Document:

Exhibit 4.2
DESCRIPTION OF SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF
THE SECURITIES EXCHANGE ACT OF 1934
Century Therapeutics, Inc. (the “Company” or “we”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): common stock, par value $0.0001 per share of the Company (the “Common Stock”).
Description of Common Stock
The following description of our Common Stock summarizes the material terms and provisions of our Common stock. For the complete terms of our Common Stock, please refer to our second amended and restated certificate of incorporation, as amended from time to time and our amended and restated bylaws (our “bylaws”), as amended from time to time.
Under our certificate of incorporation, our authorized capital stock consists of 300,000,000 shares of Common Stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share. As of February 28, 2022, we had 58,819,215 shares of Common Stock outstanding.
Voting. Each holder of Common Stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Our stockholders do not have cumulative voting rights in the election of directors. Accordingly, holders of a majority of the voting shares are able to elect all of the directors. In addition, the affirmative vote of holders of two-thirds of the voting power of all of the then outstanding voting stock will be required to take certain actions, including amending certain provisions of our second amended and restated certificate of incorporation, such as the provisions relating to amending our amended and restated bylaws, procedures for our stockholder meetings, the classified board, director liability, and exclusive forum for proceedings.
Dividends.  Subject to preferences that may be applicable to any then outstanding preferred stock, holders of our Common Stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds.
Liquidation and Dissolution. In the event of our liquidation, dissolution or winding up, holders of our Common Stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all our debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of preferred stock.
Other Rights and Restrictions. Holders of our Common Stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our Common Stock. The rights, preferences and privileges of the holders of our Common Stock are subject to and may be adversely affected by the rights of the holders of shares of any series of our preferred stock that we may designated in the future.
Listing. Our Common Stock is listed on the Nasdaq Global Select Market under the symbol “IPSC.”
Transfer Agent and Registrar. The transfer agent and registrar for our Common Stock is American Stock Transfer & Trust Company, LLC.
Anti-Takeover Provisions of Delaware law and our charter documents
Some provisions of Delaware law and our second amended and restated certificate of incorporation and our amended and restated bylaws contain provisions that could make the following transactions more difficult: acquisition of us by means of a tender offer; acquisition of us by means of a proxy contest or otherwise; or removal of our incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in our best interests, including transactions that might result in a premium over the market price for our shares.

These provisions, summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement of their terms.
Section 203 of the Delaware General Corporation Law
We are subject to Section 203 of the Delaware General Corporation Law (the “DGCL”), which prohibits persons deemed “interested stockholders” from engaging in a “business combination” with a publicly-held Delaware corporation for three years following the date these persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an “interested stockholder” is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation’s voting stock. Generally, a “business combination” includes a merger, asset, or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to transactions not approved in advance by the board of directors, such as discouraging takeover attempts that might result in a premium over the market price of our common stock.
Elimination of stockholder action by written consent
Our second amended and restated certificate of incorporation provides that all stockholder actions must be effected at a duly called meeting of stockholders and not by consent in writing. A special meeting of stockholders may be called only by a majority of our board of directors, the chair of our board of directors, or our chief executive officer.
Undesignated preferred stock
The ability to authorize undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of our company.
Amendment of charter provisions
Our second amended and restated certificate of incorporation provides that the affirmative vote of holders of at least 662∕3% of the voting power of all of the then outstanding shares of voting stock, voting as a single class, will be required to amend certain provisions of our second amended and restated certificate of incorporation, including provisions relating to the size of the board, removal of directors, special meetings, actions by written consent, and cumulative voting. The affirmative vote of holders of at least 66 2∕3% of the voting power of all of the then outstanding shares of voting stock, voting as a single class, will be required to amend or repeal our amended and restated bylaws unless such action is recommended by our board of directors at an annual or special meeting of stockholders, which would then require the affirmative vote of a majority of the voting power of all of the then outstanding shares of voting stock, voting as a single class. Additionally, our amended and restated bylaws may be amended by a simple majority vote of our board of directors.
Classified board; election and removal of directors
Our second amended and restated certificate of incorporation provides that our board of directors is divided into three classes, Class I, Class II, and Class III, with each class serving staggered terms, and will give our board of directors the exclusive right to expand the size of our board of directors and to elect directors to fill a vacancy created by the expansion of the board of directors or the resignation, death, or removal of a director.
Choice of forum
Our second amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, another state court located within the State of Delaware or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware) will be the sole and exclusive forum for 

(i) any derivative action or proceeding brought on behalf of us, (ii) any action asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, stockholder, employee, or agent of ours to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, our second amended and restated certificate of incorporation or our amended and restated bylaws (in each case, as may be amended from time to time), (iv) any action asserting a claim governed by the internal affairs doctrine of the State of Delaware, or (v) any other action asserting an “internal corporate claim,” as defined in Section 115 of the DGCL, in all cases subject to the court having personal jurisdiction over all indispensable parties named as defendants.
In addition, our second amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum (which consent may be given at any time, including during the pendency of litigation), the federal district courts of the United States of America shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933. Any person or entity purchasing or otherwise acquiring or holding any interest in any of our securities will be deemed to have notice of and consented to this provision.​

Exhibit 10.25
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[***] Certain information in this document has been excluded pursuant to Regulation S-
K, Item 601(b)(10). Such excluded information is not material and the registrant 
customarily and actually treats as private and confidential.
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January 7, 2022
CONFIDENTIAL
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	FUJIFILM Cellular Dynamics, Inc.
525 Science Drive
Madison, WI 53711
Attention: President and Chief Executive
Officer
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With a copy to:
FUJIFILM Cellular Dynamics, Inc.
525 Science Drive
Madison, WI 53711
Attention: General Counsel
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	Re:
	Amendments to and other agreements regarding the following agreements by and between Century Therapeutics, Inc. (“Century”) and FUJIFILM Cellular Dynamics, Inc. (“CDI”):
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License Agreement (Reprogramming) by and between Century and CDI dated September 18, 2018, as amended by a First Amendment to License Agreement effective as of March 23, 2021 (the “Reprogramming Agreement”)
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License Agreement (Differentiation) by and between Century and CDI dated September 18, 2018 as amended by a First Amendment to License Agreement effective as of March 23, 2021 (the “Differentiation Agreement”)
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Manufacturing and Supply Agreement by and between Century and CDI dated March 23, 2021 (the “Manufacturing Agreement”)
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Dear Sir or Madam:
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Reference is hereby made to the Reprogramming Agreement, the Differentiation Agreement, and the Manufacturing Agreement (the “Agreements”).  Capitalized terms used but not defined in this letter shall be as defined in each of the Agreements as applicable to the given agreement.
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Century is presently in negotiation with Bristol-Myers Squibb Company (“BMS”) for an agreement as described below as the “BMS Collaboration Agreement.”
In order for Century to complete the BMS Collaboration Agreement, it is necessary to amend certain provisions of the Reprogramming Agreement and the Differentiation Agreement. Accordingly, the parties agree to the following amendments to the Reprogramming Agreement and the Differentiation Agreement:
Reprogramming Agreement amendments:
Article 1 of the Reprogramming Agreement is amended by:
(a) deleting the definition of “Territory” in its entirety and inserting the following: “1.51    “Territory” means worldwide, excluding Japan and any country(ies) eliminated from the Territory pursuant to Section 9.6; provided, however, that, with respect to the BMS Collaboration Agreement, “Territory” shall include Japan.”; and
(b) inserting at the end of such Article the following: “1.56    “BMS Collaboration Agreement” means an agreement that has an effective date on or after January 7, 2022 and before July 1, 2022 under which (i) Century and BMS collaborate to develop one or more Licensed Products that are T cells or NK cells, with certain of such Licensed Products containing intellectual property of BMS, (ii) BMS has the exclusive worldwide rights to Exploit all of the Licensed Products, (iii) Century would and does grant sublicenses under and subject to the terms and conditions of this Agreement (but not any sublicenses under the Excluded WARF Patent Rights as defined in Exhibit E hereto) and the Differentiation License Agreement (but only to the extent needed to Exploit the Licensed Products created by Century), (iv) upon the expiration or any termination of this Agreement, any and all sublicenses under this Agreement terminate for the entire Territory (subject to the wind down procedures agreed upon as contemplated in Section 9.7(a) of this Agreement and FCDI’s obligation under the letter amendment with Century dated January 7, 2022 (the “Second Amendment”) to enter into with BMS a direct license of the rights licensed under this Agreement with respect to the Licensed Products created under the BMS Collaboration Agreement as provided in such letter amendment and (v) Century would not receive any portion of upfront payments made by Sublicensees of BMS.”
All rights of and license grants to CDI under Sections 2.2(b) and (d), Sections 2.3(d) and (e), Sections 2.4(a) and (b), Section 2.8(b) and Section 5.2 (with respect to patents other than the Licensed Patent Rights, including Patents under the BMS Collaboration Agreement, to the extent applicable) are waived with respect to the BMS Collaboration Agreement.  For the avoidance of doubt, with respect to the immediately preceding sentence, the Licensed Patent Rights includes the Excluded WARF Patent Rights.
With respect to solely the BMS Collaboration Agreement, Section 2.2(c) shall be amended in its entirety to be the following:  “In the event a partial or complete termination of this Agreement (other than any such termination with respect to the WARF
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Patent Rights and other than any such termination by reason of an act or omission of BMS or any of its Sublicensees):  (i) CDI will enter into a direct license with BMS that is equivalent in scope and terms, including financial terms (e.g., milestone payments and royalties), to the sublicense of the Licensed Technology hereunder to BMS with respect to the Licensed Products created under the BMS Collaboration Agreement such that BMS will retain the same rights as it had under such sublicense to Exploit such Licensed Products; and (ii) without limiting or conditioning CDI’s obligations under clause (i), CDI and BMS may negotiate during the [***] day period commencing on such partial or complete termination regarding any terms of such direct license to be entered into between them that are proposed by the other such party and are not terms equivalent to those set forth in this Agreement as sublicensed to BMS hereunder.”
Section 2.6(b) is amended by deleting such section in its entirety and inserting “(b)    Reserved.”.
In consideration of the foregoing amendments to the Reprogramming Agreement and the agreements in the section entitled "Other" of the Second Amendment, Section 4.1(c) of the Reprogramming Agreement shall be renumbered as Section 4.1(d) and the following shall be inserted as Section 4.1(c) in the Reprogramming Agreement as further amendments to the Reprogramming Agreement:
“(c)Century shall pay CDI the following:
(i)[***] percent ([***]%) of the $100 million total upfront payment received by Century under the BMS Collaboration Agreement, payable within [***] days after receipt of such upfront payment by Century, it being understood that a payment for issuance of Century’s common stock is not considered an upfront payment;
(ii)[***] percent ([***]%) of all milestone payments received by Century under the BMS Collaboration Agreement, whether paid to Century by BMS or Sublicensee of BMS, that are specific to achievement of development or regulatory milestones specific to Japan, payable within [***] days after receipt of the applicable milestone payment by Century; and
(iii)[***] percent ([***]%) of all royalties received by Century under the BMS Collaboration Agreement for sales of Licensed Products in Japan (determined on the same basis, i.e., using the same definition of royalty-bearing sales and the same royalty rate subject to the same adjustments, as those that apply with respect to sales of Licensed Products elsewhere in the Territory and is most favorable to Century); payable within [***] days after receipt of such royalties by Century from BMS.
(iv)This Section 4.1(c), together with Section 4.2, shall survive the expiration or termination of this Agreement.”
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Further, Article 7 is amended by renumbering Section 7.6 as Section 7.7 and inserting as Section 7.6 the following:  “7.6Century represents and warrants to CDI that any agreement entered into by Century with BMS that purports to be the BMS Collaboration Agreement, as in effect from time to time, will not contain any term or condition inconsistent or in conflict with any of the terms and conditions of the BMS Collaboration Agreement as set forth in the definition thereof herein, and that BMS does not and will not require a sublicense nor does or will any of its sublicensees require a sub-sublicense under the WARF Patent Rights to create or manufacture Reprogrammed iPS Cells with respect to the activities of BMS and its sublicensees under the BMS Collaboration Agreement.”
The Reprogramming Agreement is amended to include Exhibit E attached hereto.
Differentiation Agreement amendments:
Article 1 of the Differentiation Agreement is amended by:
(a) deleting the definition of “Territory” in its entirety and inserting the following: “1.53    “Territory” means worldwide, excluding Japan and any country(ies) eliminated from the Territory pursuant to Section 9.6; provided, however, that, with respect to the BMS Collaboration Agreement, “Territory” shall include Japan.”; and
(b) inserting at the end of such Article the following: “1.60    BMS Collaboration Agreement” means an agreement that has an effective date on or after January 7, 2022 and before [***] under which (i) Century and BMS collaborate to develop one or more Licensed Products that are T cells or NK cells, with certain of such Licensed Products containing intellectual property of BMS, (ii) BMS has the exclusive worldwide rights to Exploit all of the Licensed Products, (iii) Century would and does grant sublicenses under and subject to the terms and conditions of the Reprogramming License (but not any sublicenses under the Excluded WARF Patent Rights as defined in the Reprogramming License), and this Agreement (but only to the extent needed to Exploit the Licensed Products created by Century), (iv) upon the expiration or any termination of this Agreement, any and all sublicenses under this Agreement terminate for the entire Territory (subject to the wind down procedures agreed upon as contemplated in Section 9.7(a) of this Agreement and FCDI’s obligation under the letter amendment with Century dated January 7, 2022 (the “Second Amendment”) to enter into with BMS a direct license of the rights licensed under this Agreement with respect to the Licensed Products created under the BMS Collaboration Agreement as provided in such letter amendment and (v) Century would not receive any portion of upfront payments made by Sublicensees of BMS.”
All rights of and licenses to CDI under Sections 2.2(a), (b) and (c), Sections 2.3 and 2.4, Section 2.5(c) and (e), Section 2.7, Section 5.5 (with respect to patents other than the Licensed Patent Rights, including Patents under the BMS Collaboration Agreement, to the extent applicable), and Section 9.7(c) are waived with respect to the BMS Collaboration Agreement.
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In consideration of the foregoing amendments to the Differentiation Agreement and the agreements in the section entitled "Other" of the Second Amendment, the following shall be included in Article 4 of the Differentiation Agreement  as further amendments to the Differentiation Agreement:
“4.2Certain Additional Consideration.  Century shall pay CDI the following:
(a)[***] percent ([***]%) of the $100 million total upfront payment received by Century under the BMS Collaboration Agreement, payable within [***] days after receipt of such upfront payment by Century, it being understood that a payment for issuance of Century’s common stock is not considered an upfront payment;
(b)[***] percent ([***]%) of all milestone payments received by Century under the BMS Collaboration Agreement, whether paid to Century by BMS or Sublicensee of BMS, that are specific to achievement of development or regulatory milestones specific to Japan, payable within [***] days after receipt of the applicable milestone payment by Century; and
(c)[***] percent ([***]%) of all royalties received by Century under the BMS Collaboration Agreement for sales of Licensed Products in Japan (determined on the same basis, i.e., using the same definition of royalty-bearing sales and the same royalty rate, as that applies with respect to sales of Licensed Products elsewhere in the Territory and is most favorable to Century); payable within [***] days after receipt of such royalties by Century from BMS.
(d)This Section 4.2 shall survive the expiration or termination of this Agreement.
4.3Accounting; Payments.
(a)Century will submit the following accounting, together with each payment made pursuant to Section 4.2:  (i) a copy of the operative provisions of the BMS Collaboration Agreement pursuant to which such payment is determined and/or payable to Century, certified as such by Century; and (ii) in the case of royalties owing to CDI under Section 4.2(c), [1] a calculation of the sales in accordance with the BMS Collaboration Agreement in Japan with respect to which royalties are due and owing to Century, as reported to Century under the BMS Collaboration Agreement and the royalties owing to and received by Century thereon; and [2] a statement of the royalties due to CDI as a result thereof. In the event no royalty payment is owed to CDI for a given calendar quarter following receipt by Century or one of its Sublicensees, as applicable, of the first Regulatory Approval with respect to a Licensed Product under the BMS Collaboration Agreement from the Regulatory Authority in Japan, a statement setting
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forth that fact will be supplied by Century to CDI quarterly on or before the [***] day following the end of each calendar quarter ending on March 31, June 30, September 30 or December 31 with respect to such calendar quarter.
(b)Except as otherwise directed, all amounts owing to CDI under this Agreement will be paid in U.S. dollars. All payments due under this Agreement will be made without deduction for taxes, assessments, or other charges of any kind which may be imposed on CDI with respect to any amounts payable to CDI pursuant to this Agreement. All such taxes, assessments, or other charges will be assumed by Century or its Sublicensee(s) under the BMS Collaboration Agreement. If any deduction or withholding is required by law, Century shall pay to CDI such amount as will, after the deduction or withholding has been made, leave CDI with the same amount as it would have been entitled to receive without such deduction or withholding.
(c)The balance of each amount owing to CDI under Section 4.2 which remains unpaid more than [***] days after such payment is due to CDI will accrue interest until paid at the rate of the lesser of [***] percent ([***]%) per month or the maximum amount allowed under applicable law, computed for the actual number of days the payment was past due. However, in no event will this interest provision be construed as a grant of permission for any payment delays.
(d)This Section 4.3 shall survive the expiration or termination of this Agreement.
4.4Recordkeeping.
(a)Century and its Sublicensee(s) under the BMS Collaboration Agreement will keep books and records sufficient to verify the accuracy and completeness of Century’s, and its Sublicensee(s)’s accounting referred to above, including without limitation inventory, purchase and invoice records relating to any Licensed Products sold in Japan under the BMS Collaboration Agreement. All such books and records will be preserved for a period not less than [***] years after they are created during and after the Term of this Agreement.
(b)Century and its Sublicensee(s) under the BMS Collaboration Agreement will take all steps reasonably necessary so that CDI may, within [***] days of its request, review Century’s and its Sublicensee(s)’s books and records to allow CDI to verify and the payments made by Century to CDI. Such review will be performed no more than [***] and by an attorney or registered CPA and scientific expert designated by CDI at CDI’s expense upon reasonable notice and during regular business hours.
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(c)If a royalty payment deficiency is determined, Century and its Sublicensee(s) under the BMS Collaboration Agreement, as applicable, will pay the royalty deficiency outstanding within [***] days of receiving written notice thereof, plus interest on outstanding amounts as described in Section 4.3(c). If a royalty payment deficiency for a Calendar Year exceeds the lesser of [***] percent ([***]%) of the royalties paid for that year or [***] dollars ($[***]), then Century or its Sublicensee(s) under the BMS Collaboration Agreement will be responsible for paying out-of-pocket expenses incurred with respect to such review by CDI.
(d)This Section 4.4 shall survive the expiration or termination of this Agreement.”
Article 7 is amended by renumbering Section 7.6 as Section 7.7 and inserting as Section 7.6 the following:  “7.6Century represents and warrants to CDI that any agreement entered into by Century with BMS that purports to be the BMS Collaboration Agreement, as in effect from time to time, will not contain any term or condition inconsistent or in conflict with any of the terms and conditions of the BMS Collaboration Agreement as set forth in the definition thereof herein.”
With respect to solely the BMS Collaboration Agreement, Section 9.7 shall be amended to include as Section 9.7(d) the following:  “(d)In the event a partial or complete termination of this Agreement (other than any such termination by reason of an act or omission of BMS or any of its Sublicensees):  (i) CDI will enter into a direct license with BMS that is equivalent in scope and terms, including financial terms (e.g., milestone payments and royalties), to the sublicense of the Licensed Technology hereunder to BMS with respect to the Licensed Products created under the BMS Collaboration Agreement such that BMS will retain the same rights as it had under such sublicense to Exploit such Licensed Products; and (ii) without limiting or conditioning CDI’s obligations under clause (i), CDI and BMS may negotiate during the [***] day period commending on such partial or complete termination regarding any terms of such direct license to be entered into between them that are not terms equivalent to those set forth in this Agreement as sublicensed to BMS hereunder.”
Other:
In addition to the foregoing amendments, CDI and Century agree as follows:
		1)
	;Century’s diligence obligations under Section 3.2 of the Reprogramming Agreement and Section 3.2 of the Differentiation Agreement with respect to Licensed Products do not apply to the BMS Collaboration Agreement.  Rather, Century’s and BMS’ diligence obligations will be satisfied by the performance of BMS under the BMS Collaboration Agreement. Further, CDI waives any right to receive Development Plans under the BMS Collaboration Agreement; and

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		2)
	CDI agrees that the Licensed Products developed and Exploited in accordance with the BMS Collaboration Agreement are distinct from the Products contemplated in the Manufacturing Agreement and, for the avoidance of doubt, waives any right under the Manufacturing Agreement to be the manufacturer of Licensed Products developed under the BMS Collaboration Agreement; provided that Century will introduce CDI to BMS for the purpose of allowing CDI to discuss its capabilities with respect to manufacturing the Licensed Products developed under the BMS Collaboration Agreement.

		3)
	Century agrees that the BMS Collaboration Agreement will not reduce or otherwise modify the Activities contemplated in the Manufacturing Agreement or the rights of CDI under Article 8 of the Manufacturing Agreement with respect to the Products contemplated in the Manufacturing Agreement.

WARF Agreement.  Notwithstanding that the BMS Collaboration Agreement will not grant rights under the Excluded WARF Patent Rights, Century shall remain obligated to make any applicable payments to CDI under Article 4 of the Reprogramming Agreement with respect to Licensed Products developed under the BMS Collaboration Agreement.  This Letter Agreement does not, and is not intended to, amend, modify or supplement the terms of the Reprogramming Agreement with respect to WARF or the letter agreement among WARF, CDI and Century dated 2 July 2019, which remain in full force and effect.
Except as expressly amended by this Letter Agreement, all terms and conditions of the Reprogramming Agreement, the Differentiation Agreement and the Manufacturing Agreement, including previous amendments, shall remain unchanged. This Letter Agreement may be signed in any number of counterparts, including facsimile copies thereof or electronic scan copies thereof delivered by electronic mail, each of which shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
(signature page follows)
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	Very truly yours,

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CENTURY THERAPEUTICS, INC.
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By: /s/ Lalo Flores
Lalo Flores
Chief Executive Officer
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ACCEPTANCE STATEMENT
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The conditions of this Letter Agreement are accepted this 7th day of January 2022.
FUJIFILM CELLULAR DYNAMICS, INC.
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	By:
	/s/ Takeshi Yamamoto
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	Name:
	Takeshi Yamamoto
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	Title:
	President and Chief Executive Officer
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