Document:

Exhibit 10.1

 

SELECTA BIOSCIENCES, INC.

 

2008 Stock Incentive Plan

 

1.                                      Purpose.

 

The purpose of this plan (the “Plan”) is to secure for Selecta Biosciences, Inc., a Delaware corporation (the “Company”) and its shareholders the benefits arising from capital stock ownership by employees, officers and directors of, and consultants or advisors to, the Company and its parent and subsidiary corporations who are expected to contribute to the Company’s future growth and success.  Under the Plan recipients may be awarded both (i) Options (as defined in Section 2.1) to purchase the Company’s common stock, par value $0.0001 (“Common Stock”) and (ii) shares of the Company’s Common Stock (“Restricted Stock Awards”).  Except where the context otherwise requires, the term “Company” shall include any parent and all present and future subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended or replaced from time to time (the “Code”).  Those provisions of the Plan which make express reference to Section 422 of the Code shall apply only to Incentive Stock Options (as that term is defined below).

 

2.                                      Types of Awards and Administration.

 

2.1                               Options.  Options granted pursuant to the Plan (“Options”) shall be authorized by action of the Board of Directors of Selecta Biosciences, Inc. (the “Board” or “Board of Directors”) and may be either incentive stock options (“Incentive Stock Options”) meeting the requirements of Section 422 of the Code or non-statutory Options which are not intended to meet the requirements of Section 422.  The vesting of Options may be conditioned upon the completion of a specified period of employment with the Company and/or such other conditions or events as the Board may determine.  The Board may also provide that Options are immediately exercisable subject to certain repurchase rights in the Company dependent upon the continued employment of the optionee and/or such other conditions or events as the Board may determine.

 

2.1.1                     Incentive Stock Options.  All Options when granted are intended to be non-statutory Options, unless the applicable Option Agreement (as defined in Section 5.1) explicitly states that the Option is intended to be an Incentive Stock Option.  Incentive Stock Options may only be granted to employees of the Company.  For so long as the Code shall so provide, Options granted to any employee under the Plan (and any other incentive stock option plans of the Company) which are intended to constitute Incentive Stock Options shall not constitute Incentive Stock Options to the extent that such Options, in the aggregate, become exercisable for the first time in any one calendar year for shares of Common Stock with an aggregate fair market value (determined as of the respective date or dates of grant) of more than $100,000.  If an

 

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Option is intended to be an Incentive Stock Option, and if for any reason such Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a non-statutory Option appropriately granted under the Plan provided that such Option (or portion thereof) otherwise meets the Plan’s requirements relating to non-statutory Options.

 

2.2                               Restricted Stock Awards.  The Board in its discretion may grant Restricted Stock Awards, entitling the recipient to acquire, for a purchase price determined by the Board, shares of Common Stock subject to such restrictions and conditions as the Board may determine at the time of grant (“Restricted Stock”), including continued employment and/or achievement of pre-established performance goals and objectives.

 

2.3                               Administration.  The Plan shall be administered by the Board, whose construction and interpretation of the terms and provisions of the Plan shall be final and conclusive.  The Board may in its sole discretion issue Restricted Stock and grant Options and issue shares upon exercise of such Options as provided in the Plan.  The Board shall have authority, subject to the express provisions of the Plan, to construe Restricted Stock Agreements, Option Agreements and the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to determine the terms and provisions of Restricted Stock Agreements and Option Agreements, and to make all other determinations in the judgment of the Board necessary or desirable for the administration of the Plan.  The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Restricted Stock Agreement or Option Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such expediency.  No director or person acting pursuant to authority delegated by the Board shall be liable for any action or determination under the Plan made in good faith.  The Board may, to the full extent permitted by or consistent with applicable laws or regulations, delegate any or all of its powers under the Plan to a committee (the “Committee”) appointed by the Board, and if the Committee is so appointed all references to the Board in the Plan shall mean and relate to such Committee, other than references to the Board in this sentence and in Section 18 (as to amendment or termination of the Plan) and Section 21.

 

3.                                      Eligibility.

 

Options may be granted, and Restricted Stock may be issued, to persons who are, at the time of such grant or issuance, employees, officers or directors of, or consultants or advisors to, the Company; provided, that the class of persons to whom Incentive Stock Options may be granted shall be limited to employees of the Company.

 

3.1                               10% Shareholder.  If any employee to whom an Incentive Stock Option is to be granted is, at the time of the grant of such Option, the owner of stock possessing more than 10% of the total combined voting power of all classes of stock of the

 

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Company (after taking into account the attribution of stock ownership rules of Section 424(d) of the Code) (a “Greater Than 10% Shareholder”), any Incentive Stock Option granted to such individual must:  (i) have an exercise price per share of not less than 110% of the fair market value of one share of Common Stock at the time of grant; and (ii) expire by its terms not more than five years from the date of grant.

 

4.                                      Stock Subject to Plan.

 

Subject to adjustment as provided in Section 14.2 below, the maximum number of shares of Common Stock which may be issued under the Plan is 330,000 shares.  If an Option shall expire or terminate for any reason without having been exercised in full, the unpurchased shares subject to such Option shall again be available for subsequent Option grants or Restricted Stock Awards under the Plan.  If shares of Restricted Stock shall be forfeited to, or otherwise repurchased by, the Company pursuant to a Restricted Stock Agreement, such repurchased shares shall again be available for subsequent Option grants or Restricted Stock Awards under the Plan.  If shares issued upon exercise of an Option are tendered to the Company in payment of the exercise price of an Option, such tendered shares shall again be available for subsequent Option grants or Restricted Stock Awards under the Plan.

 

5.                                      Forms of Restricted Stock Agreements and Option Agreements.

 

5.1                               Option Agreement.  Each recipient of an Option shall execute an option agreement (“Option Agreement”) in such form not inconsistent with the Plan as may be approved by the Board of Directors.  Such Option Agreements may differ among recipients.

 

5.2                               Restricted Stock Agreement.  Each recipient of a grant of Restricted Stock shall execute an agreement (“Restricted Stock Agreement”) in such form not inconsistent with the Plan as may be approved by the Board of Directors.  Such Restricted Stock Agreements may differ among recipients.

 

5.3                               “Lock-Up” Agreement.  Unless the Board specifies otherwise, each Restricted Stock Agreement and Option Agreement shall provide that upon the request of the Company or the managing underwriter(s) of any offering of securities of the Company that is the subject of a registration statement filed under the United States Securities Act of 1933, as amended from time to time (the “Act”), the holder of any Option or the purchaser of any Restricted Stock shall, in connection therewith, agree in writing (in such form as the Company or such managing underwriter(s) shall request) to the general effect that for a period of time (not to exceed 180 days, plus such additional number of days (not to exceed 35) as may reasonably be requested to enable the underwriter(s) of such offering to comply with Rule 2711(f) of the Financial Industry Regulatory Authority or any amendment or successor thereto) from the effective date of the registration statement under the Act for such offering, the holder or purchaser will not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise

 

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dispose of any shares of the common stock of the Company owned or controlled by him or her.

 

6.                                      Purchase Price.

 

6.1                               General.  The purchase price per share of Restricted Stock and per share of stock deliverable upon the exercise of an Option shall be determined by the Board, provided, however, that in the case of any Option, the exercise price shall not be less than 100% of the fair market value of such stock, as determined by the Board, at the time of grant of such Option, or less than 110% of such fair market value in the case of any Incentive Stock Option granted to a Greater Than 10% Shareholder.

 

6.2                               Payment of Purchase Price.  Option Agreements may provide for the payment of the exercise price by delivery of cash or a check to the order of the Company in an amount equal to the exercise price of such Options, or, to the extent provided in the applicable Option Agreement, by one of the following methods:

 

(i)  with the consent of the Board by delivery to the Company of shares of Common Stock; such surrendered shares shall have a fair market value equal in amount to the exercise price of the Options being exercised,

 

(ii) with the consent of the Board a personal recourse note issued by the optionee to the Company in a principal amount equal to such aggregate exercise price and with such other terms, including interest rate and maturity, as the Company may determine in its discretion; provided, however, that the interest rate borne by such note shall not be less than the lowest applicable federal rate, as defined in Section 1274(d) of the Code,

 

(iii) with the consent of the Board if the class of Common Stock is registered under the Securities Exchange Act of 1934 at such time, subject to rules as may be established by the Board, by delivery to the Company of a properly executed exercise notice along with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price,

 

(iv) with the consent of the Board by reducing the number of Option shares otherwise issuable to the optionee upon exercise of the Option by a number of shares of Common Stock having a fair market value equal to such aggregate exercise price,

 

(v) with the consent of the Board by any combination of such methods of payment.

 

The fair market value of any shares of the Company’s Common Stock or other non-cash consideration which may be delivered upon exercise of an Option shall be determined by the Board of Directors.  Restricted Stock Agreements may provide for the payment of any purchase price in any manner approved by the Board of Directors at the time of authorizing the issuance thereof.

 

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7.                                      Option Period.

 

Notwithstanding any other provision of the Plan or any Option Agreement, each Option and all rights thereunder shall expire on the date specified in the applicable Option Agreement, provided that such date shall not be later than ten years after the date on which the Option is granted (or five years in the case of an Incentive Stock Option granted to a Greater Than 10% Shareholder), and in either case, shall be subject to earlier termination as provided in the Plan or Option Agreement.

 

8.                                      Exercise of Options.

 

8.1                               General.  Each Option shall be exercisable either in full or in installments at such time or times and during such period as shall be set forth in the agreement evidencing such Option, subject to the provisions of the Plan.  To the extent not exercised, installments shall accumulate and be exercisable, in whole or in part, at any time after becoming exercisable, but not later than the date the Option expires.

 

8.2                               Notice of Exercise.  An Option may be exercised by the optionee by delivering to the Company on any business day a written notice specifying the number of shares of Common Stock the optionee then desires to purchase and specifying the address to which the certificates for such shares are to be mailed (the “Notice”), accompanied by payment for such shares.  In addition, the Company may require any individual to whom an Option is granted, as a condition of exercising such Option, to give written assurances in a substance and form satisfactory to the Company to the effect that such individual is acquiring the Common Stock subject to the Option for his or her own account for investment and not with a view to the resale or distribution thereof, and to such other effects as the Company deems necessary or advisable in order to comply with any securities law(s).

 

8.3                               Delivery.  As promptly as practicable after receipt of such written notification and payment, the Company shall deliver or cause to be delivered to the optionee certificates for the number of shares with respect to which such Option has been so exercised, issued in the optionee’s name; provided, however, that such delivery shall be deemed effected for all purposes when the Company or a stock transfer agent shall have deposited such certificates in the United States mail, addressed to the optionee, at the address specified in the Notice.

 

9.                                      Transferability of Options.

 

No Incentive Stock Option shall be assignable or transferable by the person to whom it is granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and during the life of an optionee, an Incentive Stock Option shall be exercisable only by the optionee.  The Board may, in its discretion, determine the extent to which a non-statutory Option shall be transferable.

 

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10.                               Termination of Employment; Disability; Death.  Except as may be otherwise expressly provided in the terms and conditions of the Option Agreement, Options shall terminate on the earliest to occur of:

 

(i)                                     the date of expiration thereof;

 

(ii)                                  90 days after termination of the optionee’s employment with, or provision of services to, the Company by the Company for Cause (as hereinafter defined);

 

(iii)                               90 days after the date of voluntary termination of the optionee’s employment with, or provision of services to, the Company by the optionee (other than for death or permanent disability as defined below); or

 

(iv)                              90 days after the date of termination of the optionee’s employment with, or provision of services to, the Company by the Company without Cause (other than for death or permanent disability as defined below).

 

Until the date on which the Option so expires, the optionee may exercise that portion of his or her Option which is exercisable at the time of termination of the employment or service relationship.

 

An employment or service relationship between the Company and the optionee shall be deemed to exist during any period during which the optionee is employed by or providing services to the Company.  Whether an authorized leave of absence or an absence due to military or government service shall constitute termination of the employment relationship between the Company and the optionee shall be determined by the Board at the time thereof.

 

For purposes of this Section 10, the term “Cause” shall mean (a) any material breach by the optionee of any agreement to which the optionee and the Company are both parties, (b) any act (other than retirement) or omission to act by the optionee which may have a material and adverse effect on the Company’s business or on the optionee’s ability to perform services for the Company, including, without limitation, the commission of any crime (other than minor traffic violations), or (c) any material misconduct or material neglect of duties by the optionee in connection with the business or affairs of the Company.

 

In the event of the permanent and total disability or death of an optionee while in an employment or other relationship with the Company and before the date of expiration of such option, such option shall terminate on the earlier of such date of expiration or one (1) year following the date of such disability or death.  After disability or death, the optionee (or in the case of death, his or her executor, administrator or any person or persons to whom this option may be transferred by will or by laws of descent and distribution) shall have the right, at any time prior to such termination, to exercise the option to the extent the optionee was entitled to exercise such option as of the date of his or her disability or death.  An optionee is permanently and totally disabled if he or she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to last for a 

 

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continuous period of not less than 12 months; permanent and total disability shall be determined in accordance with Section 22(e)(3) of the Code and the regulations issued thereunder.

 

11.                               Rights as a Shareholder.  The holder of an Option shall have no rights as a shareholder with respect to any shares covered by the Option (including, without limitation, any rights to receive dividends or non-cash distributions with respect to such shares) until the date of issue of a stock certificate to him or her for such shares.  No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

 

12.                               Additional Provisions.  The Board of Directors may, in its sole discretion, include additional provisions in Restricted Stock Agreements and Option Agreements, including, without limitation, restrictions on transfer, rights of the Company to repurchase shares of Restricted Stock or shares of Common Stock acquired upon exercise of Options, commitments to pay cash bonuses, to make, arrange for or guaranty loans or to transfer other property to optionees upon exercise of Options, or such other provisions as shall be determined by the Board of Directors; provided that such additional provisions shall not be inconsistent with any other term or condition of the Plan and such additional provisions shall not be such as to cause any Incentive Stock Option to fail to qualify as an Incentive Stock Option within the meaning of Section 422 of the Code.

 

13.                               Acceleration, Extension, Etc.  The Board of Directors may, in its sole discretion, (i) accelerate the date or dates on which all or any particular Option or Options may be exercised or (ii) extend the period or periods of time during which all, or any particular, Option or Options may be exercised.

 

14.                               Adjustment Upon Changes in Capitalization

 

14.1                        No Effect of Options upon Certain Corporate Transactions.  The existence of outstanding Options shall not affect in any way the right or power of the Company to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation, or any issue of Common Stock, or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or the rights thereof, 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.

 

14.2                        Adjustment Provisions.  If, through or as a result of any merger, consolidation, sale of all or substantially all of the assets of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, (i) the outstanding shares of Common Stock are increased, decreased or exchanged for a different number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Common Stock or other securities, an appropriate

 

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and proportionate adjustment shall be made in (x) the maximum number and kind of shares reserved for issuance under the Plan, (y) the number and kind of shares or other securities subject to any then outstanding Options, and (z) the price for each share or other security subject to any then outstanding Options, so that upon exercise of such Options, in lieu of the shares of Common Stock for which such Options were then exercisable, the relevant optionee shall be entitled to receive, for the same aggregate consideration, the same total number and kind of shares or other securities, cash or property that the owner of an equal number of outstanding shares of Common Stock immediately prior to the event requiring adjustment would own as a result of the event.

 

14.3                        No Adjustment in Certain Cases.  Except as hereinbefore expressly provided, the issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefore, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock then subject to outstanding options.

 

14.4                        Board Authority to Make Adjustments.  Any adjustments under this Section 14 will be made by the Board of Directors, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.  No fractional shares will be issued under the Plan on account of any such adjustments.

 

15.                               Effect of Certain Transactions.

 

15.1                        General.  Except as provided in any Option Agreement or Restricted Stock Agreement to the contrary, if the Company is merged with or into or consolidated with another corporation under circumstances where the stockholders of the Company immediately prior to such merger or consolidation do not own after such merger or consolidation shares representing at least fifty percent (50%) of the voting power of the Company or the surviving or resulting corporation, as the case may be, or if shares representing fifty percent (50%) or more of the voting power of the Company are transferred to an Unrelated Third Party, as hereinafter defined, or if the Company is liquidated, or sells or otherwise disposes of all or substantially all its assets (each such transaction is referred to herein as a “Change in Control Transaction”), the Board, or the board of directors of any corporation assuming the obligations of the Company, may, in its discretion, take any one or more of the following actions, as to some or all outstanding Options or Restricted Stock Awards (and need not take the same action as to each such Option or Restricted Stock Award): (i) provide that such Options shall be assumed, or equivalent Options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), provided that any such Options substituted for Incentive Stock Options shall meet the requirements of Section 424(a) of the Code, (ii) upon written notice to the optionees, provide that all unexercised 

 

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Options will terminate immediately prior to the consummation of the Change in Control Transaction unless exercised by the optionee to the extent otherwise then exercisable within a specified period following the date of such notice, (iii) upon written notice to the grantees, provide that all unvested shares of Restricted Stock shall be repurchased at cost, (iv) make or provide for a cash payment to the optionees equal to the difference between (A) the fair market value of the per share consideration (whether cash, securities or other property or any combination of the above) the holder of a share of Common Stock will receive upon consummation of the Change in Control Transaction (the “Per Share Transaction Price”) times the number of shares of Common Stock subject to outstanding vested Options (to the extent then exercisable at prices not equal to or in excess of the Per Share Transaction Price) and (B) the aggregate exercise price of such outstanding vested Options, in exchange for the termination of such Options, or (v) provide that all or any outstanding Options shall become exercisable and all or any outstanding Restricted Stock Awards shall vest in part or in full immediately prior to such event. To the extent that any Options are exercisable at a price equal to or in excess of the Per Share Transaction Price, the Board may provide that such Options shall terminate immediately upon the consummation of the Change in Control Transaction without any payment being made to the holders of such Options.  “Unrelated Third Party” shall mean any person who is not, on the date of adoption of this Plan by the Board, a holder of stock of any class or preference or any stock option of the Company.

 

15.2                        Substitute Options.  The Company may grant Options in substitution for options held by employees of another corporation who become employees of the Company, as the result of a merger or consolidation of the employing corporation with the Company or as a result of the acquisition by the Company, of property or stock of the employing corporation.  The Company may direct that substitute Options be granted on such terms and conditions as the Board considers appropriate in the circumstances.

 

15.3                        Restricted Stock.  In the event of a business combination or other transaction of the type detailed in Section 15.1, any securities, cash or other property received in exchange for shares of Restricted Stock shall continue to be governed by the provisions of any Restricted Stock Agreement pursuant to which they were issued, including any provision regarding vesting, and such securities, cash, or other property may be held in escrow on such terms as the Board of Directors may direct, to insure compliance with the terms of any such Restricted Stock Agreement.

 

16.                               No Special Employment Rights.  Nothing contained in the Plan or in any Option or Restricted Stock Agreement shall confer upon any optionee or holder of Restricted Stock any right with respect to the continuation of his or her employment by the Company or interfere in any way with the right of the Company at any time to terminate such employment or to increase or decrease the compensation of such person.

 

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17.                               Other Employee Benefits.  The amount of any compensation deemed to be received by an employee as a result of the issuance of shares of Restricted Stock or the grant or exercise of an Option or the sale of shares received upon such award or exercise will not constitute compensation with respect to which any other employee benefits of such employee are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, life insurance or salary continuation plan, except as otherwise specifically determined by the Board of Directors.

 

18.                               Amendment of the Plan.

 

18.1                        The Board may at any time, and from time to time, modify or amend in any respect or terminate the Plan.  If shareholder approval is not obtained within twelve months after any amendment increasing the number of shares authorized under the Plan or changing the class of persons eligible to receive Options under the Plan, no Options granted pursuant to such amendments shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be issued pursuant to such amendments thereafter.

 

18.2                        The termination or any modification or amendment of the Plan shall not, without the consent of an optionee or the holder of Restricted Stock, adversely affect his or her rights under an Option or Restricted Stock Award previously granted to him or her.  With the consent of the recipient of Restricted Stock or optionee affected, the Board may amend outstanding Restricted Stock Agreements or Option Agreements in a manner not inconsistent with the Plan.

 

19.                               Withholding.  The Company shall have the right to deduct from payments of any kind otherwise due to the optionee or recipient of Restricted Stock, any federal, state or local taxes of any kind required by law to be withheld with respect to issuance of any shares of Restricted Stock or shares issued upon exercise of Options.  Prior to delivery of any Common Stock pursuant to the terms of this Plan, the Board has the right to require that the optionee or recipient of Restricted Stock remit to the Company an amount sufficient to satisfy any minimum tax withholding obligation.  Subject to the prior approval of the Company, which may be withheld by the Company in its sole discretion, the obligor may elect to satisfy any minimum withholding obligations, in whole or in part, (i) by causing the Company to withhold shares of Common Stock otherwise issuable, or (ii) by delivering to the Company a sufficient number of shares of Common Stock.  The shares so withheld shall have a fair market value equal to such minimum withholding obligation.  The fair market value of the shares used to satisfy such minimum withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined.  A person who has made an election pursuant to this Section 19 may only satisfy his or her withholding obligation with shares of Common Stock which are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar restrictions.

 

20.                               Effective Date and Duration of the Plan.

 

20.1                        Effective Date.  The Plan shall become effective when adopted by the Board of Directors.  If shareholder approval is not obtained within twelve months after the 

 

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date of the Board’s adoption of the Plan, no Options previously granted under the Plan shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be granted thereafter.  Amendments to the Plan not requiring shareholder approval shall become effective when adopted by the Board.  Amendments requiring shareholder approval shall become effective when adopted by the Board, but if shareholder approval is not obtained within twelve months of the Board’s adoption of such amendment, any Incentive Stock Options granted pursuant to such amendment shall be deemed to be non-statutory Options provided that such Options are authorized by the Plan.  Subject to this limitation, Options may be granted under the Plan at any time after the effective date and before the date fixed for termination of the Plan.

 

20.2                        Termination.  Unless sooner terminated by action of the Board of Directors, the Plan shall terminate upon the close of business on the day next preceding the tenth anniversary of the date of its adoption by the Board of Directors.

 

21.                               Requirements of Law.  The Company shall not be required to sell or issue any shares under any Option or Restricted Stock Agreement if the issuance of such shares shall constitute a violation by the optionee, the Restricted Stock Award recipient, or by the Company of any provisions of any law or regulation of any governmental authority.  In addition, in connection with the Act, the Company shall not be required to issue any shares upon exercise of any Option unless the Company has received evidence satisfactory to it to the effect that the holder of such Option will not transfer such shares except pursuant to a registration statement in effect under the Act or unless an opinion of counsel satisfactory to the Company has been received by the Company to the effect that such registration is not required in connection with any such transfer. Any determination in this connection by the Board shall be final, binding and conclusive.  In the event the shares issuable on exercise of an Option are not registered under the Act or under the securities laws of each relevant state or other jurisdiction, the Company may imprint on the certificate(s) appropriate legends that counsel for the Company considers necessary or advisable to comply with the Act or any such state or other securities law.  The Company may register, but in no event shall be obligated to register, any securities covered by the Plan pursuant to the Act; and in the event any shares are so registered the Company may remove any legend on certificates representing such shares.  The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option or the issuance of shares pursuant thereto to comply with any law or regulation of any governmental authority.

 

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22.                               Non-Exclusivity of this Plan; Non-Uniform Determinations.  Neither the adoption of this Plan by the Board of Directors nor the approval of this Plan by the stockholders of the Company shall be construed as creating any limitations on the power of the Board of Directors to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either applicable generally or only in specific cases.

 

The determinations of the Board of Directors under this Plan need not be uniform and may be made by it selectively among persons who receive or are eligible to receive Options or Restricted Stock Awards under this Plan (whether or not such persons are similarly situated).  Without limiting the generality of the foregoing, the Board of Directors shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Option Agreements and Restricted Stock Agreements, as to (a) the persons to receive Options or Restricted Stock Awards under this Plan, (b) the terms and provisions of Options or Restricted Stock Awards, (c) the exercise by the Board of Directors of its discretion in respect of the exercise of Options pursuant to the terms of this Plan, and (d) the treatment of leaves of absence pursuant to Section 10 hereof.

 

23.                               Governing Law.  This Plan and each Option or Restricted Stock Agreement shall be governed by the laws of The Commonwealth of Massachusetts, without regard to its principles of conflicts of law.

 

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INCENTIVE STOCK OPTION

 

Granted by

 

Selecta Biosciences, Inc. (the “Company”)

 

Under the 2008 Stock Incentive Plan

 

This Option is and shall be subject in every respect to the provisions of the Company’s 2008 Stock Incentive Plan, as amended from time to time, which is incorporated herein by reference and made a part hereof.  The holder of this Option (the “Holder”) hereby accepts this Option subject to all the terms and provisions of the Plan and agrees that (a) in the event of any conflict between the terms hereof and those of the Plan, the latter shall prevail, and (b) all decisions under and interpretations of the Plan by the Board or the Committee shall be final, binding and conclusive upon the Holder and his or her heirs and legal representatives.

 

	
1.                                      Name of Holder:
    	
 
    	
[Name of Optionee]
    
	
 
    	
 
    	
 
    
	
2.                                      Date of Grant:
    	
 
    	
[Date]
    
	
 
    	
 
    	
 
    
	
3.                                      Vesting Start Date:
    	
 
    	
[Date of Hire]
    
	
 
    	
 
    	
 
    
	
4.                                      Maximum number of shares   for which this Option is exercisable:
    	
 
    	
[number]
    
	
 
    	
 
    	
 
    
	
5.                                      Exercise (purchase) price   per share:
    	
 
    	
[$ .  ]
    
	
 
    	
 
    	
 
    
	
6.                                      Payment method:
    	
 
    	
 
    

 

(i)                                     a personal, certified or bank check or postal money order payable to the order of the Company for an amount equal to the exercise price of the shares being purchased; or

 

(ii)                                  with the consent of the Company, any of the other methods set forth in the Plan.

 

	
7.                                      Expiration Date of Option:
    	
 
    	
[Grant Date + 10 years]
    

 

8.                                      Vesting Schedule:  This Option shall become exercisable for 25% of the maximum number of shares granted on the first anniversary of the Vesting Start Date, and shall become exercisable for an additional 2.0833% on the last day of each month thereafter until the Option is fully vested, [provided, however, that the Option shall be deemed to be fully vested immediately prior to the consummation of a Qualified Sale (as defined below)].  All vesting shall cease upon the date of termination of employment or provision of services.

 

[“Qualified Sale” shall mean the sale of all or substantially all of assets or issued and outstanding capital stock of the Company, or merger or consolidation involving the Company in which stockholders of the Company immediately before such merger or

 

 

consolidation do not own immediately after such merger or consolidation capital stock or other equity interests of the surviving corporation or entity representing more than fifty percent in voting power of capital stock or other equity interests of such surviving corporation or entity outstanding immediately after such merger or consolidation.]

 

In addition to the foregoing, upon the Holder’s election at any time after the date of Grant of this Option, the Holder shall be entitled to exercise this Option immediately and in full for the Maximum Number of shares as set forth herein, whether or not fully vested, provided that, upon such exercise, the Holder shall execute a stock restriction agreement containing a “reverse vesting” schedule effectively equivalent to the Vesting Schedule set forth herein, pursuant to which the Holder agrees to sell back any unvested shares at cost should he or she leave the employ of the Company prior to full vesting.

 

9.                                      Termination of Employment.  This Option shall terminate on the earliest to occur of:

 

(i)                                     the date of expiration thereof;

 

(ii)                                  90 days after termination of the Holder’s employment with or services to the Company by the Company for Cause (as defined in the Plan);

 

(iii)                               90 days after the date of voluntary termination of employment or services by the Holder (other than for death or permanent disability as defined in the Plan); or

 

(iv)                              90 days after the date of termination of the Holder’s employment with or services to the Company by the Company without Cause (other than for death or permanent disability as defined in the Plan).

 

10.                               Company’s Right of First Refusal.  Prior to the effective date of a registration statement covering shares of the Company’s Common Stock, any shares of stock issued pursuant to exercise of this Option shall be subject to the Company’s right of first refusal as set forth at Appendix A.

 

11.                               Lock-Up Agreement.  The Holder agrees for a period of up to 180 days from the effective date of any registration of securities of the Company under the Securities Act of 1933, as amended (the “Securities Act”), upon request of the Company or underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any shares issued pursuant to the exercise of this Option, without the prior written consent of the Company and such underwriters.

 

12.                               Tax Withholding.  The Company’s obligation to deliver shares shall be subject to the Holder’s satisfaction of any federal, state and local income and employment tax withholding requirements.

 

13.                               Notice.  Any notice to be given to the Company hereunder shall be deemed sufficient if addressed to the Company and delivered to the office of the Company, Selecta Biosciences, Inc., 480 Arsenal Street, Building One, Watertown, MA 02472, to the attention of the President, or such other address as the Company may hereafter designate.

 

2

 

Any notice to be given to the Holder hereunder shall be deemed sufficient if addressed to and delivered in person to the Holder at his or her address furnished to the Company or when deposited in the mail, postage prepaid, addressed to the Holder at such address.

 

IN WITNESS WHEREOF, the parties have executed this Option, or caused this Option to be executed, as of the Date of Grant.

 

	
 
    	
Selecta Biosciences, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
[Robert   L. Bratzler, President]
    

 

The undersigned Holder hereby acknowledges receipt of a copy of the Plan and this Option (including Appendix A hereto), and agrees to the terms of this Option and the Plan.

 

 

	
 
    	
 
    
	
[Optionee]
    	
 
    

 

3

 

APPENDIX A

 

Right of First Refusal

 

1.                                      General.  Prior to the effective date of a registration statement under the Securities Act, covering any shares of the Company’s Common Stock and until such time as the Company shall have effected a public offering of its Common Stock registered under the Securities Act, in the event that, at any time when the Holder (which term for purposes of this section shall mean the Holder and his or her executors, administrators and any other person to whom this Option may be transferred by will or the laws of descent and distribution) is permitted to do so, the Holder desires to sell, assign or otherwise transfer any of the shares issued upon the exercise of this Option, the Holder shall first offer such shares to the Company by giving written notice of the Holder’s desire so to sell, assign or transfer such shares.

 

2.                                      Notice of Intended Transfer.  The notice shall state the number of shares offered, the name of the person or persons to whom it is proposed to sell, assign or transfer such shares and the price at which such shares are intended to be sold, assigned or transferred.  Such notice shall constitute an offer to the Company for the Company to purchase the number of shares set forth in the notice at a price per share equal to the price stated therein.

 

3.                                      Company to Accept or Decline Within 30 Days.  The Company may accept the offer as to all, but not less than all, such shares by notifying the Holder in writing within 30 days after receipt of such notice of its acceptance of the offer.  If the offer is accepted, the Company shall have 60 days within which to purchase the offered shares at a price per share as aforesaid.  If within the applicable time periods the Holder does not receive notice of the Company’s intention to purchase the offered shares, or if payment in full of the purchase price is not made by the Company, the offer shall be deemed to have been rejected and the Holder may transfer title to such shares within 90 days from the date of the Holder’s written notice to the Company of the Holder’s intention to sell, but such transfer shall be made only to the proposed transferee and at the proposed price as stated in such notice and after compliance with any other provisions of this Option applicable to the transfer of such shares.

 

4.                                      Transferred Shares to Remain Subject to Right of First Refusal.  Shares that are so transferred to such transferee shall remain subject to the rights of the Company set forth in this Appendix A.  As a condition to such transfer, such transferee shall execute and deliver all such documents as the Company may require to evidence the binding agreement of such transferee so to remain subject to the rights of the Company.

 

5.                                      Remedies of Company.  No sale, assignment, pledge or transfer of any of the shares covered by this Option shall be effective or given effect on the books of the Company unless all of the applicable provisions of this Appendix A have been duly complied with, and the Company may inscribe on the face of any certificate representing any of such shares a legend referring to the provisions of this Appendix A.  If any transfer of shares is made or attempted in violation of the foregoing restrictions, or if shares are not offered to the Company as required hereby, the Company shall have the right to purchase such shares from the owner thereof or his transferee at any time before or after the transfer, as herein provided.  In addition to any other legal or equitable remedies which it may have, the Company may enforce its rights by actions for

 

4

 

specific performance (to the extent permitted by law) and may refuse to recognize any transferee as one of its stockholders for any purpose, including, without limitation, for purposes of dividend and voting rights, until all applicable provisions hereof have been complied with.

 

6.                                      Shares Subject to Right of First Refusal.  For purposes of the Right of First Refusal pursuant to this Appendix A, the term “shares” shall mean any and all new, substituted or additional securities or other property issued to the Holder, by reason of his or her ownership of Common Stock pursuant to the exercise of this Option, in connection with any stock dividend, liquidating dividend, stock split or other change in the character or amount of any of the outstanding securities of the Company, or any consolidation, merger or sale of all or substantially all of the assets of the Company.

 

7.                                      Legends on Stock Certificates.  Any certificate representing shares of stock subject to the provisions of this Appendix A may have endorsed thereon one or more legends, substantially as follows:

 

(i)                         “Any disposition of any interest in the securities represented by this certificate is subject to restrictions, and the securities represented by this certificate are subject to certain options, contained in a certain agreement between the record holder hereof and the Company, a copy of which will be mailed to any holder of this certificate without charge upon receipt by the Company of a written request therefor.”

 

(ii)                      “The shares of stock represented by this certificate have not been registered under the Securities Act of 1933 or under the securities laws of any state and may not be pledged, hypothecated, sold or otherwise transferred except upon such registration or upon receipt by the Company of an opinion of counsel satisfactory to the Company, in form and substance satisfactory to the Company, that such registration is not required.”

 

8.                                      Right of First Refusal to Lapse Upon Registration.  The restrictions imposed by this Appendix A shall terminate in all respects upon the effective date of a registration statement under the Securities Act covering any of the Company’s Common Stock.

 

5

 

NON-STATUTORY STOCK OPTION

 

Granted by

 

Selecta Biosciences, Inc. (the “Company”)

 

Under the 2008 Stock Incentive Plan

 

This Option is and shall be subject in every respect to the provisions of the Company’s 2008 Stock Incentive Plan, as amended from time to time, which is incorporated herein by reference and made a part hereof.  The holder of this Option (the “Holder”) hereby accepts this Option subject to all the terms and provisions of the Plan and agrees that (a) in the event of any conflict between the terms hereof and those of the Plan, the latter shall prevail, and (b) all decisions under and interpretations of the Plan by the Board or the Committee shall be final, binding and conclusive upon the Holder and his or her heirs and legal representatives.

 

	
1.                                      Name of Holder:
    	
 
    	
[Name of Optionee]
    
	
 
    	
 
    	
 
    
	
2.                                      Date of Grant:
    	
 
    	
[Date]
    
	
 
    	
 
    	
 
    
	
3.                                      Vesting Start Date:
    	
 
    	
[Date of Hire / Date of Grant]
    
	
 
    	
 
    	
 
    
	
4.                                      Maximum number of shares for which this Option is exercisable:
    	
 
    	
[number]
    
	
 
    	
 
    	
 
    
	
5.                                      Exercise (purchase) price per share:
    	
 
    	
[$ .  ]
    
	
 
    	
 
    	
 
    
	
6.                                      Payment method:
    	
 
    	
 
    

 

(i)                                     a personal, certified or bank check or postal money order payable to the order of the Company for an amount equal to the exercise price of the shares being purchased; or

 

(ii)                                  with the consent of the Company, any of the other methods set forth in the Plan.

 

	
7.                                      Expiration Date of Option:
    	
 
    	
[Grant Date + 10 years]
    

 

8.                                      Vesting Schedule:  This Option shall become exercisable for 2.0833% of the maximum number of shares granted on [last day of month of Vesting Start Date], and shall become exercisable for an additional 2.0833% on the last day of each month thereafter until the Option is fully vested, [provided, however, that the Option shall be deemed to be fully vested immediately prior to the consummation of a Qualified Sale (as defined below)].  All vesting shall cease upon the date of termination of employment or provision of services.

 

[“Qualified Sale” shall mean the sale of all or substantially all of assets or issued and outstanding capital stock of the Company, or merger or consolidation involving the Company in which stockholders of the Company immediately before such merger or

 

 

consolidation do not own immediately after such merger or consolidation capital stock or other equity interests of the surviving corporation or entity representing more than fifty percent in voting power of capital stock or other equity interests of such surviving corporation or entity outstanding immediately after such merger or consolidation.]

 

In addition to the foregoing, upon the Holder’s election at any time after the date of Grant of this Option, the Holder shall be entitled to exercise this Option immediately and in full for the Maximum Number of shares as set forth herein, whether or not fully vested, provided that, upon such exercise, the Holder shall execute a stock restriction agreement containing a “reverse vesting” schedule effectively equivalent to the Vesting Schedule set forth herein, pursuant to which the Holder agrees to sell back any unvested shares at cost should he or she leave the employ of the Company prior to full vesting.

 

9.                                      Termination of Employment.  This Option shall terminate on the earliest to occur of:

 

(i)                                     the date of expiration thereof;

 

(ii)                                  90 days after termination of the Holder’s employment with or services to the Company for any reason other than for death or permanent disability as defined in the Plan); or

 

(iv)                              one year following the date of Holder’s death or permanent disability as defined in the Plan.

 

10.                               Company’s Right of First Refusal.  Prior to the effective date of a registration statement covering shares of the Company’s Common Stock, any shares of stock issued pursuant to exercise of this Option shall be subject to the Company’s right of first refusal as set forth at Appendix A.

 

11.                               Lock-Up Agreement.  The Holder agrees for a period of up to 180 days from the effective date of any registration of securities of the Company under the Securities Act of 1933, as amended (the “Securities Act”), upon request of the Company or underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any shares issued pursuant to the exercise of this Option, without the prior written consent of the Company and such underwriters.

 

12.                               Tax Withholding.  The Company’s obligation to deliver shares shall be subject to the Holder’s satisfaction of any federal, state and local income and employment tax withholding requirements.

 

2

 

13.                               Notice.  Any notice to be given to the Company hereunder shall be deemed sufficient if addressed to the Company and delivered to the office of the Company, Selecta Biosciences, Inc., 480 Arsenal Street, Building One, Watertown, MA 02472, to the attention of the President, or such other address as the Company may hereafter designate. Any notice to be given to the Holder hereunder shall be deemed sufficient if addressed to and delivered in person to the Holder at his or her address furnished to the Company or when deposited in the mail, postage prepaid, addressed to the Holder at such address.

 

IN WITNESS WHEREOF, the parties have executed this Option, or caused this Option to be executed, as of the Date of Grant.

 

	
 
    	
Selecta Biosciences, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
[Robert   L. Bratzler, President]
    

 

The undersigned Holder hereby acknowledges receipt of a copy of the Plan and this Option (including Appendix A hereto), and agrees to the terms of this Option and the Plan.

 

	
 
    	
 
    
	
[Optionee]
    	
 
    

 

3

 

APPENDIX A

 

Right of First Refusal

 

1.                                      General.  Prior to the effective date of a registration statement under the Securities Act, covering any shares of the Company’s Common Stock and until such time as the Company shall have effected a public offering of its Common Stock registered under the Securities Act, in the event that, at any time when the Holder (which term for purposes of this section shall mean the Holder and his or her executors, administrators and any other person to whom this Option may be transferred by will or the laws of descent and distribution) is permitted to do so, the Holder desires to sell, assign or otherwise transfer any of the shares issued upon the exercise of this Option, the Holder shall first offer such shares to the Company by giving written notice of the Holder’s desire so to sell, assign or transfer such shares.

 

2.                                      Notice of Intended Transfer.  The notice shall state the number of shares offered, the name of the person or persons to whom it is proposed to sell, assign or transfer such shares and the price at which such shares are intended to be sold, assigned or transferred.  Such notice shall constitute an offer to the Company for the Company to purchase the number of shares set forth in the notice at a price per share equal to the price stated therein.

 

3.                                      Company to Accept or Decline Within 30 Days.  The Company may accept the offer as to all, but not less than all, such shares by notifying the Holder in writing within 30 days after receipt of such notice of its acceptance of the offer.  If the offer is accepted, the Company shall have 60 days within which to purchase the offered shares at a price per share as aforesaid.  If within the applicable time periods the Holder does not receive notice of the Company’s intention to purchase the offered shares, or if payment in full of the purchase price is not made by the Company, the offer shall be deemed to have been rejected and the Holder may transfer title to such shares within 90 days from the date of the Holder’s written notice to the Company of the Holder’s intention to sell, but such transfer shall be made only to the proposed transferee and at the proposed price as stated in such notice and after compliance with any other provisions of this Option applicable to the transfer of such shares.

 

4.                                      Transferred Shares to Remain Subject to Right of First Refusal.  Shares that are so transferred to such transferee shall remain subject to the rights of the Company set forth in this Appendix A.  As a condition to such transfer, such transferee shall execute and deliver all such documents as the Company may require to evidence the binding agreement of such transferee so to remain subject to the rights of the Company.

 

5.                                      Remedies of Company.  No sale, assignment, pledge or transfer of any of the shares covered by this Option shall be effective or given effect on the books of the Company unless all of the applicable provisions of this Appendix A have been duly complied with, and the Company may inscribe on the face of any certificate representing any of such shares a legend referring to the provisions of this Appendix A.  If any transfer of shares is made or attempted in violation of the foregoing restrictions, or if shares are not offered to the Company as required hereby, the Company shall have the right to purchase such shares from the owner thereof or his transferee at any time before or after the transfer, as herein provided.  In addition to any other legal or equitable remedies which it may have, the Company may enforce its rights by actions for

 

4

 

specific performance (to the extent permitted by law) and may refuse to recognize any transferee as one of its stockholders for any purpose, including, without limitation, for purposes of dividend and voting rights, until all applicable provisions hereof have been complied with.

 

6.                                      Shares Subject to Right of First Refusal.  For purposes of the Right of First Refusal pursuant to this Appendix A, the term “shares” shall mean any and all new, substituted or additional securities or other property issued to the Holder, by reason of his or her ownership of Common Stock pursuant to the exercise of this Option, in connection with any stock dividend, liquidating dividend, stock split or other change in the character or amount of any of the outstanding securities of the Company, or any consolidation, merger or sale of all or substantially all of the assets of the Company.

 

7.                                      Legends on Stock Certificates.  Any certificate representing shares of stock subject to the provisions of this Appendix A may have endorsed thereon one or more legends, substantially as follows:

 

(i)                         “Any disposition of any interest in the securities represented by this certificate is subject to restrictions, and the securities represented by this certificate are subject to certain options, contained in a certain agreement between the record holder hereof and the Company, a copy of which will be mailed to any holder of this certificate without charge upon receipt by the Company of a written request therefor.”

 

(ii)                      “The shares of stock represented by this certificate have not been registered under the Securities Act of 1933 or under the securities laws of any state and may not be pledged, hypothecated, sold or otherwise transferred except upon such registration or upon receipt by the Company of an opinion of counsel satisfactory to the Company, in form and substance satisfactory to the Company, that such registration is not required.”

 

8.                                      Right of First Refusal to Lapse Upon Registration.  The restrictions imposed by this Appendix A shall terminate in all respects upon the effective date of a registration statement under the Securities Act covering any of the Company’s Common Stock.

 

5Exhibit 4.6

 

FIFTH AMENDED AND RESTATED
 VOTING AGREEMENT

 

This Fifth Amended and Restated Voting Agreement dated as of August 26, 2015 (this “Agreement”) is made by and among:  (i) Selecta Biosciences, Inc., a Delaware corporation (the “Company”); (ii) the holders of the Company’s Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), the Company’s Series B Convertible Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), the Company’s Series C Convertible Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), the Company’s Series D Convertible Preferred Stock, par value $0.0001 per share (the “Series D Preferred Stock”), the Company’s Series E Convertible Preferred Stock, par value $0.0001 per share (the “Series E Preferred Stock” and, collectively with the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock, the “Senior Preferred Stock”), and the Company’s Series SRN Convertible Preferred Stock, par value $0.0001 per share (the “Series SRN Preferred Stock”) listed on the Schedule A attached hereto (collectively, the “Purchasers”); (iii) Omid Farokhzad, Ulrich von Andrian and Robert S. Langer, Jr. (each individually, a “Founder,” and collectively the “Founders”), (iv) the holders of Common Stock, par value $0.0001 per share, of the Company listed on the Schedule of Key Holders attached hereto as Schedule B (the “Key Holders” and collectively with the Founders, the “Initial Stockholders”) and (v) any additional Key Holder that becomes a party to this Agreement in accordance with Section 12.9 hereof.  The Purchasers and the Initial Stockholders are sometimes referred to in this Agreement individually as a “Stockholder” and collectively as the “Stockholders.”

 

WHEREAS, the Company, the holders of Series A Preferred Stock, the holders of Series B Preferred Stock, the holders of Series C Preferred Stock, the holders of Series D Preferred Stock, the holders of SRN Preferred Stock and the Initial Stockholders are parties to a Fourth Amended and Restated Voting Agreement dated as of July 15, 2014 (as amended to date, the “Former Voting Agreement”);

 

WHEREAS, the Company is a party to a Series E Preferred Stock Purchase Agreement dated as of the date hereof (the “Purchase Agreement”) pursuant to which the Company agreed to issue shares of Series E Preferred Stock to certain Purchasers (collectively, the “Series E Investors”); and

 

WHEREAS, the Series E Investors have made it a condition precedent to their purchase of shares of Series E Preferred Stock pursuant to the Purchase Agreement that the parties enter into this Agreement;

 

WHEREAS, the Fourth Amended and Restated Certificate of Incorporation of the Company (as the same may be amended or amended and restated from time to time, the “Company Charter”) in effect on the date hereof provides that the holders of record of Senior Preferred Stock shall be entitled to elect five (5) directors of the Company, exclusively and as a separate class (the “Preferred Directors”), and the parties wish to set forth their agreements and understandings with respect to how shares of capital stock of the Company shall be voted with respect to the board of directors of the Company (the “Board”);

 

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein, the parties hereto hereby agree as follows:

 

1.                                      Voting of Shares.

 

1.1                               In any and all elections of directors of the Company (whether at a meeting or by written consent in lieu of a meeting), each Stockholder shall vote or cause to be voted all Shares (as defined in Section 3) owned by him or it, or over which he or it has voting control, and otherwise use his or its respective best efforts, so as to:

 

(a)                                 fix the number of directors of the Company at eleven (11);

 

(b)                                 elect the following persons as directors:

 

(i)                                     one director designated by Polaris Venture Partners IV, L.P. or an Affiliate thereof (as defined in Section 9.2) (“Polaris”), who shall initially be Amir Nashat (the “Polaris Director”), for so long as such Stockholders and their Affiliates continue to own beneficially at least 500,000 shares of Common Stock of the Company (including shares of Common Stock issued or issuable upon conversion of Senior Preferred Stock), which number is subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like;

 

(ii)                                  one director designated by Flagship Ventures or an Affiliate thereof (“Flagship”),who shall initially be Edwin M. Kania, Jr. (the “Flagship Director”), for so long as such Stockholders and their Affiliates continue to own beneficially at least 500,000 shares of Common Stock of the Company (including shares of Common Stock issued or issuable upon conversion of Senior Preferred Stock), which number is subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like;

 

(iii)                               one director designated by NanoDimension L.P. or an Affiliate thereof (“NanoDimension”), who shall initially be Aymeric Sallin, for so long as such Stockholders and their Affiliates continue to own beneficially at least 500,000 shares of Common Stock of the Company (including shares of Common Stock issued or issuable upon conversion of Senior Preferred Stock), which number is subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like;

 

(iv)                              one director designated by OrbiMed Private Investments III, LP or an Affiliate thereof (“OrbiMed”), who shall initially be Carl L. Gordon (the “OrbiMed Director”), for so long as such Stockholders and their Affiliates continue to own beneficially at least 500,000 shares of Common Stock of the Company (including shares of Common Stock issued or issuable upon conversion of Senior Preferred Stock), which number is subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like;

 

(v)                                 one director designated by RUSNANO, an open joint stock company organized and existing under the laws of the Russian Federation (“RUSNANO”), who shall initially be Leysan Shaydullina (the “RUSNANO Director”), for so long as such

 

2

 

Stockholder continues to own beneficially at least 500,000 shares of Common Stock of the Company (including shares of Common Stock issued or issuable upon conversion of Senior Preferred Stock), which number is subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like.  Notwithstanding anything to the contrary herein, any director designated pursuant to this Section 1.1(b)(v) must be either a member of RUSNANO’s executive board or an experienced global pharmaceutical executive with predefined qualification requirements consistent with those applied in relation to the other directors of the Board;

 

(vi)                              two directors designated by a majority of the Founders, who shall initially be Omid Farokhzad and Robert S. Langer, Jr., for so long as such Stockholders and their Affiliates continue to own beneficially at least 500,000 shares of Common Stock of the Company, which number is subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like;

 

(vii)                           the Company’s then incumbent Chief Executive Officer, approved by the Board of Directors (the “CEO Director”), who shall initially be Werner Cautreels; and

 

(viii)                        three independent directors designated by a majority of the other directors (the “Independent Directors”), who shall be individuals not otherwise affiliated with the Company or any of the other Stockholders and two of whom shall initially be Peter Barton Hutt and George Siber, while the third Independent Director seat shall initially be vacant.

 

To the extent that any of clauses (i) through (viii) above shall not be applicable, any member of the Board who would otherwise have been designated in accordance with the terms thereof shall instead be voted upon by all the stockholders of the Company entitled to vote thereon in accordance with, and pursuant to, the Company Charter.

 

(c)                                  remove any director at the request of the party or parties entitled to designate such director pursuant to Section 1.1(b) above.

 

1.2                               Observer Rights.

 

(a)                                 As long as TAS Partners, LLC owns not less than 500,000 shares of Common Stock issued or issuable upon the conversion of Senior Preferred Stock, the Company shall invite a representative of TAS Partners, LLC to attend all meetings of its Board in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such representative shall agree in writing to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Purchaser or its representative is a competitor of the Company.

 

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(b)                                 As long as (i) VTB Capital I2BF Netherlands B.V., a private limited liability company, organized and existing under the laws of the Netherlands, and (ii) Selecta RKFN Ltd., a limited liability company organized and existing under the laws of the Russian Federation (together, “I2BF”), collectively, own not less than 500,000 shares of Common Stock issued or issuable upon the conversion of SRN Preferred Stock, the Company shall invite a representative of I2BF to attend all meetings of its Board in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such representative shall agree in writing to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Purchaser or its representative is a competitor of the Company.

 

(c)                                  If at any time prior to the termination of this Section 1, Polaris, Flagship, NanoDimension, OrbiMed or RUSNANO shall (i) not have the right to designate a director pursuant to Sections 1.1(b)(i) through (v) above, as applicable, and (ii) continue to own not less than 250,000 shares of Common Stock issued or issuable upon conversion of the Senior Preferred Stock, the Company shall invite a representative of such Stockholder to attend all meetings of its Board in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such representative shall agree in writing to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Purchaser or its representative is a competitor of the Company.

 

1.3                               Board of Directors and Internal Audit Commission of the Project Company.  In any and all elections of directors or internal audit commission members of SELECTA (RUS) LLC, a controlled subsidiary of the Company (the “Project Company”), whether at a meeting or by written consent in lieu of a meeting, the Company, as the controlling shareholder of the Project Company, shall vote or cause to be voted all shares of capital stock of the Project Company owned by it, or over which it has voting control, so as to:

 

(a)                                 fix the number of directors of the Project Company at five (5).

 

(b)                                 elect the following persons as directors of the Project Company:

 

(i)                                     one (1) director designated by RUSNANO, who shall initially be Leysan Shaydullina;

 

(ii)                                  for so long as I2BF holds and has sole beneficial ownership of all of the shares of Series SRN Preferred Stock purchased by it under that certain Series SRN

 

4

 

Preferred Stock Purchase Agreement among the Company and I2BF, dated as of July 15, 2014 (the “Series SRN Purchase Agreement”), one (1) director designated by I2BF, who shall initially be Alexander Korchevskiy; and (iii) three (3) directors designated by the Board, who shall initially be Werner Cautreels, Lloyd Johnston and Dmitry Ovchinnikov.

 

(c)                                  appoint or cause to be appointed one of the directors designated pursuant to Section 1.3(b)(iii) as the Chairperson of each board meeting of the Project Company.

 

(d)                                 appoint or cause to be appointed the director designated by RUSNANO pursuant to Sections 1.3(b)(i) as the Secretary of each board meeting of the Project Company at which an action requiring the unanimous consent of the directors of the Project Company is taken.

 

(e)                                  appoint or cause to be appointed to the internal audit commission of the Project Company one (1) nominee designated by RUSNANO, provided that such nominee shall not be a member of the board of directors of the Project Company.

 

(f)                                   appoint or cause to be appointed to the internal audit commission of the Project Company two (2) nominees designated by the Board, provided that such nominees shall not be members of the board of directors of the Project Company.

 

(g)                                  remove any director of the Project Company at the request of the party or parties entitled to designate such director pursuant to Section 1.3(b) above.

 

(h)                                 Notwithstanding anything to the contrary herein, (i) the rights of RUSNANO under this Section 1.3 shall terminate and be of no further force and effect on the earliest date on which RUSNANO (or a controlled affiliate that is a permitted transferee pursuant to Section 9.3) no longer holds and has sole beneficial ownership of all of the shares of Series SRN Preferred Stock purchased by it under that certain Series D Preferred Stock Purchase Agreement and Series SRN Preferred Stock Purchase Agreement, dated as of November 7, 2011, whether as a result of any transfer, sale, conversion or redemption or otherwise, and (ii) the rights of I2BF under this Section 1.3 shall terminate and be of no further force and effect on the earliest date on which I2BF (or a controlled affiliate that is a permitted transferee pursuant to Section 9.3) no longer holds and has sole beneficial ownership of all of the shares of Series SRN Preferred Stock purchased by it under the Series SRN Purchase Agreement, whether as a result of any transfer, sale, conversion or redemption or otherwise.

 

2.                                      Compensation Committee.  The Board shall appoint a compensation committee consisting of at least two (2) of the Preferred Directors and one (1) director that shall be either an Independent Director or one of the directors designated by the Founders pursuant to Section 1.1(b)(vi) to determine compensation for the officers and directors of the Company, including option grants or other equity compensation.

 

3.                                      Shares.  For purposes of this Agreement, “Shares” shall mean and include any and all shares of common stock of the Company, par value $0.0001 per share (the “Common Stock”), Senior Preferred Stock, Series SRN Preferred Stock and/or shares of other series and classes of capital stock of the Company, by whatever name called, which carry voting rights (including voting rights which arise by reason of default) and shall include any such shares now owned or

 

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subsequently acquired by a Stockholder, however acquired, including without limitation stock splits, stock dividends, and shares acquired upon the exercise of options.

 

4.                                      Drag-Along Right.

 

4.1                               Definitions.  A “Sale of the Company” shall mean either:  (a) a transaction or series of related transactions in which a person, or a group of related persons, acquires from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company (a “Stock Sale”); or (b) a transaction or series of related transactions by which the Company sells all or substantially all of its assets.

 

4.2                               Actions to be Taken.  In the event that (i) the holders of at least sixty-six and two-thirds percent (66 2/3 %) of the shares of Common Stock then issued or issuable upon conversion of the shares of the Senior Preferred Stock and the Series SRN Preferred Stock, voting together as a single class and on an as-converted to Common Stock basis (determined, in the case of the Series E Preferred Stock, without regard to the special conversion ratios set forth in Section 3.3(a)(i)(1) and Section 3.3(b)(i)(2) of the Company Charter in effect on the date hereof), and (ii) the holders of at least sixty percent (60%) of the then outstanding shares of Common Stock, voting together as a single class (those holders referenced in subsections (i) and (ii), collectively, the “Selling Stockholders”) approve a Sale of the Company in writing, specifying that this Section 4 shall apply to such transaction, then each Stockholder hereby agrees:

 

(a)                                 if such transaction requires stockholder approval, with respect to all Shares that such Stockholder owns or over which such Stockholder otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all such Shares in favor of, and adopt, such Sale of the Company (together with any related amendment to the Company Charter required in order to implement such Sale of the Company) and to vote in opposition to any and all other proposals that could reasonably be expected to delay or impair the ability of the Company to consummate such Sale of the Company;

 

(b)                                 if such transaction is a Stock Sale, to sell the same proportion of shares of capital stock of the Company beneficially held by such Stockholder as is being sold by the Selling Stockholders to the person to whom the Selling Stockholders propose to sell their Shares, and, except as permitted in Section 4.3 below, on the same terms and conditions as the Selling Stockholders;

 

(c)                                  to execute and deliver all related documentation and take such other action in support of the Sale of the Company as shall reasonably be requested by the Company or the Selling Stockholders in order to carry out the terms and provisions of this Section 4, including without limitation executing and delivering instruments of conveyance and transfer, and any purchase agreement, merger agreement, indemnity agreement, escrow agreement, consent, waiver, governmental filing, share certificates duly endorsed for transfer (free and clear of impermissible liens, claims and encumbrances) and any similar or related documents;

 

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(d)                                 not to deposit, and to cause their Affiliates not to deposit, except as provided in this Agreement, any Shares of the Company owned by such party or Affiliate in a voting trust or subject any Shares to any arrangement or agreement with respect to the voting of such Shares, unless specifically requested to do so by the acquiror in connection with the Sale of the Company;

 

(e)                                  to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any time with respect to such Sale of the Company; and

 

(f)                                   if the consideration to be paid in exchange for the Shares pursuant to this Section 4 includes any securities and due receipt thereof by any Stockholder would require under applicable law (i) the registration or qualification of such securities or of any person as a broker or dealer or agent with respect to such securities or (ii) the provision to any Stockholder of any information other than such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in Regulation D promulgated under the Securities Act of 1933, as amended, the Company may cause to be paid to any such Stockholder in lieu thereof, against surrender of the Shares which would have otherwise been sold by such Stockholder, an amount in cash equal to the fair value (as determined in good faith by the Company) of the securities which such Stockholder would otherwise receive as of the date of the issuance of such securities in exchange for the Shares.

 

4.3                               Exceptions.  Notwithstanding the foregoing, a Stockholder will not be required to comply with Section 4.2 above in connection with any proposed Sale of the Company (the “Proposed Sale”) unless:

 

(a)                                 any representations and warranties to be made by such Stockholder in connection with the Proposed Sale are limited to representations and warranties related to authority, ownership and the ability to convey title to such Shares, including but not limited to representations and warranties that (i) the Stockholder holds all right, title and interest in and to the Shares such Stockholder purports to hold, free and clear of all liens and encumbrances, (ii) the obligations of the Stockholder in connection with the transaction have been duly authorized, if applicable, (iii) the documents to be entered into by the Stockholder have been duly executed by the Stockholder and delivered to the acquirer and are enforceable against the Stockholder in accordance with their respective terms, and (iv) neither the execution and delivery of documents to be entered into in connection with the transaction, nor the performance of the Stockholder’s obligations thereunder, will cause a breach or violation of the terms of any agreement, law or judgment, order or decree of any court or governmental agency;

 

(b)                                 the Stockholder shall not be liable for the inaccuracy of any representation or warranty made by any other person in connection with the Proposed Sale, other than the Company (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants of the Company);

 

(c)                                  the liability for indemnification, if any, of such Stockholder in the Proposed Sale and for the inaccuracy of any representations and warranties made by the Company in connection with such Proposed Sale, is several and not joint with any other person (except to the extent that funds may be paid out of an escrow established to cover breach of

 

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representations, warranties and covenants of the Company), and is pro rata in proportion to the amount of consideration paid to such Stockholder in connection with such Proposed Sale (in accordance with the provisions of the Company Charter);

 

(d)                                 liability shall be limited to such Stockholder’s applicable share (determined based on the respective proceeds payable to each Stockholder in connection with such Proposed Sale in accordance with the provisions of the Company Charter) of a negotiated aggregate indemnification amount that applies equally to all Stockholders but that in no event exceeds the amount of consideration otherwise payable to such Stockholder in connection with such Proposed Sale, except with respect to claims related to fraud by such Stockholder, the liability for which need not be limited as to such Stockholder;

 

(e)                                  upon the consummation of the Proposed Sale, (i) each holder of each class or series of the Company’s stock will receive the same form of consideration for their shares of such class or series as is received by other holders in respect of their shares of such same class or series of stock, (ii) each holder of a series of Senior Preferred Stock will receive the same amount of consideration per share of such series of Senior Preferred Stock as is received by other holders in respect of their shares of such same series, (iii) each holder of Series SRN Preferred Stock will receive the same amount of consideration per share of such series as is received by other holders in respect of their shares of such same series, (iv) each holder of Common Stock will receive the same amount of consideration per share of Common Stock as is received by other holders in respect of their shares of Common Stock, and (v) the aggregate consideration receivable by all holders of the Senior Preferred Stock, Series SRN Preferred Stock and Common Stock shall be allocated among the holders of Senior Preferred Stock, Series SRN Preferred Stock and Common Stock on the basis of the relative liquidation preferences to which the holders of each respective series of Senior Preferred Stock, Series SRN Preferred Stock and the holders of Common Stock are entitled in a liquidation, dissolution or winding up of the affairs of the Company (assuming for this purpose that the Proposed Sale is a liquidation, dissolution or winding up of the affairs of the Company) in accordance with the Company Charter in effect immediately prior to the Proposed Sale; and

 

(f)                                   subject to clause (e) above, requiring the same form of consideration to be available to the holders of any single class or series of capital stock, and if any holders of any capital stock of the Company are given an option as to the form and amount of consideration to be received as a result of the Proposed Sale, all holders of such capital stock will be given the same option.

 

5.                                      Manner of Voting.  The voting of Shares pursuant to this Agreement may be effected in person, by proxy, by written consent or in any other manner permitted by applicable law.

 

6.                                      Termination.  Sections 1, 2, 4 and 5 of this Agreement shall terminate in their entirety on the earliest to occur of (i) the closing of the Company’s first public offering pursuant to a registration statement under the Securities Act of 1933, as amended (an “IPO”), (ii) the closing of a Sale of the Company, (iii) a transaction that qualifies as a liquidation, dissolution or winding up of the affairs of the Company under the Company Charter, as it may be amended from time to time (a “Liquidation Event”), or (iv) such time as less than 1,500,000 shares of

 

8

 

Senior Preferred Stock (as adjusted for splits, dividends, recapitalizations and the like) remain outstanding.

 

7.                                      No Revocation.  The voting agreements contained herein are coupled with an interest and may not be revoked, except by an amendment, modification or termination effected in accordance with Section 12.5 hereof.  Nothing in this Section 7 shall be construed as limiting the provisions of Section 5 or 12.5 hereof.

 

8.                                      Restrictive Legend.  All certificates representing Shares owned or hereafter acquired by the Stockholders or any transferee of the Stockholders bound by this Agreement shall have affixed thereto a legend substantially in the following form:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A VOTING AGREEMENT, AS AMENDED FROM TIME TO TIME, BY AND AMONG THE REGISTERED OWNER OF THIS CERTIFICATE, THE COMPANY AND CERTAIN OTHER STOCKHOLDERS OF THE COMPANY.  THE COMPANY WILL FURNISH A COPY OF THIS AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE UPON WRITTEN REQUEST.

 

9.                                      Transfers of Rights.

 

9.1                               Any transferee to whom Shares are transferred by a Stockholder, whether voluntarily or by operation of law, shall be bound by the obligations imposed upon the transferor under this Agreement, to the same extent as if such transferee were a Stockholder hereunder, and no Stockholder shall transfer any Shares unless the transferee agrees in writing to be bound by this Agreement.

 

9.2                               Notwithstanding anything to the contrary herein, any Purchaser which is a partnership, limited liability company or joint stock company may transfer rights granted to such Purchaser hereunder to any partner, affiliated fund or member thereof, or to any entity or person that controls, or is controlled by, or is under common control with, such Purchaser (an “Affiliate”) to which Shares are transferred and which delivers to the Company a written instrument in accordance with Section 9.1; in the event of such transfer, such Affiliate shall be deemed a Purchaser and may again transfer such rights to any other person or entity that acquires Shares in accordance with, and subject to, the provisions of this Section 9.

 

9.3                               Notwithstanding anything to the contrary herein, RUSNANO may transfer all, but not less than all, rights granted to RUSNANO hereunder to an Affiliate of RUSNANO to which all Shares held by RUSNANO are transferred and which delivers to the Company a written instrument in accordance with Section 9.1; in the event of such transfer, such transferee shall be deemed a “Purchaser” and “RUSNANO” hereunder and may again transfer such rights to any Affiliate of RUSNANO that acquires all such Shares and rights in accordance with, and subject to, the provisions of this Section 9.

 

10.                               Reimbursement of Expenses.  The Company shall pay the reasonable out-of-pocket expenses of all the directors (other than directors who are employees of the Company,

 

9

 

who shall be reimbursed in accordance with the Company’s employee travel policies) in attending meetings of the Board and committees thereof (including travel, room and board).

 

11.                               Call Option.

 

11.1                        The Company shall have the right to require each holder of outstanding shares of Series SRN Preferred Stock to sell to the Company all (but not less than all) of its shares of Series SRN Preferred Stock (the “Call Option”) at any time after such holder of Series SRN Preferred Stock breaches any of its material obligations under the Financing Agreements (as defined in the Purchase Agreement) or under the Company Charter (including, for example, failing to assign ownership of any inventions made within the Project Company to the Company or failing to convert its shares of Series SRN Preferred Stock in accordance with the Company Charter), which breach remains uncured for a period of thirty (30) days after such breach and provided, however, that the Company is not then itself in breach of its obligations under the applicable Financing Agreement(s).  The Company shall have the right to exercise the Call Option at any time within two (2) months of such breach (provided that such two (2) month period shall commence on the date of delivery of written notice of such breach) with respect to all of the shares of Series SRN Preferred Stock held by such holder as of immediately prior to such breach or as of the date of the Exercise Notice (whichever is greater), at a per share purchase price of $4.50 (as adjusted for all stock splits, dividends, combinations, recapitalizations and the like affecting the Series SRN Preferred Stock) (the “Exercise Price”).  For the avoidance of doubt, the Company shall not have the right to exercise its Call Option with respect to a holder of Series SRN Preferred Stock that is not in breach of any of its material obligations under any of the Financing Agreements or the Company Charter.

 

11.2                        [Intentionally Omitted].

 

11.3                        The Call Option shall be exercisable by the Company only by delivery of a written exercise notice stating the Exercise Price (the “Exercise Notice”) to the holders of the Series SRN Preferred Stock.  Upon delivery of an Exercise Notice, the holders of the Series SRN Preferred Stock shall be obligated to sell all but not less than all of their shares of Series SRN Preferred Stock (and to promptly deliver any certificates representing the same, duly endorsed or accompanied by an executed stock power) to the Company, and the Company shall be obligated to purchase such shares from the holders of the Series SRN Preferred Stock, in the manner and at the Exercise Price.  On a date (the “Settlement Date”) that is within ten (10) business days after receipt of an Exercise Notice, the Company shall pay to the relevant holder the Exercise Price.  Such payment may be effected in cash or by certified or official bank check or wire transfer to an account designated by the holders of the Series SRN Preferred Stock in writing.

 

12.                               [Intentionally Omitted].

 

13.                               General.

 

13.1                        Severability.  The provisions of this Agreement are severable, so that the invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other term or provision of this Agreement, which shall remain in full force and effect.

 

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13.2                        Specific Performance.  In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement, each party hereto shall be entitled to specific performance of the agreements and obligations of any other party hereto hereunder and to such other injunctive or other equitable relief as may be granted by a court of competent jurisdiction.

 

13.3                        Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by, and construed and enforced in accordance with, the internal laws of the State of New York without regard to conflict of law principles that would result in the application of any law other than the law of the State of New York.

 

13.4                        Notices.  All notices, requests, consents, and other communications under this Agreement shall be in writing and shall be deemed delivered (a) for notices sent by the Company to addressees within the United States, two (2) business days after being sent by registered or certified mail, return receipt requested, postage prepaid, (b) three (3) business days after being sent via a reputable international courier service with expedited delivery, in each case to the intended recipient as set forth below, or (c) immediately upon being sent by facsimile, provided that the sender receives electronic confirmation of delivery, or electronic mail:

 

(i)                                     If to the Company:

 

Selecta Biosciences, Inc.
 480 Arsenal Street, Building One 
 Watertown, Massachusetts 02472 
 Attn:  President 
 Fax:  617-924-3454
 E-mail: [***]

 

with a copy to:

 

Jeffrey L. Quillen, Esquire 
 Foley Hoag LLP
 Seaport World Trade Center West 
 155 Seaport Boulevard 
 Boston, Massachusetts 02210 
 Fax:  617-832-7000
 E-mail: [***]

 

(ii)                                  If to a Purchaser, at its address set forth in Schedule A hereto, or at such other address as may have been furnished to the other parties hereto in writing by such Purchaser; and

 

(iii)                               If to an Initial Stockholder, at the Company or at such other address or addresses as may have been furnished to the other parties hereto in writing by such Initial Stockholder.

 

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Any party may give any notice, request, consent or other communication under this Agreement using any other means (including, without limitation, personal delivery, messenger service, first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until it is actually received by the party for whom it is intended.  Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth in this Section 13.4.

 

13.5                        Complete Agreement; Amendments.  This Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings relating to such subject matter.  No amendment, modification or termination of, or waiver under, any provision of this Agreement shall be valid unless in writing and signed by (i) the Company, (ii) the Initial Stockholders holding at least a majority of the voting power of the Shares then held by all of the Initial Stockholders, and (iii) Purchasers holding at least sixty-six and two-thirds percent (66 2/3%) of the voting power of the Shares (other than shares of Series SRN Preferred Stock) then held by all of the Purchasers, and any such amendment, modification, termination or waiver shall be binding on all parties hereto; provided that any such waiver or amendment which adversely affects the rights, privileges, duties or obligations of a Purchaser in a manner different than those of all other Purchasers shall not be effective without the written consent of the affected Purchaser.  Notwithstanding anything to the contrary herein, this Agreement may be amended by the Company without the consent of any of the other parties hereto to add as a party hereto and include information regarding and otherwise accommodate an additional purchaser of shares of Series E Preferred Stock pursuant to the Purchase Agreement, as may be amended from time to time; provided that any such amendment does not materially and adversely affect the rights of any Purchaser under this Agreement (it being agreed that the issuance of additional shares of capital stock in accordance with the Purchase Agreement, as may be amended or modified from time to time in accordance with its terms, and the other Financing Agreements, each as may be amended or modified from time to time in accordance with its respective terms, shall not be deemed to affect the Purchasers under this Agreement).  Notwithstanding the foregoing, no amendment, modification or waiver under this Agreement shall be made:

 

(a)                                 affecting the right to elect the Polaris Director without the written consent of Polaris so long as Polaris holds at least the 8% Ownership Threshold (as defined in Section 13.5(h) below) and no amendments, modifications or waivers shall be made to Section 1.2(b), so long as Polaris holds at least 250,000 shares of Senior Preferred Stock;

 

(b)                                 affecting the right to elect the Flagship Director without the written consent of Flagship so long as Flagship holds at least the 8% Ownership Threshold and no amendments, modifications or waivers shall be made to Section 1.2(b), so long as Flagship holds at least 250,000 shares of Senior Preferred Stock;

 

(c)                                  affecting the right to elect the NanoDimension Director without the written consent of NanoDimension so long as NanoDimension holds at least the 8% Ownership Threshold and no amendments, modifications or waivers shall be made to Section 1.2(b), so long as NanoDimension holds at least 250,000 shares of Senior Preferred Stock;

 

12

 

(d)                                 affecting the right to elect the OrbiMed Director without the written consent of OrbiMed so long as OrbiMed holds at least the 8% Ownership Threshold and no amendments, modifications or waivers shall be made to Section 1.2(b), so long as OrbiMed holds at least 250,000 shares of Senior Preferred Stock;

 

(e)                                  affecting the right to elect the RUSNANO Director without the written consent of RUSNANO (or an Affiliate of RUSNANO that is permitted pursuant to Section 9.3) so long as RUSNANO (or its Affiliate that is permitted pursuant to Section 9.3) holds at least the 8% Ownership Threshold and no amendments, modifications or waivers shall be made to Section 1.2(b), so long as RUSNANO holds at least 250,000 shares of Senior Preferred Stock;

 

(f)                                   changing the voting thresholds set forth in Section 4.2 without the written consent of all of the holders who would be required to exercise the drag-along right in accordance with Section 4.2; or

 

(g)                                  amending subsections (a) through (f) of this Section 13.5 without the consent of Polaris, Flagship, NanoDimension, OrbiMed or RUSNANO, as applicable.

 

(h)                                 For purposes of this Section 13.5, the term “8% Ownership Threshold,” as it relates to a particular Preferred Director, shall mean, 8% of all outstanding shares of the Company’s Senior Preferred Stock, on an as-converted-to-Common Stock basis (but not including any shares issued in the circumstances specified in Article Fourth, Section 3.3(d)(i)(4)(A)-(K) of the Company Charter), and for purposes of this calculation, specifically including:

 

(i)                                     Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock and any subsequently issued class or series of preferred stock, other than Series SRN Preferred Stock; and

 

(ii)                                  any shares of Common Stock issued as a result of an automatic conversion effected by the written consent or agreement of the (1) holders of shares of Senior Preferred Stock representing at least sixty-six and two-thirds percent (66 2/3%) of the votes represented by all outstanding shares of Senior Preferred Stock voting together as a single class, and (2) holders of shares of Common Stock representing at least a majority of the votes represented by all outstanding shares of Common Stock voting together as a single class, and the party with the right to designate such Preferred Director did not consent or agree.

 

13.6                        Construction.  A reference to a Section or Schedule shall mean a Section in or Schedule to this Agreement unless otherwise expressly stated.  The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole.  The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice-versa.

 

13

 

13.7                        Counterparts; Facsimile Signatures.  This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

13.8                        Additional Purchasers.  Notwithstanding Section 13.5, any person or entity that purchases Series E Preferred Stock under the Purchase Agreement shall become a party to this Agreement by executing and delivering to the Company a counterpart signature page to this Agreement, and thereupon shall be deemed a “Purchaser” for all purposes of this Agreement, and the Company shall amend Schedule A hereto to add the name and address of such Purchaser.  No such accession instrument shall be effective unless and until accepted in writing by the Company.  Except as required by the preceding sentence, no action or consent by the Purchasers or the Initial Stockholders shall be required for such joinder to this Agreement by such Co-Investor or any aforesaid amendment of Schedule A, so long as such Co-Investor has agreed in writing to be bound by all of the obligations as a “Purchaser” hereunder.

 

13.9                        Additional Key Holders.  In the event that after the date of this Agreement, the Company issues shares of capital stock to any employee or consultant, which shares constitute two percent (2%) or more of the Company’s then outstanding capital stock (treating for this purpose all shares of Common Stock issuable upon exercise of or conversion of outstanding options, warrants or convertible securities, as if exercised or converted), the Company shall use its best efforts to cause such person to execute a counterpart signature page hereto, and such person shall thereby be bound by, and subject to, all the terms and provisions of this Agreement applicable to a Stockholder.  No action or consent by the Purchasers or Initial Stockholders shall be required for such joinder to this Agreement by such holder of Common Stock, so long as such holder has agreed in writing to be bound by all of the obligations as a “Key Holder” hereunder.

 

13.10                 Additional Shares.  Each Stockholder agrees to vote all of the shares it holds, in whatever manner shall be necessary to authorize an increase in the authorized capital stock of the Company so that there will be sufficient shares of Common Stock available for conversion of all of the then-outstanding shares of Senior Preferred Stock and Series SRN Preferred Stock at any time that an adjustment to the applicable Conversion Price (as defined in the Company Charter) is made pursuant to Article FOURTH, Section 3.3(d)(iv) of the Company Charter.

 

13.11                 Amended and Restated Agreement.  The Former Voting Agreement is hereby amended in its entirety and restated herein.  Such amendment and restatement is effective upon the execution of this Agreement by (i) the Company; (ii) the Initial Stockholders holding a majority of the voting power of the Shares held by all of the Initial Stockholders; and (iii) the Purchasers (as such term is defined in the Former Voting Agreement) holding at least 66 2/3% of voting power of the Shares (other than shares of Series SRN Preferred) held by all such Purchasers as of the date of this Agreement.  Upon such execution, all provisions of, rights granted and covenants made in the Former Voting Agreement are hereby waived, released and

 

14

 

superseded in their entirety and shall have no further force or effect.  Each of such Initial Stockholders and Purchasers acknowledge and agree that the execution and delivery by the Company of this Agreement, the Purchase Agreement and the additional Financing Agreements and the performance by the Company of its obligations thereunder do not constitute a default under the provisions of the Former Voting Agreement.

 

13.12                 Dispute Resolution.  Any dispute, controversy or claim arising out of or relating to this Agreement, including its existence, validity, interpretation, performance, nonperformance, breach or termination (collectively, the “Dispute”) shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (the “ICC Rules”), except as they may be modified herein or by mutual agreement of the parties.  The Dispute shall be resolved by three (3) arbitrators appointed in the following manner:  each party shall nominate an arbitrator for confirmation as provided in the ICC Rules and following their confirmation, the third arbitrator shall be appointed by the International Court of Arbitration of the International Chamber of Commerce; provided, however, that at least one (1) of such arbitrators shall have substantive expertise in the pharmaceutical industry.  The place of arbitration shall be New York, New York.  The language of the arbitration shall be English.  The tribunal shall determine the proportion of the costs of the arbitration which each party shall bear.  The award shall be final, conclusive and binding upon the parties hereto.  Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or its assets.

 

[Remainder of page intentionally left blank.]

 

15

 

N WITNESS WHEREOF, the parties hereto have executed this Fifth Amended and Restated Voting Agreement as an instrument under scat as of the date first above written.

 

	
 
    	
SELECTA   BIOSCIENCES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Werner   Cautreels
    
	
 
    	
Name:
    	
Werner   Cautreels
    
	
 
    	
Title:
    	
President   and CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INITIAL   STOCKHOLDERS
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/Omid   Farokhzad
    
	
 
    	
Omid   Farokhzad
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/Ulrich   von Andrian
    
	
 
    	
Ulrich   von Andrian
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/Robert   S. Langer, Jr.
    
	
 
    	
Robert   S. Langer, Jr.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/Robert   L. Bratzler
    
	
 
    	
Robert   L. Bratzler
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/Werner   Cautreels
    
	
 
    	
Werner   Cautreels
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASERS:
    	
POLARIS   VENTURE PARTNERS V. L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
POLARIS   VENTURE MANAGEMENT CO.   V, L.L.C.
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/William   E. Bilodeau
    
	
 
    	
 
    	
 
    	
William   E. Bilodeau
    
	
 
    	
 
    	
 
    	
Attorney-in-Fact
    
	
 
    	
 
    
	
 
    	
POLARIS   VENTURE PARTNERS ENTREPRENEURS’ FUND V, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
POLARIS   VENTURE MANAGEMENT CO. V, L.L.C
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/William   E. Bilodeau
    
	
 
    	
 
    	
 
    	
William   E. Bilodeau
    
	
 
    	
 
    	
 
    	
Attorney-in-Fact
    
	
 
    	
 
    
	
 
    	
POLARIS   VENTURE PARTNERS FOUNDERS’ FUND V, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
POLARIS   VENTURE MANAGEMENT CO. V, L.L.C
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/William   E. Bilodeau
    
	
 
    	
 
    	
 
    	
William   E. Bilodeau
    
	
 
    	
 
    	
 
    	
Attorney-in-Fact
    
	
 
    	
 
    
	
 
    	
POLARIS   VENTURE PARTNERS SPECIAL FOUNDERS’ FUND V, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
POLARIS   VENTURE MANAGEMENT CO. V, L.L.C
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/William   E. Bilodeau
    
	
 
    	
 
    	
 
    	
William   E. Bilodeau
    
	
 
    	
 
    	
 
    	
Attorney-in-Fact
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASER:
    	
FLAGSHIP   VENTURES FUND 2007, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
Flagship   Ventures 2007 General Partner LLC, its General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Edwin   M. Kania, Jr.
    
	
 
    	
 
    	
Edwin   M. Kania, Jr.
    
	
 
    	
 
    	
Manager
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASER:
    	
NANODIMENSION,   L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
NanoDimension   Management Limited,
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Jonathan   Nicholson
    
	
 
    	
 
    	
Jonathan   Nicholson
    
	
 
    	
 
    	
Director
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASERS:
    	
ORBIMED   ASSOCIATES III, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
OrbiMed   Advisors LLC,
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Carl   Gordon
    
	
 
    	
 
    	
Carl   Gordon
    
	
 
    	
 
    	
Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ORBIMED   PRIVATE INVESTMENTS III, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
OrbiMed   Capital GP III LLC, 
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
OrbiMed   Advisors LLC, 
    
	
 
    	
 
    	
its   Managing Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Carl   Gordon
    
	
 
    	
 
    	
Carl   Gordon
    
	
 
    	
 
    	
Member
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASER:
    	
EMINENT   II VENTURE CAPITAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Ching-Chen   Huang
    
	
 
    	
Name:
    	
Ching-Chen   Huang
    
	
 
    	
Title:
    	
President
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASERS:
    	
LEUKON   INVESTMENTS, LP
    
	
 
    	
 
    
	
 
    	
By:
    	
LKST, Inc.,
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Timothy   A. Springer
    
	
 
    	
 
    	
Timothy   A. Springer
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TAS   PARTNERS, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Timothy   A. Springer
    
	
 
    	
 
    	
Timothy   A. Springer
    
	
 
    	
 
    	
Manager
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASER:
    	
RUSNANO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Yuri   Udaltsov
    
	
 
    	
Name:
    	
Yuri   Udaltsov
    
	
 
    	
Title:
    	
Deputy   Chairman of the Management Board of Management Company RUSNANO LLC acting on   the basis of a power of attorney
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASER:
    	
ALEXANDRIA   EQUITIES, LLC
    
	
 
    	
a   Delaware limited liability company
    
	
 
    	
 
    
	
 
    	
By:         ALEXANDRIA REAL ESTATE   EQUITIES, INC., a Maryland corporation, managing member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Eric   S. Johnson
    
	
 
    	
Name:
    	
Eric   S. Johnson
    
	
 
    	
Title:
    	
Senior   Vice President, RE Legal Affairs
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASERS:
    	
BIODYNAMICS   CORE, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
BioDynamics,   LLC, its General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Omid   Farokhzad, M.D.
    
	
 
    	
Name:
    	
Omid   Farokhzad, M.D.
    
	
 
    	
Title:
    	
Member
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASERS:
    	
OSAGE   UNIVERSITY PARTNERS II, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
OSAGE   UNIVERSITY GP II, LP, its General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
OSAGE   PARTNERS, LLC, its General Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Marc   Singer
    
	
 
    	
Name:
    	
Marc   Singer
    
	
 
    	
Title:
    	
Member
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASERS:
    	
AVENTISUB   LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Joseph   M. Palladino
    
	
 
    	
Name:
    	
Joseph   M. Palladino
    
	
 
    	
Title:
    	
President
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASERS:
    	
SPHERA   GLOBAL HEALTHCARE
    
	
 
    	
 
    
	
 
    	
MASTER   FUND
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Doron   Breen
    
	
 
    	
Name:
    	
Doron   Breen
    
	
 
    	
Title:
    	
Director
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASERS:
    	
RIDGEBACK   CAPITAL INVESTMENTS LP
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Christian   Sheldon
    
	
 
    	
Name:
    	
Christian   Sheldon
    
	
 
    	
Title:
    	
C.T.O.
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

	
PURCHASERS:
    	
AJU   LIFE SCIENCE OVERSEAS EXPANSION PLATFORM FUND C/O AJU IB INVESTMENT
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Ji-won   Kim
    
	
 
    	
Name:
    	
Ji-won   Kim
    
	
 
    	
Title:
    	
CEO
    

 

Signature Page to Fifth Amended and Restated Voting Agreement

 

 

SCHEDULE A

 

Purchasers

 

VTB Capital I2BF Netherlands B.V.
 Herikerbergweg 238, 1101 CM Amsterdam Zuidoost 
 Netherlands

 

Selecta RKFN Ltd.
 123290, Russia, Moscow, 1-y 
 Magistralnyy tupik, 5A

 

RUSNANO
 10A prospect 60-letiya Oktyabrya 
 Moscow, Russia 117036

 

Eminent II Venture Capital Corporation 
 Room A, 28th Floor, No. 7, Sec. 5 
 Xinyi Rd., Xinyi District 
 Taipei City 110, Taiwan

 

Flagship Ventures Fund 2007, L.P.  
 One Memorial Drive, 7th Floor 
 Cambridge, MA 02142

 

Polaris Venture Partners V, L.P.  
 1000 Winter Street, Suite 3350 
 Waltham, MA 02451 
 Attn:  Amir H. Nashat

 

Polaris Venture Partners Entrepreneurs’ Fund V, L.P.  
 1000 Winter Street, Suite 3350 
 Waltham, MA 02451 
 Attn:  Amir H. Nashat

 

Polaris Venture Partners Founders’ Fund V, L.P.
 1000 Winter Street, Suite 3350 
 Waltham, MA 02451 
 Attn:  Amir H. Nashat

 

Polaris Venture Partners Special Founders’ Fund V, L.P.  
 1000 Winter Street, Suite 3350 
 Waltham, MA 02451 
 Attn:  Amir H. Nashat

 

 

NanoDimension L.P.
 c/o NanoDimension Management Limited 
 Attention Jonathan Nicholson 
 Centennial Towers, Suite 306B
 2454 West Bay Road 
 Grand Cayman, Cayman Islands

 

Leukon Investments, LP
 36 Woodman Rd.
 Newton, Massachusetts 02467 
 Attention:  Dr. Timothy A. Springer

 

TAS Partners, LLC 
 36 Woodman Rd.
 Newton, Massachusetts 02467 
 Attention:  Dr. Timothy A. Springer

 

OrbiMed Private Investments III LP 
 767 Third Avenue, 30th Floor 
 New York NY 10017 
 Attn:  Carl Gordon

 

OrbiMed Associates III, LP 
 767 Third Avenue, 30th Floor 
 New York NY 10017 
 Attn:  Carl Gordon

 

Alexandria Equities, LLC
 385 E. Colorado Blvd., Suite 299 
 Pasadena, CA 91101 
 Attn:  Joel S. Marcus, CEO

 

Blakeley Ventures, LLC 
 60 State Street, Suite 3400 
 Boston, MA 02109

 

Jeffrey B. Larson 
 6 Arlington Street, Unit 5 
 Boston, MA 02116

 

Samiei & Morse Partnership 
 59 Farnham Street 
 Belmont, MA 02478

 

Megan Kelleher 
 444 Far Reach Road 
 Westwood, MA 02090

 

 

Dimitris Bertsimas 
 43 Lantern Rd.
 Belmont, MA 02478

 

Peter W. Doelger 
 144 Beacon Street, Apt. 3 
 Boston, MA 02116

 

SILVER ROCK FINANCIAL LLC 
 1250 Fourth Street, Fifth Floor 
 Santa Monica, CA 90401

 

WELLWATER LLC
 1250 Fourth Street, Fifth Floor 
 Santa Monica, CA 90401

 

BAYSIDE PARTNERS LLC 
 1250 Fourth Street, Fifth Floor 
 Santa Monica, CA 90401

 

NP1 LLC
 1250 Fourth Street, Fifth Floor 
 Santa Monica, CA 90401

 

GENUNO LLC
 1250 Fourth Street, Fifth Floor 
 Santa Monica, CA 90401

 

DNSMORE LLC
 1250 Fourth Street, Fifth Floor 
 Santa Monica, CA 90401

 

GENTRACE LLC
 1250 Fourth Street, Fifth Floor 
 Santa Monica, CA 90401

 

GENDOS LLC
 1250 Fourth Street, Fifth Floor 
 Santa Monica, CA 90401

 

Mark Afrasiabi 
 711 El Medio Ave 
 Pacific Palisades CA 90272

 

Scott Cohen 
 405 Palisades Ave 
 Santa Monica CA 90402

 

 

Aventisub LLC
 c/o Sanofi 
 54 rue La Boetie 
 75008 Paris:
 Facsimile :  +33 1 53 77 44 53 
 Attn :  Vice President, Legal Operations

 

Sphera Fund
 c/o Sphera Funds Management 
 21 Ha’Arbaah Street 
 Platinum House 
 Tel Aviv 64739

 

Osage University Partners II, L.P.  
 50 Monument Road 
 Suite 201 
 Bala Cynwyd, PA 19004

 

Biodynamics Core LP 
 c/o Biodynamics LLC 
 15 Laura Rd.
 Waban, MA 02468

 

AJU Life Science Overseas Expansion Platform Fund
 c/o AJU IB Investment Co. Ltd.
 201 Teheran-ro, 5th floor 
 Gangnam-gu 
 Seoul, Korea 135-978 
 Attention:  Mr. Ji-won Kim, CEO

 

Ridgeback Capital Investments LP 
 500 South Pointe, Suite 220 
 Miami Beach, FL 33139

 

WV Investment Trust B
 Attn.  Alan Rottenberg, Trustee 
 Goulston & Storrs 
 400 Atlantic Avenue 
 Boston, MA 02110

 

* * * * *

 

 

SCHEDULE B

 

Key Holders

 

Robert L. Bratzler

 

Werner Cautreels

 

 

SELECTA BIOSCIENCES, INC.

 

ADOPTION AGREEMENT TO FIFTH AMENDED
 AND RESTATED VOTING AGREEMENT

 

This Adoption Agreement (“Adoption Agreement”) is executed on September 16, 2015, by the undersigned (the “Holder”) pursuant to the terms of that certain Fifth Amended and Restated Voting Agreement dated as of August 27, 2015 (as the same may hereafter be amended, the “Agreement”), by and among Selecta Biosciences, Inc., a Delaware corporation (the “Company”) and the other parties named therein.  Capitalized terms used but not defined in this Adoption Agreement shall have the respective meanings ascribed to such terms in the Agreement.  By the execution of this Adoption Agreement, the Holder agrees as follows.

 

1.1                               Acknowledgement.  The Holder acknowledges that the Holder is acquiring certain shares of the capital stock of the Company (the “Stock”) as an additional Purchaser in accordance with Section 13.8 of the Agreement, and that the Holder will be a “Purchaser” for all purposes of the Agreement.

 

1.2                               Agreement.  The Holder hereby (a) agrees that the Stock, and any other shares of capital stock or securities required by the Agreement to be bound thereby, shall be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if the Holder were originally a party thereto.  Any notice required or permitted by the Agreement shall be given to Holder at the address listed below Holder’s signature hereto.

 

	
 
    	
HOLDER
    
	
 
    	
 
    
	
 
    	
WV   INVESTMENT TRUST B
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Alan   W. Rottenberg
    
	
 
    	
Alan   W. Rottenberg, as trustee and
    
	
 
    	
not   individually
    
	
 
    	
 
    
	
 
    	
Address:
    
	
 
    	
 
    
	
 
    	
Attn:   Alan W. Rottenberg, Trustee
    
	
 
    	
Goulston &   Storrs
    
	
 
    	
400   Atlantic Avenue
    
	
 
    	
Boston,   MA 02110
    
	
 
    	
 
    
	
 
    	
 
    
	
Accepted   and agreed:
    	
 
    
	
 
    	
 
    
	
SELECTA   BIOSCIENCES, INC.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/Werner   Cautreels
    	
 
    	
 
    
	
Name:   Werner Cautreels
    	
 
    	
 
    
	
Title:   President and CEO

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