Document:

Exhibit 10.10

 

AKREVIA THERAPEUTICS INC.

 

AKREVIA CONCERTO LLC

 

LOAN AND SECURITY AGREEMENT

 

 

     

     

    

 

This LOAN AND SECURITY AGREEMENT
(the “Agreement”) is entered into as of November 21, 2019, by and between PACIFIC WESTERN BANK, a California state chartered
bank (“Bank”), and Akrevia Therapeutics Inc. and Akrevia Concerto LLC (individually and collectively referred to as “Borrower”).

 

RECITALS

 

Borrower wishes to obtain credit
from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on which Bank will advance
credit to Borrower, and Borrower will repay the amounts owing to Bank.

 

AGREEMENT

 

The parties agree as follows:

 

1.            
DEFINITIONS AND CONSTRUCTION.

 

1.1         
Definitions. As used in this Agreement, all capitalized terms shall have the definitions set forth on Exhibit A. Any term used
in the Code and not defined herein shall have the meaning given to the term in the Code.

 

1.2         
Accounting Terms. Any accounting term not specifically defined on Exhibit A shall be construed in accordance with GAAP and
all calculations shall be made in accordance with GAAP (except for non-compliance with FAS 123R in monthly reporting). The term “financial
statements” shall include the accompanying notes and schedules.

 

2.            
LOAN AND TERMS OF PAYMENT.

 

2.1             
Credit Extensions.

 

(a)              
Promise to Pay. Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal
amount of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions
at rates in accordance with the terms hereof.

 

(b)       Term
Loan.

 

(i)       Subject
to and upon the terms and conditions of this Agreement, Bank agrees to make one (1) term loan to Borrower in the aggregate principal amount
of Ten Million Dollars ($10,000,000) (the “Term Loan”). The proceeds of the Term Loan shall be used for general corporate
purposes.

 

(ii)       Interest
shall accrue from the date of the Term Loan at the rate specified in Section 2.3(a), and through the Interest-Only End Date shall be
payable monthly in arrears beginning on the 21st day of the month next following the Term Loan, and continuing on the same day of each
month thereafter. Any portion of the Term Loan that is outstanding on the Interest-Only End Date shall be payable in 30 equal monthly
installments of principal, plus all accrued but unpaid interest, beginning on the date that is one month immediately following the Interest-Only
End Date, and continuing on the same day of each month thereafter through the Term Loan Maturity Date, at which time all outstanding
amounts due in connection with the Term Loan and any other outstanding amounts due under this Agreement shall be immediately due and
payable. The Term Loan, once repaid, may not be reborrowed. Borrower may prepay all or any portion of the Term Loan without penalty or
premium.

 

     

     

    

 

(iii)       Borrower
hereby requests that Bank make the Term Loan on the Closing Date or as soon as practicable thereafter. To further document this request,
Borrower shall notify Bank (which notice shall be irrevocable) by email to be received no later than 3:30 p.m. Eastern time on the day
on which the Term Loan is to be made. Such notice shall be given by a Loan Advance Request Form in substantially the form of Exhibit C.
The notice shall be signed by an Authorized Officer. Bank shall be entitled to rely on any notice given by a person whom Bank reasonably
believes to be an Authorized Officer, and Borrower shall indemnify and hold Bank harmless for any damages, loss, costs, and expenses suffered
by Bank as a result of such reliance.

 

(c)       Usage
of Credit Card Services Under Credit Card Line.

 

(i)       Usage
Period. Subject to and upon the terms and conditions of this Agreement, at any time through the Credit Card Maturity Date, Borrower
may use the Credit Card Services (as defined below) in amounts and upon terms as provided in Section 2.1(c)(ii) below.

 

(ii)       Credit
Card Services. Subject to and upon the terms and conditions of this Agreement, Borrower may request corporate credit cards services
from Bank (the “Credit Card Services”). The aggregate limit of the corporate credit cards shall not exceed the Credit Card
Line. The terms and conditions (including repayment and fees) of such Credit Card Services shall be subject to the terms and conditions
of Bank’s standard forms of application and agreement for the Credit Card Services, which Borrower hereby agrees to execute.

 

(iii)       Collateralization
of Obligations Extending Beyond Maturity. Borrower shall take such actions as Bank may reasonably request to cause its obligations
with respect to any Credit Card Services to be secured to Bank’s reasonable satisfaction as of the Credit Card Maturity Date. If
Borrower has not cash secured its obligations with respect to any Credit Card Services by the Credit Card Maturity Date, then, effective
as of such date, the balance in any of Borrower’s deposit accounts held by Bank and the certificates of deposit or time deposit
accounts issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon
the maturity or liquidation of such certificates or accounts) shall automatically secure such obligations to the extent of the then continuing
or outstanding Credit Card Services. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon
or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the applicable Credit
Card Services are outstanding or continue.

 

     

     

    

 

2.2         
[Reserved].

 

2.3         
 Interest Rates, Payments, and Calculations.

 

(a)              
Interest Rates.

 

(i)                
Term Loan. Except as set forth in Section 2.3(b), the Term Loan shall bear interest, on the outstanding daily balance thereof,
at a variable annual rate equal to the greater of: (A) 0.25% above the Prime Rate then in effect; or (B) 5.00%.

 

(b)             
Late Fee; Default Rate. If any payment is not made within 15 days after the date such payment is due, at Bank’s election,
Borrower shall pay Bank a late fee equal to the lesser of (i) 5% of the amount of such unpaid amount or (ii) the maximum amount permitted
to be charged under applicable law. At Bank’s election, after the occurrence and during the continuance of an Event of Default,
all Obligations shall bear interest, upon notice of such increase given by Bank, at a rate equal to five (5) percentage points above the
interest rate applicable immediately prior to the occurrence of the Event of Default (such rate, the “Default Rate”); provided,
that, from and after the occurrence of any Event of Default described in Section 8.5, such increase shall be automatic and without the
requirement of any notice from Bank. In all such events, and notwithstanding the date on which application of the Default Rate is communicated
to Borrower, the Default Rate may be accrued (at the election of Bank) from the initial date of any Event of Default until all existing
Events of Default are waived in writing in accordance with the terms of this Agreement. 

 

(c)              
Payments. Borrower authorizes Bank, at Bank’s option, to charge all interest, all Bank Expenses, all Periodic Payments,
and any other amounts due and owing in accordance with the terms of this Agreement, in each case if and when due, against, first, a deposit
account designated by Borrower in writing, and second, if insufficient funds remain in such account, against any of Borrower’s other
deposit accounts. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter
accrue interest at the rate then applicable hereunder.

 

(d)             
Computation. In the event the Prime Rate is changed from time to time hereafter, the applicable rate of interest hereunder
shall be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate.
All interest chargeable under the Loan Documents shall be computed on the basis of a 360 day year for the actual number of days elapsed.

 

2.4          Crediting
Payments. Prior to the occurrence of an Event of Default that is continuing, Bank shall credit a wire transfer of funds, check
or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the
continuance of an Event of Default, Bank shall have the right, in its reasonable discretion, to immediately apply any wire transfer
of funds, check, or other item of payment Bank may receive to conditionally reduce Obligations, but such applications of funds shall
not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check
or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire
transfer or payment received by Bank after 3:30 p.m. Eastern time shall be deemed to have been received by Bank as of the opening of
business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due
(except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day,
and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

 

     

     

    

 

2.5         
Fees. Borrower shall pay to Bank the following:

 

(a)              
Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, provided that Borrower shall be responsible
for no more than $25,000 of such Bank Expenses; and, after the Closing Date, all Bank Expenses, as and when they become due; and

 

(b)             
Success Fee. Upon a Success Fee Event, Borrower shall pay to Bank a one-time fee of $500,000 (the “Success Fee”).
This Section 2.5(b) shall survive any termination of this Agreement. If this Agreement is terminated prior to payment of the Success Fee,
Borrower shall give Bank written notice of the first Success Fee Event to occur thereafter and pay the Success Fee upon the consummation
of such Success Fee Event.

 

2.6             
Term. This Agreement shall become effective on the Closing Date and, subject to Section 12.7, shall continue in full force
and effect for so long as any Obligations (other than inchoate indemnity obligations) remain outstanding or Bank has any obligation to
make Credit Extensions under this Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make
Credit Extensions under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default.
Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) Borrower may simultaneously with such payment
terminate this agreement upon 3 Business Days written notice to Bank. Following such payment in full in cash of the Obligations (other
than inchoate indemnity obligations) at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall release
its Liens in the Collateral and Bank shall promptly take such action reasonably requested by Borrower, at Borrower’s sole cost and
expense, in order to cause such Liens to be terminated of record (including by filing UCC-3 or similar termination statements with respect
to such Liens), and all rights therein shall revert to Borrower.

 

3.            
CONDITIONS OF LOANS.

 

3.1         
Conditions Precedent to Closing. The agreement of Bank to enter into this Agreement on the Closing Date is subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to Bank, each of the following items and completed each of
the following requirements:

 

(a)              
this Agreement;

 

(b)             
an officer’s certificate of each Borrower with respect to incumbency and resolutions authorizing the execution and delivery
of this Agreement;

 

(c)              
a financing statement (Form UCC-1);

 

     

     

    

 

(d)              Borrower shall have opened and funded not less than $50,000 in deposit accounts held with Bank;

 

(e)             
a Loan Advance Request Form, delivered in the form and manner required by Section 2.1(b)(iii) of this Agreement, requesting
that Bank make the Term Loan on or about the Closing Date;

 

(f)               current
SOS Reports indicating that, except for Permitted Liens, there are no other security interests or Liens of record in the Collateral;

 

(g)             
current financial statements, including Borrower-prepared statements for Borrower’s most recently ended fiscal year and
Borrower-prepared consolidated and consolidating balance sheets and income statements for each of the preceding 12 months; and such other
updated financial information as Bank may reasonably request;

 

(h)             
a current Compliance Certificate in accordance with Section 6.2;

 

(i)              
a Borrower Information Certificate for each Borrower and Parent Guarantor;

 

(j)              
the Parent Guaranty, duly executed by Parent Guarantor, together with an officer’s certificate of Parent Guarantor with
respect to incumbency and resolutions authorizing the execution and delivery of the Parent Guaranty; and

 

(k)               such
other documents or certificates, and completion of such other matters, as Bank may have reasonably requested.

 

3.2         
Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial
Credit Extension, is contingent upon Borrower’s compliance with Section 3.1 above, and is further subject to the following conditions:

 

(a)              
timely receipt by Bank of the Loan Advance/Paydown Request Form as provided in Section 2.1(b)(iii);

 

(b)              
in Bank’s sole but reasonable discretion, there has not been a Material Adverse Effect; and

 

(c)              
the representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the
date of such Loan Advance/Paydown Request Form and on the effective date of each Credit Extension as though made at and as of each such
date, and no Event of Default shall have occurred and be continuing, or would result from such Credit Extension (provided, however, that
those representations and warranties expressly referring to another date shall be true and correct in all material respects as of such
date, and provided further that any representation or warranty that contains a materiality qualification therein shall be true and correct
in all respects). The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such
Credit Extension as to the accuracy of the facts referred to in this Section 3.2.

 

     

     

    

 

4.          
 CREATION OF SECURITY INTEREST.

 

4.1         
Grant of Security Interest. Borrower grants and pledges to Bank a continuing security interest in the Collateral to secure
prompt repayment of any and all Obligations and to secure prompt performance by Borrower of each of its covenants and duties under the
Loan Documents. Except for Permitted Liens or as disclosed in the Schedule, such security interest constitutes a valid, first priority
security interest in the presently existing Collateral, and will constitute a valid, first priority security interest in later-acquired
Collateral. Borrower also hereby agrees not to sell, transfer, assign, mortgage, pledge, lease, grant a security interest in, or encumber
any of its Intellectual Property, other than Permitted Liens. Notwithstanding any termination of this Agreement or of any filings undertaken
related to Bank’s rights under the Code, Bank’s Lien on the Collateral shall remain in effect for so long as any Obligations
(other than inchoate indemnity obligations) are outstanding. Upon request by Borrower and payment in full in cash of the Obligations (other
than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall
release its liens and interests in the Collateral, and Bank shall take such actions as reasonably requested by Borrower in order to cause
such Liens to be terminated of record (including filing UCC-3 or similar termination statements with respect to such Liens).

 

4.2         
Perfection of Security Interest. Borrower authorizes Bank to file at any time financing statements, continuation statements,
and amendments thereto that (i) either specifically describe the Collateral or describe the Collateral as all assets of Borrower of the
kind pledged hereunder, and (ii) contain any other information required by the Code for the sufficiency of filing office acceptance of
any financing statement, continuation statement, or amendment, including whether Borrower is an organization, the type of organization
and any organizational identification number issued to Borrower, if applicable. Borrower shall have possession of the Collateral, except
goods transferred in the ordinary course of business where expressly otherwise provided in this Agreement or where Bank chooses to perfect
its security interest by possession in addition to the filing of a financing statement. Where Collateral is in possession of a third party
bailee, Borrower shall take such steps as Bank reasonably requests for Bank to (i) subject to Section 7.11 below, obtain an acknowledgment,
in form and substance reasonably satisfactory to Bank, of the bailee that the bailee holds such Collateral for the benefit of Bank, and
(ii) subject to Section 6.6, obtain “control” of any Collateral consisting of investment property, deposit accounts, letter-of-credit
rights or electronic chattel paper (as such items and the term “control” are defined in Revised Article 9 of the Code) by
causing the securities intermediary or depositary institution or issuing bank to execute a control agreement in form and substance reasonably
satisfactory to Bank. Borrower will not create any chattel paper without placing a legend on the chattel paper acceptable to Bank indicating
that Bank has a security interest in the chattel paper. Borrower from time to time may deposit with Bank specific cash collateral to secure
specific Obligations; Borrower authorizes Bank to hold such specific balances in pledge and to decline to honor any drafts thereon or
any request by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as such specific Obligations
are outstanding. Borrower shall take such other actions as Bank reasonably requests to perfect its security interests granted under this
Agreement.

 

     

     

    

 

5.            
REPRESENTATIONS AND WARRANTIES.

 

Borrower represents and warrants as follows:

 

5.1         
Due Organization and Qualification. Borrower and each Subsidiary is duly existing under the laws of the state in which it is
organized and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires
that it be so qualified, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect.

 

5.2         
Due Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are within Borrower’s
powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s
Certificate of Incorporation or Bylaws, nor will they constitute an event of default under any material agreement by which Borrower is
bound. Borrower is not in default under any agreement by which it is bound, except to the extent such default would not reasonably be
expected to cause a Material Adverse Effect.

 

5.3         
Collateral. Borrower has rights in or the power to transfer the Collateral, and its title to the Collateral is free and clear
of Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. Other than movable items of personal property
used by Borrower’s employees in the ordinary course of business, such as laptop computers, all Collateral is located solely in the
United States. All Inventory is in all material respects of good and merchantable quality, free from all material defects, except for
Inventory for which adequate reserves have been made. Except as set forth in the Schedule or as permitted under Section 6.6, none of Borrower’s
Cash is maintained or invested with a Person other than Bank or Bank’s affiliates.

 

5.4         
Intellectual Property Collateral. Borrower is the sole owner of the intellectual property created or purchased by Borrower,
except for (a) licenses permitted hereunder or granted by Borrower to its customers in the ordinary course of business, (b) over the counter
software that is commercially available to the public, and (c) material intellectual property licensed to Borrower and noted on a Borrower
Information Certificate. The intellectual property owned or licensed by Borrower constitutes all intellectual property material to the
conduct of Borrower’s business as now conducted and as presently proposed to be conducted. To the best of Borrower’s knowledge,
each of the Copyrights, Trademarks, and Patents created or purchased by Borrower is valid and enforceable, and no part of the intellectual
property created or purchased by Borrower has been judged invalid or unenforceable, in whole or in part, and no claim has been made to
Borrower that any part of the intellectual property created or purchased by Borrower violates the rights of any third party except, in
each case, to the extent such claim would not reasonably be expected to cause a Material Adverse Effect.

 

5.5         
Name; Location of Chief Executive Office. Except as disclosed in the Schedule or for which notice has been provided in accordance
with Section 7.2, Borrower has not done business under any name other than that specified on the signature page hereof, and its exact
legal name is as set forth in the first paragraph of this Agreement. The chief executive office of Borrower is located at the address
indicated in Section 10 hereof.

 

     

     

    

 

5.6         
 Litigation. Except as set forth in the Schedule, there are no actions or proceedings pending by or against Borrower or any
Subsidiary before any court or administrative agency in which a likely adverse decision would reasonably be expected to have a Material
Adverse Effect.

 

5.7         
No Material Adverse Change in Financial Statements. All consolidated and consolidating, if applicable, financial statements
related to Borrower and any Subsidiary that are delivered by Borrower to Bank fairly present in all material respects Borrower’s
consolidated and consolidating, if applicable, financial condition as of the date thereof and Borrower’s consolidated and consolidating,
if applicable, results of operations for the period then ended. There has not been a material adverse change in the consolidated or in
the consolidating financial condition of Borrower since the date of the most recent of such financial statements submitted to Bank.

 

5.8         
Solvency, Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value
of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not
left with unreasonably small capital after the transactions contemplated by this Agreement.

 

5.9         
Compliance with Laws and Regulations. Borrower and each Subsidiary have met the minimum funding requirements of ERISA with
respect to any employee benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with ERISA
that is reasonably likely to result in Borrower’s incurring any liability that could have a Material Adverse Effect. Borrower is
not an “investment company” or a company “controlled” by an “investment company” within the meaning
of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of its important activities, in the business of
extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors
of the Federal Reserve System). Borrower has not violated any statutes, laws, ordinances or rules applicable to it, the violation of which
would reasonably be expected to have a Material Adverse Effect. Borrower and each Subsidiary have filed or caused to be filed all tax
returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein except, in
each case, those being contested in good faith with adequate reserves under GAAP or where the failure to file such returns or pay such
taxes would not reasonably be expected to have a Material Adverse Effect.

 

5.10       
Subsidiaries. Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted
Investments.

 

5.11      
Government Consents. Borrower and each Subsidiary have obtained all consents, approvals and authorizations of, made all declarations
or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s
business as currently conducted, except where the failure to do so would not reasonably be expected to cause a Material Adverse Effect.

 

5.12       
Inbound Licenses. Except as disclosed on the Schedule or as disclosed pursuant to Section 6.9, Borrower is not a party to,
nor is bound by, any material license or other material agreement important for the conduct of Borrower’s business that prohibits
or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other
property important for the conduct of Borrower’s business, other than this Agreement or the other Loan Documents.

 

     

     

    

 

5.13       
Full Disclosure. No representation, warranty or other statement made by Borrower in any certificate or written statement furnished
to Bank taken together with all such certificates and written statements furnished to Bank contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading
in light of the circumstances in which they were made, it being recognized by Bank that the projections and forecasts provided by Borrower
in good faith and based upon reasonable assumptions are not to be viewed as facts and that actual results during the period or periods
covered by any such projections and forecasts may differ from the projected or forecasted results.

 

6.            
AFFIRMATIVE COVENANTS.

 

Borrower covenants that, until payment in full
of all outstanding Obligations (other than inchoate indemnity obligations), and for so long as Bank may have any commitment to make a
Credit Extension hereunder, Borrower shall do all of the following:

 

6.1         
Good Standing and Government Compliance. Borrower shall maintain its and each of its Subsidiaries’ organizational existence
and good standing in their respective states of formation, shall maintain qualification and good standing in each other jurisdiction in
which the failure to so qualify would reasonably be expected to have a Material Adverse Effect, and shall furnish to Bank the organizational
identification number issued to Borrower by the authorities of the state in which Borrower is organized, if applicable. Borrower shall
meet, and shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject
to ERISA. Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances and government rules and
regulations to which it is subject, and shall maintain, and shall cause each of its Subsidiaries to maintain, in force all licenses, approvals
and agreements, in each case, the loss of which or failure to comply with which would reasonably be expected to have a Material Adverse
Effect.

 

6.2         
Financial Statements, Reports, Certificates, Collateral Audits.

 

(a)               Borrower
shall deliver to Bank: (i) as soon as available, but in any event within 30 days after the end of each calendar month, a company
prepared consolidated and consolidating, as applicable, balance sheet and income statement covering Borrower’s operations
during such period, in a form reasonably acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but
in any event within 180 days after the end of Borrower’s fiscal year, audited consolidated and consolidating, as applicable,
financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an opinion which is either
unqualified, qualified only for going concern related solely to Borrower’s liquidity position, or otherwise consented to in
writing by Bank on such financial statements from an independent certified public accounting firm reasonably acceptable to Bank;
provided that, for Borrower’s 2019 fiscal year, Borrower need provide only Borrower-prepared financial statements; (iii) an
annual budget approved by Borrower’s board of directors as soon as available but not later than 60 days after the beginning of
each fiscal year during the term of this Agreement; (iv) if applicable, copies of all statements, reports and notices sent or made
available generally by Borrower to its security holders or to any holders of Subordinated Debt and all reports on Forms 10-K and
10-Q filed with the Securities and Exchange Commission; (v) promptly upon receipt of notice thereof, a report of any legal actions
pending or threatened against Borrower or any Subsidiary that could reasonably be expected to result in damages or costs to Borrower
or any Subsidiary of $250,000 or more; (vi) promptly upon receipt, each management letter prepared by Borrower’s independent
certified public accounting firm regarding Borrower’s management control systems; (vii) periodic informal clinical updates on
any material developments as Borrower may determine appropriate or upon the request of Bank; and (viii) such budgets, sales
projections, operating plans, or other financial information related to Borrower’s business as Bank may reasonably request
from time to time.

 

     

     

    

 

(b)             
Within 30 days after the last day of each month, Borrower shall deliver to Bank with the monthly financial statements described
in Section 6.2(a)(i) above a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer
in substantially the form of Exhibit D hereto.

 

(c)              
As soon as possible and in any event within 3 Business Days after becoming aware of the occurrence or existence of an Event
of Default hereunder, Borrower shall deliver to Bank a written statement of a Responsible Officer setting forth details of the Event of
Default, and the action which Borrower has taken or proposes to take with respect thereto.

 

(d)             
Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to time
during Borrower’s usual business hours but no more than once a year (unless an Event of Default has occurred and is continuing),
to inspect Borrower’s Books and to make copies thereof and to check, test, inspect, audit and appraise the Collateral at Borrower’s
expense in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral.

 

Borrower may deliver to Bank
on an electronic basis any certificates, reports or information required pursuant to this Section 6.2, and Bank shall be entitled to rely
on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible
Officer. Borrower shall include a submission date on any certificates and reports to be delivered electronically.

 

6.3         
Inventory and Equipment; Returns. Borrower shall keep all Inventory and Equipment in good and merchantable condition, free
from all material defects except for Inventory and Equipment (i) sold in the ordinary course of business, and (ii) for which adequate
reserves have been made, in all cases in the United States. Returns and allowances, if any, as between Borrower and its account debtors
shall be on the same basis and in accordance with the usual customary practices of Borrower, as they exist on the Closing Date, or as
is standard in the industry. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and claims involving
inventory having a book value of more than $100,000.

 

6.4          Taxes.
Borrower shall make, and cause each Subsidiary to make, due and timely payment or deposit of all material federal, state, and local
taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes,
F.I.C.A., F.U.T.A. and state disability, and will execute and deliver to Bank, on demand, proof reasonably satisfactory to Bank
indicating that Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the
payment or deposit thereof; provided that Borrower or a Subsidiary need not make any payment if the amount or validity of such
payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower
or such Subsidiary.

 

     

     

    

 

6.5         
Insurance. Borrower, at its expense, shall (i) keep the Collateral insured against loss or damage, and (ii) maintain liability
and other insurance, in each case as ordinarily insured against by other owners in businesses similar to Borrower’s. All such policies
of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Bank. All policies of property
insurance shall contain a lender’s loss payable endorsement, in a form reasonably satisfactory to Bank, showing Bank as lender’s
loss payee. All liability insurance policies shall show, or have endorsements showing, Bank as an additional insured. Any such insurance
policies shall specify that the insurer must give at least 20 days’ notice to Bank before canceling its policy for any reason. Within
30 days of the Closing Date, Borrower shall cause to be furnished to Bank evidence that the insurance policies required by this section
are in full force and effect, including a copy of its policies and appropriate evidence showing loss payable and additional insured clauses
or endorsements in favor of Bank. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the policies of insurance
and evidence of all premium payments. Proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower
to replace the property subject to the claim, provided that any such replacement property shall be deemed Collateral in which Bank has
been granted a first priority security interest, provided that if an Event of Default has occurred and is continuing, all proceeds payable
under any such policy shall, at Bank’s option, be payable to Bank to be applied on account of the Obligations.

 

6.6         
Primary Depository. Within 45 days after the Closing Date, Borrower shall maintain, and shall cause each Subsidiary to maintain,
substantially all of its cash in depository or operating accounts with Bank. Notwithstanding the foregoing, (a) Borrower may maintain
(i) when Borrower’s aggregate Cash at Bank equals or exceeds $1,000,000, up to $1,000,000, and (ii) at all other times, $250,000,
in each case, in an account at Silicon Valley Bank to facilitate the payment of payroll and trade payables, provided that such account
is subject to an account control agreement in favor of Bank, and (b) at any time when Borrower’s and Parent Guarantor’s aggregate
Cash at Bank exceeds $50,000,000, Borrower may maintain amounts in excess of $50,000,000 in Cash or Investments with Pacific Western Asset
Management. Prior to Borrower maintaining any investment accounts with Pacific Western Asset Management, Borrower, Bank, and Pacific Western
Asset Management (or, if applicable, the relevant securities intermediary) shall have entered into a securities account control agreement
with respect to any such investment accounts, in form and substance reasonably satisfactory to Bank.

 

6.7          
Financial Covenants. Borrower shall achieve the following milestone covenant:

 

(a)               Funding
Milestone. On or before January 31, 2020, Borrower shall deliver to Bank (i) a fully executed equity purchase agreement
providing for an aggregate equity investment in Borrower or Parent Guarantor of at least $60,000,000, on terms and from investors
reasonably acceptable to Bank; and (ii) evidence reasonably satisfactory to Bank that Borrower or Parent Guarantor has received,
after the Closing Date, Cash proceeds of at least $30,000,000, less reasonable transaction expenses, from the sale or issuance of
Borrower’s or Parent Guarantor’s equity securities to investors reasonably acceptable to Bank.

 

     

     

    

 

6.8         
Protection of Intellectual Property Rights. Borrower shall use commercially reasonable efforts to (i) protect, defend and maintain
the validity and enforceability of its trade secrets, Trademarks, Patents, and Copyrights material to its business, (ii) detect infringements
of its Trademarks, Patents, and Copyrights and promptly advise Bank in writing of material infringements detected, and (iii) not allow
any of its material Trademarks, Patents, or Copyrights to be abandoned, forfeited or dedicated to the public without the written consent
of Bank, which shall not be unreasonably withheld.

 

6.9         
Consent of Inbound Licensors. After entering into or becoming bound by any material inbound license or agreement, Borrower
shall (i) on the next Compliance Certificate delivered to Bank after entering into such material license or agreement, provide both a
copy of such license or agreement and a summary of the material terms of such license or agreement with a description of its likely impact
on Borrower’s business or financial condition, and (ii) at Bank’s request, in good faith use commercially reasonable efforts
to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for Borrower’s interest in such licenses
or contract rights to be deemed Collateral and for Bank to have a security interest in it that might otherwise be restricted by the terms
of the applicable license or agreement, whether now existing or entered into in the future, provided, however, that the failure to obtain
any such consent or waiver shall not constitute a default under this Agreement.

 

6.10       Creation/Acquisition
of Subsidiaries.  In the event Borrower or any Subsidiary of Borrower creates or acquires any Subsidiary, Borrower or such Subsidiary
shall promptly notify Bank of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably requested
by Bank to achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed
after the date hereof during the term of this Agreement):  (i) to cause such New Subsidiary to become either (A) a co-borrower hereunder,
if such New Subsidiary is organized under the laws of the United States, or (B) a secured guarantor with respect to the Obligations, if
such New Subsidiary is not organized under the laws of the United States; and (ii) to grant and pledge to Bank a perfected security interest
in 100% of the stock, units or other evidence of ownership held by Borrower or its Subsidiaries of any such New Subsidiary.

 

6.11       
Further Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take
such further action as may reasonably be requested by Bank to effect the purposes of this Agreement.

 

7.            
NEGATIVE COVENANTS.

 

Borrower covenants and agrees
that, so long as any credit hereunder shall be available and until the outstanding Obligations (other than inchoate indemnity obligations)
are paid in full or for so long as Bank may have any commitment to make any Credit Extensions, Borrower will not do any of the following
without Bank’s prior written consent, which shall not be unreasonably withheld:

 

     

     

    

 

7.1        
 Dispositions. Convey, sell, lease, license, transfer, or otherwise dispose of (collectively, to “Transfer”), or
permit any of its Subsidiaries to Transfer, all or any part of its business or property, or move cash balances on deposit with Bank to
accounts opened at another financial institution not permitted by Section 6.6, in each case, other than Permitted Transfers.

 

7.2         
Change in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control.
Change its name or the state of Borrower’s formation or relocate its chief executive office without 30 days prior written notification
to Bank; replace or suffer the departure of its chief executive officer or chief operating officer without delivering written notification
to Bank within 10 days; fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer or chief operating
officer for more than 60 consecutive days; suffer a change on its board of directors which results in the failure of at least one partner
of each of Atlas Venture or its Affiliate and F-Prime Capital or its Affiliate to serve as voting members without the prior written consent
of Bank, which may be withheld in Bank’s sole discretion; take action to liquidate, wind up, or otherwise cease to conduct business
in the ordinary course; engage in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably
related or incidental to the businesses currently engaged in by Borrower; change its fiscal year end; convert to another form of incorporated
or unincorporated business or entity; have a Change in Control; Divide.

 

7.3         
Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any
other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire,
or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person, or a division,
line of business, or business unit of another Person, in each case except where (a) each of the following conditions is applicable: (i)
the consideration paid in connection with such transactions (including assumption of liabilities) does not in the aggregate exceed $250,000
during any fiscal year, (ii) no Event of Default has occurred, is continuing or would exist after giving effect to such transactions,
(iii) such transactions do not result in a Change in Control, and (iv) Borrower is the surviving entity; or (b) the Obligations (other
than inchoate indemnity obligations) are repaid in full and this Agreement is terminated concurrently with the closing of any merger or
consolidation of Borrower in which Borrower is not the surviving entity. Borrower shall not, without Bank’s prior written consent,
enter into any binding contractual arrangement with any investment banker, business broker, or similar Person to attempt to facilitate
a merger or acquisition of Borrower or Borrower’s assets (any such agreement, an “Investment Banker Agreement”); unless
(i) no Event of Default exists when such Investment Banker Agreement is entered into by Borrower, (ii) such Investment Banker Agreement
does not give the counterparty the right, in connection with a sale of Borrower’s stock or assets pursuant to or resulting from
an assignment for the benefit of creditors, an asset turnover to Borrower’s creditors (including, without limitation, Bank), foreclosure,
bankruptcy or similar liquidation, to claim any fee, payment or damages from any parties, other than from Borrower or Borrower’s
investors, and (iii) Borrower notifies Bank in advance of entering into such an Investment Banker Agreement (provided, the failure to
give such notification shall not be deemed a material breach of this Agreement).

 

7.4           Indebtedness.
Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to do, other
than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any
Indebtedness prior to the scheduled maturity date, except Indebtedness to Bank.

 

     

     

    

 

7.5         
Encumbrances. Create, incur, assume or allow any Lien with respect to its property, or assign or otherwise convey any right
to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens, or covenant
to any other Person (other than (a) the licensors of in-licensed property with respect to such property or (b) the lessors of specific
equipment or lenders financing specific equipment with respect to such leased or financed equipment) that Borrower in the future will
refrain from creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s property.

 

7.6         
Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase
of any capital stock, except that Borrower may (a) repurchase the stock of former employees, consultants or directors pursuant to stock
repurchase agreements in an aggregate amount not to exceed $500,000 in any fiscal year, as long as an Event of Default does not exist
prior to such repurchase or would not exist after giving effect to such repurchase, and (b) repurchase the stock of former employees,
consultants or directors pursuant to stock repurchase agreements by the cancellation of indebtedness owed by such former employees or
directors to Borrower regardless of whether an Event of Default exists.

 

7.7         
Investments. Directly or indirectly acquire or own an Investment in, or make any Investment in or to, any Person, or permit
any of its Subsidiaries so to do, other than Permitted Investments, or, except as permitted by Section 6.6, maintain or invest any of
its investment property with a Person other than Bank or Bank’s affiliates or permit any Subsidiary to do so unless such Person
has entered into a control agreement with Bank, in form and substance reasonably satisfactory to Bank, or suffer or permit any Subsidiary
to be a party to, or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise distributing property
to Borrower.

 

7.8          
Reserved.

 

7.9         
Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate
of Borrower except for (a) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that
are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person, and (b) bona
fide sales or issuances of Borrower’s equity securities to Borrower’s investors that do not result in a Change in Control,
and (c) customary compensation arrangements approved by Borrower’s board of directors.

 

7.10       
Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make any such
payment, except in compliance with the terms of such Subordinated Debt, or amend any provision affecting Bank’s rights contained
in any documentation relating to the Subordinated Debt without Bank’s prior written consent.

 

7.11        Inventory
and Equipment. On and after the date that is 90 days after the Closing Date, (a) Store Inventory or Equipment of a book value in
excess of $250,000 with a bailee, warehouseman, collocation facility or similar third party unless such third party has been
notified of Bank’s security interest and Bank has received a bailee waiver in favor of Bank, in form and substance
satisfactory to Bank, duly executed by Borrower and such third party; or (b) with respect to any leased or licensed real property,
store Collateral of a book value in excess of $250,000 unless the landlord has been notified of Bank’s security interest and
Bank has received a landlord waiver, in form and substance satisfactory to Bank, duly executed by Borrower and such landlord.

 

     

     

    

 

7.12      
No Investment Company; Margin Regulation. Become or be controlled by an “investment company,” within the meaning
of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business
of extending credit for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose.

 

8.            
EVENTS OF DEFAULT.

 

Any one or more of the following events shall constitute
an Event of Default by Borrower under this Agreement:

 

8.1         
Payment Default. If Borrower fails to pay any of the Obligations when due;

 

8.2         
Covenant Default.

 

(a)              
If Borrower fails to perform any obligation under Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), 6.6 (primary
accounts), or 6.7 (financial covenants), or violates any of the covenants contained in Article 7 of this Agreement; or

 

(b)             
If Borrower fails or neglects to perform or observe any other material term, provision, condition, or covenant contained in
this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default
under such other term, provision, condition or covenant that can be cured, has failed to cure such default within 15 days after Borrower
receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature
be cured within the 15 day period or cannot after diligent attempts by Borrower be cured within such 15 day period, and such default is
likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed
30 days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed
an Event of Default but no Credit Extensions will be made;

 

8.3         
Material Adverse Change. If there occurs any circumstance or any circumstances which would reasonably be expected to have a
Material Adverse Effect. In determining whether a “Material Adverse Effect” has occurred or would reasonably be expected to
occur, Bank recognizes that, as a pre-profit company, Borrower’s cash resources will decline over time, and Borrower will periodically
require additional infusions of equity capital.  The clear intention of Borrower’s investors to continue to fund Borrower in
the amounts and timeframe necessary, in Bank’s good faith judgment, to enable Borrower to satisfy the Obligations as they become
due and payable is the most significant criterion Bank shall consider in making any such determination;

 

     

     

    

 

8.4         
 Attachment. If any material portion of Borrower’s assets is attached, seized, subjected to a writ or distress warrant,
or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure,
writ or distress warrant or levy has not been removed, discharged or rescinded within 10 days, or if Borrower is enjoined, restrained,
or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or
other claim becomes a lien or encumbrance upon any material portion of Borrower’s assets, or if a notice of lien, levy, or assessment
is filed of record with respect to any material portion of Borrower’s assets by the United States Government, or any department,
agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within 10 days
after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or
event is stayed or an adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will
be made during such cure period);

 

8.5        
Insolvency. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding
is commenced against Borrower and is not dismissed or stayed within 45 days (provided that no Credit Extensions will be made prior to
the dismissal of such Insolvency Proceeding);

 

8.6         
Other Agreements. If (a) there is an uncured default or other uncured failure to perform in any agreement to which Borrower
is a party with a third party or parties (i) resulting in a right by such third party or parties, whether or not exercised, to accelerate
the maturity of any Indebtedness in an amount in excess of $500,000, (ii) in connection with any lease of real property material to the
conduct of Borrower’s business, if such default or failure to perform results in the right of another party to terminate such lease,
or (iii) that would reasonably be expected to have a Material Adverse Effect, or (b) any default or event of default (however designated)
shall occur with respect to any Subordinated Debt that is not cured within any applicable cure period;

 

8.7         
Judgments. If a final, uninsured judgment or judgments for the payment of money in an amount, individually or in the aggregate,
of at least $500,000 shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of 10 days (provided that
no Credit Extensions will be made prior to the satisfaction or stay of the judgment); or

 

8.8         
Misrepresentations. If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation
set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter
into this Agreement or any other Loan Document.

 

8.9         
Guaranty. If any guaranty of all or a portion of the Obligations (including without limitation the Parent Guaranty) ceases
for any reason to be in full force and effect, or any guarantor fails to perform any obligation under any such guaranty or a security
agreement securing any such guaranty (collectively, the “Guaranty Documents”), or any event of default occurs and continues
under any Guaranty Document or any guarantor revokes or purports to revoke such a guaranty, or any material misrepresentation or material
misstatement exists now or hereafter in any warranty or representation set forth in any Guaranty Document or in any certificate delivered
to Bank in connection with any Guaranty Document, or if any of the circumstances described in Sections 8.3 through 8.8 occur with respect
to any guarantor.

 

     

     

    

 

9.            
BANK’S RIGHTS AND REMEDIES.

 

9.1         
Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without
notice of its election and without demand, do any one or more of the following to the extent not prohibited by applicable law, all of
which are authorized by Borrower:

 

(a)             
Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately
due and payable (provided that upon the occurrence of an Event of Default described in Section 8.5 (insolvency), all Obligations shall
become immediately due and payable without any action by Bank);

 

(b)               Demand that Borrower (i) deposit cash with Bank in an amount equal to the amount of any Letters of Credit remaining undrawn,
as collateral security for the repayment of any future drawings under such Letters of Credit, and (ii) pay in advance all Letter of Credit
fees scheduled to be paid or payable over the remaining term of the Letters of Credit, and Borrower shall promptly deposit and pay such
amounts;

 

(c)              
Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement
between Borrower and Bank;

 

(d)             
Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank
reasonably considers advisable;

 

(e)             
Make such payments and do such acts as Bank considers necessary or reasonable to protect its security interest in the Collateral.
Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate at
a location that is reasonably convenient to Bank and Borrower. Borrower authorizes Bank to peaceably enter the premises where the Collateral
is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance,
charge, or lien which in Bank’s determination appears to be prior or superior to its security interest and to pay all expenses incurred
in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession
of such premises and to occupy the same, without charge by Borrower, in order to exercise any of Bank’s rights or remedies provided
herein, at law, in equity, or otherwise;

 

(f)               Place
a “hold” on any account maintained with Bank, decline to honor presentments (including but not limited to checks, wires,
and ACH drafts) against any account at Bank, and/or deliver a notice of exclusive control, any entitlement order, or other directions
or instructions pursuant to any control agreement or similar agreements providing control of any Collateral;

 

(g)             
Set off and apply to the Obligations then due any and all (i) balances and deposits of Borrower held by Bank, and (ii) indebtedness
at any time owing to or for the credit or the account of Borrower held by Bank;

 

     

     

    

 

(h)             
Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided
for herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to
use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks,
service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production
of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1,
Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit;

 

(i)              
Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash
or on terms, in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable, and
apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral without giving
any warranties as to the Collateral. Bank may specifically disclaim any warranties of title or the like. This procedure will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral. If Bank sells any of the Collateral upon credit, Borrower
will be credited only with payments actually made by the purchaser, received by Bank, and applied to the indebtedness of the purchaser.
If the purchaser fails to pay for the Collateral, Bank may resell the Collateral and Borrower shall be credited with the proceeds of the
sale;

 

(j)               Bank may credit bid and purchase at any public sale;

 

(k)              Apply
for the appointment of a receiver, trustee, liquidator or conservator of the Collateral, without notice and without regard to the adequacy
of the security for the Obligations and without regard to the solvency of Borrower, any guarantor or any other Person liable for any
of the Obligations; and

 

(l)              
Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.

 

Bank may comply with any applicable
state or federal law requirements in connection with a disposition of the Collateral, and compliance will not be considered adversely
to affect the commercial reasonableness of any sale of the Collateral.

 

9.2          Power
of Attorney. Effective only upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably
appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send
requests for verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse
Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign
Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and
assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle,
and adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and
claims respecting the accounts directly with account debtors, for amounts and upon terms which Bank determines to be reasonable; and
(g) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the
Collateral; provided Bank may exercise such power of attorney to sign the name of Borrower on any of the documents described in
clause (g) above, regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s attorney in
fact, and each and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the
Obligations (other than inchoate indemnity obligations) have been fully repaid and performed and Bank’s obligation to provide
advances hereunder is terminated.

 

     

     

    

 

9.3        
Accounts Collection. At any time after the occurrence and during the continuation of an Event of Default, Bank may notify any
Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect
all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to
Bank in their original form as received from the account debtor, with proper endorsements for deposit.

 

9.4        
Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities,
as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make
payment of the same or any part thereof; and/or (b) obtain and maintain insurance policies of the type discussed in Section 6.5 of this
Agreement, and take any action with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute
Bank Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall
be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future
or a waiver by Bank of any Event of Default under this Agreement.

 

9.5        
Bank’s Liability for Collateral. Bank has no obligation to clean up or otherwise prepare the Collateral for sale. All
risk of loss, damage or destruction of the Collateral shall be borne by Borrower.

 

9.6        
No Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the Obligations by collecting them from any other
person liable for them and Bank may release, modify or waive any collateral provided by any other Person to secure any of the Obligations,
all without affecting Bank’s rights against Borrower. Borrower waives any right it may have to require Bank to pursue any other
Person for any of the Obligations.

 

9.7        
Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements shall
be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity.
No exercise by Bank of one right or remedy shall be deemed an election, and no waiver by Bank of any Event of Default on Borrower’s
part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank
shall be effective unless made in a written document signed on behalf of Bank and then shall be effective only in the specific instance
and for the specific purpose for which it was given. Borrower expressly agrees that this Section 9.7 may not be waived or modified by
Bank by course of performance, conduct, estoppel or otherwise.

 

     

     

    

 

9.8             
 Demand; Protest. Except as otherwise provided in this Agreement, Borrower waives demand, protest, notice of protest, notice
of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations.

 

10.          
NOTICES.

 

Unless otherwise provided
in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into in connection herewith
shall be in writing and (except for financial statements and other reporting required pursuant to Section 6.2 of this Agreement, which
shall be sent as directed in the monthly reporting forms provided by Bank) shall be personally delivered or sent by a recognized overnight
delivery service, certified mail, postage prepaid, return receipt requested, or by electronic mail to Borrower or to Bank, as the case
may be, at its addresses set forth below:

 

	 	If to Borrower:	Akrevia Therapeutics Inc., on behalf of each Borrower
	 	 	LabCentral 610
	 	 	610 Main Street
	 	 	Cambridge, MA 02139
	 	 	Attn: Joseph Farmer
	 	 	[**]

 

	 	with a copy to:	Goodwin Procter LLP
	 	 	100 Northern Avenue
	 	 	Boston, MA 02210
	 	 	Attn: Mark D. Smith
	 	 	[**]

 

	 	If to Bank:	Pacific Western Bank
	 	 	406 Blackwell Street, Suite 240
	 	 	Durham, North Carolina 27701
	 	 	Attn: Loan Operations Manager
	 	 	[**]

 

	 	with a copy to:	Pacific Western Bank
	 	 	131 Oliver Street, 2nd Floor
	 	 	Boston, MA 02110
	 	 	Attn: Scott Hansen

 

The parties hereto may change the address at which
they are to receive notices hereunder, by notice in writing in the foregoing manner given to the other.

 

     

     

    

 

11.             
CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER.

 

This Agreement shall be governed
by, and construed in accordance with, the internal laws of the State of North Carolina, without regard to principles of conflicts of law.
Jurisdiction shall lie in the State of North Carolina. All disputes, controversies, claims, actions and similar proceedings arising with
respect to Borrower’s account or any related agreement or transaction shall be brought in the General Court of Justice of North
Carolina sitting in Durham County, North Carolina or the United States District Court for the Middle District of North Carolina, except
as provided below with respect to arbitration of such matters. BANK AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A
CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH OF THEM, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF
THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED
UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED
TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. If
the jury waiver set forth in this Section 11 is not enforceable, then any dispute, controversy, claim, action or similar proceeding arising
out of or relating to this Agreement, the Loan Documents or any of the transactions contemplated therein shall be settled by final and
binding arbitration held in Durham County, North Carolina in accordance with the then current Commercial Arbitration Rules of the American
Arbitration Association by one arbitrator appointed in accordance with those rules. The arbitrator shall apply North Carolina law to the
resolution of any dispute, without reference to rules of conflicts of law or rules of statutory arbitration. Judgment upon any award resulting
from arbitration may be entered into and enforced by any state or federal court having jurisdiction thereof. Notwithstanding the foregoing,
the parties may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in
accordance with this Section. The costs and expenses of the arbitration, including without limitation, the arbitrator’s fees and
expert witness fees, and reasonable attorneys’ fees, incurred by the parties to the arbitration may be awarded to the prevailing
party, in the discretion of the arbitrator, or may be apportioned between the parties in any manner deemed appropriate by the arbitrator.
Unless and until the arbitrator decides that one party is to pay for all (or a share) of such costs and expenses, both parties shall share
equally in the payment of the arbitrator’s fees as and when billed by the arbitrator.

 

12.             
GENERAL PROVISIONS.

 

12.1          Successors
and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of each of
the parties and shall bind all persons who become bound as a debtor to this Agreement; provided, however, that neither this
Agreement nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which consent may be
granted or withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell,
assign, transfer, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights and
benefits hereunder. Notwithstanding the foregoing, provided that no Event of Default has occurred and is continuing hereunder, Bank
shall not assign its interest in the Term Loans or the Loan Documents to any Person who in Bank’s reasonable discretion is (i)
a direct competitor of Borrower, or (ii) a vulture or distressed debt fund.

 

     

     

    

 

12.2        Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers, directors, employees, affiliates,
advisors and agents (an “Indemnified Person”) against: (a) all obligations, demands, claims, and liabilities claimed or asserted
by any other party in connection with the transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way
suffered, incurred, or paid by Bank, its officers, employees and agents as a result of or in any way arising out of, following, or consequential
to transactions between Bank and Borrower whether under this Agreement, or otherwise (including without limitation reasonable attorneys’
fees and expenses), except for losses caused by an Indemnified Person’s gross negligence or willful misconduct as determined by
a court of competent jurisdiction by final and non-appealable order.

 

12.3       Time
of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement.

 

12.4       Severability
of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of
determining the legal enforceability of any specific provision.

 

12.5       Amendments in Writing, Integration. All amendments to or terminations of this Agreement or the other Loan Documents must be
in writing. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect
to the subject matter of this Agreement and the other Loan Documents, if any, are merged into this Agreement and the Loan Documents.

 

12.6       Counterparts.
This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed
and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.
Executed copies of the signature pages of this Agreement sent by facsimile or transmitted electronically in Portable Document Format
(“PDF”), or any similar format, shall be treated as originals, fully binding and with full legal force and effect, and the
parties waive any rights they may have to object to such treatment.

 

12.7       Survival.
All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations
remain outstanding or Bank has any obligation to make any Credit Extension to Borrower. The obligations of Borrower to indemnify Bank
with respect to the expenses, damages, losses, costs and liabilities described in Section 12.2 shall survive until all applicable statute
of limitations periods with respect to actions that may be brought against Bank have run.

 

12.8       Confidentiality
and Publicity.

 

(a)               Borrower
shall not, and shall not permit any of its Affiliates to: (i) publish or disclose any materials containing Bank’s name,
including in any press release or otherwise in connection with any advertising or marketing, without first obtaining Bank’s
prior written consent, or (ii) use Bank’s name (or the name of any of its Affiliates) in connection with its operations or
business.

 

     

     

    

 

(b)              In
handling any confidential information, Bank shall exercise the same degree of care that Bank exercises with respect to its own proprietary
information to maintain in confidence, in accordance with its customary procedures for handling confidential information, all non-public
information furnished to Bank (“Confidential Information”) other than any such Confidential Information that becomes generally
available to the public or becomes available to Bank from a source other than Borrower and that is not known to Bank to be subject to
confidentiality obligations; provided, that Bank shall have the right to disclose Confidential Information to: (i) Bank’s Affiliates
in connection with their present or prospective business relations with Borrower as long as such entities are subject to similar confidentiality
provisions; (ii) such Person or such Person’s Affiliates’ lenders, funding sources, or financing sources; (iii) such Person’s
or such Person’s Affiliates’ directors, officers, trustees, partners, members, managers, employees, agents, advisors, representatives,
attorneys, equity owners, professional consultants, portfolio management services and rating agencies; (iv) any successor or assign of
Bank; (v) any Person to whom Bank offers to sell, assign or transfer any Credit Extension or any part thereof or any interest or participation
therein, provided that such Person subject to similar confidentiality provisions; (vi) any Person that provides statistical analysis and/or
information services to Bank or its Affiliates; and (vii) any Person (A) to the extent required by it by law, (B) as required in connection
with the examination, audit, or similar investigation of Bank by appropriate authorities, (C) in response to any subpoena or other legal
process or governmental investigative demand, (D) in connection with any litigation, or € in connection with the actual or potential
exercise or enforcement of any right or remedy under any Loan Document. The obligations of Bank and its Affiliates under this Section
12.8 shall supersede and replace any other confidentiality obligations agreed to by Bank or its Affiliates.

 

13.             
CO-BORROWER PROVISIONS.

 

13.1           Primary Obligation.
This Agreement is a primary and original obligation of each Borrower and shall remain in effect notwithstanding future changes in conditions,
including any change of law or any invalidity or irregularity in the creation or acquisition of any Obligations or in the execution or
delivery of any agreement between Bank and any Borrower. Each Borrower shall be liable for existing and future Obligations as fully as
if all Credit Extensions were advanced to such Borrower. Bank may rely on any certificate or representation made by any Borrower as made
on behalf of, and binding on, such Borrower and each other Borrower, including without limitation Loan Advance / Paydown Request Forms
and Compliance Certificates.

 

13.2           Enforcement of Rights.
Each Borrower is jointly and severally liable for the Obligations, and Bank may proceed against any Borrower to enforce the Obligations
without waiving its right to proceed against any other Borrower.

 

13.3           Borrowers as Agents.
Each Borrower appoints each other Borrower as its agent with all necessary power and authority to give and receive notices, certificates
or demands for and on behalf of each Borrower, to act as disbursing agent for receipt of any Credit Extensions on behalf of each Borrower
and to apply to Bank on behalf of each Borrower for Credit Extensions, any waivers and any consents. This authorization cannot be revoked,
and Bank need not inquire as to each Borrower’s authority to act for or on behalf of a Borrower.

 

     

     

    

 

13.4           Subrogation and
Similar Rights. Notwithstanding any other provision of this Agreement or any other Loan Document, each Borrower irrevocably waives
all rights that it may have at law or in equity (including, without limitation, any law subrogating such Borrower to the rights of Bank
under the Loan Documents) to seek contribution, indemnification, or any other form of reimbursement from any other Borrower, or any other
Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by such Borrower with respect
to the Obligations in connection with the Loan Documents or otherwise and all rights that it might have to benefit from, or to participate
in, any security for the Obligations as a result of any payment made by the Borrower with respect to the Obligations in connection with
the Loan Documents or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under
this Section 13.4 shall be null and void. If any payment is made to a Borrower in contravention of this Section 13.4, such Borrower shall
hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether
matured or unmatured.

 

13.5           Waivers of Notice.
Except as otherwise provided in this Agreement, each Borrower waives notice of acceptance hereof; notice of the existence, creation or
acquisition of any of the Obligations; notice of an Event of Default; notice of the amount of the Obligations outstanding at any time;
notice of intent to accelerate; notice of acceleration; notice of any adverse change in the financial condition of any other Borrower
or of any other fact that might increase the Borrower’s risk; presentment for payment; demand; protest and notice thereof as to
any instrument; default; and all other notices and demands to which the Borrower would otherwise be entitled. Each Borrower waives any
defense arising from any defense of any other Borrower, or by reason of the cessation from any cause whatsoever of the liability of any
other Borrower. Bank’s failure at any time to require strict performance by any Borrower of any provision of the Loan Documents
shall not waive, alter or diminish any right of Bank thereafter to demand strict compliance and performance therewith. Nothing contained
herein shall prevent Bank from foreclosing on the Lien of any deed of trust, mortgage or other security instrument, or exercising any
rights available thereunder, and the exercise of any such rights shall not constitute a legal or equitable discharge of any Borrower.
Each Borrower also waives any defense arising from any act or omission of Bank that changes the scope of such Borrower’s risks
hereunder.

 

13.6           Subrogation Defenses.
Each Borrower hereby waives any defense based on impairment or destruction of its subrogation or other rights against any other Borrower
and waives all benefits which might otherwise be available to it under any statutory or common law suretyship defenses or marshalling
rights, now or hereafter in effect.

 

13.7           Right to Settle, Release.

 

(a)              
The liability of each Borrower hereunder shall not be diminished by (i) any agreement, understanding or representation that
any of the Obligations is or was to be guaranteed by another Person or secured by other property, or (ii) any release or unenforceability,
whether partial or total, of rights, if any, which Bank may now or hereafter have against any other Person, including another Borrower,
or property with respect to any of the Obligations.

 

     

     

    

 

(b)             
 Without affecting the liability of any Borrower hereunder, Bank may (i) compromise, settle, renew, extend the time for payment,
change the manner or terms of payment, discharge the performance of, decline to enforce, or release all or any of the Obligations with
respect to a Borrower, (ii) grant other indulgences to a Borrower in respect of the Obligations, (iii) modify in any manner any documents
relating to the Obligations with respect to a Borrower, (iv) release, surrender or exchange any deposits or other property securing the
Obligations, whether pledged by a Borrower or any other Person, or (v) compromise, settle, renew, or extend the time for payment, discharge
the performance of, decline to enforce, or release all or any obligations of any guarantor, endorser or other Person who is now or may
hereafter be liable with respect to any of the Obligations.

 

13.8           Subordination. All indebtedness of a Borrower now or hereafter arising held by another Borrower
is subordinated to the Obligations and the Borrower holding the indebtedness shall take all actions reasonably requested by Bank to effect,
to enforce and to give notice of such subordination.

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed as of the date first above written.

 

 

	 	AKREVIA THERAPEUTICS INC.
	 	 
	 	By:	/s/ Joseph Farmer
	 	 
	 	Name: Joseph Farmer
	 	 
	 	Title: Chief Operating Officer

 

	 	AKREVIA CONCERTO LLC
	 	 
	 	By:	/s/ Joseph Farmer
	 	 
	 	Name: Joseph Farmer
	 	 
	 	Title: Chief Operating Officer

 

	 	PACIFIC WESTERN BANK
	 	 
	 	By:	/s/ Scott Hansen
	 	 
	 	Name: Scott Hansen
	 	 
	 	Title: Managing Director

 

     

     

    

 

EXHIBIT A

 

DEFINITIONS

 

“Accounts” means
all presently existing and hereafter arising accounts, contract rights, payment intangibles and all other forms of obligations owing to
Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology) or
the rendering of services by Borrower and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise
returned to or reclaimed by Borrower and Borrower’s Books relating to any of the foregoing.

 

“Affiliate” means,
with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is controlled
by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and general partners.

 

“Authorized Officer”
means someone designated as such in the corporate resolution provided by Borrower to Bank in which this Agreement and the transactions
contemplated hereunder are authorized by Borrower’s board of directors. If Borrower provides subsequent corporate resolutions to
Bank after the Closing Date, the individual(s) designated as “Authorized Officer(s)” in the most recently provided resolution
shall be the only “Authorized Officers” for purposes of this Agreement.

 

“Bank Expenses”
means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses, whether generated by in-house or by outside
counsel) incurred in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral
audit fees; and Bank’s reasonable attorneys’ fees and expenses (whether generated in-house or by outside counsel) incurred
in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred before, during and after an Insolvency
Proceeding, whether or not suit is brought.

 

“Borrower’s Books”
means all of Borrower’s books and records including: ledgers; records concerning Borrower’s assets or liabilities, the Collateral,
business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information.

 

“Business Day” means
any day that is not a Saturday, Sunday, or other day on which banks in the State of North Carolina are authorized or required to close.

 

“Cash” means unrestricted
cash and cash equivalents.

 

“Change in
Control” means a transaction (other than (i) an IPO or (ii) a bona fide equity financing or series of financings on terms and
from investors reasonably acceptable to Bank) in which any “person” or “group” (within the meaning of
Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule
13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of a sufficient number of shares of all classes of stock
then outstanding of Borrower ordinarily entitled to vote in the election of directors, empowering such “person” or
 “group” to elect a majority of the board of directors of Borrower, who did not have such power before such
transaction.

 

     

     

    

 

“Closing Date” means
the date of this Agreement.

 

“Code” means the
North Carolina Uniform Commercial Code as amended or supplemented from time to time.

 

“Collateral” means the property described
on Exhibit B attached hereto and all Negotiable Collateral to the extent not described on Exhibit B, except to the extent any such property
(i) is non-assignable by its terms without the consent of the licensor thereof or another party (but only to the extent such prohibition
on transfer is enforceable under applicable law, including, without limitation, §25-9-406 and §25-9-408 of the Code), (ii) is
property for which the granting of a security interest therein is contrary to applicable law, provided that upon the cessation of any
such restriction or prohibition, such property shall automatically become part of the Collateral, (iii) constitutes the capital stock
of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all classes of capital stock of such
controlled foreign corporations entitled to vote, or any Subsidiary which sole purpose is to hold the stock of such controlled foreign
corporation, if the grant of a security interest in such capital stock pursuant to this Agreement would result in material adverse “deemed
dividend” tax consequences to Borrower due to the application of IRC §956, or (iv) is property (including any attachments,
accessions or replacements) that is subject to a Lien that is permitted pursuant to clause (c) of the definition of Permitted Liens, if
the grant of a security interest with respect to such property pursuant to this Agreement would be prohibited by the agreement creating
such Permitted Lien or would otherwise constitute a default thereunder, provided, that such property will be deemed “Collateral”
hereunder upon the termination and release of such Permitted Lien.

 

“Compliance Certificate”
means a compliance certificate, in substantially the form of Exhibit D attached hereto, executed by a Responsible Officer of Borrower.

 

“Contingent Obligation”
means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i) any indebtedness,
lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly
guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly
or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued
for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest
rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation
in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall
not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be
deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation
is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person
in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee
or other support arrangement.

 

     

     

    

 

“Copyrights” means
any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and derivative
work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter existing,
created, acquired or held.

 

“Credit Card Line”
means a Credit Extension of up to $250,000, to be used exclusively for the provision of Credit Card Services.

 

“Credit
Card Maturity Date” means November 21, 2023.

 

“Credit Extension”
means the Term Loan, the Credit Card Services provided under the Credit Card Line, or any other extension of credit, by Bank to or for
the benefit of Borrower hereunder.

 

“Divide” means,
with respect to any Person that is an entity, the dividing of such Person into two or more separate Persons, with the dividing Person
either continuing or terminating its existence as part of such division, including as contemplated under Section 18-217 of the Delaware
Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any
other statute with respect to any corporation, limited liability company, partnership, or other entity.

 

“Equipment” means
all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in which
Borrower has any interest.

 

“ERISA” means the
Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.

 

“Event of Default”
has the meaning assigned in Article 8.

 

“GAAP” means generally
accepted accounting principles, consistently applied, as in effect from time to time in the United States.

 

“Indebtedness” means
(a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without limitation reimbursement
and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or
similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations, including but not limited to any sublimit
contained herein.

 

“Insolvency Proceeding”
means any proceeding commenced by or against any Person or entity under any provision of the United States Bankruptcy Code, as amended,
or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions,
extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

 

“Intellectual Property”
means all of Borrower’s right, title, and interest in and to the following, whether now existing,
or hereafter acquired or created, in any medium, of any kind or nature whatsoever:

 

     

     

    

 

(a)              
Copyrights, Trademarks, and Patents;

 

(b)             
 Any and all trade secrets, and any and all intellectual property rights in computer software and computer software products
now or hereafter existing, created, acquired or held;

 

(c)              
Any and all design rights which may be available to Borrower now or hereafter existing, created, acquired or held;

 

(d)             
Any and all claims for damages by way of past, present and future infringement of any of the rights included above, with the
right, but not the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified
above;

 

(e)              
All licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising
from such use to the extent permitted by such license or rights;

 

(f)               
All amendments, renewals, and extensions of any Copyrights, Trademarks, and Patents; and

 

(g)              
All proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty
payable in respect of any of the foregoing.

 

“Interest-Only End Date”
means May 21, 2021.

 

“Inventory” means
all present and future inventory in which Borrower has any interest.

 

“Investment” means
any beneficial ownership of (including stock, partnership or limited liability company interest or other securities) any Person, or any
loan, advance or capital contribution to any Person.

 

“IRC” means the
Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 

“Letter of Credit”
means a commercial or standby letter of credit or similar undertaking issued by Bank (or any of its correspondent banks) at Borrower’s
request.

 

“Lien” means any
mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

 

“Loan Documents”
means, collectively, this Agreement, any note or notes executed by Borrower, and any other document, instrument or agreement entered into
in connection with this Agreement, all as amended or extended from time to time.

 

“Material Adverse Effect”
means a material adverse effect on (i) the operations, business or financial condition of Borrower and its Subsidiaries taken as a whole,
(ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents, or (iii) Borrower’s
interest in, or the value, perfection or priority of Bank’s security interest in the Collateral.

 

“Negotiable Collateral”
means all of Borrower’s present and future letters of credit of which it is a beneficiary, drafts, instruments (including promissory
notes), securities, documents of title, and chattel paper, and Borrower’s Books relating to any of the foregoing.

 

     

     

    

 

“Obligations” means
all debt, principal, interest, Bank Expenses and other amounts owed to Bank by Borrower pursuant to this Agreement or any other agreement,
whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the
commencement of an Insolvency Proceeding and including any debt, liability, or obligation owing from Borrower to others that Bank may
have obtained by assignment or otherwise. Notwithstanding the foregoing, “Obligations” shall not include any warrant or equity
related investments.

 

“Parent Guarantor”
means Akrevia Therapeutics LLC, a Delaware limited liability company.

 

“Parent Guaranty”
means that certain Unconditional Guaranty, dated on or about the Closing Date, by Parent Guarantor in favor of Bank, as amended, restated,
supplemented, or otherwise modified from time to time.

 

“Patents” means
all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues,
extensions and continuations-in-part of the same.

 

“Periodic Payments”
means all installments or similar recurring payments that Borrower may now or hereafter become obligated to pay to Bank pursuant to the
terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank.

 

“Permitted Indebtedness”
means:

 

(a)              
Indebtedness of Borrower in favor of Bank arising under this Agreement or any other Loan Document;

 

(b)             
Indebtedness existing on the Closing Date and disclosed in the Schedule;

 

(c)              
Indebtedness not to exceed $800,000 in the aggregate at any time secured by a lien described in clause (c) of the defined term
 “Permitted Liens,” provided such Indebtedness does not exceed at the time it is incurred the lesser of the cost or fair market
value of the property financed with such Indebtedness;

 

(d)             
Subordinated Debt;

 

(e)              
Indebtedness to trade creditors incurred in the ordinary course of business;

 

(f)               
Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

 

(g)              
Interest rate hedging arrangements with financial institutions other than Bank in an aggregate amount not to exceed $250,000
at any time;

 

(h)             
Additional unsecured Indebtedness not to exceed $250,000 in the aggregate at any time; and

 

(i)                 Extensions,
refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms
modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be.

 

     

     

    

 

“Permitted Investment”
means:

 

(a)              
Investments existing on the Closing Date disclosed in the Schedule;

 

(b)             
(i) Marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any
State thereof maturing within one year from the date of acquisition thereof, (ii) commercial paper maturing no more than one year from
the date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or
Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one year from the date of investment
therein, (iv) money market accounts, (v) Investments in regular deposit or checking accounts held with Bank or as otherwise permitted
by, and subject to the terms and conditions of, Section 6.6 of this Agreement, and (vi) Investments consistent with any investment policy
adopted by Borrower’s board of directors;

 

(c)              
Investments accepted in connection with Permitted Transfers;

 

(d)             
Investments of Subsidiaries in or to other Subsidiaries or Borrower and Investments by Borrower in Subsidiaries not to exceed
$500,000 in the aggregate in any fiscal year;

 

(e)              
Investments not to exceed $500,000 outstanding in the aggregate at any time consisting of (i) travel advances and employee
relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors
relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plan agreements approved
by Borrower’s board of directors;

 

(f)               
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers
and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s
business;

 

(g)              
Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers
who are not Affiliates, in the ordinary course of business, provided that this subparagraph (g) shall not apply to Investments of Borrower
in any Subsidiary;

 

(h)             
Joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing
of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do
not exceed $500,000 in the aggregate in any fiscal year;

 

(i)                
Investments permitted under Sections 7.3, 7.6, and 7.7; and

 

(j)               
Additional Investments, other than Investments in Subsidiaries, by Borrower that do not exceed $300,000 in the aggregate during
the term of this Agreement.

 

     

     

    

 

“Permitted Liens”
means the following:

 

(a)              
 Any Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens to be satisfied with the proceeds of
the Credit Extensions) or arising under this Agreement, the other Loan Documents, or any other agreement in favor of Bank;

 

(b)             
Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good
faith by appropriate proceedings and for which Borrower maintains adequate reserves;

 

(c)              
Liens not to exceed $800,000 in the aggregate at any time (i) upon or in any Equipment (other than Equipment financed by a
Credit Extension) acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness
incurred solely for the purpose of financing the acquisition or lease of such Equipment, or (ii) existing on such Equipment at the time
of its acquisition, in each case provided that the Lien is confined solely to the property so acquired and improvements thereon, and the
proceeds of such Equipment;

 

(d)             
Liens incurred in connection with licenses or sublicenses permitted hereunder;

 

(e)              
Statutory Liens securing claims or demands of materialmen, mechanics, carriers, repairmen, or other like Liens imposed without
the action of such parties arising in the ordinary course of business;

 

(f)               
Liens to secure payment for workers’ compensation, employment insurance, old age pensions, social security or other like
obligations incurred in the ordinary course of business;

 

(g)              
Non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of business, and licenses of
Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other
than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United States;

 

(h)             
Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described
in clauses (a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered
by the existing Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase;

 

(i)                
Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Sections 8.4
(attachment) or 8.7 (judgments);

 

(j)               
Leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to another
Person, in the ordinary course of such Person’s business);

 

(k)             
Liens in favor of other financial institutions arising in connection with Borrower’s deposit accounts held at such institutions
to secure standard fees for deposit services charged by, but not financing made available by, such institutions, provided that Bank has
a perfected security interest in the amounts held in such deposit accounts to the extent required by Section 6.6; and

 

(l)                
Liens securing Subordinated Debt, provided that such Liens do not encumber assets beyond those assets comprising the Collateral.

 

     

     

    

 

“Permitted Transfer”
means the conveyance, sale, lease, transfer or disposition by Borrower or any Subsidiary of:

 

(a)              
Inventory in the ordinary course of business;

 

(b)             
licenses and similar arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course of business;

 

(c)              
worn-out, surplus or obsolete Equipment;

 

(d)             
grants of security interests and other Liens that constitute Permitted Liens;

 

(e)              
Transfers that constitute Permitted Investments;

 

(f)               
Cash in the ordinary course of business, unless otherwise prohibited by the terms of this Agreement; and

 

(g)              
other assets of Borrower or its Subsidiaries that do not in the aggregate exceed $500,000 during any fiscal year.

 

“Person” means any
individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association,
corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency.

 

“Prime Rate” means
the variable rate of interest, per annum, most recently announced by Bank, as its “prime rate,” whether or not such announced
rate is the lowest rate available from Bank.

 

“Responsible Officer”
means each of the President, Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, Vice President of Finance
and the Controller of Borrower, as well as any other officer or employee identified as an Authorized Officer in the corporate resolution
delivered by Borrower to Bank in connection with this Agreement.

 

“Schedule” means
the schedule of exceptions attached hereto and approved by Bank, if any.

 

“SOS Reports” means
the official reports from the Secretaries of State of the state where Borrower’s chief executive office is located, the state of
Borrower’s formation and other applicable federal, state or local government offices identifying all current security interests
filed in the Collateral and Liens of record as of the date of such report.

 

“Subordinated Debt”
means any debt incurred by Borrower that is subordinated in writing to the debt owing by Borrower to Bank on terms reasonably acceptable
to Bank (and identified as being such by Borrower and Bank).

 

“Subsidiary” means
any corporation, partnership or limited liability company or joint venture in which (i) any general partnership interest or (ii) more
than 50% of the stock, limited liability company interest or joint venture of which by the terms thereof ordinary voting power to elect
the board of directors, managers or trustees of the entity, at the time as of which any determination is being made, is owned by Borrower,
either directly or through an Affiliate.

 

     

     

    

 

“Success Fee Event”
means (a) any sale, license, or other disposition of all or substantially all of the assets (including intellectual property) of a Borrower
or Parent Guarantor and its subsidiaries taken as a whole, (b) any reorganization, consolidation, merger or sale of the voting securities
of a Borrower or Parent Guarantor or any other transaction where the holders of a Borrower’s or Parent Guarantor’s securities
before the transaction beneficially own (directly or indirectly) less than 50% of the outstanding voting securities of the surviving entity
after the transaction, or (c) the sale or issuance of a Borrower’s, Parent Guarantor’s, or its affiliate’s equity securities
in connection with an initial public offering, an alternative public offering, a reverse merger, or any similar transaction in which Borrower,
Parent Guarantor, or such affiliate receives cash proceeds from such sale or issuance and Borrower’s, Parent Guarantor’s,
or such affiliate’s equity securities may thereafter be traded in a public market.

 

“Term Loan Maturity Date”
means November 21, 2023.

 

“Trademarks” means
any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections,
and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.

 

     

     

    

 

EXHIBIT B

 

	DEBTOR:	AKREVIA THERAPEUTICS INC.
	 	 
	SECURED PARTY:	PACIFIC WESTERN BANK

 

COLLATERAL DESCRIPTION ATTACHMENT TO LOAN
AND SECURITY AGREEMENT

 

All personal property of Borrower
(herein referred to as “Borrower” or “Debtor”) whether presently existing or hereafter created or acquired, and
wherever located, including, but not limited to:

 

(a)              
all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper),
deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), financial assets,
general intangibles (including patents, trademarks, copyrights, goodwill, payment intangibles, domain names and software), goods (including
fixtures), instruments (including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a
contract of service, and including returns and repossessions), investment property (including securities and securities entitlements),
letter of credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and
equipment containing said books and records;

 

(b)             
any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation, insurance proceeds,
and all supporting obligations and the security therefor or for any right to payment.

 

All terms above have the meanings
given to them in the North Carolina Uniform Commercial Code, as amended or supplemented from time to time, including revised Article 9
of the Uniform Commercial Code-Secured Transactions.

 

Notwithstanding the foregoing,
the Collateral shall not include any of the intellectual property, in any medium, of any kind or nature whatsoever, now or hereafter owned
or acquired or received by Borrower, or in which Borrower now holds or hereafter acquires or receives any right or interest (collectively,
the “Intellectual Property”); provided, however, that the Collateral shall include all accounts and general intangibles that
consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the
 “Rights to Payment”).

 

Notwithstanding the foregoing,
if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is
necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of November
21, 2019, include the Intellectual Property to the extent and only to the extent necessary to permit perfection of Bank’s security
interest in the Rights to Payment, and further provided, however, that Bank’s enforcement rights with respect to any security interest
in the Intellectual Property shall be absolutely limited to the Rights to Payment only, and Bank shall have no recourse whatsoever with
respect to the underlying Intellectual Property.

 

     

     

    

 

EXHIBIT B

 

	DEBTOR:	AKREVIA CONCERTO LLC
	 	 
	SECURED PARTY:	PACIFIC WESTERN BANK

 

COLLATERAL DESCRIPTION ATTACHMENT TO LOAN
AND SECURITY AGREEMENT

 

All personal property of Borrower
(herein referred to as “Borrower” or “Debtor”) whether presently existing or hereafter created or acquired, and
wherever located, including, but not limited to:

 

(a)              
all accounts (including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper),
deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), financial assets,
general intangibles (including patents, trademarks, copyrights, goodwill, payment intangibles, domain names and software), goods (including
fixtures), instruments (including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a
contract of service, and including returns and repossessions), investment property (including securities and securities entitlements),
letter of credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and
equipment containing said books and records;

 

(b)             
any and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation, insurance proceeds,
and all supporting obligations and the security therefor or for any right to payment.

 

All terms above have the meanings
given to them in the North Carolina Uniform Commercial Code, as amended or supplemented from time to time, including revised Article 9
of the Uniform Commercial Code-Secured Transactions.

 

Notwithstanding the foregoing,
the Collateral shall not include any of the intellectual property, in any medium, of any kind or nature whatsoever, now or hereafter owned
or acquired or received by Borrower, or in which Borrower now holds or hereafter acquires or receives any right or interest (collectively,
the “Intellectual Property”); provided, however, that the Collateral shall include all accounts and general intangibles that
consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the
 “Rights to Payment”).

 

Notwithstanding the foregoing,
if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is
necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of November
21, 2019, include the Intellectual Property to the extent and only to the extent necessary to permit perfection of Bank’s security
interest in the Rights to Payment, and further provided, however, that Bank’s enforcement rights with respect to any security interest
in the Intellectual Property shall be absolutely limited to the Rights to Payment only, and Bank shall have no recourse whatsoever with
respect to the underlying Intellectual Property.

 

     

     

    

 

EXHIBIT C

 

LOAN ADVANCE/PAYDOWN REQUEST FORM

 

[Please refer
to New Borrower Kit]

 

EXHIBIT D

COMPLIANCE CERTIFICATE

 

[Please refer to New Borrower Kit]

 

     

     

    

 

FIRST
AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

 

This
First Amendment to Loan and Security Agreement (this “Amendment”) is made and entered into as of March 12,
2021, by and between PACIFIC WESTERN BANK, a California state chartered bank (“Bank”), and XILIO
DEVELOPMENT, INC. and XILIO
CONCERTO LLC (individually and collectively referred to as “Borrower”).

 

RECITALS

 

Borrower
and Bank are parties to that certain Loan and Security Agreement dated as of November 21, 2019 (as amended from time to time, the “Agreement”).
The parties desire to amend the Agreement in accordance with the terms of this Amendment.

 

NOW, THEREFORE,
the parties agree as follows:

 

	1)	Borrower Akrevia
                                 Therapeutics Inc. has changed its name to Xilio Development, Inc. Bank and Borrower hereby agree that
                                 the Agreement and each other Loan Document are hereby amended wherever necessary to reflect this change.

 

	2)	Borrower Akrevia
                                 Concerto LLC has changed its name to Xilio Concerto LLC. Bank and Borrower hereby agree that the Agreement
                                 and each other Loan Document are hereby amended wherever necessary to reflect this change.

 

	3)	Borrower has
                                 informed Bank that Borrower may in the future create an MSC Subsidiary. Bank and Borrower hereby agree
                                 that, so long as the MSC Investment Conditions continue to be met, (a) any MSC Subsidiary will not be
                                 required to become a co-borrower or secured guarantor with respect to the Obligations, notwithstanding
                                 Section 6.10 of the Agreement, and (b) Investments by Borrower in the MSC Subsidiary will constitute
                                 Permitted Investments. If, at any time after the formation of an MSC Subsidiary, the MSC Investment
                                 Conditions are not met, then (x) Borrower may not make Investments in any MSC Subsidiary, and (y) within
                                 two (2) Business Days after the first date on which the MSC Investment Conditions are not met, Borrower
                                 shall cause each MSC Subsidiary to (i) order the liquidation of any of its Investments into cash, (ii)
                                 transfer cash to Borrower’s accounts with Bank, and (iii) thereafter transfer any cash that it
                                 possesses to Borrower’s accounts with Bank, in each case until the MSC Investment Conditions are
                                 again being met. Borrower shall not permit any MSC Subsidiary to make any Investments or hold any assets
                                 that would cause that MSC Subsidiary to fail to qualify as a “security corporation” under
                                 830 CMR 63.38B.1 of the Massachusetts tax code and applicable regulations (as the same may be amended,
                                 modified, or replaced from time to time).

 

	4)	Section 6.6
                                 of the Agreement is hereby amended and restated, as follows:

 

6.6       Primary
Depository. Borrower shall maintain, and shall cause each Subsidiary to maintain, substantially all of its cash in depository or
operating accounts with Bank. Notwithstanding the foregoing, (a) Borrower may maintain (i) when Borrower’s aggregate Cash at Bank
equals or exceeds $1,000,000, up to $1,000,000, and (ii) at all other times, $250,000, in each case, in an account at Silicon Valley
Bank to facilitate the payment of payroll and trade payables, provided that such account is subject to an account control agreement in
favor of Bank, and (b) at any time when Borrower’s, Parent Guarantor’s, and Ultimate Parent Guarantor’s aggregate Cash
at Bank exceeds $50,000,000, Borrower may maintain amounts in excess of $50,000,000 in Cash or Investments with Pacific Western Asset
Management. Prior to Borrower maintaining any investment accounts with Pacific Western Asset Management, Borrower, Bank, and Pacific
Western Asset Management (or, if applicable, the relevant securities intermediary) shall have entered into a securities account control
agreement with respect to any such investment accounts, in form and substance reasonably satisfactory to Bank.

 

     

     

    

 

	5)	Section 7.2
                                 of the Agreement is hereby amended and restated, as follows:

 

7.2       Change
in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control. Change
its name or the state of Borrower’s formation or relocate its chief executive office without 30 days’ prior written notification
to Bank; replace or suffer the departure of its chief executive officer or chief operating officer without delivering written notification
to Bank within 10 days; fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer or chief
operating officer for more than 60 consecutive days; suffer a change on its board of directors which results in the failure of at least
one partner of Atlas Venture or its Affiliate to serve as a voting member without the prior written consent of Bank, which may be withheld
in Bank’s sole discretion; take action to liquidate, wind up, or otherwise cease to conduct business in the ordinary course; engage
in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses
currently engaged in by Borrower; change its fiscal year end; convert to another form of incorporated or unincorporated business or entity;
have a Change in Control; Divide.

 

	6)	The following
                                 defined terms are hereby added in Exhibit A to the Agreement, as follows:

 

“MSC
Investment Conditions” means that

 

(a)       Borrower,
Parent Guarantor, and Ultimate Parent Guarantor collectively maintain on deposit with Bank unrestricted cash or cash equivalents in an
aggregate amount greater than or equal to 105% of the then outstanding principal and accrued interest on all Credit Extensions; and

 

(b)       each
MSC Subsidiary qualifies as a “security corporation” under 830 CMR 63.38B.1 of the Massachusetts tax code and applicable
regulations (as the same may be amended, modified, or replaced from time to time).

 

“MSC
Subsidiary” means any Subsidiary that is intended to qualify as a “security corporation” under 830 CMR 63.38B.1 of
the Massachusetts tax code and applicable regulations (as the same may be amended, modified, or replaced from time to time).

 

“Ultimate
Parent Guarantor” means Xilio Therapeutics, Inc., a Delaware corporation.

 

	7)	The following
                                 defined term in Exhibit A to the Agreement is hereby amended and restated, as follows:

 

“Parent
Guaranty” means that certain Amended and Restated Unconditional Guaranty, dated on or about March 12, 2021, by Parent Guarantor
and Ultimate Parent Guarantor in favor of Bank, as amended, restated, supplemented, or otherwise modified from time to time.

 

	8)	Unless otherwise
                                 defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The
                                 Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective
                                 terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the
                                 execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment
                                 of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.
                                 Each Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in
                                 connection with the Agreement.

 

     

     

    

 

	9)	Each Borrower
                                 represents and warrants that the representations and warranties contained in the Agreement are true
                                 and correct as of the date of this Amendment.

 

	10)	This Amendment
                                  may be executed in two or more counterparts, each of which shall be deemed an original, but all of
                                  which together shall constitute one instrument.

 

	11)	As a condition
                                  to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory
                                  to Bank, the following:

 

		a)	this
Amendment, duly executed by each Borrower;

 

		b)	the
                                            Parent Guaranty, duly executed by each of Parent Guarantor and Ultimate Parent Guarantor,
                                            together with an officer’s certificate of each of Parent Guarantor and Ultimate Parent
                                            Guarantor with respect to incumbency and resolutions authorizing the execution and delivery
                                            of the Parent Guaranty;

 

		c)	payment
                                            of a $1,000 facility fee, which may be debited from any Borrower’s accounts;

 

		d)	payment
                                            for all Bank Expenses incurred through the date of this Amendment, including Bank’s
                                            expenses for the documentation of this Amendment and any UCC, good standing or intellectual
                                            property search or filing fees, which may be debited from any Borrower’s accounts;
                                            and

 

		e)	such
                                            other documents and completion of such other matters, as Bank may reasonably request.

 

[Signature
Page Follows]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

 

	XILIO
    DEVELOPMENT, INC.	 	PACIFIC WESTERN
    BANK
	 	 	 
	By:
    	/S/
    Edward English	 	By:	/s/
    Katherine Meeks
	Name:
    Edward English	 	Name:
    Katherine Meeks
	Title:
    Vice President of Finance	 	Title:
    Vice President
	 	 	 
	XILIO
    CONCERTO LLC	 	 
	 	 	 
	By:
    	/S/
    Edward English	 	 
	Name:
    Edward English	 	 
	Title:
    Vice President of Finance	 	 

 

     

     

    

 

SECOND
AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

 

This
Second Amendment to Loan and Security Agreement (this “Amendment”) is made and entered into as of May 10, 2021,
by and between PACIFIC WESTERN BANK, a California state chartered bank (“Bank”), and XILIO
DEVELOPMENT, INC. and XILIO
CONCERTO LLC (individually and collectively referred to as “Borrower”).

 

RECITALS

 

Borrower
and Bank are parties to that certain Loan and Security Agreement dated as of November 21, 2019 (as amended from time to time, the “Agreement”).
The parties desire to amend the Agreement in accordance with the terms of this Amendment.

 

NOW, THEREFORE,
the parties agree as follows:

 

	12)	Section 7.2
                                  of the Agreement is hereby amended and restated, as follows:

 

7.2       Change
in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control. Change
its name or the state of Borrower’s formation or relocate its chief executive office without 30 days’ prior written notification
to Bank; replace or suffer the departure of its chief executive officer without delivering written notification to Bank within 10 days;
fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer for
more than 60 consecutive days; suffer a change on its board of directors which results in the failure of at least one partner of Atlas
Venture or its Affiliate to serve as a voting member without the prior written consent of Bank, which may be withheld in Bank’s
sole discretion; take action to liquidate, wind up, or otherwise cease to conduct business in the ordinary course; engage in any business,
or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently
engaged in by Borrower; change its fiscal year end; convert to another form of incorporated or unincorporated business or entity; have
a Change in Control; Divide.

 

	13)	Unless otherwise
                                  defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The
                                  Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective
                                  terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the
                                  execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment
                                  of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof.
                                  Each Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in
                                  connection with the Agreement.

 

	14)	Each Borrower
                                  represents and warrants that the representations and warranties contained in the Agreement are true
                                  and correct as of the date of this Amendment.

 

	15)	This Amendment
                                  may be executed in two or more counterparts, each of which shall be deemed an original, but all of
                                  which together shall constitute one instrument.

 

	16)	As a condition
                                  to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory
                                  to Bank, the following:

 

a)     
this Amendment, duly executed by each Borrower;

 

     

     

    

 

		b)	payment
                                            for all Bank Expenses incurred through the date of this Amendment, including Bank’s
                                            expenses for the documentation of this Amendment and any UCC, good standing or intellectual
                                            property search or filing fees, which may be debited from any Borrower’s accounts;
                                            and

 

		c)	such
                                            other documents and completion of such other matters, as Bank may reasonably request.

 

[Signature
Page Follows]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

 

	XILIO
    DEVELOPMENT, INC.	 	PACIFIC WESTERN
    BANK
	 	 	 
	By:
    	/S/Edward
    C. English	 	By:	/s/
    Katherine Meeks
	Name:
    Edward C. English	 	Name:
    Katherine Meeks
	Title:
    VP Finance	 	Title:
    Vice President
	 	 	 
	XILIO
    CONCERTO LLC	 	 
	 	 	 
	By:
    	/S/Edward
    C. English	 	 
	Name:
    Edward C. English	 	 
	Title:
    VP Finance	 	 

 

[Signature
Page to Second Amendment to Loan and Security Agreement]

 

     

     

    

 

  

THIRD AMENDMENT TO

LOAN AND SECURITY AGREEMENT

 

This Third Amendment to Loan and Security Agreement
(this “Amendment”) is entered into as of September 17, 2021, by and between PACIFIC WESTERN BANK, a California
state chartered bank (“Bank”), XILIO DEVELOPMENT, INC., and XILIO CONCERTO LLC (individually and collectively
referred to as “Borrower”).

 

RECITALS

 

Borrower and Bank are parties to that certain
Loan and Security Agreement dated as of November 21, 2019 (as amended, restated, supplemented or otherwise modified from time to time,
the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment.
Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement.

 

NOW, THEREFORE, the parties agree as follows:

 

		1)	Amendments.

 

		a)	Section 2.1(b)(i) of the Agreement is amended and restated to read as follows:

 

(i)       As
of the Third Amendment Date, Borrower owes Bank a principal amount of $9,000,000.01 on account of an outstanding term loan (the “Initial
Term Loan”). Subject to and upon the terms and conditions of this Agreement, on the Third Amendment Date, Bank shall make
new term loans available to Borrower in two tranches, referred to herein as Tranche I and Tranche II. Borrower shall request, and Bank
shall make, the Tranche I term loan on the Third Amendment Date in the principal amount of Ten Million Dollars ($10,000,000) (the “Tranche
I Term Loan”), which immediately shall be used to repay the outstanding principal amount and all accrued interest of the
Initial Term Loan made under the Agreement prior to the Third Amendment Date. In addition, following the Third Amendment Date, Borrower
may request, and Bank shall make, one or more additional term loans in an aggregate principal amount of up to Ten Million Dollars ($10,000,000)
at any time through the Interest-Only End Date (the “Tranche II Term Loan”), the proceeds of which shall be
used for working capital and general corporate purposes. For purposes of this Agreement, “Term Loan(s)” means
the Tranche I Term Loan, and if requested by Borrower and made by Bank, the Tranche II Term Loan, as applicable.

 

		b)	Section 2.1(b)(ii) of the Agreement is amended and restated to read as follows:

 

(ii)       Interest
shall accrue from the date a Term Loan is made at the rate specified in Section 2.3(a), through the Interest-Only End Date, and shall
be payable monthly in arrears beginning on the 21st day of the month next following the applicable Term Loan, and continuing on the same
calendar day of each month thereafter. Any portion of the applicable Term Loan that is outstanding on the Interest-Only End Date shall
be payable in 18 equal monthly installments of principal, plus all accrued but unpaid interest, beginning on the date that is one month
immediately following the Interest-Only End Date and continuing on the same calendar day of each month thereafter through the Term Loan
Maturity Date, at which time all amounts due in connection with the Term Loan and any other amounts due under this Agreement shall be
immediately due and payable. Borrower may prepay all or any portion of the Term Loans without penalty or premium (other than the Prepayment
Fee set forth in Section 2.5(c)), provided that Borrower may not reborrow any Term Loan, once repaid. In connection with any prepayment,
including a prepayment due to acceleration by Bank hereunder of the Term Loans upon the occurrence and during the continuance of an Event
of Default, Borrower shall pay, in addition to the outstanding principal and accrued interest, the Prepayment Fee.

 

     

     

    

 

 

		c)	Section 2.3(a)(i) of the Agreement is amended and restated to read as follows:

 

(i)       Term
Loan. Except as set forth in Section 2.3(b), the Term Loan(s) shall bear interest, on the outstanding daily balance thereof, at a
variable annual rate equal to the greater of: (A) 0.25% above the Prime Rate then in effect; and (B) 4.75%.

 

		d)	Section 2.5(b) of the Agreement is amended to read as follows:

 

(b)       Success
Fee. Upon a Success Fee Event, Borrower shall pay to Bank a one-time fee equal to (i) $750,000 if such Success Fee Event occurs by
December 31, 2021, (ii) $875,000 if such Success Fee Event occurs after December 31, 2021 but before March 31, 2022, or (iii) $1,000,000
if such Success Fee Event occurs after March 31, 2022 (“Success Fee”). If this Agreement is terminated prior
to payment of the Success Fee, Borrower shall give Bank written notice of the first Success Fee Event to occur thereafter and pay the
Success Fee upon the consummation of such Success Fee. This Section 2.5(b) shall survive any termination of this Agreement.

 

		e)	A new Section 2.5(c) is added to the Agreement to read as follows:

 

(c)       Prepayment
Fee. The Prepayment Fee as and when due pursuant to Section 2.1(b)(ii).

 

		f)	Section 6.7(a) of the Agreement is amended to read as follows:

 

(a)       Funding
Milestone. On or before December 31, 2023, Borrower shall deliver to Bank evidence reasonably satisfactory to Bank that Borrower or
Parent Guarantor has received, after the Third Amendment Date, gross Cash proceeds of at least $50,000,000, less reasonable transaction
expenses (including, without limitation, underwriters discounts and commissions and legal and accounting fees and expenses) from the sale
or issuance of Borrower’s or Parent Guarantor’s equity securities to investors.

 

		g)	Section 7.2 of the Agreement is amended to read as follows:

 

7.2       Change
in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control. Change
its name or the state of Borrower's formation or incorporation or relocate its chief executive office without 30 days prior written notification
to Bank; replace or suffer the departure of its chief executive officer without delivering written notification to Bank within 10 days;
fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer for more than 60 consecutive days;
suffer a change on its board of directors which results in the failure of at least one partner of Atlas Venture or its Affiliate to serve
as voting members, other than in connection with the initial public offering, without the prior written consent of Bank, which may be
withheld in Bank's sole discretion; take action to liquidate, wind up, or otherwise cease to conduct business in the ordinary course;
engage in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to
the businesses currently engaged in by Borrower; change its fiscal year end; convert to another form of incorporated or unincorporated
business or entity; have a Change in Control; Divide.

 

		h)	Section 10 of the Agreement is amended to update Borrower’s notice address to read as follows:

 

	If to Borrower:	 	Xilio Therapeutics, Inc., on behalf of each Borrower
	 	 	828 Winter Street, Suite 300
	 	 	Waltham, MA 02451
	 	 	Attention: Legal Department
	 	 	 
	 	 	With copies to (which shall not constitute notice):
	 	 	 
	 	 	Xilio Therapeutics, Inc., Legal
    Department: [***]
	 	 	 
	 	 	Goodwin Procter LLP
	 	 	100 Northern A venue
	 	 	Boston, MA 02210
	 	 	Attention: Mark D. Smith
	 	 	[***]

 

     

     

    

 

		i)	Exhibit A to the Agreement is amended by amending or restating, or adding, in appropriate alphabetical
order, as applicable, the following defined terms to read as follows:

 

“Credit
Card Maturity Date” means June 30, 2024.

 

“Interest-Only
End Date” means December 31, 2022.

 

“Term
Loan Maturity Date” means June 30, 2024.

 

“Third
Amendment Date” means September , 2021.

 

“Prepayment
Fee” means an amount equal to the principal amount of the Term Loan(s) then outstanding multiplied by 1.00% if the prepayment
occurs on or before the one year anniversary of the Third Amendment Date.

 

		2)	Bank acknowledges that, following the Third Amendment Date, Borrower anticipates
effecting a corporate reorganization pursuant to which (i) XILIO CONCERTO LLC will merge with and into XILIO DEVELOPMENT, INC., and (ii)
XILIO THERAPEUTICS LLC will merge with and into XILIO DEVELOPMENT, INC., in each case (clauses (i) and (ii)) with XILIO DEVELOPMENT, INC.
as the surviving entity. Borrower agrees to provide to Bank notice and copies of the certificate of merger, merger agreement, board
resolutions and stockholder approvals (if any) executed in connection with the foregoing mergers and execute
additional documents in connection with this Agreement as reasonably requested by Bank within 45 days following such reorganization. 

 

		3)	The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its
terms. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver
of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies
and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement and the security interest as
granted as of the Closing Date continues without novation.

 

		4)	Borrower represents and warrants that the representations and warranties contained in the Agreement are
true and correct in all material respects as of the date of this Amendment (provided, that those representations and warranties expressly
referring to another date shall be true and correct in all material respects as of such date, and provided further that any representation
or warranty that contains a materiality qualification therein shall be true and correct in all respects). No Event of Default exists,
or would exist with notice or lapse of time or both under the Agreement or any other Loan Document. A true and correct copy of the certificate
of incorporation and bylaws, as in effect as of the Third Amendment Date have been delivered to Bank.

 

		5)	This Amendment and any documents executed in connection herewith or pursuant hereto contain the entire
agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and
negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration
proceeding, if any, involving this Amendment; except that any financing statements or other agreements or instruments filed by Bank with
respect to Borrower shall remain in full force and effect.

 

		6)	This Amendment may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one instrument.

 

     

     

    

		7)	The terms of Section 11 of the Agreement are incorporated by reference herein, mutatis mutandis.

 

		8)	As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance
reasonably satisfactory to Bank, the following:

 

		a)	this Amendment, duly executed by Borrower;

 

		b)	an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the
execution and delivery of this Amendment;

 

		c)	payment of the fee of $25,000 and all Bank Expenses, which may be debited from any of Borrower’s
deposit account maintained with Bank;

 

		d)	a duly completed Loan Advance/Paydown Request Form with respect to the Term Loan to be made on the Third
Amendment Date; and

 

		e)	such other documents and completion of such other matters, as Bank may reasonably request.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

 

IN WITNESS WHEREOF, the undersigned
have executed this Amendment as of the first date above written.

 

	XILIO DEVELOPMENT, INC.	 	XILIO CONCERTO LLC
	 	 	 	 	          
	By:	/s/ René Russo	 	By:	/s/  René Russo
	Name:	 René Russo	 	Name:	 René Russo
	Title:	President and Chief Executive Officer	 	Title:	President and Chief Executive Officer

 

 

	PACIFIC WESTERN BANK	 	 
	 	 	 
	By:	/s/ Ashley N. Pittman	 	 
	Name:	Ashley N. Pittman	 	 
	Title:	SVP	 	 

 

     

     

    

  

CORPORATE RESOLUTION

 

The undersigned duly elected and qualified Secretary
of XILIO DEVELOPMENT, INC. (the “Company”), solely in his or her capacity as an officer of the company, and not in his or
her individual capacity, does hereby certify that the following is a true and correct copy of certain resolutions adopted by the Company’s
Board of Directors in accordance with applicable law and the Company’s bylaws, and that such resolutions are now unmodified and
in full force and effect:

 

BE IT RESOLVED, that:

 

		1)	Any one (1) of the following, duly elected officers of the Company (each, an “Authorized Officer”)
whose genuine original signature appears next to his or her name is authorized to act for, on behalf of, and in the name of the Company
in connection with the resolutions below:

 

	Title	 	 	Name	 	Authorized Signature
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

		2)	Any Authorized Officer may:

 

		a)	Borrow money from time to time from Pacific Western Bank (the “Bank”), and may negotiate and
procure loans, letters of credit, foreign exchange contracts and other financial accommodations from Bank, including without limitation,
pursuant to that certain Loan and Security Agreement dated as of November 21, 2019, as amended by that certain Third Amendment to Loan
and Security Agreement, dated as of September , 2021, and also to execute and deliver to Bank one or more renewals, extensions, or modifications
thereof;

 

		b)	Give security for any liabilities of the Company to Bank by grant, security interest, assignment, lien,
deed of trust or mortgage upon any real or personal property, tangible or intangible of the Company;

 

		c)	Purchase, sell, exchange, assign, endorse for transfer and/or deliver certificates and/or instruments
representing stocks, bonds, evidences of Indebtedness or other securities owned by the Company, whether or not registered in the name
of the Company;

 

		d)	Discount with the Bank, commercial or other business paper belonging to the Company made or drawn by or
upon third parties, without limit as to amount;

 

		e)	Authorize and direct the Bank to pay the proceeds of any such loans or discounts as directed by the persons
so authorized to sign;

 

		f)	Execute and deliver in form and content as may be required by the Bank any and all notes, evidences of
indebtedness, applications for letters of credit, guaranties, subordination agreements, loan and security agreements, financing statements,
assignments, liens, deeds of trust, mortgages, trust receipts and other agreements, instruments or documents to carry out the purposes
of these Resolutions, any or all of which may relate to all or to substantially all of the Company’s property and assets;

 

     

     

    

 

		3)	The Authorized Officers may designate additional or alternate individuals as being authorized to request
loan advances, to do and perform such other acts and things, to pay any and all fees and costs, and to execute and deliver such other
documents and agreements as he or she may in his or her discretion deem reasonably necessary or proper in order to carry into effect the
provisions of these Resolutions.

 

		4)	Any and all acts authorized pursuant to these resolutions and performed prior to the passage of these
resolutions are hereby ratified and approved, and the authority conferred herein may be exercised singly by any such officer, and these
resolutions shall continue in full force and effect until written notice of modification or revocation is received and accepted by Bank
(such notice to have no effect on any action previously taken by the Bank in reliance on these Resolutions). Bank may rely upon any form
of notice, which it in good faith believes to be genuine or what it purports to be.

 

		5)	The Resolutions are in full force and effect as of the date of this Certificate and are intended to replace,
as of this date, any Resolutions previously given by the Company to Bank in connection with the matters described herein; these Resolutions
and any borrowings or financial accommodations under these Resolutions have been properly noted in the corporate books and records, and
have not been rescinded, revoked or modified; neither the foregoing Resolutions nor any actions to be taken pursuant to them are or will
be in contravention of any provision of the articles of incorporation or bylaws of the Company or of any agreement, indenture or other
instrument to which the Company is a party or by which it is bound; and to the extent the articles of incorporation or bylaws of the Company
or any agreement, indenture or other instrument to which the Company is a party or by which it is bound require the vote or consent of
shareholders of the Company to authorize any act, matter or thing described in the foregoing Resolutions, such vote or consent has been
obtained.

 

In Witness Whereof, I have affixed my name as
Secretary and have caused the corporate seal (where available) of said Company to be affixed on September , 2021.

 

	 	 	 
		 	Secretary*

 

*If the certifying officer is designated as the
only signer in these resolutions then another corporate officer must also sign.

 

     

     

    

 

 

COMPANY RESOLUTION

 

The undersigned duly elected and qualified Secretary
of XILIO CONCERTO LLC (the “Company”), solely in his or her capacity as an officer of the company, and not in his or her individual
capacity, does hereby certify that the following is a true and correct copy of certain resolutions adopted by the Company’s Board
of Directors in accordance with applicable law and the Company’s organizational documents, and that such resolutions are now unmodified
and in full force and effect:

 

BE IT RESOLVED, that:

 

Any one (1) of the following, duly
elected officers of the Company (each, an “Authorized Officer”) whose genuine original signature appears next to his or her
name is authorized to act for, on behalf of, and in the name of the Company in connection with the resolutions below:

 

	Title	 	 	Name	 	Authorized Signature
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

Any Authorized Officer may:

 

Borrow money from time to time from Pacific
Western Bank (the “Bank”), and may negotiate and procure loans, letters of credit, foreign exchange contracts and other financial
accommodations from Bank, including without limitation, pursuant to that certain Loan and Security Agreement dated as of November 21,
2019, as amended by that certain Third Amendment to Loan and Security Agreement, dated as of September , 2021, and also to execute and
deliver to Bank one or more renewals, extensions, or modifications thereof;

 

Give security for any liabilities of the
Company to Bank by grant, security interest, assignment, lien, deed of trust or mortgage upon any real or personal property, tangible
or intangible of the Company;

 

Purchase, sell, exchange, assign, endorse
for transfer and/or deliver certificates and/or instruments representing stocks, bonds, evidences of Indebtedness or other securities
owned by the Company, whether or not registered in the name of the Company;

 

Discount with the Bank, commercial or
other business paper belonging to the Company made or drawn by or upon third parties, without limit as to amount;

 

Authorize and direct the Bank to pay the
proceeds of any such loans or discounts as directed by the persons so authorized to sign;

 

Execute and deliver in form and content
as may be required by the Bank any and all notes, evidences of indebtedness, applications for letters of credit, guaranties, subordination
agreements, loan and security agreements, financing statements, assignments, liens, deeds of trust, mortgages, trust receipts and other
agreements, instruments or documents to carry out the purposes of these Resolutions, any or all of which may relate
to all or to substantially all of the Company’s property and assets;

 

     

     

    

 

The Authorized Officers may designate
additional or alternate individuals as being authorized to request loan advances, to do and perform such other acts and things, to pay
any and all fees and costs, and to execute and deliver such other documents and agreements as he or she may in his or her discretion deem
reasonably necessary or proper in order to carry into effect the provisions of these Resolutions.

 

Any and all acts authorized pursuant
to these resolutions and performed prior to the passage of these resolutions are hereby ratified and approved, and the authority conferred
herein may be exercised singly by any such officer, and these resolutions shall continue in full force and effect until written notice
of modification or revocation is received and accepted by Bank (such notice to have no effect on any action previously taken by the Bank
in reliance on these Resolutions). Bank may rely upon any form of notice, which it in good faith believes to be genuine or what it purports
to be.

 

The Resolutions are in full force and
effect as of the date of this Certificate and are intended to replace, as of this date, any Resolutions previously given by the Company
to Bank in connection with the matters described herein; these Resolutions and any borrowings or financial accommodations under these
Resolutions have been properly noted in the corporate books and records, and have not been rescinded, revoked or modified; neither the
foregoing Resolutions nor any actions to be taken pursuant to them are or will be in contravention of any provision of the articles of
incorporation or bylaws of the Company or of any agreement, indenture or other instrument to which the Company is a party or by which
it is bound; and to the extent certificate of formation or operating agreement of the Company or any agreement, indenture or other instrument
to which the Company is a party or by which it is bound require the vote or consent of shareholders of the Company to authorize any act,
matter or thing described in the foregoing Resolutions, such vote or consent has been obtained.

 

In Witness Whereof, I have affixed my name as
Secretary on September , 2021.

 

	 	 	 
		 	Secretary*

 

*If the certifying officer is designated as the
only signer in these resolutions then another officer must also sign.Exhibit 10.11

 

Certain identified information has been excluded
from the exhibit because it is both (i) not material and (ii) is the type of information that the registrant treats as private or confidential.
Double asterisks denote omissions.

  

CROSS-LICENSE AGREEMENT

 

This Cross-License Agreement
(“Agreement”), effective as of December 16, 2020 (the “Effective Date”) and executed on February
11, 2021 (the “Execution Date”), is by and among Xilio Development, Inc., a Delaware corporation with an address at
828 Winter Street, Waltham, MA 02451 (“Xilio”), AskGene Pharma, Inc., a Delaware corporation with an address at 5217
Verdugo Way, Suite A, Camarillo, CA 93012 (“AskGene”) and, solely for purposes of Section 12.8, Xilio Therapeutics,
Inc., a Delaware corporation with an address at 828 Winter Street, Waltham, MA 02451 (“Parent”). Xilio and AskGene
are referred to herein collectively as the “Parties” and each individually as a “Party.”

 

RECITALS

 

WHEREAS, each Party
owns or controls certain patent rights to which the other Party wishes to obtain certain licenses or options with respect to Non-Antigen
Binding Products and Antigen-Binding Products (each as defined below);

 

WHEREAS, Parent and
AskGene have entered into a Binding Term Sheet, dated December 16, 2020 (the “Binding Term Sheet”), pursuant to which:
(a) each party granted to the other party certain licenses and options to obtain licenses to certain patent rights in relation to Non-Antigen
Binding Products and Antigen-Binding Products, and (b) the parties agreed to negotiate a definitive agreement based on the Binding Term
Sheet to more fully embody the terms and conditions of the arrangement;

 

WHEREAS, Parent has
instructed and authorized its subsidiary Xilio to enter into this Agreement; and

 

WHEREAS, the Parties
wish to enter into this Agreement as the definitive agreement contemplated by the Binding Term Sheet to provide further clarity to the
arrangement of the Parties as set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants, terms, and conditions set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

AGREEMENT

 

1.           
DEFINITIONS. For purposes of this Agreement, the following terms have the following meanings:

 

1.1             
“Action” has the meaning set forth in Section 10.1.

 

1.2             “Affiliate”
means, with respect to any Person, any entity that, directly or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with such Party, but for only so long as such control exists. As used in this definition,
 “control” means (a) to possess, directly or indirectly, the power to direct the management or policies of a Person,
whether through ownership of voting securities, by contract, or otherwise; or (b) direct or indirect beneficial ownership of more
than fifty percent (50%) (or such lesser percentage which is the maximum allowed to be owned by a foreign corporation in a
particular jurisdiction) of the voting securities or other equity interest in such Person.

 

     

     

    

 

For the avoidance of doubt,
any Person that is not an Affiliate of a Party as of the Effective Date, but later becomes an Affiliate of such Party through any transaction
or series of related transactions will be deemed to be an Affiliate of such Party for purposes of this Agreement. Furthermore, if an Affiliate
of a Party ceases to be an Affiliate of such Party after the Effective Date, any rights granted to such Affiliate under this Agreement
shall continue to apply to such Affiliate with respect to any activity conducted by such Affiliate during the period it was an Affiliate.

 

1.3             
“All Fields” means all uses and indications.

 

1.4             
“Antigen-Binding Products” means Licensed Antigen-Binding Products and, as to Xilio only in the event that Xilio
has exercised the Xilio Option, Option Antigen-Binding Products.

 

1.5             
“AskGene Indemnitee” has the meaning set forth in Section 10.1.

 

1.6             
“AskGene Opt-In Right Period” means, with respect to each Xilio Licensed Product, the period beginning on [**]
and ending [**] with respect to such Xilio Licensed Product.

 

1.7             
“AskGene Option” has the meaning set forth in Section 2.4(a).

 

1.8             
“AskGene Patent Rights” means (a) the Patent Rights set forth in Part I of Exhibit A, attached
hereto, as amended from time to time, and (b) all Patent Rights that claim priority to, share common priority with or issue from such
Patent Rights. The Parties shall update Exhibit A from time to time to reflect additional AskGene Patent Rights. Notwithstanding
anything to the contrary, the failure of the Parties to include in Exhibit A, whether at the Effective Date or at any other time
during the Term, any particular item described in clause (a) or (b) shall not, in itself, be determinative of whether such item constitutes
an AskGene Patent Right.

 

1.9             
“AskGene Territory” means Singapore, Thailand, Malaysia, Vietnam, Greater China (the People’s Republic
of China, Taiwan, Macau, and Hong Kong), Korea, and India.

 

1.10           
“Auditor” has the meaning set forth in Section 5.3(a).

 

1.11           
“Bankruptcy Code” has the meaning set forth in Section 12.1.

 

    2

     

    

 

1.12          “Biosimilar
Product” means, with respect to a Licensed Product that is being sold in a country, a product (including a
 “biogeneric,” or “biosimilar product”) sold by a third party in such country that (a) within the United
States, is “biosimilar” or “interchangeable,” with respect to such Licensed Product as evaluated by the FDA
or otherwise determined by Law; (b) in any territory outside of the United States, has been given an equivalent designation by the
applicable Regulatory Authority pursuant to Law; or (c) through reference to the Regulatory Approval of the Licensed Product, is
eligible for and has achieved Regulatory Approval in such country pursuant to an abbreviated follow-on biological approval pathway
established by the Regulatory Authority in such country pursuant to applicable Law, or otherwise is approved for marketing and sale
in such country by an abridged procedure in reliance, in whole or in part, on the prior Regulatory Approval of the Licensed Product
or on the safety and efficacy data generated for the prior Regulatory Approval (in such country) of the Licensed Product. For
clarity, with respect to a Licensed Product that is being sold in a country, a biological medicine or biological product for human
use which: (i) is highly similar to such Licensed Product that has marketing approval in such country; (ii) has no clinically
meaningful differences from such Licensed Product as determined by Laws or any applicable Regulatory Authority; and (iii) is
approved for use (A) in the United States, as a biosimilar biologic product (as defined in the Patient Protection and Affordable
Care Act) pursuant to an abbreviated regulatory approval process established under the Patient Protection and Affordable Care Act,
(B) in the European Union, as a similar biological medicine pursuant to Directive 2001/83/EC or Regulation (EC) No. 726/2004 (as
applicable), or (C) in any other country, pursuant to an equivalent regime in such country, shall constitute a Biosimilar
Product.

 

1.13         
“Calendar Quarter” means each respective period of three (3) consecutive months ending on March 31, June 30,
September 30 and December 31.

 

1.14         
“Co-Exclusive IL-2 Rights” has the meaning set forth in Section 2.1(b)(i).

 

1.15         
“Co-Exclusive IL-15 Rights” has the meaning set forth in Section 2.2(b)(ii).

 

1.16         
“Combination Product” means any product containing a Licensed Product [**] in combination with one or more other
[**].

 

1.17         
“Commercially Reasonable Efforts” means, with respect to a Party and its objectives or obligations concerning
a Licensed Product under this Agreement, such efforts and resources consistent with those commonly used by a biopharmaceutical or biotechnology
company of similar size and profile and with similar resources as such Party to achieve a similar objective or fulfill a similar obligation
concerning a product of similar market potential at a similar stage in product life as such Licensed Product, taking into account [**],
in each case as prevailing at the time the objectives must be met or obligations must be carried out.

 

1.18         
“Confidential Information” means all non-public, confidential, or proprietary information of the Disclosing
Party, whether received by Receiving Party prior to, on or after the Effective Date, whether in oral, written, electronic, or other form
or media, whether or not such information is marked, designated, or otherwise identified as “confidential”, including any
information that, due to the nature of its subject matter or circumstances surrounding its disclosure, would reasonably be understood
to be confidential or proprietary. The existence and terms of this Agreement, and the Binding Term Sheet, shall be deemed Confidential
Information of each Party.

 

Confidential Information does not include
information that the Receiving Party can demonstrate by documentation: (a) was already known to the Receiving Party without
restriction on use or disclosure prior to receipt of such information directly or indirectly from or on behalf of the Disclosing
Party; (b) was or is independently developed by the Receiving Party without reference to or use of any Confidential Information; (c)
was or becomes generally known by the public other than by breach of this Agreement by, or other wrongful act of, the Receiving
Party; or (d) was received by the Receiving Party from a third party who was not, at the time of receipt, under any obligation to
the Disclosing Party or any other Person to maintain the confidentiality of such information.

 

    3

     

    

 

1.19         
“Controlled” or “Controls” means, when used in reference to any Patent Rights or other intellectual
property, ownership or other legal authority or right of a Person (whether by license, other than pursuant to this Agreement, or otherwise)
to grant the right to use such item, to grant a license or sublicense to such compound or to grant rights under such Patent Rights or
intellectual property to any other Person, without breaching the terms of any agreement with a third party that is separate and distinct
from the other Person under which rights were granted to either party of such agreement to such Patent Rights or other intellectual property.

 

1.20         
“Cover”, “Covering” or “Covered” means, with reference to a Patent Right,
that the manufacture, use, offer for sale, sale, importation or exportation of a product or practice of a method would infringe such Patent
Right in the country in which such activity occurs absent a license thereto (or ownership thereof).

 

1.21         
“Disclosing Party” has the meaning set forth in Section 8.1.

 

1.22         
“EMA” means the European Medicines Agency, and any successor agency or authority thereto having substantially
the same function.

 

1.23         
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

1.24         
“Excluded AskGene ECD” means any extracellular domain of a IL-2 or IL-15 cytokine receptor that: (a) contains
one or more mutations other than (i) those mutations specifically described in [**], and (ii) mutations at the same amino acid position(s)
as those described in clause (i); and (b) is specifically described and claimed in any issued or pending claim of any New AskGene Patent
Rights.

 

1.25         
“Excluded Xilio ECD” means any extracellular domain of an IL-2 or IL-15 cytokine receptor that: (a) contains
one or more mutations other than (i) those mutations specifically described in [**], and (ii) mutations at the same amino acid position(s)
as those in clause (i); and (b) is specifically described and claimed in any issued or pending claim of any New Xilio Patent Rights.

 

1.26         
“Exclusive Immunology License” has the meaning set forth in Section 2.4(a).

 

1.27         
“FDA” means the U.S. Food and Drug Administration, or any successor agency or authority thereto having substantially
the same function.

 

1.28         
“First Commercial Sale” means (a) with respect to any Licensed Product in a given country, the first sale to
a third party of such Licensed Product in such country following Regulatory Approval of such Licensed Product in such country, which results
in Net Sales from the sale of such Licensed Product, and (b) with respect to any Biosimilar Product in a given country, the first sale
to a third party of such Biosimilar Product in such country following Regulatory Approval of such Biosimilar Product in such country.

 

    4

     

    

 

1.29         
 “Governmental Authority” means any federal, state, national, supranational, local, or other government, whether
domestic or foreign, including any subdivision, department, agency, instrumentality, authority (including any regulatory authority), commission,
board, or bureau thereof, or any court, tribunal, arbitrator or arbitral body.

 

1.30         
“Immunology Field” means all uses and indications associated with the treatment of inflammation and autoimmune
disease.

 

1.31         
“IND” means an Investigational New Drug Application to the FDA as described within 21 C.F.R. § 312.20 or
a similar filing for the approval of a Regulatory Authority outside of the United States to initiate clinical trials in humans.

 

1.32         
“Law” means any applicable statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common
law, judgment, decree, other requirement or rule of law of any federal, state, local, or foreign government or political subdivision thereof,
or any arbitrator, court, or tribunal of competent jurisdiction.

 

1.33         
“Licensed Antigen-Binding Products” means a cytokine [**], comprising (a) an IL-2 cytokine, including mutein
forms of said cytokine, (b) an antigen-binding carrier moiety, such as [**], and (c) a masking domain [**], excluding (i) as to Xilio
and its rights hereunder, [**] and (ii) as to AskGene and its rights hereunder[**].

 

1.34         
“Licensed IL-2 Products” means a Licensed Non-Antigen Binding Product or a Licensed Antigen-Binding Product.

 

1.35         
“Licensed Non-Antigen Binding Products” means a cytokine [**], comprising (a) an IL-2 cytokine, including mutein
forms of said cytokine, (b) a non-antigen-binding carrier moiety selected from an [**], and (c) a masking domain [**], excluding (i) as
to Xilio and its rights hereunder, [**], and (ii) as to AskGene and its rights hereunder, [**].

 

1.36         
“Licensed Patent Rights” means the Xilio Patent Rights, New Xilio Patent Rights, AskGene Patent Rights and New
AskGene Patent Rights. Where a provision hereof specifies a right or obligation of Licensee hereunder with respect to Licensed Patent
Rights, such Licensed Patent Rights shall be deemed to refer to those Licensed Patent Rights to which such Party is granted rights under
this Agreement. Where a provision hereof specifies a right or obligation of Licensor under this Agreement with respect to Licensed Patent
Rights, such Licensed Patent Rights shall be deemed to refer to those Licensed Patent Rights to which such Party grants rights to the
other Party under this Agreement.

 

1.37         
“Licensed Products” means Licensed IL-2 Products and, as to Xilio only in the event that Xilio has exercised
the Xilio Option, Option IL-15 Products.

 

1.38         
“Licensee” means, in relation to any Licensed Patent Rights, the Party to which a license under such Licensed
Patent Rights is granted by the other Party hereunder.

 

1.39         
“Licensor” means, in relation to any Licensed Patent Rights, the Party granting a license under such Licensed
Patent Rights to the other Party hereunder.

 

    5

     

    

 

1.40         
 “Losses” means all losses, damages, liabilities, costs, and expenses, including any product liability, personal
injury, or property damage, including reasonable attorneys’ fees and other litigation costs.

 

1.41         
“MAA” means the marketing authorization application required in the European Union or Japan, as applicable,
for the marketing and commercialization of a Licensed Product in such jurisdiction.

 

1.42         
“MAA Approval” means, with respect to the European Union, approval by the EMA of a MAA filed with the EMA for
the applicable Licensed Product under the centralized European procedure or, with respect to Japan, approval by the PMDA of a MAA filed
with the PMDA for the applicable Licensed Product in Japan.

 

1.43         
“Major Market” means [**].

 

1.44         
“Milestone Event” has the meaning set forth in Section 4.3.

 

1.45         
“Milestone Payment” has the meaning set forth in Section 4.3.

 

1.46         
“NDA/BLA Approval” means the approval by the FDA of a Biological License Application or New Drug Application
(each as defined by the FDA) for the commercialization of the applicable Licensed Product in the United States.

 

1.47         
“Net Sales” means the gross revenues invoiced by Xilio, its Affiliates, or its Sublicensees (each, a “Selling
Party”) for the commercial sale or other commercial transfer for value of Licensed Products to a third party after (but including)
the First Commercial Sale of any Licensed Product, less the following deductions for:

 

[**].

 

In the event a Licensed
Product is sold in the form of a combination product containing one or more active ingredients in addition to a Licensed Product (a
 “Combination Product”), Net Sales for such Licensed Product sold as part of such Combination Product in a country
will be adjusted by multiplying the actual Net Sales of such Combination Product in such country by the fraction A/(A+B) where A is
the average invoice price of the Licensed Product if sold separately in such country in the same formulation and dosage for a
comparable indication, and B is the average invoice price of any other products in the Combination Product if sold separately in
such country in the same formulation and dosage for a comparable indication. If the other products in the Combination Product are
not sold separately in such country, Net Sales shall be calculated by multiplying actual Net Sales of such Combination Product by
the fraction A/C where A is the average invoice price of the Licensed Product if sold separately in such country, and C is the
invoice price of the Combination Product. If neither the Licensed Product nor the other products contained in the Combination
Product is sold separately in such country, Net Sales shall be determined according to a reasonable method or proxy selected in good
faith by Xilio to apportion the relative value of the Licensed Product portion of the Combination Product and the other active
components in accordance with GAAP, provided that, if AskGene disagrees in good faith with such determination, the Parties shall
confer to resolve such disagreement within [**] and, if it remains unresolved after such period, may refer the matter for further
dispute resolution between the Parties.

 

    6

     

    

 

Upon the sale or other transfer
of a Licensed Product in a country in a manner such that the pricing for such sale or transfer of the Licensed Product is dependent upon
the sale or transfer of another product or service, such as a multi-product discount transaction, then for purposes of determining the
gross selling price for the Licensed Product by the Selling Party, for purposes of determining Net Sales for royalty calculation purposes
under this Agreement, the gross selling price shall be the greater of (i) the gross selling price actually invoiced in the transaction
for the Licensed Product; or (ii) the average invoice price for the Licensed Product in such country if the sale is at a discount.

 

The transfer of Licensed Product
by a Selling Party to another Selling Party shall not be considered (or give rise to) Net Sales. Disposition or use of a Licensed Product
in the following cases shall not be considered (or give rise to) Net Sales: (a) in clinical trials or other scientific testing, (b) as
free samples in an amount that would be considered customary in a similar situation, (c) under an expanded access program for individual
named patients recognized by the FDA under 21 C.F.R. § 312.310, or substantially similar program recognized by a Regulatory Authority,
or otherwise at or below cost or with a de minimis mark-up on the fully burdened manufacturing cost of the Licensed Product, (d)
pursuant to a compulsory license by a Governmental Authority in a country that does not result in the payment of any compensation of any
form to the licensor, or (e) in test marketing programs or other similar programs or studies to the extent no compensation is received
and the amounts of Licensed Product provided are reasonable considering the situation.

 

1.48         
“New AskGene Patent Rights” means, other than the AskGene Patent Rights (as set forth in Part I of Exhibit
A), the Patent Rights Controlled by AskGene at any time during the Term which claim or Cover any IL-2 or IL-15 [**], or
the making or using thereof, wherein said [**] comprises an IL-2 or IL-15 [**] thereof, [**]. The New AskGene Patent Rights as of
the Effective Date are set forth in Part II of Exhibit A, attached to this Agreement. Notwithstanding anything to the contrary,
the failure of the Parties to include in Exhibit A, whether at the Effective Date or at any other time during the Term, any particular
item described in the foregoing sentence shall not, in itself, be determinative of whether such item constitutes a New AskGene Patent
Right.

 

1.49         
“New Xilio Patent Rights” means, other than the Xilio Patent Rights (as set forth in Part I of Exhibit
B), the Patent Rights Controlled by Xilio at any time during the Term which claim or Cover any IL-2 or IL15 [**], or the
making or using thereof, wherein said [**] comprises an IL-2 or IL-15 [**] thereof, [**]. As of the Effective Date, the New Xilio
Patent Rights are set forth in Part II of Exhibit B, attached to this Agreement. Notwithstanding anything to the contrary,
the failure of the Parties to include in Exhibit B, whether at the Effective Date or at any other time during the Term, any particular
item described in the foregoing sentence shall not, in itself, be determinative of whether such item constitutes a New Xilio Patent Right.

 

    7

     

    

 

1.50         
 “Non-Antigen Binding Products” means Licensed Non-Antigen Binding Products and, as to Xilio only in the event
that Xilio has exercised the Xilio Option, Option Non-Antigen Binding Products.

 

1.51         
“Oncology Field” means all uses and indications associated with the treatment of cancer.

 

1.52         
“Option Antigen-Binding Product” means a cytokine prodrug, a fusion molecule, or a chimeric molecule, comprising
(a) an IL-15 cytokine, including mutein forms of said cytokine, (b) an antigen-binding carrier moiety, [**], and (c) a masking domain
consisting of [**], excluding (i) as to Xilio and its rights hereunder, [**] and (ii) as to AskGene and its rights hereunder, [**].

 

1.53         
“Option IL-15 Product” means an Option Non-Antigen Binding Product or an Option Antigen-Binding Product.

 

1.54         
“Option Non-Antigen Binding Product” means a cytokine prodrug, a fusion molecule, or a chimeric molecule, comprising
(a) an IL-15 cytokine, including mutein forms of said cytokine, (b) a non-antigen binding carrier moiety selected from an [**], and (c)
a masking domain consisting of [**], excluding (i) as to Xilio and its rights hereunder, [**] and (ii) as to AskGene and its rights hereunder,
[**].

 

1.55         
“Option Period” means the period commencing upon the Effective Date and continuing until the earlier of (a)
[**] and (b) [**].

 

1.56         
“Patent Rights” means any of the following, whether existing now or in the future anywhere in the world: (a)
any national, regional and international patents and patent applications, including provisional patent applications and PCT applications;
(b) any patent applications filed from such patents, patent applications or provisional applications or from an application claiming priority
from either of these, including divisionals, continuations, continuations-in-part (with respect to claims of such continuations-in-part
that claim priority to, and are directed to subject matter specifically disclosed in the foregoing parent patents or patent applications
described in clause (a)), substitutions, provisionals, converted provisionals, and continued prosecution applications; (c) any patents
that have issued or in the future issue from the foregoing patent applications described in clauses (a) and (b), including utility models,
petty patents and design patents and certificates of invention; and (d) any extensions or restorations by existing or future patent term
extension or restoration mechanisms, including revalidations, reissues, reexaminations and extensions (including any supplementary protection
certificates and the like) of the foregoing patents or patent applications described in clauses (a), (b), and (c)).

 

1.57         
“Person(s)” means an individual, corporation, partnership, joint venture, limited liability company,
governmental authority, unincorporated organization, trust, association, or other entity.

 

1.58         
“Phase II Clinical Trial” means a human clinical trial of a product designed to satisfy the requirements of
21 C.F.R. § 312.21(b) and intended to explore a variety of doses, dose response, and duration of effect, and to generate data on
side effects and clinical efficacy for a particular indication or indications in a target patient population, or any comparable trial
in any other jurisdiction.

 

    8

     

    

 

1.59         
 “PMDA” means the Japanese Pharmaceutical and Medical Device Agency or its successor, or the Ministry of Health,
Labour and Welfare of Japan.

 

1.60         
“Quarterly Report” has the meaning set forth in Section 5.2.

 

1.61         
“Receiving Party” has the meaning set forth in Section 8.1.

 

1.62         
“Regulatory Approval” means, with respect to a country or jurisdiction, any and all approvals, licenses, registrations,
permits, notifications and authorizations (or waivers) of any Regulatory Authority that are necessary for the manufacture, use, storage,
import, transport, promotion, marketing, distribution, offer for sale, sale, or other commercialization of a pharmaceutical product in
such country or jurisdiction.

 

1.63         
“Regulatory Authority” means the FDA, EMA, and any other Governmental Authority that has responsibility in its
applicable jurisdiction over the testing, development, manufacture, use, storage, import, transport, promotion, marketing, distribution,
offer for sale, sale, or other commercialization of pharmaceutical products in a given jurisdiction.

 

1.64         
“Regulatory Exclusivity” means any marketing exclusivity or data exclusivity conferred by the applicable Regulatory
Authority in a country or jurisdiction that confers exclusive rights to Xilio, its Affiliates or its Sublicensees to market such Licensed
Product in such country or jurisdiction.

 

1.65         
“Representatives” means, with respect to a Party, its Affiliates and its and their officers, directors, employees,
consultants, agents, and legal advisors.

 

1.66         
“Royalty” has the meaning set forth in Section 4.4(a).

 

1.67         
“Royalty Term” means, with respect to a given Licensed Product in a given country, the period commencing upon
the First Commercial Sale of such Licensed Product in such country and ending upon the latest of (a) the expiration of the last Valid
Claim of any AskGene Patent Right in such country that covers such Licensed Product, including, but not limited to, its composition of
matter or method of making or using such Licensed Product; (b) the expiration of Regulatory Exclusivity (if any) for such Licensed Product
in such country; and (c) [**] after the First Commercial Sale of such Licensed Product in such country.

 

1.68         
“Securities Act” means the Securities Act of 1933, as amended.

 

1.69         
“Selling Party” has the meaning set forth in Section 1.47.

 

1.70         
“Sublicensee” means any Person (other than a Party) that is granted (a) a sublicense by Licensee under any Licensed
Patent Rights that includes any right to commercialize any Licensed Products or (b) in the case of the Co-Exclusive IL-2 Rights or Co-Exclusive
IL-15 Rights, a license by Licensor under the applicable Licensed Patent Rights that includes any right to commercialize any Licensed
Products.

 

    9

     

    

 

1.71          “Tax”
(including with correlative meaning, the term “Taxes”) means all taxes and duties and similar governmental
charges, levies, imposts or withholdings (including net income, gross income, gross receipts, sales, use, consumption, value-added,
ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, import,
export, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes) in the nature of a tax
whenever and by whatever Governmental Authority levied or imposed, and whether of the United States or a foreign, state or local
jurisdiction, together with, in any such case, any interest, fines, penalties, surcharges and any additions to tax or additional
amounts with respect thereto.

 

1.72         
“Term” has the meaning set forth in Section 11.1.

 

1.73         “Valid
Claim” means, on a country-by-country basis, a claim of an unexpired issued or granted Licensed Patent Right, as long as such
claim has not been revoked or held unenforceable, unpatentable, or invalid by a decision of a court or other Governmental Authority of
competent jurisdiction that is not appealable or has not been appealed within the time allowed for appeal, and that has not been abandoned,
disclaimed, denied or admitted by Licensor or otherwise caused to be invalid or unenforceable through reissue, re-examination, or disclaimer
or otherwise.

 

1.74         
“Xilio Indemnitees” has the meaning set forth in Section 10.2.

 

1.75         
“Xilio Licensed Product” means any Licensed Product developed by or on behalf of Xilio.

 

1.76         
“Xilio Option” has the meaning set forth in Section 2.2(a).

 

1.77         
“Xilio Option Exercise Date” has the meaning set forth in Section 2.2(a).

 

1.78          “Xilio
Patent Rights” means (a) the Patent Rights set forth in Part I of Exhibit B, attached hereto, as amended from
time to time, and (b) all Patent Rights that claim priority to, share common priority with or issue from such Patent Rights. The Parties
shall update Exhibit B from time to time to reflect additional Xilio Patent Rights. Notwithstanding anything to the contrary,
the failure of the Parties to include in Exhibit B, whether at the Effective Date or at any other time during the Term, any particular
item described in clause (a) or (b) shall not, in itself, be determinative of whether such item constitutes a Xilio Patent Right.

 

1.79          “Xilio
Territory” means worldwide, excluding the AskGene Territory.

 

2.           
GRANT OF RIGHTS.

 

2.1             
AskGene License Grants to Xilio for Licensed IL-2 Products.

 

(a)              
Exclusive License for Licensed Non-Antigen Binding Products. Subject to the terms and conditions of this Agreement, AskGene
hereby grants to Xilio an exclusive (even as to AskGene), nontransferable (except as permitted under Section 12.9 (Assignment)),
royalty-bearing license, with the right to grant sublicenses through multiple tiers, under the AskGene Patent Rights to research, develop,
manufacture, commercialize, and otherwise exploit Licensed Non-Antigen Binding Products in the Oncology Field in the Xilio Territory during
the Term.

 

    10

     

    

 

 

(b)              
 Co-Exclusive License for Licensed Antigen-Binding Products.

 

(i)                 Subject
to the terms and conditions of this Agreement, AskGene hereby grants to Xilio a co-exclusive (with AskGene), nontransferable (except
as permitted under Section 12.9 (Assignment)), royalty-bearing license, with the limited right to sublicense in accordance
with Section 2.1(b)(iii), under the AskGene Patent Rights to research, develop, manufacture, commercialize, and otherwise
exploit Licensed Antigen-Binding Products in All Fields in the Xilio Territory during the Term (the foregoing license grant in this Section
2.1(b)(i) and the retained rights of AskGene in Section 2.1(b)(ii), collectively, the “Co-Exclusive IL-2
Rights”).

 

(ii)              Subject
to the terms and conditions of this Agreement, AskGene hereby retains for itself a co-exclusive (with Xilio), nontransferable
(except as permitted under Section 12.9 (Assignment)) right and license, with the limited right to license or sublicense in
accordance with Section 2.1(b)(iii), under the AskGene Patent Rights to research, develop, manufacture, commercialize, and
otherwise exploit Licensed Antigen-Binding Products in All Fields worldwide during the Term.

 

(iii)           
Each Party hereby acknowledges and agrees that the term “coexclusive” as used in this Section 2.1(b) shall
operate to exclude all other Persons, except for Xilio and AskGene. Except as expressly permitted in this Agreement, no rights under
the Co-Exclusive IL-2 Rights shall be licensed or sublicensed by Xilio or AskGene to any Person. Notwithstanding the foregoing in this
Section 2.1(b)(iii), Xilio may sublicense its rights under the Co-Exclusive IL-2 Rights, and AskGene may license or sublicense
its rights under the Co-Exclusive IL-2 Rights, as follows:

 

(A)            
only for a specific Licensed Antigen-Binding Product developed by such Party (and not, for clarity, for any Person to develop new
Licensed Antigen-Binding Products), provided that the rights granted to the applicable Sublicensee must (1) only include rights under
the AskGene Patent Rights as necessary to research, develop, manufacture, commercialize, and otherwise exploit such specific Licensed
Antigen-Binding Product, and (2) include rights under other intellectual property Controlled by such Party with respect to such specific
Licensed Antigen-Binding Product; or

 

(B)              
to service providers and agents of such Party to perform activities on behalf of such Party.

 

    11 

     

    

 

(c)              
Non-Exclusive License to New AskGene Patent Rights. Subject to the terms and conditions of this Agreement, to the extent
a Licensed Product developed by or on behalf of Xilio [**], AskGene hereby grants to Xilio during the Term a non-exclusive, nontransferable
(except as permitted under Section 12.9 (Assignment), royalty-free, fully paid up right and license, with the right to grant sublicenses
through multiple tiers, for Licensed Non-Antigen Binding Products and, if Xilio exercises the Xilio Option within the Option Period,
Option Antigen-Binding Products, under the New AskGene Patent Rights to research, develop, manufacture, commercialize, and otherwise
exploit Licensed Products as follows:

 

(i)             
 Licensed Non-Antigen Binding Products in the Oncology Field in the Xilio Territory;

 

(ii)            
Licensed Antigen-Binding Products in All Fields in the Xilio Territory;

 

(iii)            To
the extent Xilio exercises the Xilio Option, Option Non-Antigen Binding Products in the Oncology Field in the Xilio Territory; and

 

(iv)            To
the extent Xilio exercises the Xilio Option, Option Antigen-Binding Products in All Fields in the Xilio Territory.

 

(d)              
Non-Exclusive License for Option IL-15 Products. Subject to the terms and conditions of this Agreement, AskGene hereby
grants to Xilio a non-exclusive, nontransferable (except as permitted under Section 12.9 (Assignment)), royalty-free, fully paid
up license under the AskGene Patent Rights to research (but not to engage in clinical development or to commercialize) Option IL-15 Products,
including the right to manufacture Option IL-15 Products for research purposes, in the Xilio Territory during the period commencing upon
the Effective Date and continuing until the second anniversary of the Effective Date. Xilio may sublicense its rights under the foregoing
sentence to service providers and agents of Xilio to perform activities on its behalf.

 

2.2             
Option Grant and Conditional License Grant to Xilio for Option IL-15 Products.

 

(a)              
Exclusive Option for Option IL-15 Products. AskGene hereby grants to Xilio an exclusive option, exercisable during the
Option Period, to obtain the license set forth in Section 2.2(b) under the AskGene Patent Rights to research, develop, manufacture,
commercialize, and otherwise exploit Option IL-15 Products in the Xilio Territory (the “Xilio Option”). Xilio may
exercise the Xilio Option by delivering written notice to AskGene thereof at any time during the Option Period. The date of delivery
of such written notice (if any) shall be referred to herein as the “Xilio Option Exercise Date.” During the Option
Period, AskGene will not, directly or indirectly, grant, purport to grant or agree to grant any license, option or other right to any
Person under the AskGene Patent Rights to research, develop, manufacture, commercialize, or otherwise exploit any Option IL-15 Products
anywhere in the Xilio Territory in a manner that would overlap or otherwise conflict with the Xilio Option or the license granted to
Xilio upon its exercise of the Xilio Option.

 

(b)              
Conditional License Grant to Xilio for Option IL-15 Products. Subject to the terms and conditions of this Agreement, effective
only as of and after the Xilio Option Exercise Date:

 

(i)                
AskGene hereby grants to Xilio an exclusive (even as to AskGene), non-transferable (except as permitted under Section 12.9
(Assignment)), royalty-bearing license, with the right to grant sublicenses through multiple tiers, under the AskGene Patent Rights
to research, develop, manufacture, commercialize, and otherwise exploit Option Non-Antigen Binding Products in the Oncology Field in
the Xilio Territory during the Term.

 

    12 

     

    

 

(ii)             
 AskGene hereby grants to Xilio a co-exclusive (with AskGene), non-transferable (except as permitted under Section 12.9
(Assignment)), royalty-bearing right and license, with the limited right to grant sublicenses in accordance with Section 2.2(b)(iv),
under the AskGene Patent Rights to research, develop, manufacture, commercialize, and otherwise exploit Option Antigen-Binding Products
in All Fields in the Xilio Territory during the Term (the foregoing license grant in this Section 2.2(b)(ii) and the retained
rights of AskGene in Section 2.2(b)(iii), collectively, the “Co-Exclusive IL-15 Rights”).

 

(iii)            AskGene
hereby retains for itself a co-exclusive (with Xilio), nontransferable (except as permitted under Section 12.9 (Assignment))
right and license, with the limited right to license or sublicense in accordance with Section 2.2(b)(iv), under the AskGene
Patent Rights to research, develop, manufacture, commercialize, and otherwise exploit Option Antigen-Binding Products in All Fields
worldwide during the Term.

 

(iv)             Each
Party hereby acknowledges and agrees that the term “coexclusive” as used in this Section 2.2(b) shall operate to
exclude all other Persons, except for Xilio and AskGene. Except as expressly permitted in this Agreement, no rights under the
Co-Exclusive IL-15 Rights shall be licensed or sublicensed by Xilio or AskGene to any Person. Notwithstanding the foregoing in this Section
2.2(b)(iv), Xilio may sublicense its rights under the Co-Exclusive IL-15 Rights, and AskGene may license or sublicense its
rights under the Co-Exclusive IL-15 Rights, as follows:

 

(A)             
only for a specific Option Antigen-Binding Product developed by such Party (and not, for clarity, for any Person to develop new
Option Antigen-Binding Products), provided that the rights granted to the applicable Sublicensee must (1) only include rights under the
AskGene Patent Rights as necessary to research, develop, manufacture, commercialize, and otherwise exploit such specific Option Antigen-Binding
Product, and (2) include rights under other intellectual property Controlled by such Party with respect to such specific Option Antigen-Binding
Product; or

 

(B)              
to service providers and agents of such Party to perform activities on behalf of such Party.

 

2.3             
Xilio License Grants to AskGene.

 

(a)               Non-Exclusive
License to Xilio Patent Rights. Subject to the terms and conditions of this Agreement, Xilio hereby grants to AskGene during the
Term a non-exclusive, worldwide, non-transferable (except as permitted under Section 12.9 (Assignment)), royalty-free, fully
paid up license, with a limited right to grant sublicenses in accordance with Section 2.3(c), under the Xilio Patent Rights
to research, develop, manufacture, commercialize, and otherwise exploit (i) Non-Antigen Binding Products developed by AskGene in the
Immunology Field and (ii) Antigen-Binding Products developed by AskGene in All Fields.

 

    13 

     

    

 

(b)               Non-Exclusive
License to New Xilio Patent Rights. Subject to the terms and conditions of this Agreement, to the extent a Licensed Product
developed by AskGene [**], Xilio hereby grants to AskGene a non-exclusive, worldwide, nontransferable (except as permitted under Section
12.9 (Assignment)), royalty-free, fully paid up license, with the limited right to sublicense in accordance with Section
2.3(c), under the New Xilio Patent Rights to research, develop, manufacture, commercialize, and otherwise exploit Licensed
Products as follows:

 

(i)             
Licensed Non-Antigen Binding Products in the Immunology Field;

 

(ii)            
Licensed Antigen-Binding Products in All Fields;

 

(iii)           
Option Non-Antigen Binding Products in the Immunology Field; and

 

(iv)           
Option Antigen-Binding Products in All Fields.

 

(c)              
Sublicensing. Except as expressly permitted in this Agreement, no rights under Section 2.3(a) or 2.3(b) shall
be sublicensed by AskGene to any Person. AskGene may sublicense its rights under Section 2.3(a) or 2.3(b) as follows:

 

(i)                
unless AskGene has exercised the AskGene Option and the Parties have entered into an agreement embodying the Exclusive Immunology
License, only for specific Licensed Products developed by AskGene (and not, for clarity, for any Person to develop new Licensed Products),
provided that the rights granted to the applicable Sublicensee must (A) only include rights under the Xilio Patent Rights or New Xilio
Patent Rights, as applicable, as necessary to research, develop, manufacture, commercialize, and otherwise exploit such specific Licensed
Product, and (B) include rights under other intellectual property Controlled by Xilio respect to such specific Licensed Product;

 

(ii)              if
AskGene has exercised the AskGene Option and the Parties have entered into an agreement embodying the Exclusive Immunology License,
AskGene may sublicense its rights under Section 2.3(b) through multiple tiers for Licensed Products in the Immunology Field;
or

 

(iii)           
to service providers and agents of AskGene to perform activities on its behalf.

 

2.4             
Option Grant to AskGene for Exclusive Immunology License.

 

(a)               Subject
to the terms and conditions of this Agreement, Xilio hereby grants to AskGene an option, exercisable during the Option Period, to
obtain the Exclusive Immunology License (the “AskGene Option”) in accordance with this Section 2.4. The
 “Exclusive Immunology License” means, collectively, the following rights:

 

(i)              an
exclusive (even as to Xilio), worldwide, non-transferable, royalty-bearing license, with the right to grant sublicenses through multiple
tiers, under the Xilio Patent Rights to research, develop, manufacture, commercialize, and otherwise exploit Non-Antigen Binding Products
developed by AskGene in the Immunology Field during the Term; and

 

(ii)             a
co-exclusive (with Xilio), worldwide, non-transferable, royalty-bearing license, with a limited right to grant sublicenses as necessary
to research, develop, manufacture, commercialize, and otherwise exploit such Antigen-Binding Products, under the Xilio Patent Rights
to research, develop, manufacture, commercialize, and otherwise exploit Antigen-Binding Products developed by AskGene in All Fields during
the Term.

 

    14 

     

    

 

(b)              
AskGene may exercise the AskGene Option by delivering written notice to Xilio thereof at any time during the Option Period. If
AskGene exercises the AskGene Option as set forth herein, the Parties shall negotiate in good faith the terms of a license agreement providing
for the Exclusive Immunology License, which shall include those set forth on Exhibit C and other commercially reasonable terms.

 

(c)              
During the Option Period, Xilio will not, directly or indirectly, grant, purport to grant or agree to grant any license, option
or other right to any Person under the Xilio Patent Rights to research, develop, manufacture, commercialize, or otherwise exploit applicable
Licensed Products in a manner that would overlap or otherwise conflict with the AskGene Option or the Exclusive Immunology License.

 

2.5             
Sublicenses. To the extent Licensee sublicenses (or, in the case of the Co-Exclusive IL-2 Rights or Co-Exclusive IL-15
Rights, Licensor licenses) any of its rights under Sections 2.1−2.4, (a) the applicable sublicense (or license) agreements
shall be in writing, (b) such Party shall incorporate into the applicable sublicense agreements (i) terms and conditions sufficient to
enable such Party to comply with this Agreement, (ii) the requirements under Section 5.1 as if the applicable sublicensee were
a Party hereunder, and (iii) a restriction on the sublicensee (or licensee) from granting a further sublicense, unless sublicensing the
applicable rights through multiple tiers is expressly permitted under this Agreement, and (c) to the extent such rights include any rights
to commercialize any Licensed Product covered by such rights, such Party shall provide written notice and a copy of such sublicense (or
license) agreement to the other Party.

 

2.6              No
Implied Licenses. Except as expressly set forth in this Article 2, nothing in this Agreement shall be construed to confer
any right or license upon either Party by implication, estoppel, or otherwise as to any Patent Rights, technology or other
intellectual property of the other Party.

 

3.                 
COMMERCIAL TERMS.

 

3.1              Rights
and Responsibility for Development and Commercialization. Except to the extent otherwise agreed by the Parties with respect to
manufacturing pursuant to Section 3.3(c), each Party shall have sole control of and decision-making authority for the
research, development, manufacture, and commercialization of its own Licensed Products in its applicable territory at its sole cost
and expense.

 

3.2             
Diligence.

 

(a)           During the Term, Xilio shall use Commercially Reasonable Efforts to [**].

 

(b)           In
the event Xilio exercises the Xilio Option, from and after the Xilio Option Exercise Date and continuing during the Term, Xilio shall
use Commercially Reasonable Efforts to [**].

 

    15 

     

    

 

3.3             
AskGene Opt-In Right in AskGene Territory.

 

(a)               Subject
to the terms and conditions of this Agreement, Xilio hereby grants to AskGene an option, exercisable during the AskGene Opt-In Right
Period (defined below), to obtain a license for the development and commercialization of each Xilio Licensed Product in the AskGene Territory
as set forth in this Section 3.3 (such option, the “AskGene Opt-In Right”). AskGene may exercise the AskGene
Opt-In Right with respect to a given Xilio Licensed Product by delivering written notice to Xilio thereof at any time during the AskGene
Opt-In Right Period for such Xilio Licensed Product. The date of delivery of such written notice (if any) shall be referred to herein
as the “AskGene Opt-In Right Exercise Date.”

 

(b)               If
AskGene exercises the AskGene Opt-In Right with respect to a given Xilio Licensed Product, the Parties shall [**] following the AskGene
Opt-In Right Exercise Date [**] to agree upon the terms of a regional license and collaboration agreement (each, a “Regional
License Agreement”), which would include the key terms set forth on Exhibit D and other mutually agreeable legal and
economic terms.

 

(c)               If
AskGene exercises the AskGene Opt-In Right for a Licensed Product in the AskGene Territory, within [**] of the AskGene Opt-In Right Exercise
Date, the Parties shall form a committee to be known as the Development and Production Committee to serve as the Parties’ forum
to discuss and determine in good faith the applicable manufacturing and supply terms of the Regional License Agreement or a related Manufacturing
and Supply Agreement between the Parties, as applicable, under which AskGene shall receive the supply of the applicable Xilio Licensed
Product within the AskGene Territory. Such terms shall include, at a minimum (but subject to negotiation and refinement in such Regional
License Agreement or related Manufacturing and Supply Agreement, as applicable) the terms set forth on Exhibit E. The Parties
acknowledge and agree that they reserve further discussions of a detailed arrangement on manufacturing of any Xilio Licensed Product
for the AskGene Territory for such negotiations in connection with the Regional License Agreement [**].

 

(d)               If
AskGene does not exercise the AskGene Opt-In Right with respect to a given Xilio Licensed Product, effective from and after the
expiration of the AskGene Opt-In Right Period for such Xilio Licensed Product, (i) AskGene hereby grants to Xilio an exclusive,
nontransferable (except as permitted under Section 12.9 (Assignment)), royalty-free, fully paid up license, with the right to
sublicense through multiple tiers, under the AskGene Patent Rights, itself or through Affiliates, licensees or Sublicensees, to
research, develop, manufacture, commercialize, and otherwise exploit such Xilio Licensed Product in the AskGene Territory during the
Term with no financial obligations to AskGene and (ii) the license granted under Section 2.1(c) with respect to such Xilio
Licensed Product shall be deemed to include the AskGene Territory.

 

3.4              AskGene
Non-Compete. During the Term, AskGene agrees that it will not, and it will ensure that its Affiliates do not, directly or
indirectly, conduct, participate in or fund any development, manufacturing, commercialization or other exploitation of any Licensed
Non-Antigen Binding Product or, during the Option Period and, if Xilio exercises the Xilio Option within the Option Period,
thereafter, any Option Non-Antigen Binding Product in the Oncology Field in the Xilio Territory, or facilitate any of the foregoing
(including, without limitation, through the grant of any right or license to any Person). If AskGene wishes to research, develop or
manufacture for research and development purposes only any Non-Antigen Binding Product in the Oncology Field in the Xilio Territory,
AskGene shall notify Xilio in writing, discuss with Xilio in advance and obtain Xilio’s prior written consent to such
activities. For the avoidance of doubt, this Section 3.4 does not restrict AskGene’s express rights under this
Agreement to commercialize and otherwise exploit Non-Antigen Binding Products developed by AskGene in All Fields in the AskGene
Territory.

 

    16 

     

    

 

3.5             
Right of First Negotiation for Excluded AskGene ECDs.

 

(a)              
AskGene will notify Xilio in writing if, at any time during the Term, AskGene decides it wishes to grant a license to any Person
under any New AskGene Patent Right that claims or Covers any Excluded AskGene ECD for the exploitation of:

 

(i)            any
Licensed Non-Antigen Binding Products in any portion of the Oncology Field in any portion of the Xilio Territory;

 

(ii)           any
Licensed Antigen-Binding Products in any portion of All Fields in any portion of the Xilio Territory;

 

(iii)          during
the Option Period or, if Xilio exercises the Xilio Option, thereafter, any Option Non-Antigen Binding Products in the Oncology Field
in any portion of the Xilio Territory; or

 

(iv)          during
the Option Period or, if Xilio exercises the Xilio Option, thereafter, any Option Antigen-Binding Products in any portion of All Fields
in any portion of the Xilio Territory.

 

(b)               If,
within [**] of Xilio’s receipt of notice under Section 3.5(a), Xilio notifies AskGene in writing of its interest in
obtaining such a license from AskGene. AskGene shall [**] with respect to the grant by AskGene to Xilio of a royalty-bearing license
to such New AskGene Patent Rights to research, develop, manufacture, commercialize, and otherwise exploit Licensed Products,
expressly including Excluded AskGene ECDs. In the event the Parties have not reached an agreement with respect thereto during the
exclusive negotiation period set forth in the foregoing sentence, AskGene may negotiate with third parties regarding the grant of
such a license and grant such a license to a third party; provided, however, that, for the avoidance of doubt, the process set forth
in this Section 3.5 shall apply each time that AskGene decides it wishes to grant such a license.

 

(c)              
AskGene will not, directly or indirectly, grant a license, option to license or other rights under any New AskGene Patent Right
(other than to service providers and agents of AskGene to perform activities on its behalf), or negotiate with any Person with respect
to the foregoing, without first complying with this Section 3.5.

 

    17 

     

    

 

3.6             
Right of First Negotiation for Excluded Xilio ECDs.

 

(a)              
Xilio will notify AskGene in writing if, at any time during the Term, Xilio decides it wishes to grant a license to any Person
under any New Xilio Patent Right that claims or Covers any Excluded Xilio ECD for the exploitation of:

 

(i)                
 any Non-Antigen Binding Products in any portion of the Immunology Field; or

 

(ii)             
any Antigen-Binding Products in any portion of All Fields.

 

(b)               If,
within [**] of AskGene’s receipt of notice under Section 3.6(a), AskGene notifies Xilio in writing of its interest in
obtaining such a license from Xilio, Xilio shall [**] with respect to the grant by Xilio to AskGene of a royalty-bearing license to
such New Xilio Patent Rights to research, develop, manufacture, commercialize, and otherwise exploit Licensed Products, expressly
including Excluded Xilio ECDs. In the event the Parties have not reached an agreement with respect thereto during the exclusive
negotiation period set forth in the foregoing sentence, Xilio may negotiate with third parties regarding the grant of such a license
and grant such a license to a third party; provided, however, that, for the avoidance of doubt, the process set forth in this Section
3.6 shall apply each time that Xilio decides it wishes to grant such a license.

 

(c)              
[**].

 

3.7              Limited
Purpose Expansion of Licensed Product Definitions. The Parties acknowledge and agree that (a) the meanings of Licensed Product,
Licensed Non-Antigen Binding Product, Option Non-Antigen Binding Product, Licensed Antigen-Binding Product and Option
Antigen-Binding Products are expressly defined in Article 1, and (b) notwithstanding the definitions therein, solely for
purposes of Section 3.4 (AskGene Non-Compete), Section 3.5 (Right of First Negotiation for Excluded AskGene ECDs) and Section
3.6 (Right of First Negotiation for Excluded Xilio ECDs), the meanings of Licensed Product, Licensed Non-Antigen Binding Product,
Option Non-Antigen Binding Product, Licensed Antigen-Binding Product and Option Antigen-Binding Product shall expressly include
Excluded AskGene ECDs and Excluded Xilio ECDs that are otherwise excluded from such definitions.

 

4.                 
PAYMENTS.

 

4.1             
Upfront Payment. Within [**] after the Execution Date, Xilio shall pay to AskGene six million U.S. dollars ($6,000,000)
as a non-refundable up-front license fee, less any amounts paid by Xilio to AskGene under paragraph 10 of the Binding Term Sheet which
are creditable against such up-front license fee. The Parties acknowledge and agree that, as of the Execution Date, Xilio has paid $[**]
in creditable amounts under paragraph 10 of the Binding Term Sheet and, therefore, Xilio is obligated to pay $[**] under the foregoing
sentence.

 

4.2             
Xilio Option Exercise Payment. In the event Xilio exercises the Xilio Option, within [**] after the Xilio Option Exercise
Date, Xilio shall pay to AskGene an option exercise license fee of four million U.S. dollars ($4,000,000).

 

    18 

     

    

 

4.3              Regulatory
Milestone Payments. Following achievement of a milestone event set forth in this Section 4.3 by each distinct Xilio
Licensed Product that would [**] (each, a “Milestone Event”), Xilio shall pay to AskGene the corresponding
milestone payment set forth in the table below in this Section 4.3 (each, a “Milestone Payment”) in
accordance with Section 4.6. Notwithstanding anything to the contrary, each Milestone Payment shall be payable only once for
the achievement of the applicable Milestone Event for each distinct Xilio Licensed Product. For the avoidance of doubt, two Xilio
Licensed Products shall only be distinct Xilio Licensed Products eligible for a subsequent Milestone Payment under this Section
4.3 if the Xilio Licensed Products each require a separate NDA/BLA Approval or MAA Approval, unless such separate NDA/BLA
Approval or MAA Approval is (a) [**], or (b) [**].

 

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

 

4.4             
Royalty Payments.

 

(a)               Royalties.
Subject to the terms and conditions of this Agreement (including applicable reductions under this Section 4.4), during the
Royalty Term, on a Licensed Product-by-Licensed Product and country-by-country basis, Xilio shall pay to AskGene a royalty based on
Net Sales by Xilio, its Affiliates, or its Sublicensees of Licensed IL-2 Products or, if Xilio exercises the Xilio Option, Option
IL-15 Products, as applicable, that would[**] in the applicable country of sale in the Xilio Territory at the royalty rate set forth
in the table below in this Section 4.4(a) (as adjusted by the other terms of this Section 4.4, each, a
 “Royalty”), in accordance with Section 4.6.

 

	Licensed Product	 	 	Royalty Rate	 
	(i) Licensed IL-2 Products	 	 	[**]	%
	(ii) Option IL-15 Products	 	 	[**]	%

 

(b)              
Royalty Reductions.

 

(i)                 Reduction
for Biosimilar Competition. On a Licensed Product-by-Licensed Product and country-by-country basis, any royalty due pursuant to Section
4.4(a) (Royalties) will be automatically reduced by [**] percent ([**]%) upon the First Commercial Sale of a Biosimilar Product
with respect to such Licensed Product in such country and thereafter.

 

(ii)              Reduction
for Third Party Patent Rights. If, during the Term, Xilio receives a license under Patent Rights Controlled by a third party
that would, but for such license, be infringed by the making, using, or selling of a Licensed Product, then Xilio will be entitled
to offset [**] percent ([**]%) of the amounts paid to such third party in consideration of such license under such third party
Patent Rights (and related know-how, if applicable) against any royalty due pursuant to Section 4.4(a) (Royalties) with
respect to such Licensed Product.

 

(iii)            Aggregate
Royalty Floor. Notwithstanding the royalty reductions set forth above in this Section 4.4(b) (Royalty Reductions), in no
event shall any (or all) of the permitted reductions to royalties provided in this Section 4.4(b) (Royalty Reductions) in the
aggregate reduce the royalties owed by Xilio under this Section 4.4 by more than [**] percent ([**]%) of the royalty
otherwise payable to AskGene for a given Licensed Product in a given country.

 

    19 

     

    

 

(c)              
 [**] will be due because any Licensed Product is covered by more than one Valid Claim of the AskGene Patent Rights. In such case,
Licensee shall pay [**] at the applicable rate pursuant to Section 4.4(a), as adjusted pursuant to Section 4.4(b),
as applicable.

 

(d)               No
Valid Claim. For any period of time during the Term in which there is no Valid Claim covering a given Licensed Product in a
given country, no Royalty shall be payable under Section 4.4(a) (Royalties) with respect to Net Sales of such Licensed
Product in such country.

 

4.5             
Taxes. If Xilio is required by Law to withhold Taxes in connection with any sums payable to AskGene under this Agreement,
Xilio shall be entitled to deduct and withhold that amount from the payment it otherwise would have made to AskGene under this Agreement.
Any such amounts that are properly withheld and paid over to the applicable taxing authority will be treated for all purposes of this
Agreement as having been paid to AskGene.

 

4.6             
Payment Terms.

 

(a)           Quarterly
Payments. Unless otherwise specified in this Article 4, all amounts which become payable by Xilio to AskGene hereunder in a given
Calendar Quarter shall be paid within [**] following each Calendar Quarter.

 

(b)           Method
of Payment. All payments under this Agreement by Xilio to AskGene shall be made by wire transfer or as the Parties otherwise agree
in writing.

 

(c)           Payment
in U.S. Dollars; Currency Exchange. Xilio shall make all payments hereunder in U.S. dollars. For the purpose of converting the local
currency in which any Net Sales arise in a given month into U.S. dollars, the rate of exchange shall be the exchange rate between each
currency of origin and U.S. dollars as reported by The Wall Street Journal, Western Edition, under the heading “Currency Trading,”
on the last business day of such month.

 

(d)           Setoff.
Notwithstanding anything to the contrary in this Agreement, and without prejudice to any other right or remedy it has or may have, Xilio
is hereby authorized at any time and from time to time, to the fullest extent permitted by Law, to set off, apply or recoup any liability
it owes to AskGene (including, without limitation, any payment obligation under this Article 4) against any liability for which
Xilio determines in good faith AskGene is liable to Xilio (including, without limitation, any payment obligation under the agreement
embodying the Exclusive Immunology License, any Regional License Agreement or related Manufacturing and Supply Agreement), whether such
liability is liquidated or unliquidated. Xilio agrees to promptly notify AskGene after any such setoff, application or recoupment, provided,
however, that the failure to give such notice shall not affect the validity of such setoff, application or recoupment.

 

5.                 
RECORDS AND AUDIT.

 

5.1             
Records. Each Party shall maintain complete and accurate records as reasonably necessary to make any reports required hereunder,
to confirm such Party’s compliance with the terms hereof and, in the case of Xilio, for the calculation of payments based on Net
Sales to be made to AskGene hereunder, to prepare the Quarterly Reports to be provided to AskGene hereunder, and to verify the determination
of all amounts payable hereunder, and such Party shall retain such records for at least [**] following the creation thereof or such minimum
time as required by Law or a taxing or regulatory Governmental Authority.

 

    20 

     

    

 

 

5.2        
Contents of Quarterly Reports. Xilio shall notify AskGene in writing promptly upon the First Commercial Sale of each Xilio
Licensed Product in each country in which Xilio elects to pursue commercialization. Commencing upon the First Commercial Sale of any Xilio
Licensed Product, within [**] after each subsequent Calendar Quarter during the Term, Xilio shall provide AskGene with a written report
for such Calendar Quarter (each such report, a “Quarterly Report”) showing, on a country-by-country and Licensed Product-by-Licensed
Product basis, according to the volume of units of such Licensed Product sold in each such country (by SKU) during the relevant reporting
period:

 

[**].

 

5.3          Audit.

 

(a)              
At the reasonable request, and sole expense, of AskGene within [**] after the applicable Calendar Quarter with respect to which
a Quarterly Report is delivered hereunder, Xilio shall permit a qualified independent certified public accountant designated by AskGene
and reasonably acceptable to Licensee (the “Auditor”) to access Xilio’s applicable records maintained pursuant
to Section 5.1 upon reasonable (but not less than [**]) prior written notice to Xilio, solely for the purpose of verifying the
information in such Quarterly Report in relation to Royalty payments. The Auditor must conduct such audit during Xilio’s normal
business hours in a manner designed to minimize disruption of Xilio’s normal business operations and complete such audit within
a reasonable period of time after commencing such audit. All information and materials made available to or otherwise obtained or prepared
by or for the Auditor in connection with such audit will be deemed Xilio’s Confidential Information and will be subject to the
Auditor’s entry, prior to conducting the audit, into a written agreement with Xilio containing confidentiality and restricted use
obligations at least as restrictive as those set out in Article 8. AskGene may not exercise this right more than [**] period (except
that AskGene may conduct a [**] audit in such [**] period if AskGene has reasonable grounds to suspect a material breach of this Agreement
by Xilio of its reporting and payment obligations), and the Auditor may only disclose to AskGene information limited to the accuracy
of the audited Quarterly Report and any deficiency in the Royalty payment made, or any overpayment, and no other information or materials
made available to or otherwise obtained or prepared by or for the Auditor in connection with such audit. AskGene shall not compensate
the Auditor (in whole or in part) contingent on the outcome of the audit.

 

(b)              
AskGene shall provide to Xilio a copy of the Auditor’s audit report within [**] of AskGene’s receipt of the final
report. If such report shows that payments made by Xilio are deficient, subject to Section 4.5 and Section 4.6, Xilio shall
pay AskGene the deficient amount within [**] after Xilio’s receipt of the audit report, except to the extent that Xilio disputes
such deficiency in good faith (in which event Xilio may withhold payment of such disputed amount subject to resolution of such dispute).
If the report shows that payments made by Xilio were in excess of the required payment, AskGene shall promptly pay to Xilio the excess
amount at the time it provides the copy of the Auditor’s audit report to Xilio. If the Auditor’s audit report shows that
payments made by Xilio are deficient by more than [**] percent ([**]%) of the amount due for the audited period, Xilio shall promptly
reimburse AskGene for its reasonable, documented out-of-pocket costs of such audit.

 

    21

     

    

 

(c)              
The failure of AskGene to request an audit or verification of any Quarterly Report during the [**] period after its receipt of
such Quarterly Report is deemed acceptance by AskGene of the accuracy of such Quarterly Report and the payments made by Xilio in accordance
with such Quarterly Report and, thereafter, AskGene’s audit rights under this Section 5.3 shall no longer apply with respect
to such Quarterly Report, the payments made by Xilio in accordance with such Quarterly Report and any facts or circumstances to which
such Quarterly Report and payments relate.

 

6.                 
PATENT PROSECUTION AND MAINTENANCE.

 

6.1         
AskGene Patent Rights.

 

(a)              
IP Committee. The Parties will form a committee comprised of representatives of each Party with the requisite expertise
in matters involving Patent Rights (the “IP Committee”), which will meet at least [**] (or such other frequency as
the Parties mutually agree in writing) to discuss the strategy for, review, and oversee the prosecution, maintenance and enforcement of
the AskGene Patent Rights.

 

(b)              
Responsibility. AskGene shall (i) be solely responsible for the preparation, filing, prosecution, and maintenance of the
AskGene Patent Rights at its sole cost and expense; (ii) keep Xilio reasonably informed of the preparation, filing, prosecution, maintenance,
and defense of the AskGene Patent Rights and provide Xilio with a meaningful opportunity to review and comment thereon; (iii) furnish
Xilio with copies of draft documents relating to prosecution and maintenance of any AskGene Patent Rights at least [**] prior to filing
with any patent office or such lesser time as may be required and as agreed upon by the Parties, and to the extent reasonably practicable
without missing a deadline for filing with such patent office; and (iv) consider in good faith any comments from Xilio regarding such
proposed filings.

 

(c)               Abandonment.
In the event AskGene desires to abandon any of the AskGene Patent Rights, AskGene shall provide Xilio with prior written notice at
least [**] in advance of the due date of any payment or other action that is required to prosecute and maintain such AskGene Patent
Right. Following delivery of such notice, Xilio shall have the right, but not the obligation, to assume prosecution or maintenance
of such AskGene Patent Right at its own expense by delivering written notice to AskGene within [**] of Xilio’s receipt of
notice pursuant to the foregoing sentence or such lesser time based on the date an AskGene Patent Right would become abandoned. In
the event Xilio so elects to assume such patent prosecution or maintenance, (i) AskGene shall promptly and reasonably cooperate to
enable Xilio to assume (in advance of the due date of any payment or other action that is required to prosecute and maintain such
AskGene Patent Right) and maintain control of such patent prosecution or maintenance and to prepare, file, prosecute, and maintain
the relevant AskGene Patent Rights in AskGene’s name and (ii) [**] shall be due and owing by Xilio to AskGene under Article
4 with respect to any Licensed Product in any country that is solely covered by such AskGene Patent Right.

 

    22

     

    

 

6.2          New
AskGene Patent Rights. AskGene shall be solely responsible for, and make all decisions concerning, the preparation, filing, prosecution,
and maintenance of New AskGene Patent Rights.

 

6.3          Xilio
Patent Rights and New Xilio Patent Rights. Xilio shall be solely responsible for, and make all decisions concerning, the preparation,
filing, prosecution, and maintenance of Xilio Patent Rights and New Xilio Patent Rights, except to the extent otherwise set forth in
an agreement embodying the Exclusive Immunology License as set forth in this Section 6.3, if and when AskGene exercises the AskGene Option.
In the event that AskGene exercises the AskGene Option, the terms negotiated by the Parties with respect to the Exclusive Immunology
License shall include the following terms: Xilio would: (i) [**] for the preparation, filing, prosecution, and maintenance of the Xilio
Patent Rights at its sole cost and expense; (ii) keep AskGene reasonably informed of the preparation, filing, prosecution, maintenance,
and defense of the Xilio Patent Rights and provide AskGene with a meaningful opportunity to review and comment thereon; (iii) furnish
AskGene with copies of draft documents relating to prosecution and maintenance of any Xilio Patent Rights at least [**] prior to filing
with any patent office or such lesser time as may be required and as agreed upon by the Parties, and to the extent reasonably practicable
without missing a deadline for filing with such patent office; and (iv) consider in good faith any comments from AskGene regarding such
proposed filings.

 

7.                 
ENFORCEMENT OF LICENSED PATENT RIGHTS.

 

7.1         
Notice of Infringement or Third Party Claims. If either Party becomes aware of (a) any suspected infringement by any third
party of any AskGene Patent Right as a result of the research, development, manufacture, commercialization, or other exploitation of any
product (“Competitive Infringement”); or (b) any claim by any third party that any AskGene Patent Right is invalid
or unenforceable, such Party shall promptly notify the other Party in writing and provide it with all details of such infringement or
claim, as applicable, that are known by such Party.

 

7.2         
Xilio’s First Right to Bring Competitive Infringement Action. Xilio shall have the first right, but not the obligation,
to initiate an infringement, misappropriation or other appropriate lawful action against any third party (a “Competitive Infringement
Action”) as to any Competitive Infringement in the Oncology Field in the Xilio Territory related to Licensed Non-Antigen Binding
Products or, if Xilio has exercised the Xilio Option, Option Non-Antigen Binding Products. AskGene will have the right, but not the obligation,
to initiate a Competitive Infringement Action against such Competitive Infringement, if Xilio does not initiate a Competitive Infringement
Action within [**] of becoming aware of such Competitive Infringement or such shorter period as may be necessary to bring and maintain
such action without loss of rights.

 

7.3         
Right to Bring Action or Defend. Except as set forth in Section 7.2, AskGene shall have the exclusive right to bring
an infringement action to enforce any AskGene Patent Rights, defend any declaratory judgment action concerning any AskGene Patent Rights,
and take any other lawful action reasonably necessary to protect, enforce, or defend any AskGene Patent Rights, and control the conduct
thereof. Without limiting the foregoing, AskGene shall initiate a Competitive Infringement Action as to any suspected infringement by
any third party of any AskGene Patent Right as a result of the research, development, manufacture, commercialization, or other exploitation
of any product, unless Xilio has the first right to initiate such a Competitive Infringement Action under Section 7.2. In the
event that (a) AskGene does not initiate such a Competitive Infringement Action within [**] of becoming aware of such suspected infringement
or such shorter period as may be necessary to bring and maintain such action without loss of rights, and (b) such suspected infringement
relates to a product in the Oncology Field that, but for the exclusion of Excluded Xilio ECDs from the definition thereof, would otherwise
constitute a Licensed Non-Antigen Binding Product or, if Xilio has exercised the Xilio Option, a Option Non-Antigen Binding Product,
then Xilio shall have the right, but not the obligation, to initiate a Competitive Infringement Action as to such infringement.

 

    23

     

    

 

7.4          Cooperation,
Recovery, and Settlement. In the event a Party brings and controls the enforcement or defense of any AskGene Patent Rights in accordance
with Section 7.2 or Section 7.3:

 

(a)              
such Party shall keep the other Party reasonably informed of the status of such enforcement or defense and such other Party shall
be entitled to be represented by counsel in connection with such action at its own expense;

 

(b)              
the other Party shall provide all reasonable cooperation and assistance, at the enforcing Party’s expense, including providing
access to relevant documents and other evidence, making its employees available at reasonable business hours, and being joined as a party
to such action as necessary to establish standing, if a court of competent jurisdiction determines such Party is an indispensable party
or as otherwise reasonably requested by the initiating Party;

 

(c)              
Xilio shall have the  [**] to grant a license or sublicense under the Licensed Patent Rights to any alleged infringer in the
Oncology Field in the Xilio Territory, with the understanding that such license shall comply with and incorporate the material terms of
this Agreement to the extent set forth in Section 2.5;

 

(d)              
any recovery, damages, or settlement derived from such suit, action, or other proceeding will be applied first in satisfaction
of any costs and expenses, including attorneys’ fees, of the Parties incurred in connection with such suit, action or other proceeding,
 [**] and, if applicable, the
Party receiving such proceeds shall pay the other Party such royalties that would be owed if such remaining amounts of such proceeds were
obtained from the sale of a Licensed Product; and

 

(e)              
such Party may settle any such suit, action, or other proceeding, whether by consent order, settlement, or other voluntary final
disposition, following receipt of the prior written approval of the other Party, which shall not be unreasonably withheld or delayed,
and no settlement shall be entered into that adversely affects the rights of the other Party without the other Party’s prior written
consent.

 

7.5        
AskGene Option. In the event that AskGene exercises the AskGene Option, the terms related to the enforcement and defense
of Xilio Patent Rights with respect to the Exclusive Immunology License shall include those set forth on Exhibit C.

 

    24

     

    

 

8.                 
CONFIDENTIALITY.

 

8.1       
 Confidentiality Obligations. Each Party (the “Receiving Party”) acknowledges that in connection with
this Agreement and the activities contemplated hereby (including activities in connection with the Binding Term Sheet and negotiation
thereof), it may gain or may have gained access to Confidential Information of the other Party (the “Disclosing Party”).
The Receiving Party shall:

 

(a)         use reasonable efforts, at least as protective as the efforts it uses with respect to its own confidential information of similar
nature and sensitivity, to safeguard the Disclosing Party’s Confidential Information from use or disclosure other than as permitted
hereby;

 

(b)         not
use the Disclosing Party’s Confidential Information other than as strictly necessary to exercise its rights and perform its obligations
under this Agreement;

 

(c)        not reverse engineer any Confidential Information disclosed to the Receiving Party, nor may the Receiving Party remove any labels
related to confidentiality, patents, trademarks or copyrights from any Confidential Information that is received from Disclosing Party;
and

 

(d)        maintain
the Disclosing Party’s Confidential Information in strict confidence and, subject to Section 8.2, not disclose the Disclosing
Party’s Confidential Information without the Disclosing Party’s prior written consent, provided, however, the Receiving Party
may disclose the Confidential Information to its Representatives who:

 

(i)        have
a need to know the Confidential Information for purposes of the Receiving Party’s performance, or exercise of its rights with respect
to such Confidential Information, under this Agreement;

 

(ii)       have
been apprised of this restriction; and

 

(iii)     are
themselves bound by written nondisclosure agreements at least as restrictive as those set out in this Article 8, provided further
that the Receiving Party will be responsible for ensuring its Representatives’ compliance with, and will be liable for any breach
by its Representatives of, this Article 8.

 

8.2         
Exceptions.

 

(a)         If
the Receiving Party is required by Law, legal process, any Governmental Authority or the rules of a securities exchange to disclose any
Confidential Information, the Receiving Party shall:

 

(i)       provide prompt written notice to the Disclosing Party so the Disclosing Party may seek a protective order, narrow the scope of
disclosure or pursue another appropriate remedy or waive its rights under this Article 8;

 

(ii)       reasonably
cooperate as reasonably requested by the Disclosing Party to seek a protective order, narrow the scope of disclosure or pursue another
appropriate remedy; and

 

(iii)      disclose only the portion of Confidential Information it is legally required to
furnish.

 

    25

     

    

 

If a protective order or other remedy is not
obtained, or the Disclosing Party waives compliance under this Article 8, the Receiving Party shall, at the Disclosing Party’s
expense, use reasonable efforts to obtain assurance that the Confidential Information will be afforded confidential treatment.

 

(b)             Nothing contained in this Agreement shall restrict either Party or any of its Affiliates with respect to any disclosure of, or
with respect to, this Agreement (i) in compliance with any securities laws (including the Securities Act and the Exchange Act), the rules
and regulations of the Securities and Exchange Commission, the rules of any securities exchange on which any securities of such Party
or any of its Affiliates are listed, or the Law of any state or other jurisdiction applicable to such Party or any of its Affiliates,
provided that Receiving Party has complied with the terms of Section 8.2(a) to the extent permitted by Law or (ii) pursuant to
the terms of a commercially reasonable, written non-disclosure agreement, to any Sublicensee, source of debt or equity financing, acquiror,
or joint venturer of such Party, in each case, whether actual or prospective.

 

8.3          No
Public Statements. Neither Party may issue or release any announcement, statement, press release, or other publicity or marketing
materials relating to this Agreement or, unless expressly permitted under this Agreement, otherwise use the other Party’s trademarks,
service marks, trade names, logos, domain names, or other indicia of source, association, or sponsorship, in each case, without the prior
written approval of the other Party, which shall not be unreasonably withheld or delayed. The foregoing in this Section 8.3 shall
not restrict either Party or any of its Affiliates from (a) complying with any securities laws (including the Securities Act and the
Exchange Act), the rules and regulations of the Securities and Exchange Commission, the rules of any securities exchange on which any
securities of any Party or any of its Affiliates are listed, or the Law of any state or other jurisdiction applicable to any Party or
any of its Affiliates, or (b) making any factual disclosure of or with respect to this Agreement, pursuant to the terms of a commercially
reasonable, written non-disclosure agreement, to any Sublicensee, source of debt or equity financing, acquiror, or joint venturer of
such Party, in each case, whether actual or potential or prospective.

 

8.4          Publications.
During the Term, Licensee shall provide Licensor with a copy of any article, abstract or presentation that Licensee wishes to
publish or present publicly relating to Licensed Products Covered by Patent Rights of Licensor no less than [**] before the intended
submission for publication of an article and no less than [**] before the intended submission for publication of an abstract or
presentation. Licensor shall have [**] from receipt of any publication or [**] from receipt of any abstract or presentation in which
to notify Licensee in writing of any objections to the publication or presentation thereof, including any request to remove
Confidential Information of Licensor, block publication or public disclosure of trade secrets, or delay publication based upon the
need to seek patent protection. If Licensor makes any such request or objection in writing within the period set forth in the
foregoing sentence, Licensee shall reasonably and in good faith consider such requests or objections, and, in any case, shall (a)
delete from the proposed publication or presentation any Confidential Information of Licensor, and (b) if requested by Licensor
based on its reasonable determination that such disclosure will result in a loss or reduction of patent protection, delay the date
of submission for such publication or the date of such presentation for a reasonable period of time as agreed by the Parties, and in
no event for less than [**], to permit the applicable Party to seek appropriate patent protection for the material disclosed in such
publication or presentation.

 

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9.                 
REPRESENTATIONS AND WARRANTIES.

 

9.1         
Mutual Representations and Warranties. Each Party represents and warrants to the other Party that, as of the Effective Date:

 

(a)            it
is duly organized, validly existing, and in good standing as a corporation or other entity as represented herein under the laws and regulations
of its jurisdiction of incorporation, organization, or chartering;

 

(b)            it
has, and throughout the Term will retain, the full right, power, and authority to enter into this Agreement, to grant the rights it grants
or purports to grant hereunder and to perform its obligations hereunder;

 

(c)            the
execution, delivery and performance of this Agreement by such Party does not conflict with, or create a breach or default under, any
agreement, instrument, understanding, or internal governance document, oral or written, to which it is a party or by which it is bound,
nor violate any applicable Laws;

 

(d)            the
execution of this Agreement by its representative whose signature is set forth on the signature pages hereof has been duly authorized
by all necessary corporate or organizational action of the Party and no authorization, consent, approval, license, exemption of or filing
or registration with any Governmental Authority, under any applicable Laws in effect as of the Effective Date, is necessary in connection
with the execution and delivery of this Agreement, or for the performance by such Party of its obligations under this Agreement, except
for any such consent or approval obtained prior to the Effective Date; and

 

(e)            when
executed and delivered by such Party, this Agreement will constitute the legal, valid, and binding obligation of that Party, enforceable
against that Party in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium and other similar Law, now or hereafter in effect, affecting or relating to creditors’ rights and remedies
generally and (ii) the remedies of specific performance and injunctive and other forms of equitable relief (regardless of whether enforceability
is considered in a proceeding in equity or at Law).

 

9.2         
AskGene’s Representations and Warranties. AskGene represents and warrants to Xilio that, as of the Effective Date:

 

(a)              it is the sole and exclusive owner of the entire right, title, and interest in and to the AskGene Patent Rights and such sole and
exclusive ownership is supported by all applicable inventor assignments duly executed and recorded with the United States Patent and Trademark
Office or applicable foreign patent office;

 

    27

     

    

 

(b)           it
has the lawful right to grant the license under the AskGene Patent Rights granted to Xilio hereunder, and it has not granted, and is
not under any obligation to grant, to any third party any license, lien, option, encumbrance, or other contingent or non-contingent right,
title, or interest in or to the AskGene Patent Rights that conflicts with the rights and licenses granted to Xilio hereunder; and

 

(c)           there
is no settled, pending, or to its knowledge threatened litigation, claim, or proceeding alleging that any AskGene Patent Right is invalid
or unenforceable (including any interference, nullity, opposition, inter partes, or post-grant review or similar invalidity or patentability
proceedings before the United States Patent and Trademark Office or any foreign patent office) and it has no knowledge of any factual,
legal, or other reasonable basis for any such litigation, claim, or proceeding.

 

9.3         
Xilio’s Representations and Warranties. Xilio represents and warrants to AskGene that, as of the Effective Date:

 

(a)           it
is the sole and exclusive owner of the entire right, title, and interest in and to the Xilio Patent Rights and such sole and exclusive
ownership is supported by all applicable inventor assignments duly executed and recorded with the United States Patent and Trademark
Office or applicable foreign patent office;

 

(b)           it has the lawful right to grant the license under the Xilio Patent Rights granted to AskGene hereunder, and it has not granted,
and is not under any obligation to grant, to any third party any license, lien, option, encumbrance, or other contingent or non-contingent
right, title, or interest in or to the Xilio Patent Rights that conflicts with the rights and licenses granted to AskGene hereunder; and

 

(c)           there
is no settled, pending, or to its knowledge threatened litigation, claim, or proceeding alleging that any Xilio Patent Right is invalid
or unenforceable (including any interference, nullity, opposition, inter partes, or post-grant review or similar invalidity or patentability
proceedings before the United States Patent and Trademark Office or any foreign patent office) and it has no knowledge of any factual,
legal, or other reasonable basis for any such litigation, claim, or proceeding.

 

9.4        
Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN SECTIONS 9.1, 9.2 AND 9.3, NEITHER PARTY MAKES ANY REPRESENTATIONS
OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR NON-INFRINGEMENT OR VALIDITY OR ENFORCEABILITY OF ANY PATENT RIGHTS ISSUED OR PENDING, OR WITH RESPECT TO THE OUTCOME
OR RESULTS OF ANY ACTIVITIES TO BE PERFORMED UNDER THIS AGREEMENT, AND ALL SUCH REPRESENTATIONS AND WARRANTIES ARE EXPRESSLY DISCLAIMED.

 

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9.5         
Exclusion of Consequential Damages. TO THE FULLEST EXTENT PERMITTED BY LAW, EXCEPT TO THE EXTENT ARISING OUT OF SUCH PARTY’S
OBLIGATIONS UNDER ARTICLE 10, WILLFUL MISCONDUCT OR BREACH OF ARTICLE 8, IN NO EVENT SHALL EITHER PARTY OR ITS DIRECTORS,
OFFICERS, EMPLOYEES, REPRESENTATIVES OR AFFILIATES BE LIABLE TO THE OTHER PARTY FOR ANY INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, PUNITIVE,
ENHANCED OR CONSEQUENTIAL DAMAGES OF ANY KIND, WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY,
PRODUCT LIABILITY, OR OTHERWISE (INCLUDING THE ENTRY INTO, PERFORMANCE, OR BREACH OF THIS AGREEMENT), INCLUDING BASED ON ECONOMIC DAMAGES
OR LOST PROFITS, REGARDLESS OF WHETHER SUCH LOSS OR DAMAGE WAS FORESEEABLE OR SUCH PARTY SHALL BE ADVISED, SHALL HAVE OTHER REASON TO
KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.

 

10.             
INDEMNIFICATION; LIABILITIES.

 

10.1         Indemnification
by Xilio. Xilio shall indemnify, defend, and hold harmless AskGene and its Representatives and subcontractors (each, an “AskGene
Indemnitee”) against all Losses arising out of or resulting from any third party claim, suit, action, or proceeding (each an
 “Action”) arising out of or resulting from (a) any breach by Xilio of any representation, warranty, covenant, or obligation
under this Agreement or, prior to the Execution Date, the Binding Term Sheet, (b) gross negligence, willful omission, or willful misconduct
of any Xilio Indemnitee, (c) any violation of Law by Xilio in performing its obligations under this Agreement or, prior to the Execution
Date, the Binding Term Sheet, or (d) any development, manufacture, or commercialization of any Licensed Product by or on behalf of Xilio
or its Affiliates, licensees, and Sublicensees (excluding AskGene), including product liability claims, except, in each case, to the
extent such Action arises out of or results from a circumstance or event described in Section 10.2(a)-(d).

 

10.2         Indemnification
by AskGene. AskGene shall indemnify, defend, and hold harmless Xilio and its Representatives and subcontractors (each, an “Xilio
Indemnitee”) against all Losses arising out of or resulting from any Action arising out of or resulting from (a) any breach
by AskGene of any representation, warranty, covenant, or obligation under this Agreement or, prior to the Execution Date, the Binding
Term Sheet, (b) gross negligence, willful omission, or willful misconduct of any AskGene Indemnitee, (c) any violation of Law by AskGene
in performing its obligations under this Agreement or, prior to the Execution Date, the Binding Term Sheet, or (d) any development, manufacture,
or commercialization of any Licensed Product by or on behalf of AskGene or its Affiliates, licensees, and Sublicensees (excluding Xilio),
including product liability claims, except, in each case, to the extent such Action arises out of or results from a circumstance or event
described in Section 10.1(a)-(d).

 

10.3         Indemnification
Procedure. A Person seeking indemnification under this Article 10 shall promptly notify the indemnifying Party in writing
of the applicable Action and cooperate, at indemnifying Party’s sole cost and expense, as reasonably requested by the indemnifying
Party in relation thereto. The indemnifying Party shall immediately take control of the defense and investigation of such Action and
shall employ counsel reasonably acceptable to the indemnified Person to handle and defend the same, at the indemnifying Party’s
sole cost and expense. The indemnifying Party shall not settle any such Action without the indemnified Person’s prior written consent,
which consent may not be unreasonably withheld, conditioned or delayed. The indemnified Person’s failure to perform any obligations
under this Section 10.3 shall not relieve the indemnifying Party of its obligations under this Article 10, except to the
extent the indemnifying Party can demonstrate that it has been materially prejudiced as a result of the failure. The indemnified Person
may participate in and observe the proceedings at its own cost and expense with counsel of its own choosing.

 

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10.4         Insurance.
Licensee shall, beginning with the initiation of any clinical development by or on behalf of Licensee or its Affiliates of a Licensed
Product Covered by a Licensed Patent Right and continuing thereafter during the Term, maintain a products liability insurance policy,
with a per occurrence limit of at least [**] dollars ($[**]) and an aggregate limit of at least [**] dollars ($[**]). Upon either Party’s
request, the other Party shall furnish to the requesting Party certificates for all insurance obtained as required under this Section
10.4. Licensee shall provide the other Party with [**] prior written notice of all cancellation, non-renewal or material changes
to the insurance policy required under this Section 10.4; provided, that, for clarity, at all times each Party must comply with
the foregoing insurance minimums. The minimum level of insurance set forth herein shall not be construed to create a limit on a Party’s
liability hereunder.

 

11.             
TERM AND TERMINATION.

 

11.1        Term.
This Agreement is effective as of the Effective Date and, unless terminated earlier in accordance with Section 11.2, will continue
in full force and effect on a Licensed Product-by-Licensed Product and country-by-country basis until the expiration of the Royalty Term
for such Licensed Product in such country (the “Term”).

 

11.2        Termination.

 

(a)              
Termination for Material Breach. Either Party may terminate this Agreement upon written notice to the other Party if the
other Party materially breaches this Agreement and fails to cure such material breach within [**] after receiving written notice thereof.
If, during such cure period, either Party initiates a dispute resolution procedure in accordance with Section 12.14 regarding
the material breach for which termination is being sought, then such cure period will be tolled during the pendency of such dispute resolution
procedure.

 

(b)              
Termination for Bankruptcy. Either Party may terminate this Agreement, effective immediately upon written notice to the
other Party, if the other Party: (i) is dissolved or liquidated or takes any corporate action for such purpose; (ii) becomes insolvent
or is generally unable to pay, or fails to pay, its debts as they become due; (iii) files or has filed against it a petition for voluntary
or involuntary bankruptcy or otherwise becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign
bankruptcy or insolvency Law; (iv) makes or seeks to make a general assignment for the benefit of its creditors; or (v) applies for or
has a receiver, trustee, custodian, or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell
any material portion of its property or business.

 

11.3        Effects
of Expiration or Termination.

 

(a)              
In the event of termination or expiration in its entirety of this Agreement, all rights and obligations of the Parties shall terminate,
except as expressly provided in Section 11.4. Without limiting the generality of the foregoing, upon termination of this Agreement
by either Party, all rights and licenses granted to Licensee under this Agreement (including Article 2 (Grant of Rights)) shall
terminate, all rights in, to and under the applicable Licensed Patent Rights will revert to Licensor, and Licensee shall not have any
right under this Agreement (including Article 2 (Grant of Rights)) to practice the applicable Licensed Patent Rights.

 

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(b)              Upon
expiration of the Term with respect to a Licensed Product in a given country, all licenses granted to Licensee under Article 2 (Grant
of Rights) with respect to such Licensed Product in such country shall become perpetual, irrevocable, fully paid up and
royalty-free.

 

(c)              On
any termination or expiration in its entirety of this Agreement, the Receiving Party shall (i) return to the Disclosing Party all
documents and tangible materials (and any copies) containing the Disclosing Party’s Confidential Information; (ii) permanently
erase the Disclosing Party’s Confidential Information from its computer systems; and (iii) certify in writing to the
Disclosing Party that it has complied with the requirements of this Section 11.3(c). Notwithstanding the foregoing, the
Receiving Party may retain (x) one copy of the Disclosing Party’s Confidential Information to the extent reasonably necessary
for compliance with the terms of this Agreement or applicable Laws, provided such copy is maintained in a secure location and
remains subject to the terms of Article 8, and (y) data or records in electronic form containing Confidential Information for
the purposes of backup, recovery, contingency planning, or business continuity planning, so long as such data or records, to the
extent not permanently deleted or overwritten in the ordinary course of business, are not accessible in the ordinary course of
business and are not accessed except as required for backup, recovery, contingency planning, or business continuity purposes.

 

11.4         Survival.
The rights and obligations of the Parties set forth in this Section 11.4 and Article 1 (Definitions); Article 8
(Confidentiality); Article 9 (Representations And Warranties); Article 10 (Indemnification; Liabilities), other than Section
10.4 (Insurance); with respect to any payment obligation accruing prior to expiration or termination of this Agreement, Section
4.5 (Taxes) and Section 4.6 (Payment Terms); Section 11.3 (Effects of Expiration or Termination); and Article
12 (Miscellaneous), other than Section 12.10 (Marking of Licensed Products); and any right, obligation, or required
performance of the Parties in this Agreement which, by its express terms or nature and context, is intended to survive termination
or expiration of this Agreement, will survive any such termination or expiration. Termination or expiration of this Agreement shall
not relieve the Parties of any liability or obligation that accrued hereunder prior to the effective date of termination or
expiration of this Agreement, nor preclude either Party from pursuing all rights and remedies it may have hereunder or at Law or in
equity with respect to any breach of this Agreement.

 

12.           MISCELLANEOUS.

 

12.1         Bankruptcy.
All rights and licenses granted by Licensor under this Agreement are and will be deemed to be rights and licenses to “intellectual
property” as such term is used in, and interpreted under, Section 365(n) of the United States Bankruptcy Code (11 U.S.C. §
365(n)) (the “Bankruptcy Code”). Licensee has all rights, elections, and protections under the Bankruptcy Code and
all other bankruptcy, insolvency, and similar laws with respect to this Agreement, and the subject matter hereof. Without limiting the
generality of the foregoing, Licensor acknowledges and agrees that, if Licensor or its estate shall become subject to any bankruptcy
or similar proceeding:

 

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(a)             subject to Licensee’s rights of election under Section 365(n), all rights, licenses, and privileges granted to Licensee under
this Agreement will continue subject to the respective terms and conditions hereof, and will not be affected, even by Licensor’s
rejection of this Agreement; and

 

(b)             Licensee shall be entitled to a complete duplicate of, or complete access to, as appropriate, all such intellectual property and
embodiments of intellectual property, which, if not already in Licensee’s possession, shall be promptly delivered to Licensee or
its designee, unless Licensor elects to and does in fact continue to perform all of its obligations under this Agreement.

 

12.2         Further
Assurances. Each Party shall, and shall cause their respective Representatives to, upon the reasonable request of the other Party,
promptly execute such documents and take such further actions as may be necessary to give full effect to the terms of this Agreement.

 

12.3         Recordation
of License. If recordation of this Agreement or any part of it with a Governmental Authority is necessary for Licensee to fully enjoy
the rights, privileges, and benefits of this Agreement, Licensor shall, promptly upon becoming aware of such requirement and at its own
expense, record this Agreement or all such parts of this Agreement and information concerning the license granted hereunder with each
such Governmental Authority.

 

12.4        Parties’ Relationship. Nothing contained in this Agreement is to be construed to constitute the Parties as partners
or joint venturers of each other, or to constitute the employees, agents or representatives of either Party as the employees, agents or
representatives of the other Party, it being intended that the relationship between the Parties shall at all times be that of independent
contractors. Neither Party shall have any express or implied right or authority to assume or create any obligations on behalf of, or in
the name of, the other Party; or to bind the other Party to any contract, agreement or undertaking with any third party.

 

12.5         Notices.
All notices, requests, consents, claims, demands, waivers, and other communications (other than routine communications having no legal
effect) must be in writing and sent to the respective Party at the addresses indicated below (or such other address for a Party as may
be specified in a notice given in accordance with this Section 12.5):

 

If to
AskGene:              
       AskGene Pharma, Inc. 
 5217 Verdugo Way, Suite A
 Camarillo, CA 93012
 Attention:
Jian-Feng (Jeff) Lu

 

If to Xilio:                           Xilio Development,
Inc.

828 Winter Street

Waltham, MA 02451

Attention: Legal Department

 

with copies (which shall not constitute notice) to:

 

Proskauer Rose LLP

One International Place

Boston, MA 02110-2600

Attention: Fangli Chen Ph.D.

 

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Notices sent in accordance with this Section
12.5 will be deemed effective: (a) when received or delivered by hand (with written confirmation of receipt); (b) when received
according to such courier’s tracking systems, if sent by a nationally recognized overnight courier (receipt requested); or (c)
on the fourth (4th) business day after the date mailed, by certified or registered mail, return receipt requested, postage
prepaid.

 

12.6         Interpretation.
For purposes of this Agreement, (a) the words “include,” “includes,” and “including” will be deemed
to be followed by the words “without limitation”; (b) the word “or” has the inclusive meaning represented by
the phrase “and/or”; (c) the words “herein,” “hereof,” “hereby,” “hereto,”
and “hereunder” refer to this Agreement as a whole; and (a) “U.S. dollars,” “dollars” or “$”
shall each mean the lawful currency of the United States. Unless the context otherwise requires, references herein to: (x) Sections and
Exhibits refer to the Sections of and Exhibits attached to this Agreement; (y) an agreement, instrument, or other document means such
agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions
thereof; and (z) a Law means such Law as amended from time to time and includes any successor legislation thereto and any regulations
promulgated thereunder. This Agreement will be construed without regard to any presumption or rule requiring construction or interpretation
against the Party drafting an instrument or causing any instrument to be drafted.

 

12.7         Headings. The headings
in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

12.8         Entire
Agreement. This Agreement, together with all Exhibits and any other documents incorporated herein by reference, constitutes the sole
and entire agreement of Xilio, Parent and AskGene with respect to the subject matter contained herein, and supersedes all prior and contemporaneous
understandings and agreements between or among Xilio, Parent and AskGene, both written and oral, with respect to such subject matter,
including the Binding Term Sheet and the Confidential Disclosure Agreement, dated as of [**], by and between the Parties. In the event
of any conflict between the terms and provisions of this Agreement and those of any Exhibit or other document, the following order of
precedence will govern: (a) first, this Agreement, excluding its Exhibits; (b) second, the Exhibits to this Agreement as of the Effective
Date; and (c) third, any other documents incorporated herein by reference.

 

12.9         Assignment.
Except as otherwise expressly provided in this Agreement, neither Party may assign or otherwise transfer all or any of its rights, or
delegate or otherwise transfer all or any of its obligations, hereunder without the prior written consent of the other Party (which consent
may not be unreasonably withheld, conditioned, or delayed); provided, however, that a Party may assign this Agreement in its entirety,
without the other Party’s consent but with written notice to the other Party, within [**] thereafter to its Affiliate or a third
party that, in either case, acquires all of the Patent Rights of such Party to which this Agreement relates, whether by assignment, merger,
change of control, sale of assets or otherwise. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding
on the Parties’ successors and permitted assigns.

 

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12.10       Marking
of Licensed Products. Licensee shall comply with the patent marking provisions of 35 U.S.C. § 287(a) to the extent applicable
to its exercise of rights hereunder, which may include marking all Licensed Products that are manufactured or sold under this Agreement
with the word “patent” or the abbreviation “pat.” and either the relevant Licensed Patent Rights or a web address
that is freely accessible to the public and that lists the relevant Licensed Patent Rights.

 

12.11       No
Third Party Beneficiaries. This Agreement is for the sole benefit of the Parties and their respective successors and permitted assigns
and nothing herein, express or implied, is intended to or will confer upon any other Person any legal or equitable right, benefit, or
remedy of any nature whatsoever, under, or by reason of this Agreement, except for applicable rights to indemnification of the Xilio
Indemnitees and AskGene Indemnitees under Article 10.

 

12.12       Amendment;
Modification; Waiver. This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each Party.
No waiver by any Party of any of the provisions hereof will be effective unless explicitly set forth in writing and signed by the waiving
Party. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power, or
privilege arising from this Agreement will operate or be construed as a waiver thereof; nor will any single or partial exercise of any
right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy,
power, or privilege.

 

12.13       Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or
unenforceability will not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision
in any other jurisdiction. Upon a determination that any term or other provision is invalid, illegal, or unenforceable, the Parties shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent
possible.

 

12.14       Dispute Resolution.

 

(a)              Dispute
Resolution Procedures. In the event of any dispute, controversy or claim arising out of or relating to this Agreement,
including, without limitation, the breach, termination, or enforceability thereof, or any non-contractual issues relating to this
Agreement or any rights or obligations hereunder (each, a “Dispute”), the Dispute shall be resolved in accordance
with this Section 12.14. Any Dispute shall first be referred to the Chief Executive Officer (or their designee), in the case
of Xilio, and the Chief Executive Officer (or their designee), in the case of AskGene (collectively, the “Executive
Officers”), who shall confer in good faith on the resolution of the Dispute. If the Executive Officers are not able to
agree on the resolution of a Dispute in writing within [**] (or such other period of time as mutually agreed by the Executive
Officers) after such Dispute was first referred to them, the following shall apply:

 

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(i)              If
such Dispute is with respect to the validity, scope, enforceability, inventorship or ownership of any Patent Right or other intellectual
property right (“IP Dispute”), then, if a Party wishes to pursue further resolution of such IP Dispute, an action,
claim, or proceeding to resolve such IP Dispute may be brought by either Party in any court of competent jurisdiction or before any appropriate
Governmental Authority (including any applicable patent office) in any country or jurisdiction in which such intellectual property rights
apply.

 

(ii)             If such Dispute is not an IP Dispute, then, a suit, action, claim, or proceeding to resolve such Dispute may be brought by either
Party in accordance with Section 12.15(b).

 

(b)              Equitable
Relief. Notwithstanding anything herein to the contrary, each Party acknowledges that a breach by the other Party of this
Agreement may cause the non-breaching Party irreparable harm, for which an award of damages may not be adequate compensation, and
agrees that, in the event of such a breach or threatened breach, the non-breaching Party may seek equitable relief, including in the
form of a temporary restraining order, orders for preliminary or permanent injunction, specific performance, and any other relief
that may be available from any court of competent jurisdiction before or after the initiation of dispute resolution as otherwise set
forth in Section 12.14(a), and the Parties hereby waive any requirement for the securing or posting of any bond or the
showing of actual monetary damages in connection with such relief. These remedies are not exclusive but are in addition to all other
remedies available under this Agreement at law or in equity, subject to any express exclusions or limitations in this Agreement to
the contrary. This Section 12.14(b) shall be specifically enforceable.

 

(c)              Statute
of Limitations. Except as otherwise determined by a court or other Governmental Authority of competent jurisdiction, any statute
of limitations applicable to a claim comprising part of a Dispute will be tolled upon initiation of the dispute resolution procedures
under this Section 12.14 and will remain tolled until the Dispute is resolved in accordance herewith; provided, however, that
tolling will cease if the Party against which the statute of limitations would be applied fails to observe the procedures set forth in
this Section 12.14, except for the seeking of temporary restraining orders or injunctions.

 

12.15       Governing Law; Submission to Jurisdiction.

 

(a)              Governing
Law. This Agreement and all related documents, and all matters arising out of or relating to this Agreement, are governed by, and
construed in accordance with, the laws of the State of Delaware, United States of America, without regard to the conflict of laws provisions
thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those
of the State of Delaware.

 

(b)              Submission
to Jurisdiction. Subject to Section 12.14 (including with respect to IP Disputes), any legal suit, action, claim or
proceeding with respect to any Dispute must be instituted exclusively in the federal courts of the United States with jurisdiction
over the State of Delaware or the courts of the State of Delaware, and each Party irrevocably submits to the exclusive jurisdiction
of such courts in any such suit, action, or proceeding. Service of process, summons, notice, or other document by mail to such
Party’s notice address in accordance with Section 12.5 will be effective service of process for any suit, action, or
other proceeding brought in any such court.

 

    35

    

    

 

(c)              Waiver
of Jury Trial. Each Party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal
action arising out of or relating to a Dispute.

 

12.16       Affiliates.
Each Party may exercise its rights (including its rights and licenses under Article 2 (Grant of Rights)) or perform its
obligations under this Agreement itself or through one or more Affiliates of such Party.

 

12.17       Force
Majeure. No Party shall be held liable or responsible to the other Party or be deemed to have defaulted under or breached this Agreement
for failure or delay in fulfilling or performing any obligation under this Agreement to the extent, and for so long as, such failure
or delay is caused by or results from causes beyond the reasonable control of the affected Party, including but not limited to fires,
earthquakes, floods, embargoes, wars, acts of war (whether war is declared or not), acts of terrorism, insurrections, riots, civil disturbances,
strikes, lockouts or other labor disturbances, acts of God, epidemics, pandemics or any acts, omissions, or delays in acting by any Governmental
Authority or the other Party.

 

12.18       Counterparts.
This Agreement may be executed in counterparts, and by either Party on separate counterpart, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Signatures, electronic or handwritten, to this Agreement may
be transmitted via electronic mail, including Adobe Portable Document Format (PDF) or any electronic signature complying with the U.S.
Federal ESIGN Act of 2000, and any counterpart so delivered will be deemed to be original signatures, will be valid and binding upon
the Parties, and, upon delivery will constitute due execution of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    36

    

    

 

IN WITNESS WHEREOF, the Parties
have caused this Cross-License Agreement to be executed as of the Effective Date by their respective officers thereunto duly authorized.

 

	 	AskGene Pharma, Inc.
	 	 
	 	By:	 /s/ Jian-Feng (Jeff) Lu
	 	Name:  	 Jian-Feng (Jeff) Lu
	 	Title:	 Chief Executive Officer

 

	 	Xilio Development, Inc.
	 	 
	 	By: 	/s/ René Russo
	 	Name:  	 René Russo
	 	Title:	 Chief Executive Officer

 

	 	Solely for purposes of Section 12.8:
	 	 
	 	Xilio Development, Inc.
	 	 
	 	By:	 /s/  René Russo
	 	Name:   	 René Russo
	 	Title:	 Chief Executive Officer

 

[Signature
Page to Cross-License Agreement]

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