Document:

EX-10.6

 Exhibit 10.6 

KEROS THERAPEUTICS, INC. 

2020 EMPLOYEE STOCK PURCHASE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
MARCH 31, 2020 
 APPROVED BY THE STOCKHOLDERS:
MARCH 31, 2020 
 1.    GENERAL; PURPOSE. 

(a)    The Plan provides a means by which Eligible Employees of the Company and certain designated Related
Corporations may be given an opportunity to purchase shares of Common Stock. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under an Employee Stock Purchase Plan. 

(b)    The Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain the
services of new Employees and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations. 

2.    ADMINISTRATION. 

(a)    The Board will administer the Plan unless and until the Board delegates administration of the Plan to a
Committee or Committees, as provided in Section 2(c). 
 (b)    The Board will have the power, subject to,
and within the limitations of, the express provisions of the Plan: 
 (i)    To determine how and when Purchase
Rights will be granted and the provisions of each Offering (which need not be identical). 
 (ii)    To designate
from time to time which Related Corporations of the Company will be eligible to participate in the Plan. 

(iii)    To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and
regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it deems necessary or expedient to make the Plan fully effective. 

(iv)    To settle all controversies regarding the Plan and Purchase Rights granted under the Plan. 

(v)    To suspend or terminate the Plan at any time as provided in Section 12. 

(vi)    To amend the Plan at any time as provided in Section 12. 

(vii)    Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote
the best interests of the Company and its Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan. 

(viii)    To adopt such procedures and sub-plans as are necessary or
appropriate to permit participation in the Plan by Employees who are foreign nationals or employed outside the United States. 

  
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 (c)    The Board may delegate some or all of the administration
of the Plan to a Committee or Committees. If administration is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the
Committee, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references to the Board in this Plan and in any applicable Offering Document will thereafter be to the
Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the Plan with the
Committee and may, at any time, revest in the Board some or all of the powers previously delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions of
policy and expediency that may arise in the administration of the Plan. 
 (d)    All determinations,
interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 

3.    SHARES OF COMMON STOCK SUBJECT TO
THE PLAN. 
 (a)    Subject to the provisions of Section 11(a) relating to
Capitalization Adjustments, the maximum number of shares of Common Stock that may be issued under the Plan will not exceed 182,341 shares of Common Stock, plus the number of shares of Common Stock that are automatically added on January 1st of each
year for a period of up to ten years, commencing on the first January 1 following the IPO Date and ending on (and including) January 1, 2030, in an amount equal to the lesser of (i) 1.0% of the total number of shares of Capital Stock
outstanding on December 31st of the preceding calendar year, and (ii) 455,852 shares of Common Stock. Notwithstanding the foregoing, the Board may act prior to the first day of any calendar year to provide that there will be no January 1st increase in the share reserve for such calendar year or that the increase in the share reserve for such calendar year will be a lesser number of shares of Common Stock than would otherwise occur
pursuant to the preceding sentence. 
 (b)    If any Purchase Right granted under the Plan terminates without
having been exercised in full, the shares of Common Stock not purchased under such Purchase Right will again become available for issuance under the Plan. 

(c)    The stock purchasable under the Plan will be shares of authorized but unissued or reacquired Common Stock,
including shares repurchased by the Company on the open market. 
 4.    GRANT OF
PURCHASE RIGHTS; OFFERING. 
 (a)    The Board may from time to
time grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering (consisting of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and will
contain such terms and conditions as the Board will deem appropriate, and will comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms and
conditions of an Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering will include (through incorporation of the provisions of this
Plan by reference in the document comprising the Offering or otherwise) the period during which the Offering will be effective, which period will not exceed 27 months beginning with the Offering Date, and the substance of the provisions contained in
Sections 5 through 8, inclusive. 

  
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 (b)    If a Participant has more than one Purchase Right
outstanding under the Plan, unless he or she otherwise indicates in forms delivered to the Company: (i) each form will apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or an
earlier-granted Purchase Right, if different Purchase Rights have identical exercise prices) will be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted Purchase Right if different
Purchase Rights have identical exercise prices) will be exercised. 
 (c)    The Board will have the discretion
to structure an Offering so that if the Fair Market Value of a share of Common Stock on the first Trading Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of a share of Common Stock on the Offering
Date for that Offering, then (i) that Offering will terminate immediately as of that first Trading Day, and (ii) the Participants in such terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading
Day of such new Purchase Period. 
 5.    ELIGIBILITY. 

(a)    Purchase Rights may be granted only to Employees of the Company or, as the Board may designate in accordance
with Section 2(b), to Employees of a Related Corporation. Except as provided in Section 5(b), an Employee will not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the Company
or the Related Corporation, as the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event will the required period of continuous employment be equal to or greater than two years. In addition,
the Board may provide that no Employee will be eligible to be granted Purchase Rights under the Plan unless, on the Offering Date, such Employee’s customary employment with the Company or the Related Corporation is more than 20 hours per week
and more than five months per calendar year or such other criteria as the Board may determine consistent with Section 423 of the Code. 

(b)    The Board may provide that each person who, during the course of an Offering, first becomes an Eligible
Employee will, on a date or dates specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right under that Offering, which Purchase Right will thereafter
be deemed to be a part of that Offering. Such Purchase Right will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that: 

(i)    the date on which such Purchase Right is granted will be the “Offering Date” of such Purchase
Right for all purposes, including determination of the exercise price of such Purchase Right; 
 (ii)    the
period of the Offering with respect to such Purchase Right will begin on its Offering Date and end coincident with the end of such Offering; and 

(iii)    the Board may provide that if such person first becomes an Eligible Employee within a specified period of
time before the end of the Offering, he or she will not receive any Purchase Right under that Offering. 

(c)    No Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase
Rights are granted, such Employee owns stock possessing five percent or more of the total combined voting power or value of all classes of stock of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of
Section 424(d) of the Code will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding Purchase Rights and options will be treated as stock owned by such Employee. 

  
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 (d)    As specified by Section 423(b)(8) of the Code, an
Eligible Employee may be granted Purchase Rights only if such Purchase Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit such Eligible Employee’s
rights to purchase stock of the Company or any Related Corporation to accrue at a rate which, when aggregated, exceeds $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect to the Plan,
will be determined as of their respective Offering Dates) for each calendar year in which such rights are outstanding at any time. 

(e)    Officers of the Company and any designated Related Corporation, if they are otherwise Eligible Employees,
will be eligible to participate in Offerings under the Plan. Notwithstanding the foregoing, the Board may provide in an Offering that Employees who are highly compensated Employees within the meaning of Section 423(b)(4)(D) of the Code will not
be eligible to participate. 
 6.    PURCHASE RIGHTS; PURCHASE PRICE.

 (a)    On each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be
granted a Purchase Right to purchase up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated by the Board, but in either case not exceeding 15% of such Employee’s earnings
(as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date stated in the Offering, which date will be no later than the
end of the Offering. 
 (b)    The Board will establish one or more Purchase Dates during an Offering on which
Purchase Rights granted for that Offering will be exercised and shares of Common Stock will be purchased in accordance with such Offering. 

(c)    In connection with each Offering made under the Plan, the Board may specify (i) a maximum number of
shares of Common Stock that may be purchased by any Participant on any Purchase Date during such Offering, (ii) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering and/or
(iii) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants on any Purchase Date under the Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted
under the Offering would exceed any such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions) allocation of the shares of Common Stock available will be
made in as nearly a uniform manner as will be practicable and equitable. 
 (d)    The purchase price of shares
of Common Stock acquired pursuant to Purchase Rights will be not less than the lesser of: 
 (i)    an amount
equal to 85% of the Fair Market Value of the shares of Common Stock on the Offering Date; or 
 (ii)    an amount
equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date. 

7.    PARTICIPATION; WITHDRAWAL; TERMINATION. 

(a)    An Eligible Employee may elect to participate in an Offering and authorize payroll deductions as the means of
making Contributions by completing and delivering to the Company, within 

  
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the time specified in the Offering, an enrollment form provided by the Company. The enrollment form will specify the amount of Contributions not to exceed the maximum amount specified by the
Board. Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and will be deposited with the general funds of the Company except where applicable law requires that Contributions be
deposited with a third party. If permitted in the Offering, a Participant may begin such Contributions with the first practicable payroll occurring on or after the Offering Date (or, in the case of a payroll date that occurs after the end of the
prior Offering but before the Offering Date of the next new Offering, Contributions from such payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter reduce (including to zero) or increase his or her
Contributions. If specifically provided in the Offering, in addition to or instead of making Contributions by payroll deductions, a Participant may make Contributions through the payment by cash or check prior to a Purchase Date. 

(b)    During an Offering, a Participant may cease making Contributions and withdraw from the Offering by
delivering to the Company a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal, such Participant’s Purchase Right in that Offering will immediately terminate
and the Company will distribute as soon as practicable to such Participant all of his or her accumulated but unused Contributions and such Participant’s Purchase Right in that Offering shall thereupon terminate. A Participant’s withdrawal
from that Offering will have no effect upon his or her eligibility to participate in any other Offerings under the Plan, but such Participant will be required to deliver a new enrollment form to participate in subsequent Offerings. 

(c)    Unless otherwise required by applicable law, Purchase Rights granted pursuant to any Offering under the Plan
will terminate immediately if the Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment participation period required by law) or (ii) is otherwise no longer eligible to participate.
The Company will distribute to such individual as soon as practicable all of his or her accumulated but unused Contributions. 

(d)    During a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase
Rights are not transferable by a Participant, except by will, by the laws of descent and distribution, or, if permitted by the Company, by a beneficiary designation as described in Section 10. 

(e)    Unless otherwise specified in the Offering or required by applicable law, the Company will have no
obligation to pay interest on Contributions. 
 8.    EXERCISE OF PURCHASE
RIGHTS. 
 (a)    On each Purchase Date, each Participant’s accumulated Contributions will
be applied to the purchase of shares of Common Stock, up to the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares will be issued unless
specifically provided for in the Offering. 
 (b)     Unless otherwise provided in the Offering, if any amount of
accumulated Contributions remains in a Participant’s account after the purchase of shares of Common Stock and such remaining amount is less than the amount required to purchase one share of Common Stock on the final Purchase Date of an
Offering, then such remaining amount will be held in such Participant’s account for the purchase of shares of Common Stock under the next Offering under the Plan, unless such Participant withdraws from or is not eligible to participate in such
next Offering, in which case such amount will be distributed to such Participant after the final Purchase Date without interest (unless the payment of interest is otherwise required by applicable law). If the amount of Contributions remaining in a

  
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Participant’s account after the purchase of shares of Common Stock is at least equal to the amount required to purchase one (1) whole share of Common Stock on the final Purchase Date of
an Offering, then such remaining amount will be distributed in full to such Participant after the final Purchase Date of such Offering without interest. 

(c)    No Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued upon such
exercise under the Plan are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable federal, state, foreign and other securities and other laws applicable to the Plan.
If on a Purchase Date the shares of Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised on such Purchase Date, and the Purchase Date will be delayed until the shares of Common Stock are
subject to such an effective registration statement and the Plan is in material compliance, except that the Purchase Date will in no event be more than 6 months from the Offering Date. If, on the Purchase Date, as delayed to the maximum extent
permissible, the shares of Common Stock are not registered and the Plan is not in material compliance with all applicable laws, no Purchase Rights will be exercised and all accumulated but unused Contributions will be distributed to the Participants
without interest. 
 9.    COVENANTS OF THE COMPANY. 

The Company will seek to obtain from each U.S. federal or state, foreign or other regulatory commission or agency having jurisdiction over the
Plan such authority as may be required to grant Purchase Rights and issue and sell shares of Common Stock thereunder unless the Company determines, in its sole discretion, that doing so would cause the Company to incur costs that are unreasonable.
If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for the grant of Purchase Rights or the lawful issuance and sale of Common Stock under the Plan, and at a
commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell Common Stock upon exercise of such Purchase Rights. 

10.    DESIGNATION OF BENEFICIARY. 

(a)    The Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who
will receive any shares of Common Stock and/or Contributions from the Participant’s account under the Plan if the Participant dies before such shares and/or Contributions are delivered to the Participant. The Company may, but is not obligated
to, permit the Participant to change such designation of beneficiary. Any such designation and/or change must be on a form approved by the Company. 

(b)     If a Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any
shares of Common Stock and/or Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed (to the knowledge of the Company), the Company, in its sole discretion, may deliver
such shares of Common Stock and/or Contributions without interest (unless the payment of interest is otherwise required by applicable law) to the Participant’s spouse, dependents or relatives, or if no spouse, dependent or relative is known to
the Company, then to such other person as the Company may designate. 
 11.    ADJUSTMENTS UPON
CHANGES IN COMMON STOCK; CORPORATE TRANSACTIONS. 

(a)    In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust:
(i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities by which the share reserve is to increase

  
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automatically each year pursuant to Section 3(a), (iii) the class(es) and number of securities subject to, and the purchase price applicable to outstanding Offerings and Purchase Rights, and
(iv) the class(es) and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these adjustments, and its determination will be final, binding and conclusive. 

(b)    In the event of a Corporate Transaction, then: (i) any surviving corporation or acquiring corporation
(or the surviving or acquiring corporation’s parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including a right to acquire the same consideration paid to the stockholders in the Corporate
Transaction) for outstanding Purchase Rights, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute similar rights for such Purchase Rights, then
the Participants’ accumulated Contributions will be used to purchase shares of Common Stock within ten business days prior to the Corporate Transaction under the outstanding Purchase Rights, and the Purchase Rights will terminate immediately
after such purchase. 
 12.    AMENDMENT, TERMINATION OR SUSPENSION
OF THE PLAN. 
 (a)    The Board may amend the Plan at any time
in any respect the Board deems necessary or advisable. However, except as provided in Section 11(a) relating to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder approval is
required by applicable law or listing requirements. 
 (b)    The Board may suspend or terminate the Plan at any
time. No Purchase Rights may be granted under the Plan while the Plan is suspended or after it is terminated. 

(c)    Any benefits, privileges, entitlements and obligations under any outstanding Purchase Rights granted before
an amendment, suspension or termination of the Plan will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person to whom such Purchase Rights were granted, (ii) as necessary to
comply with any laws, listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive guidance issued thereunder relating to Employee Stock
Purchase Plans) including without limitation any such regulations or other guidance that may be issued or amended after the date the Plan is adopted by the Board, or (iii) as necessary to obtain or maintain favorable tax, listing, or regulatory
treatment. To be clear, the Board may amend outstanding Purchase Rights without a Participant’s consent if such amendment is necessary to ensure that the Purchase Right and/or the Plan complies with the requirements of Section 423 of the
Code. 
 Notwithstanding anything in the Plan or any Offering Document to the contrary, the Board will be entitled to: (i) establish
the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars; (ii) permit Contributions in excess of the amount designated by a Participant in order to adjust for mistakes in the Company’s processing of properly
completed Contribution elections; (iii) establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond
with amounts withheld from the Participant’s Contributions; (iv) amend any outstanding Purchase Rights or clarify any ambiguities regarding the terms of any Offering to enable the Purchase Rights to qualify under and/or comply with
Section 423 of the Code; and (v) establish other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with the Plan. The actions of the Board pursuant to this paragraph will not be
considered to alter or impair any Purchase Rights granted under an Offering as they are part of the initial terms of each Offering and the Purchase Rights granted under each Offering. 

  
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 13.    EFFECTIVE DATE OF
PLAN. 
 The Plan will become effective immediately prior to and contingent upon the IPO Date. No Purchase Rights will be
exercised unless and until the Plan has been approved by the stockholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or if required under Section 12(a) above, materially amended) by the
Board. 
 14.    MISCELLANEOUS PROVISIONS. 

(a)    Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of
the Company. 
 (b)    A Participant will not be deemed to be the holder of, or to have any of the rights of a
holder with respect to, shares of Common Stock subject to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent). 

(c)    The Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will
in any way alter the at will nature of a Participant’s employment or be deemed to create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation, or on the part of
the Company or a Related Corporation to continue the employment of a Participant. 
 (d)    The provisions of the
Plan will be governed by the laws of the State of Delaware without resort to that state’s conflict of laws rules. 

15.    DEFINITIONS. 

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

(a)    “Board” means the Board of Directors of the Company. 

(b)    “Capital Stock” means each and every class of common stock of the Company,
regardless of the number of votes per share. 
 (c)    “Capitalization Adjustment” means
any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Purchase Right after the date the Plan is adopted by the Board without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in
corporate structure or other similar equity restructuring transaction, as that term is used in Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion
of any convertible securities of the Company will not be treated as a Capitalization Adjustment. 

(d)    “Code” means the Internal Revenue Code of 1986, as amended, including any
applicable regulations and guidance thereunder. 
 (e)    “Committee” means
a committee of one or more members of the Board to whom authority has been delegated by the Board in accordance with Section 2(c). 

  
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 (f)    “Common Stock” means, as of the
IPO Date, the common stock of the Company. 
 (g)    “Company” means Keros Therapeutics,
Inc., a Delaware corporation. 
 (h)    “Contributions” means the payroll deductions and
other additional payments specifically provided for in the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the
Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions. 

(i)    “Corporate Transaction” means the consummation, in a single transaction or in a
series of related transactions, of any one or more of the following events: 
 (i)    a sale or other
disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Company and its subsidiaries; 

(ii)    a sale or other disposition of more than 50% of the outstanding securities of the Company; 

(iii)    a merger, consolidation or similar transaction following which the Company is not the surviving
corporation; or 
 (iv)    a merger, consolidation or similar transaction following which the Company is the
surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property,
whether in the form of securities, cash or otherwise. 
 (j)    “Director” means a
member of the Board. 
 (k)    “Eligible Employee” means an Employee who meets the
requirements set forth in the document(s) governing the Offering for eligibility to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the Plan. 

(l)    “Employee” means any person, including an Officer or Director, who is
“employed” for purposes of Section 423(b)(4) of the Code by the Company or a Related Corporation. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an
“Employee” for purposes of the Plan. 
 (m)    “Employee Stock Purchase
Plan” means a plan that grants Purchase Rights intended to be options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 

(n)    “Exchange Act” means the Securities Exchange Act of 1934, as amended and the
rules and regulations promulgated thereunder. 
 (o)    “Fair Market Value” means, as of
any date, the value of the Common Stock determined as follows: 
 (i)    If the Common Stock is listed on any
established stock exchange or traded on any established market, the Fair Market Value of a share of Common Stock will be, unless otherwise 

  
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determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common
Stock) on the date of determination, as reported in such source as the Board deems reliable. Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair
Market Value will be the closing sales price on the last preceding date for which such quotation exists. 

(ii)    In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board
in good faith in compliance with applicable laws and in a manner that complies with Sections 409A of the Code. 

(iii)    Notwithstanding the foregoing, for any Offering that commences on the IPO Date, the Fair Market Value of
the shares of Common Stock on the Offering Date will be the price per share at which shares are first sold to the public in the Company’s initial public offering as specified in the final prospectus for that initial public offering. 

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

(q)    “Offering” means the grant to Eligible Employees of Purchase Rights, with the
exercise of those Purchase Rights automatically occurring at the end of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document” approved by the Board for
that Offering. 
 (r)    “Offering Date” means a date selected by the Board for an
Offering to commence. 
 (s)    “Officer” means a person who is an officer
of the Company or a Related Corporation within the meaning of Section 16 of the Exchange Act. 

(t)    “Participant” means an Eligible Employee who holds an outstanding Purchase
Right. 
 (u)    “Plan” means this Keros Therapeutics, Inc. 2020 Employee Stock
Purchase Plan, as amended from time to time. 
 (v)    “Purchase Date” means one
or more dates during an Offering selected by the Board on which Purchase Rights will be exercised and on which purchases of shares of Common Stock will be carried out in accordance with such Offering. 

(w)    “Purchase Period” means a period of time specified within an Offering, generally
beginning on the Offering Date or on the first Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods. 

(x)    “Purchase Right” means an option to purchase shares of Common Stock granted
pursuant to the Plan. 
 (y)    “Related Corporation” means any “parent
corporation” or “subsidiary corporation” of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 

(z)    “Securities Act” means the Securities Act of 1933, as amended. 

  
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 (aa)    “Subsidiary” means, with respect
to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time,
stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited
liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). For purposes of the foregoing clause (i),
the Company will be deemed to “Own” or have “Owned” such securities if the Company, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes
the power to vote or to direct the voting, with respect to such securities. 
 (bb)    “Trading
Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are listed, including but not limited to the NYSE, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any
successors thereto, is open for trading. 

  
 11EX-10.14

 Exhibit 10.14 

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”), by and between Keros Therapeutics, Inc. (the
“Company”), and Jasbir Seehra (“Executive”) (collectively referred to as the “Parties” or individually referred to as a “Party”), is effective as of the date the Company consummates
an initial public offering (the “Effective Date”). 
 R E C I T A L S 

WHEREAS, on December 15, 2015, the Executive was employed as the Chief Executive Officer of the Company, pursuant to the terms of the
December 14, 2015 offer letter (the “Offer Letter”); 
 WHEREAS, the Company desires to continue to employ Executive
as its Chief Executive Officer following the Effective Date pursuant to the terms of the Agreement, which shall amend and restate the Offer Letter in its entirety; and 

WHEREAS, Executive desires to accept such employment and enter into such an agreement. 

A G R E E M E N T 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the Parties agree as follows: 

1. Duties and Scope of Employment. 

(a) Positions and Duties. As of the Effective Date, Executive will serve as Chief Executive Officer of the Company. Executive
will render such business and professional services in the performance of Executive’s duties, consistent with Executive’s position within the Company, as shall reasonably be assigned to Executive by the Company’s Board of Directors
(the “Board”). The period of Executive’s at-will employment under the terms of this Agreement is referred to herein as the “Employment Term.” 

(b) Board Membership. During the Employment Term, Executive will serve as a member and Chairman of the Board, subject to any required
Board and/or stockholder approval. 
 (c) Obligations. During the Employment Term, Executive will perform Executive’s duties
faithfully and to the best of Executive’s ability and will devote Executive’s full business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively engage in any other employment,
occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Board. 
 2. At-Will Employment. Subject to Sections 7, 8, and 9 below, the parties agree that Executive’s employment with the Company will be “at-will” employment and
may be terminated at any time with or without cause or notice, for any reason or no reason. Executive understands and agrees that neither Executive’s job performance nor promotions, commendations, bonuses or the like from the Company give rise
to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of Executive’s employment with the Company. 

3. Compensation. 
 (a)
Base Salary. During the Employment Term, the Company will pay Executive as compensation for Executive’s services a base salary of $525,300 per year, as modified from time to time at the discretion of the Board or a duly
constituted committee of the Board (the “Base Salary”). The Base Salary will 

 
be paid in regular installments in accordance with the Company’s normal payroll practices (subject to required withholding). Any increase or decrease in Base Salary (together with the then
existing Base Salary) shall serve as the “Base Salary” for future employment under this Agreement. The first and last payment will be adjusted, if necessary, to reflect a commencement or termination date other than the first or last
working day of a pay period. 
 (b) Annual Bonus. Executive will also be eligible to earn an annual discretionary bonus with a
target amount equal to 50% of the Base Salary (“Target Bonus”). The amount of this bonus, if any, will be determined in the sole discretion of the Board and based, in part, on Executive’s performance and the performance of the
Company during the calendar year. The Company will pay Executive this bonus, if any, by no later than March 1st of the following calendar year. The bonus is not earned until paid and no pro-rated amount will be paid if Executive’s employment terminates for any reason prior to the payment date. 

(c) Stock Option. The Executive acknowledges that as of the Effective Date, he has received the equity awards set forth on Exhibit
A hereto, under, and subject to the terms and conditions of the Company’s 2017 Stock Incentive Plan, as amended (“2017 Plan”) and applicable award agreements thereunder. The Executive acknowledges and agrees that from and
after the Effective Date, such equity awards shall only be subject to accelerated vesting in accordance with Section 9 of this Agreement. 

(i) Executive will be eligible to receive awards of stock options, restricted stock or other equity awards pursuant to any plans or
arrangements the Company may have in effect from time to time. The Board or a committee of the Board shall determine in its discretion whether Executive shall be granted any such equity awards and the terms of any such award in accordance with the
terms of any applicable plan or arrangement that may be in effect from time to time. 
 4. Employee Benefits. During the Employment
Term, Executive will be eligible to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability to other senior executives of the Company, including, without limitation, the Company’s
group medical, dental, vision, disability, life insurance, and flexible-spending account plans. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. 

5. Vacation. Executive will be eligible to accrue a maximum of four (4) weeks paid vacation per year, in accordance with the
Company’s vacation policy, which shall be taken subject to the demands of the Company’s business and Executive’s obligations as an employee of the Company with a substantial degree of responsibility. 

6. Business Expenses. During the Employment Term, the Company will reimburse Executive for reasonable business travel, entertainment or
other business expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 

7. Termination on Death or Disability. 

(a) Effectiveness. Executive’s employment will terminate automatically upon Executive’s Death or, upon fourteen (14) days
prior written notice from the Company, in the event of Disability. 
 (b) Effect of Termination. Upon any termination for death or
Disability, Executive shall be entitled to: (i) Executive’s Base Salary through the effective date of termination; (ii) the right to continue health care benefits under Title X of the Consolidated Budget Reconciliation Act of
1985, as amended (“COBRA”), at Executive’s cost, to the extent required and available by law; (iii) reimbursement of expenses for which Executive is entitled to be reimbursed pursuant to Section 6 above, but for which
Executive has not yet been reimbursed; and (iv) no other severance or benefits of any kind, unless required by law or pursuant to any other written Company plans or policies, as then in effect. 

  
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 8. Involuntary Termination for Cause; Resignation Without Good Reason.

 (a) Effectiveness. Notwithstanding any other provision of this Agreement, the Company may terminate Executive’s employment at
any time for Cause or Executive may resign from Executive’s employment with the Company at any time without Good Reason. Termination for Cause, or Executive’s resignation without Good Reason, shall be effective on the date either Party
gives notice to the other Party of such termination in accordance with this Agreement unless otherwise agreed by the Parties. In the event that the Company accelerates the effective date of a resignation, such acceleration shall not be construed as
a termination of Executives employment by the Company or deemed Good Reason for such resignation. 
 (b) Effect of Termination. In the
case of the Company’s termination of Executive’s employment for Cause, or Executive’s resignation without Good Reason, Executive shall be entitled to receive: (i) Base Salary through the effective date of the termination or
resignation, as applicable; (ii) reimbursement of all business expenses for which Executive is entitled to be reimbursed pursuant to Section 6 above, but for which Executive has not yet been reimbursed; (iii) the right to continue
health care benefits under COBRA, at Executive’s cost, to the extent required and available by law; and (iv) no other severance or benefits of any kind, unless required by law or pursuant to any other written Company plans or policies, as
then in effect. 
 9. Involuntary Termination Without Cause and Resignation for Good Reason. 

(a) Effect of Termination. The Company shall be entitled to terminate Executive with or without Cause at any time, subject to the
following: 
 (i) Involuntary Termination by Company without Cause or By Executive for Good Reason not in Connection with a Change in
Control. If Executive is terminated by the Company involuntarily without Cause (excluding any termination due to death or Disability) or Executive resigns for Good Reason, then, subject to the limitations of Sections 9(b) and 25 below, Executive
shall be entitled to receive: 
 (1) Executive’s Base Salary through the effective date of the termination or resignation. 

(2) continuing severance pay at a rate equal to one hundred percent (100%) of Executive’s Base Salary, as then in effect (less applicable
withholding), for a period of twelve (12) months from the date of such termination, to be paid periodically in accordance with the Company’s normal payroll practices. 

(3) continued vesting of Executive’s stock options, subject to the terms and conditions of the 2017 Plan, as amended and applicable award
agreements thereunder, for a period of twelve (12) months from the date of such termination. 
 (4) a payment equal to 100% of the
Target Bonus for the year in which Executive’s employment is terminated, prorated by the duration of the year in which Executive provided services (the “Prorated Target Bonus”), but only if Executive is terminated on or after
July 1 of the calendar year. The Company shall pay the Prorated Target Bonus, subject to standard deductions and withholdings, in a lump sum on the first regularly scheduled payroll date following the date the Release becomes effective and can
no longer be revoked provided that, if the release execution period begins in one taxable year and ends in another taxable year, payment shall not be made until the beginning of the second taxable year. 

  
 -3- 

 (5) reimbursement of all business expenses for which Executive is entitled to be reimbursed
pursuant to Section 6 above, but for which Executive has not yet been reimbursed. 
 (6) if Executive is eligible for and timely elects
to continue health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 or the state equivalent (“COBRA”), the Company will pay, on Executive’s behalf, on a monthly basis, the total cost of COBRA
premiums for Executive and Executive’s eligible dependents, if any, until the earlier of (i) twelve (12) months from Separation Date, (ii) the expiration of Executive’s eligibility for the continuation coverage under COBRA, or
(iii) such time as Executive becomes employed by another employer or self-employed through which you are eligible for health insurance (thereafter, Executive will be responsible for all COBRA premium payments, if any). Executive will be
required to notify the Company immediately if Executive becomes eligible to enroll for health coverage under an insurance plan of a subsequent employer. For purposes of this Section, any applicable insurance premiums that are paid by the Company
will not include any amounts payable by Executive under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are the sole responsibility of Executive. 

(7) no other severance or benefits of any kind, unless required by law or pursuant to any written Company plans or policies, as then in
effect. 
 (ii) Involuntary Termination by Company without Cause or by Executive for Good Reason in Connection with a Change of
Control. If immediately before or within twelve (12) months following a Change of Control (as defined below), Executive is involuntarily terminated by the Company or successor corporation for other than Cause, death or Disability, or
Executive resigns for Good Reason, then, subject to the limitations of Sections 9(b) and 25 below, Executive shall be entitled to receive: 

(1) Executive’s Base Salary through the effective date of the termination or resignation for Good Reason. 

(2) continuing severance pay at a rate equal to one hundred percent (100%) of Executive’s Base Salary, as then in effect (less applicable
withholding), for a period of eighteen (18) months from the date of such termination, to be paid periodically in accordance with the Company’s normal payroll practices. 

(3) a payment equal to 100% of the Target Bonus for the year in which Executive’s employment is terminated. The Company shall pay the
Target Bonus, subject to standard deductions and withholdings, in a lump sum on the first regularly scheduled payroll date following the later of the date the Release becomes effective and can no longer be revoked provided that, if the release
execution period begins in one taxable year and ends in another taxable year, payment shall not be made until the beginning of the second taxable year. 

(4) reimbursement of all business expenses for which Executive is entitled to be reimbursed pursuant to Section 6 above, but for which
Executive has not yet been reimbursed. 
 (5) if Executive is eligible for and timely elects to continue health insurance coverage under
COBRA, the Company will pay, on Executive’s behalf, on a monthly basis, the total cost of COBRA premiums for Executive and Executive’s eligible dependents, if any, until the earlier of (i) eighteen (18) months from Separation Date,
(ii) the expiration of Executive’s eligibility for the continuation coverage under COBRA, or (iii) such time as Executive becomes employed by another employer or self-employed through which you are eligible for health insurance
(thereafter, Executive will be responsible for all COBRA premium payments, if any). Executive will be required to notify the Company immediately if Executive becomes eligible to enroll for health coverage under an insurance plan of a subsequent
employer. For purposes of this Section, any applicable insurance premiums that are paid by the Company will not include any amounts payable by Executive under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts,
if any, are the sole responsibility of Executive. 

  
 -4- 

 (6) Executive shall be entitled to acceleration of 100% of Executive’s then-unvested
and outstanding equity awards. 
 (7) No other severance or benefits of any kind, unless required by law or pursuant to any written Company
plans or policies, as then in effect. 
 (b) Conditions Precedent. Any severance payments contemplated by Section 9(a)
above are conditional on Executive: (i) continuing to comply with the terms of this Agreement and the Confidential Information Agreement; and (ii) signing and not revoking a separation agreement and release of known and unknown claims
in the form provided by the Company (including non-competition, nondisparagement and a cooperation provisions) (the “Release”) and which will be provided by the Company no later than ten
(10) days after the termination date and provided that such Release becomes effective and irrevocable no later than forty-five (45) days following the termination date or such earlier date required by the release (such deadline, the
“Release Deadline”). If the Release does not become effective by the Release Deadline, Executive will forfeit any rights to severance or benefits under this Section 9 or elsewhere in this Agreement. Any severance payments or
other benefits under this Agreement that would be considered Deferred Compensation Separation Benefits (as defined in Section 25) will be paid on, or, in the case of installments, will not commence until, the forty-fifth (45th) day following
Executive’s separation from service, or, if later, such time as required by Section 25(b). Except as required by Section 25(b), any installment payments that would have been made to Employee during the forty-five (45) day period
immediately following Executive’s separation from service but for the preceding sentence will be paid to Executive on the forty-fifth (45th) day following Executive’s separation from service and the remaining payments will be made as
provided in this Agreement, unless subject to the 6-month payment delay described herein. Any severance payments under this Agreement that would not be considered Deferred Compensation Separation Benefits will
be paid on, or, in the case of installments, will not commence until, the first payroll date that occurs on or after the date the Release becomes effective and any installment payments that would have been made to Executive during the period prior
to the date the Release becomes effective following Executive’s separation from service but for the preceding sentence will be paid to Executive on the first payroll date that occurs on or after the date the Release becomes effective.
Notwithstanding the foregoing, this Section 9(b) shall not limit Executive’s ability to obtain expense reimbursements under Section 6 or any other compensation or benefits otherwise required by law or in accordance with written
Company plans or policies, as then in effect. 
 10. Indemnification. Regardless of the manner of Executive’s termination,
Executive will be indemnified to the extent permitted by law, for claims brought against Executive during or after Executive’s employment for the Company. The Company will indemnify Executive to the extent permitted by its charter and bylaws
and by applicable law against all costs, charges and expenses, including, without limitation, attorneys’ fees, incurred or sustained by me in connection with any action, suit or proceeding to which Executive may be made a party by reason of
being an officer, director or employee of the Company. In connection with the foregoing, Executive will be covered under any liability insurance policy that protects other officers of the Company. The Company will provide Executive its standard
indemnification agreement, which is subject to approval by the Board of Directors and is consistent with the agreement for the other directors and officers of the Company. 

11. Definitions. 
 (a)
Cause. For purposes of this Agreement, “Cause” shall mean: (i) Executive’s continued failure to substantially perform the material duties and obligations under this Agreement (for reasons other than death or
Disability), which failure, if curable within the discretion of the Company, is not cured to the 

  
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reasonable satisfaction of the Company within thirty (30) days after receipt of written notice from the Company of such failure; (ii) Executive’s failure or refusal to comply with
the policies, standards and regulations established by the Company from time to time which failure, if curable in the discretion of the Company, is not cured to the reasonable satisfaction of the Company within thirty (30) days after receipt of
written notice of such failure from the Company; (iii) any act of personal dishonesty, fraud, embezzlement, misrepresentation, or other unlawful act committed by Executive that benefits Executive at the expense of the Company; (iv) the
Executive’s violation of a federal or state law or regulation applicable to the Company’s business; (v) the Executive’s violation of, or a plea of nolo contendre or guilty to, a felony under the laws of the United States or any
state; or (vi) the Executive’s material breach of the terms of this Agreement or the Confidential Information Agreement (defined below). 

(b) Change of Control. For purposes of this Agreement, “Change of Control” shall have the meaning attributed to such
term in the Company’s 2020 Equity Incentive Plan, as amended from time to time (the “2020 Plan”). 
 (c)
Disability. For purposes of this Agreement, “Disability” means that Executive, at the time notice is given, has been unable to substantially perform Executive’s duties under this Agreement for not less than one-hundred and twenty (120) work days within a twelve (12) consecutive month period as a result of Executive’s incapacity due to a physical or mental condition and, if reasonable accommodation is
required by law, after any reasonable accommodation. 
 (d) Good Reason. For purposes of this Agreement, “Good
Reason” means Executive’s written notice of Executive’s intent to resign for Good Reason with a reasonable description of the grounds therefor within 30 days after the occurrence of one or more of the following without
Executive’s consent, and subsequent resignation within 30 days following the expiration of any Company cure period (discussed below): (i) a material reduction of Executive’s duties, position or responsibilities; (ii) a material
reduction in Executive’s Base Salary (other than a reduction of not more than 10% that is applicable to similarly situated executives of the Company); (iii) a material breach of this Agreement by the Company; or (iv) a material change in
the geographic location of Executive’s primary work facility or location; provided, that a relocation of less than 50 miles from Executive’s then present location will not be considered a material change in geographic location. Executive
will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within 30 days of the initial existence of the grounds for “Good Reason”
and a reasonable cure period of not less than 30 days following the date of such notice if such act or omission is capable of cure. 
 12.
Company Matters. 
 (a) Proprietary Information and Inventions. In connection with Executive’s employment with the
Company, Executive will receive and have access to Company confidential information and trade secrets. Accordingly, enclosed with this Agreement is an Employee Confidential Information and Inventions Assignment Agreement (the “Confidential
Information Agreement”) which contains restrictive covenants and prohibits unauthorized use or disclosure of the Company’s confidential information and trade secrets, among other obligations. Executive agrees to review the Confidential
Information Agreement and only sign it after careful consideration. 
 (b) Resignation on Termination. On termination of
Executive’s employment, regardless of the reason for such termination, Executive shall immediately (and with contemporaneous effect) resign any directorships, offices or other positions that Executive may hold in the Company or any affiliate,
unless otherwise agreed in writing by the Parties. 

  
 -6- 

 (c) Notification of New Employer. In the event that Executive leaves the employ of
the Company, Executive grants consent to notification by the Company to Executive’s new employer about Executive’s rights and obligations under this Agreement and the Confidential Information Agreement. 

13. Arbitration. To ensure the timely and economical resolution of disputes that may arise in connection with Executive’s
employment with the Company, Executive and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance, negotiation, execution, or interpretation of this Agreement,
Confidential Information Agreement, or Executive’s employment, or the termination of Executive’s employment, including but not limited to all statutory claims (including, but not limited to, the Massachusetts Antidiscrimination Act, Mass.
Gen. Laws ch.151B and the Massachusetts Wage Act, Mass. Gen. Laws ch. 149), will be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law, by final,
binding and confidential arbitration by a single arbitrator conducted in Boston, Massachusetts by Judicial Arbitration and Mediation Services Inc. (“JAMS”) under the then applicable JAMS rules (at the following
web address: https://www.jamsadr.com/rules-employment-arbitration/); provided, however, this arbitration provision shall not apply to sexual harassment claims to the extent prohibited by applicable law. A hard copy of the rules will be
provided to you upon request. A hard copy of the rules will be provided to Executive upon request. By agreeing to this arbitration procedure, both Executive and the Company waive the right to resolve any such dispute through a trial by jury
or judge or administrative proceeding. In addition, all claims, disputes, or causes of action under this section, whether by Executive or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or
claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person or entity. The Arbitrator may not consolidate the claims of more than one person or entity, and may
not preside over any form of representative or class proceeding. To the extent that the preceding sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or
brought on behalf of a class shall proceed in a court of law rather than by arbitration. The Company acknowledges that Executive will have the right to be represented by legal counsel at any arbitration proceeding. Questions of whether a
claim is subject to arbitration under this Agreement) shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the final disposition are also matters for the arbitrator. The arbitrator
shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; (b) issue a written arbitration decision, to include the arbitrator’s
essential findings and conclusions and a statement of the award; and (c) be authorized to award any or all remedies that Executive or the Company would be entitled to seek in a court of law. Executive and the Company shall equally share
all JAMS’ arbitration fees. Except as modified in the Confidential Information Agreement, each party is responsible for its own attorneys’ fees. Nothing in this Agreement is intended to prevent either Executive or the Company
from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any
competent jurisdiction. 
 14. Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs,
executors and legal representatives of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes.
For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of
the Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer,
conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 

  
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 15. Notices. All notices, requests, demands and other communications called for under
this Agreement shall be in writing and shall be delivered via e-mail, personally by hand or by courier, mailed by United States first-class mail, postage prepaid, or sent by facsimile directed to the Party to
be notified at the address or facsimile number indicated for such Party on the signature page to this Agreement, or at such other address or facsimile number as such Party may designate by ten (10) days’ advance written notice to the other
Parties hereto. All such notices and other communications shall be deemed given upon personal delivery, three (3) days after the date of mailing, or upon confirmation of facsimile transfer or e-mail.
Notices sent via e-mail under this Section shall be sent to either the e-mail address in this Agreement, or for e-mails sent by
the Company to Executive, to the last e-mail address on file with the Company. 
 16.
Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 

17. Integration. This Agreement, together with the 2017 Plan, 2020 Plan, applicable award agreements and the Confidential Information
Agreement represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral. No waiver, alteration, or modification of any of the
provisions of this Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto. 
 18.
Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes. 
 19.
Waiver. No Party shall be deemed to have waived any right, power or privilege under this Agreement or any provisions hereof unless such waiver shall have been duly executed in writing and acknowledged by the Party to be charged with such
waiver. The failure of any Party at any time to insist on performance of any of the provisions of this Agreement shall in no way be construed to be a waiver of such provisions, nor in any way to affect the validity of this Agreement or any part
hereof. No waiver of any breach of this Agreement shall be held to be a waiver of any other subsequent breach 
 20. Governing Law.
This Agreement will be governed by the laws of the State of Massachusetts (with the exception of its conflict of laws provisions). 
 21.
Acknowledgment. Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice from Executive’s legal counsel, has had sufficient time to, and has carefully read and fully understands all the
provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement. 
 22. Counterparts. This Agreement may
be executed in multiple counterparts, each of which shall be deemed to be an original, and all such counterparts shall constitute but one instrument. 

23. Effect of Headings. The section and subsection headings contained herein are for convenience only and shall not affect the
construction hereof. 
 24. Construction of Agreement. This Agreement has been negotiated by the respective Parties, and the language
shall not be construed for or against either Party. 
 25. Section 409A. 

(a) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any,
pursuant to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A 

  
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(“Section 409A”) of the Internal Revenue Code of 1986, as amended and the regulations and other guidance thereunder or any state law of similar effect
(together, the “Deferred Compensation Separation Benefits”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of Section 409A. 

(b) Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of
Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Compensation Separation Benefits that are payable within the first six (6) months following Executive’s separation from service,
will become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Compensation Separation Benefits, if any,
will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six (6) month
anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (c) Any amount paid under this Agreement that
satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Compensation Separation Benefits for
purposes of clause (a) above. 
 (d) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary
separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit will not constitute Deferred Compensation Separation Benefits
for purposes of clause (a) above. For purposes of this Agreement, “Section 409A Limit” will mean the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of
pay paid to Executive during the Executive’s taxable year preceding Executive’s taxable year of Executive’s termination of employment as determined under Treasury Regulation
Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to
Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated. 
 (e) The foregoing provisions are
intended to be exempt from or comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities
herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of
any additional tax or income recognition prior to actual payment to Executive under Section 409A. 
 [Remainder of page is
intentionally blank; Signature page follows] 

  
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 IN WITNESS WHEREOF, each of the Parties has executed this Agreement as of the day and
year first above written. 
  

			
	“COMPANY”
	
	KEROS THERAPEUTICS, INC.
		
	By:	 	 /s/ Keith Regnante

	
	Address:
	 99 Hayden Ave, Lexington

	 MA 02421, USA

	Attn:
                                         
                       
	Fax
Number:                                        
            
	Email:
                                         
                      

 

	
	“EXECUTIVE”
	
	JASBIR SEEHRA
	
	 /s/ Jasbir Seehra

	Executive Name
	
	Address:
	  

	  

	  

	Fax
Number:                                        
            
	Email:
                                         
                      

 Enclosures 
 Duplicate
Executive Employment Agreement 
 Employee Confidential Information and Inventions Assignment Agreement 

KEROS THERAPEUTICS, INC. 

EXECUTIVE EMPLOYMENT AGREEMENT 

SIGNATURE PAGE 

  
 -10- 

 Exhibit A 
  

											
	 Grant Date
	  	Type of
Award	  	Number
of Shares
subject to
Award(1)	 	  	Exercise
Price(1)	 
	 April 3, 2017
	  	ISO	  	 	41,468	 	  	$	0.10	 
	 March 26, 2018
	  	ISO	  	 	301,811	 	  	$	0.30	 
	 March 26, 2018
	  	ISO	  	 	41,468	 	  	$	0.30	 
	 June 19, 2019
	  	ISO	  	 	49,087	 	  	$	0.47	 

  

	(1)	 Share numbers and exercise prices adjusted to give effect to the Company’s
one-for-2.1703 reverse stock split 

  
 -11-

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