Document:

Tonix Pharmaceuticals, Inc. 10-K

 

Exhibit 10.28

 

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM
TO THE REGISTRANT IF PUBLICLY DISCLOSED. THE OMISSIONS HAVE BEEN INDICATED BY “[***].”

 

PURCHASE
AND SALE AGREEMENT

 

Agreement
made this 3rd day of March 2021.

 

1.
PARTIES AND MAILING ADDRESSES: DINIS REALTY, LLC, a Massachusetts limited liability company with a mailing address of [***],
hereinafter called the SELLER, agrees to SELL and KRELE LLC, a Delaware limited liability company having a mailing address c/o
Tonix Pharmaceuticals, 26 Main Street, Suite 101, Chatham, NJ 07928, or its nominee/assignee, hereinafter called the BUYER, agrees
to BUY, upon the terms hereinafter set forth, the following described premises:

 

2.
DESCRIPTION: A commercial building consisting of approximately 14,400 square feet, more or less and lot of land presently
known and numbered as [***], also known as [***], Massachusetts as being more fully described in the deed into the SELLER dated
March 3, 2014 and recorded in the [***] (the “Premises”).

 

3.
BUILDINGS, STRUCTURES, IMPROVEMENTS, FIXTURES: Included in the sale as a part of said premises are the buildings, structures,
and improvements now thereon, and the fixtures belonging to the SELLER and used in connection therewith including, if any, all
wall-to-wall carpeting, drapery rods, venetian blinds, window shades, screens, screen doors, storm windows and doors, awnings,
shutters, furnaces, heaters, heating equipment, stoves, ranges, oil and gas burners and fixtures appurtenant thereto, hot water
heaters, plumbing and bathroom fixtures, garbage disposers, electric and other lighting fixtures, fences, gates, trees, shrubs,
plants, air conditioning equipment, ventilators. The following items shall be excluded from the sale and shall be removed from
the Premises by the SELLER at SELLER’S sole cost and expense prior to the Closing: (i) the above ground fuel tank that is
presently being used to store diesel fuel,(ii) all vehicle lifts and (iii) a compressor.

 

4.
TITLE DEED: Said premises are to be conveyed by a good and sufficient quitclaim deed running to the BUYER, or to the nominee
designated by the BUYER by written notice to the SELLER at least seven (7) days before the deed is to be delivered as herein provided,
and said deed shall convey a good and clear record and marketable title thereto, free from encumbrances, except:

 

		(a)	Provisions
                                         of existing building and zoning laws;

		(b)	Intentionally
                                         omitted;

 

     

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		(c)	Such
                                         taxes for the then current year as are not due and payable on the date of the delivery
                                         of such deed;

		(d)	Any
                                         liens for municipal betterments assessed after the date of this agreement;

		(e)	Easements,
                                         restrictions and reservations of record, if any, so long as the same do not prohibit
                                         or materially interfere with the current use of said premises;

 

5.
AVAILABILITY OF TITLE INSURANCE. BUYER'S obligations hereunder are contingent upon the availability (at normal premium rates)
of an owner’s title insurance policy insuring the Premises without taking any exceptions other than the current printed
exceptions contained in the ALTA form currently in use, commonly shown as Survey, Real Estate Taxes, (the latter of which shall
only except real estate taxes not yet due and payable) and those exceptions set forth in Paragraph 4 above.

 

6.
CONFORMITY. It is understood and agreed by the parties that the Premises shall not be in conformity with the title provisions
of this Agreement unless:

 

		(a)	All
                                         buildings, structures and improvements, including but not limited to any driveways, shall
                                         be located completely within the boundary lines of said Premises and shall not encroach
                                         upon or under the property of any other person or entity, unless under recorded easement;

		(b)	No
                                         building, structure or improvement of any kind belonging to any other person or entity
                                         shall encroach upon or under said Premises, unless under recorded easement;

		(c)	The
                                         Premises shall abut a public way, duly laid out or accepted as such by the city or town
                                         in which said Premises are located, or a private way affording legal access and egress
                                         to and from a public way; and

		(d)	The
                                         Premises are served by adequate supplies of municipal sewer and water.

 

7.
PURCHASE PRICE: The agreed purchase price for said premises is Two Million Nine Hundred Thousand ($2,900,000) Dollars, (the
“Purchase Price”), of which,

 

	$29,000.00	 	will
be paid as a deposit withing five (5) business days of the Effective Date (the “Initial Deposit”);

 

	29,000.00	 	will
be paid as a deposit withing two (2) business days after the expiration of the Due Diligence Period as hereinafter defined (the
“Additional Deposit” and collectively with the Initial Deposit, the “Deposit”);

 

     

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	2,842,000.00	 	are
to be paid at the time of delivery of the deed by wire transfer of immediately available funds, Attorney IOLTA, certified, cashier’s,
treasurer’s or bank checks(s).

 

	$2,900,000.00	 	TOTAL

 

8.
TIME FOR PERFORMANCE; DELIVERY OF DEED: Such deed is to be delivered at 10:00 o’clock A.M. on the day that is thirty
(30) days after the expiration of the Due Diligence Period, as hereinafter defined (the “Closing” or the “Closing
Date”), at the [***]Registry of Deeds, unless otherwise agreed upon by the SELLER and BUYER in writing; provided however,
if said Registry of Deeds is closed to the public as it presently is, the SELLER shall arrange to deliver the original deed and
required closing documents to the BUYER’S attorney’s office, [***] on or prior to the Closing Date such that the closing
can transpire via remote electronic closing. It is agreed that time is of the essence of this Agreement.

 

9.
POSSESSION AND CONDITION OF PREMISES & LEASE BACK TO SELLER: Full possession of said Premises, subject only to SELLER’S
continued occupancy pursuant to the following terms of the lease back to SELLER of a portion of the Premises, is to be delivered
on the Closing Date, said Premises to be then (a) in the same condition as they were in as of the date of the BUYER’S inspection,
reasonable use and wear thereof excepted, (b) not in violation of applicable building and zoning laws, (c) in compliance with
the provisions of any instrument referred to in Paragraph 4 above and (d) in broom clean condition free of all of SELLER’S
personal property, specifically but not limited to all of SELLER’S furniture, furnishing, equipment, supplies, tools, vehicle
and bus parts and associated equipment and debris; provided that SELLER shall have the right to store its functioning buses at
the Premises and the right to store its tools, vehicle bus parts and associated equipment, in one of the four (4) western most
of the eight (8) garage bays on the west side of the Building. The BUYER shall be entitled to an inspection of the Premises prior
to the delivery of the deed in order to determine whether the condition of the Premises complies with the terms of this paragraph.
At the Closing, the parties shall execute a lease, substantially in conformity with the attached Exhibit A (the “Lease”)
whereby the BUYER shall lease back to the SELLER for a period of one (1) year commencing as of the Closing Date (i) the four (4)
western most of the eight (8) garage bays located on the west side of the building as well as (ii) the fenced in portion of the
parking lot also located on the west side of the Premises. SELLER shall pay as rent under said Lease (a) any and all real estate
taxes, including fees due to the New Bedford Industrial Park, assessed against the Premises, (b) any and all repair and maintenance
expenses, specifically including but not limited to landscaping, snow and ice removal, (c) the cost of all utilities consumed
at the Premises and (d) any and all costs to insure the Premises during the term of the Lease.

 

     

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10.
EXTENSION TO PERFECT TITLE OR MAKE PREMISES CONFORM: If the SELLER shall be unable to give title or to make conveyance, or
to deliver possession of the Premises, all as herein stipulated, or if at the time of the delivery of the deed the Premises do
not conform with the provisions hereof, then the SELLER shall use commercially reasonable efforts (not to exceed the expenditure
by SELLER of more than $15,000 exclusive of the payoff of mortgages or other voluntary liens) to remove any defects in title,
or to deliver possession as provided herein, or to make the said Premises conform to the provisions hereof, as the case may be,
in which event the SELLER shall give written notice thereof to the BUYER at or before the time for performance hereunder, and
thereupon the time for performance hereof shall be extended for a period of up to thirty (30) days.

 

11.
FAILURE TO PERFECT TITLE OR MAKE PREMISES CONFORM: If at the expiration of the extended time the SELLER shall have failed
so to remove any defects in title, deliver possession, or make the Premises conform, as the case may be, all as herein agreed,
or if at any time during the period of this Agreement or any extension thereof, the holder of a mortgage on the Premises shall
refuse to permit the insurance proceeds, if any, to be used for such purposes, then any payments made under this Agreement shall
be forthwith refunded and all other obligations of the parties hereto shall cease and this Agreement shall be void without recourse
to the parties hereto except for those matters which by the express terms hereof are intended to survive the Closing or early
termination of this Agreement.

 

12.
BUYER’S ELECTION TO ACCEPT TITLE: The BUYER shall have the election, at either the original or any extended time for
performance, to accept such title as the SELLER can deliver to the Premises in their then condition and to pay therefor the Purchase
Price without deduction, in which case the SELLER shall convey such title, except that in the event of such conveyance in accord
with the provisions of this clause, if the Premises shall have been damaged by fire or casualty insured against, then the SELLER
shall, unless the SELLER has previously restored the Premises to their former condition, either:

 

		(a)	pay
                                         over or assign to the BUYER, on delivery of the deed, all amounts recovered or recoverable
                                         on account of such insurance, less any amounts reasonably expended by the SELLER for
                                         any partial restoration, or

		(b)	if
                                         a holder of a mortgage on the Premises shall not permit the insurance proceeds or a part
                                         thereof to be used to restore the Premises to their former condition or to be so paid
                                         over or assigned, give to the BUYER a credit against the Purchase Price, on delivery
                                         of the deed, equal to said amounts so recovered or recoverable and retained by the holder
                                         of the said mortgage less any amounts reasonably expended by the SELLER for any partial
                                         restoration.

 

     

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13.
ACCEPTANCE OF DEED: The acceptance and recording of a deed by the BUYER or his nominee as the case may be, shall be deemed
to be a full performance and discharge of every agreement and obligation herein contained or expressed, except such as are, by
the terms hereof, to be performed after the delivery of said deed.

 

14.
USE OF MONEY TO CLEAR TITLE: To enable the SELLER to make conveyance as herein provided, the SELLER may, at the time of delivery
of the deed, use the purchase money or any portion thereof to clear the title of any or all encumbrances or interests, provided
that all instruments so procured are recorded simultaneously with the delivery of said deed, or in the case of mortgages granted
by the SELLER to institutional lenders which are paid in full from the sale proceeds within a reasonable time after the delivery
of said deed in accordance with local conveyancing practices. The discharge of any privately held mortgages shall be required
to be delivered and recorded at or prior to Closing.

 

15.
INSURANCE: Until the recording of the deed, the SELLER shall maintain insurance on said premises as follows:

	Type
    of Insurance	Amount
    of Coverage
	 	 
	(a)  Fire
    and Extended Coverage	$As
    presently insured.
	(b)  General
    Commercial Liability Coverage	$As
    presently insured.

 

All
risk of loss shall remain with SELLER until delivery and recording of the deed.

 

16.
ADJUSTMENTS: At the Closing there shall be no adjustment for water and sewer use charges, operative expenses, service contracts
or for real estate taxes for the then current fiscal year since the SELLER shall be responsible for all such expenses, utilities,
service contracts, insurance and taxes under the terms of the Lease back from the BUYER to the SELLER.

 

17.
ADJUSTMENT OF UNASSESSED AND ABATED TAXES: Intentionally omitted.

 

     

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18.
BROKER’S FEE: A broker’s fee for profession services of Fifty Thousand ($50,000) Dollars is due from the SELLER
to [***] the Broker herein, but only if as and when the SELLER receives the full Purchase Price pursuant to the terms of this
Agreement and the BUYER accepts and records SELLER’S deed but not otherwise and regardless of the reason for failing to
close hereunder. The BUYER and SELLER understand that CBRE, a real estate broker, is seeking
a Twenty Thousand ($20,000) Dollars from RICHARD BORDEN for services rendered as a buyer’s agent. The BUYER further represents
and warrants that there is no other broker with who BUYER has dealt in connection with the purchase of the Premises. SELLER
and BUYER each represent and warrant to the other that this transaction was brought about by the Broker, as broker, and that no
other broker brought the BUYER to SELLER’S attention or was otherwise instrumental in bringing about this transaction on
behalf of SELLER such that the only broker’s fee that will be due hereunder is the broker’s fee payable by the SELLER
to said RICHARD BORDEN and said CBRE. SELLER and BUYER shall indemnify and hold each other harmless from a breach of the foregoing
representation and warranty by either of them, respectively.

 

19.
BROKER(S) WARRANTY: The Brokers named herein warrant that the Brokers are duly licensed as such by the Commonwealth of Massachusetts.

 

20.
DEPOSIT: All deposits made hereunder shall be held in escrow by BUYER’S title insurance agent, [***], as escrow agent
(the “Escrow Agent”) subject to the terms of this Agreement and shall be duly accounted for at the time for performance
of this Agreement. In the event of any disagreement between the parties, the escrow agent shall retain all deposits made under
this Agreement pending instructions mutually given by the SELLER and the BUYER or by the final non-appealable order of a court
of competent jurisdiction. So long as Escrow Agent serves in good faith, BUYER and SELLER each agree to hold harmless Escrow Agent
from damages, losses or expenses, arising out of this Agreement or any action or failure to act, including reasonable attorney's
fees, related thereto.

 

21.
DEFAULT; DAMAGES; REMEDIES: If the BUYER shall fail to fulfill the BUYER’S agreements herein and SELLER has fulfilled
SELLER’s agreements herein, all Deposits made hereunder by the BUYER shall be retained by the SELLER as liquidated damages
which shall be SELLER’S sole and exclusive remedy both at law and in equity. The parties acknowledge that the SELLER has
no adequate remedy at law in the event of BUYER’S failure to fulfill its obligations hereunder because it is impossible
to compute exactly the damages that would accrue to the SELLER in such event. The parties have therefore taken these facts into
account in setting the amount of the Deposit and hereby agree that: (a) the Deposit is the best estimate of such damages which
would accrue to SELLER; and (b) the Deposit represents damages and not any penalty against the BUYER. If SELLER fails to perform
its obligations hereunder, then SELLER will be in default under this Agreement and BUYER may either (i) enforce specific performance
of this Agreement or (ii) terminate this Agreement and receive the return of the Deposit.

 

     

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22.
INDEPENDENT COUNSEL. Both BUYER and SELLER hereby acknowledge that they have been offered the opportunity to seek and confer
with qualified legal counsel of their choice prior to signing this Agreement.

 

23.
BROKER AS PARTY: The Brokers named herein join in this Agreement and becomes a party hereto, insofar as any provisions of
this Agreement expressly apply to the Brokers, and to any amendments or modifications of such provisions to which the Brokers
agrees in writing.

 

24.
LIABILITY OF TRUSTEE, SHAREHOLDER, BENEFICIARY, ETC: If the SELLER or BUYER executes this agreement in a representative or
fiduciary capacity, only the principal or the estate represented shall be bound, and neither the SELLER or BUYER so executing,
nor any shareholder or beneficiary of any trust, shall be personally liable for any obligation, express or implied, hereunder.

 

25.
WARRANTIES AND REPRESENTATIONS: The BUYER acknowledges that the BUYER has not been influenced to enter into this transaction
nor has he relied upon any warranties or representations not set forth or incorporated in this agreement or previously made in
writing, except for the following additional warranties and representations, if any, made by either the SELLER or the Broker(s):
None made or relied upon.

 

26.
MORTGAGE CONTINGENCY CLAUSE: Intentionally omitted.

 

27.
CONSTRUCTION OF AGREEMENT: This instrument, executed in multiple counterparts, is to be construed as a Massachusetts contract,
is to take effect as a sealed instrument, sets forth the entire contract between the parties, is binding upon and enures to the
benefit of the parties hereto and their respective heirs, devisees, executors, administrators, successors and assigns, and may
be canceled, modified or amended only by a written instrument executed by both the SELLER and the BUYER. The captions and marginal
notes are used only as a matter of convenience and are not to be considered a part of this agreement or to be used in determining
the intent of the parties to it. If any provisions of this Agreement are held to be illegal, invalid or unenforceable under present
or future laws, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal,
invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement
shall remain in full force and effect and not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Agreement, provided that both parties may still effectively realize the complete benefit of the transaction contemplated
hereby. The effective date (the “Effective Date”) of this Agreement shall be the date of the last party’s execution;
provided, however, that if the last party does not execute this Agreement and deliver a fully executed counterpart of the same
to the first signing party within five (5) days after the first party’s execution date, then the offer or commitment to
be bound hereby by the first executing party shall automatically be revoked and withdrawn, whereupon neither party shall be bound
hereto. This Agreement may be freely assigned to a nominee as the BUYER may designate, specifically including but not limited
to an affiliate of the BUYER.

 

     

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28.
AFFIDAVITS AND CERTIFICATES. At the time of delivery of SELLER’S deed, if requested, SELLER shall execute and deliver
to BUYER the following documents: (a) an affidavit stating that SELLER is not a foreign person under Internal Revenue Code, Section
1445; (b) an affidavit to BUYER and BUYER’S title insurance company certifying that there are no parties in possession of
the Premises, other than Seller’s Tenants and that no work has been done on the Premises which would entitle anyone to claim
a mechanic's or materialman's lien with respect to the Premises; (c) Internal Revenue Code, Section 1099S Forms and W–9
Forms; and (d) any affidavits, agreements and certificates customarily required by BUYER’S mortgagee, title insurance company
and banks in connection with mortgage loans for transactions of this type. BUYER shall not be obligated to accept a deed signed
under a power of attorney.

 

29.
NOTICES. All notices required or permitted to be given hereunder shall be given hereunder shall be in writing and deemed duly
given when (1) mailed by registered or certified, first-class mail, return receipt requested, postage prepaid, (2) hand delivered,
(3) sent by facsimile with proof of delivery and transmission, (4) sent by recognized overnight delivery service or (5) sent via
e-mail with proof of delivery and transmission, addressed as follows:

 

if
to SELLER:                       [***]

 

if
to BUYER to:                    [***]

 

30.
REAL ESTATE BAR ASSOCIATION STANDARDS. Any matter or practice arising under or relating to this Agreement which is the subject
of a title standard or a practice standard of the Real Estate Bar Association at the time for delivery of the deed shall be covered
by said title standard or practice standard to the extent applicable.

 

31.
ACCESS TO PREMISES. BUYER, BUYER’S agents and mortgagees shall have the right to reasonable access to the Premises at
reasonable times upon prior twenty-four (24) hour notice to SELLER. BUYER agrees that any such access shall be at BUYER'S sole
risk and BUYER agrees to indemnify SELLER from any and all claims arising from third parties related to same.

 

     

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32.
MAINTENANCE OF PREMISES: Between the date hereof and the Closing, the SELLER shall maintain and service the Premises and its
appurtenances at the same level of effort and expense as the SELLER has maintained or serviced the Premises for the SELLER’S
own account prior to the date of this Agreement.

 

33.
ATTORNEY AUTHORIZATION: In order to facilitate the execution and delivery of certain documents contemplated hereby, the parties
grant to their respective attorneys the actual authority to execute and deliver on each party’s behalf extensions thereby
extending the time for performance hereunder or any notice that may be given under this agreement and the parties may rely on
the signature of such attorneys (including faxed signatures) unless they have actual knowledge that a party has revoked the authority
granted herein.

 

34.
FACSIMILE OR SCANNED SIGNATURES: For purposes of this Agreement facsimile signatures and/or email or electronic signatures
shall be treated as originals.

 

35.
SELLER’S REPRESENTATIONS.
SELLER warrants and represents to BUYER, to the best of SELLER’S knowledge, as follows:

 

		(a)	Takings.
                                         SELLER has no knowledge of nor has SELLER received any written notice of taking,
                                         condemnation or special assessment, actual or proposed, with respect to the Premises.

		(b)	Authority.
                                         SELLER has full right, power and authority to enter into and become bound by this Agreement
                                         and to consummate the transactions contemplated hereby; that any person other than SELLER
                                         executing this Agreement has been duly authorized by all necessary action and has full
                                         right, power and authority to execute and deliver this Agreement on behalf of SELLER.

		(c)	Outstanding
                                         Agreements. SELLER represents and warrants that the Premises are not the
                                         subject of any outstanding agreements with any party pursuant to which any such party
                                         may acquire any interest in the Premises, other than Seller’s mortgagees which
                                         SELLER shall secure releases for using the purchase money hereunder.

		(d)	Litigation.
                                         SELLER has no knowledge of any litigation or proceeding, pending or threatened, against
                                         or relating to the Premises.

		(e)	Hazardous
                                         Substances. SELLER represents and warrants to BUYER that, to SELLER'S actual
                                         knowledge and information, (i) there has been no release of any hazardous materials or
                                         oil on, from or near the Premises (as used in this Agreement, the terms "release",
                                         "hazardous materials" and "oil" shall have the meaning given to them
                                         in M.G.L. Chapter 21E) and (ii) there are no underground storage tanks or other subsurface
                                         facilities holding petroleum or oil products currently in use or previously abandoned
                                         on the Premises.

		(f)	Tenancies.
                                         There are no leases, licenses, occupancy or related agreements or tenancies affecting
                                         the Premises.

 

     

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		(g)	Bankruptcy.
                                         There is no pending bankruptcy, mortgage foreclosure, or other proceeding which might
                                         in any material way impact adversely on SELLER’S ability to perform under this
                                         Agreement. In the event that SELLER files for bankruptcy, or if involuntary proceedings
                                         are instituted against SELLER, BUYER may, at BUYER’s election, terminate this Agreement
                                         by written notice to the SELLER whereupon any payments made under this Agreement shall
                                         be forthwith refunded to the BUYER and all other obligations of the Parties hereto shall
                                         cease and this Agreement shall be void without recourse to the Parties hereto.

		(h)	Fixtures.
                                         SELLER has complete and unencumbered ownership of all fixtures, fittings and equipment
                                         located in the Premises or appurtenant to the Premises.

		(i)	Betterments.
                                         SELLER represents that SELLER has no knowledge of any municipal betterments affecting
                                         the Premises approved, pending, proposed or contemplated by the Town of [***]which is
                                         likely to result in an assessment against the Premises.

		(j)	Compliance.
                                         SELLER has no knowledge of any conditions of the Premises, which constitute a violation
                                         of the provisions of any municipal, county, state or federal codes, ordinances, statutes
                                         or regulations relating to zoning, building, environmental or health matters.

		(k)	Violation
                                         Notices. As of the date hereof, the SELLER has received no notice from any municipal,
                                         county, state or federal agency asserting or alleging that the Premises are or may be
                                         in violation of the provisions of any municipal, county, state or federal codes, ordinances,
                                         statutes or regulations relating to zoning, building, environmental or health matters
                                         or enforcement proceedings.

		(l)	Service
                                         Contracts. All service contracts related to the use, ownership or operation of
                                         the Premises are on at at-will basis and provided that the parties consummate the sale
                                         as contemplated by this Agreement, at BUYER’S option and upon notice from BUYER
                                         to SELLER, SELLER shall terminate such service contracts effective as of the Closing
                                         Date hereunder.

		(m)	Default
                                         Notices. SELLER has not received any written notice that it is in default under
                                         any of the covenants, easements or restrictions affecting or encumbering the Premises
                                         or any portion thereof.

 

     

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		(n)	Rights
                                         of First Refusal and Options. No Lease or other Agreement affecting the Premises
                                         contains any rights of first refusal or options granted by SELLER to purchase the Premises
                                         or any portion thereof.

		(o)	Short
                                         Sale. SELLER represents that the Purchase Price, less any anticipated adjustments
                                         and SELLER'S closing costs, will be sufficient to permit complete payment of all outstanding
                                         encumbrances upon the Premises or that SELLER has cash on hand to pay any expected deficit.
                                         SELLER further represents that the within transaction is not a so-called “short-sale”.

		(p)	Damage.
                                         SELLER has no knowledge of the occurrence of any substantial damage to the Premises by
                                         fire, vandalism, or other casualty (whether or not insured against, and whether or not
                                         previously repaired or restored).

 

It
shall be a condition of BUYER’S obligation to close under this Agreement that all representations made by the SELLER shall
be true as of the Closing. Further, it shall be a condition of BUYER’S obligations hereunder that SELLER shall promptly
notify BUYER of any material change in facts which arise prior to the Closing which would make any statement or representation
contained herein untrue if such state of facts had existed on the date of execution of this Agreement. The representations contained
above shall survive the delivery of the deed.

 

36.
ERRORS OR OMISSIONS. If any errors or omissions are found to have occurred in any calculations or figures used in the settlement
statement signed by the parties (or would have been included if not for any such error or omission) and notice thereof is given
within three months of the date of delivery of the deed to the party to be charged, then such party agrees to make such payments
as may be necessary to correct the error or omission. The provisions of this paragraph shall survive the delivery of the deed
for three months.

 

37.
DUE DILIGENCE PERIOD: Within seven (7) days of the Effective Date, SELLER shall deliver to BUYER true and complete copies
of all site plans, building plans, permits and environmental reports with respect to the Premises. From and after the Effective
Date for a period of sixty (60) days (the “Due Diligence Period”), BUYER, at BUYER’S sole cost and expense,
and BUYER'S agents shall have the right to inspect the Premises with consultants of BUYER’S own choosing with the understanding
that the BUYER and it’s consultants, with reasonable prior notice to SELLER of not less than 24 hours, may enter the Premises
at their sole risk, that they shall provide evidence of insurance and BUYER shall leave the Premises in the same condition as
it was in prior to such entry. During such inspections, BUYER shall use reasonable efforts to avoid or minimize damage to the
Premises as well as to avoid or minimize interference with SELLER’S use of the Premises. BUYER shall have the right to conduct
test borings and other soil tests analyses and studies to determine the presence of hazardous waste at or around the Premises.
If the results of any of the above inspections prove to be unsatisfactory or unacceptable to the BUYER for any reason or for no
reason at all, the BUYER may terminate this Agreement on or prior to the expiration of the Due Diligence Period by written notice
to the SELLER whereupon any Deposit made hereunder shall be forthwith refunded and all obligations of the parties hereto shall
cease and this Agreement shall be void without further recourse available to either party either at law or in equity.

 

     

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38.
ASSIGNMENT OF WARRANTIES: At the Closing, SELLER shall be deemed to have assigned to BUYER (non-recourse to SELLER), if assignable
at no additional cost to SELLER, any and all service contracts, warranties and/or guarantees, if any, covering any and all systems,
fixtures, equipment and appliances in connection with the Premises. SELLER will also provide BUYER, at Closing, with all manuals
and other information in SELLER’s possession and/or control regarding any and all systems, fixtures, equipment and appliances
used in connection with the Premises. The provisions of this Paragraph shall survive delivery of the Deed hereunder.

 

39.
WEEKEND AND HOLIDAY EXTENSIONS: If the time period by which any right, option or election provided under this Agreement must
be exercised, or by which any act required hereunder must be performed or by which the Closing must be held expires on a Saturday,
Sunday, federal holiday or legal bank holiday in the state where the Premises are located, then such time period shall be automatically
extended to the close of business on the next business day.

 

40.
TITLE OBJECTIONS PERIOD: From and after the Effective Date for a period of sixty (60) days (the “Title Objections Period”),
BUYER shall, at BUYER’S sole cost and expense, have a title examination completed and a Title Commitment (the “Commitment”)
issued and shall notify SELLER within said sixty (60) day period of any objections to title in writing. If BUYER objects to any
title encumbrances disclosed in the Commitment, BUYER shall, within said Title Objections Period, notify SELLER in writing, specifying
the objectionable title encumbrances (a “Title Notice”). If BUYER fails to timely give such notice specifying
the objectionable title encumbrances, BUYER will be deemed to have approved the matters set forth in the Commitment, which shall
be included in the “Permitted Exceptions.” If BUYER timely gives such notice specifying objectionable
title encumbrances, all matters set forth in the Commitment which are not objected to in BUYER’S notice will be included
in the “Permitted Exceptions.” SELLER shall use commercially reasonable efforts to cure any title matters
within fourteen (14) days from receipt of the Title Notice (the “Title Cure Period”), in which event
the Closing, if it otherwise is scheduled to occur earlier, shall be extended until the earlier of fourteen (14) days after receipt
of the Title Notice or three (3) business days after such matter is cured. In the event that despite SELLER’S diligent and
commercially reasonable efforts, SELLER fails to effectuate such cure within the Title Cure Period, BUYER shall have the right
to terminate this Agreement in writing within seven (7) business days after the expiration of the Title Cure Period, in which
event the Deposit shall be returned to BUYER. Notwithstanding the foregoing, SELLER agrees to cure (and remove) all liens and
monetary encumbrances affecting title to the Premises arising by, through or under SELLER and BUYER shall have no obligation to
make any objection thereto. Furthermore, BUYER may, prior to Closing, notify SELLER in writing (a “Gap Notice”)
of any title exceptions raised by the Title Insurer between the expiration of the Title Objection Period and Closing and not disclosed
by the Title Insurer or otherwise actually known to BUYER prior to the expiration of the Title Objection Period; provided that
BUYER must notify SELLER in writing of such unacceptable exceptions within three (3) business days of being made aware of the
existence of such exceptions. If BUYER sends a Gap Notice to SELLER, BUYER and SELLER shall have the same rights and obligations
with respect to such notice and the exceptions set forth therein as apply to a Title Notice and the exceptions set forth in this
paragraph.

 

     

    - 13 - 

    

 

41.
COVID 19: The Closing Date in Paragraph 8 of this Agreement shall be extended for an Excused Delay which materially affects
the BUYER’S ability to close or some other such cause that prevents either party from fulfilling its obligations under the
Agreement due to an Excused Delay unless BUYER and SELLER mutually agree otherwise. As used herein an Excused Delay means a delay
preventing the Closing to occur caused by an Act of God, declared state of emergency or public health emergency, pandemic (specifically
including COVID-19), government mandated quarantine or travel ban, war, acts of terrorism, and/or order of government or civil
or military authorities. The Closing Date shall transpire on the earlier of ten (10) business days after the end of the Excused
Delay or 30 days after the Closing Date.

 

42.
ADDITIONAL PROVISIONS: The initialed riders, if any, attached hereto, are incorporated herein by reference: See attached proposed
lease back of the Premises from the BUYER to the SELLER, attached hereto and made a part hereof as Exhibit A.

 

NOTICE:
This is a legal document that creates binding obligations. If not understood, consult an attorney.

 

     

    - 14 - 

    

 

	SELLER:	 	BROKERS:	 
	 	 	 	 	 
	[***]	 	CBRE, Inc.
	 	 	 	 	 
	By:	/s/	 	By:
    /s/	 
	 	[***]	 	[***]	 
	 	 	 	 	 
	BUYER:	 	 	 	 
	 	 	 	 
	Krele LLC	 	[***]	 
	 	 	 	 	 
	By:	/s/
    Seth Lederman	 	 	 
	 	Seth
    Lederman, MD, ManagerEX-10.2

 Exhibit 10.2 

INSTIL BIO, INC. 

2021 EQUITY INCENTIVE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
MARCH 2021 
 APPROVED BY THE STOCKHOLDERS:
MARCH 2021 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	1.	  	GENERAL.	  	 	1	 
			
	2.	  	SHARES SUBJECT TO THE PLAN.	  	 	1	 
			
	3.	  	ELIGIBILITY AND LIMITATIONS.	  	 	2	 
			
	4.	  	OPTIONS AND STOCK APPRECIATION RIGHTS.	  	 	3	 
			
	5.	  	AWARDS OTHER THAN OPTIONS AND STOCK APPRECIATION RIGHTS.	  	 	7	 
			
	6.	  	ADJUSTMENTS UPON CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS.	  	 	9	 
			
	7.	  	ADMINISTRATION.	  	 	11	 
			
	8.	  	TAX WITHHOLDING	  	 	14	 
			
	9.	  	MISCELLANEOUS.	  	 	15	 
			
	10.	  	COVENANTS OF THE COMPANY.	  	 	18	 
			
	11.	  	ADDITIONAL RULES FOR AWARDS SUBJECT TO SECTION 409A.	  	 	18	 
			
	12.	  	SEVERABILITY.	  	 	22	 
			
	13.	  	TERMINATION OF THE PLAN.	  	 	22	 
			
	14.	  	DEFINITIONS.	  	 	22	 

  
 i 

	1.	 GENERAL. 

(a) Successor to and Continuation of Prior Plan. The Plan is the successor to and continuation of the Prior Plan. As of the
Effective Date, (i) no additional awards may be granted under the Prior Plan; (ii) the Prior Plan’s Available Reserve plus any Returning Shares will become available for issuance pursuant to Awards granted under this Plan; and
(iii) all outstanding awards granted under the Prior Plan will remain subject to the terms of the Prior Plan (except to the extent such outstanding awards result in Returning Shares that become available for issuance pursuant to Awards granted
under this Plan). All Awards granted under this Plan will be subject to the terms of this Plan. 
 (b) Plan Purpose. The
Company, by means of the Plan, seeks to secure and retain the services of Employees, Directors and Consultants, to provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and to provide a means
by which such persons may be given an opportunity to benefit from increases in value of the Common Stock through the granting of Awards. 

(c) Available Awards. The Plan provides for the grant of the following Awards: (i) Incentive Stock Options;
(ii) Nonstatutory Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards. 

(d) Adoption Date; Effective Date. The Plan will come into existence on the Adoption Date, but no Award may be granted prior to
the Effective Date. 
  

	2.	 SHARES SUBJECT TO THE PLAN.

 (a) Share Reserve. Subject to adjustment in accordance with Section 2(c) and any adjustments as
necessary to implement any Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Awards will not exceed the sum of: (i) 8,660,000 new shares, plus (ii) the Prior Plan’s Available
Reserve, plus (iii) the number of Returning Shares, if any, as such shares become available from time to time. In addition, subject to any adjustments as necessary to implement any Capitalization Adjustments, such aggregate number of shares of
Common Stock will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to five percent (5%) of the total number of
shares of Common Stock outstanding on December 31 of the preceding year; provided, however that the Board may act prior to January 1st of a given year to provide that the increase for
such year will be a lesser number of shares of Common Stock. 
 (b) Aggregate Incentive Stock Option Limit. Notwithstanding
anything to the contrary in Section 2(a) and subject to any adjustments as necessary to implement any Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive
Stock Options is 26,000,000 shares. 
 (c) Share Reserve Operation. 

(i) Limit Applies to Common Stock Issued Pursuant to Awards. For clarity, the Share Reserve is a limit on the number of shares
of Common Stock that may be issued 

  
 1 

 
pursuant to Awards and does not limit the granting of Awards, except that the Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy its
obligations to issue shares pursuant to such Awards. Shares may be issued in connection with a merger or acquisition as permitted by, as applicable, Nasdaq Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, NYSE American Company
Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan. 

(ii) Actions that Do Not Constitute Issuance of Common Stock and Do Not Reduce Share Reserve. The following actions do not
result in an issuance of shares under the Plan and accordingly do not reduce the number of shares subject to the Share Reserve and available for issuance under the Plan: (1) the expiration or termination of any portion of an Award without the
shares covered by such portion of the Award having been issued; (2) the settlement of any portion of an Award in cash (i.e., the Participant receives cash rather than Common Stock); (3) the withholding of shares that would otherwise be
issued by the Company to satisfy the exercise, strike or purchase price of an Award; or (4) the withholding of shares that would otherwise be issued by the Company to satisfy a tax withholding obligation in connection with an Award. 

(iii) Reversion of Previously Issued Shares of Common Stock to Share Reserve. The following shares of Common Stock previously
issued pursuant to an Award and accordingly initially deducted from the Share Reserve will be added back to the Share Reserve and again become available for issuance under the Plan: (1) any shares that are forfeited back to or repurchased by
the Company because of a failure to meet a contingency or condition required for the vesting of such shares; (2) any shares that are reacquired by the Company to satisfy the exercise, strike or purchase price of an Award; and (3) any
shares that are reacquired by the Company to satisfy a tax withholding obligation in connection with an Award. 
  

	3.	 ELIGIBILITY AND LIMITATIONS. 

(a) Eligible Award Recipients. Subject to the terms of the Plan, Employees, Directors and Consultants are eligible to receive
Awards. 
 (b) Specific Award Limitations. 

(i) Limitations on Incentive Stock Option Recipients. Incentive Stock Options may be granted only to Employees of the Company or
a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of the Code). 

(ii) Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of
grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit
established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such
rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s). 

  
 2 

 (iii) Limitations on Incentive Stock Options Granted to Ten Percent
Stockholders. A Ten Percent Stockholder may not be granted an Incentive Stock Option unless (i) the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant of such Option and (ii) the Option is not
exercisable after the expiration of five years from the date of grant of such Option. 
 (iv) Limitations on Nonstatutory Stock
Options and SARs. Nonstatutory Stock Options and SARs may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company (as such term is defined in Rule 405) unless
the stock underlying such Awards is treated as “service recipient stock” under Section 409A because the Awards are granted pursuant to a corporate transaction (such as a spin off transaction) or unless such Awards otherwise comply
with the distribution requirements of Section 409A. 
 (c) Aggregate Incentive Stock Option Limit. The aggregate maximum
number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options is the number of shares specified in Section 2(b). 

(d) Non-Employee Director Compensation Limit. The aggregate value of all compensation
granted or paid, as applicable, to any individual for service as a Non-Employee Director with respect to any period commencing on the date of the Company’s Annual Meeting of Stockholders for a particular
year and ending on the day immediately prior to the date of the Company’s Annual Meeting of Stockholders for the next subsequent year (the “Annual Period”), including Awards granted and cash fees paid by the Company to
such Non-Employee Director, will not exceed (i) $750,000 in total value or (ii) in the event such Non-Employee Director is first appointed or elected to the Board
during such Annual Period, $1,000,000 in total value, in each case calculating the value of any equity awards based on the grant date fair value of such equity awards for financial reporting purposes. The limitations in this Section 3(d)
shall apply commencing with the Annual Period that begins on the Company’s first Annual Meeting of Stockholders following the Effective Date. 
  

	4.	 OPTIONS AND STOCK APPRECIATION
RIGHTS. 

 Each Option and SAR will have such terms and conditions as determined by the Board. Each
Option will be designated in writing as an Incentive Stock Option or Nonstatutory Stock Option at the time of grant; provided, however, that if an Option is not so designated, then such Option will be a Nonstatutory Stock Option, and the shares
purchased upon exercise of each type of Option will be separately accounted for. Each SAR will be denominated in shares of Common Stock equivalents. The terms and conditions of separate Options and SARs need not be identical; provided, however, that
each Option Agreement and SAR Agreement will conform (through incorporation of provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions: 

  
 3 

 (a) Term. Subject to Section 3(b) regarding Ten Percent Stockholders, no
Option or SAR will be exercisable after the expiration of ten years from the date of grant of such Award or such shorter period specified in the Award Agreement. 

(b) Exercise or Strike Price. Subject to Section 3(b) regarding Ten Percent Stockholders, the exercise or strike price of
each Option or SAR will not be less than 100% of the Fair Market Value on the date of grant of such Award. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value on
the date of grant of such Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Sections 409A
and, if applicable, 424(a) of the Code. 
 (c) Exercise Procedure and Payment of Exercise Price for Options. In order to
exercise an Option, the Participant must provide notice of exercise to the Plan Administrator in accordance with the procedures specified in the Option Agreement or otherwise provided by the Company. The Board has the authority to grant Options that
do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to utilize a particular method of payment. The exercise price of an Option
may be paid, to the extent permitted by Applicable Law and as determined by the Board, by one or more of the following methods of payment to the extent set forth in the Option Agreement: 

(i) by cash or check, bank draft or money order payable to the Company; 

(ii) pursuant to a “cashless exercise” program developed under Regulation T as promulgated by the Federal Reserve Board that,
prior to the issuance of the Common Stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the exercise price to the Company from the sales proceeds; 

(iii) by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock that are already owned by the
Participant free and clear of any liens, claims, encumbrances or security interests, with a Fair Market Value on the date of exercise that does not exceed the exercise price, provided that (1) at the time of exercise the Common Stock is
publicly traded, (2) any remaining balance of the exercise price not satisfied by such delivery is paid by the Participant in cash or other permitted form of payment, (3) such delivery would not violate any Applicable Law or agreement
restricting the redemption of the Common Stock, (4) any certificated shares are endorsed or accompanied by an executed assignment separate from certificate, and (5) such shares have been held by the Participant for any minimum period
necessary to avoid adverse accounting treatment as a result of such delivery; 
 (iv) if the Option is a Nonstatutory Stock Option,
by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value on the date of exercise that does not
exceed the exercise price, provided that (1) such shares used to pay the exercise price will not be exercisable thereafter and (2) any remaining balance of the exercise price not satisfied by such net exercise is paid by the Participant in
cash or other permitted form of payment; or 
 (v) in any other form of consideration that may be acceptable to the Board and
permissible under Applicable Law. 

  
 4 

 (d) Exercise Procedure and Payment of Appreciation Distribution for
SARs. In order to exercise any SAR, the Participant must provide notice of exercise to the Plan Administrator in accordance with the SAR Agreement. The appreciation distribution payable to a Participant upon the exercise of a SAR will not
be greater than an amount equal to the excess of (i) the aggregate Fair Market Value on the date of exercise of a number of shares of Common Stock equal to the number of Common Stock equivalents that are vested and being exercised under such
SAR, over (ii) the strike price of such SAR. Such appreciation distribution may be paid to the Participant in the form of Common Stock or cash (or any combination of Common Stock and cash) or in any other form of payment, as determined by the
Board and specified in the SAR Agreement. 
 (e) Transferability. Options and SARs may not be transferred to third party
financial institutions for value. The Board may impose such additional limitations on the transferability of an Option or SAR as it determines. In the absence of any such determination by the Board, the following restrictions on the transferability
of Options and SARs will apply, provided that except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration and provided, further, that if an Option is an Incentive Stock Option, such Option may be
deemed to be a Nonstatutory Stock Option as a result of such transfer: 
 (i) Restrictions on Transfer. An Option or SAR will
not be transferable, except by will or by the laws of descent and distribution, and will be exercisable during the lifetime of the Participant only by the Participant; provided, however, that the Board may permit transfer of an Option or SAR in a
manner that is not prohibited by applicable tax and securities laws upon the Participant’s request, including to a trust if the Participant is considered to be the sole beneficial owner of such trust (as determined under Section 671 of the
Code and applicable state law) while such Option or SAR is held in such trust, provided that the Participant and the trustee enter into a transfer and other agreements required by the Company. 

(ii) Domestic Relations Orders. Notwithstanding the foregoing, subject to the execution of transfer documentation in a format
acceptable to the Company and subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant to a domestic relations order. 

(f) Vesting. The Board may impose such restrictions on or conditions to the vesting and/or exercisability of an Option or SAR as
determined by the Board. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of Options and SARs will cease upon termination of the Participant’s
Continuous Service. 
 (g) Termination of Continuous Service for Cause. Except as explicitly otherwise provided in the Award
Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service is terminated for Cause, the Participant’s Options and SARs will terminate and be forfeited immediately upon
such termination of Continuous Service, and the Participant will be prohibited from exercising any portion 

  
 5 

 
(including any vested portion) of such Awards on and after the date of such termination of Continuous Service and the Participant will have no further right, title or interest in such forfeited
Award, the shares of Common Stock subject to the forfeited Award, or any consideration in respect of the forfeited Award. 
 (h)
Post-Termination Exercise Period Following Termination of Continuous Service for Reasons Other than Cause. Subject to Section 4(i), if a Participant’s Continuous Service terminates for any reason other than for Cause, the
Participant may exercise his or her Option or SAR to the extent vested, but only within the following period of time or, if applicable, such other period of time provided in the Award Agreement or other written agreement between a Participant and
the Company or an Affiliate; provided, however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)): 

(i) three months following the date of such termination if such termination is a termination without Cause (other than any termination
due to the Participant’s Disability or death); 
 (ii) 12 months following the date of such termination if such termination is
due to the Participant’s Disability; 
 (iii) 18 months following the date of such termination if such termination is due to the
Participant’s death; or 
 (iv) 18 months following the date of the Participant’s death if such death occurs following the
date of such termination but during the period such Award is otherwise exercisable (as provided in (i) or (ii) above). 
 Following the date of such
termination, to the extent the Participant does not exercise such Award within the applicable Post-Termination Exercise Period (or, if earlier, prior to the expiration of the maximum term of such Award), such unexercised portion of the Award will
terminate, and the Participant will have no further right, title or interest in the terminated Award, the shares of Common Stock subject to the terminated Award, or any consideration in respect of the terminated Award. 

(i) Restrictions on Exercise; Extension of Exercisability. A Participant may not exercise an Option or SAR at any time that the
issuance of shares of Common Stock upon such exercise would violate Applicable Law. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant’s
Continuous Service terminates for any reason other than for Cause and, at any time during the last thirty days of the applicable Post-Termination Exercise Period: (i) the exercise of the Participant’s Option or SAR would be prohibited
solely because the issuance of shares of Common Stock upon such exercise would violate Applicable Law, or (ii) the immediate sale of any shares of Common Stock issued upon such exercise would violate the Company’s Trading Policy, then the
applicable Post-Termination Exercise Period will be extended to the last day of the calendar month that commences following the date the Award would otherwise expire, with an additional extension of the exercise period to the last day of the next
calendar month to apply if any of the foregoing restrictions apply at any time during such extended exercise period, generally without limitation as to the maximum permitted number of extensions); provided, however, that in no event may such Award
be exercised after the expiration of its maximum term (as set forth in Section 4(a)). 

  
 6 

 (j) Non-Exempt Employees. No
Option or SAR, whether or not vested, granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, will be first exercisable for any shares of Common
Stock until at least six months following the date of grant of such Award. Notwithstanding the foregoing, in accordance with the provisions of the Worker Economic Opportunity Act, any vested portion of such Award may be exercised earlier than six
months following the date of grant of such Award in the event of (i) such Participant’s death or Disability, (ii) a Corporate Transaction in which such Award is not assumed, continued or substituted, (iii) a Change in Control, or
(iv) such Participant’s retirement (as such term may be defined in the Award Agreement or another applicable agreement or, in the absence of any such definition, in accordance with the Company’s then current employment policies and
guidelines). This Section 4(j) is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her
regular rate of pay. 
 (k) Whole Shares. Options and SARs may be exercised only with respect to whole shares of Common Stock
or their equivalents. 
  

	5.	 AWARDS OTHER THAN OPTIONS AND
STOCK APPRECIATION RIGHTS. 

 (a) Restricted Stock Awards and
RSU Awards. Each Restricted Stock Award and RSU Award will have such terms and conditions as determined by the Board; provided, however, that each Restricted Stock Award Agreement and RSU Award Agreement will conform (through incorporation of
the provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions: 
 (i) Form
of Award. 
 (1) RSAs: To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of Common
Stock subject to a Restricted Stock Award may be (A) held in book entry form subject to the Company’s instructions until such shares become vested or any other restrictions lapse, or (B) evidenced by a certificate, which certificate
will be held in such form and manner as determined by the Board. Unless otherwise determined by the Board, a Participant will have voting and other rights as a stockholder of the Company with respect to any shares subject to a Restricted Stock
Award. 
 (2) RSUs: An RSU Award represents a Participant’s right to be issued on a future date the number of shares of Common
Stock that is equal to the number of restricted stock units subject to the RSU Award. As a holder of an RSU Award, a Participant is an unsecured creditor of the Company with respect to the Company’s unfunded obligation, if any, to issue shares
of Common Stock in settlement of such Award and nothing contained in the Plan or any RSU Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between a
Participant and the Company or an Affiliate or any other person. A Participant will not have voting or any other rights as a stockholder of the Company with respect to any RSU Award (unless and until shares are actually issued in settlement of a
vested RSU Award). 

  
 7 

 (ii) Consideration. 

(1) RSA: A Restricted Stock Award may be granted in consideration for (A) cash or check, bank draft or money order payable to the
Company, (B) past services to the Company or an Affiliate, or (C) any other form of consideration (including future services) as the Board may determine and permissible under Applicable Law. 

(2) RSU: Unless otherwise determined by the Board at the time of grant, an RSU Award will be granted in consideration for the
Participant’s services to the Company or an Affiliate, such that the Participant will not be required to make any payment to the Company (other than such services) with respect to the grant or vesting of the RSU Award, or the issuance of any
shares of Common Stock pursuant to the RSU Award. If, at the time of grant, the Board determines that any consideration must be paid by the Participant (in a form other than the Participant’s services to the Company or an Affiliate) upon the
issuance of any shares of Common Stock in settlement of the RSU Award, such consideration may be paid in any form of consideration as the Board may determine and permissible under Applicable Law. 

(iii) Vesting. The Board may impose such restrictions on or conditions to the vesting of a Restricted Stock Award or RSU Award
as determined by the Board. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of Restricted Stock Awards and RSU Awards will cease upon termination of the
Participant’s Continuous Service. 
 (iv) Termination of Continuous Service. Except as otherwise provided in the Award
Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates for any reason, (1) the Company may receive through a forfeiture condition or a repurchase right
any or all of the shares of Common Stock held by the Participant under his or her Restricted Stock Award that have not vested as of the date of such termination as set forth in the Restricted Stock Award Agreement and (2) any portion of his or
her RSU Award that has not vested will be forfeited upon such termination and the Participant will have no further right, title or interest in the RSU Award, the shares of Common Stock issuable pursuant to the RSU Award, or any consideration in
respect of the RSU Award. 
 (v) Dividends and Dividend Equivalents. Dividends or dividend equivalents may be paid or
credited, as applicable, with respect to any shares of Common Stock subject to a Restricted Stock Award or RSU Award, as determined by the Board and specified in the Award Agreement). 

(vi) Settlement of RSU Awards. An RSU Award may be settled by the issuance of shares of Common Stock or cash (or any combination
thereof) or in any other form of payment, as determined by the Board and specified in the RSU Award Agreement. At the time of grant, the Board may determine to impose such restrictions or conditions that delay such delivery to a date following the
vesting of the RSU Award. 

  
 8 

 (b) Performance Awards. With respect to any Performance Award, the length of
any Performance Period, the Performance Goals to be achieved during the Performance Period, the other terms and conditions of such Award, and the measure of whether and to what degree such Performance Goals have been attained will be determined by
the Board. 
 (c) Other Awards. Other forms of Awards valued in whole or in part by reference to, or otherwise based on,
Common Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value at the time of grant) may be granted either alone or in addition to Awards
provided for under Section 4 and the preceding provisions of this Section 5. Subject to the provisions of the Plan, the Board will have sole and complete discretion to determine the persons to whom and the time or times at which such Other
Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Awards and all other terms and conditions of such Other Awards. 

 

	6.	 ADJUSTMENTS UPON CHANGES IN
COMMON STOCK; OTHER CORPORATE EVENTS. 

(a) Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately and proportionately
adjust: (i) the class(es) and maximum number of shares of Common Stock subject to the Plan and the maximum number of shares by which the Share Reserve may annually increase pursuant to Section 2(a); (ii) the class(es) and maximum number of
shares that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 2(b); and (iii) the class(es) and number of securities and exercise price, strike price or purchase price of Common Stock subject to
outstanding Awards. The Board shall make such adjustments, and its determination shall be final, binding and conclusive. Notwithstanding the foregoing, no fractional shares or rights for fractional shares of Common Stock shall be created in order to
implement any Capitalization Adjustment. The Board shall determine an appropriate equivalent benefit, if any, for any fractional shares or rights to fractional shares that might be created by the adjustments referred to in the preceding provisions
of this Section. 
 (b) Dissolution or Liquidation. Except as otherwise provided in the Award Agreement, in the event of a
dissolution or liquidation of the Company, all outstanding Awards (other than Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) will terminate
immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company
notwithstanding the fact that the holder of such Award is providing Continuous Service, provided, however, that the Board may determine to cause some or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or
forfeiture (to the extent such Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion. 

(c) Corporate Transaction. The following provisions will apply to Awards in the event of a Corporate Transaction, except as set
forth in Section 11, unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of
grant of an Award. 

  
 9 

 (i) Awards May Be Assumed. In the event of a Corporate Transaction, any
surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue any or all Awards outstanding under the Plan or may substitute similar awards for Awards outstanding under the
Plan (including but not limited to, awards to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Common Stock
issued pursuant to Awards may be assigned by the Company to the successor of the Company (or the successor’s parent company, if any), in connection with such Corporate Transaction. A surviving corporation or acquiring corporation (or its
parent) may choose to assume or continue only a portion of an Award or substitute a similar award for only a portion of an Award, or may choose to assume or continue the Awards held by some, but not all Participants. The terms of any assumption,
continuation or substitution will be set by the Board. 
 (ii) Awards Held by Current Participants. In the event of a
Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then with respect to Awards that
have not been assumed, continued or substituted and that are held by Participants whose Continuous Service has not terminated prior to the effective time of the Corporate Transaction (referred to as the “Current
Participants”), the vesting of such Awards (and, with respect to Options and Stock Appreciation Rights, the time when such Awards may be exercised) will be accelerated in full to a date prior to the effective time of such
Corporate Transaction (contingent upon the effectiveness of the Corporate Transaction) as the Board determines (or, if the Board does not determine such a date, to the date that is five (5) days prior to the effective time of the Corporate
Transaction), and such Awards will terminate if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition or repurchase rights held by the Company with respect to such Awards will lapse
(contingent upon the effectiveness of the Corporate Transaction). With respect to the vesting of Performance Awards that will accelerate upon the occurrence of a Corporate Transaction pursuant to this subsection (ii) and that have multiple
vesting levels depending on the level of performance, unless otherwise provided in the Award Agreement or unless otherwise provided by the Board, the vesting of such Performance Awards will accelerate at 100% of the target level upon the occurrence
of the Corporate Transaction in which the Awards are not assumed in accordance with Section 6(c)(i). With respect to the vesting of Awards that will accelerate upon the occurrence of a Corporate Transaction pursuant to this subsection
(ii) and are settled in the form of a cash payment, such cash payment will be made no later than 30 days following the occurrence of the Corporate Transaction or such later date as required by Section 409A of the Code. 

(iii) Awards Held by Persons other than Current Participants. In the event of a Corporate Transaction in which the surviving
corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then with respect to Awards that have not been assumed, continued or
substituted and that are held by persons other than Current Participants, such Awards will terminate if not exercised (if applicable) prior to the occurrence of the Corporate Transaction; provided, however, that any reacquisition or repurchase
rights held by the Company with respect to such Awards will not terminate and may continue to be exercised notwithstanding the Corporate Transaction. 

  
 10 

 (iv) Payment for Awards in Lieu of Exercise. Notwithstanding the foregoing, in
the event an Award will terminate if not exercised prior to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder of such Award may not exercise such Award but will receive a payment, in such
form as may be determined by the Board, equal in value, at the effective time, to the excess, if any, of (1) the value of the property the Participant would have received upon the exercise of the Award (including, at the discretion of the
Board, any unvested portion of such Award), over (2) any exercise price payable by such holder in connection with such exercise. 

(d) Appointment of Stockholder Representative. As a condition to the receipt of an Award under this Plan, a Participant will be
deemed to have agreed that the Award will be subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is
authorized to act on the Participant’s behalf with respect to any escrow, indemnities and any contingent consideration. 
 (e)
No Restriction on Right to Undertake Transactions. The grant of any Award under the Plan and the issuance of shares pursuant to any Award does not affect or restrict in any way the right or power of the Company or the stockholders of the
Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, rights or options to
purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or
liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

 

	7.	 ADMINISTRATION. 

(a) Administration by Board. The Board will administer the Plan unless and until the Board delegates administration of the Plan
to a Committee or Committees, as provided in subsection (c) below. 
 (b) Powers of Board. The Board will have the power,
subject to, and within the limitations of, the express provisions of the Plan: 
 (i) To determine from time to time (1) which
of the persons eligible under the Plan will be granted Awards; (2) when and how each Award will be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award granted (which need not be
identical), including the time or times when a person will be permitted to receive an issuance of Common Stock or other payment pursuant to an Award; (5) the number of shares of Common Stock or cash equivalent with respect to which an Award
will be granted to each such person; (6) the Fair Market Value applicable to an Award; and (7) the terms of any Performance Award that is not valued in whole or in part by reference to, or otherwise based on, the Common Stock, including
the amount of cash payment or other property that may be earned and the timing of payment. 

  
 11 

 (ii) To construe and interpret the Plan and Awards granted under it, and to
establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a manner and to the extent it deems
necessary or expedient to make the Plan or Award fully effective. 
 (iii) To settle all controversies regarding the Plan and Awards
granted under it. 
 (iv) To accelerate the time at which an Award may first be exercised or the time during which an Award or any
part thereof will vest, notwithstanding the provisions in the Award Agreement stating the time at which it may first be exercised or the time during which it will vest. 

(v) To prohibit the exercise of any Option, SAR or other exercisable Award during a period of up to 30 days prior to the consummation
of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock
or the share price of the Common Stock including any Corporate Transaction, for reasons of administrative convenience. 
 (vi) To
suspend or terminate the Plan at any time. Suspension or termination of the Plan will not Materially Impair rights and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant. 

(vii) To amend the Plan in any respect the Board deems necessary or advisable; provided, however, that stockholder approval will
be required for any amendment to the extent required by Applicable Law. Except as provided above, rights under any Award granted before amendment of the Plan will not be Materially Impaired by any amendment of the Plan unless (1) the Company
requests the consent of the affected Participant, and (2) such Participant consents in writing. 
 (viii) To submit any
amendment to the Plan for stockholder approval. 
 (ix) To approve forms of Award Agreements for use under the Plan and to amend the
terms of any one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board
discretion; provided however, that, a Participant’s rights under any Award will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such Participant
consents in writing. 
 (x) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to
promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Awards. 
 (xi) To adopt
such procedures and sub-plans as are necessary or appropriate to permit and facilitate participation in the Plan by, or take advantage of specific tax treatment for Awards granted to, Employees, Directors or
Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement to ensure or facilitate compliance with the laws of the
relevant foreign jurisdiction). 

  
 12 

 (xii) To effect, at any time and from time to time, subject to the consent of any
Participant whose Award is Materially Impaired by such action, (1) the reduction of the exercise price (or strike price) of any outstanding Option or SAR; (2) the cancellation of any outstanding Option or SAR and the grant in substitution
therefor of (A) a new Option, SAR, Restricted Stock Award, RSU Award or Other Award, under the Plan or another equity plan of the Company, covering the same or a different number of shares of Common Stock, (B) cash and/or (C) other
valuable consideration (as determined by the Board); or (3) any other action that is treated as a repricing under generally accepted accounting principles. 

(c) Delegation to Committee. 

(i) General. The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If
administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to
delegate to another Committee or a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject,
however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Each Committee may retain the authority to concurrently administer the Plan with Committee or subcommittee to which it
has delegated its authority hereunder and may, at any time, revest in such Committee some or all of the powers previously delegated. The Board may retain the authority to concurrently administer the Plan with any Committee and may, at any time,
revest in the Board some or all of the powers previously delegated. 
 (ii) Rule 16b-3
Compliance. To the extent an Award is intended to qualify for the exemption from Section 16(b) of the Exchange Act that is available under Rule 16b-3 of the Exchange Act, the Award will be granted by
the Board or a Committee that consists solely of two or more Non-Employee Directors, as determined under Rule 16b-3(b)(3) of the Exchange Act and thereafter any action
establishing or modifying the terms of the Award will be approved by the Board or a Committee meeting such requirements to the extent necessary for such exemption to remain available. 

(d) Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board or
any Committee in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 

(e) Delegation to an Officer. The Board or any Committee may delegate to one or more Officers the authority to do one or both of
the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by Applicable Law, other types of Awards) and, to the extent permitted by Applicable Law, the terms thereof, and
(ii) determine the number of shares of Common Stock to be subject to such Awards granted to such Employees; provided, however, that the resolutions or charter adopted by the Board or any Committee evidencing such delegation will specify the
total number of shares of Common Stock 

  
 13 

 
that may be subject to the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards will be granted on the applicable form of Award
Agreement most recently approved for use by the Board or the Committee, unless otherwise provided in the resolutions approving the delegation authority. Notwithstanding anything to the contrary herein, neither the Board nor any Committee may
delegate to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) the authority to determine the Fair Market Value. 
  

	8.	 TAX WITHHOLDING 

(a) Withholding Authorization. As a condition to acceptance of any Award under the Plan, a Participant authorizes withholding
from payroll and any other amounts payable to such Participant, and otherwise agrees to make adequate provision for (including), any sums required to satisfy any U.S. federal, state, local and/or foreign tax or social insurance contribution
withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise, vesting or settlement of such Award, as applicable. Accordingly, a Participant may not be able to exercise an Award even though the Award is
vested, and the Company shall have no obligation to issue shares of Common Stock subject to an Award, unless and until such obligations are satisfied. 

(b) Satisfaction of Withholding Obligation. To the extent permitted by the terms of an Award Agreement, the Company may, in its
sole discretion, satisfy any U.S. federal, state, local and/or foreign tax or social insurance withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a
cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award; (iii) withholding cash from an Award settled in cash; (iv) withholding
payment from any amounts otherwise payable to the Participant; (v) by allowing a Participant to effectuate a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board; or
(vi) by such other method as may be set forth in the Award Agreement. 
 (c) No Obligation to Notify or Minimize Taxes; No
Liability to Claims. Except as required by Applicable Law the Company has no duty or obligation to any Participant to advise such holder as to the time or manner of exercising such Award. Furthermore, the Company has no duty or obligation to
warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of
such Award and will not be liable to any holder of an Award for any adverse tax consequences to such holder in connection with an Award. As a condition to accepting an Award under the Plan, each Participant (i) agrees to not make any claim
against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from such Award or other Company compensation and (ii) acknowledges that such Participant was advised to consult with his or her
own personal tax, financial and other legal advisors regarding the tax consequences of the Award and has either done so or knowingly and voluntarily declined to do so. Additionally, each Participant acknowledges any Option or SAR granted under the
Plan is exempt from Section 409A only if the exercise or strike price is at least equal to the “fair market value” of the Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other

  
 14 

 
impermissible deferral of compensation associated with the Award. Additionally, as a condition to accepting an Option or SAR granted under the Plan, each Participant agrees not make any claim
against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise price or strike price is less than the “fair market value” of the Common Stock on the
date of grant as subsequently determined by the Internal Revenue Service. 
 (d) Withholding Indemnification. As a condition
to accepting an Award under the Plan, in the event that the amount of the Company’s and/or its Affiliate’s withholding obligation in connection with such Award was greater than the amount actually withheld by the Company and/or its
Affiliates, each Participant agrees to indemnify and hold the Company and/or its Affiliates harmless from any failure by the Company and/or its Affiliates to withhold the proper amount. 

 

	9.	 MISCELLANEOUS. 

(a) Source of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock,
including shares repurchased by the Company on the open market or otherwise. 
 (b) Use of Proceeds from Sales of Common Stock.
Proceeds from the sale of shares of Common Stock pursuant to Awards will constitute general funds of the Company. 
 (c)
Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board,
regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes)
documenting the corporate action approving the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the
Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents. 

(d) Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect
to, any shares of Common Stock subject to such Award unless and until (i) such Participant has satisfied all requirements for exercise of the Award pursuant to its terms, if applicable, and (ii) the issuance of the Common Stock subject to
such Award is reflected in the records of the Company. 
 (e) No Employment or Other Service Rights. Nothing in the Plan, any
Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time
the Award was granted or affect the right of the Company or an Affiliate to terminate at will and without regard to any future vesting opportunity that a Participant may have with respect to any Award (i) the employment of an Employee with or
without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of 

  
 15 

 
such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of
the corporate law of the state or foreign jurisdiction in which the Company or the Affiliate is incorporated, as the case may be. Further, nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any
Award will constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or service or confer any right
or benefit under the Award or the Plan unless such right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan. 

(f) Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or
her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an
extended leave of absence) after the date of grant of any Award to the Participant, the Board may determine, to the extent permitted by Applicable Law, to (i) make a corresponding reduction in the number of shares or cash amount subject to any
portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In
the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended. 

(g) Execution of Additional Documents. As a condition to accepting an Award under the Plan, the Participant agrees to execute
any additional documents or instruments necessary or desirable, as determined in the Plan Administrator’s sole discretion, to carry out the purposes or intent of the Award, or facilitate compliance with securities and/or other regulatory
requirements, in each case at the Plan Administrator’s request. 
 (h) Electronic Delivery and Participation. Any
reference herein or in an Award Agreement to a “written” agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the
Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). By accepting any Award the Participant consents to receive documents by electronic delivery and to participate in the Plan
through any on-line electronic system established and maintained by the Plan Administrator or another third party selected by the Plan Administrator. The form of delivery of any Common Stock (e.g., a stock
certificate or electronic entry evidencing such shares) shall be determined by the Company. 
 (i) Clawback/Recovery. All
Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s
securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law and any clawback policy that the Company otherwise adopts, to the extent applicable and permissible under
Applicable Law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of
previously acquired shares of Common Stock or other cash or 

  
 16 

 
property upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a Participant’s right to voluntarily terminate employment upon
a “resignation for good reason,” or for a “constructive termination” or any similar term under any plan of or agreement with the Company. 

(j) Securities Law Compliance. A Participant will not be issued any shares in respect of an Award unless either (i) the
shares are registered under the Securities Act; or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Each Award also must comply with other Applicable Law governing the
Award, and a Participant will not receive such shares if the Company determines that such receipt would not be in material compliance with Applicable Law. 

(k) Transfer or Assignment of Awards; Issued Shares. Except as expressly provided in the Plan or the form of Award Agreement,
Awards granted under the Plan may not be transferred or assigned by the Participant. After the vested shares subject to an Award have been issued, or in the case of Restricted Stock and similar awards, after the issued shares have vested, the holder
of such shares is free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are in compliance with the provisions herein, the terms of the Trading Policy and Applicable Law. 

(l) Effect on Other Employee Benefit Plans. The value of any Award granted under the Plan, as determined upon grant, vesting or
settlement, shall not be included as compensation, earnings, salaries, or other similar terms used when calculating any Participant’s benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan
otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans. 

(m) Deferrals. To the extent permitted by Applicable Law, the Board, in its sole discretion, may determine that the delivery of
Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may also establish programs and procedures for deferral elections to be made by Participants. Deferrals will be made
in accordance with the requirements of Section 409A. 
 (n) Section 409A. Unless otherwise expressly provided for in an
Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A, and, to the extent not so exempt, in compliance with
the requirements of Section 409A. If the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A, the Award Agreement evidencing such Award will incorporate the terms and conditions
necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement.
Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes “deferred
compensation” under Section 409A is a “specified employee” for purposes of Section 409A, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A
without regard to alternative definitions thereunder) will be issued or paid before the date 

  
 17 

 
that is six months and one day following the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s death, unless such distribution
or payment can be made in a manner that complies with Section 409A, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule. 

(o) CHOICE OF LAW. This Plan and any controversy arising out of or relating to this
Plan shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to conflict of law principles that would result in any application of any law other than the law of the State of Delaware. 

 

	10.	 COVENANTS OF THE COMPANY.

 (a) Compliance with Law. The Company will seek to obtain from each regulatory commission or agency, as
may be deemed to be necessary, having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell shares of Common Stock upon exercise or vesting of the Awards; provided, however, that this undertaking will not
require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such
regulatory commission or agency the authority that counsel for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell
Common Stock upon exercise or vesting of such Awards unless and until such authority is obtained. A Participant is not eligible for the grant of an Award or the subsequent issuance of Common Stock pursuant to the Award if such grant or issuance
would be in violation of any Applicable Law. 
  

	11.	 ADDITIONAL RULES FOR AWARDS
SUBJECT TO SECTION 409A. 

 (a) Application. Unless the
provisions of this Section of the Plan are expressly superseded by the provisions in the form of Award Agreement, the provisions of this Section shall apply and shall supersede anything to the contrary set forth in the Award Agreement for a Non-Exempt Award. 
 (b) Non-Exempt Awards Subject to Non-Exempt Severance Arrangements. To the extent a Non-Exempt Award is subject to Section 409A due to application of a
Non-Exempt Severance Arrangement, the following provisions of this subsection (b) apply. 

(i) If the Non-Exempt Award vests in the ordinary course during the Participant’s
Continuous Service in accordance with the vesting schedule set forth in the Award Agreement, and does not accelerate vesting under the terms of a Non-Exempt Severance Arrangement, in no event will the shares
be issued in respect of such Non-Exempt Award any later than the later of: (i) December 31st of the calendar year that includes the applicable vesting
date, or (ii) the 60th day that follows the applicable vesting date. 
 (ii)
If vesting of the Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with the Participant’s Separation from Service,
and such vesting acceleration provisions were in effect as of the date of grant of the Non-Exempt 

  
 18 

 
Award and, therefore, are part of the terms of such Non-Exempt Award as of the date of grant, then the shares will be earlier issued in settlement of such Non-Exempt Award upon the Participant’s Separation from Service in accordance with the terms of the Non-Exempt Severance Arrangement, but in no event later than the 60th day that follows the date of the Participant’s Separation from Service. However, if at the time the shares would otherwise be issued the Participant is subject to the distribution limitations
contained in Section 409A applicable to “specified employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of such Participant’s
Separation from Service, or, if earlier, the date of the Participant’s death that occurs within such six month period. 
 (iii)
If vesting of a Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with a Participant’s Separation from Service, and
such vesting acceleration provisions were not in effect as of the date of grant of the Non-Exempt Award and, therefore, are not a part of the terms of such Non-Exempt
Award on the date of grant, then such acceleration of vesting of the Non-Exempt Award shall not accelerate the issuance date of the shares, but the shares shall instead be issued on the same schedule as set
forth in the Grant Notice as if they had vested in the ordinary course during the Participant’s Continuous Service, notwithstanding the vesting acceleration of the Non-Exempt Award. Such issuance schedule
is intended to satisfy the requirements of payment on a specified date or pursuant to a fixed schedule, as provided under Treasury Regulations Section 1.409A-3(a)(4). 

(c) Treatment of Non-Exempt Awards Upon a Corporate Transaction for Employees and
Consultants. The provisions of this subsection (c) shall apply and shall supersede anything to the contrary set forth in the Plan with respect to the permitted treatment of any Non-Exempt Award in
connection with a Corporate Transaction if the Participant was either an Employee or Consultant upon the applicable date of grant of the Non-Exempt Award. 

(i) Vested Non-Exempt Awards. The following provisions shall apply to any Vested Non-Exempt Award in connection with a Corporate Transaction: 
 (1) If the Corporate Transaction
is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Vested Non-Exempt Award. Upon the Section 409A Change in Control the settlement of the
Vested Non-Exempt Award will automatically be accelerated and the shares will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively, the Company
may instead provide that the Participant will receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control. 

(2) If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume,
continue or substitute each Vested Non-Exempt Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be issued to the Participant by the
Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may
instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination of the Fair Market Value of the shares
made on the date of the Corporate Transaction. 

  
 19 

 (ii) Unvested Non-Exempt Awards. The
following provisions shall apply to any Unvested Non-Exempt Award unless otherwise determined by the Board pursuant to subsection (e) of this Section. 

(1) In the event of a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt Award. Unless otherwise determined by the Board, any Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture restrictions that were
applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of any Unvested Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule
that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each
applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination of Fair Market Value of the shares made on the date of the Corporate Transaction.

 (2) If the Acquiring Entity will not assume, substitute or continue any Unvested
Non-Exempt Award in connection with a Corporate Transaction, then such Award shall automatically terminate and be forfeited upon the Corporate Transaction with no consideration payable to any Participant in
respect of such forfeited Unvested Non-Exempt Award. Notwithstanding the foregoing, to the extent permitted and in compliance with the requirements of Section 409A, the Board may in its discretion
determine to elect to accelerate the vesting and settlement of the Unvested Non-Exempt Award upon the Corporate Transaction, or instead substitute a cash payment equal to the Fair Market Value of such shares
that would otherwise be issued to the Participant, as further provided in subsection (e)(ii) below. In the absence of such discretionary election by the Board, any Unvested Non-Exempt Award shall be forfeited
without payment of any consideration to the affected Participants if the Acquiring Entity will not assume, substitute or continue the Unvested Non-Exempt Awards in connection with the Corporate Transaction.

 (3) The foregoing treatment shall apply with respect to all Unvested Non-Exempt Awards
upon any Corporate Transaction, and regardless of whether or not such Corporate Transaction is also a Section 409A Change in Control. 

(d) Treatment of Non-Exempt Awards Upon a Corporate Transaction for Non-Employee Directors. The following provisions of this subsection (d) shall apply and shall supersede anything to the contrary that may be set forth in the Plan with respect to the permitted treatment of
a Non-Exempt Director Award in connection with a Corporate Transaction. 
 (i) If the
Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Non-Exempt Director Award. Upon the Section 409A Change in Control
the vesting and settlement of any Non-Exempt Director Award will automatically be accelerated and the shares will be immediately issued to the Participant in respect of the
Non-Exempt Director Award. Alternatively, the Company may 

  
 20 

 
provide that the Participant will instead receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant upon the Section 409A
Change in Control pursuant to the preceding provision. 
 (ii) If the Corporate Transaction is not also a Section 409A Change in
Control, then the Acquiring Entity must either assume, continue or substitute the Non-Exempt Director Award. Unless otherwise determined by the Board, the Non-Exempt
Director Award will remain subject to the same vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of the Non-Exempt
Director Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in
lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with
the determination of Fair Market Value made on the date of the Corporate Transaction. 
 (e) If the RSU Award is a Non-Exempt Award, then the provisions in this Section 11(e) shall apply and supersede anything to the contrary that may be set forth in the Plan or the Award Agreement with respect to the permitted treatment of
such Non-Exempt Award: 
 (i) Any exercise by the Board of discretion to accelerate the
vesting of a Non-Exempt Award shall not result in any acceleration of the scheduled issuance dates for the shares in respect of the Non-Exempt Award unless earlier
issuance of the shares upon the applicable vesting dates would be in compliance with the requirements of Section 409A. 
 (ii)
The Company explicitly reserves the right to earlier settle any Non-Exempt Award to the extent permitted and in compliance with the requirements of Section 409A, including pursuant to any of the
exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix). 
 (iii) To the
extent the terms of any Non-Exempt Award provide that it will be settled upon a Change in Control or Corporate Transaction, to the extent it is required for compliance with the requirements of
Section 409A, the Change in Control or Corporate Transaction event triggering settlement must also constitute a Section 409A Change in Control. To the extent the terms of a Non-Exempt Award provides
that it will be settled upon a termination of employment or termination of Continuous Service, to the extent it is required for compliance with the requirements of Section 409A, the termination event triggering settlement must also constitute a
Separation From Service. However, if at the time the shares would otherwise be issued to a Participant in connection with a “separation from service” such Participant is subject to the distribution limitations contained in
Section 409A applicable to “specified employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of the Participant’s Separation From
Service, or, if earlier, the date of the Participant’s death that occurs within such six month period. 
 (iv) The provisions in
this subsection (e) for delivery of the shares in respect of the settlement of an RSU Award that is a Non-Exempt Award are intended to comply with the requirements of Section 409A so that the
delivery of the shares to the Participant in respect of such Non-Exempt Award will not trigger the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted. 

  
 21 

	12.	 SEVERABILITY. 

If all or any part of the Plan or any Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such
unlawfulness or invalidity shall not invalidate any portion of the Plan or such Award Agreement not declared to be unlawful or invalid. Any Section of the Plan or any Award Agreement (or part of such a Section) so declared to be unlawful or invalid
shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid. 

 

	13.	 TERMINATION OF THE PLAN.

 The Board may suspend or terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth
anniversary of the earlier of: (i) the Adoption Date, or (ii) the date the Plan is approved by the Company’s stockholders. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 

 

	14.	 DEFINITIONS. 

As used in the Plan, the following definitions apply to the capitalized terms indicated below: 

(a) “Acquiring Entity” means the surviving or acquiring corporation (or its parent company) in connection with
a Corporate Transaction. 
 (b) “Adoption Date” means the date the Plan is first approved by the Board or
Compensation Committee. 
 (c) “Affiliate” means, at the time of determination, any “parent” or
“subsidiary” of the Company as such terms are defined in Rule 405 promulgated under the Securities Act. The Board may determine the time or times at which “parent” or “subsidiary” status is determined within the
foregoing definition. 
 (d) “Applicable Law” means any applicable securities, federal, state, foreign,
material local or municipal or other law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement issued, enacted, adopted, promulgated,
implemented or otherwise put into effect by or under the authority of any Governmental Body (including under the authority of any applicable self-regulating organization such as the Nasdaq Stock Market, New York Stock Exchange, or the Financial
Industry Regulatory Authority). 
 (e) “Award” means any right to receive Common Stock, cash or other
property granted under the Plan (including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, an RSU Award, a SAR, a Performance Award or any Other Award). 

  
 22 

 (f) “Award Agreement” means a written agreement between the
Company and a Participant evidencing the terms and conditions of an Award. The Award Agreement generally consists of the Grant Notice and the agreement containing the written summary of the general terms and conditions applicable to the Award and
which is provided to a Participant along with the Grant Notice. 
 (g) “Board” means the Board of Directors
of the Company (or its designee). Any decision or determination made by the Board shall be a decision or determination that is made in the sole discretion of the Board (or its designee), and such decision or determination shall be final and binding
on all Participants. 
 (h) “Capitalization Adjustment” means any change that is made in, or other
events that occur with respect to, the Common Stock subject to the Plan or subject to any Award after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization,
reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar
equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible
securities of the Company will not be treated as a Capitalization Adjustment. 
 (i) “Cause”
has the meaning ascribed to such term in any written agreement between a Participant and the Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the
following events: (i) the Participant’s dishonest statements or acts with respect to the Company or any Affiliate of the Company, or any current or prospective customers, suppliers, vendors or other third parties with which such entity
does business; (ii) the Participant’s commission of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the Participant’s failure to perform the Participant’s assigned
duties and responsibilities to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment of the Company, after written notice given to the Participant by the Company; (iv) the Participant’s gross
negligence, willful misconduct or insubordination with respect to the Company or any Affiliate of the Company; or (v) the Participant’s material violation of any provision of any agreement(s) between the Participant and the Company
relating to noncompetition, nonsolicitation, nondisclosure and/or assignment of inventions. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause will be made by the Board with respect
to Participants who are executive officers of the Company and by the Company’s Chief Executive Officer with respect to Participants who are not executive officers of the Company. Any determination by the Company that the Continuous Service of a
Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose. 

(j) “Change in Control” or “Change of Control” means the occurrence, in a single
transaction or in a series of related transactions, of any one or more of the following events; provided, however, to the extent necessary to avoid adverse personal income tax consequences to the Participant in connection with an Award, also
constitutes a Section 409A Change in Control: 

  
 23 

 (i) any Exchange Act Person becomes the Owner, directly or indirectly, of securities
of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control shall
not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act
Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, or (C) solely because the level
of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the
Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the
Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the
designated percentage threshold, then a Change in Control shall be deemed to occur; 
 (ii) there is consummated a merger,
consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own,
directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the
combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such transaction; 
 (iii) there is consummated a sale, lease, exclusive license or other disposition of all or
substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more
than 50% of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such
sale, lease, license or other disposition; or 
 (iv) individuals who, on the date the Plan is adopted by the Board, are members of
the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board member
was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board. 

Notwithstanding the foregoing or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets,
merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or 

  
 24 

 
any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect to Awards subject to such
agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply. 

(k) “Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and
guidance thereunder. 
 (l) “Committee” means the Compensation Committee and any other committee of one or
more Directors to whom authority has been delegated by the Board or Compensation Committee in accordance with the Plan. 
 (m)
“Common Stock” means the common stock of the Company. 
 (n) “Company” means Instil
Bio, Inc., a Delaware corporation. 
 (o) “Compensation Committee” means the Compensation Committee of the
Board. 
 (p) “Consultant” means any person, including an advisor, who is (i) engaged by the Company or
an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or
payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person. 

(q) “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as
an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the
Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that
if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify
as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief
executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including
sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in
an Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law. In addition, to the
extent required for exemption from or compliance with Section 409A, the determination of whether there has been a termination of Continuous 

  
 25 

 
Service will be made, and such term will be construed, in a manner that is consistent with the definition of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder). 
 (r)
“Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events: 

(i) a sale or other disposition of all or substantially all, as determined by the Board, of the consolidated assets of the
Company and its Subsidiaries; 
 (ii) a sale or other disposition of at least 50% of the outstanding securities of the Company; 

(iii) a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or 

(iv) a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common
Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or
otherwise. 
 Notwithstanding the foregoing or any other provision of this Plan, (A) the term Corporate Transaction shall not include a
sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, (B) the definition of Corporate Transaction (or any analogous term) in an individual written agreement between the Company
or any Affiliate and the Participant shall supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Corporate Transaction or any analogous term is set forth in such an
individual written agreement, the foregoing definition shall apply, and (C) with respect to any nonqualified deferred compensation that becomes payable on account of the Corporate Transaction, the transaction or event described in clause (i),
(ii), (iii), or (iv) also constitutes a Section 409A Change in Control if required in order for the payment not to violate Section 409A of the Code. 

(s) “Director” means a member of the Board. 

(t) “determine” or “determined” means as determined by the Board or the
Committee (or its designee) in its sole discretion. 
 (u) “Disability” means, with respect to a Participant,
such Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous
period of not less than 12 months, as provided in Section 22(e)(3) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 

(v) “Effective Date” means immediately prior to the IPO Date, provided this Plan is approved by the
Company’s stockholders prior to the IPO Date. 

  
 26 

 (w) “Employee” means any person employed by the Company or an
Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan. 

(x) “Employer” means the Company or the Affiliate of the Company that employs the Participant. 

(y) “Entity” means a corporation, partnership, limited liability company or other entity. 

(z) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 (aa) “Exchange Act Person” means any natural person, Entity or
“group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the
Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a
registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person,
Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting
power of the Company’s then outstanding securities. 
 (bb) “Fair Market Value” means, as of any date,
unless otherwise determined by the Board, the value of the Common Stock (as determined on a per share or aggregate basis, as applicable) determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value will be
the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable. 

(ii) If there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the
closing selling price on the last preceding date for which such quotation exists. 
 (iii) In the absence of such markets for the
Common Stock, or if otherwise determined by the Board, the Fair Market Value will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code. 

(cc) “Governmental Body” means any: (i) nation, state, commonwealth, province,
territory, county, municipality, district or other jurisdiction of any nature; (ii) federal, state, local, municipal, foreign or other government; (iii) governmental or regulatory body, or quasi-governmental body of any nature (including
any governmental division, department, administrative agency or bureau, commission, authority, instrumentality, official, ministry, fund, 

  
 27 

 
foundation, center, organization, unit, body or Entity and any court or other tribunal, and for the avoidance of doubt, any Tax authority) or other body exercising similar powers or authority;
or (iv) self-regulatory organization (including the Nasdaq Stock Market, New York Stock Exchange, and the Financial Industry Regulatory Authority). 

(dd) “Grant Notice” means the notice provided to a Participant that he or she has been granted an Award under
the Plan and which includes the name of the Participant, the type of Award, the date of grant of the Award, number of shares of Common Stock subject to the Award or potential cash payment right, (if any), the vesting schedule for the Award (if any)
and other key terms applicable to the Award. 
 (ee) “Incentive Stock Option” means an option granted
pursuant to Section 4 of the Plan that is intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code. 

(ff) “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s)
managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 

(gg) “Materially Impair” means any amendment to the terms of the Award that materially adversely
affects the Participant’s rights under the Award. A Participant’s rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as
a whole, does not materially impair the Participant’s rights. For example, the following types of amendments to the terms of an Award do not Materially Impair the Participant’s rights under the Award: (i) imposition of reasonable
restrictions on the minimum number of shares subject to an Option or SAR that may be exercised; (ii) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iii) to change the terms
of an Incentive Stock Option in a manner that disqualifies, impairs or otherwise affects the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iv) to clarify the manner of exemption from, or to
bring the Award into compliance with or qualify it for an exemption from, Section 409A; or (v) to comply with other Applicable Laws. 

(hh) “Non-Employee Director” means a Director who either
(i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a
Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation
S-K”)), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged
in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a
“non-employee director” for purposes of Rule 16b-3. 

(ii) “Non-Exempt Award” means any Award that is subject
to, and not exempt from, Section 409A, including as the result of (i) a deferral of the issuance of the shares subject to the Award which is elected by the Participant or imposed by the Company, or (ii) the terms of any Non-Exempt Severance Agreement. 

  
 28 

 (jj) “Non-Exempt Director
Award” means a Non-Exempt Award granted to a Participant who was a Director but not an Employee on the applicable grant date. 

(kk) “Non-Exempt Severance Arrangement” means a severance arrangement
or other agreement between the Participant and the Company that provides for acceleration of vesting of an Award and issuance of the shares in respect of such Award upon the Participant’s termination of employment or separation from service (as
such term is defined in Section 409A(a)(2)(A)(i) of the Code (and without regard to any alternative definition thereunder) (“Separation from Service”) and such severance benefit does not satisfy the requirements for an
exemption from application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9) or otherwise. 

(ll) “Nonstatutory Stock Option” means any option granted pursuant to Section 4 of the Plan that does not
qualify as an Incentive Stock Option. 
 (mm) “Officer” means a person who is an officer of the Company
within the meaning of Section 16 of the Exchange Act. 
 (nn) “Option” means an Incentive Stock Option
or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan. 
 (oo) “Option
Agreement” means a written agreement between the Company and the Optionholder evidencing the terms and conditions of the Option grant. The Option Agreement includes the Grant Notice for the Option and the agreement containing the
written summary of the general terms and conditions applicable to the Option and which is provided to a Participant along with the Grant Notice. Each Option Agreement will be subject to the terms and conditions of the Plan. 

(pp) “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such
other person who holds an outstanding Option. 
 (qq) “Other Award” means an award based in whole or in part
by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 5(c). 
 (rr)
“Other Award Agreement” means a written agreement between the Company and a holder of an Other Award evidencing the terms and conditions of an Other Award grant. Each Other Award Agreement will be subject to the
terms and conditions of the Plan. 
 (ss) “Own,” “Owned,”
“Owner,” “Ownership” means that a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired
“Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities. 
 (tt) “Participant” means an Employee, Director or Consultant to whom an
Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award. 

  
 29 

 (uu) “Performance Award” means an Award that may vest or may
be exercised or a cash award that may vest or become earned and paid contingent upon the attainment during a Performance Period of certain Performance Goals and which is granted under the terms and conditions of Section 5(b) pursuant to such
terms as are approved by the Board. In addition, to the extent permitted by Applicable Law and set forth in the applicable Award Agreement, the Board may determine that cash or other property may be used in payment of Performance Awards. Performance
Awards that are settled in cash or other property are not required to be valued in whole or in part by reference to, or otherwise based on, the Common Stock. 

(vv) “Performance Criteria” means the one or more criteria that the Board will select for purposes of
establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination of, the following as determined by the Board: earnings (including
earnings per share and net earnings); earnings before interest, taxes and depreciation; earnings before interest, taxes, depreciation and amortization; total stockholder return; return on equity or average stockholder’s equity; return on
assets, investment, or capital employed; stock price; margin (including gross margin); income (before or after taxes); operating income; operating income after taxes; pre-tax profit; operating cash flow; sales
or revenue targets; increases in revenue or product revenue; expenses and cost reduction goals; improvement in or attainment of working capital levels; economic value added (or an equivalent metric); market share; cash flow; cash flow per share;
share price performance; debt reduction; customer satisfaction; stockholders’ equity; capital expenditures; debt levels; operating profit or net operating profit; workforce diversity; growth of net income or operating income; billings;
financing; regulatory milestones; stockholder liquidity; corporate governance and compliance; intellectual property; personnel matters; progress of internal research; progress of partnered programs; partner satisfaction; budget management; partner
or collaborator achievements; internal controls, including those related to the Sarbanes-Oxley Act of 2002; investor relations, analysts and communication; implementation or completion of projects or processes; employee retention; number of users,
including unique users; strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property); establishing relationships with
respect to the marketing, distribution and sale of the Company’s products; supply chain achievements; co-development, co-marketing, profit sharing, joint venture or
other similar arrangements; individual performance goals; corporate development and planning goals; and other measures of performance selected by the Board or Committee whether or not listed herein. 

(ww) “Performance Goals” means, for a Performance Period, the one or more goals established by the Board for
the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to
the performance of one or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award is granted or (ii) in such other document
setting forth the Performance Goals at the time the Performance Goals are established, the Board will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as follows: (1) to
exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments
to corporate tax rates; (5) to exclude the effects of items that 

  
 30 

 
are “unusual” in nature or occur “infrequently” as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint
ventures; (7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; (8) to exclude the effect of any change in the
outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of
shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under the Company’s bonus plans;
(10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be expensed under generally accepted accounting principles; and (11) to exclude the goodwill and intangible asset impairment
charges that are required to be recorded under generally accepted accounting principles. In addition, the Board may establish or provide for other adjustment items in the Award Agreement at the time the Award is granted or in such other document
setting for the Performance Goals at the time the Performance Goals are established. In addition, the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the
manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Award
Agreement or the written terms of a Performance Cash Award. 
 (xx) “Performance Period” means the period of
time selected by the Board over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to vesting or exercise of an Award. Performance Periods may be of varying and
overlapping duration, at the sole discretion of the Board. 
 (yy) “Plan” means this Instil Bio, Inc. 2021
Equity Incentive Plan, as amended from time to time. 
 (zz) “Plan Administrator” means the person, persons,
and/or third-party administrator designated by the Company to administer the day to day operations of the Plan and the Company’s other equity incentive programs. 

(aaa) “Post-Termination Exercise Period” means the period following termination of a Participant’s
Continuous Service within which an Option or SAR is exercisable, as specified in Section 4(h). 
 (bbb) “Prior
Plan’s Available Reserve” means the number of shares available for the grant of new awards under the Prior Plan as of the Effective Date. 

(ccc) “Prior Plan” means the Instil Bio, Inc. 2018 Stock Incentive Plan. 

(ddd) “Prospectus” means the document containing the Plan information specified in Section 10(a) of the
Securities Act. 
 (eee) “Restricted Stock Award” or “RSA” means an Award of shares
of Common Stock which is granted pursuant to the terms and conditions of Section 5(a). 

  
 31 

 (fff) “Restricted Stock Award Agreement” means a written
agreement between the Company and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. The Restricted Stock Award Agreement includes the Grant Notice for the Restricted Stock Award and the
agreement containing the written summary of the general terms and conditions applicable to the Restricted Stock Award and which is provided to a Participant along with the Grant Notice. Each Restricted Stock Award Agreement will be subject to the
terms and conditions of the Plan. 
 (ggg) “Returning Shares” means shares subject to outstanding stock
awards granted under the Prior Plan and that following the Effective Date: (A) are not issued because such stock award or any portion thereof expires or otherwise terminates without all of the shares covered by such stock award having been
issued; (B) are not issued because such stock award or any portion thereof is settled in cash; (C) are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required for the
vesting of such shares; (D) are withheld or reacquired to satisfy the exercise, strike or purchase price; or (E) are withheld or reacquired to satisfy a tax withholding obligation. 

(hhh) “RSU Award” or “RSU” means an Award of restricted stock units
representing the right to receive an issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a). 

(iii) “RSU Award Agreement” means a written agreement between the Company and a holder of an RSU
Award evidencing the terms and conditions of an RSU Award grant. The RSU Award Agreement includes the Grant Notice for the RSU Award and the agreement containing the written summary of the general terms and conditions applicable to the RSU Award and
which is provided to a Participant along with the Grant Notice. Each RSU Award Agreement will be subject to the terms and conditions of the Plan. 

(jjj) “Rule 16b-3” means Rule
16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time. 

(kkk) “Rule 405” means Rule 405 promulgated under the Securities Act. 

(lll) “Section 409A” means Section 409A of the Code and the regulations
and other guidance thereunder. 
 (mmm) “Section 409A Change in Control”
means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). 
 (nnn)
“Securities Act” means the Securities Act of 1933, as amended. 
 (ooo) “Share
Reserve” means the number of shares available for issuance under the Plan as set forth in Section 2(a). 
 (ppp)
“Stock Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 4. 

  
 32 

 (qqq) “SAR Agreement” means a written agreement between the
Company and a holder of a SAR evidencing the terms and conditions of a SAR grant. The SAR Agreement includes the Grant Notice for the SAR and the agreement containing the written summary of the general terms and conditions applicable to the SAR and
which is provided to a Participant along with the Grant Notice. Each SAR Agreement will be subject to the terms and conditions of the Plan. 

(rrr) “Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of the
outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting
power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest
(whether in the form of voting or participation in profits or capital contribution) of more than 50%. 
 (sss) “Ten
Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

 (ttt) “Trading Policy” means the Company’s policy permitting certain individuals to sell Company
shares only during certain “window” periods and/or otherwise restricts the ability of certain individuals to transfer or encumber Company shares, as in effect from time to time. 

(uuu) “Unvested Non-Exempt Award” means the portion of any Non-Exempt Award that had not vested in accordance with its terms upon or prior to the date of any Corporate Transaction. 

(vvv) “Vested Non-Exempt Award” means the portion of any Non-Exempt Award that had vested in accordance with its terms upon or prior to the date of a Corporate Transaction. 

  
 33 

 Standard Stock Option Grant Package 

 

 INSTIL BIO, INC. 

STOCK OPTION GRANT NOTICE 

(2021 EQUITY INCENTIVE PLAN) 

Instil Bio, Inc. (the “Company”), pursuant to its 2021 Equity Incentive Plan (the “Plan”), has granted to you
(“Optionholder”) an option to purchase the number of shares of the Common Stock set forth below (the “Option”). Your Option is subject to all of the terms and conditions as set forth herein and in the
Plan, and the Stock Option Agreement and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Stock Option Agreement shall
have the meanings set forth in the Plan or the Stock Option Agreement, as applicable. 
  

			
	Optionholder:	  	  

	Date of Grant:	  	  

	Vesting Commencement Date:	  	  

	Number of Shares of Common Stock Subject to Option:	  	  

	Exercise Price (Per Share):	  	  

	Total Exercise Price:	  	  

	Expiration Date:	  	  

  

			
	Type of Grant:	  	[Incentive Stock Option] OR [Nonstatutory Stock Option]
		
	Exercise and Vesting Schedule:	  	Subject to the Optionholder’s Continuous Service through each applicable vesting date, the Option will vest as follows:

 Optionholder Acknowledgements: By your signature below or by electronic acceptance or authentication in a form
authorized by the Company, you understand and agree that: 
  

	 	•	 	 The Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Stock Option
Agreement and the Notice of Exercise, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and the Stock Option Agreement (together, the “Option Agreement”) may not be
modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company. 

  

	 	•	 	 [If the Option is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options granted to you)
cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option.] 

 

	 	•	 	 You consent to receive this Grant Notice, the Stock Option Agreement, the Plan, the Prospectus and any other
Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

  

	 	•	 	 You have read and are familiar with the provisions of the Plan, the Stock Option Agreement, the Notice of
Exercise and the Prospectus. In the event of any conflict between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.

  

	 	•	 	 The Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition of
Common Stock and supersedes all prior oral and written agreements, promises and/or 

  
 34 

 Standard Stock Option Grant Package 

 

	 	 
representations on that subject with the exception of other equity awards previously granted to you and any written employment agreement, offer letter, severance agreement, written severance plan
or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern this Option. 

  

	 	•	 	 Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying
with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for
all purposes. 

  

									
	INSTIL BIO, INC.	 		 	OPTIONHOLDER:
					
	By:	 	 	 		 	By:	 	 
		 	Signature	 		 		 	Signature
					
	Title:	 	  
	 		 	Date:	 	  

					
	Date:	 	  
	 		 		 	

 ATTACHMENTS: Stock Option Agreement, 2021 Equity Incentive Plan, Notice of Exercise 

  
 35 

 Standard Stock Option Grant Package 

 

 ATTACHMENT I 

STOCK OPTION AGREEMENT 

 Standard Stock Option Grant Package 

 

 INSTIL BIO, INC. 

2021 STOCK EQUITY PLAN 

STOCK OPTION AGREEMENT 

As reflected by your Stock Option Grant Notice (“Grant Notice”), Instil Bio, Inc. (the
“Company”) has granted you an option under its 2021 Equity Incentive Plan (the “Plan”) to purchase a number of shares of Common Stock at the exercise price indicated in your Grant Notice (the
“Option”). Capitalized terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant Notice or Plan, as applicable. The terms of your Option as
specified in the Grant Notice and this Stock Option Agreement constitute your Option Agreement. 
 The general terms and conditions
applicable to your Option are as follows: 
 1. GOVERNING PLAN
DOCUMENT. Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in: 

(a) Section 6 regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your
Option; 
 (b) Section 9(e) regarding the Company’s retained rights to terminate your Continuous Service notwithstanding
the grant of the Option; and 
 (c) Section 8(c) regarding the tax consequences of your Option. 

Your Option is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to
the Plan. In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan shall control. 

2. EXERCISE. 

(a) You may generally exercise the vested portion of your Option for whole shares of Common Stock at any time during its term by
delivery of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in accordance with the exercise procedures established by the Plan Administrator, which may include an electronic
submission. Please review Sections 4(i), 4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise your Option during certain periods. 

(b) To the extent permitted by Applicable Law, you may pay your Option exercise price as follows: 

(i) cash, check, bank draft or money order; 

  
 1 

 Standard Stock Option Grant Package 

 

 (ii) subject to Company and/or Committee consent at the time of exercise, pursuant to
a “cashless exercise” program as further described in Section 4(c)(ii) of the Plan if at the time of exercise the Common Stock is publicly traded; 

(iii) subject to Company and/or Committee consent at the time of exercise, by delivery of previously owned shares of Common Stock as
further described in Section 4(c)(iii) of the Plan; or 
 (iv) subject to Company and/or Committee consent at the time of
exercise, if the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement as further described in Section 4(c)(iv) of the Plan. 

(c) By accepting your Option, you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the
purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days
following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar
rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the
Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or
that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. You also agree that any
transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 2(c). The underwriters of the Company’s stock are intended third party beneficiaries of this Section 2(c) and will
have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 3.
TERM. You may not exercise your Option before the commencement of its term or after its term expires. The term of your Option commences on the Date of Grant and expires upon the earliest of the following:

 (a) immediately upon the termination of your Continuous Service for Cause; 

(b) three months after the termination of your Continuous Service for any reason other than Cause, Disability or death; 

(c) 12 months after the termination of your Continuous Service due to your Disability; 

(d) 18 months after your death if you die during your Continuous Service; 

(e) immediately upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate
Transaction, 
 (f) the Expiration Date indicated in your Grant Notice; or 

(g) the day before the 10th anniversary of the Date of Grant. 

  
 2 

 Standard Stock Option Grant Package 

 

 Notwithstanding the foregoing, if you die during the period provided in Section 3(b) or
3(c) above, the term of your Option shall not expire until the earlier of (i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the Expiration Date indicated in your Grant
Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally, the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan. 

To obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the
date of grant of your Option and ending on the day three months before the date of your Option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or Disability. If the Company provides for the
extended exercisability of your Option under certain circumstances for your benefit, your Option will not necessarily be treated as an Incentive Stock Option if you exercise your Option more than three months after the date your employment
terminates. 
 4. WITHHOLDING OBLIGATIONS. As further provided in Section 8
of the Plan: (a) you may not exercise your Option unless the applicable tax withholding obligations are satisfied, and (b) at the time you exercise your Option, in whole or in part, or at any time thereafter as requested by the Company,
you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “cashless exercise” pursuant to a program developed under Regulation T as
promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which arise in connection with the exercise of your Option in
accordance with the withholding procedures established by the Company. Accordingly, you may not be able to exercise your Option even though the Option is vested, and the Company shall have no obligation to issue shares of Common Stock subject to
your Option, unless and until such obligations are satisfied. In the event that the amount of the Company’s withholding obligation in connection with your Option was greater than the amount actually withheld by the Company, you agree to
indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount. 
 5.
INCENTIVE STOCK OPTION DISPOSITION REQUIREMENT. If your Option is an Incentive Stock Option, you must notify the Company in writing within 15 days
after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your Option that occurs within two years after the date of your Option grant or within one year after such shares of Common Stock are transferred upon
exercise of your Option. 
 6. TRANSFERABILITY. Except as otherwise provided in
Section 4(e) of the Plan, your Option is not transferable, except by will or by the applicable laws of descent and distribution, and is exercisable during your life only by you. 

7. CORPORATE TRANSACTION. Your Option is subject to the terms of any agreement
governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf with respect to any escrow, indemnities and any
contingent consideration. 

  
 3 

 Standard Stock Option Grant Package 

 

 8. NO LIABILITY FOR
TAXES. As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from
the Option or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the tax consequences of the Option and have either done so or knowingly and
voluntarily declined to do so. Additionally, you acknowledge that the Option is exempt from Section 409A only if the exercise price is at least equal to the “fair market value” of the Common Stock on the date of grant as determined by
the Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Option. Additionally, as a condition to accepting the Option, you agree not make any claim against the Company, or any of its Officers,
Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise is less than the “fair market value” of the Common Stock on the date of grant as subsequently determined by the Internal Revenue
Service. 
 9. SEVERABILITY. If any part of this Option Agreement or the Plan is declared by any
court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Option Agreement (or part of
such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid 

10. OTHER DOCUMENTS. You hereby acknowledge receipt of or the right to receive a
document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus. In addition, you acknowledge receipt of the Company’s Trading Policy. 

11. QUESTIONS. If you have questions regarding these or any other terms and conditions applicable
to your Option, including a summary of the applicable federal income tax consequences please see the Prospectus. 
 * * * * 

  
 4 

 Standard Stock Option Grant Package 

 

 ATTACHMENT II 

2021 EQUITY INCENTIVE PLAN 

 Standard Stock Option Grant Package 

 

 ATTACHMENT III 

NOTICE OF EXERCISE 

 Standard Stock Option Grant Package 

 

 INSTIL BIO, INC. 

(2021 EQUITY INCENTIVE PLAN) 

NOTICE OF EXERCISE 
  

			
	INSTIL BIO, INC.	  	
	3963 MAPLE AVENUE	  	
	DALLAS, TEXAS 75219	  	Date of Exercise:                     

 This constitutes notice to Instil Bio, Inc. (the “Company”) that I elect to purchase
the below number of shares of Common Stock of the Company (the “Shares”) by exercising my Option for the price set forth below. Capitalized terms not explicitly defined in this Notice of Exercise but defined in the Grant
Notice, Option Agreement or 2021 Equity Incentive Plan (the “Plan”) shall have the meanings set forth in the Grant Notice, Option Agreement or Plan, as applicable. Use of certain payment methods is subject to Company and/or
Committee consent and certain additional requirements set forth in the Option Agreement and the Plan. 
  

							
	Type of option (check one):	  		  	Incentive ☐	  	Nonstatutory ☐
				
	Date of Grant:	  		  		  	
				
	Number of Shares as to which Option is exercised:	  		  		  	
				
	Certificates to be issued in name of:	  		  		  	
				
	Total exercise price:	  		  	$            	  	
				
	 Cash, check, bank draft or money order delivered herewith:
	  		  	$            	  	
				
	 Value of                  Shares
delivered herewith:
	  		  	$            	  	
				
	 Regulation T Program (cashless exercise)
	  		  	$            	  	
				
	 Value of                  Shares
pursuant to net exercise:
	  		  	$            	  	

 Standard Stock Option Grant Package 

 

 By this exercise, I agree (i) to provide such additional documents as you may require
pursuant to the terms of the Plan, (ii) to satisfy the tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement, and (iii) if this exercise relates to an incentive stock option, to
notify you in writing within 15 days after the date of any disposition of any of the Shares issued upon exercise of this Option that occurs within two years after the Date of Grant or within one year after such Shares are issued upon exercise of
this Option. 
 I further agree that, if required by the Company (or a representative of the underwriters) in connection with the first
underwritten registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar
transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company for a period of one hundred eighty (180) days following the effective date of a registration statement of the
Company filed under the Securities Act (or such longer period as the underwriters or the Company shall request to facilitate compliance with FINRA Rule 2241 or any successor or similar rule or regulation) (the “Lock-Up Period”). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are
necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period. 

 

	
	Very truly yours,
	
	  

 Non-Employee Director 

 

 INSTIL BIO, INC. 

STOCK OPTION GRANT NOTICE 

(2021 EQUITY INCENTIVE PLAN) 

Instil Bio, Inc. (the “Company”), pursuant to its 2021 Equity Incentive Plan (the “Plan”), has granted to you
(“Optionholder”) an option to purchase the number of shares of the Common Stock set forth below (the “Option”). Your Option is subject to all of the terms and conditions as set forth herein and in the
Plan, and the Stock Option Agreement and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Stock Option Agreement shall
have the meanings set forth in the Plan or the Stock Option Agreement, as applicable. 
  

			
	Optionholder:	 	  

	Date of Grant:	 	  

	Number of Shares of Common Stock Subject to Option:	 	  

	Exercise Price (Per Share):	 	  

	Total Exercise Price:	 	  

	Expiration Date:	 	  

  

			
	Type of Grant:	  	Nonstatutory Stock Option
		
	Exercise and Vesting Schedule:	  	Subject to the Optionholder’s Continuous Service through each applicable vesting date, the Option will vest as follows, subject to the potential vesting acceleration described in Section 2 of the Stock Option
Agreement:
		
		  	[Initial Grant][The shares subject to the Option shall vest and become exercisable in a series of thirty-six (36) successive equal monthly installments measured from the Date of
Grant.]
		
		  	[Annual Grant][The shares subject to the Option shall vest and become exercisable in a series of twelve (12) successive equal monthly installments measured from the Date of Grant.]

 Optionholder Acknowledgements: By your signature below or by electronic acceptance or authentication in a form
authorized by the Company, you understand and agree that: 
  

	 	•	 	 The Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Stock Option
Agreement and the Notice of Exercise, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and the Stock Option Agreement (together, the “Option Agreement”) may not be
modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company. 

  

	 	•	 	 You consent to receive this Grant Notice, the Stock Option Agreement, the Plan, the Prospectus and any other
Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

  

	 	•	 	 You have read and are familiar with the provisions of the Plan, the Stock Option Agreement, the Notice of
Exercise and the Prospectus. In the event of any conflict between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.

  

	 	•	 	 The Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition of
Common Stock and supersedes all prior oral and written agreements, promises and/or 

  
 3 

 Non-Employee Director 

 

	 	 
representations on that subject with the exception of other equity awards previously granted to you and any written employment agreement, offer letter, severance agreement, written severance plan
or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern this Option. 

  

	 	•	 	 Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying
with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for
all purposes. 

  

									
	INSTIL BIO, INC.	 		 	OPTIONHOLDER:
					
	By:	 	 	 		 	By:	 	 
		 	Signature	 		 		 	Signature
					
	Title:	 	  
	 		 	Date:	 	  

					
	Date:	 	  
	 		 		 	

 ATTACHMENTS: Stock Option Agreement, 2021 Equity Incentive Plan, Notice of Exercise 

  
 4 

 Non-Employee Director 

 

 ATTACHMENT I 

STOCK OPTION AGREEMENT 

 Non-Employee Director 

 

 INSTIL BIO, INC. 

2021 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

As reflected by your Stock Option Grant Notice (“Grant Notice”), Instil Bio, Inc. (the
“Company”) has granted you an option under its 2021 Equity Incentive Plan (the “Plan”) to purchase a number of shares of Common Stock at the exercise price indicated in your Grant Notice (the
“Option”). Capitalized terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant Notice or Plan, as applicable. The terms of your Option as
specified in the Grant Notice and this Stock Option Agreement constitute your Option Agreement. 
 The general terms and conditions
applicable to your Option are as follows: 
 12. GOVERNING PLAN
DOCUMENT. Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in: 

(a) Section 6 regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your
Option; 
 (b) Section 9(f) regarding the Company’s retained rights to terminate your Continuous Service notwithstanding
the grant of the Option; and 
 (c) Section 8(c) regarding the tax consequences of your Option. 

Your Option is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to
the Plan. In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan shall control. 

13. VESTING. 

(a) Your Option will vest as provided in your Grant Notice, subject to the provisions contained herein and the terms of the Plan.
Vesting will cease upon the termination of your Continuous Service. Notwithstanding the foregoing, if a Change in Control occurs and your Continuous Service has not terminated as of immediately prior to such Change in Control, then the vesting and
exercisability of your Option will be accelerated in full upon such Change in Control. 
 (b) If any payment or benefit you would
receive from the Company or otherwise in connection with a Change in Control or other similar transaction (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of
the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment (a “Payment”) shall be equal to the
Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest

  
 1 

 Non-Employee Director 

 

 
portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state
and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater economic benefit
notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding
sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so
reduced will be reduced pro rata (the “Pro Rata Reduction Method”). 
 Notwithstanding the foregoing, if the
Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code,
then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification shall
preserve to the greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being
terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A of
the Code shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A of the Code. 

Unless you and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax compliance
purposes as of the day prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the
individual, entity or group effecting the change of control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the
determinations by such accounting firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed
supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably likely to occur (if requested at that time by you or the Company) or such other time as
requested by you or the Company. 
 If you receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of the
first paragraph of this Section 2(b) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return to the Company a sufficient amount of the Payment (after
reduction pursuant to clause (x) of the first paragraph of this Section 2(b) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause
(y) in the first paragraph of this Section 2(b), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence. 

  
 2 

 Non-Employee Director 

 

 14. EXERCISE. 

(a) You may generally exercise the vested portion of your Option for whole shares of Common Stock at any time during its term by
delivery of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in accordance with the exercise procedures established by the Plan Administrator, which may include an electronic
submission. Please review Sections 4(i), 4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise your Option during certain periods. 

(b) To the extent permitted by Applicable Law, you may pay your Option exercise price as follows: 

(i) cash, check, bank draft or money order; 

(ii) subject to Company and/or Committee consent at the time of exercise, pursuant to a “cashless exercise” program as
further described in Section 4(c)(ii) of the Plan if at the time of exercise the Common Stock is publicly traded; 
 (iii)
subject to Company and/or Committee consent at the time of exercise, by delivery of previously owned shares of Common Stock as further described in Section 4(c)(iii) of the Plan; or 

(iv) subject to Company and/or Committee consent at the time of exercise, if the Option is a Nonstatutory Stock Option, by a “net
exercise” arrangement as further described in Section 4(c)(iv) of the Plan. 
 15.
TERM. You may not exercise your Option before the commencement of its term or after its term expires. The term of your Option commences on the Date of Grant and expires upon the earliest of the following:

 (a) immediately upon the termination of your Continuous Service for Cause; 

(b) three months after the termination of your Continuous Service for any reason other than Cause, Disability or death; 

(c) 12 months after the termination of your Continuous Service due to your Disability; 

(d) 18 months after your death if you die during your Continuous Service; 

(e) immediately upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate
Transaction, 
 (f) the Expiration Date indicated in your Grant Notice; or 

(g) the day before the 10th anniversary of the Date of Grant. 

  
 3 

 Non-Employee Director 

 

 Notwithstanding the foregoing, if you die during the period provided in Section 4(b) or
4(c) above, the term of your Option shall not expire until the earlier of (i) eighteen months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the Expiration Date indicated in
your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally, the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan. 

16. WITHHOLDING OBLIGATIONS. As further provided in Section 8 of the Plan:
(a) you may not exercise your Option unless the applicable tax withholding obligations are satisfied, and (b) at the time you exercise your Option, in whole or in part, or at any time thereafter as requested by the Company, you hereby
authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by
the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which arise in connection with the exercise of your Option in accordance with
the withholding procedures established by the Company. Accordingly, you may not be able to exercise your Option even though the Option is vested, and the Company shall have no obligation to issue shares of Common Stock subject to your Option, unless
and until such obligations are satisfied. In the event that the amount of the Company’s withholding obligation in connection with your Option was greater than the amount actually withheld by the Company, you agree to indemnify and hold the
Company harmless from any failure by the Company to withhold the proper amount. 
 17.
TRANSFERABILITY. Except as otherwise provided in Section 4(e) of the Plan, your Option is not transferable, except by will or by the applicable laws of descent and distribution, and is exercisable during
your life only by you. 
 18. CORPORATE TRANSACTION. Your Option is subject to
the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf with respect to any escrow,
indemnities and any contingent consideration. 
 19. NO LIABILITY FOR
TAXES. As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from
the Option or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the tax consequences of the Option and have either done so or knowingly and
voluntarily declined to do so. Additionally, you acknowledge that the Option is exempt from Section 409A only if the exercise price is at least equal to the “fair market value” of the Common Stock on the date of grant as determined by
the Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Option. Additionally, as a condition to accepting the Option, you agree not make any claim against the Company, or any of its Officers,
Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise is less than the “fair market value” of the Common Stock on the date of grant as subsequently determined by the Internal Revenue
Service. 

  
 4 

 Non-Employee Director 

 

 20. SEVERABILITY. If any part of this Option
Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid. Any
Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible
while remaining lawful and valid 
 21. OTHER DOCUMENTS. You hereby acknowledge
receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus. In addition, you acknowledge receipt of the Company’s Trading Policy.

 22. QUESTIONS. If you have questions regarding these or any other terms and conditions
applicable to your Option, including a summary of the applicable federal income tax consequences please see the Prospectus. 
 * * * * 

  
 5 

 Non-Employee Director 

 

 ATTACHMENT II 

2021 EQUITY INCENTIVE PLAN 

 Non-Employee Director 

 

 ATTACHMENT III 

NOTICE OF EXERCISE 

 Non-Employee Director 

 

 INSTIL BIO, INC. 

(2021 EQUITY INCENTIVE PLAN) 

NOTICE OF EXERCISE 
  

			
	INSTIL BIO, INC.	  	
	3963 MAPLE AVENUE	  	
	DALLAS, TEXAS 75219	  	Date of Exercise:                     

 This constitutes notice to Instil Bio, Inc. (the “Company”) that I elect to purchase
the below number of shares of Common Stock of the Company (the “Shares”) by exercising my Option for the price set forth below. Capitalized terms not explicitly defined in this Notice of Exercise but defined in the Grant
Notice, Option Agreement or 2021 Equity Incentive Plan (the “Plan”) shall have the meanings set forth in the Grant Notice, Option Agreement or Plan, as applicable. Use of certain payment methods is subject to Company and/or
Committee consent and certain additional requirements set forth in the Option Agreement and the Plan. 
  

					
	Type of option:	 		  	Nonstatutory
			
	Date of Grant:	 		  	
			
	Number of Shares as to which Option is exercised:	 		  	
			
	Certificates to be issued in name of:	 		  	
			
	Total exercise price:	 		  	$            
			
	 Cash, check, bank draft or money order delivered herewith:
	 		  	$            
			
	 Value of                  Shares
delivered herewith:
	 		  	$            
			
	 Regulation T Program (cashless exercise)
	 		  	$            
			
	 Value of                  Shares
pursuant to net exercise:
	 		  	$            

 Non-Employee Director 

 

 By this exercise, I agree (i) to provide such additional documents as you may require
pursuant to the terms of the Plan and (ii) to satisfy the tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement. 

 

	
	Very truly yours,
	
	  

 INSTIL BIO, INC. 

RSU AWARD GRANT NOTICE 

(2021 EQUITY INCENTIVE PLAN) 

Instil Bio, Inc. (the “Company”), has awarded to you (the “Participant”) the number of restricted stock units
specified and on the terms set forth below in consideration of your services (the “RSU Award”). Your RSU Award is subject to all of the terms and conditions as set forth herein and in the Company’s 2021 Equity Incentive
Plan (the “Plan”) and the Award Agreement (the “Agreement”), which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan
or the Agreement shall have the meanings set forth in the Plan or the Agreement. 
  

			
	Participant:	  	  

	Date of Grant:	  	  

	Vesting Commencement Date:	  	  

	Number of Restricted Stock Units:	  	  

  

			
	Vesting Schedule:	 	[                                      
                                         
                                         
                                ].
		 	Notwithstanding the foregoing, vesting shall terminate upon the Participant’s termination of Continuous Service.
		
	Issuance Schedule:	 	One share of Common Stock will be issued for each restricted stock unit which vests at the time set forth in Section 5 of the Agreement.

 Participant Acknowledgements: By your signature below or by electronic acceptance or authentication in a form
authorized by the Company, you understand and agree that: 
  

	 	•	 	 The RSU Award is governed by this RSU Award Grant Notice (the “Grant Notice”), and the
provisions of the Plan and the Agreement, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and the Agreement (together, the “RSU Award Agreement”) may not
be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company. 

  

	 	•	 	 You have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus. In
the event of any conflict between the provisions in the RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms of the Plan shall control. 

 

	 	•	 	 The RSU Award Agreement sets forth the entire understanding between you and the Company regarding the acquisition
of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of (i) other equity awards previously granted to you, and (ii) any written employment agreement, offer
letter, severance agreement, written severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern this RSU Award. 

 

									
	INSTIL BIO, INC.	 		 	PARTICIPANT: 
					
	By:	 	 	 		 	By:	 	 
		 	Signature	 		 		 	Signature
					
	Title:	 	  
	 		 	Date:	 	  

					
	Date:	 	  
	 		 		 	

 ATTACHMENTS: RSU Award Agreement, 2021 Equity Incentive Plan 

 INSTIL BIO, INC. 

2021 EQUITY INCENTIVE PLAN 

AWARD AGREEMENT (RSU AWARD ) 

As reflected by your Restricted Stock Unit Grant Notice (“Grant Notice”), Instil Bio, Inc. (the
“Company”) has granted you a RSU Award under its 2021 Equity Incentive Plan (the “Plan”) for the number of restricted stock units as indicated in your Grant Notice (the “RSU
Award”). The terms of your RSU Award as specified in this Award Agreement for your RSU Award (the “Agreement”) and the Grant Notice constitute your “RSU Award Agreement”. Defined terms not
explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the same definitions as in the Grant Notice or Plan, as applicable 

The general terms applicable to your RSU Award are as follows: 

23. GOVERNING PLAN DOCUMENT. Your RSU Award is subject to all the
provisions of the Plan, including but not limited to the provisions in: 
 (a) Section 6 of the Plan regarding the impact of a
Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your RSU Award; 
 (b) Section 9(e) of the Plan
regarding the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the RSU Award; and 
 (c)
Section 8 of the Plan regarding the tax consequences of your RSU Award. 
 Your RSU Award is further subject to all interpretations, amendments,
rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall control. 

24. GRANT OF THE RSU AWARD. This RSU Award represents
your right to be issued on a future date the number of shares of the Company’s Common Stock that is equal to the number of restricted stock units indicated in the Grant Notice as modified to reflect any Capitalization Adjustment and subject to
your satisfaction of the vesting conditions set forth therein (the “Restricted Stock Units”). Any additional Restricted Stock Units that become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in
the Plan and the provisions of Section 3 below, if any, shall be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other
Restricted Stock Units covered by your RSU Award. 
 25. DIVIDENDS. You shall receive no benefit
or adjustment to your RSU Award with respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment as provided in the Plan; provided, however, that this sentence shall not apply with respect
to any shares of Common Stock that are delivered to you in connection with your RSU Award after such shares have been delivered to you. 

  
 1 

 26. WITHHOLDING OBLIGATIONS. As
further provided in Section 8 of the Plan, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for, any sums required to satisfy the federal, state, local and
foreign tax withholding obligations, if any, which arise in connection with your RSU Award (the “Withholding Obligation”) in accordance with the withholding procedures established by the Company. Unless the Withholding
Obligation is satisfied, the Company shall have no obligation to deliver to you any Common Stock in respect of the RSU Award. In the event the Withholding Obligation of the Company arises prior to the delivery to you of Common Stock or it is
determined after the delivery of Common Stock to you that the amount of the Withholding Obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold
the proper amount. 
 27. DATE OF ISSUANCE. 

(a) The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the satisfaction of the Withholding Obligation, if any, in the event one or more Restricted Stock Units vests, the
Company shall issue to you one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 above, and subject to any different provisions in the Grant
Notice). Each issuance date determined by this paragraph is referred to as an “Original Issuance Date.” 
 (b)
If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following business day. In addition, if: 

(i) the Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined by
the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise permitted to sell shares of Common Stock on an established stock exchange or stock market
(including but not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered into in compliance with the
Company’s policies (a “10b5-1 Arrangement”)), and 
 (ii)
either (1) a Withholding Obligation does not apply, or (2) the Company decides, prior to the Original Issuance Date, (A) not to satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise
due, on the Original Issuance Date, to you under this Award, and (B) not to permit you to enter into a “same day sale” commitment with a broker-dealer (including but not limited to a commitment under a
10b5-1 Arrangement) and (C) not to permit you to pay your Withholding Obligation in cash, 

(iii) then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on such
Original Issuance Date and will instead be delivered on the first business day when you are not prohibited from selling shares of the Company’s Common Stock in the open public market, but in no event later than December 31 of the calendar
year in which the Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with 

  
 2 

 
Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following
the year in which the shares of Common Stock under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). 

(c) To the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of
the Plan shall apply. 
 28. TRANSFERABILITY. Except as otherwise provided in the Plan, your RSU
Award is not transferable, except by will or by the applicable laws of descent and distribution. 
 29. CORPORATE
TRANSACTION. Your RSU Award is subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder
representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration. 
 30.
NO LIABILITY FOR TAXES. As a condition to accepting the RSU Award, you hereby (a) agree to not make any claim against the Company, or any of its Officers,
Directors, Employees or Affiliates related to tax liabilities arising from the RSU Award or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding
the tax consequences of the RSU Award and have either done so or knowingly and voluntarily declined to do so. 
 31.
SEVERABILITY. If any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this
Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such
Section or part of a Section to the fullest extent possible while remaining lawful and valid 
 32. OTHER
DOCUMENTS. You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus. In
addition, you acknowledge receipt of the Company’s Trading Policy. 
 33. QUESTIONS. If you
have questions regarding these or any other terms and conditions applicable to your RSU Award, including a summary of the applicable federal income tax consequences please see the Prospectus. 

  
 3

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