINAN MANAGEMENT, INC.:	  		  	ADIMAB, LLC:
					
	By:	  	 /s/ Owen Hughes
	  		  	By:	  	 /s/ Tillman Gerngross

	Name:	  	Owen Hughes	  		  	Name:	  	Tillman Gerngross
	Title:	  	Chief Executive Officer	  		  	Title:	  	Chief Executive Officer
	Date:	  	11/29/2018	  		  	Date:	  	11/28/2018

  
 44 

 EXHIBITS LIST 

A – TARGET QUESTIONNAIRE 

B – FORM OF RESEARCH PLAN 

C – FORM OF SEMI-ANNUAL PROGRAM UPDATE 

  
 1 

 EXHIBIT A – TARGET QUESTIONNAIRE

 Partner Completed Target Questionnaire 

[***] 

  
 2 

 Exhibit B – Form of a Research Plan 

Partner Work Plan 
 [***] 

  
 3 

 Exhibit C – Form of Cullinan Semi-Annual Program Update 

[***] 

  
 4

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